P.A.M. Transportation Services, Inc. Announces Final Results of Its Self Tender Offer
08 January 2015 - 8:25AM
P.A.M. Transportation Services, Inc. (Nasdaq:PTSI) (the "Company")
today announced the final results of its modified "Dutch auction"
tender offer to repurchase up to 640,000 shares of its outstanding
common stock, which expired at 12:00 Midnight, Eastern Time, on
Tuesday, December 30, 2014. In accordance with the terms and
conditions of the tender offer, the Company has accepted for
purchase a total of 571,865 shares of its common stock,
representing approximately 7.2% of its outstanding shares, at a
price of $50.00 per share. The Company is purchasing all shares
validly tendered and not withdrawn in the tender offer. The Company
expects to have approximately 7,423,115 shares of its common stock
outstanding immediately following consummation of the tender offer.
Payment for the shares accepted for purchase under the tender
offer will be made promptly, at a total cost to the Company of
approximately $28,593,250, excluding fees and expenses related to
the offer. The Company funded its purchase of the shares tendered
in the tender offer using a portion of its cash and cash
equivalents.
The Company may purchase additional shares in the future in the
open market subject to market conditions and private transactions,
tender offers or otherwise. Under applicable securities laws,
however, the Company may not repurchase any shares until January
15, 2015. Whether the Company makes additional repurchases in the
future will depend on many factors, including the number of shares
purchased in this tender offer, its business and financial
performance and situation, the business and market conditions at
the time, including the price of the shares, and other factors the
Company considers relevant.
Computershare Trust Company, N.A. is the depositary for the
tender offer, and Georgeson Inc. is the information agent.
Questions regarding the tender offer should be directed to
Georgeson at (800) 561-3947 (toll free).
P.A.M. Transportation Services, Inc. is a leading truckload dry
van carrier transporting general commodities throughout the
continental United States, as well as in the Canadian provinces of
Ontario and Quebec. The Company also provides transportation
services in Mexico through its gateways in Laredo and El Paso,
Texas under agreements with Mexican carriers.
Note Regarding 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 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; recessionary economic cycles and downturns in
customers' business cycles; increases or rapid fluctuations in fuel
prices, interest rates, fuel taxes, tolls, license and registration
fees; 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; unanticipated 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; 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 as a result of new information,
future events or otherwise. In light of these risks and
uncertainties, the forward-looking events and circumstances
discussed above and in company filings might not transpire.
CONTACT: P.A.M. TRANSPORTATION SERVICES, INC.
P.O. BOX 188
Tontitown, AR 72770
Allen W. West
(479) 361-9111
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