P.A.M. Transportation Services, Inc. Announces Results for the Fourth Quarter and Year Ended December 31, 2012
February 06 2013 - 5:00PM
P.A.M. Transportation Services, Inc. (Nasdaq:PTSI) today reported
net loss of $311,010 or diluted and basic loss per share of $0.04
for the quarter ended December 31, 2012, and net income of
$2,178,881 or diluted and basic earnings per share of $0.25 for the
year ended December 31, 2012. These results compare to net income
of $133,037 or diluted and basic earnings per share of $0.02 for
the quarter ended December 31, 2011, and net loss of $2,857,371 or
diluted and basic loss per share of $0.32 for the year ended
December 31, 2011.
Operating revenues were $95,772,668 for the fourth quarter of
2012, a 7.1% increase compared to $89,388,357 for the fourth
quarter of 2011. Operating revenues were $380,632,762 for the year
ended December 31, 2012, a 6.0% increase compared to $359,242,960
for the year ended December 31, 2011.
Daniel H. Cushman, President of the Company, commented, "We
finished the year with eleven consecutive profitable months,
followed by a single month of loss in December. We are pleased with
the progress achieved during 2012, reflected in the $0.57 cent
swing in earnings per share from a $0.32 cent per share loss posted
in 2011 to earnings of $0.25 cents per share for 2012. This
improvement was achieved in an environment characterized by rising
fuel prices that averaged $0.12 cents per gallon higher in 2012
compared to 2011, rising equipment and replacement parts costs,
increased competition for drivers, increased regulation, and an
economy that continues to struggle to get traction.
"Fourth quarter freight demand began up year over year and
remained strong through the Friday before Christmas. However,
demand fell off more drastically the last ten days of 2012 than in
2011, which is largely attributable to the mid-week holiday in
2012, compared to the weekend holiday in 2011. This had the effect
of reducing the momentum of year over year revenue growth from 7.2%
in October and November, to a slight decrease year over year in
December. We reduced our fourth quarter operating loss
slightly from $433,000 for the fourth quarter 2011 to $395,000 for
the fourth quarter 2012.
"Our fleet replenishment cycle is on schedule with the average
age of our tractor fleet reaching 1.70 years as of December 2012,
down from 2.67 years at December 2011 and 3.47 years at its peak in
April 2011. We took delivery of approximately 600 tractors and 600
trailers in 2012 and plan to continue a similar cycle through 2013.
We are very pleased with the improvements we have seen in fuel
efficiency, maintenance costs, driver and customer satisfaction and
CSA scores as a result of the newer fleet. In addition, our truck
fleet was equipped with electronic on-board recorders (EOBR's) for
all of 2012, well in advance of the July 2015 mandated
implementation. The real time driver availability information
provided by EOBR's has enhanced our safety programs as well as
increased utilization through our ability to plan more effectively.
We believe there are additional opportunities to further leverage
this information and will aggressively implement these initiatives
in 2013.
"The driver market continued to tighten throughout 2012, but we
ended the year with 260 more drivers and 143 more owner operators
than we ended with in 2011. We continue to focus on programs and
processes centered in our driving associates and our dedication to
creating value for them with PAM in an intensely competitive
market.
"As we become more satisfied with the diversification of our
customer base, we have greatly intensified our focus on premium
service in order to create satisfaction, loyalty and growth within
our customer base. We continue to increase the percentage of our
total revenue earned from Mexico, Expedited Services, and Dedicated
operations while being very systematic and disciplined in our
choices of origins, destinations and pricing within our general,
random offering.
"We made significant progress towards the goal of sustainable
profitability during 2012, but will not be satisfied until we can
overcome months like December that pose specific challenges to
profitability. We would like to commend our dedicated employees and
thank our customers, suppliers and shareholders for their continued
commitment and support."
P.A.M. Transportation Services, Inc. is a leading truckload dry
van carrier transporting general commodities throughout the
continental United States, as well as in the Canadian provinces of
Ontario and Quebec. The Company also provides transportation
services in Mexico through its gateways in Laredo and El Paso,
Texas under agreements with Mexican carriers.
The PAM Transportation Services, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=5148
Certain information included in this document contains or may
contain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements may relate to expected future financial
and operating results or events, and are thus prospective. Such
forward-looking statements are subject to risks, uncertainties and
other factors which could cause actual results to differ materially
from future results expressed or implied by such forward-looking
statements. Potential risks and uncertainties include, but are not
limited to, excess capacity in the trucking industry; surplus
inventories; recessionary economic cycles and downturns in
customers' business cycles; increases or rapid fluctuations in fuel
prices, interest rates, fuel taxes, tolls, license and registration
fees; the resale value of the Company's used equipment and the
price of new equipment; increases in compensation for and
difficulty in attracting and retaining qualified drivers and
owner-operators; increases in insurance premiums and deductible
amounts relating to accident, cargo, workers' compensation, health,
and other claims; unanticipated increases in the number or amount
of claims for which the Company is self insured; inability of the
Company to continue to secure acceptable financing arrangements;
seasonal factors such as harsh weather conditions that increase
operating costs; competition from trucking, rail, and intermodal
competitors including reductions in rates resulting from
competitive bidding; the ability to identify acceptable acquisition
candidates, consummate acquisitions, and integrate acquired
operations; a significant reduction in or termination of the
Company's trucking service by a key customer; terrorist attacks;
war; natural disasters; risk of doing business internationally; and
other factors, including risk factors, included from time to time
in filings made by the Company with the Securities and Exchange
Commission. The Company undertakes no obligation to publicly update
or revise forward-looking statements, whether as a result of new
information, future events or otherwise. In light of these
risks and uncertainties, the forward-looking events and
circumstances discussed above and in company filings might not
transpire.
