JACKSONVILLE, Fla.;
Feb. 2, 2011 /PRNewswire/ -- Patriot
Transportation Holding, Inc. (Nasdaq: PATR) reported net income of
$6,395,000 or $.68 per diluted share in the first quarter of
fiscal 2011, an increase of $5,059,000 or 378.8% compared to net income of
$1,336,000 or $.14 per diluted share in the same period last
year. The first quarter of fiscal 2011 included an after tax
gain of $4,926,000 or $0.52 per diluted share from the previously
disclosed sale of property in Caroline
County, Virginia.
First Quarter Operating Results. For the first
quarter of fiscal 2011, consolidated revenues were $28,263,000, an increase of $763,000 or 2.8% over the same quarter last
year.
Transportation segment revenues were $22,991,000 in the first quarter of 2011, an
increase of $910,000 over the same
quarter last year. Revenue miles in the current quarter were
up 5.7% compared to the first quarter of fiscal 2010 due to
business growth and a longer average haul length. Fuel
surcharge revenue increased $753,000.
Excluding fuel surcharges, revenue per mile decreased 4.5%
over the same quarter last year due to a longer average haul length
and lower revenue per mile on certain replacement business.
The average price paid per gallon of diesel fuel increased by
$0.39 or 15.7% over the same quarter
in fiscal 2010.
Mining royalty land segment revenues for the first quarter of
fiscal 2011 were $1,095,000, an
increase of $108,000 or 10.9% over
the same quarter last year, due to an increase in mined tons.
Developed property rentals segment revenues for the first
quarter of fiscal 2011 were $4,177,000, a decrease of $255,000 or 5.8% due to reduced tenant
reimbursements for snow removal.
Consolidated operating profit was $3,188,000 in the first quarter of fiscal 2011,
an increase of $146,000 or 4.8%
compared to $3,042,000 in the same
period last year. Operating profit in the transportation
segment increased $344,000 or 20.9%
primarily due to lower health benefit claims. Operating profit in
the mining royalty land segment increased $86,000 or 12.8% due to an increase in mined
tons. Operating profit in the developed property rentals
segment decreased $186,000 or 15.3%
due to higher professional fees and property taxes.
Consolidated operating profit includes corporate expenses not
allocated to any segment in the amount of $587,000 in the first quarter of fiscal 2011, an
increase of $98,000 compared to the
same period last year due to adjustment to the fair value of the
corporate aircraft of $300,000
partially offset by lower stock compensation and professional
fees.
The after tax income from discontinued operations for the first
quarter of fiscal 2011 was $4,927,000
versus $24,000 for the same period
last year. Diluted earnings per share on discontinued
operations for the first quarter of fiscal 2011 was $.52 compared to $.00 in the first quarter of fiscal 2010.
The first quarter of fiscal 2011 included a book gain on the
exchange of property of $4,926,000
after tax or $.52 per diluted share.
The gain includes a deferred tax benefit of $2,053,000 related to the donation to the
Commonwealth of Virginia of the
$5,402,000 value of minerals and
aggregates.
Summary and Outlook. Transportation segment miles
for this year's first quarter were 5.7% higher than the same
quarter last year. The Company continues to succeed in
replacing customers from the non-renewed contracts announced
January 6, 2010 and has basically
recovered from new customers substantially all the lost revenue
miles, albeit at lower rates per mile for longer average hauls.
Operating profit from the leasing of developed buildings has
been unfavorably impacted by three newer buildings brought into
service since September 2008 along
with two nearly vacant buildings in Delaware impacted by automobile plant closings
and the residential housing downturn. Occupancy increased
from 72.0% to 76.5% over last quarter as the market for new tenants
appears to have bottomed and traffic for vacant space has
increased. The Company is not presently engaged in the
construction of any new buildings.
Conference Call. The Company will also host a
conference call at 2:00 p.m. E.S.T.
on February 2, 2011. Analysts,
stockholders and other interested parties may access the
teleconference live by calling 1-888-318-6429 (pass code 42565)
within the United States.
