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 Second Quarter Ended June 30, 2023 By: P.A.M. Transportation Services, Inc. via Business Wire July 19, 2023 at 17:29 PM EDT Second Quarter 2023 Summary Results Total revenues of $207.4 million, down 12.6% YoY Operating income of $13.8 million, down 62.4% YoY Operating ratio of 93.4% Diluted EPS of $0.42, down 61.1% YoY P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net income of $9.3 million, or diluted and basic earnings per share of $0.42, for the quarter ended June 30, 2023. These results compare to consolidated net income of $24.2 million, or diluted earnings per share of $1.08 ($1.09 basic), for the quarter ended June 30, 2022. Consolidated operating revenues decreased 12.6% to $207.4 million for the second quarter of 2023 compared to $237.2 million for the second quarter of 2022. Liquidity, Capitalization, and Cash Flow As of June 30, 2023, we had an aggregate of $198.8 million of cash, marketable equity securities, and available liquidity under our line of credit and $310.9 million of stockholders’ equity. Outstanding debt was $230.0 million as of June 30, 2023, which represents a $34.3 million decrease from December 31, 2022. During the first half of 2023, we generated $68.5 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; 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; a significant reduction in or termination of the Company's trucking service by a key customer; 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands, except earnings per share) (in thousands, except earnings per share) Revenue, before fuel surcharge $182,082 $202,739 $375,536 $398,828 Fuel surcharge 25,330 34,429 53,600 57,788 Operating Revenue 207,412 237,168 429,136 456,616 Operating expenses and costs: Salaries, wages and benefits 47,828 42,947 96,106 82,222 Operating supplies and expenses 39,716 43,454 81,210 75,101 Rent and purchased transportation 78,329 88,643 165,425 180,020 Depreciation 15,757 15,481 32,254 30,358 Insurance and claims 5,045 7,269 20,059 14,132 Other 7,208 3,905 12,631 8,117 Gain on disposition of equipment (260) (1,214) (836) (1,361) Total operating expenses and costs 193,623 200,485 406,849 388,589 Operating income 13,789 36,683 22,287 68,027 Interest expense (2,163) (1,998) (4,519) (3,665) Non-operating income(expense) 1,192 (2,872) 2,091 (943) Income before income taxes 12,818 31,813 19,859 63,419 Income tax expense 3,499 7,631 5,309 15,295 Net income $9,319 $24,182 $14,550 $48,124 Diluted earnings per share $0.42 $1.08 $0.65 $2.14 Average shares outstanding – Diluted 22,182 22,445 22,253 22,474 Quarter Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Truckload Operations Total miles (in thousands) 53,391 49,652 107,124 94,908 Operating ratio (1) 92.7% 79.8% 96.1% 80.6% Empty miles factor 8.60% 8.94% 8.78% 9.05% Revenue per total mile, before fuel surcharge $2.25 $2.72 $2.29 $2.74 Total loads 109,000 94,870 211,430 186,425 Revenue per truck per workday $774 $948 $788 $947 Revenue per truck per week $3,868 $4,738 $3,939 $4,735 Average company-driver trucks 2,061 1,847 2,056 1,761 Average owner operator trucks 367 381 378 385 Logistics Operations Total revenue (in thousands) $61,856 $68,041 $130,113 $139,152 Operating ratio 91.8% 86.2% 90.2% 87.4% P.A.M. Transportation Services, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) June 30, December 31, 2023 2022 (in thousands) ASSETS Current Assets: Cash and cash equivalents $97,988 $74,087 Trade accounts receivable, net 100,812 134,739 Other receivables 6,992 6,263 Inventories 2,585 2,570 Prepaid expenses and deposits 11,901 15,729 Marketable equity securities 41,274 41,728 Income taxes refundable 2,997 5,650 Total current assets 264,549 280,766 Property and equipment 690,012 705,919 Less: accumulated depreciation 253,299 242,324 Total property and equipment, net 436,713 463,595 Other non-current assets 4,147 4,801 Total Assets $705,409 $749,162 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $41,011 $48,917 Accrued expenses and other liabilities 20,775 34,233 Current portion of long-term debt 53,006 58,815 Total current liabilities 114,792 141,965 Long-term debt, net of current portion 176,963 205,466 Deferred income taxes 102,774 101,445 Other long-term liabilities 0 103 Total liabilities 394,529 448,979 STOCKHOLDERS’ EQUITY Common stock 223 223 Additional paid-in capital 40,714 40,472 Treasury stock, at cost (8,095) (4,000) Retained earnings 278,038 263,488 Total stockholders’ equity 310,880 300,183 Total liabilities and stockholders’ equity $705,409 $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/20230719223151/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 Second Quarter Ended June 30, 2023 By: P.A.M. Transportation Services, Inc. via Business Wire July 19, 2023 at 17:29 PM EDT Second Quarter 2023 Summary Results Total revenues of $207.4 million, down 12.6% YoY Operating income of $13.8 million, down 62.4% YoY Operating ratio of 93.4% Diluted EPS of $0.42, down 61.1% YoY P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net income of $9.3 million, or diluted and basic earnings per share of $0.42, for the quarter ended June 30, 2023. These results compare to consolidated net income of $24.2 million, or diluted earnings per share of $1.08 ($1.09 basic), for the quarter ended June 30, 2022. Consolidated operating revenues decreased 12.6% to $207.4 million for the second quarter of 2023 compared to $237.2 million for the second quarter of 2022. Liquidity, Capitalization, and Cash Flow As of June 30, 2023, we had an aggregate of $198.8 million of cash, marketable equity securities, and available liquidity under our line of credit and $310.9 million of stockholders’ equity. Outstanding debt was $230.0 million as of June 30, 2023, which represents a $34.3 million decrease from December 31, 2022. During the first half of 2023, we generated $68.5 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; 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; a significant reduction in or termination of the Company's trucking service by a key customer; 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands, except earnings per share) (in thousands, except earnings per share) Revenue, before fuel surcharge $182,082 $202,739 $375,536 $398,828 Fuel surcharge 25,330 34,429 53,600 57,788 Operating Revenue 207,412 237,168 429,136 456,616 Operating expenses and costs: Salaries, wages and benefits 47,828 42,947 96,106 82,222 Operating supplies and expenses 39,716 43,454 81,210 75,101 Rent and purchased transportation 78,329 88,643 165,425 180,020 Depreciation 15,757 15,481 32,254 30,358 Insurance and claims 5,045 7,269 20,059 14,132 Other 7,208 3,905 12,631 8,117 Gain on disposition of equipment (260) (1,214) (836) (1,361) Total operating expenses and costs 193,623 200,485 406,849 388,589 Operating income 13,789 36,683 22,287 68,027 Interest expense (2,163) (1,998) (4,519) (3,665) Non-operating income(expense) 1,192 (2,872) 2,091 (943) Income before income taxes 12,818 31,813 19,859 63,419 Income tax expense 3,499 7,631 5,309 15,295 Net income $9,319 $24,182 $14,550 $48,124 Diluted earnings per share $0.42 $1.08 $0.65 $2.14 Average shares outstanding – Diluted 22,182 22,445 22,253 22,474 Quarter Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Truckload Operations Total miles (in thousands) 53,391 49,652 107,124 94,908 Operating ratio (1) 92.7% 79.8% 96.1% 80.6% Empty miles factor 8.60% 8.94% 8.78% 9.05% Revenue per total mile, before fuel surcharge $2.25 $2.72 $2.29 $2.74 Total loads 109,000 94,870 211,430 186,425 Revenue per truck per workday $774 $948 $788 $947 Revenue per truck per week $3,868 $4,738 $3,939 $4,735 Average company-driver trucks 2,061 1,847 2,056 1,761 Average owner operator trucks 367 381 378 385 Logistics Operations Total revenue (in thousands) $61,856 $68,041 $130,113 $139,152 Operating ratio 91.8% 86.2% 90.2% 87.4% P.A.M. Transportation Services, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) June 30, December 31, 2023 2022 (in thousands) ASSETS Current Assets: Cash and cash equivalents $97,988 $74,087 Trade accounts receivable, net 100,812 134,739 Other receivables 6,992 6,263 Inventories 2,585 2,570 Prepaid expenses and deposits 11,901 15,729 Marketable equity securities 41,274 41,728 Income taxes refundable 2,997 5,650 Total current assets 264,549 280,766 Property and equipment 690,012 705,919 Less: accumulated depreciation 253,299 242,324 Total property and equipment, net 436,713 463,595 Other non-current assets 4,147 4,801 Total Assets $705,409 $749,162 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $41,011 $48,917 Accrued expenses and other liabilities 20,775 34,233 Current portion of long-term debt 53,006 58,815 Total current liabilities 114,792 141,965 Long-term debt, net of current portion 176,963 205,466 Deferred income taxes 102,774 101,445 Other long-term liabilities 0 103 Total liabilities 394,529 448,979 STOCKHOLDERS’ EQUITY Common stock 223 223 Additional paid-in capital 40,714 40,472 Treasury stock, at cost (8,095) (4,000) Retained earnings 278,038 263,488 Total stockholders’ equity 310,880 300,183 Total liabilities and stockholders’ equity $705,409 $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/20230719223151/en/Contacts P.A.M. TRANSPORTATION SERVICES, INC. Lance K. Stewart (479) 361-9111
