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PAMT
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PAMT CORP Announces Results for the Fourth Quarter and Year Ended December 31, 2024

1. PAMT reported a consolidated net loss of $31.6 million in Q4 2024. 2. Revenue decreased by 7.6% to $166.5 million for Q4 2024. 3. Adjusted operating loss was $6.6 million, excluding significant charges. 4. The company increased debt by $63.9 million for revenue equipment acquisitions. 5. Adjusted loss per share for Q4 2024 was $0.36.

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PAMT's significant net loss and revenue decline can weaken investor confidence; previous losses have negatively affected stock prices.

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The article directly impacts PAMT's financial outlook and market perception, likely influencing trading decisions.

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Persistent losses may prompt reevaluation of business viability, needing time to rebuild stakeholder trust.

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PAMT
TONTITOWN, Ark.--(BUSINESS WIRE)--PAMT CORP (NASDAQ: PAMT) (“we” or the “Company”) today reported consolidated net loss of $31.6 million, or diluted and basic loss per share of $1.45, for the quarter ended December 31, 2024 and consolidated net loss of $31.8 million, or diluted and basic loss per share of $1.45, for the year ended December 31, 2024. These results compare to consolidated net loss of $2.2 million, or diluted and basic loss per share of $0.10, for the quarter ended December 31, 2023, and consolidated net income of $18.4 million, or diluted and basic earnings per share of $0.83, for the year ended December 31, 2023. The Company made a change in accounting estimates related to salvage values and useful lives for revenue equipment during the quarter ended December 31, 2024 that increased depreciation by approximately $24.7 million. In addition, an impairment charge of $6.4 million was recorded to align the carrying value of revenue equipment to market values of used equipment, which have declined throughout 2024. Excluding the negative impact of these one-time non-cash charges, adjusted (non-GAAP) operating loss was $6.6 million(1) and adjusted (non-GAAP) net loss was $7.8 million(1), or adjusted (non-GAAP) diluted and basic loss per share of $0.36(1) for the quarter ended December 31, 2024. Consolidated operating revenues decreased 7.6% to $166.5 million for the fourth quarter of 2024 compared to $180.2 million for the fourth quarter of 2023. For the year ended December 31, 2024, consolidated operating revenues decreased 11.9% to $714.6 million compared to $810.8 million for the year ended December 31, 2023. (1) Calculation of this non-GAAP financial measure and a reconciliation to the most directly comparable GAAP measure are included in the schedules accompanying this release. Liquidity, Capitalization, and Cash Flow As of December 31, 2024, we had an aggregate of $170.5 million of cash, marketable equity securities, and available liquidity under our line of credit and $277.5 million of stockholders’ equity. Outstanding debt was $325.6 million as of December 31, 2024, which represents a $63.9 million increase from December 31, 2023. This increase in debt was primarily driven by the addition of approximately $163.0 million in revenue equipment during the year. During 2024, we generated $59.0 million in operating cash flow. Non-GAAP Financial Measures In addition to our results under United States generally accepted accounting principles (GAAP), this press release also includes non-GAAP financial measures termed adjusted operating (loss) income, adjusted operating ratio, adjusted net (loss) income and adjusted diluted (loss) earnings per share. The Company defines adjusted operating (loss) income, adjusted operating ratio, adjusted net (loss) income and adjusted diluted (loss) earnings per share as GAAP operating (loss) income, GAAP operating ratio, GAAP net (loss) income and GAAP diluted (loss) earnings per share, respectively, excluding certain significant items, such as depreciation and impairment charges, and any tax impact associated with such items. Management believes that reporting adjusted operating (loss) income, adjusted operating ratio, adjusted net (loss) income and adjusted diluted (loss) earnings per share more clearly reflects the Company’s current operating results and provides investors with a better understanding of the Company’s overall financial performance. Management also believes that adjusted operating ratio is more representative of our operations when excluding the volatility of fuel prices, which we