P.A.M. Transportation Services on Friday, Oct. 26, reported net income of $36,178 for the quarter ended Sept. 30, and $3.49 million for the nine-month period then ended. These results compare to net income of $3.27 million and $13.69 million for the three and nine months ended Sept. 30.
Operating revenues excluding fuel surcharges were $86.63 million for the third quarter of 2007, a 1.3 percent increase compared to $85.50 million for the third quarter of 2006. Operating revenues excluding fuel surcharges were $266.71 million for the nine months ended Sept. 30, compared to $266.04 million for the nine months ended Sept. 30.
“Our third-quarter financial results were disappointing as we continue to work through the sustained weakness in freight demand,” said Robert W. Weaver, president of Tontitown, Ark.-based P.A.M. Transportation. “The third quarter has traditionally been challenging, due to scheduled shutdowns for two or more weeks in July by customers for which we transport a large amount of freight. Although the months of August and September were profitable, they did not rebound as we have seen in years past.
“Looking ahead at the remainder of the year, we do not expect our current market environment to improve significantly, and intend to focus on cost control and reduction,” Weaver said. “Our balance sheet remains strong, and we believe we are in position to take advantage of our fleet growth over the last 12 months when demand for our services improves.”
