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FROM: P.A.M. TRANSPORTATION SERVICES, INC.
P.O. BOX 188
Tontitown, AR 72770
Allen W. West
P.A.M. TRANSPORTATION SERVICES, INC.
ANNOUNCES RECORD RESULTS FOR THE FOURTH QUARTER
AND YEAR ENDED DECEMBER 31, 2015
Tontitown, Arkansas, February 9, 2016...... P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) today reported a 51.6% increase in net income and a 66.7% increase in diluted earnings per share for the fourth quarter of 2015 as net income increased to $3,232,616, or $0.45 per diluted share, for the fourth quarter of 2015 compared to net income of $2,132,541, or $0.27 per diluted share, for the fourth quarter of 2014. For the twelve months ended December 31, 2015, net income increased 58.9% and diluted earnings per share increased 74.4% as net income increased to $21,435,891, or $2.93 per diluted share, for the twelve months ended December 31, 2015 compared to net income of $13,491,430, or $1.68 per diluted share, for the twelve months ended December 31, 2014.
Base revenue, which excludes fuel surcharge revenue, increased 13.5% to $89,589,226 for the fourth quarter of 2015 compared to $78,923,809 for the fourth quarter of 2014, while fuel surcharge revenue decreased 43.7% to $12,835,181 for the fourth quarter of 2015 compared to $22,790,795 for the fourth quarter of 2014. As a result, total operating revenues increased to $102,424,407 for the fourth quarter of 2015 compared to $101,714,604 for the fourth quarter of 2014. For the twelve months ended December 31, 2015, base revenue, which excludes fuel surcharge revenue, increased 12.3% to $355,402,681 compared to $316,583,955 for the twelve months ended December 31, 2014, while fuel surcharge revenue decreased 34.7% to $61,647,740 for the twelve months ended December 31, 2015 compared to $94,353,274 for the twelve months ended December 31, 2014. As a result, total operating revenues increased 1.5% to $417,050,421 for the twelve months ended December 31, 2015 compared to $410,937,229 for the twelve months ended December 31, 2014. The decline in fuel surcharge revenue for each of the periods was due to the significant decline in retail fuel prices during the periods compared.
Daniel H. Cushman, President of the Company, commented, “We are very pleased to report record earnings for both the fourth quarter and for the year. We want to thank our committed employees and customers for our ongoing success. Our most profitable year on record, prior to this year, was 2006. What made 2015 especially satisfying was that we set a new record with significantly fewer assets. We did it by focusing on doing everything better.
“At the start of 2015, our goal was to continue to maintain our operating profit margins realized in 2014, but just as importantly, we wanted to grow. Throughout the year we explored multiple growth opportunities, but in the end, only realized growth organically. We continued to see strong demand in our Automotive, Mexico and Logistics Divisions which are among our most profitable divisions. Growth in our Logistics Division far exceeded our expectations and as a result, we were able to provide our customers with better than expected additional capacity. We were also able to stabilize our Expedited and Dedicated Divisions during the year. Overall, we achieved base revenue growth of 12.3% in a somewhat challenging year, particularly towards the end of the year. As previously mentioned, maintaining margins was our goal while growth was our focus, and we achieved base revenue growth of 12.3% year over year and increased operating profit margins by 55.1% year over year. We are very satisfied by those results.
“We enter 2016 with continued focus on our commitment to our driving professionals. We do that in a multitude of ways. We provide them with one of the newest and innovative fleets on the road as the average age of our truck fleet is 1.3 years old. During 2015, we also made significant investments in new trailers and expect to continue to do so throughout the coming year. As a result of our investments and efforts, we have seen our driver fleet grow by over 100 drivers during the fourth quarter of 2015 compared to the fourth quarter of 2014. Our selection of job opportunities and home time separates us from others.
The following information was filed by Pam Transportation Services Inc (PTSI) on Tuesday, February 9, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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