ptsi20250630

ptsi20250630_10q.htm

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________to__________

PAMT CORP

(Exact name of registrant as specified in its charter)

Nevada	0-1507	71-0633135
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification no.)

297 West Henri De Tonti, Tontitown, Arkansas 72770

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (479) 361-9111

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	PAMT	NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☑
Non-accelerated filer ☐	Smaller reporting company ☑
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class		Outstanding at July 22, 2025
Common Stock, $.01 Par Value		20,926,020

Table of Contents

PAMT CORP

Form 10-Q

For the Quarter Ended June 30, 2025

Table of Contents

Part I. Financial Information

Item 1.	Financial Statements (unaudited).	3

	Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024	3

	Condensed Consolidated Statements of Operations for the Six Months Ended June 30, 2025 and 2024	4

	Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2025 and 2024	5

	Condensed Consolidated Statement of Stockholders’ Equity for the Six Months Ended June 30, 2025 and 2024	6

	Notes to Condensed Consolidated Financial Statements as of June 30, 2025	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	15

Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	21

Item 4.	Controls and Procedures.	22

Part II. Other Information

Item 1.	Legal Proceedings.	23

Item 1A.	Risk Factors.	23

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	24

Item 5.	Other Information.	24

Item 6.	Exhibits.	25

Signatures		26

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

PAMT CORP AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except share and per share data)

	June 30,			December 31,
	2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	68,915		$	68,060
Accounts receivable-net:
Trade, less current estimated credit loss of $7,013 and $6,636, respectively		75,683			79,967
Other		5,136			4,854
Inventories		2,382			2,433
Prepaid expenses and deposits		8,523			11,555
Marketable equity securities		48,384			42,620
Income taxes refundable		-			2,281
Total current assets		209,023			211,770

Property and equipment:
Land		30,337			30,426
Structures and improvements		56,858			53,620
Revenue equipment		672,646			733,181
Office furniture and equipment		16,199			19,263
Total property and equipment		776,040			836,490
Accumulated depreciation		(281,194	)		(309,272	)
Net property and equipment		494,846			527,218

Other assets		3,998			2,666

TOTAL ASSETS	$	707,867		$	741,654

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	30,964		$	31,198
Accrued expenses and other liabilities		16,614			14,569
Income tax payable		1,774			-
Current maturities of long-term debt		68,827			73,017
Total current liabilities		118,179			118,784

Long-term debt - less current portion		262,406			252,565
Deferred income taxes		81,790			92,547
Other long-term liabilities		578			250
Total liabilities		462,953			464,146

COMMITMENTS AND CONTINGENCIES (Note L)

STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued		-			-
Common stock, $.01 par value, 100,000,000 shares authorized; 22,377,606 and 22,364,120 shares issued; 20,926,020 and 21,782,534 shares outstanding at June 30, 2025 and December 31, 2024, respectively		224			224
Additional paid-in capital		41,274			41,171
Treasury stock, at cost; 1,451,586 and 581,586 shares at June 30, 2025 and December 31, 2024, respectively		(28,924	)		(13,996	)
Retained earnings		232,340			250,109
Total stockholders’ equity		244,914			277,508

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	707,867		$	741,654

See notes to condensed consolidated financial statements.

Table of Contents

PAMT CORP AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
OPERATING REVENUES:
Revenue, before fuel surcharge	$	133,806		$	160,213		$	270,506		$	321,182
Fuel surcharge		17,328			22,735			35,969			44,358
Total operating revenues		151,134			182,948			306,475			365,540

OPERATING EXPENSES AND COSTS:
Salaries, wages and benefits		40,851			43,759			81,665			87,822
Operating supplies and expenses		29,028			35,309			60,413			70,020
Rent and purchased transportation		64,866			74,803			127,838			148,082
Depreciation		21,719			18,705			44,315			37,640
Insurance and claims		5,167			5,464			9,948			10,325
Other		4,986			5,752			9,985			12,931
(Gain)/Loss on disposition of equipment		(4,414	)		(139	)		(7,428	)		101
Total operating expenses and costs		162,203			183,653			326,736			366,921

OPERATING LOSS		(11,069	)		(705	)		(20,261	)		(1,381	)

