Exhibit 99.1

P.A.M. TRANSPORTATION SERVICES, INC.

ANNOUNCES RESULTS FOR THE SECOND QUARTER

ENDED JUNE 30, 2024

Second Quarter 2024 Summary Results

● Total revenues of $182.9 million, down 11.8% YoY

● Operating loss of $0.7 million

● Operating ratio of 100.4%

● Diluted loss per share of $0.13

Tontitown, Arkansas, July 24, 2024...... P.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (“we” or the “Company”) today reported consolidated net loss of $2.9 million, or diluted and basic loss per share of $0.13, for the quarter ended June 30, 2024. These results compare to consolidated net income of $9.3 million, or diluted and basic earnings per share of $0.42 for the quarter ended June 30, 2023.

Operating revenues decreased 11.8% to $182.9 million for the second quarter of 2024 compared to $207.4 million for the second quarter of 2023.

Joe Vitiritto, President of the Company, commented, “Our consolidated operating results for the second quarter 2024 were very similar to the first quarter of the year. The quarter started off slower than anticipated but began to show signs of seasonal demand patterns that were more consistent with pre-covid periods and we saw capacity tightening some as we moved towards the end of the quarter. We continue to see downward rate pressure, but we are also seeing some opportunities that tell us we may be getting closer to a cycle change. Our continued focus on cost and efficiency measures helps us to mitigate the current unfavorable freight market as well as positioning us to meet our longer-term mid-80’s operating ratio expectation. I am pleased to see our team working together with our professional drivers to negotiate this environment and prepare us for opportunities that will come with an improved freight market.”

Liquidity, Capitalization, and Cash Flow

As of June 30, 2024, we had an aggregate of $173.9 million of cash, marketable equity securities, and available liquidity under our line of credit and $306.7 million of stockholders’ equity. Outstanding debt was $266.0 million as of June 30, 2024, which represents a $4.3 million increase from December 31, 2023. During the first half of 2024, we generated $28.4 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 future labor disruptions; 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 public health crises; the resale value of the Company's used equipment; the price and availability of new equipment consistent with anticipated acquisitions and replacement plans; 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, rules regarding the classification of independent contractors as employees, 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 June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands, except earnings per share)						(in thousands, except earnings per share)
Revenue, before fuel surcharge	$	160,213		$	182,082		$	321,182		$	375,536
Fuel surcharge		22,735			25,330			44,358			53,600
Operating Revenue		182,948			207,412			365,540			429,136
Operating expenses and costs:
Salaries, wages and benefits		43,759			47,828			87,822			96,106
Operating supplies and expenses		35,309			39,716			70,020			81,210
Rent and purchased transportation		74,803			78,329			148,082			165,425
Depreciation		18,705			15,757			37,640			32,254
Insurance and claims		5,464			5,045			10,325			20,059
Other		5,752			7,208			12,931			12,631
Gain/(loss) on disposition of equipment		(139	)		(260	)		101			(836	)
Total operating expenses and costs		183,653			193,623			366,921			406,849
Operating (loss)/income		(705	)		13,789			(1,381	)		22,287
Interest expense		(3,284	)		(2,163	)		(6,167	)		(4,519	)
Non-operating income (expense)		209			1,192			4,147			2,091
(Loss)/income before income taxes		(3,780	)		12,818			(3,401	)		19,859
Income tax (benefit)/expense		(870	)		3,499			(772	)		5,309
Net (loss)/income	$	(2,910	)	$	9,319		$	(2,629	)	$	14,550
Diluted (loss)/earnings per share	$	(0.13	)	$	0.42		$	(0.12	)	$	0.65
Average shares outstanding – Diluted		21,932			22,182			21,981			22,253

	Quarter Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Truckload Operations
Total miles (in thousands) (1)		45,829			50,526			89,894			101,095
Operating ratio (2)		103.7	%		92.7	%		103.9	%		96.1	%
Empty miles factor		8.95	%		8.60	%		8.78	%		8.78	%
Revenue per total mile, before fuel surcharge (1)	$	2.09		$	2.17		$	2.10		$	2.19
Total loads		110,511			109,000			212,712			211,430
Revenue per truck per workday	$	714		$	774		$	710		$	788
Revenue per truck per week	$	3,572		$	3,868		$	3,552		$	3,939
Average company-driver trucks		1,920			2,061			1,912			2,056
Average owner operator trucks		413			367			389			378
Logistics Operations
Total revenue (in thousands)	$	53,659		$	61,856		$	112,428		$	130,113
Operating ratio		93.9	%		91.8	%		93.9	%		90.2	%

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

Condensed Consolidated Balance Sheets

(unaudited)

	June 30,			December 31,
	2024			2023
	(in thousands)
ASSETS
Current assets
Cash and cash equivalents	$	71,984		$	100,614
Trade accounts receivable, net		92,324			80,604
Other receivables		6,444			7,203
Inventories		2,326			2,321
Prepaid expenses and deposits		9,407			13,213
Marketable equity securities		42,005			43,203
Income taxes refundable		4,473			3,883
Total current assets		228,963			251,041
Property and equipment		781,296			771,131
Less: accumulated depreciation		279,527			266,412
Total property and equipment, net		501,769			504,719
Other non-current assets		2,795			4,697
Total assets	$	733,527		$	760,457
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	40,034		$	62,652
Accrued expenses and other liabilities		16,798			16,799
Current portion of long-term debt		54,881			57,645
Total current liabilities		111,713			137,096
Long-term debt, net of current portion		211,140			204,064
Deferred income taxes		103,500			104,331
Other long-term liabilities		500			750
Total liabilities		426,853			446,241
STOCKHOLDERS’ EQUITY
Common stock		223			223
Additional paid-in capital		41,171			40,825
Treasury stock, at cost		(13,995	)		(8,736	)
Retained earnings		279,275			281,904
Total stockholders’ equity		306,674			314,216
Total liabilities and stockholders’ equity	$	733,527		$	760,457

1) Excludes miles driven by third party power only carriers.

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.

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

P.O. BOX 188

Tontitown, AR 72770

Lance K. Stewart

(479) 361-9111