Business
P.A.M. Transportation Services, Inc. Announces Results For The Second Quarter Ended June 30, 2020
TONTITOWN, AR / ACCESSWIRE / July 23, 2020 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) today reported a net loss of $0.8 million, or diluted loss per
About this update from Pamt Corp
[{"type":"text","content":"TONTITOWN, AR / ACCESSWIRE / July 23, 2020 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) today reported a net loss of $0.8 million, or diluted loss per share of $0.14, for the quarter ended June 30, 2020, and net loss of $2.1 million, or diluted loss per share of $0.37 for the six-month period then ended. These results compare to net income of $8.7 million, or diluted earnings per share of $1.45, and net income of $17.0 million, or diluted earnings per share of $2.84, respectively, for the three and six months ended June 30, 2019. Each of these periods included unrealized non-cash gains and losses associated with the Company's investments in marketable equity securities. Excluding the impact of these items, adjusted (non-GAAP) net loss was $2.5 million, or adjusted (non-GAAP) diluted loss per share of $0.43 for the quarter ended June 30, 2020, and adjusted (non-GAAP) net income was $2.3 million, or adjusted (non-GAAP) diluted earnings per share of $0.40 for the six-month period then ended. This compares to adjusted (non-GAAP) net income of $9.2 million, or adjusted (non-GAAP) diluted earnings per share of $1.55, and adjusted (non-GAAP) net income of $15.1 million, or adjusted (non-GAAP) diluted earnings per share of $2.53, respectively, for the three and six months ended June 30, 2019, respectively.Revenue, before fuel surcharge, decreased 23.7% to $85.8 million for the second quarter of 2020 compared to $112.4 million for the second quarter of 2019. Fuel surcharge revenue decreased 65.1% to $7.2 million for the second quarter of 2020 compared to $20.6 million for the second quarter of 2019. Total operating revenue decreased 30.1% to $93.0 million for the second quarter of 2020 compared to $133.0 million for the second quarter of 2019. Revenue, before fuel surcharge, decreased 11.3% to $197.6 million for the first six months of 2020 compared to $222.7 million for the first six months of 2019. Fuel surcharge revenue decreased 37.0% to $24.5 million for the first six months of 2020 compared to $39.0 million for the first six months of 2019. Total operating revenue decreased 15.1% to $222.1 million for the first six months of 2020 compared to $261.7 million for the first six months of 2019.Allen W. West, Chief Financial Officer of the Company, commented, \"Our second quarter results reflect the significant financial impact o...