P.A.M. Transportation Services Inc. (PTSI, Financial) filed Quarterly Report for the period ended 2012-06-30.
P.a.m. Transportation Services, Inc. has a market cap of $84.4 million; its shares were traded at around $9.45 with a P/E ratio of 485 and P/S ratio of 0.2.
Fuel expense, net of fuel surcharge, decreased from 18.3% of revenues, before fuel surcharges, during the second quarter of 2011 to 10.2% of revenues, before fuel surcharges, during the second quarter of 2012. The decrease was primarily related to a decrease in the average surcharge-adjusted fuel price paid per gallon of diesel fuel and to an increase in the average miles-per-gallon (“mpg”) experienced. The average surcharge-adjusted fuel price paid per gallon of diesel fuel decreased from $1.40 during the second quarter of 2011 to $0.88 during the second quarter of 2012 as a result of a decrease in the national average price of a gallon of diesel fuel for the periods compared as well as more favorable fuel surcharge arrangements made with customers since the second quarter of 2011. Fuel surcharge collections can fluctuate significantly from period to period as they are generally based on changes in fuel prices from period to period so that during periods of rising fuel prices fuel surcharge collections increase while fuel surcharge collections decrease during periods of falling fuel prices. The average mpg experienced increased during the second quarter of 2012 as compared to the mpg experienced during the second quarter of 2011 as a result of replacing older trucks with newer trucks, which are more fuel efficient. The Company has also implemented driver bonus programs which are tied directly to fuel efficiency.
Fuel expense, net of fuel surcharge, decreased from 20.3% of revenues, before fuel surcharges, during the first six months of 2011 to 12.3% of revenues, before fuel surcharges, during the first six months of 2012. The decrease was primarily related to a decrease in the average surcharge-adjusted fuel price paid per gallon of diesel fuel and to an increase in the average miles-per-gallon (“mpg”) experienced. The average surcharge-adjusted fuel price paid per gallon of diesel fuel decreased from $1.48 during the first six months of 2011 to $1.03 during the first six months of 2012 as a result of a decrease in the national average price of a gallon of diesel fuel for the periods compared as well as more favorable fuel surcharge arrangements made with customers. Fuel surcharge collections can fluctuate significantly from period to period as they are generally based on changes in fuel prices from period to period so that during periods of rising fuel prices fuel surcharge collections increase while fuel surcharge collections decrease during periods of falling fuel prices. The average mpg experienced increased during the first six months of 2012 as compared to the mpg experienced during the first six months of 2011 as a result of replacing older trucks with newer trucks which are more fuel efficient. The Company has also implemented driver bonus programs which are tied directly to fuel efficiency.
Net income for all divisions was approximately $0.9 million, or 1.3% of revenues, before fuel surcharge for the second quarter of 2012 as compared to net income of $0.7 million or 0.9% of revenues, before fuel surcharge for the second quarter of 2011. The increase in income resulted in diluted earnings per share of $0.11 for the second quarter of 2012 as compared to diluted earnings per share of $0.08 for the second quarter of 2011.
Net income for all divisions was approximately $1.6 million, or 1.1% of revenues, before fuel surcharge for the first six months of 2012 as compared to net loss of $1.3 million or 0.9% of revenues, before fuel surcharge for the first six months of 2011. The increase in income resulted in diluted earnings per share of $0.18 for the first six months of 2012 as compared to diluted loss per share of $0.14 for the first six months of 2011.
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P.a.m. Transportation Services, Inc. has a market cap of $84.4 million; its shares were traded at around $9.45 with a P/E ratio of 485 and P/S ratio of 0.2.
Highlight of Business Operations:
In discussing our results of operations we use revenue, before fuel surcharge, (and fuel expense, net of surcharge), because management believes that eliminating the impact of this sometimes volatile source of revenue allows a more consistent basis for comparing our results of operations from period to period. During the three and six months ending June 30, 2012, approximately $20.5 million and $41.4 million, respectively, of the Company s total revenue was generated from fuel surcharges. During the three and six months ending June 30, 2011 approximately $21.4 million and $38.3 million, respectively, of the Company s total revenue was generated from fuel surcharges. We may also discuss certain changes in our expenses as a percentage of revenue, before fuel surcharge, rather than absolute dollar changes. We do this because we believe the high variable cost nature of certain expenses makes a comparison of changes in expenses as a percentage of revenue more meaningful than absolute dollar changes.Fuel expense, net of fuel surcharge, decreased from 18.3% of revenues, before fuel surcharges, during the second quarter of 2011 to 10.2% of revenues, before fuel surcharges, during the second quarter of 2012. The decrease was primarily related to a decrease in the average surcharge-adjusted fuel price paid per gallon of diesel fuel and to an increase in the average miles-per-gallon (“mpg”) experienced. The average surcharge-adjusted fuel price paid per gallon of diesel fuel decreased from $1.40 during the second quarter of 2011 to $0.88 during the second quarter of 2012 as a result of a decrease in the national average price of a gallon of diesel fuel for the periods compared as well as more favorable fuel surcharge arrangements made with customers since the second quarter of 2011. Fuel surcharge collections can fluctuate significantly from period to period as they are generally based on changes in fuel prices from period to period so that during periods of rising fuel prices fuel surcharge collections increase while fuel surcharge collections decrease during periods of falling fuel prices. The average mpg experienced increased during the second quarter of 2012 as compared to the mpg experienced during the second quarter of 2011 as a result of replacing older trucks with newer trucks, which are more fuel efficient. The Company has also implemented driver bonus programs which are tied directly to fuel efficiency.
Fuel expense, net of fuel surcharge, decreased from 20.3% of revenues, before fuel surcharges, during the first six months of 2011 to 12.3% of revenues, before fuel surcharges, during the first six months of 2012. The decrease was primarily related to a decrease in the average surcharge-adjusted fuel price paid per gallon of diesel fuel and to an increase in the average miles-per-gallon (“mpg”) experienced. The average surcharge-adjusted fuel price paid per gallon of diesel fuel decreased from $1.48 during the first six months of 2011 to $1.03 during the first six months of 2012 as a result of a decrease in the national average price of a gallon of diesel fuel for the periods compared as well as more favorable fuel surcharge arrangements made with customers. Fuel surcharge collections can fluctuate significantly from period to period as they are generally based on changes in fuel prices from period to period so that during periods of rising fuel prices fuel surcharge collections increase while fuel surcharge collections decrease during periods of falling fuel prices. The average mpg experienced increased during the first six months of 2012 as compared to the mpg experienced during the first six months of 2011 as a result of replacing older trucks with newer trucks which are more fuel efficient. The Company has also implemented driver bonus programs which are tied directly to fuel efficiency.
Net income for all divisions was approximately $0.9 million, or 1.3% of revenues, before fuel surcharge for the second quarter of 2012 as compared to net income of $0.7 million or 0.9% of revenues, before fuel surcharge for the second quarter of 2011. The increase in income resulted in diluted earnings per share of $0.11 for the second quarter of 2012 as compared to diluted earnings per share of $0.08 for the second quarter of 2011.
Net income for all divisions was approximately $1.6 million, or 1.1% of revenues, before fuel surcharge for the first six months of 2012 as compared to net loss of $1.3 million or 0.9% of revenues, before fuel surcharge for the first six months of 2011. The increase in income resulted in diluted earnings per share of $0.18 for the first six months of 2012 as compared to diluted loss per share of $0.14 for the first six months of 2011.
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