P.A.M. Transportation Services, Inc. Announces Reauthorization of Share Repurchase Program
TONTITOWN, AR / ACCESSWIRE / November 5, 2021 / P.A.M. Transportation Services, Inc. (NASDAQ:PTSI), a transportation and logistics provider, today announced that its Board of Directors has approved, effective immediately, a reauthorization to repurchase up to 500,000 shares of the Company’s common stock. The Company’s stock repurchase program has been extended and expanded several times since the original authorization in 2011, and this reauthorization acts as a replenishment of shares under the repurchase program.
“This reauthorization provides PAM with a valuable option when deciding how to best allocate capital and demonstrates the Board’s confidence in our business model and future performance,” said Joe Vitiritto, President and Chief Executive Officer of P.A.M. Transportation Services, Inc. ”
The timing of stock repurchases and the number of shares of common stock to be repurchased will depend upon prevailing market conditions and other factors. Repurchases, if any, under the program will be made at the discretion of management and will be made using the Company’s existing liquidity and free cash flow. Repurchases may be commenced or suspended from time-to-time at the Company’s discretion without prior notice and will depend upon market pricing and conditions, business, legal, accounting, and other considerations. Repurchases may be made in the open market, through 10b5-1 programs, block trades or in privately negotiated transactions. The Company’s stock repurchase program has no expiration date.
About P.A.M. Transportation Services, Inc.
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, 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, ongoing and potential future economic, business and operational disruptions and uncertainties due to the COVID-19 pandemic or other public health crises; 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, and 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; 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, tariffs, import/export, trade and immigration regulations or policies; 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 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.
FROM: P.A.M. TRANSPORTATION SERVICES, INC.
P.O. BOX 188
Tontitown, AR 72770
Allen W. West
SOURCE: P.A.M. Transportation Services, Inc.
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