Patriot Transportation Holding, Inc. Announces Results for the First Quarter Of Fiscal Year 2007
01 Febbraio 2007 - 11:30PM
PR Newswire (US)
JACKSONVILLE, Fla., Feb. 1 /PRNewswire-FirstCall/ -- Patriot
Transportation Holding, Inc. (NASDAQ:PATR) reported net income of
$2,160,000 or $0.69 per diluted share in the first quarter of
fiscal 2007, an increase of $262,000 or 13.8% compared to
$1,898,000 or $0.62 per diluted share in the same period last year.
First Quarter Operating Results. For the first quarter of fiscal
2007, consolidated revenues were $37,124,000, an increase of
$1,701,000 or 4.8% over the same quarter last year. Transportation
segment revenues were $31,724,000 in the first quarter of 2007, an
increase of $1,424,000 over the same quarter last year. Fuel
surcharge revenue decreased $503,000 primarily due to lower fuel
costs per gallon. Excluding fuel surcharges, revenue per mile was
the same for both quarters reflecting a developing trend of
decreased freight demand, corresponding pricing softness from the
downturn in housing and attendant lower demand for construction
materials. Revenue miles in the current quarter were up 7.1%
compared to the first quarter of 2006 primarily from improved
driver manning and higher tractor count. Real Estate segment
revenues for the first quarter of fiscal 2007 were $5,400,000, an
increase of $277,000 or 5.4% over the same quarter last year. Lease
revenue from developed properties increased $254,000 or 7.2%, due
to an increase in occupied square footage along with higher rental
rates on new leases. Royalties from mining operations increased
$23,000 as a result of increased royalties per ton. Consolidated
gross profit was $7,459,000 in the first quarter of fiscal 2007
compared to $6,782,000 in the same period last year, an increase of
10.0%. Gross profit in the transportation segment increased
$419,000 or 10.0%, primarily due to the recovery of insurance costs
of $357,000 from prior years. Gross profit in the real estate
segment increased $258,000 or 9.9% from the first quarter 2006, due
to the increased revenues partially offset by costs associated with
increased square footage leased, increased staffing and
professional fees to facilitate continuing portfolio expansion.
Selling, general and administrative expenses increased $249,000
over the same quarter last year. The increase included $63,000 from
stock compensation expense as required by SFAS 123R, $69,000 of
audit fees and Sarbanes-Oxley compliance work and $52,000 in
salaries and benefits. SG&A expense was 8.2% of revenue for the
first quarter of fiscal 2007 compared to 7.9% 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. Despite favorable first quarter
results that were assisted by an insurance recovery, the
transportation segment faces negative industry trends due to poor
freight demand, utilization disruption and pricing softness
resulting from the housing downturn that pose significant
profitability challenges. 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 mainly 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
lease agreements or held for investment. PATRIOT TRANSPORTATION
HOLDING, INC. Summary of Consolidated Revenues and Earnings
(unaudited) (In thousands except per share amounts) Three Months
Ended December 31 2006 2005 Revenues $37,124 35,423 Gross profit
$7,459 6,782 Income before income taxes $3,542 3,061 Net income
$2,160 1,898 Earnings per common share: Basic $0.72 0.64 Diluted
$0.69 0.62 Weighted average common shares outstanding: Basic 2,997
2,965 Diluted 3,109 3,066 PATRIOT TRANSPORTATION HOLDING, INC.
Condensed Balance Sheets (unaudited) (Amounts in thousands)
December 31 September 30 2006 2006 Cash and cash equivalents $576
$154 Accounts receivable, net 11,584 11,761 Other current assets
6,767 5,497 Property, plant and equipment, net 192,298 192,073
Investment in Brooksville Joint Venture 5,665 - Other non-current
assets 9,836 9,730 Total Assets $226,726 $219,215 Current
liabilities $18,474 $18,192 Long-term debt (excluding current
maturities) 65,114 60,548 Deferred income taxes 14,992 14,968 Other
non-current liabilities 7,529 7,455 Shareholders' equity 120,617
118,052 Total Liabilities and Shareholders' Equity $226,726
$219,215 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 December 31 2006 2005 Transportation
Revenues $31,724 30,300 Real Estate Revenues 5,400 5,123 Total
Revenues $37,124 35,423 Transportation Operating Profit 2,412 1,971
Real Estate Operating Profit 2,864 2,606 Corporate Expenses (875)
(604) Total Operating Profit $4,401 3,973 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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