-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NcUH7XvXp9PsdY2kbvRE4qTsFM+kPJaW8lwybGVL7hWVpmT+1Ua1ybgdgiUKm5eO wx/9PiYcV2NoHNDo17iDhQ== 0000798287-03-000013.txt : 20030725 0000798287-03-000013.hdr.sgml : 20030725 20030724181108 ACCESSION NUMBER: 0000798287-03-000013 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030724 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030725 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAM TRANSPORTATION SERVICES INC CENTRAL INDEX KEY: 0000798287 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING (NO LOCAL) [4213] IRS NUMBER: 710633135 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15057 FILM NUMBER: 03801786 BUSINESS ADDRESS: STREET 1: 297 WEST HENRI DE TONTI BLVD CITY: TONTITOWN STATE: AR ZIP: 72770 BUSINESS PHONE: 4793619111 MAIL ADDRESS: STREET 1: 297 WEST HENRI DE TONTI BLVD CITY: TONTITOWN STATE: AR ZIP: 72770 8-K 1 doc1.txt 2ND QTR 2003 EARNINGS RELEASE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) July 24, 2003 --------------- P.A.M. TRANSPORTATION SERVICES, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 0-15057 71-0633135 - ---------------------------- ------------- ------------------- (State or other jurisdiction (Commission (I.R.S. Employer of incorporation) File Number) Identification no.) 297 West Henri De Tonti, Tontitown, Arkansas 72770 -------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrants telephone number, including area code (479) 361-9111 -------------- N/A ------------------------------------------------------------- (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits. - ------------------------------------------------------------------------------- (a) Financial Statements: None (b) Pro Forma Financial Statements: None (c) Exhibits. The following exhibits are furnished with this Report: 99.1 Press Release of the Registrant (July 24, 2003) Item 9. Information Being Furnished under Item 12. - ------------------------------------------------------------------------------- The following information regarding the press release of P.A.M. Transportation Services, Inc. (the "Company") announcing its second quarter financial and operating results is intended to be furnished under Item 12, "Results of Operations and Financial Condition," but is instead being furnished pursuant to Item 9 in accordance with the interim guidance contained in Securities Exchange Commission Release No. 33-8216. The information contained in this report and the exhibit hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. On July 24, 2003, P.A.M. Transportation Services, Inc. issued the press release attached hereto as Exhibit 99.1 and will be holding a live conference call to discuss the press release and other matters on Friday, July 25, 2003, at 10:00 a.m. CDT. An audio replay of the conference call will be posted on the company's web site after the meeting (www.pamt.com/investing/audio.html). In order to listen to the replay, you will need a PC that is internet enabled and have Real Player software and an internet browser such as Netscape or Microsoft Internet Explorer. The information herein (including the exhibit hereto) and the statements by Company representatives during the conference call may contain "forward-looking statements" that are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995 and otherwise may be protected. Such statements are made based on the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those anticipated by forward-looking statements. Please refer to the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission for information concerning risks, uncertainties and other factors that may affect future results. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. P.A.M. TRANSPORTATION SERVICES, INC. Dated: July 24, 2003 By: /s/ Robert W. Weaver ------------------------------------- Robert W. Weaver President and Chief Executive Officer EXHIBIT INDEX 99.1 Press release of the Registrant EX-99.1 3 doc2.txt Exhibit 99.1 FROM: P.A.M. TRANSPORTATION SERVICES, INC. P.O. BOX 188 Tontitown, AR 72770 Robert W. Weaver (479) 361-9111 P.A.M. TRANSPORTATION SERVICES, INC. ANNOUNCES RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2003 Tontitown, Arkansas, July 24, 2003 P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) today reported net income of $4,046,569 or diluted and basic earnings per share of $.36 for the quarter ended June 30, 2003, and $6,864,138 or diluted and basic earnings per share of $.61 