Patriot Transportation Holding, Inc. Announces Results for the First Quarter Of Fiscal Year 2005
26 Gennaio 2005 - 8:00PM
PR Newswire (US)
Patriot Transportation Holding, Inc. Announces Results for the
First Quarter Of Fiscal Year 2005 JACKSONVILLE, Fla., Jan. 26
/PRNewswire-FirstCall/ -- Patriot Transportation Holding, Inc.
(NASDAQ:PATR) reported net income increased 25.6% to $1,656,000 or
$.55 per diluted common share for the first quarter of fiscal year
2005, compared to $1,318,000 or $.44 per diluted common share for
the same quarter last year. Fiscal 2004 first quarter included
$87,000 of income from discontinued operations. Income from
continuing operations increased 34.5% to $1,656,000 in the first
quarter of fiscal 2005 from $1,231,000 in the first quarter of
2004. First Quarter Operating Results. For the first quarter of
fiscal 2005, consolidated revenues were $31,374,000, an increase of
$3,690,000 or 13.3% over the same quarter last year. The
transportation segment's revenues for the first quarter of fiscal
2005 were $27,035,000, an increase of $3,264,000 or 13.7% over the
same quarter last year. Fuel surcharges accounted for $1,610,000 of
the increase, resulting from higher diesel fuel costs during the
quarter compared to the same quarter last year. Excluding fuel
surcharges, revenue per mile increased 5.1%, reflecting stronger
pricing for hauling services. Revenue miles in the current quarter
were up 2.0% compared to the first quarter of 2004. Real estate
revenues were $4,339,000 for the first quarter of fiscal 2005, an
increase of $426,000 or 10.9% from the first quarter of fiscal
2004. Lease revenue from developed properties increased $466,000 or
19.0%, due to a 25.4% increase in occupied square footage. The
increased space resulted from the purchase of two completed
buildings in March 2004 and the purchase of one building in early
November 2004. These purchases added 491,000 total square feet and
339,000 of leased square feet during the first quarter of fiscal
2005. Royalties from mining operations decreased as a result of a
7.5% decrease in tons sold as compared to the same quarter last
year. Consolidated gross profit for the first quarter of 2005 was
$5,917,000, an increase of $694,000 or 13.3% from the first quarter
of last year. Gross profit in the transportation segment increased
$272,000 or 8.6%, primarily due to the increases in pricing and
volume, offset by increased risk and health insurance costs as
compared to the same quarter last year. Gross profit in the real
estate segment increased $423,000 or 20.5% from the first quarter
of 2004, primarily due to increased lease revenue from higher
average leased square footage from the purchase of the buildings
discussed above. Income from continuing operations was $1,656,000
or $.55 per diluted common share for the first quarter of fiscal
2005, a 34.5% increase over the first quarter of last year. Net
income was $1,656,000 or $.55 per diluted share for the first
quarter of fiscal 2005 compared to $1,318,000 or $.44 per diluted
common share for the same quarter last year. Net income for the
first quarter of 2004 included $87,000 of income from discontinued
operations, net of tax. Summary and Outlook. The Company's real
estate and transportation businesses continue to experience
improved market conditions as the result of a stronger regional and
national economy. Management expects both the real estate and
transportation segments to benefit from favorable demand within
their respective businesses. Investors are cautioned that any
statements in this press release which relate to the future are, by
their nature, subject to risks and uncertainties that could cause
actual results and events to differ materially from those indicated
in such forward-looking statements. These include general business
conditions; competitive factors; political, economic, regulatory
and climatic conditions; driver availability and cost; regulations
regarding driver qualifications and hours of service; freight
demand for petroleum products and for building and construction
materials in the Company's markets; risk insurance markets; demand
for flexible warehouse/office facilities; interest rates; levels of
mining activity; pricing; energy costs and technological changes.
Additional information regarding these and other risk factors and
uncertainties may be found in the Company's filings with the
Securities and Exchange Commission. Patriot Transportation Holding,
Inc. is engaged in the transportation and real estate businesses.
The Company's transportation business is conducted through two
wholly owned subsidiaries. Florida Rock & Tank Lines, Inc. is a
Southeastern transportation company concentrating in the hauling by
motor carrier of liquid and dry bulk commodities. SunBelt
Transport, Inc. serves the flatbed portion of the trucking industry
in the Southeastern states, hauling primarily construction
materials. The Company's real estate group, comprised of FRP
Development Corp. and Florida Rock Properties, Inc., acquires,
constructs, leases, operates and manages land and buildings to
generate both current cash flows and long-term capital
appreciation. The real estate group also owns real estate which is
leased under mining royalty agreements or held for investment.
PATRIOT TRANSPORTATION HOLDING, INC. Summary of Consolidated
Revenues and Earnings (In thousands except per share amounts) Three
Months Ended December 31 2004 2003 Revenues $31,374 27,684 Gross
profit $5,917 5,223 Income before income taxes $2,714 2,019 Income
from continuing operations $1,656 1,231 Income from discontinued
operations $ -- 87 Net income $1,656 1,318 Earnings per common
share: Income from continuing operations Basic $0.56 0.42 Diluted
$0.55 0.41 Income from discontinued operations Basic $-- 0.03
Diluted $-- 0.03 Net income Basic $0.56 0.45 Diluted $0.55 0.44
Common shares used in computing earnings per share: Basic 2,932
2,933 Diluted 3,000 2,983 PATRIOT TRANSPORTATION HOLDING, INC.
Condensed Balance Sheets (Unaudited) (Amounts in thousands)
December 31 September 30 2004 2004 Cash and cash equivalents $359
$199 Cash held in escrow (a) -- 16,553 Accounts receivable, net
8,237 9,123 Other current assets 5,707 4,191 Property, plant and
equipment, net 160,624 149,011 Other non-current assets 6,777 6,317
Total Assets $181,704 $185,394 Current liabilities $12,604 $23,099
Long-term debt (excluding current maturities) 49,988 41,185
Deferred income taxes 11,667 15,767 Other non-current liabilities
7,301 7,256 Shareholders' equity 100,144 98,087 Total Liabilities
and Shareholders' Equity $181,704 $185,394 (a) Cash held in escrow
consists of proceeds from sales of real estate held in escrow in
anticipation of qualified real estate purchases in accordance with
Section 1031 of the Internal Revenue Code. In November 2004,
$7,200,000 was used to purchase qualified property and the balance
was released from escrow. Patriot Transportation Holding, Inc.
Business Segments (Amounts in thousands) The Company has identified
two business segments, Transportation and Real Estate. All of the
Company's operations are located in the Southeastern and
Mid-Atlantic states and each is managed separately along product
lines. Operating results for the Company's business segments are as
follows: Three months ended December 31 2004 2003 Transportation
revenues $27,035 $23,771 Real estate revenues 4,339 3,913 Total
revenues $31,374 $27,684 Transportation operating profit $1,450
$1,346 Real estate operating profit 2,486 2,062 Corporate expenses
(419) (404) Total operating profit $3,517 $3,004 DATASOURCE:
Patriot Transportation Holding, Inc. CONTACT: John E. Anderson,
Chief Executive Officer, Patriot Transportation Holding, Inc.,
+1-904-396-5733, ext. 3215
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