JACKSONVILLE, Fla., Aug. 6 /PRNewswire-FirstCall/ -- Patriot
Transportation Holding, Inc. (NASDAQ:PATR) reported net income of
$2,774,000 or $0.89 per diluted share in the third quarter of
fiscal 2008, an increase of $348,000 or 14.3% compared to net
income of $2,426,000 or $0.77 per diluted share in the same period
last year. Net income for the first nine months of fiscal 2008 was
$4,805,000 or $1.54 per diluted share, a decrease of $2,378,000
compared to net income of $7,183,000 or $2.30 per diluted share for
the same period last year. Net income for the first nine months of
fiscal 2008 benefited from a gain on condemnation of land of
$1,544,000, net of income taxes but was adversely impacted by the
accrual of retirement benefits of $1,541,000, net of income tax
benefits, for the Company's previous President and CEO, whose
retirement was effective February 6, 2008. The transportation
segment was negatively impacted in the first nine months of fiscal
2008 by reduced demand for flatbed trucking services and high fuel
expenses. The first nine months of fiscal 2007 benefited from gains
on equipment sales and prior period insurance recoveries. Third
Quarter Operating Results. For the third quarter of fiscal 2008,
consolidated revenues were $46,061,000, an increase of $6,430,000
or 16.2% over the same quarter last year. Transportation segment
revenues were $39,990,000 in the third quarter of 2008, an increase
of $5,883,000 over the same quarter last year. Revenue miles in the
current quarter were down 2.6% compared to the third quarter of
2007 due to reduced loads in the flatbed portion of the
transportation segment. Excluding fuel surcharges, revenue per mile
increased 8.4% over the same quarter last year. In addition to
general rate increases, a shift to new business in the flatbed
division was a significant factor in this increase. Real Estate
segment revenues for the third quarter of fiscal 2008 were
$6,071,000, an increase of $547,000 or 9.9% over the same quarter
last year. Lease revenue from developed properties increased
$311,000 or 8.1%, due to an increase in occupied square footage,
higher rental rates on new leases, and increased revenue from
reimbursed real estate taxes. Royalties and land rent increased
$236,000 or 13.9% due to increased reimbursements for real estate
taxes and higher tons sold. Consolidated gross profit was
$8,628,000 in the third quarter of fiscal 2008, an increase of
$834,000 or 10.7% compared to $7,794,000 in the same period last
year. Gross profit in the transportation segment increased $778,000
or 16.2% as increased revenue per mile more than offset reduced
demand for flatbed trucking services and high fuel expenses. Gross
profit in the real estate segment increased $56,000 or 1.9% from
the third quarter 2007, due to higher rental rates on new leases
offset by increased real estate taxes that could not be billed to
tenants. Selling, general and administrative expenses increased
$392,000 over the same quarter last year. Payroll and payroll taxes
increased $247,000 due to amounts paid to the Company's prior CFO
who retired June 16, 2008 along with additional staffing and
payroll taxes on stock option exercises. Nine Months Operating
Results. For the first nine months of fiscal 2008, consolidated
revenues were $126,349,000, an increase of $11,438,000 or 10.0%
over the same period last year. Transportation segment revenues
were $107,647,000 in the first nine months of 2008, an increase of
$9,228,000 over the same period last year. Revenue miles in the
first nine months of fiscal 2008 were down 3.1% compared to the
first nine months of fiscal 2007 due to reduced loads in the
flatbed portion of the transportation segment. Excluding fuel
surcharges, revenue per mile increased 5.3% over the same period
last year. In addition to general rate increases the addition of
new business in the flatbed division during the third quarter was a
significant factor in this increase. Until the third quarter
decreased construction material freight demand and pricing softness
from the downturn in housing pushed revenues down in the flatbed
operation compared to the same period last year. Real Estate
segment revenues for the first nine months of fiscal 2008 were
$18,702,000, an increase of $2,210,000 or 13.4% over the same
period last year. Lease revenue from developed properties increased
$1,125,000 or 9.6%, due to an increase in occupied square footage
along with higher rental rates on new leases. Royalties and land
rent increased $1,085,000 or 22.5% despite reduced tons mined
because of an increase of $359,000 in revenues from timber
harvesting, revenue of $383,000 for reimbursement of higher real
estate taxes, and increases in royalties per ton. Consolidated
gross profit was $20,904,000 in the first nine months of fiscal
2008, a decrease of $2,772,000 or 11.7% compared to $23,676,000 in
the same period last year. Gross profit in the transportation
segment decreased $3,407,000 or 22.8% due to the increase in cost
of operations along with decreased freight demand, resulting in
reduced revenue miles in the flatbed portion. Average fuel cost per
gallon in the first nine months of 2008 increased 41% over the same
period last year. This resulted in an increase in fuel cost of
$679,000 in excess of the increase in fuel surcharge revenue in the
flatbed portion. Insurance and losses increased $1,790,000
primarily due to the same period last year including a reduction of
expense for changes in estimated prior year retained loss reserves
as of June 30, 2007 along with a $357,000 of prior year insurance
recoveries recorded in the three months ended December 31, 2006.
