Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries P.A.M. Transportation Services, Inc. Announces Results for the Third Quarter Ended September 30, 2023 By: P.A.M. Transportation Services, Inc. via Business Wire October 18, 2023 at 17:00 PM EDT Third Quarter 2023 Summary Results Total revenues of $201.5 million, down 20.2% YoY Operating income of $8.8 million, down 75.1% YoY Operating ratio of 95.6% Diluted EPS of $0.28, down 74.3% YoY P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net income of $6.1 million, or diluted and basic earnings per share of $0.28, for the quarter ended September 30, 2023. These results compare to consolidated net income of $24.6 million, or diluted earnings per share of $1.09 ($1.10 basic), for the quarter ended September 30, 2022. Consolidated operating revenues decreased 20.2% to $201.5 million for the third quarter of 2023 compared to $252.6 million for the third quarter of 2022. Joe Vitiritto, President of the Company, commented, “The third quarter presented very challenging comparisons to the same quarter last year. The third quarter of 2022 was one of the best in our company’s history while the third quarter this year was faced with an unprecedented unfavorable truckload market. Despite market challenges, we did see improvement in factors that we believe will position the Company favorably when truckload market conditions improve. I am especially proud of the continued loyalty, dedication and outstanding contribution from our driving and non-driving associates as we continue to drive improvement in the Company. “Looking ahead, we will continue to stay focused on investing in the areas of our business that will help us to consistently grow, increase efficiencies and deliver value to our customers, shareholders and employees.” Liquidity, Capitalization, and Cash Flow As of September 30, 2023, we had an aggregate of $203.5 million of cash, marketable equity securities, and available liquidity under our line of credit and $316.3 million of stockholders’ equity. Outstanding debt was $227.6 million as of September 30, 2023, which represents a $36.7 million decrease from December 31, 2022. During the first nine months of 2023, we generated $93.9 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 ongoing or future labor disruptions in the automotive industry; 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 outbreaks of the COVID-19 pandemic or other public health crises; the resale value of the Company's used equipment and the price of new equipment; 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, 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, 2023 2022 2023 2022 (in thousands, except earnings per share) (in thousands, except earnings per share) Revenue, before fuel surcharge $174,348 $216,475 $549,885 $615,303 Fuel surcharge 27,154 36,155 80,754 93,943 Operating Revenue 201,502 252,630 630,639 709,246 Operating expenses and costs: Salaries, wages and benefits 46,032 50,847 142,138 133,069 Operating supplies and expenses 42,378 48,071 123,589 123,156 Rent and purchased transportation 78,595 93,501 244,020 273,521 Depreciation 15,552 16,289 47,805 46,647 Insurance and claims 5,146 5,149 25,205 19,281 Other 5,305 4,579 17,936 12,712 Gain on disposition of equipment (339 ) (1,301 ) (1,175 ) (2,662 ) Total operating expenses and costs 192,669 217,135 599,518 605,724 Operating income 8,833 35,495 31,121 103,522 Interest expense (2,046 ) (1,922 ) (6,565 ) (5,587 ) Non-operating income(expense) 1,638 (1,886 ) 3,729 (2,829 ) Income before income taxes 8,425 31,687 28,285 95,106 Income tax expense 2,328 7,121 7,637 22,416 Net income $6,097 $24,566 $20,648 $72,690 Diluted earnings per share $0.28 $1.09 $0.93 $3.24 Average shares outstanding – Diluted 22,139 22,440 22,219 22,468 Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Truckload Operations Total miles (in thousands) 49,745 56,624 156,897 151,531 Operating ratio (1) 95.8 % 82.6 % 96.0 % 81.3 % Empty miles factor 7.84 % 9.92 % 8.48 % 9.37 % Revenue per total mile, before fuel surcharge $2.26 $2.56 $2.28 $2.67 Total loads 105,342 110,192 316,772 301,334 Revenue per truck per workday $764 $912 $781 $933 Revenue per truck per week $3,819 $4,562 $3,903 $4,665 Average company-driver trucks 2,007 2,080 2,038 1,868 Average owner operator trucks 326 403 360 391 Logistics Operations Total revenue (in thousands) $62,091 $71,493 $192,204 $210,645 Operating ratio 93.3 % 85.7 % 91.2 % 86.9 % P.A.M. Transportation Services, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) September 30, December 31, 2023 2022 (in thousands) ASSETS Current Assets: Cash and cash equivalents $102,299 $74,087 Trade accounts receivable, net 96,456 134,739 Other receivables 7,639 6,263 Inventories 2,600 2,570 Prepaid expenses and deposits 10,932 15,729 Marketable equity securities 41,250 41,728 Income taxes refundable 8,423 5,650 Total current assets 269,599 280,766 Property and equipment 714,673 705,919 Less: accumulated depreciation 257,753 242,324 Total property and equipment, net 456,920 463,595 Other non-current assets 5,202 4,801 Total Assets $731,721 $749,162 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $57,653 $48,917 Accrued expenses and other liabilities 22,054 34,233 Current portion of long-term debt 56,149 58,815 Total current liabilities 135,856 141,965 Long-term debt, net of current portion 171,418 205,466 Deferred income taxes 107,415 101,445 Other long-term liabilities 750 103 Total liabilities 415,439 448,979 STOCKHOLDERS’ EQUITY Common stock 223 223 Additional paid-in capital 40,660 40,472 Treasury stock, at cost (8,736 ) (4,000 ) Retained earnings 284,135 263,488 Total stockholders’ equity 316,282 300,183 Total liabilities and stockholders’ equity $731,721 $749,162 _______________________________________ 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20231018988913/en/Contacts P.A.M. TRANSPORTATION SERVICES, INC. Lance K. Stewart (479) 361-9111 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
P.A.M. Transportation Services, Inc. Announces Results for the Third Quarter Ended September 30, 2023 By: P.A.M. Transportation Services, Inc. via Business Wire October 18, 2023 at 17:00 PM EDT Third Quarter 2023 Summary Results Total revenues of $201.5 million, down 20.2% YoY Operating income of $8.8 million, down 75.1% YoY Operating ratio of 95.6% Diluted EPS of $0.28, down 74.3% YoY P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net income of $6.1 million, or diluted and basic earnings per share of $0.28, for the quarter ended September 30, 2023. These results compare to consolidated net income of $24.6 million, or diluted earnings per share of $1.09 ($1.10 basic), for the quarter ended September 30, 2022. Consolidated operating revenues decreased 20.2% to $201.5 million for the third quarter of 2023 compared to $252.6 million for the third quarter of 2022. Joe Vitiritto, President of the Company, commented, “The third quarter presented very challenging comparisons to the same quarter last year. The third quarter of 2022 was one of the best in our company’s history while the third quarter this year was faced with an unprecedented unfavorable truckload market. Despite market challenges, we did see improvement in factors that we believe will position the Company favorably when truckload market conditions improve. I am especially proud of the continued loyalty, dedication and outstanding contribution from our driving and non-driving associates as we continue to drive improvement in the Company. “Looking ahead, we will continue to stay focused on investing in the areas of our business that will help us to consistently grow, increase efficiencies and deliver value to our customers, shareholders and employees.” Liquidity, Capitalization, and Cash Flow As of September 30, 2023, we had an aggregate of $203.5 million of cash, marketable equity securities, and available liquidity under our line of credit and $316.3 million of stockholders’ equity. Outstanding debt was $227.6 million as of September 30, 2023, which represents a $36.7 million decrease from December 31, 2022. During the first nine months of 2023, we generated $93.9 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 ongoing or future labor disruptions in the automotive industry; 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 outbreaks of the COVID-19 pandemic or other public health crises; the resale value of the Company's used equipment and the price of new equipment; 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, 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, 2023 2022 2023 2022 (in thousands, except earnings per share) (in thousands, except earnings per share) Revenue, before fuel surcharge $174,348 $216,475 $549,885 $615,303 