ptsi20250930

ptsi20250930_10q.htm

Table of Contents

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 September 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 October 21, 2025
Common Stock, $.01 Par Value		20,926,020

PAMT CORP

Form 10-Q

For the Quarter Ended September 30, 2025

Table of Contents

Part I. Financial Information

Item 1.	Financial Statements (unaudited).	3

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

	Condensed Consolidated Statements of Operations for the Nine Months Ended September 30, 2025 and 2024	4

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

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

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

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	16

Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	22

Item 4.	Controls and Procedures.	23

Part II. Other Information

Item 1.	Legal Proceedings.	24

Item 1A.	Risk Factors.	24

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	25

Item 5.	Other Information.	25

Item 6.	Exhibits.	26

Signatures		27

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)

	September 30,			December 31,
	2025			2024
ASSETS
Current assets:
Cash and cash equivalents	$	68,760		$	68,060
Accounts receivable-net:
Trade, less current estimated credit loss of $8,253 and $6,636, respectively		76,257			79,967
Other		5,492			4,854
Inventories		2,272			2,433
Prepaid expenses and deposits		8,033			11,555
Marketable equity securities		46,802			42,620
Income taxes refundable		2,526			2,281
Total current assets		210,142			211,770

Property and equipment:
Land		29,324			30,426
Structures and improvements		55,723			53,620
Revenue equipment		681,668			733,181
Office furniture and equipment		17,201			19,263
Total property and equipment		783,916			836,490
Accumulated depreciation		(282,625	)		(309,272	)
Net property and equipment		501,291			527,218

Other assets		3,814			2,666

TOTAL ASSETS	$	715,247		$	741,654

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	33,058		$	31,198
Accrued expenses and other liabilities		15,721			14,569
Current maturities of long-term debt		68,831			73,017
Total current liabilities		117,610			118,784

Long-term debt - less current portion		273,596			252,565
Deferred income taxes		84,030			92,547
Other long-term liabilities		499			250
Total liabilities		475,735			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 September 30, 2025 and December 31, 2024, respectively		224			224
Additional paid-in capital		41,459			41,171
Treasury stock, at cost; 1,451,586 and 581,586 shares at September 30, 2025 and December 31, 2024, respectively		(28,924	)		(13,996	)
Retained earnings		226,753			250,109
Total stockholders’ equity		239,512			277,508

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	715,247		$	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 September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
OPERATING REVENUES:
Revenue, before fuel surcharge	$	132,948		$	160,799		$	403,455		$	481,980
Fuel surcharge		17,316			21,778			53,285			66,136
Total operating revenues		150,264			182,577			456,740			548,116

OPERATING EXPENSES AND COSTS:
Salaries, wages and benefits		39,677			44,736			121,342			132,559
Operating supplies and expenses		29,115			34,982			89,529			105,002
Rent and purchased transportation		61,512			73,129			189,351			221,210
Depreciation		19,805			17,741			64,119			55,381
Insurance and claims		5,047			4,768			14,995			15,093
Other		4,822			5,121			14,806			18,052
Gain on disposition of equipment		(4,003	)		(209	)		(11,431	)		(109	)
Total operating expenses and costs		155,975			180,268			482,711			547,188

OPERATING (LOSS)/INCOME		(5,711	)		2,309			(25,971	)		928

NON-OPERATING INCOME		2,528			3,744			7,277			7,891
INTEREST EXPENSE		(4,479	)		(2,936	)		(12,553	)		(9,104	)

(LOSS)/INCOME BEFORE INCOME TAXES		(7,662	)		3,117			(31,247	)		(285	)

FEDERAL AND STATE INCOME TAX (BENEFIT)/EXPENSE:
Current		(4,315	)		9			625			68
Deferred		2,240			696			(8,516	)		(136	)
Total federal and state income tax (benefit)/expense		(2,075	)		705			(7,891	)		(68	)

NET (LOSS)/INCOME	$	(5,587	)	$	2,412		$	(23,356	)	$	(217	)

(LOSS)/EARNINGS PER COMMON SHARE:
Basic	$	(0.27	)	$	0.11		$	(1.10	)	$	(0.01	)
Diluted	$	(0.27	)	$	0.11		$	(1.10	)	$	(0.01	)

AVERAGE COMMON SHARES OUTSTANDING:
Basic		20,926			21,771			21,305			21,911
Diluted		20,926			21,825			21,305			21,911

See notes to condensed consolidated financial statements.

Table of Contents

PAMT CORP AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

	Nine Months Ended
	September 30,
	2025			2024
OPERATING ACTIVITIES:
Net loss	$	(23,356	)	$	(217	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		64,119			55,381
Bad debt expense		1,618			2,445
Stock compensation-net of excess tax benefits		325			550
Provision for deferred income taxes		(8,516	)		(136	)
Gain on marketable equity securities		(2,455	)		(3,907	)
Gain on sale or disposition of equipment		(11,431	)		(109	)
(Gain)/loss on sale of marketable equity securities		(1,308	)		108
Changes in operating assets and liabilities:
Accounts receivable		1,454			(14,264	)
Prepaid expenses, deposits, inventories, and other assets		3,371			5,631
Income taxes refundable		(245	)		-
Income taxes payable		-			(441	)
Trade accounts payable		(961	)		(463	)
Accrued expenses and other liabilities		527			(786	)
Net cash provided by operating activities		23,142			43,792

INVESTING ACTIVITIES:
Purchases of property and equipment		(21,572	)		(85,577	)
Proceeds from disposition of equipment		43,903			27,849
Sales of marketable equity securities		3,818			2,797
Purchases of marketable equity securities		(4,238	)		-
Net cash provided (used in) by investing activities		21,911			(54,931	)

FINANCING ACTIVITIES:
Borrowings under lines of credit		474,768			569,628
Repayments under lines of credit		(474,768	)		(569,628	)
Borrowings of long-term debt		30,000			11,894
Repayments of long-term debt		(59,425	)		(48,032	)
Borrowings under margin account		1,807			-
Repayments under margin account		(1,807	)		-
Repurchases of common stock		(14,928	)		(5,259	)
Net cash used in financing activities		(44,353	)		(41,397	)

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		700			(52,536	)

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

CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period	$	68,760		$	48,078

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	12,504		$	9,146
Income taxes	$	886

SEC Form 10-Q filed by PAMT CORP