Other expense increased $1,393,000 due to $752,000 higher gains on
equipment sales the same period last year along with an increase of
$708,000 in vehicle tires and maintenance. Gross profit in the real
estate segment increased $635,000 or 7.3% from the first nine
months 2007, due to higher rental rates on new leases and $359,000
increased gross profit from timber harvesting offset by increased
real estate taxes that could not be billed to tenants. Selling,
general and administrative expenses increased $3,171,000 over the
same period last year. The current year includes $2,503,000 accrual
of retirement benefits for the Company's previous President and
CEO. Payroll and payroll taxes increased $352,000 due to amounts
paid to the Company's prior CFO who retired June 16, 2008 along
with additional staffing and payroll taxes on stock option
exercises. Estimated allowance for doubtful accounts expense
increased $78,000 primarily due to the inclusion in the prior year
of a reversal of prior accruals. Audit and legal fees increased
$89,000 due to various projects. Summary and Outlook. The flatbed
portion of the transportation segment continues to face poor
freight demand from the housing downturn as well as high fuel
expenses. During the third quarter of fiscal 2008, increased
revenue per mile in the transportation segment more than offset
reduced demand for flatbed trucking services and high fuel
expenses. The Company's real estate development business continues
to expand its portfolio of warehouse-office products consistent
with maintaining a watchful eye on national and regional economic
health. In July 2008, a subsidiary of the Company, FRP Bird River,
LLC, entered into an agreement to sell approximately 121 acres of
land in Baltimore County, Maryland to Mackenzie Investment Group,
LLC. The purchase price for the property is $25,265,000, subject to
certain potential purchase price adjustments. The agreement of sale
is subject to certain contingencies, including the satisfactory
completion of the buyer's inspection period. Closing is dependent
upon several conditions including additional government approvals
and may be two or more years away. In May 2008, the Company
received final approval from the Zoning Commission of the District
of Columbia of its planned unit development application for the
Company's 5.8 acre undeveloped waterfront site on the Anacostia
River in Washington, D.C. This site is located adjacent to the
recently opened Washington Nationals Baseball Park. The site
currently is leased to a subsidiary of Vulcan Materials Company
under a short-term lease. The approved planned unit development
permits the Company to develop a four building, mixed use project,
containing approximately 545,800 square feet of office and retail
space and approximately 569,600 square feet of additional space for
residential and hotel uses. The approved development would include
numerous publicly accessible open spaces and a waterfront esplanade
along the Anacostia River. 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 Nine Months Ended
Ended June 30 June 30 2008 2007 2008 2007 Revenues $ 46,061 39,631
$126,349 114,911 Gross profit $8,628 7,794 $20,904 23,676 Income
before income taxes $4,240 3,979 $7,711 11,782 Net income $2,774
2,426 $4,805 7,183 Earnings per common share: Basic $0.92 0.80
$1.58 2.38 Diluted $0.89 0.77 $1.54 2.30 Weighted average common
shares outstanding: Basic 3,024 3,035 3,034 3,016 Diluted 3,114
3,142 3,130 3,125 PATRIOT TRANSPORTATION HOLDING, INC. Condensed
Balance Sheets (unaudited) (Amounts in thousands) June 30 September
30 2008 2007 Cash and cash equivalents $15,916 $26,944 Accounts
receivable, net 12,460 10,983 Other current assets 5,547 6,559
Property, plant and equipment, net 204,997 192,523 Investment in
Brooksville Joint Venture 6,305 5,904 Other non-current assets
10,160 10,617 Total Assets $ 255,385 $ 253,530 Current liabilities
$21,218 $20,228 Long-term debt (excluding current maturities)
77,183 80,172 Deferred income taxes 17,155 15,274 Other non-current
liabilities 6,106 7,395 Shareholders' equity 133,723 130,461 Total
Liabilities and Shareholders' Equity $ 255,385 $ 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 Nine
Months Ended June 30 June 30 2008 2007 2008 2007 Transportation
Revenues $39,990 34,107 $107,647 98,419 Real Estate Revenues 6,071
5,524 18,702 16,492 Total Revenues $46,061 39,631 $126,349 114,911
Transportation Operating Profit $3,318 2,600 $4,940 8,452 Real
Estate Operating Profit 3,055 2,999 9,343 8,708 Corporate Expenses
(1,070) (738) (5,746) (2,680) Total Operating Profit $5,303 4,861
$8,537 14,480 DATASOURCE: Patriot Transportation Holding, Inc.
CONTACT: John D. Milton, Jr., Chief Financial Officer of Patriot
Transportation Holding, Inc., +1-904-396-5733
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