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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): October 24, 2024
 
 
PAM TRANSPORTATION SERVICES, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
0-15057
71-0633135
(State or other jurisdiction of
incorporation)
(Commission File
Number)
(I.R.S. Employer Identification No.)
 
297 West Henri De Tonti, Tontitown, Arkansas 72770
(Address of principal executive offices) (Zip Code)
 
Registrant’s telephone number, including area code: (479) 361-9111
 
N/A

(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
Pre-commencement communications pursuant to Rule 13c-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $.01 par value
PTSI
NASDAQ Global Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 






 
The information contained in this report and the exhibit hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
 
The information herein (including the exhibit hereto) may contain "forward-looking statements" that are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995 and otherwise may be protected. Such statements are made based on the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those anticipated by forward-looking statements.
 
Please refer to the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission for information concerning risks, uncertainties and other factors that may affect future results.
 
 
Item 2.02
Results of Operations and Financial Condition.
 
On October 24, 2024, P.A.M. Transportation Services, Inc. issued a news release announcing its financial results for the second quarter ending September 30, 2024. A copy of the news release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
 
 
Item 9.01
Financial Statements and Exhibits.
 
(d) Exhibits.
 
99.1 News release issued by the Registrant on October 24, 2024.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 






 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
   
P.A.M. TRANSPORTATION SERVICES, INC.
   
(Registrant)
     
Date: October 28, 2024
By:
/s/ Lance K. Stewart
   
Lance K. Stewart
    Vice President-Finance, Chief Financial Officer, and Treasurer
 
 
EX-99.1 2 ex_738230.htm EXHIBIT 99.1

Exhibit 99.1

 

P.A.M. TRANSPORTATION SERVICES, INC.

ANNOUNCES RESULTS FOR THE THIRD QUARTER

ENDED SEPTEMBER 30, 2024

 

 

Third Quarter 2024 Summary Results

 

Total revenues of $182.6 million, down 9.4% YoY

 

Operating income of $2.3 million

 

Operating ratio of 98.7%

 

Diluted earnings per share of $0.11

 

Tontitown, Arkansas, October 24, 2024...... P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net income of $2.4 million, or diluted and basic earnings per share of $0.11, for the quarter ended September 30, 2024. These results compare to consolidated net income of $6.1 million, or diluted and basic earnings per share of $0.28 for the quarter ended September 30, 2023.

 

Operating revenues decreased 9.4% to $182.6 million for the third quarter of 2024 compared to $201.5 million for the third quarter of 2023.

 

Joe Vitiritto, President of the Company, commented, “Our consolidated operating results for the third quarter of 2024 improved sequentially. The quarter started off slow because of extended, but planned, down time from some of our biggest customers and ended slower than expected as we saw impacts to our business and volumes prior to Hurricane Helene. Inflationary operating costs continue to materialize, but we are determined to minimize the impact to our business and focus on factors that we can control. We continue to see signs that the market is improving, and I am confident that we are moving closer to a more normal truckload market. In these times, I am thankful for our whole team, especially all of our professional driving associates as they continue to demonstrate resiliency even in the face of challenges brought about from this tough environment.”

 

 

Liquidity, Capitalization, and Cash Flow

As of September 30, 2024, we had an aggregate of $152.2 million of cash, marketable equity securities, and available liquidity under our line of credit and $308.9 million of stockholders’ equity. Outstanding debt was $288.7 million as of September 30, 2024, which represents a $27.0 million increase from December 31, 2023. During the first nine months of 2024, we generated $43.8 million in operating cash flow.

 

 

About P.A.M. Transportation Services, Inc.

P.A.M. Transportation Services, Inc. is a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities throughout the continental United States, as well as in the Canadian provinces of Ontario and Quebec. The Company’s consolidated operating subsidiaries also provide transportation services in Mexico through its gateways in Laredo and El Paso, Texas, under agreements with Mexican carriers.

 







 

Forward-Looking Statements

Certain information included in this document contains or may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may relate to expected future financial and operating results, prospects, plans or events, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, excess capacity in the trucking industry; surplus inventories; general inflation, recessionary economic cycles and downturns in customers' business cycles; a significant reduction in or termination of the Company's trucking service by a key customer, including as a result of future labor disruptions; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, and license and registration fees; potential economic, business or operational disruptions or uncertainties that may result from any future public health crises; the resale value of the Company's used equipment; the price and availability of new equipment consistent with anticipated acquisitions and replacement plans; increases in compensation for and difficulty in attracting and retaining qualified drivers and owner-operators; increases in insurance premiums and deductible amounts relating to accident, cargo, workers' compensation, health, and other claims; increases in the number or amount of claims for which the Company is self-insured; inability of the Company to continue to secure acceptable financing arrangements; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors including reductions in rates resulting from competitive bidding; the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of pending or future litigation; general risks associated with doing business in Mexico, including, without limitation, exchange rate fluctuations, inflation, import duties, tariffs, quotas, political and economic instability and terrorism; the potential impact of new laws, regulations or policy, including, without limitation, rules regarding the classification of independent contractors as employees, tariffs, import/export, trade and immigration regulations or policies; and other factors, including risk factors, included from time to time in filings made by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether due to new information, future events or otherwise. Considering these risks and uncertainties, the forward-looking events and circumstances discussed above and in company filings might not transpire.

