P.A.M. Transportation Services, Inc. Announces Results for the
Third Quarter Ended September 30, 2003 TONTITOWN, Ark., Oct. 27
/PRNewswire-FirstCall/ -- P.A.M. Transportation Services, Inc.
today reported net income of $2,964,507 or diluted and basic
earnings per share of $.26 for the quarter ended September 30,
2003, and $9,828,644 or diluted and basic earnings per share of
$.87 for the nine month period then ended. These results compare to
net income of $3,957,465 or diluted and basic earnings per share of
$.35, and $12,597,067 or diluted and basic earnings per share of
$1.20, respectively, for the three and the nine months ended
September 30, 2002. Operating revenues of $74,215,880 were reported
for the third quarter of 2003, a 14.1% increase compared to
$65,033,997 for the third quarter of 2002. Operating revenues for
the nine months ended September 30, 2003 were $219,311,194, a 10.1%
increase compared to $199,188,301 for the nine months ended
September 30, 2002. Of these increases, $11,601,288 and
$29,283,445, respectively, for the three-and nine-month periods
ended September 30, 2003, were the result of revenues from entities
acquired earlier in the year. Robert W. Weaver, President of the
Company, commented, "In light of the current economic climate, I
was generally pleased with our revenue increase for the quarter but
not so with the net income. Our driver recruiting results continue
to improve and we have successfully manned approximately one half
of the unmanned units we had at the close of our second quarter.
These gains in manned units were partially offset by a reduced rate
per mile that came as a result of a portion of our dedicated
business experiencing rate reductions through a bid process and
conversion of "local" dedicated business into long haul dedicated
service. This bid process occurs from time to time as customers
attempt to manage transportation costs in reaction to general
economic pressures. The largest increases in expense as a
percentage of revenue for the quarter were in the areas of
insurance -- Workers Compensation and health insurance. In the area
of workers compensation we expect that some of the increased
expense will be recovered over time in subrogation although we none
the less have the expense to record. While these expenses are
intensely managed, they have increased as the result of unfavorable
claims and rising health care cost in general. We will continue to
emphasize claims management in the areas of Worker's Compensation
and health insurance to mitigate the current negative trend in
insurance losses. Our immediate mission is to continue the
recruiting progress for drivers and strive to maintain our current
rate of revenue growth while restoring freight rates to more
acceptable levels." P.A.M. Transportation Services, Inc. will be
holding a live conference call with certain financial analysts to
discuss the earnings release, the results of operations, and other
matters on Tuesday, October 28, 2003 at 10:00 a.m. CST (Please note
that since the call will begin promptly at 10:00 a.m., you will
need to join at least ten minutes prior to that time.) The public
will be able to listen and participate in the conference
telephonically by dialing (800) 915-4836. Please ask to be joined
to the P.A.M. Transportation Services Third Quarter 2003 Earnings
Release Conference call. An audio replay of the conference call
will be posted on the Company's web site after the meeting
(http://www.pamt.com/investing/audio.html ). In order to listen to
the replay, you will need a PC that is internet enabled and capable
of playing back MP3 audio files. The Company assumes no
responsibility to update any information posted on its Web site.
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. 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, referred to from time to
time in filings made by the Company with the Securities and
Exchange Commission. The Company undertakes no obligation to update
or clarify forward-looking statements, whether as a result of new
information, future events or otherwise. P.A.M. Transportation
Services, Inc. and Subsidiaries Key Financial and Operating
Statistics (unaudited) Quarter ended Nine months ended September
30, September 30, 2003 2002 2003 2002 Operating revenues
$74,215,880 $65,033,997 $219,311,194 $199,188,301 Operating
expenses: Salaries, wages and benefits 30,161,136 27,678,860
89,367,660 87,666,148 Operating supplies 14,287,278 13,438,346
41,158,312 38,516,822 Rent/purchased transportation 9,276,302
1,910,491 25,867,243 7,584,483 Depreciation/ amortization 6,589,433
6,700,720 19,194,260 17,676,038 Operating taxes and licenses
3,686,289 3,356,039 10,890,090 10,200,197 Insurance and claims
3,088,555 2,558,969 10,219,835 9,504,928 Communications and
utilities 624,225 444,276 1,860,526 1,703,542 Other 1,171,804
1,925,501 3,381,024 3,527,197 Loss on disposition of equipment
14,288 47,949 41,812 95,564 Total operating expenses 68,899,310
58,061,151 201,980,761 176,474,919 Operating income 5,316,570
6,972,846 17,330,433 22,713,382 Other income/(expense): Interest
expense (375,373) (377,070) (1,059,568) (1,718,270) Total other
income/ (expense) (375,373) (377,070) (1,059,568) (1,718,270)
Income before income taxes 4,941,197 6,595,776 16,270,864
20,995,112 Provision for income taxes 1,976,690 2,638,311 6,442,220
8,398,045 Net income $ 2,964,507 $ 3,957,465 $ 9,828,644
$12,597,067 Diluted earnings per share $ 0.26 $ 0.35 $ 0.87 $ 1.20
Average shares o/s - Diluted 11,326,610 11,306,778 11,330,528
10,514,705 Quarter ended Nine months ended September 30, September
30, Truckload Operations 2003 2002 2003 2002 Total miles 59,691,172
56,380,426 175,816,877 172,363,393 Empty miles factor 4.62% 4.34%
4.52% 4.33% Revenue per total mile $1.07 $1.12 $1.08 $1.11 Total
loads 77,946 72,717 232,517 228,764 Revenue per truck per work day
$575 $598 $558 $592 Average company trucks 1,742 1,619 1,703 1,595
Average owner operator trucks 112 136 122 139 Quarter ended Nine
months ended September 30, September 30, Logistics Operations 2003
2002 2003 2002 Total revenue $10,282,490 $ 2,101,990 $28,961,542 $
8,170,868 Operating income $553,606 $(18,440) $1,615,772 $79,496
DATASOURCE: P.A.M. Transportation Services, Inc. CONTACT: Robert W.
Weaver of P.A.M. Transportation Services, Inc., +1-479-361-9111 Web
site: http://www.pamt.com/investing/audio.html
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