Shares of Communications Sales & Leasing Inc. rose 4.8 percent Thursday after the company reported its first financial results since its split from Windstream Holdings Inc.
The Little Rock-based company posted a profit of $7.98 million, or 5 cents a share, for the quarter. Communications Sales & Leasing, also known as CS&L, posted revenue of $128.7 million for the period that ranged from April 24 to June 30.
CS&L was created when Windstream spun off its copper cable and fiber-optic networks into a real estate investment trust on April 24.
Shares of CS&L rose $1.02 on Thursday to close at $22.23 on the Nasdaq in slightly less than average trading volume.
"We are extremely pleased with the successful launch of CS&L as an independent publicly traded REIT," said Kenny Gunderman, president and chief executive officer, in a statement. "We have developed a strong pipeline of acquisition and capital funding opportunities, and believe we are well positioned to create substantial shareholder value as we grow and diversify our portfolio," he said.
P.A.M. board raises CEO's base salary
P.A.M. Transportation Services Inc.'s board of directors has raised Chief Executive Officer Dan Cushman's annual base salary to $500,000, according to a filing with the U.S. Securities and Exchange Commission.
Cushman's previous base salary was $461,173. The increase in pay and a short-term cash incentive plan for executive officers and certain other employees were approved by the board Aug. 6.
Cushman's cash bonus under the approved incentive plan can vary from zero to 100 percent of his base salary. Chief Financial Officer Allen West can earn a cash bonus up to 60 percent of his base salary. Bonuses will be determined based on the company achieving operating ratio and revenue growth performance targets as of Dec. 31, according to the filing.
Cushman earned $1.9 million in total compensation in 2014, while West earned $530,695.
Index advances 0.79 with only 7 gainers
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, gained 0.79 to 345.47 Thursday.
Ten stocks declined, seven advanced and one was unchanged.
Windstream shares jumped 6.9 percent in active trading.
Murphy Oil fell 2.4 percent on below-average volume.
ArcBest fell 1.6 percent in heavy trading.
Total volume of the index was 24.9 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 08/14/2015