JACKSONVILLE, Fla., Dec. 12 /PRNewswire-FirstCall/ -- Patriot
Transportation Holding, Inc. (NASDAQ:PATR) reported net income of
$2,631,000 or $0.85 per diluted share in the fourth quarter of
fiscal 2006, an increase of $419,000 or 18.9% compared to
$2,212,000 or $0.72 per diluted share in the same period last year.
Net income for the fiscal year ended September 30, 2006 was
$8,078,000 or $2.62 per diluted share, an increase of $469,000 or
6.2% compared to $7,609,000 or $2.50 per diluted share for the
period last year. Net income for fiscal 2006 was reduced by
$787,000 ($.25 per diluted common share) of vacation expense that
was not previously accrued. The Company had recorded a liability of
$1,055,000 in the third quarter of 2006 by a non-cash charge to
earnings before income taxes to reflect the Company's obligation
for vacation pay. As of September 30, 2006 the liability was
$1,277,000 which included $173,000 related to a fourth quarter
change in estimate regarding forfeiture rates of unvested vacation.
In prior years, the Company did not accrue for this liability but
made a determination that the accrual was not material to the
Company's financial statements. Fourth Quarter Operating Results.
For the fourth quarter of fiscal 2006, consolidated revenues were
$38,779,000, an increase of $4,327,000 or 12.6% over the same
quarter last year. Transportation segment revenues were $33,172,000
in the fourth quarter of 2006, an increase of $3,517,000 or 11.9%
over the same quarter last year. Fuel surcharges accounted for
$1,519,000 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 2.2%,
reflecting better pricing for our services. Revenue miles in the
current quarter were up 5.3% compared to the fourth quarter of 2005
and were constrained by low driver availability. Real Estate
segment revenues for the fourth quarter of fiscal 2006 were
$5,607,000, an increase of $810,000 or 16.9% over the same quarter
last year. Lease revenue from developed properties increased
$719,000 or 22.3%, due to an increase in available and occupied
square footage along with higher rental rates on new leases.
Royalties from mining operations increased $91,000 as a result of
increased royalties per ton. Consolidated gross profit was
$8,193,000 in the fourth quarter of fiscal 2006 compared to
$6,465,000 in the same period last year, an increase of 26.7%.
Gross profit in the transportation segment increased $1,052,000 or
27.3%, primarily due to improved pricing, operating efficiencies
and increased miles. Insurance and losses for the quarter decreased
$419,000 primarily due to lower than expected development of prior
year claims. The insurance and loss reduction was partially offset
by vacation expense not previously accrued. Gross profit in the
real estate segment increased $676,000 or 25.9% from the fourth
quarter of 2005, due to the increased leasing revenues partially
offset by costs associated with increased square footage leased and
increased staffing to facilitate portfolio expansion. Selling,
general and administrative expenses increased $376,000 over the
same quarter last year. The increase included $190,000 of
stock-based compensation and $113,000 of audit fees and
Sarbanes-Oxley compliance. SG&A expense was 7.4% of revenue for
the fourth quarter of fiscal 2006 compared to 7.3% for the same
period last year. Fiscal Year 2006 Operating Results. For the
fiscal year 2006, consolidated revenues were $147,374,000, an
increase of $16,338,000 or 12.5% over the same period last year.
Transportation segment revenues were $126,252,000, an increase of
$13,428,000 or 11.9% over 2005. The average price paid per gallon
of diesel fuel increased $0.45 over 2005 and as a result fuel
surcharge revenue increased $6,562,000. Excluding fuel surcharges,
revenue per mile increased 5.0%, reflecting continuing favorable
freight demand. Revenue miles in the current year were up 1.5%
compared to 2005 and were constrained by low driver availability.
Real Estate revenues increased $2,910,000 or 16.0% in 2006 to
$21,122,000. Lease revenues from developed properties increased
$2,410,000 or 20.0% due to an increase in available and occupied
square footage along with higher rental rates on new leases.
Royalties from mining operations increased $500,000 as a result of
increased royalties per ton. Consolidated gross profit was
$29,152,000 in 2006 compared to $24,993,000 in 2005, an increase of
16.6%. Gross profit in the transportation segment increased
$2,779,000 or 18.9%, primarily due to improved pricing, operating
efficiencies and increased miles. Insurance and losses for the year
decreased $818,000 primarily due to lower than expected development
of prior year claims. The insurance and loss reduction was offset
by vacation expense not previously accrued. Gross profit in the
real estate segment increased $1,380,000 or 13.5% over the same
period in 2005 due to the increased revenues partially offset by
costs associated with increased square footage leased and increased
staffing and professional fees. Selling, general and administrative
expenses increased $2,295,000 to $12,097,000 or 23.4%. The increase
included $968,000 from stock compensation, $336,000 of audit fees
and Sarbanes-Oxley compliance work and $269,000 of vacation expense
not previously accrued. SG&A expense was 8.2% of revenue for
fiscal 2006 compared to 7.5% for the same period last year. Summary
and Outlook. The Company's real estate development business has
benefited from active inquiry from prospective tenants for its
warehouse- office product and corresponding favorable occupancy
rates. The Company continues to explore opportunities for
development of various properties owned by the Company, including
certain properties leased by the Company to Florida Rock
Industries, Inc. The Company's transportation segment faces
on-going challenges from tight driver availability and high diesel
fuel expenses. Particular concerns focus on threats to
profitability for its flatbed subsidiary as the result of poor
freight demand, utilization disruption and pricing softness
primarily resulting from the effects of the regional and national
housing contraction. 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; the impact
of future regulations regarding the transportation industry;
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; ability
to obtain zoning and entitlements necessary for property
development; 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 Fiscal Year Ended
Ended September 30 September 30 2006 2005 2006 2005 Revenues
$38,779 34,452 $147,374 131,036 Gross profit $ 8,193 6,465 $ 29,152
24,993 Income before income taxes $ 4,392 3,100 $ 13,249 11,945 Net
income $ 2,631 2,212 $ 8,078 7,609 Earnings per common share: Basic
$.88 .75 $2.71 2.58 Diluted $.85 .72 $2.62 2.50 Weighted average
common shares outstanding: Basic 2,996 2,964 2,980 2,950 Diluted
3,098 3,070 3,087 3,039 PATRIOT TRANSPORTATION HOLDING, INC.
Condensed Balance Sheets (unaudited) (Amounts in thousands)
September 30 September 30 2006 2005 Cash and cash equivalents $ 154
$ 2,966 Accounts receivable, net 11,761 11,731 Other current assets
5,497 4,872 Property, plant and equipment, net 192,073 164,936
Other non-current assets 9,730 9,210 Total Assets $ 219,215 $
193,715 Current liabilities $ 18,192 $ 16,221 Long-term debt
(excluding current maturities) 60,548 48,468 Deferred income taxes
14,968 14,394 Other non-current liabilities 7,455 6,731
Shareholders' equity 118,052 107,901 Total Liabilities and
Shareholders' Equity $ 219,215 $ 193,715 PATRIOT TRANSPORTATION
HOLDING, INC. Business Segments (unaudited) (Amounts in thousands)
The Company has identified two business segments, Transportation
and Real Estate, each of which is managed separately along product
lines. All of the Company's operations are located in the
Southeastern and Mid-Atlantic states. Operating results for the
Company's business segments are as follows: Three Months Ended
Fiscal Year September 30 September 30 2006 2005 2006 2005
Transportation Revenues $33,172 29,655 $ 126,252 112,824 Real
Estate Revenues 5,607 4,797 21,122 18,212 Total Revenues $38,779
34,452 $ 147,374 131,036 Transportation Operating Profit $ 2,887
1,715 $ 8,875 6,587 Real Estate Operating Profit 3,282 2,607 11,633
10,253 Corporate Expenses (864) (369) (3,453) (1,649) Total
Operating Profit $ 5,305 3,953 $ 17,055 15,191 DATASOURCE: Patriot
Transportation Holding, Inc. CONTACT: John E. Anderson, Chief
Executive Officer of Patriot Transportation Holding, Inc.,
+1-904-396-5733, Ext. 101
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