JACKSONVILLE, Fla., Aug. 1 /PRNewswire-FirstCall/ -- Patriot
Transportation Holding, Inc. (NASDAQ:PATR) reported net income for
the third quarter of fiscal 2007 of $2,426,000 or $0.77 per diluted
share, an increase of $582,000 or 31.6% compared to $1,844,000 or
$0.59 per diluted share for the same period last year. Net income
for the first nine months of fiscal 2007 was $7,183,000 or $2.30
per diluted share, an increase of $1,736,000 or 31.9% compared to
$5,447,000 or $1.77 per diluted share for the same period last
year. Net income for the third quarter and nine months of fiscal
2006 was adversely impacted by $649,000 ($.21 per diluted common
share) of vacation expense, net of income tax benefits, that was
not previously accrued. Results for the first three quarters of
fiscal 2007 were assisted by lower expense for transportation
insurance reserves and losses of $1,043,000 for the first nine
months ($636,000 net of income taxes). This is a result of
continued trends in recent years of safe operation, lack of severe
accidents, and favorable claim development. Third Quarter Operating
Results. For the third quarter of fiscal 2007, consolidated
revenues were $39,631,000, an increase of $2,020,000 or 5.4% over
the same quarter last year. Transportation segment revenues were
$34,107,000 in the third quarter of 2007, an increase of $1,672,000
over the same quarter last year. Excluding fuel surcharges, revenue
per mile was the same quarter-over-quarter 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 5.8% compared to the third
quarter of 2006 primarily from improved driver manning and higher
tractor count. Real Estate segment revenues for the third quarter
of fiscal 2007 were $5,524,000, an increase of $348,000 or 6.7%
over the same quarter last year. Lease revenue from developed
properties increased $402,000 or 11.7%, due to an increase in
occupied square footage, higher rental rates on new leases, and
$145,000 in common area charges for repairs. Royalties from mining
operations decreased $54,000 or 3.1% due to lower tons mined.
Consolidated gross profit was $7,794,000 in the third quarter of
fiscal 2007 compared to $7,340,000 in the same period last year, an
increase of 6.2%. Gross profit in the transportation segment
increased $474,000 or 11.0% due to the inclusion of $712,000 of
vacation expense in the 2006 quarter partially offset by lower fuel
surcharge revenue as a percent of total revenues in the 2007
quarter. Gross profit in the real estate segment decreased $20,000
or 0.7% from the third quarter 2006, due primarily to the increased
staffing to facilitate portfolio expansion. Selling, general and
administrative expenses decreased $353,000 over the same quarter
last year. Those costs decreased due to the inclusion in the third
quarter of fiscal 2006 of $261,000 of vacation expense which was
not previously accrued along with lower audit fees and
Sarbanes-Oxley compliance costs in fiscal 2007. SG&A expense
was 7.4% of revenue for the third quarter of fiscal 2007 compared
to 8.7% for the same period last year. Nine Months Operating
Results. For the first nine months of fiscal 2007, consolidated
revenues were $114,911,000, an increase of $6,316,000 or 5.8% over
the same period last year. Transportation segment revenues were
$98,419,000 in the first nine months of 2007, an increase of
$5,339,000 over the same period last year. Excluding fuel
surcharges, revenue per mile was the same year to year reflecting a
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 nine months were up 6.7%
compared to the same period in 2006 primarily from improved driver
manning and higher tractor count. Real Estate segment revenues for
the first nine months of fiscal 2007 were $16,492,000, an increase
of $977,000 or 6.3% over the same period last year. Lease revenue
from developed properties increased $1,129,000 or 10.7%, due to an
increase in occupied square footage and higher rental rates on new
leases. Royalties from mining operations decreased $152,000 or 3.1%
due to lower tons mined. Consolidated gross profit was $23,676,000
in the first nine months of fiscal 2007 compared to $20,959,000 in
the same period last year, an increase of 13.0%. Gross profit in
the transportation segment increased $2,360,000 or 18.7%, due to
lower insurance reserves and loss expense and increased revenue
miles. Gross profit in the real estate segment increased $357,000
or 4.3% 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
decreased $13,000 over the same period last year. The decrease was
primarily due to a $209,000 reduction in audit fees and
Sarbanes-Oxley compliance costs offset by a $171,000 increase in
stock compensation expense as required by SFAS 123R. SG&A
expense was 8.0% of revenue for the first nine months of fiscal
2007 compared to 8.5% for the same period last year. Summary and
Outlook. The flatbed portion of the transportation segment
continues to face negative industry trends and significant
profitability challenges due to poor freight demand, utilization
disruption and pricing softness resulting from the housing
downturn. This downturn may continue throughout calendar 2007 and
into 2008. Florida Rock & Tank Lines, Inc. acquired another
transport company's Atlanta Georgia market business in July 2007.
This included the purchase of 12 tractors and trailers, the hiring
of drivers and support staff along with assumption of all the
customers. Total additional annual revenue from this acquisition is
estimated to be $2.5 million. 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. 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 Nine Months Ended Ended June 30 June 30 2007
2006 2007 2006 Revenues $ 39,631 37,611 $114,911 108,595 Gross
profit $7,794 7,340 $23,676 20,959 Income before income taxes
$3,979 3,046 $11,782 8,857 Net income $2,426 1,844 $7,183 5,447
Earnings per common share: Basic $.80 .62 $2.38 1.83 Diluted $.77
.59 $2.30 1.77 Weighted average common shares outstanding: Basic
3,035 2,985 3,016 2,974 Diluted 3,142 3,105 3,125 3,085 PATRIOT
TRANSPORTATION HOLDING, INC. Condensed Balance Sheets (unaudited)
(Amounts in thousands) June 30 September 30 2007 2006 Cash and cash
equivalents $861 $154 Accounts receivable, net 10,603 11,761 Other
current assets 4,994 5,497 Property, plant and equipment, net
190,921 192,073 Investment in Brooksville Joint Venture 5,784 0
Other non-current assets 10,063 9,730 Total Assets $223,226 $
219,215 Current liabilities $16,317 $18,192 Long-term debt
(excluding current maturities) 56,380 60,548 Deferred income taxes
15,709 14,968 Other non-current liabilities 7,039 7,455
Shareholders' equity 127,781 118,052 Total Liabilities and
Shareholders' Equity $223,226 $ 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 Nine
Months Ended Ended June 30 June 30 2007 2006 2007 2006
Transportation Revenues $34,107 32,435 $98,419 93,080 Real Estate
Revenues 5,524 5,176 16,492 15,515 Total Revenues $39,631 37,611
$114,911 108,595 Transportation Operating Profit $2,600 2,097
$8,452 5,988 Real Estate Operating Profit 2,999 3,019 8,708 8,351
Corporate Expenses (738) (1,062) (2,680) (2,589) Total Operating
Profit $4,861 4,054 $14,480 11,750 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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