SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1(b)(c) and (d) and AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(b)
(Amendment No. 1)1
PAM Transportation Services, Inc.
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(Name of Issuer)
Common Stock, $.01 par value
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(Title of Class of Securities)
693149106
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(CUSIP Number)
December 31, 2003
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(Date of Event Which Requires Filing of this Statement)
Check appropriate box to designate the rule pursuant to which this Schedule is
filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
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1The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP NO. 693149106 Page 2 of 6 Pages
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1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON (ENTITIES ONLY)
Neil Gagnon
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A
GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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5 SOLE VOTING POWER
223,403
NUMBER OF ---------------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 130,830
EACH ---------------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 222,403
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8 SHARED DISPOSITIVE POWER
469,031
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON
691,434
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES* [ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.1%
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12 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
Item 1(a) Name of Issuer:
PAM Transportation Services, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
297 West Henri De Tonti
Tontitown, Arkansas 72770
Item 2(a) Name of Person Filing:
Neil Gagnon
Item 2(b) Address of Principal Business Office or, if none, Residence:
1370 Avenue of the Americas
Suite 2002
New York, NY 10019
Item 2(c) Citizenship:
United States of America
Item 2(d) Title of Class of Securities:
Common Shares, par value $.01 per share
Item 2(e) CUSIP Number:
693149106
Item 3 If this Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
or (c), Check Whether the Person Filing is a:
Not Applicable
Item 4 Ownership.
Item 4(a) Amount Beneficially Owned:
As of December 31, 2003, Neil Gagnon beneficially owned 691,434 shares of
Common Stock of PAM Transportation Services, Inc., which amount includes (i)
149,955 shares beneficially owned by Mr. Gagnon over which he has sole voting
and sole dispositive power; (ii) 1,000 shares beneficially owned by Mr. Gagnon
over which he has sole voting and shared dispositive power; (iii)
79,845 shares beneficially owned by Lois Gagnon, Mr. Gagnon's wife, over which
he has shared voting and shared dispositive power; (iv) 135 shares held by Mr.
Gagnon and Mrs. Gagnon as Joint Tenants with Rights of Survivorship, over which
he has shared voting and shared dispositive power; (v) 26,685 shares held by the
Lois E. and Neil E. Gagnon Foundation (the "Foundation"), of which Mr. Gagnon is
a trustee and over which he has shared voting and shared dispositive power; (vi)
24,165 shares held by the Gagnon Family Limited Partnership (the "Partnership")
of which Mr. Gagnon is a partner and over which he has shared voting and shared
dispositive power; (vii) 23,245 shares held by the Gagnon Grandchildren Trust
(the "Trust") over which Mr. Gagnon has shared dispositive but no voting power;
(viii) 71,923 shares held by a hedge fund (of which Mr. Gagnon is the principal)
over which Mr. Gagnon has sole dispositive and sole voting power; (ix) 525
shares held by the Gagnon Securities LLC P/S Plan (the "Plan") (of which Mr.
Gagnon is a trustee) over which Mr. Gagnon has sole dispositive and sole voting
power; and (x) 313,956 shares held for certain customers of Gagnon Securities
LLC (of which Mr. Gagnon is the Managing Member and the principal owner) over
which shares Mr. Gagnon has shared dispositive but no voting power.
Item 4(b) Percent of Class:
6.1% beneficially owned by Mr. Gagnon. Calculation of percentage of
beneficial ownership is based on 11,293,707 shares of Issuer's Common Stock
outstanding on October 30, 2003 as reported by the Issuer in its Quarterly
Report filed on Form 10-Q for the period ended September 30, 2003.
Item 4(c) Number of shares as to which such person has:
(i) sole power to vote or to direct the vote: 223,403
(ii) shared power to vote or to direct the vote: 130,830
(iii) sole power to dispose or to direct the disposition of: 222,403
(iv) shared power to dispose or to direct the disposition of: 469,031
Items 5-9. Not applicable.
Filing of this statement by the Reporting Person shall not be deemed an
admission that he beneficially owns the securities reported herein as held in
customer accounts at Gagnon Securities LLC, by the Foundation, the Partnership,
the Trust or the Plan. Mr. Gagnon expressly disclaims beneficial ownership of
all securities held in such customer accounts or by the Foundation, the
Partnership or the Trust. No single client's interest as reported in the
customer accounts at Gagnon Securities LLC exceeds 5% of the outstanding Common
Stock.
Item 10 Certification.
By signing below I certify that, to the best of my knowledge and belief,
the securities referred
to above were not acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer of the securities
and were not acquired and are not held in connection with or as a participant in
any transaction having that purpose or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
February 12, 2004
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Date
/s/ Neil Gagnon
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Neil Gagnon