Business
P.A.M. Transportation Services, Inc. Reports Strong Operating Results, Net Loss Driven by Stock Market Losses for the Quarter Ended March 31, 2020
TONTITOWN, Ark., April 14, 2020 (GLOBE NEWSWIRE) -- P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) today reported operating income of $9.5 million for
About this update from Pamt Corp
[{"type":"text","content":"TONTITOWN, Ark., April 14, 2020 (GLOBE NEWSWIRE) -- P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) today reported operating income of $9.5 million for the quarter ended March 31, 2020 which represents a 2.1% decrease compared to operating income of $9.7 million for the record setting first quarter ended March 31, 2019. The Company reported a net loss of $1.3 million, or diluted and basic loss per share of $0.23, for the quarter ended March 31, 2020. These results compare to net income of $8.3 million, or diluted earnings per share of $1.39 ($1.40 basic), for the quarter ended March 31, 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 income for the quarter ended March 31, 2020 was $5.1 million, or adjusted (non-GAAP) diluted and basic earnings per share of $0.88. This compares to adjusted (non-GAAP) net income for the quarter ended March 31, 2019 of $5.9 million or adjusted (non-GAAP) diluted earnings per share of $0.99 ($1.00 basic.)\n Operating revenues increased 0.4% to $129.2 million for the first quarter of 2020 compared to $128.7 million for the first quarter of 2019. The increase in operating revenues includes a 5.5% decrease in fuel surcharge revenue from $18.3 million for the first quarter of 2019 to $17.3 million for the first quarter of 2020 as average fuel prices were lower during the first quarter of 2020 compared to the first quarter of 2019. Daniel H. Cushman, President of the Company, commented, “We started off 2020 with very strong operating results as both January and February each ranked in the top three best January and February operating results in the Company’s history. March started off strong, and then of course we encountered the very unexpected chain of events that took place around the world. Despite the slowdown that began around the middle of March, we were able to hold our own for those last two weeks and finished the first quarter of this year with operating results that were very close to the record-setting first quarter operating results of last year. “We had already been preparing for extensive plant downtime planned for April with our largest customer when businesses began slowing in reaction to COVID-19. We had been looking at our...