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 Fourth Quarter and Year Ended December 31, 2023 By: P.A.M. Transportation Services, Inc. via Business Wire February 01, 2024 at 11:21 AM EST Fourth Quarter 2023 Summary Results Total revenues of $180.2 million, down 24.2% YoY Operating loss of $0.8 million Operating ratio of 100.4% Diluted loss per share of $0.10 P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net loss of $2.2 million, or diluted and basic loss per share of $0.10, for the quarter ended December 31, 2023 and consolidated net income of $18.4 million, or diluted and basic earnings per share of $0.83, for the year ended December 31,2023. These results compare to consolidated net income of $18.0 million, or diluted and basic earnings per share of $0.81, for the quarter ended December 31, 2022, and consolidated net income of $90.7 million, or diluted earnings per share of $4.04 ($4.08 basic), for the year ended December 31, 2022. Consolidated operating revenues decreased 24.2% to $180.2 million for the fourth quarter of 2023 compared to $237.6 million for the fourth quarter of 2022. For the year ended December 31, 2023, consolidated operating revenues decreased 14.4% to $810.8 million compared to $946.9 million for the year ended December 31, 2022. Joe Vitiritto, President of the Company, commented, “Our consolidated operating results for the three and twelve months ended December 31, 2023 reflect a continued weak freight environment and the impact of the UAW strike against several customers in the automotive sector in which the Company has significant exposure. Unlike previous UAW strikes, the approach taken in the 2023 strike was impactful to the majority of our auto customer base including both auto manufacturers and suppliers. While the strike ended by mid-November, the negative impact carried on through the typical holiday shutdowns with no post-strike surge in automotive business that we have sometimes experienced after past UAW strikes. “These factors combined to create a challenging backdrop for our business for the quarter and year. Our team is working to constantly keep improving our results and we will continue to take advantage of opportunities to improve. We are staying focused on our longer-term objectives and seeing sustainable progress in areas that will put us in a position to get back to profitable growth that aligns with our expectations.” Liquidity, Capitalization, and Cash Flow As of December 31, 2023, we had an aggregate of $203.7 million of cash, marketable equity securities, and available liquidity under our line of credit and $314.2 million of stockholders’ equity. Outstanding debt was $261.7 million as of December 31, 2023, which represents a $2.6 million decrease from December 31, 2022. During 2023, we generated $114.6 million in operating cash flow while net capital expenditures resulted in a cash outflow of $11.4 million. 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 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, 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 December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 (in thousands, except earnings per share) (in thousands, except earnings per share) Revenue, before fuel surcharge $156,229 $203,449 $706,114 $818,751 Fuel surcharge 23,939 34,167 104,693 128,111 Operating Revenue 180,168 237,616 810,807 946,862 Operating expenses and costs: Salaries, wages and benefits 44,084 48,849 186,223 181,918 Operating supplies and expenses 36,939 42,849 160,527 166,005 Rent and purchased transportation 71,627 91,450 315,647 364,971 Depreciation 16,800 16,159 64,605 62,806 Insurance and claims 5,564 13,235 30,769 32,516 Other 5,833 5,415 23,769 18,128 Loss(gain) on disposition of equipment 132 (587) (1,043) (3,250) Total operating expenses and costs 180,979 217,370 780,497 823,094 Operating (loss)income (811) 20,246 30,310 123,768 Interest expense (2,611) (2,343) (9,177) (7,929) Non-operating income 3,716 5,997 7,446 3,168 Income before income taxes 294 23,900 28,579 119,007 Income tax expense 2,525 5,917 10,163 28,334 Net (loss)income ($2,231) $17,983 $18,416 $90,673 Diluted (loss)earnings per share ($0.10) $0.81 $0.83 $4.04 Average shares outstanding – Diluted 22,021 22,319 22,197 22,436 Quarter Ended December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 Truckload Operations Total miles (in thousands) 43,970 52,451 200,867 203,982 Operating ratio (1) 103.7% 91.0% 97.7% 83.7% Empty miles factor 8.6% 9.03% 8.51% 9.29% Revenue per total mile, before fuel surcharge $2.35 $2.60 $2.30 $2.65 Total loads 94,776 104,719 411,548 406,053 Revenue per truck per workday $744 $893 $772 $919 Revenue per truck per week $3,722 $4,466 $3,861 $4,593 Average company-driver