JACKSONVILLE, Fla., Dec. 4 /PRNewswire-FirstCall/ -- Patriot
Transportation Holding, Inc. (NASDAQ:PATR) reported net income for
the fourth quarter of fiscal 2007 of $2,322,000 or $.74 per diluted
share, a decrease of $309,000 or 11.7% compared to $2,631,000 or
$.85 per diluted share for the same period last year. Net income
for fiscal year ended September 30, 2007 was $9,505,000 or $3.04
per diluted share, an increase of $1,427,000 or 17.7% compared to
$8,078,000 or $2.62 per diluted share for the same period last
year. Results for fiscal 2007 were assisted by a lower effective
tax rate of 35.0% versus 39.0% in the prior year representing a
$585,000 reduction in income tax expense. This was primarily due to
a reduction in income tax reserves from the expiration of the
statutes of limitations related to certain positions and the
finalization of a Federal income tax audit. Net income for fiscal
2006 was adversely impacted by $787,000 ($.25 per diluted common
share) of vacation expense, net of income tax benefits, that was
not previously accrued. Fourth Quarter Operating Results. For the
fourth quarter of fiscal 2007, consolidated revenues were
$39,371,000, an increase of $592,000 or 1.5% over the same quarter
last year. Transportation segment revenues were $33,523,000 in the
fourth quarter of 2007, an increase of $351,000 over the same
quarter last year. Revenue miles in the current quarter were up .7%
compared to the fourth quarter of 2006 primarily from improved
driver manning and higher tractor count. Excluding fuel surcharges,
revenue per mile increased 2.1% despite a trend in the Company's
flatbed operation of decreasing freight demand and pricing softness
from the housing downturn and attendant lower demand for
construction materials. Real Estate segment revenues for the fourth
quarter of fiscal 2007 were $5,848,000, an increase of $241,000 or
4.3% over the same quarter last year. Lease revenue from developed
properties increased $52,000 or 1.3%, due to an increase in
occupied square footage and higher rental rates on new leases.
Revenues from mining operations increased $188,000 or 11.3% due to
revenue from timber harvesting offset by reduced tons mined.
Consolidated gross profit was $6,731,000 in the fourth quarter of
fiscal 2007 compared to $8,193,000 in the same period last year, a
decrease of 17.8%. Gross profit in the transportation segment
decreased $1,577,000 or 32.1% primarily due to significant benefits
realized in the fourth quarter of fiscal 2006 from reduced
insurance reserves. Gross profit in the real estate segment
increased $115,000 or 3.5% from the fourth quarter 2006, due to
income from timber harvesting offset by increased staffing expense
to facilitate portfolio expansion. Selling, general and
administrative expenses decreased $29,000 over the same quarter
last year. Those costs decreased due to a $76,000 reduction in
audit fees and Sarbanes-Oxley compliance costs offset by an
increase in salaries. SG&A expense was 7.3% of revenue for the
fourth quarter of fiscal 2007 compared to 7.4% for the same period
last year. Fiscal Year 2007 Operating Results. For the fiscal year
2007, consolidated revenues were $154,282,000, an increase of
$6,908,000 or 4.7% over the same period last year. Transportation
segment revenues were $131,942,000 in fiscal year 2007, an increase
of $5,690,000 or 4.5% over 2006. Revenue miles in fiscal year 2007
were up 5.2% primarily from improved driver manning and higher
tractor count. Excluding fuel surcharges, revenue per mile
increased 1.1% reflecting a trend of decreasing freight demand and
pricing softness from the downturn in housing and attendant lower
demand for construction materials. Real Estate segment revenues for
fiscal year 2007 were $22,340,000, an increase of $1,218,000 or
5.8% over last year. Lease revenue from developed properties
increased $1,181,000 or 8.2%, due to an increase in occupied square
footage and higher rental rates on new leases. Royalties and rent
from mining operations increased despite reduced tons mined because
of revenue from timber harvesting and increases in minimum rent
requirements pursuant to terms contained in several mining leases
that became effective in April 2006 and August 2007. Consolidated
gross profit was $30,407,000 in fiscal 2007 compared to $29,152,000
compared to last year, an increase of 4.3%. Gross profit in the
transportation segment increased $783,000 or 4.5%, due to higher
miles and the vacation expense adjustment that was included in
fiscal 2006. Gross profit in the real estate segment increased
$472,000 or 4.1% over the last year, due to the increased revenues
partially offset by costs associated with increased square footage
leased and increased staffing expense to facilitate continuing
portfolio expansion. Selling, general and administrative expenses
decreased $42,000 over last year to $12,055,000. SG&A expense
was 7.8% of revenue for fiscal 2007 compared to 8.2% for fiscal
2006. Summary and Outlook. The Company's transportation segment
faces on-going challenges from high diesel fuel expenses. SunBelt
continues to face negative construction materials industry trends
and significant profitability challenges due to poor freight
demand, utilization disruption, pricing softness and sharply higher
diesel fuel expense net of surcharges. This downturn will continue
into 2008. The Company's real estate development business continues
to benefit 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 while expanding its portfolio of
warehouse-office products. On July 31, 2007, the Company borrowed
$36,000,000 secured by seven developed properties at a 20 year
fixed rate of 5.74%. A portion of the proceeds were used to repay
balances outstanding under the Company's Revolver and the remaining
proceeds will be used to fund new construction and purchase land
for future development. Net interest expense for fiscal 2008 is
expected to increase versus fiscal 2007 by approximately $1,200,000
due to lower capitalized interest and interest rates on mortgage
debt exceeding short-term cash investments. 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 economic 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 product
and levels of construction activity in the Company's markets; fuel
costs; 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 2007 2006 2007 2006 Revenues $39,371 $38,779 $154,282
$147,374 Gross profit $6,731 $8,193 $30,407 $29,152 Income before
income taxes $2,834 $4,392 $14,616 $13,249 Net income $2,322 $2,631
$9,505 $8,078 Earnings per common share: Basic $.76 $.88 $3.15
$2.71 Diluted $.74 $.85 $3.04 $2.62 Weighted average common shares
outstanding: Basic 3,039 2,996 3,022 2,980 Diluted 3,148 3,098
3,131 3,087 PATRIOT TRANSPORTATION HOLDING, INC. Condensed Balance
Sheets (unaudited) (Amounts in thousands) September 30 September 30
2007 2006 Cash and cash equivalents $26,944 $154 Accounts
receivable, net 10,983 11,761 Other current assets 6,5599 5,497
Property, plant and equipment, net 192,523 192,073 Other
non-current assets 16,521 9,730 Total Assets $253,530 $219,215
Current liabilities $20,228 $18,192 Long-term debt (excluding
current maturities) 80,172 60,548 Deferred income taxes 15,274
14,968 Other non-current liabilities 7,395 7,455 Shareholders'
equity 130,461 118,052 Total Liabilities and Shareholders' Equity
$253,530 $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 Fiscal Year September
30 September 30 2007 2006 2007 2006 Transportation Revenues $33,523
$33,172 $131,942 $126,252 Real Estate Revenues 5,848 5,607 22,340
21,122 Total Revenues $39,371 $38,779 $154,282 $147,374
Transportation Operating Profit $1,241 $2,887 $9,693 $8,875 Real
Estate Operating Profit 3,397 3,282 12,105 11,633 Corporate
Expenses (766) (864) (3,446) (3,453) Total Operating Profit $3,872
$5,305 $18,352 $17,055 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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