Company: PAMT
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001437749-25-015763
Chunk: 71

Company: PAMT CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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charges, during the first quarter of 2025. The decline was primarily driven by slower growth in the market value of our marketable equity securities as of March 31, 2025, compared to the same date in 2024, as well as a reduction in interest income recognized during the quarter ended March 31, 2025.

Interest expense increased from 2.5% of revenues, before fuel surcharges, during the first quarter of 2024 to 4.2% of revenues, before fuel surcharges, during the first quarter of 2025. The increase is attributed to the Company’s increased long-term debt from $271.6 million at March 31, 2024 to $309.2 million at March 31, 2025, coupled with an increase in interest rates as the Company’s weighted average interest rate increased from 4.45% in 2023 to 5.04% in 2024.

The truckload services division operating ratio, which measures the ratio of operating expenses, net of fuel surcharges, to operating revenues, before fuel surcharges, increased from 104.2% for the first quarter of 2024 to 110.9% for the first quarter of 2025.

RESULTS OF OPERATIONS – LOGISTICS AND BROKERAGE SERVICES

The following table sets forth, for logistics and brokerage services, the percentage relationship of expense items to operating revenues, before fuel surcharges, for the periods indicated. Brokerage service operations occur specifically in certain divisions; however, brokerage operations occur throughout the Company in similar operations having substantially similar economic characteristics.

      Three Months Ended 

      March 31, 

      2025 

      2024 

      (percentages) 

      Operating revenues, before fuel surcharge 

     100.0

     100.0

      Operating expenses: 

      Salaries, wages and benefits 

     5.9

     4.6

      Rent and purchased transportation 

     88.4

     86.1

      Other 

     3.7

     3.2

      Total operating expenses 

     98.0

     93.9

      Operating income 

     2.0

     6.1

      Non-operating income 

     -

     0.3

      Interest expense 

     (0.3
     )

     (0.5
     )

      Income before income taxes 

     1.