8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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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): May 2, 2007

________________________________

P.A.M. TRANSPORTATION SERVICES, INC.

(Exact name of registrant as specified in its charter)

Delaware	0-15057	71-0633135
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

297 West Henri De Tonti, Tontitown, Arkansas 72770

(Address of principal executive offices) (Zip Code)

Registrant’s 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 (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o 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 May 2, 2007, P.A.M. Transportation Services, Inc. issued a news release announcing its revenues and earnings for the first quarter ending March 31, 2007. A copy of the news release is attached hereto as Exhibit 99.1.

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) 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.

(d) Exhibits. The following exhibits are furnished with this Report:

99.1 News release issued by the Registrant on May 2, 2007

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	P.A.M. TRANSPORTATION SERVICES, INC.
	(Registrant)
Date: May 3, 2007	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 May 2, 2007

EX-99.1

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 FIRST QUARTER

ENDED MARCH 31, 2007

Tontitown, Arkansas, May 2, 2007......P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) today reported net income of $1,264,931 or diluted and basic earnings per share of $.12 for the quarter ended March 31, 2007. These results compare to net income of $5,183,360 or diluted and basic earnings per share of $.50 for the quarter ended March 31, 2006. Operating revenues excluding fuel surcharges were $87,543,603 for the first quarter of 2007, a 3.6% decrease compared to $90,849,451 for the first quarter of 2006.

Robert W. Weaver, President of the Company, commented, “Several factors contributed to the reduction of net income for the first quarter of 2007 when compared to the first quarter of 2006. Predominant among these factors was the softening of the freight market in the first quarter of 2007. This decline in demand resulted in very aggressive competition for available freight and generally resulted in a shift to a market more favorable to shippers. The softer freight demand resulted in a decrease in our equipment utilization and a $.08 decrease in our revenue per total mile, before fuel surcharges, for the quarter ended March 31, 2007 compared to March 31, 2006.

Other detriments to first quarter profit included increases in equipment maintenance costs and, to a lesser degree, fuel expense. Severe weather experienced in many of the states which we operate in most heavily resulted in year over year increases in equipment maintenance costs and decreased fuel efficiency. In addition, the cost of fuel increased sharply in March, outpacing offsetting increases in fuel surcharges recovered from customers.

Depreciation expense increased approximately $980,000 for the first quarter of 2007 compared to the same period in 2006. This increase resulted from a 279 truck year to year growth in the average number of company owned trucks from 1,739 in the first quarter of 2006 to 2,018 in the first quarter of 2007.

While these increases in operating costs were contributory to reduced year over year first quarter net income, our number one challenge remains achieving improvements in freight rates and equipment utilization in the current freight market. If rate and utilization levels achieved in the first quarter of 2006 had remained level in the first quarter of 2007, the Company would have seen little shortfall from expectations.”

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 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 March 31,
	2007			2006
Revenue, before fuel surcharge	$	87,543,603		$	90,849,451
Fuel surcharge		11,264,853			9,676,141
		98,808,456			100,525,592
Operating expenses:
Salaries, wages and benefits		33,704,998			33,229,067
Fuel expense		24,591,642			22,254,479
Operating supplies		7,482,006			5,938,169
Rent and purchased transportation		10,034,037			11,348,969
Depreciation and amortization		9,348,883			8,366,213
Operating taxes and license		4,350,689			4,056,873
Insurance and claims		4,535,814			4,195,563
Communications and utilities		768,163			694,699
Other		1,640,347			1,498,434
(Gain) loss on disposition of equipment		17,822			(108,768	)
Total operating expenses		96,474,401			91,473,698
Operating income		2,334,055			9,051,894
Other income (expense):
Interest expense		(246,021	)		(407,522	)
Total other income (expense)		(246,021	)		(407,522	)
Income before income taxes		2,088,034			8,644,372
Provision for income taxes		823,103			3,461,012
Net income	$	1,264,931		$	5,183,360
Diluted earnings per share	$	0.12		$	0.50
Average shares outstanding - Diluted		10,307,581			10,288,377

	Quarter ended March 31,
Truckload Operations	2007			2006
Total miles		60,621,197			58,181,343
Operating ratio*		97.40	%		89.23	%
Empty miles factor		6.42	%		5.34	%
Revenue per total mile, before fuel surcharge	$	1.29		$	1.37
Total loads		83,250			79,370
Revenue per truck per work day	$	592		$	696
Revenue per truck per week	$	2,960		$	3,480
Average company trucks		2,018			1,739
Average owner operator trucks		52			50
Logistics Operations
Total revenue	$	9,169,332		$	11,144,305
Operating ratio		96.79	%		95.84	%

	As of March 31,
	2007			2006
Long-term debt to book capitalization		17.48	%		12.43	%
Shareholders’ equity	$	186,574,230		$	170,486,178

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* 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.