|
P.A.M. Transportation Services,
Inc. and Subsidiaries Key Financial and Operating Statistics
(unaudited) |
|
Quarter ended December 31, |
Twelve Months ended December
31, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Revenue, before fuel surcharge |
$74,398,457 |
$70,958,464 |
$297,698,165 |
$284,178,133 |
Fuel surcharge |
21,374,211 |
18,429,893 |
82,934,597 |
75,064,827 |
|
95,772,668 |
89,388,357 |
380,632,762 |
359,242,960 |
|
|
|
|
|
Operating expenses and costs: |
|
|
|
|
Salaries, wages and benefits |
37,979,888 |
29,830,833 |
139,062,229 |
118,321,257 |
Fuel expense |
26,715,873 |
28,590,183 |
111,377,974 |
124,956,241 |
Operating supplies and expenses |
9,264,374 |
9,810,899 |
39,010,789 |
38,658,940 |
Rent and purchased transportation |
5,034,129 |
5,162,218 |
23,814,806 |
21,841,978 |
Depreciation |
10,105,040 |
9,417,609 |
38,297,890 |
34,163,037 |
Operating taxes and licenses |
1,277,739 |
1,239,585 |
5,003,437 |
4,951,919 |
Insurance and claims |
3,662,053 |
3,243,919 |
13,744,172 |
13,069,554 |
Communications and utilities |
574,842 |
590,923 |
2,234,532 |
2,495,684 |
Other |
1,629,851 |
1,868,425 |
5,350,424 |
6,029,071 |
Loss (gain) on disposition of
equipment |
(76,566) |
66,818 |
(166,251) |
97,897 |
Total operating expenses and costs |
96,167,223 |
89,821,412 |
377,730,002 |
364,585,578 |
|
|
|
|
|
Operating (loss) income |
(394,555) |
(433,055) |
2,902,760 |
(5,342,618) |
|
|
|
|
|
Interest expense |
(783,837) |
(442,012) |
(2,595,371) |
(1,798,720) |
Non-operating income |
610,719 |
226,029 |
3,287,939 |
1,551,110 |
|
|
|
|
|
(Loss) income before income taxes |
(567,673) |
(649,038) |
3,595,328 |
(5,590,228) |
Income tax (benefit) expense |
(256,663) |
(782,075) |
1,416,447 |
(2,732,857) |
|
|
|
|
|
Net (loss) income |
$(311,010) |
$133,037 |
$2,178,881 |
$(2,857,371) |
|
|
|
|
|
Diluted (loss) earnings per share |
$(0.04) |
$0.02 |
$0.25 |
$(0.32) |
|
|
|
|
|
Average shares outstanding – Diluted |
8,701,607 |
8,798,373 |
8,701,924 |
9,055,595 |
|
|
|
|
|
|
Quarter ended
December 31, |
Twelve Months ended
December 31, |
Truckload Operations |
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
Total miles |
50,241,983 |
47,892,476 |
200,765,378 |
195,080,700 |
Operating ratio* |
100.74% |
100.77% |
99.18% |
102.14% |
Empty miles factor |
8.52% |
9.33% |
8.72% |
8.29% |
Revenue per total mile, before fuel
surcharge |
$1.37 |
$1.38 |
$1.36 |
$1.36 |
Total loads |
63,769 |
68,482 |
258,968 |
277,866 |
Revenue per truck per work day |
$606 |
$587 |
$611 |
$591 |
Revenue per truck per week |
$3,030 |
$2,935 |
$3,055 |
$2,955 |
Average company trucks |
1,563 |
1,715 |
1,611 |
1,723 |
Average owner operator trucks |
209 |
70 |
149 |
48 |
|
|
|
|
|
Logistics Operations |
|
|
|
|
Total revenue |
$5,645,912 |
$4,961,432 |
$24,280,406 |
$18,378,852 |
Operating ratio |
97.96% |
98.55% |
97.33% |
98.09% |
|
|
|
|
|
* Operating ratio has been
calculated based upon total operating expenses, net of fuel
surcharge, as a percentage of revenue, before fuel surcharge. We
used revenue, before fuel surcharge, and operating expenses, net of
fuel surcharge, because we believe that eliminating this sometimes
volatile source of revenue affords a more consistent basis for
comparing our results of operations from period to period. |
CONTACT: P.A.M. TRANSPORTATION SERVICES, INC.
P.O. BOX 188
Tontitown, AR 72770
Lance K. Stewart
(479) 361-9111
P A M Transport Services (NASDAQ:PTSI)
Historical Stock Chart
From Aug 2024 to Sep 2024
P A M Transport Services (NASDAQ:PTSI)
Historical Stock Chart
From Sep 2023 to Sep 2024