Exhibit 99.1

P.A.M. TRANSPORTATION SERVICES, INC.

ANNOUNCES RESULTS FOR THE THIRD QUARTER

ENDED SEPTEMBER 30, 2022

Third Quarter 2022 Summary Results

● Total revenues of $252.6 million, up 38.0% YoY

● Net income of $24.6 million, up 15.0% YoY; non-GAAP adjusted net income of $26.4 million, up 21.5% YoY

● Operating ratio of 85.9%, an increase of 270 bps YoY; non-GAAP adjusted operating ratio of 83.6%, an increase of 210 bps YoY

● Diluted EPS of $1.09, up 17.2% YoY; non-GAAP adjusted diluted EPS of $1.18, up 24.2% YoY

Tontitown, Arkansas, October 20, 2022...... P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net income of $24.6 million, or diluted earnings per share of $1.09 ($1.10 basic), for the quarter ended September 30, 2022. These results compare to consolidated net income of $21.4 million, or diluted earnings per share of $0.93 ($0.94 basic)¹, for the quarter ended September 30, 2021. Net income and diluted earnings per share for the third quarter ended September 30, 2022, includes the negative impact of losses recognized but unrealized on our investments in marketable equity securities. Excluding the impact of this item, adjusted (non-GAAP) net income for the quarter ended September 30, 2022, was $26.4 million, or adjusted (non-GAAP) diluted earnings per share of $1.18.

Consolidated operating revenues increased 38.0% to $252.6 million for the third quarter of 2022 compared to $183.1 million for the third quarter of 2021.

Joe Vitiritto, President of the Company, commented, “I am proud of our team and how they navigated the 3rd Quarter. Our driving associates continue to be a cornerstone of our success and we appreciate all they sacrifice to help us achieve these results. Although we had a record revenue quarter, our culture is to never be satisfied with our results and continually look for areas to improve.”

Liquidity, Capitalization, and Cash Flow

As of September 30, 2022, we had an aggregate of $138.5 million of cash, marketable equity securities, and available liquidity under our line of credit and $283.1 million of stockholders’ equity. Outstanding debt was $258.4 million as of September 30, 2022.

During the first nine months of 2022, we generated $120.1 million in operating cash flow while net capital expenditures, excluding acquisition related assets, resulted in a cash outflow of $28.9 million.

Equipment

During the third quarter of 2022, we experienced improved equipment delivery times and had received most of our backlogged truck order by the end of the third quarter. We continue to experience delivery delays related to our trailing equipment order and now believe that final deliveries will likely flow into the first quarter of 2023. The combination of year-over-year truck fleet growth of 30%, and delivery delays, has required us to keep some of our equipment inventory longer than originally planned and has negatively impacted our fleet age averages. While these factors have resulted in an increase in our average fleet age, we have not incurred significant additional maintenance costs because of the delays. The average ages of our truck and trailer fleets were 2.1 years and 6.4 years, respectively, at the end of the third quarter of 2022, compared to 1.8 years and 5.5 years, respectively, at the end of 2021.

¹ Prior period per share data has been retroactively adjusted to reflect the Company’s separate 2-for-1 forward stock splits effective August 16, 2021 and March 29, 2022, respectively.

Share Repurchase Program

During the third quarter of 2022, the Company purchased 93,124 shares of its outstanding common stock under its authorized stock repurchase program for a total cost of approximately $2.9 million, bringing the year-to-date total purchases to 176,344 shares (including 41,610 pre-split shares) at a cost of approximately $5.9 million. Approximately 365,266 shares remain available for purchase under this program.

