Truckload Carrier P.A.M. Loses $3.3 Million

Truckload operator P.A.M. Transportation Services lost $3.3 million in the first quarter compared with a loss of $2.8 million in first quarter 2008 as exposure to the struggling automotive industry contributed to the effects of overall weak transportation demand.

Revenue decreased 38 percent to $65.8 million. Logistics and brokerage revenue increased 6.2 percent during the quarter compared with the same period in 2008.

The automotive industry provided 26.7 percent of P.A.M.’s revenue in the first quarter, down from 45.8 percent in first quarter 2008.

Chrysler filed for bankruptcy under chapter 11 on the same day as P.A.M. released its quarterly results. The automaker’s reorganization may slash revenue for P.A.M. and others in the second quarter.

“We have yet to see any improvement in general economic conditions,” said President Robert W. Weaver, “and continue to focus on the identification of new business opportunities in an extremely competitive freight environment while initiating and improving cost control efforts to help decrease the impact of the weak freight environment on our bottom line.”

Contact John Gallagher at jgallagher@joc.com .