News in brief

P.A.M. files to buy back 80,000 shares

P.A.M. Transportation Services Inc. will repurchase 80,000 shares of company stock between $59 and $63 per share.

The company, according to a filing Friday with the Securities and Exchange Commission, set aside about $5 million for the buyback. P.A.M. is also considering the repurchase of an additional 148,566 shares.

P.A.M. board Chairman Matthew T. Moroun, Chief Executive Officer and President Daniel Cushman, and board member W. Scott Davis have the option of selling shares they currently hold. For selling, Moroun has up to 230,000 shares owned in a trust. Cushman could tender up to 14,800 shares, and Davis up to 10,000 shares.

If not enough shareholders participate in the buyback, then company executives would be eligible to sell their shares.

P.A.M. announced in January a stock repurchase of 572,304 shares at $50 per share. Total repurchase was about $28.6 million and the company paid out $13.4 million in 2014 to repurchase 640,000 shares at $21 each.

-- Chris Bahn

Low-interest farm loan cutoff Sept. 30

Farmers and ranchers have until Sept. 30 to apply for low-interest federal loans to start or expand farms or install soil and water conservation projects

The Farm Service Agency's direct farm ownership program can provide up to $300,000 to eligible borrowers to buy farmland, construct or repair buildings, pay closing costs or implement projects to improve soil and water quality.

Linda Newkirk, executive director of the agency's Arkansas office, said in a release that applications must be approved before the deadline. Interest rates can run as low as 1.5 percent, with borrowers allowed up to 40 years to repay a loan.

The agency encourages new farmers and ranchers as well as military veterans and other farmers and ranchers belonging to underserved groups to apply.

More information about the program is available at Farm Service Agency offices or at www.fsa.usda.gov/farmloans.

-- Glen Chase

Arkansas Index dips as 14 stocks retreat

The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 1.13 to 378.44 on Friday.

Fourteen stocks declined, and four advanced.

P.A.M. Transportation Services rose 3.6 percent in heavy volume.

Windstream lost 2.9 percent in average trading.

For the week, 10 stocks advanced and eight declined.

Bank of the Ozarks was the best performer for the third-straight week, gaining 3.5 percent.

Wal-Mart dropped 4.3 percent for the week.

The index was developed by Bloomberg News and the Arkansas Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.

Business on 05/23/2015

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