Exhibit 99.1

P.A.M. TRANSPORTATION SERVICES, INC.

ANNOUNCES RESULTS FOR THE SECOND QUARTER

ENDED JUNE 30, 2023

Second Quarter 2023 Summary Results

● Total revenues of $207.4 million, down 12.6% YoY

● Operating income of $13.8 million, down 62.4% YoY

● Operating ratio of 93.4%

● Diluted EPS of $0.42, down 61.1% YoY

Tontitown, Arkansas, July 19, 2023...... P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net income of $9.3 million, or diluted and basic earnings per share of $0.42, for the quarter ended June 30, 2023. These results compare to consolidated net income of $24.2 million, or diluted earnings per share of $1.08 ($1.09 basic), for the quarter ended June 30, 2022.

Consolidated operating revenues decreased 12.6% to $207.4 million for the second quarter of 2023 compared to $237.2 million for the second quarter of 2022.

Liquidity, Capitalization, and Cash Flow

As of June 30, 2023, we had an aggregate of $198.8 million of cash, marketable equity securities, and available liquidity under our line of credit and $310.9 million of stockholders’ equity. Outstanding debt was $230.0 million as of June 30, 2023, which represents a $34.3 million decrease from December 31, 2022. During the first half of 2023, we generated $68.5 million in operating cash flow.

About P.A.M. Transportation Services, Inc.

P.A.M. Transportation Services, Inc. is a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities throughout the continental United States, as well as in the Canadian provinces of Ontario and Quebec. The Company’s consolidated operating subsidiaries also provide transportation services in Mexico through its gateways in Laredo and El Paso, Texas, under agreements with Mexican carriers.

Forward-Looking Statements

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, prospects, plans 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; general inflation, recessionary economic cycles and downturns in customers' business cycles; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, and license and registration fees; potential economic, business or operational disruptions or uncertainties that may result from any future outbreaks of the COVID-19 pandemic or other public health crises; 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; 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; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of pending or future litigation; general risks associated with doing business in Mexico, including, without

limitation, exchange rate fluctuations, inflation, import duties, tariffs, quotas, political and economic instability and terrorism; the potential impact of new laws, regulations or policy, including, without limitation, tariffs, import/export, trade and immigration regulations or policies; 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 due to new information, future events or otherwise. Considering 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 June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
	(in thousands, except earnings per share)						(in thousands, except earnings per share)
Revenue, before fuel surcharge	$	182,082		$	202,739		$	375,536		$	398,828
Fuel surcharge		25,330			34,429			53,600			57,788
Operating Revenue		207,412			237,168			429,136			456,616
Operating expenses and costs:
Salaries, wages and benefits		47,828			42,947			96,106			82,222
Operating supplies and expenses		39,716			43,454			81,210			75,101
Rent and purchased transportation		78,329			88,643			165,425			180,020
Depreciation		15,757			15,481			32,254			30,358
Insurance and claims		5,045			7,269			20,059			14,132
Other		7,208			3,905			12,631			8,117
Gain on disposition of equipment		(260	)		(1,214	)		(836	)		(1,361	)
Total operating expenses and costs		193,623			200,485			406,849			388,589
Operating income		13,789			36,683			22,287			68,027
Interest expense		(2,163	)		(1,998	)		(4,519	)		(3,665	)
Non-operating income(expense)		1,192			(2,872	)		2,091			(943	)
Income before income taxes		12,818			31,813			19,859			63,419
Income tax expense		3,499			7,631			5,309			15,295
Net income	$	9,319		$	24,182		$	14,550		$	48,124
Diluted earnings per share	$	0.42		$	1.08		$	0.65		$	2.14
Average shares outstanding – Diluted		22,182			22,445			22,253			22,474

	Quarter Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Truckload Operations
Total miles (in thousands)		53,391			49,652			107,124			94,908
Operating ratio (1)		92.7	%		79.8	%		96.1	%		80.6	%
Empty miles factor		8.60	%		8.94	%		8.78	%		9.05	%
Revenue per total mile, before fuel surcharge	$	2.25		$	2.72		$	2.29		$	2.74
Total loads		109,000			94,870			211,430			186,425
Revenue per truck per workday	$	774		$	948		$	788		$	947
Revenue per truck per week	$	3,868		$	4,738		$	3,939		$	4,735
Average company-driver trucks		2,061			1,847			2,056			1,761
Average owner operator trucks		367			381			378			385
Logistics Operations
Total revenue (in thousands)	$	61,856		$	68,041		$	130,113		$	139,152
Operating ratio		91.8	%		86.2	%		90.2	%		87.4	%

P.A.M. Transportation Services, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(unaudited)

	June 30,			December 31,
	2023			2022
	(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$	97,988		$	74,087
Trade accounts receivable, net		100,812			134,739
Other receivables		6,992			6,263
Inventories		2,585			2,570
Prepaid expenses and deposits		11,901			15,729
Marketable equity securities		41,274			41,728
Income taxes refundable		2,997			5,650
Total current assets		264,549			280,766
Property and equipment		690,012			705,919
Less: accumulated depreciation		253,299			242,324
Total property and equipment, net		436,713			463,595
Other non-current assets		4,147			4,801
Total Assets	$	705,409		$	749,162
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	41,011		$	48,917
Accrued expenses and other liabilities		20,775			34,233
Current portion of long-term debt		53,006			58,815
Total current liabilities		114,792			141,965
Long-term debt, net of current portion		176,963			205,466
Deferred income taxes		102,774			101,445
Other long-term liabilities		0			103
Total liabilities		394,529			448,979
STOCKHOLDERS’ EQUITY
Common stock		223			223
Additional paid-in capital		40,714			40,472
Treasury stock, at cost		(8,095	)		(4,000	)
Retained earnings		278,038			263,488
Total stockholders’ equity		310,880			300,183
Total liabilities and stockholders’ equity	$	705,409		$	749,162

1) The Truckload Operations 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.

FROM: P.A.M. TRANSPORTATION SERVICES, INC.

P.O. BOX 188

Tontitown, AR 72770

Lance K. Stewart

(479) 361-9111