Company: PAMT
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001437749-25-015763
Chunk: 22

Company: PAMT CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 During the quarter ended  March 31, 2025, the Company incurred $2.5 million of depreciation expense for these assets.

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   The Company leases dock space to a related party at our Laredo, Texas, terminal. The dock space is depreciated in conjunction with the structures and improvements for the entire Laredo terminal on a straight-line basis over the estimated useful life of the assets. Lease income is recorded as a component of non-operating income in our condensed consolidated statements of operations.

   Lease Receivables
    
   Future minimum operating lease payments receivable at  March 31, 2025:

       (in thousands)  
     
 2025 (remaining)  $8,334 
 2026   7,625 
 2027   325 
 2028 and thereafter   - 
 Total future minimum lease payments receivable  $16,284 

   NOTE N: NONCASH INVESTING AND FINANCING ACTIVITIES
   The Company did not finance any equipment purchases during the first three months of 2025 utilizing noncash financing.

   NOTE O: SUBSEQUENT EVENTS 
   On  April 3, 2025, the Company commenced a tender offer to repurchase up to 435,000 shares of the Company’s outstanding common stock at a price of not greater than $17.00 nor less than $14.00 per share. On  April 11, 2025, the Company amended the terms of the tender offer to increase the minimum purchase price for shares purchased in the tender offer to $14.50 per share. Following the expiration of the tender offer on  May 1, 2025, the Company accepted 870,000 shares of its 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 purchased by the Company reflects the Company's right to purchase additional shares in the tender offer up to an additional 2% of its outstanding shares. The Company funded the purchase of the accepted shares tendered with available cash and will account for the repurchase of these shares as treasury stock on the Company’s condensed consolidated balance sheet as of  June 30, 2025.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

FORWARD-LOOKING INFORMATION