Fuel surcharge 27,154 36,155 80,754 93,943 Operating Revenue 201,502 252,630 630,639 709,246 Operating expenses and costs: Salaries, wages and benefits 46,032 50,847 142,138 133,069 Operating supplies and expenses 42,378 48,071 123,589 123,156 Rent and purchased transportation 78,595 93,501 244,020 273,521 Depreciation 15,552 16,289 47,805 46,647 Insurance and claims 5,146 5,149 25,205 19,281 Other 5,305 4,579 17,936 12,712 Gain on disposition of equipment (339 ) (1,301 ) (1,175 ) (2,662 ) Total operating expenses and costs 192,669 217,135 599,518 605,724 Operating income 8,833 35,495 31,121 103,522 Interest expense (2,046 ) (1,922 ) (6,565 ) (5,587 ) Non-operating income(expense) 1,638 (1,886 ) 3,729 (2,829 ) Income before income taxes 8,425 31,687 28,285 95,106 Income tax expense 2,328 7,121 7,637 22,416 Net income $6,097 $24,566 $20,648 $72,690 Diluted earnings per share $0.28 $1.09 $0.93 $3.24 Average shares outstanding – Diluted 22,139 22,440 22,219 22,468 Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Truckload Operations Total miles (in thousands) 49,745 56,624 156,897 151,531 Operating ratio (1) 95.8 % 82.6 % 96.0 % 81.3 % Empty miles factor 7.84 % 9.92 % 8.48 % 9.37 % Revenue per total mile, before fuel surcharge $2.26 $2.56 $2.28 $2.67 Total loads 105,342 110,192 316,772 301,334 Revenue per truck per workday $764 $912 $781 $933 Revenue per truck per week $3,819 $4,562 $3,903 $4,665 Average company-driver trucks 2,007 2,080 2,038 1,868 Average owner operator trucks 326 403 360 391 Logistics Operations Total revenue (in thousands) $62,091 $71,493 $192,204 $210,645 Operating ratio 93.3 % 85.7 % 91.2 % 86.9 % P.A.M. Transportation Services, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) September 30, December 31, 2023 2022 (in thousands) ASSETS Current Assets: Cash and cash equivalents $102,299 $74,087 Trade accounts receivable, net 96,456 134,739 Other receivables 7,639 6,263 Inventories 2,600 2,570 Prepaid expenses and deposits 10,932 15,729 Marketable equity securities 41,250 41,728 Income taxes refundable 8,423 5,650 Total current assets 269,599 280,766 Property and equipment 714,673 705,919 Less: accumulated depreciation 257,753 242,324 Total property and equipment, net 456,920 463,595 Other non-current assets 5,202 4,801 Total Assets $731,721 $749,162 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $57,653 $48,917 Accrued expenses and other liabilities 22,054 34,233 Current portion of long-term debt 56,149 58,815 Total current liabilities 135,856 141,965 Long-term debt, net of current portion 171,418 205,466 Deferred income taxes 107,415 101,445 Other long-term liabilities 750 103 Total liabilities 415,439 448,979 STOCKHOLDERS’ EQUITY Common stock 223 223 Additional paid-in capital 40,660 40,472 Treasury stock, at cost (8,736 ) (4,000 ) Retained earnings 284,135 263,488 Total stockholders’ equity 316,282 300,183 Total liabilities and stockholders’ equity $731,721 $749,162 _______________________________________ 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20231018988913/en/Contacts P.A.M. TRANSPORTATION SERVICES, INC. Lance K. Stewart (479) 361-9111
Third Quarter 2023 Summary Results Total revenues of $201.5 million, down 20.2% YoY Operating income of $8.8 million, down 75.1% YoY Operating ratio of 95.6% Diluted EPS of $0.28, down 74.3% YoY
P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net income of $6.1 million, or diluted and basic earnings per share of $0.28, for the quarter ended September 30, 2023. These results compare to consolidated net income of $24.6 million, or diluted earnings per share of $1.09 ($1.10 basic), for the quarter ended September 30, 2022. Consolidated operating revenues decreased 20.2% to $201.5 million for the third quarter of 2023 compared to $252.6 million for the third quarter of 2022. Joe Vitiritto, President of the Company, commented, “The third quarter presented very challenging comparisons to the same quarter last year. The third quarter of 2022 was one of the best in our company’s history while the third quarter this year was faced with an unprecedented unfavorable truckload market. Despite market challenges, we did see improvement in factors that we believe will position the Company favorably when truckload market conditions improve. I am especially proud of the continued loyalty, dedication and outstanding contribution from our driving