International callers may dial 1-334-323-7225 (pass code
42565). Computer audio is available via the Internet through
the Conference America, Inc. website
at http://209.208.69.70/Conference_America or via the
Company's website at http://www.patriottrans.com. If using
the Company's website, click on the Investor Relations tab, then
select Patriot Transportation Holding, Inc. Conference Stream, next
select the appropriate link for the current conference. An
audio replay will be available for sixty days following the
conference call. To listen to the audio replay, dial toll free
877-919-4059, international callers dial 334-323-7226. The
passcode of the audio replay is 13866196. Replay options: "1"
begins playback, "4" rewind 30 seconds, "5" pause, "6" fast forward
30 seconds, "0" instructions, and "9" exits recording. There
may be a 30-40 minute delay until the archive is available
following the conclusion of the conference call.
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 Florida Rock & Tank Lines, Inc. which is a
Southeastern transportation company concentrating in the hauling by
motor carrier of liquid and dry bulk commodities. 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
|
|
|
2010
|
2009
|
|
|
|
|
|
Revenues
|
$28,263
|
27,500
|
|
Operating
profit
|
$3,188
|
3,042
|
|
Income before
taxes
|
$2,384
|
2,130
|
|
Income from continuing
operations
|
1,468
|
1,312
|
|
Income (loss) from
discontinued operations
|
4,927
|
24
|
|
Net income
|
$6,395
|
1,336
|
|
Earnings per common
share:
Income from
continuing operations
|
|
|
|
Basic
|
$0.16
|
0.15
|
|
Diluted
|
$0.16
|
0.14
|
|
Income (loss) from
discontinued operations
|
|
|
|
Basic
|
$0.53
|
0.00
|
|
Diluted
|
$0.52
|
0.00
|
|
Net
income
|
|
|
|
Basic
|
$0.69
|
0.15
|
|
Diluted
|
$0.68
|
0.14
|
|
Weighted average common
shares outstanding:
|
|
|
|
Basic
|
9,273
|
9,153
|
|
Diluted
|
9,460
|
9,411
|
|
|
|
|
|
|
PATRIOT
TRANSPORTATION HOLDING, INC.
|
|
Condensed
Balance Sheets (unaudited)
|
|
(Amounts in
thousands)
|
|
|
December
31
|
|
September
30
|
|
|
2010
|
|
2010
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
15,419
|
|
$
17,151
|
|
Accounts receivable,
net
|
6,479
|
|
5,940
|
|
Federal and state income
taxes receivable
|
519
|
|
930
|
|
Notes receivable,
current
|
1,259
|
|
1,238
|
|
Assets of discontinued
operations
|
533
|
|
542
|
|
Other current
assets
|
5,300
|
|
5,971
|
|
Property, plant and
equipment, net
|
204,513
|
|
198,116
|
|
Investment in Brooksville
Joint Venture
|
7,456
|
|
7,344
|
|
Notes receivable,
non-current
|
4,052
|
|
4,382
|
|
Other non-current
assets
|
15,301
|
|
16,098
|
|
Total
Assets
|
$
260,831
|
|
$
257,712
|
|
|
|
|
|
|
Current
liabilities
|
$
14,778
|
|
$
16,768
|
|
Liabilities of
discontinued operations
|
1,610
|
|
1,327
|
|
Long-term debt (excluding
current maturities)
|
66,077
|
|
67,272
|
|
Deferred income
taxes
|
16,165
|
|
16,084
|
|
Other non-current
liabilities
|
4,259
|
|
4,205
|
|
Shareholders'
equity
|
157,942
|
|
152,056
|
|
Total Liabilities and
Shareholders' Equity
|
$
260,831
|
|
$
257,712
|
|
|
|
|
|
PATRIOT
TRANSPORTATION HOLDING, INC.
|
|
Business
Segments (unaudited)
|
|
(Amounts in
thousands)
|
|
|
The Company has identified three business segments,
Transportation, Mining royalty land and Developed property rentals,
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
|
|
|
2010
|
2009
|
|
|
|
|
|
Transportation
revenues
|
$22,991
|
22,081
|
|
Mining royalty land
revenues
|
1,095
|
987
|
|
Developed property rentals
revenues
|
4,177
|
4,432
|
|
|
|
|
|
Total Revenues
|
$28,263
|
27,500
|
|
|
|
|
|
Transportation operating
profit
|
$1,988
|
1,644
|
|
Mining royalty land
operating profit
|
756
|
670
|
|
Developed property rentals
operating profit
|
1,031
|
1,217
|
|
Unallocated corporate
expenses
|
(587)
|
(489)
|
|
|
|
|
|
Total Operating
Profit
|
$3,188
|
3,042
|
|
|
|
|
SOURCE Patriot Transportation Holding, Inc.