P.A.M. Transportation Services, Inc. Announces Results for the First Quarter Ended March 31, 2014

P.A.M. Transportation Services, Inc. Announces Results for the First Quarter
Ended March 31, 2014

TONTITOWN, Ark., April 23, 2014 (GLOBE NEWSWIRE) -- P.A.M. Transportation
Services, Inc. (Nasdaq:PTSI) today reported net income of $1,356,607 or
diluted and basic earnings per share of $0.17 for the quarter ended March 31,
2014. These results compare to net loss of $456,267 or diluted and basic loss
per share of $0.05 for the quarter ended March 31, 2013. Operating revenues
were $97,820,394 for the first quarter of 2014 compared to $99,981,938 for the
first quarter of 2013.

Daniel H. Cushman, President of the Company, commented, "We are very pleased
with our operating profit of $2.8 million, which represents a $3.1 million
improvement over the comparable period last year. The first quarter was very
challenging due to the severe winter weather conditions, which made it
extremely difficult to maintain positive momentum. The ability to post
positive results, despite the significant weather related delays and added
costs, was satisfying and is an indicator of the success of the profit model
we continue to develop.

"Industry capacity continues to tighten, which was primarily weather related
in January and February, but we haven't seen any indication that this
tightening will be short-lived. Indications from our customers and other
shippers point to a growing concern over the long-term availability of
capacity and the need to lock-in what capacity remains available.

"Just as significant, the weather made our driver recruiting results very
inconsistent as potential new drivers were unable to travel to our training
and orientation facilities. Our goal is to grow this year so adding drivers
and reducing driver turnover is imperative to accomplishing that goal. We
believe that our ability for growth hinges on our ability to provide our
drivers with opportunities that help maximize their earnings and allow for
their desired home time. Developing a freight base that attracts drivers and
reduces turnover has been a top priority and we are beginning to see positive
trends as we continue to secure freight that is driver-friendly.

"We continue to grow our Mexico, Expedited, Dedicated and Automotive
Divisions. All of these divisions are profitable and we are also able to
attract and keep drivers in these divisions. The random fleet is shrinking and
I don't see that changing anytime soon. If drivers can't utilize their hours
and get home they won't continue to perform in that business segment.

"This quarter also marks the three year anniversary date of moving forward
with our goal of converting our truck fleet from one of the oldest in the
industry to one of the newest. We have now met that goal as the average age of
our truck fleet is 1.5 years which equals the age goal we set in 2011, when
the average age was 3.5 years. We continue to experience increased performance
and lower operating costs and plan to continue our three year replacement
cycle going forward."

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                    
(unaudited)                                              
                                      Quarter ended March 31,
                                      2014                2013
                                                         
Revenue, before fuel surcharge         $74,895,613         $77,827,949
Fuel surcharge                         22,924,781          22,153,989
Total operating revenues               97,820,394          99,981,938
                                                         
Operating expenses and costs:                             
Salaries, wages and benefits (1)       26,034,773          27,395,325
Fuel expense                           24,797,850          26,970,478
Operating supplies and expenses        8,192,976           8,848,910
Rent and purchased transportation (1)  20,761,914          20,097,706
Depreciation                           9,125,837           10,093,574
Operating taxes and licenses           1,174,765           1,270,899
Insurance and claims                   3,742,238           3,437,991
Communications and utilities           623,366             600,749
Other                                  1,787,678           1,660,107
Gain on disposition of equipment       (1,266,226)         (142,208)
Total operating expenses and costs     94,975,171          100,233,531
                                                         
Operating income (loss)                2,845,223           (251,593)
                                                         
Interest expense                       (862,234)           (815,242)
Non-operating income                   271,636             282,871
                                                         
Income (loss) before income taxes      2,254,625           (783,964)
Income tax expense (benefit)           898,018             (327,697)
                                                         
Net income (loss)                      $1,356,607          $(456,267)
                                                         
Diluted earnings (loss) per share      $0.17               $(0.05)
                                                         
Average shares outstanding – Diluted   8,032,937           8,688,433
                                                         
                                                         
                                      Quarter ended March 31,
Truckload Operations                  2014                2013
                                                         
Total miles                            51,022,305          51,743,966
Operating ratio (2)                    96.18%              100.71%
Empty miles factor                     6.92%               7.97%
Revenue per total mile, before fuel    $1.36               $1.37
surcharge
Total loads                            67,240              63,869
Revenue per truck per work day         $608                $624
Revenue per truck per week             $3,040              $3,120
Average company trucks                 1,459               1,546
Average owner operator trucks          352                 257
                                                         
Logistics Operations                                     
Total revenue                          $5,448,980          $6,919,794
Operating ratio                        96.44%              96.40%
                                                         
                                                         
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.

CONTACT: P.A.M. TRANSPORTATION SERVICES, INC.
         P.O. BOX 188
         Tontitown, AR 72770
         Allen W. West
         (479) 361-9111

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