trucks 1,938 2,056 2,014 1,915 Average owner operator trucks 299 405 345 394 Logistics Operations Total revenue (in thousands) $52,993 $67,172 $245,196 $277,816 Operating ratio 94.3% 88.1% 91.9% 87.2% P.A.M. Transportation Services, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) December 31, December 31, 2023 2022 (in thousands) ASSETS Current Assets: Cash and cash equivalents $100,614 $74,087 Trade accounts receivable, net 80,604 134,739 Other receivables 7,203 6,263 Inventories 2,321 2,570 Prepaid expenses and deposits 13,213 15,729 Marketable equity securities 43,203 41,728 Income taxes refundable 3,883 5,650 Total current assets 251,041 280,766 Property and equipment 771,131 705,919 Less: accumulated depreciation 266,412 242,324 Total property and equipment, net 504,719 463,595 Other non-current assets 4,697 4,801 Total Assets $760,457 $749,162 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $62,652 $48,917 Accrued expenses and other liabilities 16,799 34,233 Current portion of long-term debt 57,645 58,815 Total current liabilities 137,096 141,965 Long-term debt, net of current portion 204,064 205,466 Deferred income taxes 104,331 101,445 Other long-term liabilities 750 103 Total liabilities 446,241 448,979 STOCKHOLDERS’ EQUITY Common stock 223 223 Additional paid-in capital 40,825 40,472 Treasury stock, at cost (8,736) (4,000) Retained earnings 281,904 263,488 Total stockholders’ equity 314,216 300,183 Total liabilities and stockholders’ equity $760,457 $749,162 ___________________________________________ 1) 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/20240201580782/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 Fourth Quarter and Year Ended December 31, 2023 By: P.A.M. Transportation Services, Inc. via Business Wire February 01, 2024 at 11:21 AM EST Fourth Quarter 2023 Summary Results Total revenues of $180.2 million, down 24.2% YoY Operating loss of $0.8 million Operating ratio of 100.4% Diluted loss per share of $0.10 P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net loss of $2.2 million, or diluted and basic loss per share of $0.10, for the quarter ended December 31, 2023 and consolidated net income of $18.4 million, or diluted and basic earnings per share of $0.83, for the year ended December 31,2023. These results compare to consolidated net income of $18.0 million, or diluted and basic earnings per share of $0.81, for the quarter ended December 31, 2022, and consolidated net income of $90.7 million, or diluted earnings per share of $4.04 ($4.08 basic), for the year ended December 31, 2022. Consolidated operating revenues decreased 24.2% to $180.2 million for the fourth quarter of 2023 compared to $237.6 million for the fourth quarter of 2022. For the year ended December 31, 2023, consolidated operating revenues decreased 14.4% to $810.8 million compared to $946.9 million for the year ended December 31, 2022. Joe Vitiritto, President of the Company, commented, “Our consolidated operating results for the three and twelve months ended December 31, 2023 reflect a continued weak freight environment and the impact of the UAW strike against several customers in the automotive sector in which the Company has significant exposure. Unlike previous UAW strikes, the approach taken in the 2023 strike was impactful to the majority of our auto customer base including both auto manufacturers and suppliers. While the strike ended by mid-November, the negative impact carried on through the typical holiday shutdowns with no post-strike surge in automotive business that we have sometimes experienced after past UAW strikes. “These factors combined to create a challenging backdrop for our business for the quarter and year. Our team is working to constantly keep improving our results and we will continue to take advantage of opportunities to improve. We are staying focused on our longer-term objectives and seeing sustainable progress in areas that will put us in a position to get back to profitable growth that aligns with our expectations.” Liquidity, Capitalization, and Cash Flow As of December 31, 2023, we had an aggregate of $203.7 million of cash, marketable equity securities, and available liquidity under our line of credit and $314.2 million of stockholders’ equity. Outstanding debt was $261.7 million as of December 31, 2023, which represents a $2.6 million decrease from December 31, 2022. During 2023, we generated $114.6 million in operating cash flow while net capital expenditures resulted in a cash outflow of $11.4 million. 