JACKSONVILLE, Fla., May 1 /PRNewswire-FirstCall/ -- Patriot
Transportation Holding, Inc. (NASDAQ:PATR) reported net income for
the second quarter of fiscal 2007 was $2,597,000 or $0.83 per
diluted share, an increase of $892,000 or 52.3% compared to
$1,705,000 or $0.56 per diluted share for the same period last
year. Net income for the first six months of fiscal 2007 was
$4,757,000 or $1.53 per diluted share, an increase of $1,154,000 or
32.0% compared to $3,603,000 or $1.17 per diluted share for the
same period last year. The Company's results for the first two
quarters of fiscal 2007 were assisted by lower expense for
transportation insurance reserves and losses of $853,000 for the
second quarter ($520,000 net of income taxes) and $1,210,000 for
the first six months ($738,000 net of income taxes). This is a
result of continued trends in recent years of safe operation, lack
of severe accidents, and favorable development of prior year
claims. Second Quarter Operating Results. For the second quarter of
fiscal 2007, consolidated revenues were $38,156,000, an increase of
$2,595,000 or 7.3% over the same quarter last year. Transportation
segment revenues were $32,588,000 in the second quarter of 2007 an
increase of $2,243,000 over the same quarter last year. Excluding
fuel surcharges, revenue per mile increased only 1.1% over the same
quarter last year primarily reflecting a trend in the Company's
flatbed operation of decreasing freight demand and corresponding
pricing softness from the housing downturn and attendant lower
demand for construction materials. Revenue miles in the current
quarter were up 7.2% compared to the second quarter of 2006
primarily from improved driver manning and higher tractor count.
Real Estate segment revenues for the second quarter of fiscal 2007
were $5,568,000, an increase of $352,000 or 6.7% over the same
quarter last year. Lease revenue from developed properties
increased $474,000 or 13.3%, due to an increase in occupied square
footage, higher rental rates on new leases, and $213,000 for common
area charges for snow removal and repairs. Royalties from mining
operations decreased $122,000 or 7.4% due to lower tons mined.
Consolidated gross profit was $8,423,000 in the second quarter of
fiscal 2007 compared to $6,837,000 in the same period last year, an
increase of 23.2%. Gross profit in the transportation segment
increased $1,467,000 or 35.7% due to lower insurance reserves and
loss expense as discussed above combined with higher mileages.
Gross profit in the real estate segment increased $119,000 or 4.4%
from the second quarter 2006, due to the increased revenues
partially offset by costs associated with increased square footage
leased and increased staffing to facilitate portfolio expansion.
Selling, general and administrative expenses increased $91,000 over
the same quarter last year. The increase was primarily due to
$114,000 increased stock compensation expense as required by SFAS
123R. SG&A expense was 8.4% of revenue for the second quarter
of fiscal 2007 compared to 8.8% for the same period last year. Six
Months Operating Results. For the first six months of fiscal 2007,
consolidated revenues were $75,280,000, an increase of $4,296,000
or 6.1% over the same period last year. Transportation segment
revenues were $64,312,000 in the first six months of 2007, an
increase of $3,667,000 over the same period last year. Excluding
fuel surcharges, revenue per mile increased only 1.1% reflecting a
developing trend of decreasing freight demand and pricing softness
from the downturn in housing and attendant lower demand for
construction materials. Revenue miles in the first six months were
up 7.1% compared to the same period in 2006 primarily from improved
driver manning and higher tractor count. Real Estate segment
revenues for the first six months of fiscal 2007 were $10,968,000,
an increase of $629,000 or 6.1% over the same period last year.
Lease revenue from developed properties increased $728,000 or
10.2%, due to an increase in occupied square footage and higher
rental rates on new leases. Royalties from mining operations
decreased $99,000 or 3.1% due to lower tons mined. Consolidated
gross profit was $15,882,000 in the first six months of fiscal 2007
compared to $13,619,000 in the same period last year, an increase
of 16.6%. Gross profit in the transportation segment increased
$1,886,000 or 22.8%, due to lower insurance reserves and loss
expense as discussed above combined with higher mileages. Gross
profit in the real estate segment increased $377,000 or 7.1% over
the same period last year, due to the increased revenues partially
offset by costs associated with increased square footage leased and
increased staffing to facilitate continuing portfolio expansion.
Selling, general and administrative expenses increased $340,000
over the same period last year. The increase was primarily due to
$177,000 from stock compensation expense as required by SFAS 123R.
SG&A expense was 8.3% of revenue for the first six months of
fiscal 2007 compared to 8.3% for the same period last year. Summary
and Outlook. The flatbed portion of the transportation segment
faces negative industry trends and significant profitability
challenges due to poor freight demand, utilization disruption and
pricing softness resulting from the housing downturn, which may
continue throughout calendar 2007. 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 also continues
to explore opportunities for development of various properties
owned by the Company. The Company expects to continue expanding its
portfolio of warehouse-office products. 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 Six Months Ended Ended March 31 March 31 2007
2006 2007 2006 Revenues $38,156 35,561 $75,280 70,984 Gross profit
$8,423 6,837 $15,882 13,619 Income before income taxes $4,261 2,750
$7,803 5,811 Net income $2,597 1,705 $4,757 3,603 Earnings per
common share: Basic $.86 .57 $1.58 1.21 Diluted $.83 .56 $1.53 1.17
Weighted average common shares outstanding: Basic 3,017 2,972 3,007
2,969 Diluted 3,125 3,070 3,117 3,069 PATRIOT TRANSPORTATION
HOLDING, INC. Condensed Balance Sheets (unaudited) (Amounts in
thousands) March 31 September 30 2007 2006 Cash and cash
equivalents $358 $154 Accounts receivable, net 12,157 11,761 Other
current assets 5,933 5,497 Property, plant and equipment, net
191,741 192,073 Investment in Brooksville Joint Venture 5,663 0
Other non-current assets 9,848 9,730 Total Assets $225,700 $219,215
Current liabilities $15,894 $18,192 Long-term debt (excluding
current maturities) 62,472 60,548 Deferred income taxes 15,212
14,968 Other non-current liabilities 7,247 7,455 Shareholders'
equity 124,875 118,052 Total Liabilities and Shareholders' Equity
$225,700 $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 Six Months Ended March
31 March 31 2007 2006 2007 2006 Transportation Revenues $32,588
30,345 $64,312 60,645 Real Estate Revenues 5,568 5,216 10,968
10,339 Total Revenues $38,156 35,561 $75,280 70,984 Transportation
Operating Profit $3,440 1,920 $5,852 3,891 Real Estate Operating
Profit 2,845 2,726 5,709 5,332 Corporate Expenses (1,067) (923)
(1,942) (1,527) Total Operating Profit $5,218 3,723 $9,619 7,696
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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