Patriot Transportation Holding, Inc. Announces Results for the First Quarter of Fiscal Year 2008
05 Febbraio 2008 - 11:36PM
PR Newswire (US)
JACKSONVILLE, Fla., Feb. 5 /PRNewswire-FirstCall/ -- Patriot
Transportation Holding, Inc. (NASDAQ:PATR) reported a net loss of
$139,000 or $0.05 per diluted share in the first quarter of fiscal
2008, a decrease of $2,299,000 compared to net income of $2,160,000
or $0.69 per diluted share in the same period last year. Net income
for the first quarter of fiscal 2008 was adversely impacted by the
accrual of retirement benefits of $1,460,000, net of income tax
benefits, for the Company's President and CEO, whose retirement is
effective February 6, 2008. The transportation segment was
negatively impacted in the first quarter of fiscal 2008 from
continuing adverse demand, fuel expense and operating disruptions
for the flatbed trucking operations. The first quarter of fiscal
2007 benefited from gains on equipment sales and prior period
insurance recoveries. First Quarter Operating Results. For the
first quarter of fiscal 2008, consolidated revenues were
$39,200,000, an increase of $2,076,000 or 5.6% over the same
quarter last year. Transportation segment revenues were $32,919,000
in the first quarter of 2008 an increase of $1,195,000 over the
same quarter last year. Excluding fuel surcharges, revenue per mile
increased 2.7% over the same quarter last year. Decreased
construction material freight demand and pricing softness from the
downturn in housing pushed revenues down in the flatbed operation
compared to the same quarter last year. Revenue miles in the
current quarter were down 3.1% compared to the first quarter of
2007 from reduced loads in the flatbed portion of the
transportation segment. Real Estate segment revenues for the first
quarter of fiscal 2008 were $6,281,000, an increase of $881,000 or
16.3% over the same quarter last year. Lease revenue from developed
properties increased $507,000 or 13.3%, due to an increase in
occupied square footage along with higher rental rates on new
leases. Royalties and rent increased $374,000 or 23.3% despite
reduced tons mined because of an increase of $311,000 in revenues
from timber harvesting and increases in minimum rent requirements
effective in August 2007 and October 2007 pursuant to terms
contained in several mining leases. Consolidated gross profit was
$6,223,000 in the first quarter of fiscal 2008, a decrease of
$1,236,000 or 16.6% compared to $7,459,000 in the same period last
year. Gross profit in the transportation segment decreased
$1,812,000 or 39.4% due to increased cost of operations along with
decreased freight demand, resulting in reduced revenue miles and
lower pricing in the flatbed portion. Average fuel cost per gallon
in the first quarter of 2008 increased 31%. This resulted in an
increase in fuel cost of $280,000 in excess of the increase in fuel
surcharge revenue in the flatbed portion. Insurance and losses
increased due to $357,000 of prior period recoveries in the same
quarter last year. Other expense increased $455,000 due to higher
gains on equipment sales the same quarter last year along with an
increase of $156,000 in vehicle tires and maintenance. Gross profit
in the real estate segment increased $576,000 or 20.1% from the
first quarter 2007, due to higher rental rates on new leases and
$311,000 increased gross profit from timber sales. Selling, general
and administrative expenses increased $2,329,000 over the same
quarter last year. The current quarter includes $2,371,000 accrual
of retirement benefits for the Company's President and Chief
Executive Officer. Summary and Outlook. The flatbed portion of the
transportation segment continues to face severe industry over
capacity and significant disruptions to profitability from poor
freight demand, utilization disruption and pricing softness
resulting from the housing downturn as well as high fuel expenses.
This downturn is expected to continue to impact the operations of
the flatbed portion of our transportation business throughout
calendar 2008. 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 consistent
with maintaining a watchful eye on national and regional economic
health. 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 Ended December 31 2007 2006 Revenues $39,200
37,124 Gross profit $6,223 7,459 (Loss) Income before income taxes
$(228) 3,542 Net (loss) income $(139) 2,160 (Loss) Earnings per
common share: Basic $(0.05) 0.72 Diluted $(0.05) 0.69 Weighted
average common shares outstanding: Basic 3 042 2,997 Diluted 3,042
3,109 PATRIOT TRANSPORTATION HOLDING, INC. Condensed Balance Sheets
(unaudited) (Amounts in thousands) December 31 September 30 2007
2007 Cash and cash equivalents $24,732 $26,944 Accounts receivable,
net 10,250 10,983 Other current assets 7,713 6,559 Property, plant
and equipment, net 195,895 192,523 Investment in Brooksville Joint
Venture 6,143 5,904 Other non-current assets 10,908 10,617 Total
Assets $255,641 $253,530 Current liabilities $23,258 $20,228
Long-term debt (excluding current maturities) 79,192 80,172
Deferred income taxes 15,846 15,274 Other non-current liabilities
6,144 7,395 Shareholders' equity 131,201 130,461 Total Liabilities
and Shareholders' Equity $255,641 $253,530 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 2007 2006 Transportation Revenues $32,919 31,724 Real
Estate Revenues 6,281 5,400 Total Revenues $39,200 37,124
Transportation Operating Profit 646 2,412 Real Estate Operating
Profit 3,440 2,864 Corporate Expenses (3,250) (875) Total Operating
Profit $836 4,401 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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