P.A.M. Transportation Services Inc. on Thursday, July 30, reported net loss of $2,356,317 for the quarter ended June 30, 2009, and net loss of $5,702,244 for the six-month period then ended. These results compare to a net loss of $1,331,719 and net loss of $4,160,044, respectively, for the three and six months ended June 30, 2008.
Operating revenues were $68,476,476 for the second quarter of 2009 compared to $110,929,472 for the second quarter of 2008. Operating revenues were $134,294,511 for the six months ended June 30, 2009, compared to $216,750,167 for the six months ended June 30, 2008.
“While P.T.S.I. is clearly disappointed in our results for 2009, I begin my tenure as president, and I feel confident, from a cost standpoint, we are in good shape,” said Daniel H. Cushman, who recently succeeded Bob Weaver as president of the Tontitown, Ark.-based company. “There are always areas of improvement and new challenges that arise, but P.T.S.I. has done a commendable job managing the cost side of the business. As P.T.S.I. has expressed in recent quarterly earnings statements, we have had the need to diversify as well as expand our position in the marketplace.”
Cushman said that general economic conditions are widely acknowledged as weak, capacity is readily available, and shippers have commitments to existing carriers that they wisely choose to respect. “That said, P.T.S.I. offers the portfolio of service that we believe shippers are looking for,” he said. “We are asset-based with strong regional and long haul operations. Our expedited services, complemented by our intermodal and partner carrier relationships, allow us to offer a quality service at a competitive cost. I am tremendously excited about this opportunity and ask for your continued support.”