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P.A.M. Transportation Services, Inc. Announces Results For The Fourth Quarter And Year Ended December 31, 2012

P.A.M. Transportation Services, Inc. is a leading truckload dry van carrier transporting general commodities throughout the continental United States, as well as in the Canadian provinces of Ontario and Quebec. The Company also provides transportation services in Mexico through its gateways in Laredo and El Paso, Texas under agreements with Mexican carriers.

The PAM Transportation Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5148

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 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; recessionary economic cycles and downturns in customers' business cycles; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, 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; a significant reduction in or termination of the Company's trucking service by a key customer; terrorist attacks; war; natural disasters; risk of doing business internationally; 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 as a result of new information, future events or otherwise. In light of 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 December 31, Twelve Months ended December 31,
  2012 2011 2012 2011
         
Revenue, before fuel surcharge $74,398,457 $70,958,464 $297,698,165 $284,178,133
Fuel surcharge 21,374,211 18,429,893 82,934,597 75,064,827
  95,772,668 89,388,357 380,632,762 359,242,960
         
Operating expenses and costs:        
Salaries, wages and benefits 37,979,888 29,830,833 139,062,229 118,321,257
Fuel expense 26,715,873 28,590,183 111,377,974 124,956,241
Operating supplies and expenses 9,264,374 9,810,899 39,010,789 38,658,940
Rent and purchased transportation 5,034,129 5,162,218 23,814,806 21,841,978
Depreciation 10,105,040 9,417,609 38,297,890 34,163,037
Operating taxes and licenses 1,277,739 1,239,585 5,003,437 4,951,919
Insurance and claims 3,662,053 3,243,919 13,744,172 13,069,554
Communications and utilities 574,842 590,923 2,234,532 2,495,684
Other 1,629,851 1,868,425 5,350,424 6,029,071
Loss (gain) on disposition of equipment (76,566) 66,818 (166,251) 97,897
Total operating expenses and costs 96,167,223 89,821,412 377,730,002 364,585,578
         
Operating (loss) income (394,555) (433,055) 2,902,760 (5,342,618)
         
Interest expense (783,837) (442,012) (2,595,371) (1,798,720)
Non-operating income 610,719 226,029 3,287,939 1,551,110
         
(Loss) income before income taxes (567,673) (649,038) 3,595,328 (5,590,228)
Income tax (benefit) expense (256,663) (782,075) 1,416,447 (2,732,857)
         
Net (loss) income $(311,010) $133,037 $2,178,881 $(2,857,371)
         
Diluted (loss) earnings per share $(0.04) $0.02 $0.25 $(0.32)
         
Average shares outstanding – Diluted 8,701,607 8,798,373 8,701,924 9,055,595
         
  Quarter ended December 31, Twelve Months ended December 31,
Truckload Operations 2012 2011 2012 2011
         
Total miles 50,241,983 47,892,476 200,765,378 195,080,700
Operating ratio* 100.74% 100.77% 99.18% 102.14%
Empty miles factor 8.52% 9.33% 8.72% 8.29%
Revenue per total mile, before fuel surcharge $1.37 $1.38 $1.36 $1.36
Total loads 63,769 68,482 258,968 277,866
Revenue per truck per work day $606 $587 $611 $591
Revenue per truck per week $3,030 $2,935 $3,055 $2,955
Average company trucks 1,563 1,715 1,611 1,723
Average owner operator trucks 209 70 149 48
         
Logistics Operations        
Total revenue $5,645,912 $4,961,432 $24,280,406 $18,378,852
Operating ratio 97.96% 98.55% 97.33% 98.09%
         
* 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.
CONTACT: P.A.M. TRANSPORTATION SERVICES, INC.
         P.O. BOX 188
         Tontitown, AR 72770
         Lance K. Stewart
         (479) 361-9111

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