P.A.M. Transportation Services, Inc. Announces Results for the Third Quarter Ended September 30, 2009

TONTITOWN, Ark., Oct. 28, 2009 (GLOBE NEWSWIRE) -- P.A.M. Transportation Services, Inc. (Nasdaq:PTSI) today reported net loss of $1,229,753 or diluted and basic loss per share of $0.13 for the quarter ended September 30, 2009, and net loss of $6,931,995 or diluted and basic loss per share of $0.74 for the nine month period then ended. The reported results include pre-tax write-downs of marketable equity securities in the amount of $232,544 and $1,337,545, respectively, for the three and nine months ended September 30, 2009, which increased the diluted and basic loss per share by $0.01 and $0.09, respectively. These results compare to a net loss of $3,180,856 or diluted and basic loss per share of $0.33, and net loss of $7,340,901 or diluted and basic loss per share of $0.76, respectively, for the three and nine months ended September 30, 2008. Results reported for the three and nine months ended September 30, 2008 included pre-tax write-downs of marketable equity securities in the amount of $3,241,457 and $3,814,597, respectively, which increased the diluted and basic loss per share by $0.20 and $0.24, respectively.

Operating revenues were $76,743,324 for the third quarter of 2009 compared to $105,958,070 for the third quarter of 2008. Operating revenues were $211,037,835 for the nine months ended September 30, 2009 compared to $322,708,237 for the nine months ended September 30, 2008.

Daniel H. Cushman, President of the Company, commented, "Although market conditions continue to be very challenging, PTSI is excited to demonstrate continuous improvement in the areas we needed to improve the most. I mentioned in the second quarter release the need to continue to diversify as well as expand our position in the marketplace. We feel we have done a lot to accomplish that.

"Mentioned in the previous release, PTSI has very strong Expedited, Dedicated, Regional, Random Longhaul, Logistics and Mexico service offerings. Those products have been in place. What wasn't in place was a sales and marketing team positioning us for success. During the third quarter, PTSI has added several key, strategic sales professionals. That team is now in place. These recent additions to the PTSI team are seasoned professionals with proven track records. I believe these additions will position us to grow with customers that in the past have not been aware of the strength of our portfolio of services.

"In the third quarter, we improved our utilization, and our revenue per truck per day and decreased our percentage of empty miles every single month over the previous month. Many key performance indicators are trending in a positive direction. One indicator that is deceiving is our rate per mile. Our rate per mile has decreased a bit as a result of significantly reducing the amount of freight accepted from freight brokers. Broker freight generally includes fuel surcharge in the rate, thus making the rate per mile appear more favorable than it is in reality. Freight from brokers represented almost 8% in June and was down below 2% in September. We are focused in our efforts to generate our own business.

"Like every other trucking company, we would welcome any help we could get from an improved economy. That said, we are not dependent on that happening. Our ability to penetrate the marketplace with new customers as a result of our key personnel additions will help us tremendously.

"Once again, I thank our employees for the commitment I see from them every day. Also, I want to thank the customers that have provided me the opportunity to tell the PTSI story and allow us the opportunity to participate in their business. I know that capacity is plentiful so our customers allowing us entry at this time is very generous."

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.

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; 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 update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

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



 P.A.M. Transportation Services, Inc. and Subsidiaries
 Key Financial and Operating Statistics
 (unaudited)
                       Quarter ended             Nine Months Ended
                        September 30,               September 30,
                    2009           2008         2009           2008
                ------------  ------------  ------------  ------------

 Revenue,
  before
  fuel
  surcharge     $ 67,668,041  $ 81,691,540  $190,304,673  $252,816,659
 Fuel surcharge    9,075,283    24,266,530    20,733,162    69,891,578
                ------------  ------------  ------------  ------------
                  76,743,324   105,958,070   211,037,835   322,708,237

 Operating
  expenses and
  costs:
  Salaries,
   wages and
   benefits       26,090,975    30,915,136    74,175,984    97,028,346
  Fuel expense    18,296,240    38,773,993    45,932,517   119,321,218
  Operating
   supplies and
   expenses        6,614,221     7,523,749    19,839,993    22,994,738
  Rent and
   purchased
   trans-
   portation      10,170,931    10,347,415    28,791,337    30,709,353
  Depreciation     8,336,276     9,288,736    25,716,333    27,573,905
  Operating
   taxes and
   licenses        3,193,695     3,952,960     9,736,570    12,476,083
  Insurance and
   claims          3,174,733     3,842,504     9,347,553    12,497,754
  Communications
   and utilities     649,085       656,830     1,984,885     2,224,937
  Other            1,295,659     1,232,701     3,745,197     3,734,664
  Loss on
   disposition
   of equipment      270,565       706,412       294,817       926,152
                ------------  ------------  ------------  ------------
 Total operating
  expenses and
  costs           78,092,380   107,240,436   219,565,186   329,487,150

 Operating loss   (1,349,056)   (1,282,366)   (8,527,351)   (6,778,913)

 Interest
  expense           (562,755)     (613,523)   (1,855,677)   (1,714,292)
 Non-operating
  expense           (159,546)   (3,377,474)     (826,539)   (3,596,552)
                ------------  ------------  ------------  ------------

 Loss before
  income taxes    (2,071,357)   (5,273,363)  (11,209,567)  (12,089,757)
 Income tax
  benefit           (841,604)   (2,092,507)   (4,277,572)   (4,748,856)
                ------------  ------------  ------------  ------------

 Net loss       $ (1,229,753) $ (3,180,856) $ (6,931,995) $ (7,340,901)
                ------------  ------------  ------------  ------------

 Diluted loss
  per share     $      (0.13) $      (0.33) $      (0.74) $      (0.76)
                ============  ============  ============  ============

 Average shares
  outstanding -
  Diluted          9,415,369     9,665,125     9,414,355     9,722,657
                ============  ============  ============  ============


                      Quarter ended             Nine Months Ended
 Truckload             September 30,              September 30,
  Operations        2009          2008          2009          2008
  ----------    ------------  ------------  ------------  ------------

 Total miles      47,010,122    54,346,072   130,500,948   174,019,274
 Operating
  ratio*              102.64%       101.82%       105.68%       103.31%
 Empty miles
  factor                7.59%         7.40%         8.06%         7.28%
 Revenue per
  total mile,
  before fuel
  surcharge     $       1.24  $       1.35  $       1.25  $       1.30
 Total loads          77,999        82,849       211,566       269,167
 Revenue per
  truck per work
  day           $        532  $        620  $        493  $        597
 Revenue per
  truck per
  week          $      2,660  $      3,100  $      2,465  $      2,985
 Average company
  trucks               1,680         1,931         1,701         1,973
 Average owner
  operator
  trucks                  33            40            33            46

 Logistics
  Operations
  ----------
 Total revenue  $  9,283,231  $  8,412,252  $ 27,015,765  $ 26,051,918
 Operating ratio       97.91%       99.36%         97.25%        97.17%

 -----------------------------------------------------------
 * 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.
          Larry J. Goddard
          (479) 361-9111

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