Business
P.A.M. Transportation Services, Inc. Announces Results for the Fourth Quarter and Year Ended December 31, 2020
TONTITOWN, AR / ACCESSWIRE / January 20, 2021 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) today reported net income of $14.0 million, or diluted and
About this update from Pamt Corp
[{"type":"text","content":"TONTITOWN, AR / ACCESSWIRE / January 20, 2021 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) today reported net income of $14.0 million, or diluted and basic earnings per share of $2.43, for the quarter ended December 31, 2020 and net income of $17.8 million, or diluted earnings per share of $3.09 ($3.10 basic), for the year ended December 31, 2020. These results compare to net loss of $13.6 million, or diluted and basic loss per share of $2.37, for the quarter ended December 31, 2019 and net income of $7.9 million, or diluted earnings per share of $1.34 ($1.35 basic), for the year ended December 31, 2019. Net income and diluted earnings per share for the fourth quarter and year ended December 31, 2019 include the negative impact of estimated amounts reserved for the anticipated settlements of certain lawsuits, and each of the above periods for 2019 and 2020 includes unrealized non-cash gains and losses associated with the Company's investments in marketable equity securities. Adjusted net income and adjusted diluted earnings per share reflecting the impact of the settlements and unrealized non-cash gains and losses are reported in the non-GAAP financial measures tables at the end of this release.Operating revenues increased 15.6% to $142.8 million for the fourth quarter of 2020 compared to $123.5 million for the fourth quarter of 2019. The increase in operating revenues includes a 33.4% decrease in fuel surcharge revenue from $16.8 million for the fourth quarter of 2019 to $11.2 million for the fourth quarter of 2020 as average fuel prices were lower during the fourth quarter of 2020 compared to the fourth quarter of 2019. For the year ended December 31, 2020, operating revenues decreased 5.3% to $486.8 million compared to $514.2 million for the year ended December 31, 2019. The decrease in operating revenues includes a 35.9% decrease in fuel surcharge revenue from $74.7 million for the year ended 2019 to $47.8 million for the year ended 2020 as average fuel prices were lower during 2020 compared to 2019.Joe Vitiritto, President of the Company, commented, \"I am proud of our team and these results reflect the progress made during the fourth quarter with some of our pricing goals and our ability to sustain most of our cost savings initiatives implemented earlier in the year. These quarterly results represent a record quart...