JACKSONVILLE, Fla.,
Feb. 4, 2015 /PRNewswire/ -- FRP
Holdings, Inc. (NASDAQ: FRPH) reported net income of $2,793,000 or $.29
per diluted share in the first quarter of fiscal 2015, an increase
of $452,000 or 19.3% compared to net
income of $2,341,000 or $.24 per diluted share in the same period last
year.
First Quarter Operating Results. For the first
quarter of fiscal 2015, consolidated revenues were $40,019,000, an increase of $1,199,000 or 3.1% over the same quarter last
year. Consolidated operating profit was $5,098,000 in the first quarter of fiscal 2015,
an increase of $974,000 or 23.6%
compared to $4,124,000 in the same
period last year.
Transportation segment revenues increased .4% over the first
quarter of fiscal 2014 as revenue miles, loads and average haul
length were essentially flat quarter over quarter. Revenue
per mile increased 0.4% over the same period last year due to
improved rates mostly offset by lower fuel surcharge revenue as a
result of the falling price of diesel fuel.
Operating profit in the transportation segment increased
$604,000 or 41.5% primarily due to
the net impact of lower fuel costs and improved revenue per mile,
partly offset by spin-off costs and higher health claims.
Mining royalty land segment revenues for the first quarter of
fiscal 2015 were $1,344,000, an
increase of $76,000 or 6.0% over the
same quarter last year due to increased tons mined. Operating
profit in the mining royalty land segment decreased $20,000 or 2.1% due primarily to an increase in
allocated spin-off corporate expenses mitigated by an increase in
tons mined.
Developed property rentals segment revenues for the first
quarter of fiscal 2015 were $6,958,000, an increase of $997,000 or 16.7% primarily due to revenue on the
125,550 square foot build to suit building completed and occupied
during the second quarter of fiscal 2014, the 129,850 square foot
build to suit building completed and occupied in November 2014 and revenue on the 2 buildings
added June 2014 related to the
purchase of Kelso Business Park. Occupancy at December 31, 2014 was 92.8% as compared to 89.2%
at December 31, 2013. As a result of
the increased buildings-in-service platform average square feet
occupied during the quarter increased 341,780 or 11.6% versus the
same quarter last year.
Operating profit in the Developed property rentals segment
increased $354,000 or 17.0% due to
the 125,550 square foot build to suit building completed and
occupied during the second quarter 2014, the 129,850 square foot
build to suit building completed and occupied in first quarter 2015
and lower professional fees offset by higher property taxes and
allocated spin-off corporate expenses.
Interest expense increased $161,000 over the same quarter last year due to
lower capitalized interest partially offset by a declining mortgage
principal balance. The amount of interest capitalized on real
estate projects under development was $195,000 lower than the same quarter last
year
Summary and Outlook. With the successful completion
of the spin-off of our transportation segment on January 30, 2015, we are focused on building
shareholder value through our real estate holdings. We have
attached pro forma financial statements showing FRP excluding the
spin-off.
Developed property rentals occupancy was 92.8% at December 31, 2014 and 89.2% at December 31, 2013. Occupancy at
December 31, 2014 and 2013 included
82,807 square feet or 2.3% and 13,450 square feet or .4%
respectively for temporary leases under a less than full market
lease rate. The Company's third build to suit lease at
Patriot Business Park for a 129,850 square foot building was
completed in November 2014. Total completed developed square
footage increased 9.9% from December 31,
2013 to 3,602,159 at December 31,
2014.
In addition to the completed buildings, we own land in four
separate distinct submarkets that we believe ultimately could
support up to 16 buildings totaling 1,277,056 square feet.
The net book value of these properties at December 31, 2014 was $19,239,000.
The Company commenced construction of the first phase of the
four phase Anacostia development in October
2014 with lease up scheduled in 2016 and 2017.
Conference Call. The Company will also host a
conference call on Wednesday afternoon, February 4, 2015 at 3:00
p.m. (EST). Analysts, stockholders and other interested
parties may access the teleconference live by calling
1-800-853-3895 (pass code 35864) within the United States. International callers may
dial 1-334-323-7224 (pass code 35864). Computer audio live
streaming is available via the Internet through Conference America,
Inc.'s website at http://64.202.98.81/conferenceamerica or via the
Company's website at www.frpholdings.com. You may also click on
this link for the live streaming
http://stream.conferenceamerica.com/live. For the archived audio
via the internet, click on the following link
http://wm.yourcall.com/archivestream/pth020415.wma. If using the
Company's website, click on the Investor Relations tab, the select
the earnings conference stream. 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 334-323-0140. The passcode of the audio replay is 42828539.
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; levels of construction activity in the Company's
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.
FRP Holdings, Inc. (FRP) is engaged in the real estate business
though its subsidiaries FRP Development Corp. and Florida Rock
Properties, Inc. FRP acquires, constructs, leases, operates and
manages land and buildings to generate both current cash flows and
long-term capital appreciation. FRP also owns real estate
which is leased under mining royalty agreements or held for
investment.
|
FRP HOLDINGS, INC.
AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME
(In thousands except
per share amounts)
(Unaudited)
|
|
|
|
THREE MONTHS
ENDED
DECEMBER
31,
|
|
2014
|
|
2013
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Transportation
|
$
|
31,717
|
|
|
|
31,591
|
|
|
Mining
royalty land
|
|
1,344
|
|
|
|
1,268
|
|
|
Developed
property rentals
|
|
6,958
|
|
|
|
5,961
|
|
|
Total
revenues
|
|
40,019
|
|
|
|
38,820
|
|
|
|
|
|
|
|
|
|
|
Cost of
operations:
|
|
|
|
|
|
|
|
|
Transportation
|
|
29,657
|
|
|
|
30,135
|
|
|
Mining
royalty land
|
|
425
|
|
|
|
329
|
|
|
Developed
property rentals
|
|
4,521
|
|
|
|
3,878
|
|
|
Unallocated corporate
|
|
318
|
|
|
|
354
|
|
|
Total cost of
operations
|
|
34,921
|
|
|
|
34,696
|
|
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
|
Transportation
|
|
2,060
|
|
|
|
1,456
|
|
|
Mining
royalty land
|
|
919
|
|
|
|
939
|
|
|
Developed
property rentals
|
|
2,437
|
|
|
|
2,083
|
|
|
Unallocated corporate
|
|
(318)
|
|
|
|
(354)
|
|
|
Total operating
profit
|
|
5,098
|
|
|
|
4,124
|
|
|
|
|
|
|
|
|
|
|
(Loss) Gain on
investment land sold
|
|
(17)
|
|
|
|
56
|
|
|
Interest income and
other
|
|
-
|
|
|
|
1
|
|
|
Equity in loss of
joint ventures
|
|
(30)
|
|
|
|
(32)
|
|
|
Interest
expense
|
|
(472)
|
|
|
|
(311)
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
4,579
|
|
|
|
3,838
|
|
|
Provision for income
taxes
|
|
(1,786)
|
|
|
|
(1,497)
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
|
2,793
|
|
|
|
2,341
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
Income
|
$
|
2,793
|
|
|
|
2,341
|
|
|
|
|
|
|
|
|
|
|
Earnings per
common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
0.29
|
|
|
|
0.24
|
|
|
Diluted
|
|
0.29
|
|
|
|
0.24
|
|
|
|
|
|
|
|
|
|
|
Number of shares
(in thousands)
|
|
|
|
|
|
|
|
|
used
in computing:
|
|
|
|
|
|
|
|
|
-basic
earnings per common share
|
|
9,711
|
|
|
|
9,568
|
|
|
-diluted
earnings per common share
|
|
9,771
|
|
|
|
9,674
|
|
The unaudited pro forma consolidated financial statements of FRP
Holdings, Inc. ("FRP") that follow have been derived from FRP's
historical consolidated financial statements and are being
presented to give effect to the separation of Patriot
Transportation Holding, Inc. into an independent, publicly traded
company as if the separation had occurred on the first day of the
periods presented. The separation occurred on January 30, 2015. These pro forma financial
statements are not a measure of FRP's financial performance under
U.S. generally accepted accounting principles ("GAAP").