cannot control. In addition, the adjusted results, although not a financial measure under GAAP, may facilitate the ability to analyze the Company’s financial results in relation to those of its competitors and to the Company’s prior financial performance by excluding items which otherwise would distort the comparison. However, because not all companies use identical calculations, the Company's presentation of these measures may not be comparable to similarly titled measures of other companies. Adjusted operating (loss) income, adjusted operating ratio, adjusted net (loss) income and adjusted diluted (loss) earnings per share are not recognized terms under GAAP, do not purport to be alternatives to, and should be considered in addition to, and not as a substitute for or superior to, operating (loss) income, operating ratio, net (loss) income and diluted (loss) earnings per share, respectively, as defined under GAAP. Pursuant to the requirements of Regulation G, we have provided a tabular reconciliation of GAAP operating (loss) income and operating ratio to adjusted operating (loss) income and adjusted operating ratio, GAAP net (loss) income to adjusted net (loss) income and GAAP diluted (loss) earnings per share to adjusted diluted (loss) earnings per share in this press release. About PAMT CORP PAMT CORP is a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities throughout the continental United States, as well as in the Canadian provinces of Ontario and Quebec. The Company’s consolidated operating subsidiaries also provide transportation services in Mexico through its gateways in Laredo and El Paso, Texas, under agreements with Mexican carriers. Forward-Looking Statements 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, prospects, plans 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; general inflation, recessionary economic cycles and downturns in customers' business cycles; a significant reduction in or termination of the Company's trucking service by a key customer, including as a result of future labor or international trade disruptions; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, and license and registration fees; potential economic, business or operational disruptions or uncertainties that may result from any future public health crises; the resale value of the Company's used equipment; the price and availability of new equipment consistent with anticipated acquisitions and replacement plans; 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; 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; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of pending or future litigation; general risks associated with doing business in Mexico, including, without limitation, exchange rate fluctuations, inflation, import duties, tariffs, quotas, political and economic instability and terrorism; the potential impact of new laws, regulations or policy, including, without limitation, rules regarding the classification of independent contractors as employees, tariffs, import/export, trade and immigration regulations or policies; 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 due to new information, future events or otherwise. Considering these risks and uncertainties, the forward-looking events and circumstances discussed above and in company filings might not transpire.       PAMT CORP and Subsidiaries Key Financial and Operating Statistics (unaudited) Quarter Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 (in thousands, except earnings per share) (in thousands, except earnings per share) Revenue, before fuel surcharge $147,035 $156,229 $629,015 $706,114 Fuel surcharge 19,495 23,939 85,631 104,693 Operating Revenue 166,530 180,168 714,646 810,807 Operating expenses and costs: Salaries, wages and benefits 41,933 44,084 174,491 186,223 Operating supplies and expenses 31,973 36,939 136,975 160,527 Rent and purchased transportation 68,182 71,627 289,393 315,647 Depreciation 43,883 16,800 99,264 64,605 Impairment Loss 6,406 - 6,406 - Insurance and claims 4,642 5,564 19,778 30,769 Other 6,328 5,833 24,338 23,769 Loss (gain) on disposition of equipment 875 132 766 (1,043 ) Total operating expenses and costs 204,222 180,979 751,411 780,497 Operating (loss) income (37,692 ) (811 ) (36,765 ) 30,310 Interest expense (4,136 ) (2,611 ) (13,240 ) (9,177 ) Non-operating income 567 3,716 8,459 7,446 (Loss) income before income taxes (41,261 ) 294 (41,546 ) 28,579 Income tax benefit/(expense) 9,683 (2,525 ) 9,751 (10,163 ) Net (loss) income ($31,578 ) ($2,231 ) ($31,795 ) $18,416 Diluted (loss) earnings per share ($1.45 ) ($0.10 ) ($1.45 ) $0.83 Average shares outstanding – Diluted 21,783 22,021 21,878 22,197   