Company: PAMT
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001437749-25-015763
Chunk: 6

Company: PAMT CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 6
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9,191)  (677)
         
 NON-OPERATING INCOME   2,485   3,938 
 INTEREST EXPENSE   (4,042)  (2,883)
         
 (LOSS)/INCOME BEFORE INCOME TAXES   (10,748)  378 
         
 FEDERAL AND STATE INCOME TAX (BENEFIT)/ EXPENSE:         
 Current   8,698   105 
 Deferred   (11,304)  (8)
 Total federal and state income tax (benefit)/expense   (2,606)  97 
         
 NET (LOSS)/INCOME  $(8,142) $281 
         
 (LOSS)/INCOME PER COMMON SHARE:         
 Basic  $(0.37) $0.01 
 Diluted  $(0.37) $0.01 
         
 AVERAGE COMMON SHARES OUTSTANDING:         
 Basic   21,787   22,031 
 Diluted   21,787   22,127 

See notes to condensed consolidated financial statements.

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PAMT CORP AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

      Three Months Ended  
   March 31,  
   2025    2024  
 OPERATING ACTIVITIES:         
 Net (loss)/income  $(8,142) $281 
 Adjustments to reconcile net income to net cash provided by operating activities:         
 Depreciation   22,595   18,935 
 Bad debt expense   363   1,967 
 Stock compensation-net of excess tax benefits   266   192 
 Benefit for deferred income taxes   (11,304)  (8)
 Recognized (gain) on marketable equity securities   (1,313)  (2,586)
 (Gain)/loss on sale or disposition of equipment   (3,014)  240 
 Changes in operating assets and liabilities:         
 Accounts receivable   (4,572)  (13,253)
 Prepaid expenses, deposits, inventories, and other assets   1,203   3,698 
 Income taxes payable   8,698