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<SEC-DOCUMENT>0000798287-03-000017.txt : 20031028
<SEC-HEADER>0000798287-03-000017.hdr.sgml : 20031028
<ACCEPTANCE-DATETIME>20031027181851
ACCESSION NUMBER:		0000798287-03-000017
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20031027
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20031028

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PAM TRANSPORTATION SERVICES INC
		CENTRAL INDEX KEY:			0000798287
		STANDARD INDUSTRIAL CLASSIFICATION:	TRUCKING (NO LOCAL) [4213]
		IRS NUMBER:				710633135
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15057
		FILM NUMBER:		03959344

	BUSINESS ADDRESS:	
		STREET 1:		297 WEST HENRI DE TONTI BLVD
		CITY:			TONTITOWN
		STATE:			AR
		ZIP:			72770
		BUSINESS PHONE:		4793619111

	MAIL ADDRESS:	
		STREET 1:		297 WEST HENRI DE TONTI BLVD
		CITY:			TONTITOWN
		STATE:			AR
		ZIP:			72770
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>doc1.txt
<DESCRIPTION>FORM 8-K FILED ON OCTOBER 27, 2003
<TEXT>

                           UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

                     PURSUANT TO SECTION 13 OR 15 (d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

       Date of Report (Date of earliest event reported)  October 27, 2003
                                                         ----------------

                     P.A.M. TRANSPORTATION SERVICES, INC.
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)


          Delaware                      0-15057                 71-0633135
- ----------------------------         -------------         -------------------
(State or other jurisdiction          (Commission            (I.R.S. Employer
 of incorporation)                    File Number)          Identification no.)


               297 West Henri De Tonti, Tontitown, Arkansas 72770
               --------------------------------------------------
               (Address of principal executive offices) (Zip Code)

        Registrants telephone number, including area code (479) 361-9111
                                                          --------------


                                       N/A
          -------------------------------------------------------------
          (Former name or former address, if changed since last report)

<PAGE>

Item  7.  Financial Statements and Exhibits.
- -------------------------------------------------------------------------------

         (a)   Financial Statements:  None
         (b)   Pro Forma Financial Statements:  None
         (c)   Exhibits. The following exhibits are furnished with this Report:

               99.1 Press Release of the Registrant (October 27, 2003)


Item 12.  Results of Operations and Financial Condition.
- -------------------------------------------------------------------------------
On  October  27,  2003,  P.A.M.  Transportation  Services, Inc. issued the press
release  attached  hereto  as Exhibit 99.1 and will be holding a live conference
call  to  discuss  the  press  release and other matters on Tuesday, October 28,
2003,  at  10:00 a.m. CDT. An audio replay of the conference call will be posted
on the company's web site after the meeting (www.pamt.com/investing/audio.html).
In  order  to  listen to the replay, you will need a PC that is internet enabled
and capable of playing back MP3 audio files.

The  information  herein  (including  the exhibit hereto)  and the statements by
Company  representatives during the conference call may contain "forward-looking
statements"  that are made pursuant to the safe-harbor provisions of the Private
Securities  Litigation  Reform  Act of 1995 and otherwise may be protected. Such
statements  are  made  based  on  the  current  beliefs  and expectations of the
Company's  management  and  are  subject to significant risks and uncertainties.
Actual  results may differ from those anticipated by forward-looking statements.
Please  refer to the Company's Annual Report on Form 10-K and other filings with
the  Securities  and  Exchange  Commission  for  information  concerning  risks,
uncertainties and other factors that may affect future results.



                                 SIGNATURES

Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
Registrant has duly caused this Current report on Form 8-K to  be  signed on its
behalf by the undersigned hereunto duly authorized.


                                          P.A.M. TRANSPORTATION  SERVICES,  INC.



Dated: October 27, 2003                   By: /s/ Robert  W.  Weaver
                                          -------------------------------------
                                          Robert W. Weaver
                                          President and Chief Executive Officer


<PAGE>



                              EXHIBIT INDEX

           99.1        Press release of the Registrant


<PAGE>



</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>doc2.txt
<TEXT>

Exhibit 99.1

FROM:  P.A.M. TRANSPORTATION SERVICES, INC.
P.O. BOX 188
Tontitown, AR  72770
Robert W. Weaver
(479) 361-9111

                      P.A.M. TRANSPORTATION SERVICES, INC.
                    ANNOUNCES RESULTS FOR THE THIRD QUARTER
                           ENDED SEPTEMBER 30, 2003

Tontitown,  Arkansas,  October  27,  2003  P.A.M.  Transportation Services, Inc.
(NASDAQ:  PTSI)  today  reported  net  income of $2,964,507 or diluted and basic
earnings  per  share  of  $.26  for  the  quarter  ended September 30, 2003, and
$9,828,644  or  diluted  and basic earnings per share of $.87 for the nine month
period  then ended. These results compare to net income of $3,957,465 or diluted
and  basic  earnings  per  share  of  $.35, and $12,597,067 or diluted and basic
earnings  per  share  of  $1.20, respectively, for the three and the nine months
ended September 30, 2002.

Operating revenues of $74,215,880 were reported for the third quarter of 2003, a
14.1%  increase compared to $65,033,997 for the third quarter of 2002. Operating
revenues for the nine months ended September 30, 2003 were $219,311,194, a 10.1%
increase  compared to $199,188,301 for the nine months ended September 30, 2002.
Of  these  increases,  $11,601,288 and $29,283,445, respectively, for the three-
and  nine-month  periods  ended  September 30, 2003, were the result of revenues
from entities acquired earlier in the year.

