-----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, Vw/MEG8VC6vassSVnjPt43fZCqTDp4ufVP0xLruEjG6A/cfpdqlCeFQDGq7WSjr+ aXwbvnHgQS4Oe+opniI5/g== 0000798287-04-000016.txt : 20041029 0000798287-04-000016.hdr.sgml : 20041029 20041029165326 ACCESSION NUMBER: 0000798287-04-000016 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041029 DATE AS OF CHANGE: 20041029 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: 041107008 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 FORM 8-K FILED ON OCTOBER 29, 2004 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) October 29, 2004 ---------------- 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) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act(17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.02 Results of Operations and Financial Condition - ------------------------------------------------------------------------------- On October 29, 2004, P.A.M. Transportation Services, Inc. issued the news release attached hereto as Exhibit 99.1 and will be holding a live conference call to discuss the news release and other matters on Monday, November 1, 2004, at 2:00 p.m. CST. 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 capable of playing back MP3 audio files. 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. 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. Item 9.01 Financial Statements and Exhibits - ------------------------------------------------------------------------------- (c) Exhibits. The following exhibits are furnished with this Report: 99.1 News release issued by the Registrant on October 29, 2004 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: October 29, 2004 By: /s/ Robert W. Weaver ------------------------------------- Robert W. Weaver President and Chief Executive Officer EXHIBIT INDEX Exhibit Number Exhibit Description - ------- -------------------------------------------------------------- 99.1 News release issued by the Registrant on October 29, 2004 EX-99.1 2 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 THIRD QUARTER ENDED SEPTEMBER 30, 2004 Tontitown, Arkansas, October 29, 2004.......P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) today reported net income of $3,147,789 or diluted and basic earnings per share of $.28 for the quarter ended September 30, 2004, and $8,825,729 or diluted and basic earnings per share of $.78 for the nine month period then ended. These results compare to net income of $2,964,507 or diluted and basic earnings per share of $.26, and $9,828,644 or diluted and basic earnings per share of $.87, respectively, for the three and nine months ended September 30, 2003. Operating revenues excluding fuel surcharges were $75,222,024 for the third quarter of 2004, a 1.4% increase compared to $74,215,880 for the third quarter of 2003. Operating revenues excluding fuel surcharges were $231,966,182 for the nine months ended September 30, 2004, a 5.8% increase compared to $219,311,194 for the nine months ended September 30, 2003. Robert W. Weaver, President of the Company, commented, "While gross revenue remained relatively flat year to year, the Company's primary focus on rate increases and cost containment become apparent in improvements realized in average rate per mile and earnings per share. Average revenue per mile increased 7.5% for the quarter ended September 30, 2004 over the quarter ended September 30, 2003. Earnings per share increased 7.7% to $.28 per share for the third quarter 2004 compared to the third quarter 2003. These results reflect the continued efforts and progress to produce better financial results 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 Monday, November 1, 2004 at 2:00 p.m. CST (Please note that since the call will begin promptly at 2:00 p.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 call telephonically by dialing (800) 946-0716. The conference leader's name is Bob Weaver. Please ask to be joined to the P.A.M. Transportation Services Third Quarter 2004 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 an internet enabled PC 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, 2004 2003 2004 2003 ---- ---- ---- ---- Revenue, before fuel surcharge $75,222,024 $74,215,880 $231,966,182 $219,311,194 Fuel surcharge 3,857,495 1,298,846 9,517,630 5,782,664 ----------- ----------- ------------ ------------ 79,079,519 75,514,726 241,483,812 225,093,858 Operating expenses: Salaries, wages and benefits 28,059,765 30,161,136 88,098,001 89,367,660 Operating supplies 19,030,304 15,586,124 55,995,307 46,940,975 Rent/purchased transportation 9,504,505 9,276,302 29,276,811 25,867,243 Depreciation/amortization 7,649,302 6,589,433 22,534,139 19,194,260 Operating taxes and licenses 3,708,274 3,686,289 11,664,198 10,890,090 Insurance and claims 3,848,246 3,088,555 11,740,790 10,219,835 Communications and utilities 639,362 624,225 2,005,038 1,860,526 Other 744,693 1,171,804 3,648,548 3,381,024 Loss on disposition of equipment 306,159 14,288 583,839 41,812 ----------- ----------- ------------ ------------ Total operating expenses 73,490,610 70,198,156 225,546,671 207,763,425 Operating income 5,588,909 5,316,570 15,937,141 17,330,433 Other income/(expense): Interest expense (305,518) (375,373) (1,004,038) (1,059,569) ----------- ----------- ------------ ------------ Total other income/(expense) (305,518) (375,373) (1,004,038) (1,059,569) ----------- ----------- ------------ ------------ Income before income taxes 5,283,391 4,941,197 14,933,103 16,270,864 Provision for income taxes 2,135,602 1,976,690 6,107,374 6,442,220 ----------- ----------- ------------ ------------ Net income $ 3,147,789 $ 2,964,507 $ 8,825,729 $ 9,828,644 =========== =========== ============ ============ Diluted earnings per share $0.28 $0.26 $.78 $.87 =========== =========== ============ ============ Average shares o/s - Diluted 11,324,094 11,326,610 11,322,508 11,330,528 =========== =========== ============ ============
Quarter ended Nine Months ended September 30, September 30, Truckload Operations 2004 2003 2004 2003 - -------------------- ---- ---- ---- ---- Total miles 56,593,379 59,691,172 178,957,400 175,816,877 Empty miles factor 4.53% 4.62% 4.75% 4.52% Revenue per total mile, before fuel surcharge $1.15 $1.07 $1.12 $1.08 Total loads 74,959 77,946 239,839 232,517 Revenue per truck per work day $581 $575 $574 $558 Average company trucks 1,770 1,742 1,761 1,703 Average owner operator trucks 92 112 95 122
Quarter ended Nine Months ended September 30, September 30, Logistics Operations 2004 2003 2004 2003 - -------------------- ---- ---- ---- ---- Revenue, before fuel surcharge $10,296,848 $10,282,490 $31,714,390 $28,961,542 Fuel surcharge $167,825 $70,434 $404,552 $85,218 Operating income $476,895 $553,608 $1,408,591 $1,615,774
As of September 30, 2004 2003 ---- ---- Long-Term Debt to Book Capitalization 12.24% 13.43% Shareholders' Equity $166,157,604 $154,935,324
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