P.A.M. Transportation Services, Inc. Announces Results for the Fourth Quarter and Year Ended December 31, 2013

P.A.M. Transportation Services, Inc. Announces Results for the Fourth Quarter
and Year Ended December 31, 2013

TONTITOWN, Ark., Feb. 5, 2014 (GLOBE NEWSWIRE) -- P.A.M. Transportation
Services, Inc. (Nasdaq:PTSI) today reported net income of $1,295,393 or
diluted and basic earnings per share of $0.15 for the quarter ended December
31, 2013, and net income of $5,914,814 or diluted and basic earnings per share
of $0.68 for the year ended December 31, 2013. These results compare to net
loss of $311,010 or diluted and basic loss per share of $0.04 for the quarter
ended December 31, 2012, and net income of $2,178,881 or diluted and basic
earnings per share of $0.25 for the year ended December 31, 2012.

Operating revenues were $96,545,594 for the fourth quarter of 2013 compared to
$95,772,668 for the fourth quarter of 2012. Operating revenues were
$402,813,020 for the year ended December 31, 2013, a 5.8% increase compared to
$380,632,762 for the year ended December 31, 2012.

Daniel H. Cushman, President of the Company, commented, "For the third quarter
in a row, we have posted double-digit gains in our quarterly year over year
earnings per share performance which resulted in a 172% increase in total year
over year earnings per share. The fourth quarter of this year reflected a
significant swing from a net loss of $0.04 per share to net income of $0.15
per share, resulting in a year over year improvement of $0.19 in earnings per
share for the fourth quarter. While the fourth quarter results are satisfying,
momentum slowed during December due to multiple unfavorable weather related
events and a slow final week of the year. We certainly had challenges this
December but October and November performance was strong enough to allow us to
finish the quarter with a $2.1 million operating profit. Last year, even
though we had operating profits in October and November, these profits were
not large enough to make up for a weak December.

"We are pleased not only with our final results for 2013 but also in the
consistency of those results. In 2012, we had an operating profit in every
month except December and while those results were a significant improvement
compared to our previous four year history, we were not satisfied that our
monthly profits were just marginal. During 2013, we experienced 8 months that
exceeded our best month during 2012 and our results reflected consistent
improvement from month to month.

"We believe a large part of our success is that we continue to focus on the
things we do best. We are a premiere transportation service provider to the
automotive industry and we continue to grow in the other service areas where
we feel we are "best in class" such as in our Dedicated, Mexico, and Expedited
divisions. Like most carriers, we continue to face significant challenges in
our random fleet. However, we continue to look for opportunities to make the
random fleet "less random" by building and maintaining linked geographical
tours. We have experienced some sluggishness with our Supply Chain Solution
division but believe potential remains for growth and increased profits."

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, 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.

P.A.M. Transportation Services, Inc. and Subsidiaries
Key Financial and Operating Statistics
                   Quarter ended December 31,   Twelve Months Ended December
                   2013           2012          2013            2012
Revenue, before     $75,469,175    $74,398,457   $313,116,995    $297,698,165
fuel surcharge
Fuel surcharge      21,076,419     21,374,211    89,696,025      82,934,597
                   96,545,594     95,772,668    402,813,020     380,632,762
Operating expenses                                            
and costs:
Salaries, wages and 25,967,999     27,137,756    107,037,366     108,866,054
benefits (1)
Fuel expense        22,958,725     26,715,873    97,660,447      111,377,974
Operating supplies  8,286,873      9,264,374     34,727,589      39,010,789
and expenses
Rent and purchased  20,716,991     15,876,261    85,225,650      54,010,981
transportation (1)
Depreciation        9,552,111      10,105,040    39,087,688      38,297,890
Operating taxes and 1,217,238      1,277,739     4,879,628       5,003,437
Insurance and       3,621,365      3,662,053     14,586,585      13,744,172
Communications and  558,758        574,842       2,237,036       2,234,532
Other               1,629,916      1,629,851     6,719,466       5,350,424
Gain on disposition (31,903)       (76,566)      (854,491)       (166,251)
of equipment
Total operating     94,478,073     96,167,223    391,306,964     377,730,002
expenses and costs
Operating income    2,067,521      (394,555)     11,506,056      2,902,760
Interest expense    (834,235)      (783,837)     (3,374,948)     (2,595,371)
Non-operating       837,220        610,719       1,539,629       3,287,939
Income (loss)       2,070,506      (567,673)     9,670,737       3,595,328
before income taxes
Income tax expense  775,113        (256,663)     3,755,923       1,416,447
Net income (loss)   $1,295,393   $(311,010)  $5,914,814    $2,178,881
Diluted earnings    $0.15        $(0.04)     $0.68         $0.25
(loss) per share
Average shares
outstanding –       8,683,400      8,701,607     8,681,921       8,701,924
                   Quarter ended December 31,   Twelve Months ended December
Truckload           2013           2012          2013            2012
Total miles         50,874,675     50,241,983    209,837,462     200,765,378
Operating ratio (2) 97.21%         100.74%       96.24%          99.18%
Empty miles factor  7.10%          8.52%         7.33%           8.72%
Revenue per total
mile, before fuel   $1.39          $1.37         $1.38           $1.36
Total loads         63,971         63,769        260,970         258,968
Revenue per truck   $612           $606          $633            $609
per work day
Revenue per truck   $3,060         $3,030        $3,165          $3,045
per week
Average company     1,467          1,563         1,483           1,611
Average owner       365            209           322             149
operator trucks
Total revenue       $4,856,509     $5,645,912    $23,033,491     $24,280,406
Operating ratio     97.96%         97.96%        97.35%          97.33%
1) In order to conform to industry practice, the Company began to classify
payments to third-party owner operator drivers as purchased transportation
rather than as salaries, wages and benefits as had been presented in reports
prior to the period ended September 30, 2013. This reclassification has no
effect on operating income, net income or earnings per share. The Company has
made corresponding reclassifications to comparative periods shown.
2) 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.

         P.O. BOX 188
         Tontitown, AR 72770
         Allen W. West
         (479) 361-9111

company logo
Press spacebar to pause and continue. Press esc to stop.