Insurance

Driver Costs, Insurance Put Brakes on PAM in 4Q | Arkansas Business News


by Marty Cook 
on Tuesday, Feb. 7, 2017 4:28 pm  

Dan Cushman, president and CEO of PAM Transport, at his office in Tontitown: “I have to focus on what we do and do it well.” | (Photo by Brooke McNeely Galligan)

PAM Transport Services Inc. of Tontitown reported fourth-quarter income Tuesday of $722,000, down from $3.2 million in the same quarter of 2015.

Revenue was up to $108.3 million from $102.4 million in the fourth quarter of 2015. Earnings per share was 11 cents for the quarter, compared to 45 cents in the same quarter a year ago.

For the year, PAM reported income of $11.1 million, down from $21.4 million a year ago. Revenue was $432.8 million compared to $417.1 million in 2015, and earnings per share was $1.67 compared to $2.93 a year ago.

PAM CEO Dan Cushman said higher insurance rates and driver costs cut into PAM’s profits after a record 2015. The company’s truckload division saw an increase in total miles, total loads and weekly revenue per truck for both the quarter and the year.

“2016 was a very challenging year,” Cushman said. “While our financial performance for 2016 fell short of our record-setting 2015 performance, we did make significant progress in many areas.”

The company’s logistics division saw revenue decrease to $10.2 million in the fourth quarter from $10.6 million in the same quarter a year ago. For the year, logistics revenue was $44.4 million, up slightly from $44.2 million.



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