PAMT CORP Announces Results for the Second Quarter Ended June 30, 2025
Operating revenues decreased 17.4% to $151.1 million for the second quarter of 2025 when compared to $182.9 million for the second quarter of 2024.
Liquidity, Capitalization, and Cash Flow
As of June 30, 2025, we had an aggregate of $177.1 million of cash, marketable equity securities, and available liquidity under our line of credit and $244.9 million of stockholders' equity. Outstanding debt was $331.2 million as of June 30, 2025, which represents a $5.7 million increase from December 31, 2024. During the first half of 2025, we generated $17.2 million in operating cash flow.
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 recent or 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
Condensed Consolidated Balance Sheets
(unaudited)
June 30,
December 31,
2025
2024
(in thousands)
ASSETS
Current Assets:
Cash and cash equivalents
$68,915
$68,060
Trade accounts receivable, net
75,683
79,967
Other receivables
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
776,040
836,490
Less: accumulated depreciation
281,194
309,272
Total property and equipment, net
494,846
527,218
Other non-current 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 taxes payable
1,774
-
Current portion of long-term debt
68,827
73,017
Total current liabilities
118,179
118,784
Long-term debt, net of 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
STOCKHOLDERS' EQUITY
Common stock
224
224
Additional paid-in capital
41,274
41,171
Treasury stock, at cost
(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
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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.
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