Truckload carrier P.A.M. Transportation Services reduced its losses in the first quarter to less than 10 percent of the amount it lost in the same period a year ago through consolidation of all operations under one brand and a major influx of new customers.
P.A.M. lost $315,444 in the three months ended March 31, compared with a net loss of $3.345 million a year ago. Operating revenue jumped 24 percent to $81.8 million for the first quarter of 2010, compared with $65.8 million for the first quarter of 2009.
"The first quarter of 2010 exceeded our expectations,” said Daniel H. Cushman, president of the company. “While we are optimistic that we are doing the necessary things to regain profitability, we really hadn't anticipated being as close to profitability as we were at the end the first quarter.”
“At a time when many publicly held truckload carriers are reporting flat to single digit percent revenue growth, excluding fuel surcharges, our truckload revenue was up over 16 percent. This is a result of a structured sales and marketing effort focusing on our core competencies which are Expedited, Dedicated, Regional and Long-haul Services provided within our Mexico, Automotive and Supply Chain Solution Services Divisions. We brought on new business with new customers at unprecedented levels. Twenty percent of our current top one hundred customers are customers we did not do business with last year,” said Cushman.
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