P.A.M. Transportation Services, Inc. Announces New Board Member and Stock Buyback Authorization
June 04 2014 - 4:49PM
P.A.M. Transportation Services, Inc. (Nasdaq:PTSI) (the "Company")
today announced that Franklin McLarty has been appointed to the
Company's board of directors and will serve on its audit committee.
With the addition of Mr. McLarty, who fills an existing vacancy on
the board, the board now consists of eight directors.
Mr. McLarty is currently the President and Chief Executive
Officer of RML Automotive (formerly RLJ McLarty Landers Automotive
Holdings) ("RML"), one of the nation's largest automotive
retailers. He is also Senior Vice President and a board
member of the McLarty Companies, a fourth-generation family
transportation business.
"Franklin brings a wealth of financial and
transportation-related experience to P.A.M.'s board. He will
provide tremendous insight and a new perspective. We are
pleased to have him," said Matthew T. Moroun, chairman of the board
of the Company.
Prior to joining RML's predecessor firm, McLarty-Landers LLC, in
2005, Mr. McLarty enjoyed a successful career in hotel oriented
private equity, including as Vice President of McKibbon Hotel Group
from 2003 to 2005 and previously as a managing director of Miami,
Florida, based hotel company, Seaway Group. He remains on
Seaway Group's advisory board. Mr. McLarty currently serves as
a board member to the Miami-based Tire Group International, LLC, an
international wholesale tire distributor. In 2007, he was
appointed by Governor Mike Beebe to the Arkansas Economic
Development Commission, and in 2009, he served as Chairman of the
commission, making him the youngest ever chair of the AEDC. He
is a board member of the Little Rock Chamber of Commerce, the
Little Rock Film Festival and Fifty for the Future, a group of
business leaders committed to attracting and retaining industry in
Central Arkansas. He received a Bachelor of Arts from the
University of Richmond and a Masters of Business Administration
from the University of Miami.
On May 29, 2014, the Company's board of directors also
authorized a new stock repurchase program under which the Company
may purchase up to 500,000 shares of the Company's common stock
from time to time through the open market in accordance with Rule
10b-18 under the Securities Exchange Act of 1934 or in privately
negotiated transactions. The board had previously authorized a
repurchase program on September 23, 2011, under which the Company
could repurchase up to 500,000 shares of its common stock. As
of May 29, 2014, 186,758 shares remained under the 2011
authorization. The current authorization replaces the 2011
repurchase program.
P.A.M. Transportation Services, Inc. is a leading truckload dry
van carrier transporting general commodities throughout the
continental United States, as well as in the Canadian provinces of
Ontario and Quebec. The Company also provides transportation
services in Mexico through its gateways in Laredo and El Paso,
Texas under agreements with Mexican carriers.
Certain information included in this document contains or may
contain "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements may relate to expected future financial
and operating results or events, and are thus prospective. Such
forward-looking statements are subject to risks, uncertainties and
other factors which could cause actual results to differ materially
from future results expressed or implied by such forward-looking
statements. Potential risks and uncertainties include, but are not
limited to, excess capacity in the trucking industry; surplus
inventories; recessionary economic cycles and downturns in
customers' business cycles; increases or rapid fluctuations in fuel
prices, interest rates, fuel taxes, tolls, license and registration
fees; the resale value of the Company's used equipment and the
price of new equipment; increases in compensation for and
difficulty in attracting and retaining qualified drivers and
owner-operators; increases in insurance premiums and deductible
amounts relating to accident, cargo, workers' compensation, health,
and other claims; unanticipated increases in the number or amount
of claims for which the Company is self insured; inability of the
Company to continue to secure acceptable financing arrangements;
seasonal factors such as harsh weather conditions that increase
operating costs; competition from trucking, rail, and intermodal
competitors including reductions in rates resulting from
competitive bidding; the ability to identify acceptable acquisition
candidates, consummate acquisitions, and integrate acquired
operations; a significant reduction in or termination of the
Company's trucking service by a key customer; and other factors,
including risk factors, included from time to time in filings made
by the Company with the Securities and Exchange Commission. The
Company undertakes no obligation to publicly update or revise
forward-looking statements, whether as a result of new information,
future events or otherwise. In light of these risks and
uncertainties, the forward-looking events and circumstances
discussed above and in company filings might not transpire.
CONTACT: P.A.M. TRANSPORTATION SERVICES, INC.
P.O. BOX 188
Tontitown, AR 72770
Allen W. West
(479) 361-9111
P A M Transport Services (NASDAQ:PTSI)
Historical Stock Chart
From Mar 2024 to Apr 2024
P A M Transport Services (NASDAQ:PTSI)
Historical Stock Chart
From Apr 2023 to Apr 2024