PAMT CORP — Director's Dealing 2003

Oct 7, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: PAM TRANSPORTATION SERVICES INC (PTSI)
CIK: 0000798287
Period of Report: 2003-10-03

Reporting Person: CALDERONE FREDERICK P (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-10-03	Common Stock	M	500	$8.625	Acquired	500	Direct
2003-10-03	Common Stock	S	500	$21	Disposed		Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-10-03	Director Stock Option (right to buy)	$8.625	M	500	Disposed	2004-03-02	Common Stock (500)	Direct

Footnotes

F1: No price is entered here as this is a director stock option