Robert  W. Weaver, President of the Company, commented, "In light of the current
economic  climate,  I  was  generally  pleased with our revenue increase for the
quarter  but  not so with the net income. Our driver recruiting results continue
to  improve  and  we  have  successfully  manned  approximately  one half of the
unmanned  units we had at the close of our second quarter. These gains in manned
units  were partially offset by a reduced rate per mile that came as a result of
a  portion  of our dedicated business experiencing rate reductions through a bid
process  and  conversion  of "local" dedicated business into long haul dedicated
service.  This  bid  process  occurs  from  time to time as customers attempt to
manage  transportation  costs  in  reaction  to  general economic pressures. The
largest  increases in expense as a percentage of revenue for the quarter were in
the  areas of insurance - Workers Compensation and health insurance. In the area
of  workers  compensation  we  expect that some of the increased expense will be
recovered over time in subrogation although we none the less have the expense to
record.  While  these expenses are intensely managed, they have increased as the
result  of  unfavorable  claims  and rising health care cost in general. We will
continue  to  emphasize  claims management in the areas of Worker's Compensation
and health insurance to mitigate the current negative trend in insurance losses.
Our  immediate  mission  is  to continue the recruiting progress for drivers and
strive  to  maintain  our current rate of revenue growth while restoring freight
rates to more acceptable levels."

P.A.M. Transportation Services, Inc. will be holding a live conference call with
certain  financial  analysts  to  discuss  the  earnings release, the results of
operations,  and  other  matters  on Tuesday, October 28, 2003 at 10:00 a.m. CDT
(Please  note  that  since  the call will begin promptly at 10:00 a.m., you will
need to join at least ten minutes prior to that time.)

The  public  will  be  able  to  listen  and  participate  in  the  conference
telephonically  by dialing (800) 915-4836. Please ask to be joined to the P.A.M.
Transportation  Services Third Quarter 2003 Earnings Release Conference call. An
audio  replay  of  the  conference call will be posted on the Company's web site
after the meeting (www.pamt.com/investing/audio.html). In order to listen to the
replay,  you will need a PC that is internet enabled and capable of playing back
MP3 audio files. The Company assumes no responsibility to update any information
posted on its Web site.

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, referred
to  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.

<TABLE>
<CAPTION>
P.A.M. Transportation Services, Inc.
and Subsidiaries
Key Financial and Operating Statistics
(unaudited)
                                            Quarter ended                Nine months ended
                                            September 30,                  September 30,
                                         2003           2002            2003           2002
                                         ----           ----            ----           ----
<S>                                 <C>            <C>             <C>            <C>
Operating revenues                   $74,215,880    $65,033,997     $219,311,194   $199,188,301
                                     -----------    -----------     ------------   ------------
Operating expenses:
 Salaries, wages and benefits         30,161,136     27,678,860       89,367,660     87,666,148
 Operating supplies                   14,287,278     13,438,346       41,158,312     38,516,822
 Rent/purchased transportation         9,276,302      1,910,491       25,867,243      7,584,483
 Depreciation/amortization             6,589,433      6,700,720       19,194,260     17,676,038
 Operating taxes and licenses          3,686,289      3,356,039       10,890,090     10,200,197
 Insurance and claims                  3,088,555      2,558,969       10,219,835      9,504,928
 Communications and utilities            624,225        444,276        1,860,526      1,703,542
 Other                                 1,171,804      1,925,501        3,381,024      3,527,197
 Loss on disposition of equipment         14,288         47,949           41,812         95,564
                                     -----------    -----------     ------------   ------------
Total operating expenses              68,899,310     58,061,151      201,980,761    176,474,919

Operating income                       5,316,570      6,972,846       17,330,433     22,713,382

Other income/(expense):
 Interest expense                       (375,373)      (377,070)      (1,059,568)    (1,718,270)
                                     -----------    -----------     ------------   ------------
Total other income/(expense)            (375,373)      (377,070)      (1,059,568)    (1,718,270)
                                     -----------    -----------     ------------   ------------
Income before income taxes             4,941,197      6,595,776       16,270,864     20,995,112
Provision for income taxes             1,976,690      2,638,311        6,442,220      8,398,045
                                     -----------    -----------     ------------   ------------
Net income                           $ 2,964,507    $ 3,957,465     $  9,828,644   $ 12,597,067
                                     ===========    ===========     ============   ============
Diluted earnings per share              $0.26          $0.35            $0.87          $1.20
                                     ===========    ===========     ============   ============
Average shares o/s - Diluted          11,326,610     11,306,778       11,330,528     10,514,705
                                     ===========    ===========     ============   ============
</TABLE>

<TABLE>
<CAPTION>
                                            Quarter ended                Nine months ended
                                            September 30,                  September 30,
Truckload Operations                     2003           2002            2003           2002
- --------------------                     ----           ----            ----           ----
<S>                                  <C>            <C>             <C>            <C>
Total miles                           59,691,172     56,380,426      175,816,877    172,363,393
Empty miles factor                          4.62%          4.34%            4.52%          4.33%
Revenue per total mile                     $1.07          $1.12            $1.08          $1.11
Total loads                               77,946         72,717          232,517        228,764
Revenue per truck per work day              $575           $598             $558           $592
Average company trucks                     1,742          1,619            1,703          1,595
Average owner operator trucks                112            136              122            139

</TABLE>

<TABLE>
<CAPTION>
                                            Quarter ended                Nine months ended
                                            September 30,                  September 30,
Logistics Operations                     2003           2002            2003           2002
- --------------------                     ----           ----            ----           ----
<S>                                 <C>            <C>              <C>            <C>
Total revenue                        $10,282,490    $ 2,101,990      $28,961,542    $ 8,170,868
Operating income                        $553,606       $(18,440)      $1,615,772        $79,496

</TABLE>


</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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