PAM TRANSPORTATION SERVICES INC
For the period ended Mar 31, 2024. Filed May 7, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 7, 2024
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Table of Contents
P.A.M. TRANSPORTATION SERVICES, INC.
Form 10-Q
For the Quarter Ended March 31, 2024
| Part I. Financial Information | ||
|---|---|---|
| Item 1. | Financial Statements (unaudited). | 3 |
| Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 | 3 | |
| Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 | 4 | |
| Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 | 5 | |
| Condensed Consolidated Statement of Stockholders’ Equity for the Three Months Ended March 31, 2024 and 2023 | 6 | |
| Notes to Condensed Consolidated Financial Statements as of March 31, 2024 | 7 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 14 |
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk. | 18 |
| Item 4. | Controls and Procedures. | 18 |
| Part II. Other Information | ||
| Item 1. | Legal Proceedings. | 19 |
| Item 1A. | Risk Factors. | 19 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | 19 |
| Item 5. | Other Information. | 19 |
| Item 6. | Exhibits. | 20 |
| Signatures | 21 | |
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
P.A.M. TRANSPORTATION SERVICES, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (unaudited) (in thousands, except share and per share data)
| March 31, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $79,966 | $100,614 |
| Accounts receivable-net: | ||
| Trade, less current estimated credit loss of $5,835 and $7,717, respectively | 92,318 | 80,604 |
| Other | 6,776 | 7,203 |
| Inventories | 2,385 | 2,321 |
| Prepaid expenses and deposits | 10,820 | 13,213 |
| Marketable equity securities | 45,789 | 43,203 |
| Income taxes refundable | 3,804 | 3,883 |
| Total current assets | 241,858 | 251,041 |
| Property and equipment: | ||
| Land | 36,460 | 23,078 |
| Structures and improvements | 44,567 | 43,552 |
| Revenue equipment | 675,490 | 689,173 |
| Office furniture and equipment | 15,439 | 15,328 |
| Total property and equipment | 771,956 | 771,131 |
| Accumulated depreciation | (270,631) | (266,412) |
| Net property and equipment | 501,325 | 504,719 |
| Other assets | 3,243 | 4,697 |
| TOTAL ASSETS | $746,426 | $760,457 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $38,703 | $62,652 |
| Accrued expenses and other liabilities | 16,695 | 16,799 |
| Current maturities of long-term debt | 52,692 | 57,645 |
| Total current liabilities | 108,090 | 137,096 |
| Long-term debt - less current portion | 218,870 | 204,064 |
| Deferred income taxes | 104,323 | 104,331 |
| Other long-term liabilities | 500 | 750 |
| Total liabilities | 431,783 | 446,241 |
| COMMITMENTS AND CONTINGENCIES (Note L) | ||
| STOCKHOLDERS' EQUITY | ||
| Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued | - | - |
| Common stock, $.01 par value, 50,000,000 shares authorized; 22,331,092 and 22,317,671 shares issued; 22,034,762 and 22,021,341 shares outstanding at March 31, 2024 and December 31, 2023, respectively | 223 | 223 |
| Additional paid-in capital | 40,971 | 40,825 |
| Treasury stock, at cost; 296,330 and 296,330 shares at March 31, 2024 and December 31, 2023, respectively | (8,736) | (8,736) |
| Retained earnings | 282,185 | 281,904 |
| Total stockholders’ equity | 314,643 | 314,216 |
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $746,426 | $760,457 |
See notes to condensed consolidated financial statements.
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