P.A.M. Transportation moves incorporation to Nevada, buys land in El Paso

BusinessNorthwest Arkansas

by Talk Business & Politics staff ([email protected]) ago 0 views 

Tontitown-based P.A.M. Transportation Services Inc. announced in early November that it completed its redomestication from Delaware to Nevada, moving its articles of incorporation to the Silver State.

Delaware has long been one of the favored states for incorporation for businesses due to its friendly legal environment, but the Nevada move follows a trend by other companies that have found stronger legal protections for directors and officers in the western state.

As a result of the move, P.A.M. changed its corporate name to PAMT CORP and began trading as of Nov. 12, 2024, on the NASDAQ under the symbol “PAMT” versus its old trading symbol “PTSI.”

Each outstanding share of common stock of the company as a Delaware corporation was automatically converted into one outstanding share of common stock of the Nevada corporation.

In other notes from P.A.M.’s most recent 10-Q filing with the U.S. Securities and Exchange Commission, the transportation and logistics carrier offered additional details into its inner workings after it reported a third-quarter profit of $2.41 million, or 11 cents per share, down about 60% from a year ago. Revenue fell by 9.3% to $182.57 million from $201.5 million. Planned downtime from some of its biggest customers and impacts from hurricane weather affected results.

P.A.M. noted in its 10-Q that operating supplies and expenses decreased from 13.3% of revenues during the third quarter of 2023 to 11.7% of revenues, in part due to a reduction in repair and tire expenses, which is attributable to investments and upgrades in new equipment.

The trucking firm is expecting to further invest in its company-owned fleet. Management noted that during the remainder of 2024, it expects to purchase approximately 232 trucks and 400 trailers while continuing to sell or trade older equipment. This is expected to result in net capital expenditures of approximately $18.9 million.

P.A.M. also disclosed that it has purchased land in El Paso, Texas, a pivotal location related to its U.S.-Mexico routes. The roughly $7 million land acquisition will serve as an additional terminal for truckload operations.