and non-driving associates as we continue to drive improvement in the Company. “Looking ahead, we will continue to stay focused on investing in the areas of our business that will help us to consistently grow, increase efficiencies and deliver value to our customers, shareholders and employees.” Liquidity, Capitalization, and Cash Flow As of September 30, 2023, we had an aggregate of $203.5 million of cash, marketable equity securities, and available liquidity under our line of credit and $316.3 million of stockholders’ equity. Outstanding debt was $227.6 million as of September 30, 2023, which represents a $36.7 million decrease from December 31, 2022. During the first nine months of 2023, we generated $93.9 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 ongoing or future labor disruptions in the automotive industry; 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 outbreaks of the COVID-19 pandemic or other public health crises; the resale value of the Company's used equipment and the price of new equipment; 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, 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, 2023 2022 2023 2022 (in thousands, except earnings per share) (in thousands, except earnings per share) Revenue, before fuel surcharge $174,348 $216,475 $549,885 $615,303 Fuel surcharge 27,154 36,155 80,754 93,943 Operating Revenue 201,502 252,630 630,639 709,246 Operating expenses and costs: Salaries, wages and benefits 46,032 50,847 142,138 133,069 Operating supplies and expenses 42,378 48,071 123,589 123,156 Rent and purchased transportation 78,595 93,501 244,020 273,521 Depreciation 15,552 16,289 47,805 46,647 Insurance and claims 5,146 5,149 25,205 19,281 Other 5,305 4,579 17,936 12,712 Gain on disposition of equipment (339 ) (1,301 ) (1,175 ) (2,662 ) Total operating expenses and costs 192,669 217,135 599,518 605,724 Operating income 8,833 35,495 31,121 103,522 Interest expense (2,046 ) (1,922 ) (6,565 ) (5,587 ) Non-operating income(expense) 1,638 (1,886 ) 3,729 (2,829 ) Income before income taxes 8,425 31,687 28,285 95,106 Income tax expense 2,328 7,121 7,637 22,416 Net income $6,097 $24,566 $20,648 $72,690 Diluted earnings per share $0.28 $1.09 $0.93 $3.24 Average shares outstanding – Diluted 22,139 22,440 22,219 22,468 Quarter Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Truckload Operations Total miles (in thousands) 49,745 56,624 156,897 151,531 Operating ratio (1) 95.8 % 82.6 % 96.0 % 81.3 % Empty miles factor 7.84 % 9.92 % 8.48 % 9.37 % Revenue per total mile, before fuel surcharge $2.26 $2.56 $2.28 $2.67 Total loads 105,342 110,192 316,772 301,334 Revenue per truck per workday $764 $912 $781 $933 Revenue per truck per week $3,819 $4,562 $3,903 $4,665 Average company-driver trucks 2,007 2,080 2,038 1,868 Average owner operator trucks 326 403 360 391 Logistics Operations Total revenue (in thousands) $62,091 $71,493 $192,204 $210,645 Operating ratio 93.3 % 85.7 % 91.2 % 86.9 % P.A.M. Transportation Services, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) September 30, December 31, 2023 2022 (in thousands) ASSETS Current Assets: Cash and cash equivalents $102,299 $74,087 Trade accounts receivable, net 96,456 134,739 Other receivables 7,639 6,263 Inventories 2,600 2,570 Prepaid expenses and deposits 10,932 15,729 Marketable equity securities 41,250 41,728 Income taxes refundable 8,423 5,650 Total current assets 269,599 280,766 Property and equipment 714,673 705,919 Less: accumulated depreciation 257,753 242,324 Total property and equipment, net 456,920 463,595 Other non-current assets 5,202 4,801 Total Assets $731,721 $749,162 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $57,653 $48,917 Accrued expenses and other liabilities 22,054 34,233 Current portion of long-term debt 56,149 58,815 Total current liabilities 135,856 141,965 Long-term debt, net of current portion 171,418 205,466 Deferred income taxes 107,415 101,445 Other long-term liabilities 750 103 Total liabilities 415,439 448,979 STOCKHOLDERS’ EQUITY Common stock 223 223 Additional paid-in capital 40,660 40,472 Treasury stock, at cost (8,736 ) (4,000 ) Retained earnings 284,135 263,488 Total stockholders’ equity 316,282 300,183 Total liabilities and stockholders’ equity $731,721 $749,162 _______________________________________ 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20231018988913/en/