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 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, 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 December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 (in thousands, except earnings per share) (in thousands, except earnings per share) Revenue, before fuel surcharge $156,229 $203,449 $706,114 $818,751 Fuel surcharge 23,939 34,167 104,693 128,111 Operating Revenue 180,168 237,616 810,807 946,862 Operating expenses and costs: Salaries, wages and benefits 44,084 48,849 186,223 181,918 Operating supplies and expenses 36,939 42,849 160,527 166,005 Rent and purchased transportation 71,627 91,450 315,647 364,971 Depreciation 16,800 16,159 64,605 62,806 Insurance and claims 5,564 13,235 30,769 32,516 Other 5,833 5,415 23,769 18,128 Loss(gain) on disposition of equipment 132 (587) (1,043) (3,250) Total operating expenses and costs 180,979 217,370 780,497 823,094 Operating (loss)income (811) 20,246 30,310 123,768 Interest expense (2,611) (2,343) (9,177) (7,929) Non-operating income 3,716 5,997 7,446 3,168 Income before income taxes 294 23,900 28,579 119,007 Income tax expense 2,525 5,917 10,163 28,334 Net (loss)income ($2,231) $17,983 $18,416 $90,673 Diluted (loss)earnings per share ($0.10) $0.81 $0.83 $4.04 Average shares outstanding – Diluted 22,021 22,319 22,197 22,436 Quarter Ended December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 Truckload Operations Total miles (in thousands) 43,970 52,451 200,867 203,982 Operating ratio (1) 103.7% 91.0% 97.7% 83.7% Empty miles factor 8.6% 9.03% 8.51% 9.29% Revenue per total mile, before fuel surcharge $2.35 $2.60 $2.30 $2.65 Total loads 94,776 104,719 411,548 406,053 Revenue per truck per workday $744 $893 $772 $919 Revenue per truck per week $3,722 $4,466 $3,861 $4,593 Average company-driver trucks 1,938 2,056 2,014 1,915 Average owner operator trucks 299 405 345 394 Logistics Operations Total revenue (in thousands) $52,993 $67,172 $245,196 $277,816 Operating ratio 94.3% 88.1% 91.9% 87.2% P.A.M. Transportation Services, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) December 31, December 31, 2023 2022 (in thousands) ASSETS Current Assets: Cash and cash equivalents $100,614 $74,087 Trade accounts receivable, net 80,604 134,739 Other receivables 7,203 6,263 Inventories 2,321 2,570 Prepaid expenses and deposits 13,213 15,729 Marketable equity securities 43,203 41,728 Income taxes refundable 3,883 5,650 Total current assets 251,041 280,766 Property and equipment 771,131 705,919 Less: accumulated depreciation 266,412 242,324 Total property and equipment, net 504,719 463,595 Other non-current assets 4,697 4,801 Total Assets $760,457 $749,162 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $62,652 $48,917 Accrued expenses and other liabilities 16,799 34,233 Current portion of long-term debt 57,645 58,815 Total current liabilities 137,096 141,965 Long-term debt, net of current portion 204,064 205,466 Deferred income taxes 104,331 101,445 Other long-term liabilities 750 103 Total liabilities 446,241 448,979 STOCKHOLDERS’ EQUITY Common stock 223 223 Additional paid-in capital 40,825 40,472 Treasury stock, at cost (8,736) (4,000) Retained earnings 281,904 263,488 Total stockholders’ equity 314,216 300,183 Total liabilities and stockholders’ equity $760,457 $749,162 ___________________________________________ 1) 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/20240201580782/en/Contacts P.A.M. TRANSPORTATION SERVICES, INC. Lance K. Stewart (479) 361-9111
Fourth Quarter 2023 Summary Results Total revenues of $180.2 million, down 24.2% YoY Operating loss of $0.8 million Operating ratio of 100.4% Diluted loss per share of $0.10
P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net loss of $2.2 million, or diluted and basic loss per share of $0.10, for the quarter ended December 31, 2023 and consolidated net income of $18.4 million, or diluted and basic earnings per share of $0.83, for the year ended December 31,2023. These results compare to consolidated net income of $18.0 million, or diluted and basic earnings per share of $0.81, for the quarter ended December 31, 2022, and consolidated net income of $90.7 million, or diluted earnings per share of $4.04 ($4.08 basic), for the year ended December 31, 2022. Consolidated operating revenues decreased 24.2% to $180.2 million for the fourth quarter of 2023 compared to $237.6 million for the fourth quarter of 2022. For the year ended December 31, 2023, consolidated operating revenues decreased 14.4% to $810.8 million compared to $946.9 million for the year ended December 31, 2022. Joe Vitiritto, President of the Company, commented, “Our consolidated operating results for the three and twelve months ended December 31, 2023 reflect a continued weak freight environment and the impact of the UAW strike against several customers in the automotive sector in which the Company has significant exposure. Unlike previous UAW