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PAM Transportation Services Inc. (PTSI), established in 1986, is a transportation holding company headquartered in the serene community of Tontitown, Arkansas, nestled in the picturesque Ozark Mountains. The company has built a notable presence in the transportation sector since its inception, originally founded as PAM Transport, Inc. in 1980. Over the years, PAM Transportation Services has expanded significantly through organic growth and strategic acquisitions.
PAM provides a wide array of transportation and logistics solutions. The company's core services include nationwide dry van truckload, expedited truckload, intermodal, and logistics services catering to various industries such as manufacturing, retail, and automotive. PAM also extends its services to the Canadian provinces of Ontario and Quebec and offers cross-border services to Mexico through its border crossings in Laredo and El Paso, Texas.
Guided by the motto 'Our service makes the difference', PAM places a strong emphasis on delivering exceptional service to its customers. The company prides itself on having skilled professionals both behind the wheel and in administrative roles to ensure operations run smoothly. PAM's freight primarily consists of automotive parts, expedited goods, consumer goods, and manufactured products like heating and air conditioning units. The bulk of the company's revenue is derived from domestic shipments within the United States.
Recent initiatives include enhancing logistical efficiency and expanding service capabilities to meet the evolving demands of their diverse customer base. PAM's strategic partnerships and marketing agreements have enabled the company to provide robust service offerings across North America, making it a pivotal player in the transportation industry.
P.A.M. Transportation Services, Inc. (PTSI) announced a reauthorization to repurchase up to 500,000 shares of its common stock. This decision reflects the Board's confidence in the company's business model and future performance. The stock repurchase program offers flexibility based on market conditions and will utilize existing liquidity and free cash flow. The program, originally established in 2011, does not have an expiration date. This buyback initiative is expected to enhance shareholder value and demonstrates a commitment to capital allocation.
P.A.M. Transportation Services (NASDAQ:PTSI) reported net income of $21.4 million for Q3 2021, translating to diluted earnings per share of $1.87, a significant rise from $6.0 million in Q3 2020. For the nine-month period, net income was $48.6 million, or $4.24 per share, up from $3.9 million in 2020. Operating revenues surged 50.1% to $183.1 million in Q3 2021 compared to $121.9 million the previous year. The company executed a 2-for-1 stock split and completed a Dutch auction tender offer to repurchase shares totaling approximately $10.1 million.
P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) announced the results of its modified "Dutch auction" tender offer, ending on August 26, 2021. The company accepted 272,405 shares for purchase at $37.00 per share, totaling $10,078,985. This represents approximately 2.4% of outstanding shares after adjusting for a recent 2-for-1 stock split. Following the tender offer, the company will have about 11,180,081 shares outstanding. Future share repurchases depend on market conditions and company performance.
P.A.M. Transportation Services, Inc. (NASDAQ:PTSI) announced preliminary results for its modified Dutch auction tender offer, which expired on August 26, 2021. The company plans to repurchase approximately 272,414 shares at a final price of $37.00 per share, totaling around $10.1 million. This represents 2.4% of its outstanding shares as adjusted for a recent stock split. The definitive number of shares and price will be verified by Computershare Trust Company and announced after August 31, 2021. Future repurchases may occur, subject to market conditions.
P.A.M. Transportation Services (NASDAQ:PTSI) announced a modified 'Dutch auction' tender offer to buy back up to 200,000 shares, approximately 1.7% of its outstanding stock, at prices between $32.00 and $37.00 per share. This offer follows a previously announced 2-for-1 stock split effective August 16, 2021, for shareholders of record as of July 30, 2021. The tender will expire on August 26, 2021. The company plans to finance the repurchase through available cash or borrowing from its line of credit.
P.A.M. Transportation Services reported a net income of $15.3 million for Q2 2021, with diluted earnings per share of $2.66, compared to a net loss of $0.8 million a year earlier. For the first half of 2021, net income reached $27.3 million or $4.74 per share. Operating revenues saw a surge of 73.4% to $161.3 million in Q2 2021. The company announced a 2-for-1 forward stock split, effective August 16, 2021, increasing shares outstanding from 5.7 million to 11.4 million. Management expressed optimism regarding ongoing operational improvements.
P.A.M. Transportation Services (NASDAQ:PTSI) reported a strong net income of $11.9 million for Q1 2021, translating to $2.08 diluted EPS, a significant turnaround from a $1.3 million net loss in Q1 2020. Operating revenue rose 15.3% year-over-year to $148.9 million. Despite record results, President Joe Vitiritto noted challenges due to severe weather in February that hindered operations. Looking ahead, the company is optimistic about rate improvements and maintaining operational efficiency while addressing driver recruitment and retention.
TONTITOWN, AR / ACCESSWIRE / February 5, 2021 - P.A.M. Transportation Services (NASDAQ:PTSI) announced that CEO Joseph Vitiritto and CFO Allen West will participate in a virtual fireside chat hosted by David Ross of Stifel Financial Corporation. The event is scheduled for February 10, 2021, at 4:00 p.m. ET. P.A.M. Transportation is a prominent truckload dry van carrier operating across the continental U.S., Canada, and Mexico, providing extensive transportation services. The company's forward-looking statements highlight potential risks that may impact actual results.
P.A.M. Transportation Services reported a net income of $14.0 million, or $2.43 per share, for the fourth quarter of 2020, compared to a net loss of $13.6 million in the same quarter of 2019. For the full year, net income rose to $17.8 million, up from $7.9 million in 2019. Operating revenues increased by 15.6% to $142.8 million in Q4 2020, despite a significant decline in fuel surcharge revenue. The company noted challenges in the driver market but achieved record revenue and operating results, particularly in its logistics division.
P.A.M. Transportation Services (NASDAQ:PTSI) reported a net income of $6.0 million for Q3 2020, up from $4.6 million in Q3 2019. Diluted EPS increased to $1.04 from $0.79. For the first nine months, net income was $3.9 million, down from $21.5 million year-over-year. Total operating revenue decreased 5.5% to $121.9 million in Q3 while year-to-date revenue fell 11.9% to $344.1 million. The company noted a recovery following COVID-19 impacts and improved logistics performance, anticipating higher rate pressure moving forward.
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