![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
P A M Transport Services Inc | NASDAQ:PTSI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.37 | 8.56% | 17.37 | 14.00 | 18.08 | 17.84 | 15.74 | 16.25 | 127,439 | 21:11:57 |
Second Quarter 2023 Summary Results
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 SubsidiariesKey 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
_______________________________________
View source version on businesswire.com: https://www.businesswire.com/news/home/20230719223151/en/
P.A.M. TRANSPORTATION SERVICES, INC. Lance K. Stewart (479) 361-9111
1 Year P A M Transport Services Chart |
1 Month P A M Transport Services Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions