Patriot Transportation Holding, Inc. Announces Results for the
Second Quarter And First Half of Fiscal Year 2005 JACKSONVILLE,
Fla., April 27 /PRNewswire-FirstCall/ -- Patriot Transportation
Holding, Inc. (NASDAQ:PATR) reported income from continuing
operations of $1,545,000 or $0.51 per diluted share in the second
quarter of fiscal 2005, an increase of $299,000 or 24.0% compared
to $1,246,000 or $0.42 per diluted share in the same period last
year. Net income for the second quarter of fiscal 2005 was
$1,545,000, compared to $6,973,000 for the same period last year.
Net income for the second quarter of 2004 included $5,727,000 in
income from discontinued operations resulting from the sale of real
estate. Fully diluted earnings per share for the second quarter of
fiscal 2005 was $0.51 compared to $2.34 in the second quarter of
fiscal 2004. Income from continuing operations for the six months
ended March 31, 2005 was $3,201,000 or $1.06 per diluted share, an
increase of $724,000 or 29.2% compared to the same period last
year. Net income for the first half of fiscal 2005 was $3,201,000,
compared to $8,291,000 for the same period last year. Net income
for the first half of 2004 included $5,814,000 in income from
discontinued operations. Fully diluted earnings per share for the
first half of fiscal 2005 was $1.06 compared to $2.79 in the same
period last year. Second Quarter Operating Results. For the second
quarter of fiscal 2005, consolidated revenues were $32,014,000, an
increase of $3,628,000 or 12.8% over the same quarter last year.
Transportation segment revenues were $27,496,000 in the second
quarter of 2005, an increase of $3,215,000 or 13.2% over the same
quarter last year. Fuel surcharges accounted for $1,282,000 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 5.2%, reflecting better
pricing for our services. Revenue miles in the current quarter were
up 2.9% compared to the second quarter of 2004. Real Estate segment
revenues for the second quarter of fiscal 2005 were $4,518,000, an
increase of $413,000 or 10.1% over the same quarter last year.
Lease revenue from developed properties increased $325,000 or
11.9%, due to a 25.3% increase in occupied square feet resulting
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 square feet, of which 339,000 was leased during the
second quarter of fiscal 2005. Royalties from mining operations
increased slightly as a result of higher average royalties per ton.
Consolidated gross profit was $5,669,000 in the second quarter of
fiscal 2005 compared to $5,009,000 in the same period last year, an
increase of 13.2%. Gross profit in the transportation segment
increased $311,000 or 10.7%, primarily due to improved pricing and
additional volume, partly offset by increased risk and health
insurance costs as compared to the same quarter last year. Gross
profit in the real estate segment increased $349,000 or 16.5% from
the second quarter of 2004, primarily due to increased lease
revenue from higher average leased square footage from the purchase
of the buildings discussed above. Six Months Operating Results. For
the first half of fiscal 2005, consolidated revenues were
$63,388,000, an increase of $7,318,000 or 13.1% over the same
period last year. Transportation segment revenues were $54,531,000
in the first six months of 2005, an increase of $6,479,000 over the
same period last year. Fuel surcharges accounted for $2,892,000 of
the increase. Excluding fuel surcharges, revenue per mile increased
5.2%, reflecting better pricing for our services. Revenue miles for
the six months were up 2.5% compared to the first six months of
2004. Real Estate segment revenues for the first six months of
fiscal 2005 were $8,857,000, an increase of $839,000 or 10.5% over
the same period last year. Lease revenue from developed properties
increased $791,000 or 15.3%, due to a 25.3% increase in occupied
square feet resulting 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 square feet, of which 339,000
was leased during the first six months of fiscal 2005. Royalties
from mining operations increased slightly as a result of higher
average royalties per ton. Consolidated gross profit was
$11,586,000 in the first six months of fiscal 2005 compared to
$10,232,000 in the same period last year, an increase of 13.2%.
Gross profit in the transportation segment increased $583,000 or
9.6%, primarily due to the increases in pricing and volume, offset
by increased risk and health insurance costs as compared to the
same period last year. Gross profit in the real estate segment
increased $771,000 or 18.5% from the same period last year,
primarily due to increased lease revenue from higher average leased
square footage from the purchase of the buildings discussed above.
Summary and Outlook. The Company's real estate development business
continues to benefit from positive inquiry trends from prospective
tenants for its warehouse-office product. Notwithstanding favorable
freight-hauling demands for its transportation business, the
Company's trucking operations remain challenged to effectively
satisfy such demand due to an industry-wide, tight driver
availability. 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 (unaudited) (In thousands except per share
amounts) Three Months Six Months Ended Ended March 31 March 31 2005
2004 2005 2004 Revenues $32,014 28,386 $63,388 56,070 Gross profit
$5,669 5,009 $11,586 10,232 Income before income taxes $2,533 1,979
$5,247 3,998 Income from continuing operations $1,545 1,246 $3,201
2,477 Discontinued operations -- 5,727 -- 5,814 Net income $1,545
6,973 $3,201 8,291 Earnings per common share: Income from
continuing operations Basic $.52 .43 $1.09 .84 Diluted $.51 .42
$1.06 .83 Discontinued operations Basic -- 1.95 -- 1.99 Diluted --
1.92 -- 1.96 Net income Basic $.52 2.38 $1.09 2.83 Diluted $.51
2.34 $1.06 2.79 Weighted average common shares outstanding: Basic
2,948 2,931 2,940 2,932 Diluted 3,037 2,979 3,019 2,976 PATRIOT
TRANSPORTATION HOLDING, INC. Condensed Balance Sheets (unaudited)
(Amounts in thousands) March 31 September 30 2005 2004 Cash and
cash equivalents $268 $199 Cash held in escrow (a) -- 16,553
Accounts receivable, net 8,875 9,123 Other current assets 4,816
4,191 Property, plant and equipment, net 163,782 149,011 Other
non-current assets 6,864 6,317 Total Assets $184,605 $185,394
Current liabilities $13,974 $23,099 Long-term debt (excluding
current maturities) 49,715 41,185 Deferred income taxes 11,413
15,767 Other non-current liabilities 7,336 7,256 Shareholders'
equity 102,167 98,087 Total Liabilities and Shareholders' Equity
$184,605 $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
(unaudited) (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 Six Months Ended Ended March 31 March 31 2005
2004 2005 2004 Transportation Revenues $27,496 24,281 $54,531
48,052 Real Estate Revenues 4,518 4,105 8,857 8,018 Total Revenues
$32,014 28,386 $63,388 56,070 Transportation Operating Profit
$1,364 1,121 $2,813 2,467 Real Estate Operating Profit 2,460 2,112
4,946 4,174 Corporate Expenses (484) (379) (902) (783) Total
Operating Profit $3,340 2,854 $6,857 5,858 DATASOURCE: Patriot
Transportation Holding, Inc. CONTACT: John E. Anderson, Chief
Executive Officer, Patriot Transportation Holding, Inc.,
+1-904-396-5733, ext. 101
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