JACKSONVILLE, Fla.,
Feb. 1, 2012 /PRNewswire/ -- Patriot
Transportation Holding, Inc. (NASDAQ: PATR) reported net income of
$2,124,000 or $.23 per diluted share in the first quarter of
fiscal 2012, a decrease of $4,271,000
or 66.8% compared to net income of $6,395,000 or $.68
per diluted share in the same period last year. Income from
discontinued operations favorably impacted the first quarter of
fiscal 2011 due to an after tax gain of $4,926,000 or $.52
per diluted share from the exchange of property.
First Quarter Operating Results. For the first
quarter of fiscal 2012, consolidated revenues were $30,359,000, an increase of $2,096,000 or 7.4% over the same quarter last
year.
Transportation segment revenues were $24,841,000 in the first quarter of fiscal 2012,
an increase of $1,850,000 over the
same quarter last year. Revenue miles in the current quarter
were up 1.8% compared to the first quarter of fiscal 2011 due to
business growth and a longer average haul length. Fuel
surcharge revenue increased $1,158,000. Excluding fuel surcharges,
revenue per mile increased 1.7% over the same quarter last year.
The average price paid per gallon of diesel fuel increased by
$.68 or 23.3% over the same quarter
in fiscal 2011.
Mining royalty land segment revenues for the first quarter of
fiscal 2012 were $977,000, a decrease
of $118,000 or 10.8% over the same
quarter last year, due to a shift in production at two locations
reducing the share of mining on the property owned by the
Company.
Developed property rentals segment revenues for the first
quarter of fiscal 2012 were $4,541,000, an increase of $364,000 or 8.7% due to higher occupancy.
Occupancy at December 31, 2011
was 82.8% as compared to 76.5% at December
31, 2010.
Consolidated operating profit was $3,214,000 in the first quarter of fiscal 2012,
an increase of $26,000 or .8%
compared to $3,188,000 in the same
period last year. Operating profit in the transportation
segment decreased $545,000 or 27.4%
primarily due to increased health insurance claims, vehicle
repairs, tire prices and the cost of growth initiatives.
Health insurance claims and vehicle repairs were lower than
usual in the first quarter of last year. Operating profit in
the mining royalty land segment decreased $72,000 or 9.5% due to a shift in production at
two locations reducing the share of mining on the property owned by
the Company partially offset by reduced professional fees.
Operating profit in the Developed property rentals segment
increased $348,000 or 33.8% due to
higher occupancy and increased capitalization of property taxes
partially offset by higher maintenance costs. Consolidated
operating profit includes corporate expenses not allocated to any
segment in the amount of $292,000 in
the first quarter of fiscal 2012, a decrease of $295,000 compared to the same period last year
which included an adjustment to the fair value of the corporate
aircraft of $300,000.
The current quarter includes a gain of $1,039,000 on the receipt of non-refundable
deposits related to the termination of an agreement to sell the
Company's Windlass Run Residential property.
The after tax loss from discontinued operations for the first
quarter of fiscal 2012 was $1,000
versus income of $4,927,000 for the
same period last year. Diluted earnings per share on
discontinued operations for the first quarter of fiscal 2012 was
$.00 compared to $.52 in the first quarter of fiscal 2011.
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.
Summary and Outlook. Transportation segment miles
for this year were 1.8% higher than last year. The Company
continues to succeed in adding drivers and customers and
anticipates increasing segment miles during fiscal 2012.
Operating profit from the leasing of developed buildings has
been unfavorably impacted by vacancy representing 10.2% of the
entire portfolio at two buildings in Delaware impacted by automobile plant closings
and the residential housing downturn and the two parks that each
have only one building completed. Overall occupancy has
increased from 79.8% to 82.8% (both periods including 104,226
square feet or 3.6% for temporary storage under a less than full
market lease rate) over last fiscal year end as the market for new
tenants appears to have improved 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 1:00 p.m. EST on
February 2, 2012. Analysts,
stockholders and other interested parties may access the
teleconference live by calling 1-888-853-3896 (pass code 25627)
within the United States. International callers may dial
1-334-323-7225 (pass code 25627). Computer audio is available
via the Internet through the Conference America, Inc. website at
http://64.202.98.81/conferenceamerica 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 78760397. 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
|
|
|
|
|
2011
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
$30,359
|
28,263
|
|
|
|
|
Operating profit
|
$3,214
|
3,188
|
|
|
|
|
Income before taxes
|
$3,451
|
2,384
|
|
|
|
|
Income from continuing
operations
|
$2,125
|
1,468
|
|
|
|
|
Income from discontinued
operations
|
($1)
|
4,927
|
|
|
|
|
Net income
|
$2,124
|
6,395
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
Income from continuing
operations
|
|
|
|
|
|
|
Basic
|
$0.23
|
0.16
|
|
|
|
|
Diluted
|
$0.23
|
0.16
|
|
|
|
|
Income from discontinued
operations
|
|
|
|
|
|
|
Basic
|
$0.00
|
0.53
|
|
|
|
|
Diluted
|
$0.00
|
0.52
|
|
|
|
|
Net income
|
|
|
|
|
|
|
Basic
|
$0.23
|
0.69
|
|
|
|
|
Diluted
|
$0.23
|
0.68
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding:
|
|
|
|
|
|
|
Basic
|
9,290
|
9,273
|
|
|
|
|
Diluted
|
9,422
|
9,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PATRIOT
TRANSPORTATION HOLDING, INC.
|
|
Condensed
Balance Sheets (unaudited)
|
|
(Amounts in
thousands)
|
|
|
|
December
31
|
|
September
30
|
|
|
|
2011
|
|
2011
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
19,050
|
|
$
21,026
|
|
Accounts receivable,
net
|
|
8,511
|
|
6,702
|
|
Federal and state income taxes
receivable
|
|
93
|
|
93
|
|
Assets of discontinued
operations
|
|
108
|
|
114
|
|
Other current assets
|
|
5,733
|
|
6,759
|
|
Property, plant and equipment,
net
|
|
211,392
|
|
208,988
|
|
Investment in Brooksville Joint
Venture
|
|
7,473
|
|
7,412
|
|
Other non-current
assets
|
|
15,496
|
|
15,296
|
|
Total Assets
|
|
$
267,856
|
|
$
266,390
|
|
|
|
|
|
|
|
Current liabilities
|
|
$
18,424
|
|
$
18,198
|
|
Liabilities of discontinued
operations
|
|
33
|
|
34
|
|
Long-term debt (excluding
current maturities)
|
|
61,093
|
|
62,370
|
|
Deferred income taxes
|
|
16,919
|
|
16,919
|
|
Other non-current
liabilities
|
|
4,452
|
|
4,422
|
|
Shareholders' equity
|
|
166,935
|
|
164,447
|
|
Total Liabilities and
Shareholders' Equity
|
|
$
267,856
|
|
$
266,390
|
|
|
|
|
|
|
|
|
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
|
|
|
|
|
2011
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
revenues
|
$24,841
|
22,991
|
|
|
|
|
Mining royalty land
revenues
|
977
|
1,095
|
|
|
|
|
Developed property rentals
revenues
|
4,541
|
4,177
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues
|
$30,359
|
28,263
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation operating
profit
|
$1,443
|
1,988
|
|
|
|
|
Mining royalty land operating
profit
|
684
|
756
|
|
|
|
|
Developed property rentals
operating profit
|
1,379
|
1,031
|
|
|
|
|
Unallocated corporate
expenses
|
(292)
|
(587)
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating
Profit
|
$3,214
|
3,188
|
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE Patriot Transportation Holding, Inc.