Non-GAAP Financial Measures

In addition to our results under United States generally accepted accounting principles (GAAP), this press release also includes non-GAAP financial measures termed adjusted operating income, adjusted operating ratio, adjusted net income and adjusted diluted earnings per share. The Company defines adjusted operating income, adjusted operating ratio, adjusted net income and adjusted diluted earnings per share as GAAP operating income, GAAP operating ratio, GAAP net income and GAAP diluted earnings per share, respectively, excluding certain significant items, such as certain litigation-related charges and unrealized gains and losses on marketable equity securities, and any tax impact associated with such items. Management believes that reporting adjusted operating income, adjusted operating ratio, adjusted net income and adjusted diluted earnings per share more clearly reflects the Company’s current operating results and provides investors with a better understanding of the Company’s overall financial performance. Management also believes that adjusted operating ratio is more representative of our operations when excluding the volatility of fuel prices, which we cannot control. In addition, the adjusted results, although not a financial measure under GAAP, may facilitate the ability to analyze the Company’s financial results in relation to those of its competitors and to the Company’s prior financial performance by excluding items which otherwise would distort the comparison. However, because not all companies use identical calculations, the Company's presentation of adjusted results may not be comparable to similarly titled measures of other companies. Adjusted operating income, adjusted operating ratio, adjusted net income and adjusted diluted earnings per share are not recognized terms under GAAP, do not purport to be alternatives to, and should be considered in addition to, and not as a substitute for or superior to, operating income, operating ratio, net income and diluted earnings per share, respectively, as defined under GAAP.

Pursuant to the requirements of Regulation G, we have provided a tabular reconciliation of GAAP operating income to adjusted operating income and adjusted operating ratio, GAAP net income to adjusted net income and GAAP diluted earnings per share to adjusted diluted earnings per share in this press release.

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, ongoing and potential future economic, business and operational disruptions and uncertainties due to the COVID-19 pandemic or other public health crises; 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, and 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; 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 September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
	(in thousands, except earnings per share)						(in thousands, except earnings per share)
Revenue, before fuel surcharge	$	216,475		$	166,331		$	615,303		$	446,647
Fuel surcharge		36,155			16,754			93,943			46,559
Operating Revenue		252,630			183,085			709,246			493,206
Operating expenses and costs:
Salaries, wages and benefits		50,847			34,937			133,069			102,173
Operating supplies and expenses		48,071			25,712			123,156			74,375
Rent and purchased transportation		93,501			72,698			273,521			192,387
Depreciation		16,289			12,740			46,647			41,426
Insurance and claims		5,149			3,443			19,281			9,806
Other		4,579			3,008			12,712			8,505
Gain on disposition of equipment		(1,301	)		(276	)		(2,662	)		(962	)
Total operating expenses and costs		217,135			152,262			605,724			427,710
Operating income		35,495			30,823			103,522			65,496
Non-operating (expense) income		(1,886	)		37			(2,829	)		6,853
Interest expense		(1,922	)		(1,899	)		(5,587	)		(6,372	)
Income before income taxes		31,687			28,961			95,106			65,977
Income tax expense		7,121			7,602			22,416			17,352
Net income	$	24,566		$	21,359		$	72,690		$	48,625
Diluted earnings per share (1)	$	1.09		$	0.93		$	3.24		$	2.12
Average shares outstanding – Diluted (1)		22,440			22,860			22,468			22,962

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

Key Financial and Operating Statistics

(unaudited)

	Quarter Ended September 30,						Nine Months Ended September 30,
	2022			2021			2022			2021
Truckload Operations
Total miles (in thousands)		56,624			44,910			151,531			138,441
Operating ratio (2)		82.55	%		77.88	%		81.26	%		83.59	%
Empty miles factor		9.92	%		8.94	%		9.37	%		8.49	%
Revenue per total mile, before fuel surcharge	$	2.56		$	2.46		$	2.67		$	2.16
Total loads		110,192			87,218			301,334			267,155
Revenue per truck per work day	$	912		$	902		$	933		$	795
Revenue per truck per week	$	4,562		$	4,512		$	4,665		$	3,974
Average company-driver trucks		2,080			1,530			1,868			1,595
Average owner operator trucks		403			382			391			373
Logistics Operations
Total revenue (in thousands)	$	71,493		$	55,897		$	210,645		$	147,815
Operating ratio		85.74	%		88.56	%		86.86	%		88.87	%

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

Condensed Consolidated Balance Sheets

(unaudited)

