Company: PAMT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033356
Chunk: 35

Company: PAMT CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 35
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5, we accepted 870,000 shares of our common stock for purchase at $17.00 per share, at an aggregate purchase price of approximately $14.8 million, excluding fees and expenses related to the offer. The number of shares we purchased reflects our right to purchase additional shares in the tender offer up to an additional 2% of our outstanding shares. We funded the purchase of the accepted shares tendered with available cash.

We currently intend to retain our future earnings to finance our growth and do not anticipate paying cash dividends in the foreseeable future.

During the first nine months of 2025, we maintained a revolving line of credit with a borrowing limit of $60.0 million. Under this credit facility, amounts outstanding bear interest at Term SOFR plus 3.35% (7.70% at September 30, 2025), are secured by our trade accounts receivable, and mature on July 1, 2027. The credit facility also establishes an “unused fee” of 0.25% if average borrowings are less than $18.0 million. At September 30, 2025, we had no outstanding borrowings under the line of credit and approximately $0.2 million of outstanding letters of credit, with availability to borrow $59.8 million.

Prepaid expenses and deposits decreased from $11.6 million at December 31, 2024 to $8.0 million at September 30, 2025. The decrease relates to the normal amortization of items prepaid as of December 31, 2024.

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Our marketable equity securities portfolio grew $4.2 million during the first nine months of 2025 from $42.6 million at December 31, 2024 to $46.8 million at September 30, 2025. The increase was driven entirely by unrealized gains due to favorable market value changes in the underlying equity holdings.

Revenue equipment decreased from $733.2 million at December 31, 2024 to $681.7 million at September 30, 2025. The decrease is primarily due to the disposition of aging trucks and trailers during the first nine months of 2025, partially offset by purchases of new trucks and trailers during the first nine months of 2025.

During the first nine months of 2025, the Company’s current income tax position remained a net refundable asset of $2.5 million at September 30, 2025 compared a net refundable