<SEC-DOCUMENT>0001683168-22-000064.txt : 20220204
<SEC-HEADER>0001683168-22-000064.hdr.sgml : 20220204
<ACCEPTANCE-DATETIME>20220104171540
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001683168-22-000064
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220104

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><B>&nbsp;<IMG SRC="image_001.jpg" ALT=""></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 4, 2022</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><I>VIA EDGAR TRANSMISSION </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Office of Energy &amp; Transportation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 20pt; text-align: left"><FONT STYLE="text-transform: none">Re:</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: none">P.A.M. Transportation Services,
Inc.</FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Form 10-K for the Fiscal Year Ended December 31,
2020</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Filed March 5, 2021</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><FONT STYLE="text-transform: none">File
No.</FONT> 000-15057</TD></TR>
     </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 63.35pt; text-transform: uppercase"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is the response of P.A.M. Transportation
Services, Inc. (&ldquo;P.A.M.&rdquo; or the &ldquo;Company&rdquo;) to the comment contained in the letter from the Office of Energy &amp;
Transportation (the &ldquo;Staff&rdquo;) to Mr. Allen W. West, dated December 20, 2021. For convenient reference, this response letter
duplicates the text of the enumerated Staff comment, as well as the headings contained in the Staff&rsquo;s letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Form 10-K for the Fiscal Year Ended December 31, 2020</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Selected Financial Data, page 21</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 22.3pt"><I>1.</I></TD><TD STYLE="text-align: justify"><I>We note your response to our prior comment indicates that you will provide clarifying disclosures regarding
your metrics in future filings. Please provide us with your proposed revised disclosures based on the metrics provided in the Form 10-K
for the fiscal year ended December 31, 2020.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -22.5pt"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B><U>Response:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Below are the Company&rsquo;s
proposed revised disclosures based on the metrics provided in the Form 10-K for the fiscal year ended December 31, 2020, as specifically
noted in the Staff&rsquo;s initial comment dated November 30, 2021. Specifically, the Company proposes to supplement the Selected Financial
Data table and footnotes in the Form 10-K to include the additional operating data and footnote disclosures marked as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; font-weight: bold; text-indent: -5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="19" STYLE="text-align: center"><B>Year Ended December 31,</B></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5pt; font-weight: bold; text-indent: -5pt">Operating Data:</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2020</B></TD><TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2019</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2018</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2017</B></TD><TD STYLE="padding-bottom: 1pt; text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center"><B>2016</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; width: 35%; text-align: left; text-indent: -5pt"><U>Operating revenues, before fuel surcharge, for
    truckload services</U></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right"><U>337,529</U></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right"><U>363,593</U></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right"><U>356,569</U></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right"><U>322,425</U></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right"><U>338,323</U></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt"><U>Operating revenues, before fuel surcharge, for brokerage and
    logistics services</U></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><U>101,458</U></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><U>75,918</U></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><U>89,286</U></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><U>51,098</U></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><U>44,413</U></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Operating ratio (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92.3%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97.1%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90.7%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96.6%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94.8%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-indent: -5pt">Average number of truckloads per week</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,859</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,405</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,827</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-indent: -5pt">Average miles per trip</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">553</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">499</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">635</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">684</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Total miles traveled (in thousands)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">213,048</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">222,738</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">229,392</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237,266</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt"><U>Average trucks in fleet (2)</U></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><U>2,003</U></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><U>2,075</U></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><U>1,901</U></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><U>1,835</U></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><U>1,891</U></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-indent: -5pt">Average miles per truck</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,532</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,674</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,169</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,009</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">125,471</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Average revenue, before fuel surcharge per truck per day <U>(3)</U></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">863</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">834</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">923</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">805</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Average revenue, before fuel surcharge per loaded mile <U>(4)</U></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.91</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.84</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.71</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.51</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.53</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Empty mile factor</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.8%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.3%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.3%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8%</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8%</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-indent: -5pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; font-weight: bold; text-indent: -5pt">At end of period:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Total company-owned/leased trucks (5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,130</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,031</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,721</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,855</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Average age of company-owned trucks (in years)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.44</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.49</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.49</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Total company-owned/leased trailers (6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,220</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,397</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,699</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(238,238,238)">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Average age of company-owned trailers (in years)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.92</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.54</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.71</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5pt; text-align: left; text-indent: -5pt">Number of employees and independent contract drivers</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,996</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,242</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,969</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,216</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">____________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">Total operating expenses, net of fuel surcharge as a percentage
of operating revenues, before fuel surcharge.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD STYLE="text-align: justify"><U>Calculated as the average
                                            of the number of trucks in the fleet during each day within the period, including independent
                                            contractor trucks.</U></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(3)</TD><TD STYLE="text-align: justify"><U>Consists of total operating
                                            revenues, before fuel surcharge, divided by average trucks in fleet, and further divided
                                            by 254 work days in each year, which excludes weekends, federal holidays and February 29
                                            in leap years.</U></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(4)</TD><TD STYLE="text-align: justify"><U>Consists of total operating
                                            revenues, before fuel surcharge, for truckload services, divided by total miles traveled,
                                            net of empty miles.</U></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(5)</TD><TD STYLE="text-align: justify">Includes the following numbers of independent contractor trucks:
355 in 2020, 553 in 2019, 597 in 2018, 560 in 2017, and 578 in 2016.</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(6)</TD><TD STYLE="text-align: justify">Includes the following numbers of leased trailers: 0 in 2020,
56 in 2019, 43 in 2018, zero in 2017, and 232 in 2016.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have any questions or require further information,
please do not hesitate to contact me at<BR>
(479) 361-5409.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>/s/ Allen W. West</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Allen W. West</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 2pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">cc:</TD><TD STYLE="text-align: justify"><U>Via E-mail</U></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Courtney C. Crouch, III, Esq.</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Mitchell, Williams, Selig, Gates &amp; Woodyard,
P.L.L.C.</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Jason M. Butler, Partner</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Grant Thornton</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !S 4\# 2(  A$! Q$!_\0
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MG_?J3_XFO'-WA_\ Z"WAK_P NJ,^'?\ H*^&_P#P"NZ.>'</JM?^1_<SV/\
MX6?X/_Z#*?\ ?J3_ .)H_P"%G^#_ /H,I_WZD_\ B:\<SX;[ZGX<_P# 2\_Q
MH_XIKOJ7AW_P&O?\:.>'</JM?^1_<SV/_A9_@_\ Z#*?]^I/_B:/^%G^#_\
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M_P"@EIO_ 'W=_P#Q%'/#N'U6O_(_N9['_P +/\'_ /093_OU)_\ $T?\+/\
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M>N ?S/M7L?\ 8VE_] VS_P"_"_X5K"@YQO<\_%YO2P]5TE&]O0^3-D']V/\
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M'\'('WC^@/K7B5/2.20XCCD<GLJD_P JUK#PCXCU0@66A:A,#_%Y#*OYG H
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M/_GT@_[]BC[#9_\ /K!_W[% 'C:^)H#_ ,O\_P#X 6]2KXC@/_+]+_X+X/\
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M(GNO53CY4_X"/U)H!G:@!0 !@#H!2T44""BBB@ HHHH **** "BBB@ HHHH
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4* "BBB@ HHHH **** "BBB@#_]D!

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