	September 30,			December 31,
	2022			2021
	(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$	42,807		$	18,509
Trade accounts receivable, net		155,181			121,854
Other receivables		6,580			7,092
Inventories		2,278			1,456
Prepaid expenses and deposits		12,002			10,962
Marketable equity securities		36,002			39,424
Income taxes refundable		733			277
Total current assets		255,583			199,574
Property and equipment		693,095			585,303
Less: accumulated depreciation		233,817			201,124
Total property and equipment, net		459,278			384,179
Other non-current assets		4,626			3,628
Total Assets	$	719,487		$	587,381
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	54,651		$	43,381
Accrued expenses and other liabilities		24,760			14,114
Income taxes payable		474			4,364
Current portion of long-term debt		51,667			49,544
Total current liabilities		131,552			111,403
Long-term debt, net of current portion		205,675			172,733
Deferred income taxes		98,938			86,715
Other long-term liabilities		185			420
Total liabilities		436,350			371,271
STOCKHOLDERS’ EQUITY
Common stock		223			234
Additional paid-in capital		40,285			84,472
Treasury stock, at cost		(2,877	)		(169,946	)
Retained earnings		245,506			301,350
Total stockholders’ equity		283,137			216,110
Total liabilities and stockholders’ equity	$	719,487		$	587,381

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

Reconciliation of GAAP Measures to Non-GAAP Amounts (unaudited)

Adjusted Operating Income and Adjusted Operating Ratio

	Quarter ended September 30,						Nine Months ended September 30,
	2022			2021			2022			2021
	(Dollars in thousands)						(Dollars in thousands)
GAAP Presentation
Total operating revenue	$	252,630		$	183,085		$	709,246		$	493,206
Total operating expenses		(217,135	)		(152,262	)		(605,724	)		(427,710	)
Operating income	$	35,495		$	30,823		$	103,522		$	65,496
Operating ratio		85.9	%		83.2	%		85.4	%		86.7	%
Non-GAAP Presentation
Total operating revenue	$	252,630		$	183,085		$	709,246		$	493,206
Fuel surcharge		(36,155	)		(16,754	)		(93,943	)		(46,560	)
Revenue, excluding fuel surcharge		216,475			166,331			615,303			446,646
Total operating expenses		217,135			152,262			605,724			427,710
Less: fuel surcharge		(36,155	)		(16,754	)		(93,943	)		(46,560	)
Less: specific legal reserves increase		-			-			(6,680	)		-
Adjusted operating expenses		180,980			135,508			505,101			381,150
Adjusted Operating income	$	35,495		$	30,823		$	110,202		$	65,496
Adjusted Operating ratio		83.6	%		81.5	%		82.1	%		85.3	%

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

Reconciliation of GAAP Measures to Non-GAAP Amounts (unaudited)

Reconciliation of Net Income to Adjusted Net Income

	Quarter ended September 30,						Nine Months ended September 30,
	2022			2021			2022			2021
	(in thousands)						(in thousands)
Net income (GAAP)	$	24,566		$	21,359		$	72,690		$	48,625
Adjustments:
Specific legal reserves increase		-			-			6,680			-
Unrealized loss (gain) recognized on marketable equity securities		2,387			509			4,340			(4,446	)
Tax (benefit) expense of adjustments (3)		(536	)		(133	)		(2,597	)		1,170
Adjusted Net income (non-GAAP)	$	26,417		$	21,735		$	81,113		$	45,349

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

Reconciliation of GAAP Measures to Non-GAAP Amounts (unaudited)

Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share (1)

	Quarter ended September 30,						Nine Months ended September 30,
	2022			2021			2022			2021
Diluted earnings per share (GAAP)	$	1.09		$	0.94		$	3.24		$	2.12
Adjustments:
Specific legal reserves increase		-			-			0.30			-
Unrealized loss (gain) recognized on marketable equity securities		0.11			0.02			0.19			(0.20	)
Tax (benefit) expense of adjustments (3)		(0.02	)		(0.01	)		(0.12	)		0.05
Adjusted Diluted earnings per share (non-GAAP)	$	1.18		$	0.95		$	3.61		$	1.97

1) All prior period share and per share data has been retroactively adjusted to reflect the Company’s separate 2-for-1 forward stock splits effective August 16, 2021 and March 29, 2022, respectively.

2) 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.

3) The tax benefit is calculated using the effective tax rates for each respective period prior to any adjustments for non-GAAP amounts.

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

P.O. BOX 188

Tontitown, AR 72770

Allen W. West

(479) 361-9111