Second Quarter 2023 Summary Results Total revenues of $207.4 million, down 12.6% YoY Operating income of $13.8 million, down 62.4% YoY Operating ratio of 93.4% Diluted EPS of $0.42, down 61.1% YoY
P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net income of $9.3 million, or diluted and basic earnings per share of $0.42, for the quarter ended June 30, 2023. These results compare to consolidated net income of $24.2 million, or diluted earnings per share of $1.08 ($1.09 basic), for the quarter ended June 30, 2022. Consolidated operating revenues decreased 12.6% to $207.4 million for the second quarter of 2023 compared to $237.2 million for the second quarter of 2022. Liquidity, Capitalization, and Cash Flow As of June 30, 2023, we had an aggregate of $198.8 million of cash, marketable equity securities, and available liquidity under our line of credit and $310.9 million of stockholders’ equity. Outstanding debt was $230.0 million as of June 30, 2023, which represents a $34.3 million decrease from December 31, 2022. During the first half of 2023, we generated $68.5 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; 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; a significant reduction in or termination of the Company's trucking service by a key customer; 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands, except earnings per share) (in thousands, except earnings per share) Revenue, before fuel surcharge $182,082 $202,739 $375,536 $398,828 Fuel surcharge 25,330 34,429 53,600 57,788 Operating Revenue 207,412 237,168 429,136 456,616 Operating expenses and costs: Salaries, wages and benefits 47,828 42,947 96,106 82,222 Operating supplies and expenses 39,716 43,454 81,210 75,101 Rent and purchased transportation 78,329 88,643 165,425 180,020 Depreciation 15,757 15,481 32,254 30,358 Insurance and claims 5,045 7,269 20,059 14,132 Other 7,208 3,905 12,631 8,117 Gain on disposition of equipment (260) (1,214) (836) (1,361) Total operating expenses and costs 193,623 200,485 406,849 388,589 Operating income 13,789 36,683 22,287 68,027 Interest expense (2,163) (1,998) (4,519) (3,665) Non-operating income(expense) 1,192 (2,872) 2,091 (943) Income before income taxes 12,818 31,813 19,859 63,419 Income tax expense 3,499 7,631 5,309 15,295 Net income $9,319 $24,182 $14,550 $48,124 Diluted earnings per share $0.42 $1.08 $0.65 $2.14 Average shares outstanding – Diluted 22,182 22,445 22,253 22,474 Quarter Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Truckload Operations Total miles (in thousands) 53,391 49,652 107,124 94,908 Operating ratio (1) 92.7% 79.8% 96.1% 80.6% Empty miles factor 8.60% 8.94% 8.78% 9.05% Revenue per total mile, before fuel surcharge $2.25 $2.72 $2.29 $2.74 Total loads 109,000 94,870 211,430 186,425 Revenue per truck per workday $774 $948 $788 $947 Revenue per truck per week $3,868 $4,738 $3,939 $4,735 Average company-driver trucks 2,061 1,847 2,056 1,761 Average owner operator trucks 367 381 378 385 Logistics Operations Total revenue (in thousands) $61,856 $68,041 $130,113 $139,152 Operating ratio 91.8% 86.2% 90.2% 87.4% P.A.M. Transportation Services, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) June 30, December 31, 2023 2022 (in thousands) ASSETS Current Assets: Cash and cash equivalents $97,988 $74,087 Trade accounts receivable, net 100,812 134,739 Other receivables 6,992 6,263 Inventories 2,585 2,570 Prepaid expenses and deposits 11,901 15,729 Marketable equity securities 41,274 41,728 Income taxes refundable 2,997 5,650 Total current assets 264,549 280,766 Property and equipment 690,012 705,919 Less: accumulated depreciation 253,299 242,324 Total property and equipment, net 436,713 463,595 Other non-current assets 4,147 4,801 Total Assets $705,409 $749,162 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $41,011 $48,917 Accrued expenses and other liabilities 20,775 34,233 Current portion of long-term debt 53,006 58,815 Total current liabilities 114,792 141,965 Long-term debt, net of current portion 176,963 205,466 Deferred income taxes 102,774 101,445 Other long-term liabilities 0 103 Total liabilities 394,529 448,979 STOCKHOLDERS’ EQUITY Common stock 223 223 Additional paid-in capital 40,714 40,472 Treasury stock, at cost (8,095) (4,000) Retained earnings 278,038 263,488 Total stockholders’ equity 310,880 300,183 Total liabilities and stockholders’ equity $705,409 $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/20230719223151/en/