Quarter Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Truckload Operations Total miles (in thousands) (1) 42,243 41,207 178,640 189,512 Operating ratio (2) 137.5 % 103.7 % 111.2 % 97.7 % Empty miles factor (1) 9.7 % 9.2 % 9.2 % 9.0 % Revenue per total mile, before fuel surcharge(1) $2.10 $2.15 $2.10 $2.17 Total loads 93,778 94,776 400,018 411,548 Revenue per truck per workday $720 $744 $723 $772 Revenue per truck per week $3,600 $3,722 $3,615 $3,861 Average company-driver trucks 1,754 1,938 1,822 2,014 Average owner operator trucks 510 299 467 345 Logistics Operations Total revenue (in thousands) $44,403 $52,993 $207,020 $245,196 Operating ratio 98.3 % 94.3 % 94.9 % 91.9 %         PAMT CORP and Subsidiaries Condensed Consolidated Balance Sheets (unaudited) December 31, December 31, 2024 2023 (in thousands) ASSETS Current assets Cash and cash equivalents $68,060 $100,614 Trade accounts receivable, net 79,967 80,604 Other receivables 4,854 7,203 Inventories 2,433 2,321 Prepaid expenses and deposits 11,555 13,213 Marketable equity securities 42,620 43,203 Income taxes refundable 2,281 3,883 Total current assets 211,770 251,041 Property and equipment 842,896 771,131 Less: accumulated depreciation 309,272 266,412 Less: impairment 6,406 - Total property and equipment, net 527,218 504,719 Other non-current assets 2,666 4,697 Total assets $741,654 $760,457 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $31,198 $62,652 Accrued expenses and other liabilities 14,569 16,799 Current portion of long-term debt 73,017 57,645 Total current liabilities 118,784 137,096 Long-term debt, net of current portion 252,565 204,064 Deferred income taxes 92,547 104,331 Other long-term liabilities 250 750 Total liabilities 464,146 446,241 STOCKHOLDERS’ EQUITY Common stock 224 223 Additional paid-in capital 41,171 40,825 Treasury stock, at cost (13,996 ) (8,736 ) Retained earnings 250,109 281,904 Total stockholders’ equity 277,508 314,216 Total liabilities and stockholders’ equity $741,654 $760,457         PAMT CORP and Subsidiaries Reconciliation of GAAP Measures to Non-GAAP Measures (unaudited) Adjusted Operating (Loss) Income and Adjusted Operating Ratio Quarter Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 (Dollars in thousands) (Dollars in thousands) GAAP Presentation Total operating revenue $166,530 $180,168 $714,646 $810,807 Total operating expenses (204,223 ) (180,979 ) (751,411 ) (780,497 ) Operating (loss) income ($37,693 ) ($811 ) ($36,765 ) $30,310 Operating ratio 122.6 % 100.4 % 105.1 % 96.3 % Non-GAAP Presentation Total operating revenue $166,530 $180,168 $714,646 $810,807 Fuel surcharge (19,495 ) (23,939 ) (85,631 ) (104,693 ) Revenue, excluding fuel surcharge 147,035 156,229 629,015 706,114 Total operating expenses 204,223 180,979 751,411 780,497 Less: fuel surcharge (19,495 ) (23,939 ) (85,631 ) (104,693 ) Less: impairment loss (6,406 ) - (6,406 ) - Less: change in accounting estimates - depreciation charge (24,691 ) - (24,691 ) - Adjusted operating expenses 153,631 157,040 634,683 675,804 Adjusted operating (loss) income ($6,596 ) ($811 ) ($5,668 ) $30,310 Adjusted operating ratio 104.5 % 100.5 % 100.9 % 95.7 %         PAMT CORP and Subsidiaries Reconciliation of GAAP Measures to Non-GAAP Measures (unaudited) Reconciliation of Net (Loss) Income to Adjusted Net (Loss) Income Quarter Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 (in thousands) (in thousands) Net (loss) income (GAAP) ($31,578 ) ($2,231 ) ($31,795 ) $18,416 Adjustments: Impairment charge 6,406 - 6,406 - Change in accounting estimates - depreciation charge 24,691 - 24,691 - Tax benefit of adjustment (3) (7,298 ) - (7,298 ) - Adjusted net (loss) income (non-GAAP) ($7,779 ) ($2,231 ) ($7,996 ) $18,416         PAMT CORP and Subsidiaries Reconciliation of GAAP Measures to Non-GAAP Measures (unaudited) Reconciliation of Diluted (Loss) Earnings Per Share to Adjusted Diluted (Loss) Earnings Per Share Quarter Ended December 31, Twelve Months Ended December 31, 2024 2023 2024 2023 Diluted (loss) earnings per share (GAAP) ($1.45 ) ($0.10 ) ($1.45 ) $0.83 Adjustments: Impairment charge 0.29 - 0.29 - Change in accounting estimates - depreciation charge 1.13 - 1.13 - Tax benefit of adjustment (3) (0.33 ) - (0.34 ) - Adjusted diluted (loss) earnings per share (non-GAAP) ($0.36 ) ($0.10 ) ($0.37 ) $0.83 _______________________________________ 1) Excludes miles driven by third party power only carriers. 2) The Truckload Operations 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. 3) The tax benefit is calculated using the effective tax rates for each respective period prior to any adjustments for non-GAAP amounts.    

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