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<SEC-DOCUMENT>0000798287-04-000002.txt : 20040225
<SEC-HEADER>0000798287-04-000002.hdr.sgml : 20040225
<ACCEPTANCE-DATETIME>20040224204718
ACCESSION NUMBER:		0000798287-04-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040224
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040225

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:		04626009

	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 FEBRUARY 25, 2004
<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)  February 24, 2004
                                                         -----------------

                     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 (February 24, 2004)


Item 12.  Results of Operations and Financial Condition.
- -------------------------------------------------------------------------------
On  February 24,  2004,  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 Wednesday, February 25,
2004,  at  10:00 a.m. CST. 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: February 24, 2004                   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 FOURTH QUARTER
                            ENDED DECEMBER 31, 2003

Tontitown,  Arkansas, February 24, 2004.....P.A.M. Transportation Services, Inc.
(NASDAQ:  PTSI)  today  reported  net  income of $1,771,206 or diluted and basic
earnings  per  share  of  $.16  for  the  quarter  ended  December 31, 2003, and
$11,599,851  or  diluted  earnings per share of $1.02 ($1.03 basic) for the year
ended  December  31,  2003. These results compare to net income of $3,995,940 or
diluted  and  basic  earnings  per  share  of  $.35,  and $16,593,007 or diluted
earnings  per  share  of  $1.55 ($1.56 basic), respectively, for the quarter and
year ended December 31, 2002.

Operating  revenues of $74,235,660 were reported for the fourth quarter of 2003,
a  14.5%  increase  compared  to  $64,823,623  for  the  fourth quarter of 2002.
Operating  revenues  for  the year ended December 31, 2003 were $293,546,854, an
11.2% increase compared to $264,011,924 for the year ended December 31, 2002. Of
these  increases,  $11,453,333 and $40,736,778, respectively, for the three- and
twelve-month  periods  ended December 31, 2003, were the result of revenues from
entities acquired earlier in the year.

Robert W. Weaver, President of the Company, commented, "Although our results for
the quarter ended December 31, 2003 were disappointing, they were not unexpected
for  the  most  part due to the occurrences that developed in the third quarter.
Revenue  growth  of  14.5%  was  somewhat satisfying due to slightly more growth
being derived from the truck side rather than logistics. Positive signs are more
apparent  when  comparisons  are  made  from  third quarter 2003 results in that
revenue per total mile is up slightly reflecting the implementation of some rate
increases  becoming  effective in the fourth quarter. Rate negotiations continue
to  be  a  work  in  process  with more success in the non-dedicated side of the
business. We will continue to work with all aspects of the business to realize a
reasonable return for our services.

Revenue  per  truck showed a more significant increase due to a larger number of
manned  trucks  resulting  from  successful recruiting efforts. From the expense
side,  we received the remainder of the 2003 new truck purchases which increased
our depreciation expense slightly.

Maintenance  expense  showed  a  significant increase due to the large number of
used  trucks  prepared  to  meet the trade terms specified by the manufacturers.

We  also successfully re-entered the workers compensation self insured market as
of  December 1, 2003. We have seen significant reductions in our current workers
compensation  expense  although  we  continue  to incur high expenses from older
claims.

We believe our largest challenge is to return freight rates to acceptable levels
and have much emphasis on that area. At the same time we will continue to manage
our  expenses  and  resources  to  the  best  interest  of  our  stockholders."

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 Wednesday, February 25, 2004 at 10:00 a.m. CST
(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 call
telephonically  by dialing (800) 915-4836. Please ask to be joined to the P.A.M.
Transportation  Services Fourth Quarter and Year End 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 an internet enabled PC 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                   Year ended
                                             December 31,                   December 31,
                                         2003           2002            2003           2002
                                         ----           ----            ----           ----
<S>                                 <C>            <C>             <C>            <C>
Operating revenues                   $74,235,660    $64,823,623     $293,546,854   $264,011,924
                                     -----------    -----------     ------------   ------------
Operating expenses:
 Salaries, wages and benefits         29,670,165     27,765,769      119,037,826    115,431,917
 Operating supplies                   14,591,376     12,644,176       55,749,688     51,160,998
 Rent/purchased transportation         9,419,259      2,195,649       35,286,502      9,780,133
 Depreciation/amortization             7,407,085      7,039,036       26,601,345     24,715,074
 Operating taxes and licenses          3,819,610      3,266,448       14,709,700     13,466,645
 Insurance and claims                  3,407,748      3,281,478       13,627,583     12,786,406
 Communications and utilities            679,464        580,196        2,539,989      2,283,738
 Other                                 1,374,365      1,092,364        4,755,388      4,619,561
 Loss on disposition of equipment        326,426         31,818          368,238        127,382
                                     -----------    -----------     ------------   ------------
Total operating expenses              70,695,498     57,896,934      272,676,259    234,371,854

Operating income                       3,540,162      6,926,689       20,870,595     29,640,070

Other income/(expense):
 Interest expense                       (331,136)      (266,585)      (1,390,704)    (1,984,854)
                                     -----------    -----------     ------------   ------------
Total other income/(expense)            (331,136)      (266,585)      (1,390,704)    (1,984,854)
                                     -----------    -----------     ------------   ------------
Income before income taxes             3,209,026      6,660,104       19,479,891     27,655,216
Provision for income taxes             1,437,820      2,664,164        7,880,040     11,062,209
                                     -----------    -----------     ------------   ------------
Net income                           $ 1,771,206    $ 3,995,940     $ 11,599,851   $ 16,593,007
                                     ===========    ===========     ============   ============
Diluted earnings per share              $0.16          $0.35            $1.02          $1.55
                                     ===========    ===========     ============   ============
Average shares o/s - Diluted          11,323,259     11,307,750       11,325,544     10,714,677
                                     ===========    ===========     ============   ============
</TABLE>

<TABLE>
<CAPTION>
                                            Quarter ended                   Year ended
                                             December 31,                   December 31,
Truckload Operations                     2003           2002            2003           2002
- --------------------                     ----           ----            ----           ----
<S>                                  <C>            <C>             <C>            <C>
Total miles                           59,665,602     56,625,404      235,482,479    228,988,797
Empty miles factor                          4.64%          3.66%            4.59%          4.17%
Revenue per total mile                     $1.08          $1.10            $1.08          $1.11
Total loads                               79,958         74,378          312,475        303,142
Revenue per truck per work day              $595           $611             $567           $596
Average company trucks                     1,789          1,636            1,723          1,605
Average owner operator trucks                104            129              118            137

</TABLE>

<TABLE>
<CAPTION>
                                            Quarter ended                   Year ended
                                             December 31,                   December 31,
Logistics Operations                     2003           2002            2003           2002
- --------------------                     ----           ----            ----           ----
<S>                                  <C>           <C>              <C>            <C>
Total revenue                         $9,992,071    $ 2,301,186      $38,955,016    $10,472,054
Operating income                        $395,945      $(122,935)      $1,838,600       $(43,440)

</TABLE>


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