for the six month period then ended. These results compare to net income of $5,033,512 or diluted and basic earnings per share of $.45, and $8,639,602 or diluted earnings per share of $.85 ($.86 basic), respectively, for the three and the six months ended June 30, 2002. Operating revenues of $74,956,404 were reported for the second quarter of 2003, a 5.8% increase compared to $70,840,825 for the second quarter of 2002. Operating revenues for the six months ended June 30, 2003 were $145,095,314, an 8.2% increase compared to $134,154,304 for the six months ended June 30, 2002. Robert W. Weaver, President of the Company, commented, "Revenue and earnings were good but not up to the desired expectations for the quarters compared. Consideration should be given to the tornado that struck Oklahoma City on May 8 which destroyed a portion of the Oklahoma General Motors facility which resulted in a complete plant shutdown for the remainder of the quarter. Although drivers and equipment were repositioned to other business, the disruption caused both a decrease in utilization from dedicated to non-dedicated freight but also the loss of a number of drivers that opted not to run a non-dedicated lane. While results were improved from the first quarter of 2003, they are down when they are compared to our second quarter 2002 which was a record quarter for the Company." 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 Friday, July 25, 2003 at 10:00 a.m. CDT (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 Second Quarter Earnings Release Conference call. An audio replay of the conference call will be posted on the Company's web site after the meeting (www.pamt.com/investing/audio.html). In order to listen to the replay, you will need a PC that is internet enabled and have Real Player software and an internet browser such as Netscape or Microsoft Internet Explorer. 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; 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 June 30, Six months ended June 30, 2003 2002 2003 2002 ---- ---- ---- ---- Operating revenues $74,956,404 $70,840,825 $145,095,314 $134,154,304 ----------- ----------- ------------ ------------ Operating expenses: Salaries, wages and benefits 29,925,666 32,006,755 59,207,889 59,987,288 Operating supplies 12,711,627 13,065,313 26,871,034 25,078,477 Rent/purchased transportation 9,562,452 2,879,238 16,589,576 5,673,992 Depreciation/amortization 6,549,963 5,698,461 12,604,827 10,975,318 Operating taxes and licenses 3,669,092 3,522,816 7,203,802 6,844,158 Insurance and claims 3,642,730 3,431,926 7,131,279 6,945,959 Communications and utilities 635,027 643,173 1,236,301 1,259,265 Other 1,195,926 820,057 2,209,219 1,601,695 Loss on disposition of equipment 3,579 14,673 27,524 47,616 ----------- ----------- ------------ ------------ Total operating expenses 67,896,062 62,082,412 133,081,451 118,413,768 Operating income 7,060,342 8,758,413 12,013,863 15,740,536 Other income/(expense): Interest expense (426,622) (369,227) (684,196) (1,341,200) ----------- ----------- ------------ ------------ Total other income/(expense) (426,622) (369,227) (684,196) (1,341,200) ----------- ----------- ------------ ------------ Income before income taxes 6,633,720 8,389,186 11,329,667 14,399,336 Provision for income taxes 2,587,151 3,355,674 4,465,529 5,759,734 ----------- ----------- ------------ ------------ Net income $ 4,046,569 $ 5,033,512 $ 6,864,138 $ 8,639,602 =========== =========== ============ ============ Diluted earnings per share $0.36 $0.45 $0.61 $0.85 =========== =========== ============ ============ Average shares o/s - Diluted 11,332,383 11,237,739 11,335,673 10,112,415 =========== =========== ============ ============
Quarter ended June 30, Six months ended June 30, Truckload Operations 2003 2002 2003 2002 - -------------------- ---- ---- ---- ---- Total miles 58,902,908 61,365,501 116,125,705 115,982,967 Empty miles factor 5.00% 3.75% 4.47% 4.33% Revenue per total mile $1.09 $1.11 $1.09 $1.10 Total loads 77,195 81,875 154,571 156,047 Revenue per truck per work day $537 $599 $550 $589 Average company trucks 1,740 1,623 1,685 1,584 Average owner operator trucks 124 145 127 141
Quarter ended June 30, Six months ended June 30, Logistics Operations 2003 2002 2003 2002 - -------------------- ---- ---- ---- ---- Total revenue $10,917,815 $ 3,038,283 $18,679,052 $ 6,068,878 Operating income $726,259 $45,384 $1,062,166 $97,934
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