Delaware
|
0-15057
|
71-0633135
|
||
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
N/A
|
||
(Former name or former address, if changed since last report)
|
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.
|
Item 9.01
|
Financial Statements and Exhibits.
|
P.A.M. TRANSPORTATION SERVICES, INC.
|
||
(Registrant)
|
||
Date: April 25, 2012
|
By:
|
/s/ Lance K. Stewart
|
Lance K. Stewart
Vice President of Finance, Chief Financial Officer, Secretary and Treasurer
|
Exhibit
Number
|
Exhibit Description
|
99.1
|
News release issued by the Registrant on April 25, 2012
|
·
|
Our continued success in the growth and diversification of our customer base mitigated the negative impact of seasonal down time experienced with our largest customer during the first quarter of 2012, despite this seasonal downtime being for more days during the first quarter 2012 than is traditionally experienced.
|
·
|
Our focus on planning efficiencies gained through the integration of information provided by electronic on board recorders installed during 2011.
|
·
|
A reduction of the average age of our truck fleet from 3.28 to 2.43 years.
|
·
|
Improvements to our freight network achieved through customer diversification and operational initiatives.
|
·
|
Growth in our Expedited and Mexico service offerings.
|
·
|
Less severe weather in the first quarter 2012 than in the first quarter 2011.
|
P.A.M. Transportation Services, Inc. and Subsidiaries
Key Financial and Operating Statistics
(unaudited)
|
||||||||
Quarter ended March 31,
|
||||||||
2012
|
2011
|
|||||||
Revenue, before fuel surcharge
|
$ | 75,168,440 | $ | 68,123,458 | ||||
Fuel surcharge
|
20,986,971 | 16,902,717 | ||||||
96,155,411 | 85,026,175 | |||||||
Operating expenses and costs:
|
||||||||
Salaries, wages and benefits
|
32,041,516 | 28,828,505 | ||||||
Fuel expense
|
30,846,752 | 31,263,530 | ||||||
Operating supplies and expenses
|
9,325,103 | 9,155,321 | ||||||
Rent and purchased transportation
|
6,998,246 | 4,884,115 | ||||||
Depreciation
|
9,247,024 | 8,031,873 | ||||||
Operating taxes and licenses
|
1,239,796 | 1,266,429 | ||||||
Insurance and claims
|
3,334,881 | 3,279,241 | ||||||
Communications and utilities
|
589,917 | 721,323 | ||||||
Other
|
1,409,851 | 1,383,824 | ||||||
Loss on disposition of equipment
|
36,095 | 24,981 | ||||||
Total operating expenses and costs
|
95,069,181 | 88,839,142 | ||||||
Operating income (loss)
|
1,086,230 | (3,812,967 | ) | |||||
Interest expense
|
(561,413 | ) | (490,465 | ) | ||||
Non-operating income
|
594,361 | 1,126,494 | ||||||
Income (loss) before income taxes
|
1,119,178 | (3,176,938 | ) | |||||
Income tax expense (benefit)
|
444,985 | (1,198,659 | ) | |||||
Net income (loss)
|
$ | 674,193 | $ | (1,978,279 | ) | |||
Diluted earnings (loss) per share
|
$ | 0.08 | $ | (0.21 | ) | |||
Average shares outstanding – Diluted
|
8,698,393 | 9,392,460 | ||||||
Quarter ended March 31,
|
||||||||
Truckload Operations
|
2012
|
2011
|
||||||
Total miles
|
50,693,398 | 48,461,855 | ||||||
Operating ratio*
|
98.67 | % | 106.12 | % | ||||
Empty miles factor
|
8.87 | % | 7.24 | % | ||||
Revenue per total mile, before fuel surcharge
|
$ | 1.35 | $ | 1.32 | ||||
Total loads
|
66,333 | 68,622 | ||||||
Revenue per truck per work day
|
$ | 613 | $ | 571 | ||||
Revenue per truck per week
|
$ | 3,065 | $ | 2,855 | ||||
Average company trucks
|
1,651 | 1,722 | ||||||
Average owner operator trucks
|
95 | 31 | ||||||
Logistics Operations
|
||||||||
Total revenue
|
$ | 6,633,291 | $ | 4,114,980 | ||||
Operating ratio
|
97.33 | % | 97.54 | % |
|
* 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.
|