 







 

P.A.M. Transportation Services, Inc. and Subsidiaries

Key Financial and Operating Statistics

(unaudited)

 

   

Quarter Ended September 30,

   

Nine Months Ended September 30,

 
   

2024

   

2023

   

2024

   

2023

 
   

(in thousands, except earnings per share)

   

(in thousands, except earnings per share)

 
                                 

Revenue, before fuel surcharge

  $ 160,799     $ 174,348     $ 481,980     $ 549,885  

Fuel surcharge

    21,778       27,154       66,136       80,754  

Operating Revenue

    182,577       201,502       548,116       630,639  
                                 

Operating expenses and costs:

                               

Salaries, wages and benefits

    44,736       46,032       132,559       142,138  

Operating supplies and expenses

    34,982       42,378       105,002       123,589  

Rent and purchased transportation

    73,129       78,595       221,210       244,020  

Depreciation

    17,741       15,552       55,381       47,805  

Insurance and claims

    4,768       5,146       15,093       25,205  

Other

    5,121       5,305       18,052       17,936  

Gain on disposition of equipment

    (209 )     (339 )     (109 )     (1,175 )

Total operating expenses and costs

    180,268       192,669       547,188       599,518  
                                 

Operating income

    2,309       8,833       928       31,121  
                                 

Interest expense

    (2,936 )     (2,046 )     (9,104 )     (6,565 )

Non-operating income

    3,744       1,638       7,891       3,729  
                                 

Income/(loss) before income taxes

    3,117       8,425       (285 )     28,285  

Income tax expense/(benefit)

    705       2,328       (68 )     7,637  
                                 

Net income/(loss)

  $ 2,412     $ 6,097     $ (217 )   $ 20,648  
                                 

Diluted earnings/(loss) per share

  $ 0.11     $ 0.28     $ (0.01 )   $ 0.93  
                                 

Average shares outstanding – Diluted

    21,825       22,139       21,911       22,219  

 

 

   

Quarter Ended September 30,

   

Nine Months Ended September 30,

 
   

2024

   

2023

   

2024

   

2023

 

Truckload Operations

                               

Total miles (in thousands) (1)

    46,503       47,209       136,397       148,304  

Operating ratio (2)

    100.5 %     95.8 %     102.8 %     96.0 %

Empty miles factor

    8.89 %     7.84 %     8.82 %     8.48 %

Revenue per total mile, before fuel surcharge (1)

  $ 2.10     $ 2.14     $ 2.10     $ 2.17  

Total loads

    106,061       105,342       319,081       316,772  

Revenue per truck per workday

  $ 751     $ 764     $ 724     $ 781  

Revenue per truck per week

  $ 3,757     $ 3,819     $ 3,620     $ 3,903  

Average company-driver trucks

    1,820       2,007       1,842       2,038  

Average owner operator trucks

    481       326       455       360  
                                 

Logistics Operations

                               

Total revenue (in thousands)

  $ 50,190     $ 62,091     $ 162,618     $ 192,204  

Operating ratio

    94.3 %     93.3 %     94.0 %     91.2 %

 







 

P.A.M. Transportation Services, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(unaudited)

 

 

   

September 30,

   

December 31,

 
   

2024

   

2023

 
   

(in thousands)

 

ASSETS

               

Current assets

               

Cash and cash equivalents

  $ 48,078     $ 100,614  

Trade accounts receivable, net

    93,673       80,604  

Other receivables

    5,954       7,203  

Inventories

    2,332       2,321  

Prepaid expenses and deposits

    9,499       13,213  

Marketable equity securities

    44,205       43,203  

Income taxes refundable

    4,324       3,883  

Total current assets

    208,065       251,041  
                 

Property and equipment

    828,473       771,131  

Less: accumulated depreciation

    282,451       266,412  

Total property and equipment, net

    546,022       504,719  
                 

Other non-current assets

    2,655       4,697  

Total assets

  $ 756,742     $ 760,457  
                 

LIABILITIES AND STOCKHOLDERS’ EQUITY

               

Current liabilities:

               

Accounts payable

  $ 37,898     $ 62,652  

Accrued expenses and other liabilities

    16,776       16,799  

Current portion of long-term debt

    61,170       57,645  

Total current liabilities

    115,844       137,096  
                 

Long-term debt, net of current portion

    227,539       204,064  

Deferred income taxes

    104,195       104,331  

Other long-term liabilities

    250       750  

Total liabilities

    447,828       446,241  
                 

STOCKHOLDERS’ EQUITY

               

Common stock

    224       223  

Additional paid-in capital

    40,999       40,825  

Treasury stock, at cost

    (13,996 )     (8,736 )

Retained earnings

    281,687       281,904  

Total stockholders’ equity

    308,914       314,216  

Total liabilities and stockholders’ equity

  $ 756,742     $ 760,457  

 


 

 

1)

Excludes miles driven by third party power only carriers.

 

2)

The Truckload Operations operating ratio has been calculated based upon total operating expenses, net of fuel surcharge, as a percentage of revenue, before fuel surcharge. We used revenue, before fuel surcharge, and operating expenses, net of fuel surcharge, because we believe that eliminating this sometimes volatile source of revenue affords a more consistent basis for comparing our results of operations from period to period.

 

 

FROM: P.A.M. TRANSPORTATION SERVICES, INC.

P.O. BOX 188

Tontitown, AR 72770

Lance K. Stewart

(479) 361-9111