Company: PAMT
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001437749-25-025711
Chunk: 74

Company: PAMT CORP
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 1
Chunk 74
---
     (4.0
     )

     0.0

      Total operating expenses 

     112.5

     103.7

     111.7

     103.9

      Operating loss 

     (12.5
     )

     (3.7
     )

     (11.7
     )

     (3.9
     )

      Non-operating income 

     2.4

     0.1

     2.5

     1.8

      Interest expense 

     (4.2
     )

     (2.9
     )

     (4.2
     )

     (2.7
     )

      Loss before income taxes 

     (14.3
     )

     (6.5
     )

     (13.4
     )

     (4.8
     )

THREE MONTHS ENDED JUNE 30, 2025 VS. THREE MONTHS ENDED JUNE 30, 2024

During the second quarter of 2025, truckload services revenue, before fuel surcharges, decreased 12.9% to $92.8 million as compared to $106.6 million during the second quarter of 2024. The decrease relates primarily to an 11.9% decrease in total miles travelled from 45.8 million for the second quarter of 2024 to 40.4 million for the second quarter of 2025 and to a 2.4% decrease in our rate per mile, from $2.09 for the second quarter of 2024 to $2.04 for the second quarter of 2025. The reduction in total miles was primarily driven by a 10.7% reduction in the average number of trucks operated while the average miles driven by each truck for the second quarter of 2025 compared to the second quarter of 2024 remained relatively flat. The reduction in truck count and miles is a result of the ongoing freight recession, characterized by an oversupply of available trucks in the market compared to available freight.

Salaries, wages and benefits increased from 38.6% of revenues, before fuel surcharges, in the second quarter of 2024 to 41.7% of revenues, before fuel surcharges, during the second quarter of 2025. The percentage-based increase relates primarily to the interaction of a decrease in operating revenues with the fixed-cost nature of employing human capital.

Operating supplies and expenses