strikes, the approach taken in the 2023 strike was impactful to the majority of our auto customer base including both auto manufacturers and suppliers. While the strike ended by mid-November, the negative impact carried on through the typical holiday shutdowns with no post-strike surge in automotive business that we have sometimes experienced after past UAW strikes. “These factors combined to create a challenging backdrop for our business for the quarter and year. Our team is working to constantly keep improving our results and we will continue to take advantage of opportunities to improve. We are staying focused on our longer-term objectives and seeing sustainable progress in areas that will put us in a position to get back to profitable growth that aligns with our expectations.” Liquidity, Capitalization, and Cash Flow As of December 31, 2023, we had an aggregate of $203.7 million of cash, marketable equity securities, and available liquidity under our line of credit and $314.2 million of stockholders’ equity. Outstanding debt was $261.7 million as of December 31, 2023, which represents a $2.6 million decrease from December 31, 2022. During 2023, we generated $114.6 million in operating cash flow while net capital expenditures resulted in a cash outflow of $11.4 million. 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 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, 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 December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 (in thousands, except earnings per share) (in thousands, except earnings per share) Revenue, before fuel surcharge $156,229 $203,449 $706,114 $818,751 Fuel surcharge 23,939 34,167 104,693 128,111 Operating Revenue 180,168 237,616 810,807 946,862 Operating expenses and costs: Salaries, wages and benefits 44,084 48,849 186,223 181,918 Operating supplies and expenses 36,939 42,849 160,527 166,005 Rent and purchased transportation 71,627 91,450 315,647 364,971 Depreciation 16,800 16,159 64,605 62,806 Insurance and claims 5,564 13,235 30,769 32,516 Other 5,833 5,415 23,769 18,128 Loss(gain) on disposition of equipment 132 (587) (1,043) (3,250) Total operating expenses and costs 180,979 217,370 780,497 823,094 Operating (loss)income (811) 20,246 30,310 123,768 Interest expense (2,611) (2,343) (9,177) (7,929) Non-operating income 3,716 5,997 7,446 3,168 Income before income taxes 294 23,900 28,579 119,007 Income tax expense 2,525 5,917 10,163 28,334 Net (loss)income ($2,231) $17,983 $18,416 $90,673 Diluted (loss)earnings per share ($0.10) $0.81 $0.83 $4.04 Average shares outstanding – Diluted 22,021 22,319 22,197 22,436 Quarter Ended December 31, Twelve Months Ended December 31, 2023 2022 2023 2022 Truckload Operations Total miles (in thousands) 43,970 52,451 200,867 203,982 Operating ratio (1) 103.7% 91.0% 97.7% 83.7% Empty miles factor 8.6% 9.03% 8.51% 9.29% Revenue per total mile, before fuel surcharge $2.35 $2.60 $2.30 $2.65 Total loads 94,776 104,719 411,548 406,053 Revenue per truck per workday $744 $893 $772 $919 Revenue per truck per week $3,722 $4,466 $3,861 $4,593 Average company-driver trucks 1,938 2,056 2,014 1,915 Average owner operator trucks 299 405 345 394 Logistics Operations Total revenue (in thousands) $52,993 $67,172 $245,196 $277,816 Operating ratio 94.3% 88.1% 91.9% 87.2% P.A.M. Transportation Services, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) December 31, December 31, 2023 2022 (in thousands) ASSETS Current Assets: Cash and cash equivalents $100,614 $74,087 Trade accounts receivable, net 80,604 134,739 Other receivables 7,203 6,263 Inventories 2,321 2,570 Prepaid expenses and deposits 13,213 15,729 Marketable equity securities 43,203 41,728 Income taxes refundable 3,883 5,650 Total current assets 251,041 280,766 Property and equipment 771,131 705,919 Less: accumulated depreciation 266,412 242,324 Total property and equipment, net 504,719 463,595 Other non-current assets 4,697 4,801 Total Assets $760,457 $749,162 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $62,652 $48,917 Accrued expenses and other liabilities 16,799 34,233 Current portion of long-term debt 57,645 58,815 Total current liabilities 137,096 141,965 Long-term debt, net of current portion 204,064 205,466 Deferred income taxes 104,331 101,445 Other long-term liabilities 750 103 Total liabilities 446,241 448,979 STOCKHOLDERS’ EQUITY Common stock 223 223 Additional paid-in capital 40,825 40,472 Treasury stock, at cost (8,736) (4,000) Retained earnings 281,904 263,488 Total stockholders’ equity 314,216 300,183 Total liabilities and stockholders’ equity $760,457 $749,162 ___________________________________________ 1) 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/20240201580782/en/