P.A.M. Transportation posts lower 2Q income, higher revenue

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P.A.M. Transportation Services reported net income of $2.19 million for the quarter ended June 30, and $3.46 million for the six-month period then ended. These results compare to net income of $5.24 million and $10.42 million for the three and six months ended June 30, 2006.

Operating revenues, excluding fuel surcharges, were $92.55 million for the second quarter of 2007, a 3.2 percent increase compared to $89.69 million for the second quarter of 2006. Operating revenues, excluding fuel surcharges, were $180.09 million for the six months ended June 30 compared to $180.54 million for the six months ended June 30, 2006. Total revenue, including fuel surcharge, for the second quarter increased 3.2 percent from the second quarter of 2006, to $106.7 million.

“While this is the highest quarterly revenue on record for the company, our results continued to suffer from a soft freight market, which resulted in a year-over-year decrease in net income,” said Robert W. Weaver, president of the Tontitown, Ark.-based company. “In the current freight market characterized by excess capacity, our primary challenge is to improve freight rates to more fairly compensate us for our services.”