NON-OPERATING INCOME		2,263			209			4,749			4,147
INTEREST EXPENSE		(4,032	)		(3,284	)		(8,075	)		(6,167	)

LOSS BEFORE INCOME TAXES		(12,838	)		(3,780	)		(23,587	)		(3,401	)

FEDERAL AND STATE INCOME TAX (BENEFIT)/EXPENSE:
Current		(3,758	)		(47	)		4,940			59
Deferred		547			(823	)		(10,757	)		(831	)
Total federal and state income tax (benefit)/expense		(3,211	)		(870	)		(5,817	)		(772	)

NET LOSS	$	(9,627	)	$	(2,910	)	$	(17,770	)	$	(2,629	)

LOSS PER COMMON SHARE:
Basic	$	(0.46	)	$	(0.13	)	$	(0.83	)	$	(0.12	)
Diluted	$	(0.46	)	$	(0.13	)	$	(0.83	)	$	(0.12	)

AVERAGE COMMON SHARES OUTSTANDING:
Basic		21,095			21,932			21,498			21,981
Diluted		21,095			21,932			21,498			21,981

See notes to condensed consolidated financial statements.

Table of Contents

PAMT CORP AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

	Six Months Ended
	June 30,
	2025			2024
OPERATING ACTIVITIES:
Net loss	$	(17,770	)	$	(2,629	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		44,315			37,640
Bad debt expense		379			2,406
Stock compensation-net of excess tax benefits		140			393
Provision for deferred income taxes		(10,757	)		(831	)
Gain on marketable equity securities		(2,371	)		(1,434	)
(Gain) Loss on sale or disposition of equipment		(7,428	)		101
Changes in operating assets and liabilities:
Accounts receivable		3,623			(13,366	)
Prepaid expenses, deposits, inventories, and other assets		2,663			5,589
Income taxes refundable		2,281			-
Income taxes payable		1,774			(590	)
Trade accounts payable		(382	)		1,176
Accrued expenses and other liabilities		739			(185	)
Net cash provided by operating activities		17,206			28,270

INVESTING ACTIVITIES:
Purchases of property and equipment		(18,149	)		(36,441	)
Proceeds from disposition of equipment		29,235			17,707
Sales of marketable equity securities		743			2,631
Purchases of marketable equity securities		(4,136	)		-
Net cash provided (used) by investing activities		7,693			(16,103	)

FINANCING ACTIVITIES:
Borrowings under lines of credit		324,864			384,836
Repayments under lines of credit		(324,864	)		(384,836	)
Borrowings of long-term debt		30,000			-
Repayments of long-term debt		(39,801	)		(35,538	)
Borrowings under margin account		1,821			-
Repayments under margin account		(1,136	)		-
Repurchases of common stock		(14,928	)		(5,259	)
Net cash used in financing activities		(24,044	)		(40,797	)

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		855			(28,630	)

CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period		68,060			100,614

CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period	$	68,915		$	71,984

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	7,985		$	6,193
Income taxes	$	886		$	669

NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment included in accounts payable	$	362		$	1,353

See notes to condensed consolidated financial statements.

Table of Contents

PAMT CORP AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

(in thousands)

	Common Stock Shares / Amount					Additional Paid-In Capital			Treasury Stock			Retained Earnings			Total

Balance at January 1, 2025		21,783		$	224	$	41,171		$	(13,996	)	$	250,109		$	277,508

Net loss		-			-		-			-			(8,142	)		(8,142	)

Restricted stock issued		8			-		(37	)		-			-			(37	)

Stock based compensation		-			-		266			-			-			266

Balance at March 31, 2025		21,791		$	224	$	41,400		$	(13,996	)	$	241,967		$	269,595

Net Loss		-			-		-			-			(9,627	)		(9,627	)

Treasury stock repurchases		(870	)		-		-			(14,928	)		-			(14,928	)

Restricted stock issued		5			-		-			-			-			-

Stock based compensation		-			-		(126	)		-			-			(126	)

Balance at June 30, 2025		20,926		$	224	$	41,274		$	(28,924	)	$	232,340		$	244,914

Common Stock

Shares / Amount

Additional

Paid-In Capital

Treasury

Stock

Retained

Earnings

Total

Balance at January 1, 2024

22,021

SEC Form 10-Q filed by PAMT CORP