P.A.M. Transportation Services, Inc. Announces Results for the Fourth Quarter and Year Ended December 31, 2013
February 05 2014 - 05:11PM
P.A.M. Transportation Services, Inc. (Nasdaq:PTSI) today reported
net income of $1,295,393 or diluted and basic earnings per share of
$0.15 for the quarter ended December 31, 2013, and net income of
$5,914,814 or diluted and basic earnings per share of $0.68 for the
year ended December 31, 2013. These results compare to 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.
Operating revenues were $96,545,594 for the fourth quarter of
2013 compared to $95,772,668 for the fourth quarter of 2012.
Operating revenues were $402,813,020 for the year ended December
31, 2013, a 5.8% increase compared to $380,632,762 for the year
ended December 31, 2012.
Daniel H. Cushman, President of the Company, commented, "For the
third quarter in a row, we have posted double-digit gains in our
quarterly year over year earnings per share performance which
resulted in a 172% increase in total year over year earnings per
share. The fourth quarter of this year reflected a significant
swing from a net loss of $0.04 per share to net income of $0.15 per
share, resulting in a year over year improvement of $0.19 in
earnings per share for the fourth quarter. While the fourth quarter
results are satisfying, momentum slowed during December due to
multiple unfavorable weather related events and a slow final week
of the year. We certainly had challenges this December but October
and November performance was strong enough to allow us to finish
the quarter with a $2.1 million operating profit. Last year, even
though we had operating profits in October and November, these
profits were not large enough to make up for a weak December.
"We are pleased not only with our final results for 2013 but
also in the consistency of those results. In 2012, we had an
operating profit in every month except December and while those
results were a significant improvement compared to our previous
four year history, we were not satisfied that our monthly profits
were just marginal. During 2013, we experienced 8 months that
exceeded our best month during 2012 and our results reflected
consistent improvement from month to month.
"We believe a large part of our success is that we continue to
focus on the things we do best. We are a premiere transportation
service provider to the automotive industry and we continue to grow
in the other service areas where we feel we are "best in class"
such as in our Dedicated, Mexico, and Expedited divisions. Like
most carriers, we continue to face significant challenges in our
random fleet. However, we continue to look for opportunities to
make the random fleet "less random" by building and maintaining
linked geographical tours. We have experienced some sluggishness
with our Supply Chain Solution division but believe potential
remains for growth and increased profits."
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.
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; 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, |
|
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Revenue, before fuel surcharge |
$75,469,175 |
$74,398,457 |
$313,116,995 |
$297,698,165 |
Fuel surcharge |
21,076,419 |
21,374,211 |
89,696,025 |
82,934,597 |
|
96,545,594 |
95,772,668 |
402,813,020 |
380,632,762 |
|
|
|
|
|
Operating expenses and costs: |
|
|
|
|
Salaries, wages and benefits
(1) |
25,967,999 |
27,137,756 |
107,037,366 |
108,866,054 |
Fuel expense |
22,958,725 |
26,715,873 |
97,660,447 |
111,377,974 |
Operating supplies and
expenses |
8,286,873 |
9,264,374 |
34,727,589 |
39,010,789 |
Rent and purchased
transportation (1) |
20,716,991 |
15,876,261 |
85,225,650 |
54,010,981 |
Depreciation |
9,552,111 |
10,105,040 |
39,087,688 |
38,297,890 |
Operating taxes and
licenses |
1,217,238 |
1,277,739 |
4,879,628 |
5,003,437 |
Insurance and claims |
3,621,365 |
3,662,053 |
14,586,585 |
13,744,172 |
Communications and
utilities |
558,758 |
574,842 |
2,237,036 |
2,234,532 |
Other |
1,629,916 |
1,629,851 |
6,719,466 |
5,350,424 |
Gain on disposition of
equipment |
(31,903) |
(76,566) |
(854,491) |
(166,251) |
Total operating expenses and costs |
94,478,073 |
96,167,223 |
391,306,964 |
377,730,002 |
|
|
|
|
|
Operating income (loss) |
2,067,521 |
(394,555) |
11,506,056 |
2,902,760 |
|
|
|
|
|
Interest expense |
(834,235) |
(783,837) |
(3,374,948) |
(2,595,371) |
Non-operating income |
837,220 |
610,719 |
1,539,629 |
3,287,939 |
|
|
|
|
|
Income (loss) before income taxes |
2,070,506 |
(567,673) |
9,670,737 |
3,595,328 |
Income tax expense (benefit) |
775,113 |
(256,663) |
3,755,923 |
1,416,447 |
|
|
|
|
|
Net income (loss) |
$ 1,295,393 |
$ (311,010) |
$ 5,914,814 |
$ 2,178,881 |
|
|
|
|
|
Diluted earnings (loss) per share |
$ 0.15 |
$ (0.04) |
$ 0.68 |
$ 0.25 |
|
|
|
|
|
Average shares outstanding – Diluted |
8,683,400 |
8,701,607 |
8,681,921 |
8,701,924 |
|
|
|
|
|
|
|
|
|
|
|
Quarter ended December 31, |
Twelve Months ended December
31, |
Truckload Operations |
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
Total miles |
50,874,675 |
50,241,983 |
209,837,462 |
200,765,378 |
Operating ratio (2) |
97.21% |
100.74% |
96.24% |
99.18% |
Empty miles factor |
7.10% |
8.52% |
7.33% |
8.72% |
Revenue per total mile, before fuel
surcharge |
$1.39 |
$1.37 |
$1.38 |
$1.36 |
Total loads |
63,971 |
63,769 |
260,970 |
258,968 |
Revenue per truck per work day |
$612 |
$606 |
$633 |
$609 |
Revenue per truck per week |
$3,060 |
$3,030 |
$3,165 |
$3,045 |
Average company trucks |
1,467 |
1,563 |
1,483 |
1,611 |
Average owner operator trucks |
365 |
209 |
322 |
149 |
|
|
|
|
|
Logistics Operations |
|
|
|
|
Total revenue |
$4,856,509 |
$5,645,912 |
$23,033,491 |
$24,280,406 |
Operating ratio |
97.96% |
97.96% |
97.35% |
97.33% |
|
|
|
|
|
_______________________________________ |
|
|
|
|
|
1) In order to conform to
industry practice, the Company began to classify payments to
third-party owner operator drivers as purchased transportation
rather than as salaries, wages and benefits as had been presented
in reports prior to the period ended September 30, 2013. This
reclassification has no effect on operating income, net income or
earnings per share. The Company has made corresponding
reclassifications to comparative periods shown. |
|
|
|
|
|
2) 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
Allen W. West
(479) 361-9111
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