Exhibit 99.1

P.A.M. TRANSPORTATION SERVICES, INC.

ANNOUNCES RESULTS FOR THE THIRD QUARTER

ENDED SEPTEMBER 30, 2023

Third Quarter 2023 Summary Results

● Total revenues of $201.5 million, down 20.2% YoY

● Operating income of $8.8 million, down 75.1% YoY

● Operating ratio of 95.6%

● Diluted EPS of $0.28, down 74.3% YoY

Tontitown, Arkansas, October 18, 2023...... P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net income of $6.1 million, or diluted and basic earnings per share of $0.28, for the quarter ended September 30, 2023. These results compare to 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.

Consolidated operating revenues decreased 20.2% to $201.5 million for the third quarter of 2023 compared to $252.6 million for the third quarter of 2022.

Joe Vitiritto, President of the Company, commented, “The third quarter presented very challenging comparisons to the same quarter last year. The third quarter of 2022 was one of the best in our company’s history while the third quarter this year was faced with an unprecedented unfavorable truckload market. Despite market challenges, we did see improvement in factors that we believe will position the Company favorably when truckload market conditions improve. I am especially proud of the continued loyalty, dedication and outstanding contribution from our driving and non-driving associates as we continue to drive improvement in the Company.

Looking ahead, we will continue to stay focused on investing in the areas of our business that will help us to consistently grow, increase efficiencies and deliver value to our customers, shareholders and employees.”

Liquidity, Capitalization, and Cash Flow

As of September 30, 2023, we had an aggregate of $203.5 million of cash, marketable equity securities, and available liquidity under our line of credit and $316.3 million of stockholders’ equity. Outstanding debt was $227.6 million as of September 30, 2023, which represents a $36.7 million decrease from December 31, 2022. During the first nine months of 2023, we generated $93.9 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; a significant reduction in or termination of the Company's trucking service by a key customer, including as a result of ongoing or future labor disruptions in the automotive industry; 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; 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,
	2023			2022			2023			2022
	(in thousands, except earnings per share)						(in thousands, except earnings per share)
Revenue, before fuel surcharge	$	174,348		$	216,475		$	549,885		$	615,303
Fuel surcharge		27,154			36,155			80,754			93,943
Operating Revenue		201,502			252,630			630,639			709,246
Operating expenses and costs:
Salaries, wages and benefits		46,032			50,847			142,138			133,069
Operating supplies and expenses		42,378			48,071			123,589			123,156
Rent and purchased transportation		78,595			93,501			244,020			273,521
Depreciation		15,552			16,289			47,805			46,647
Insurance and claims		5,146			5,149			25,205			19,281
Other		5,305			4,579			17,936			12,712
Gain on disposition of equipment		(339	)		(1,301	)		(1,175	)		(2,662	)
Total operating expenses and costs		192,669			217,135			599,518			605,724
Operating income		8,833			35,495			31,121			103,522
Interest expense		(2,046	)		(1,922	)		(6,565	)		(5,587	)
Non-operating income(expense)		1,638			(1,886	)		3,729			(2,829	)
Income before income taxes		8,425			31,687			28,285			95,106
Income tax expense		2,328			7,121			7,637			22,416
Net income	$	6,097		$	24,566		$	20,648		$	72,690
Diluted earnings per share	$	0.28		$	1.09		$	0.93		$	3.24
Average shares outstanding – Diluted		22,139			22,440			22,219			22,468

	Quarter Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Truckload Operations
Total miles (in thousands)		49,745			56,624			156,897			151,531
Operating ratio (1)		95.8	%		82.6	%		96.0	%		81.3	%
Empty miles factor		7.84	%		9.92	%		8.48	%		9.37	%
Revenue per total mile, before fuel surcharge	$	2.26		$	2.56		$	2.28		$	2.67
Total loads		105,342			110,192			316,772			301,334
Revenue per truck per workday	$	764		$	912		$	781		$	933
Revenue per truck per week	$	3,819		$	4,562		$	3,903		$	4,665
Average company-driver trucks		2,007			2,080			2,038			1,868
Average owner operator trucks		326			403			360			391
Logistics Operations
Total revenue (in thousands)	$	62,091		$	71,493		$	192,204		$	210,645
Operating ratio		93.3	%		85.7	%		91.2	%		86.9	%

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

Condensed Consolidated Balance Sheets

(unaudited)

	September 30,			December 31,
	2023			2022
	(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents	$	102,299		$	74,087
Trade accounts receivable, net		96,456			134,739
Other receivables		7,639			6,263
Inventories		2,600			2,570
Prepaid expenses and deposits		10,932			15,729
Marketable equity securities		41,250			41,728
Income taxes refundable		8,423			5,650
Total current assets		269,599			280,766
Property and equipment		714,673			705,919
Less: accumulated depreciation		257,753			242,324
Total property and equipment, net		456,920			463,595
Other non-current assets		5,202			4,801
Total Assets	$	731,721		$	749,162
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	57,653		$	48,917
Accrued expenses and other liabilities		22,054			34,233
Current portion of long-term debt		56,149			58,815
Total current liabilities		135,856			141,965
Long-term debt, net of current portion		171,418			205,466
Deferred income taxes		107,415			101,445
Other long-term liabilities		750			103
Total liabilities		415,439			448,979
STOCKHOLDERS’ EQUITY
Common stock		223			223
Additional paid-in capital		40,660			40,472
Treasury stock, at cost		(8,736	)		(4,000	)
Retained earnings		284,135			263,488
Total stockholders’ equity		316,282			300,183
Total liabilities and stockholders’ equity	$	731,721		$	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