Management believes that these non-GAAP financial measures provide
management and investors a tool for analyzing our ongoing
operations. The unaudited pro forma condensed consolidated
financial statements are for illustrative purposes only, and do not
reflect what FRP's actual financial position and results of
operations would have been had the separation occurred on the dates
indicated and are not necessarily indicative of FRP's future
financial position and results of operations. A
reconciliation of non-GAAP financial measures to the most directly
comparable GAAP financial measures is presented below.
|
FRP HOLDINGS, INC AND
SUBSIDIARIES
|
|
UNAUDITED PRO FORMA
CONSOLIDATED STATEMENTS OF INCOME
|
|
FOR THE THREE MONTHS
ENDED DECEMBER 31, 2014
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Historical
|
Patriot
Transportation
|
Pro Forma
|
|
FRP Holdings,
Inc.
|
Holding,
Inc.
|
FRP Holdings,
Inc.
|
|
Revenues:
|
|
|
|
|
Transportation
|
31,717
|
(31,717)
|
-
|
|
Mining
royalty land
|
1,344
|
0
|
1,344
|
|
Developed
property rentals
|
6,958
|
0
|
6,958
|
|
Total
revenues
|
40,019
|
(31,717)
|
8,302
|
|
|
|
|
|
Cost of
operations:
|
|
|
|
|
Transportation
|
29,657
|
(29,657)
|
0
|
|
Mining
royalty land
|
425
|
0
|
461
|
|
Developed
property rentals
|
4,521
|
0
|
4,576
|
|
Unallocated corporate
|
318
|
(227)
|
0
|
|
Total cost of
operations
|
34,921
|
(29,884)
|
5,037
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
Transportation
|
2,060
|
(2,060)
|
0
|
|
Mining
royalty land
|
919
|
0
|
883
|
|
Developed
property rentals
|
2,437
|
0
|
2,382
|
|
Unallocated corporate
|
(318)
|
227
|
0
|
|
Total operating
profit
|
5,098
|
(1,833)
|
3,265
|
|
|
|
|
|
Gain on investment
land sold
|
(17)
|
0
|
(17)
|
|
Interest income and
other
|
0
|
0
|
0
|
|
Equity in loss of
joint ventures
|
(30)
|
0
|
(30)
|
|
Interest
expense
|
(472)
|
26
|
(446)
|
|
|
|
|
|
Income before income
taxes
|
4,579
|
(1,807)
|
2,772
|
|
Provision for income
taxes
|
1,786
|
(705)
|
1,081
|
|
Net income
|
2,793
|
(1,102)
|
1,691
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
Basic
|
0.29
|
|
0.17
|
|
Diluted
|
0.29
|
|
0.17
|
|
|
|
|
|
Number of weighted
average shares (in thousands) used in computing:
|
|
|
|
-basic
earnings per common share
|
9,711
|
|
9,711
|
|
-diluted
earnings per common share
|
9,771
|
|
9,771
|
|
FRP HOLDINGS, INC AND
SUBSIDIARIES
|
|
UNAUDITED PRO FORMA
CONSOLIDATED STATEMENTS OF INCOME
|
|
FOR THE THREE MONTHS
ENDED DECEMBER 31, 2013
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Historical
|
Patriot
Transportation
|
Pro Forma
|
|
FRP Holdings,
Inc.
|
Holding,
Inc.
|
FRP Holdings,
Inc.
|
|
Revenues:
|
|
|
|
|
Transportation
|
31,591
|
(31,591)
|
-
|
|
Mining
royalty land
|
1,268
|
0
|
1,268
|
|
Developed
property rentals
|
5,961
|
0
|
5,961
|
|
Total
revenues
|
38,820
|
(31,591)
|
7,229
|
|
|
|
|
|
Cost of
operations:
|
|
|
|
|
Transportation
|
30,135
|
(30,135)
|
0
|
|
Mining
royalty land
|
329
|
0
|
383
|
|
Developed
property rentals
|
3,878
|
0
|
3,959
|
|
Unallocated corporate
|
354
|
(219)
|
0
|
|
Total cost of
operations
|
34,696
|
(30,354)
|
4,342
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
Transportation
|
1,456
|
(1,456)
|
0
|
|
Mining
royalty land
|
939
|
0
|
885
|
|
Developed
property rentals
|
2,083
|
0
|
2,002
|
|
Unallocated corporate
|
(354)
|
219
|
0
|
|
Total operating
profit
|
4,124
|
(1,237)
|
2,887
|
|
|
|
|
|
Gain on investment
land sold
|
56
|
0
|
56
|
|
Interest income and
other
|
1
|
0
|
1
|
|
Equity in loss of
joint ventures
|
(32)
|
0
|
(32)
|
|
Interest
expense
|
(311)
|
23
|
(288)
|
|
|
|
|
|
Income before income
taxes
|
3,838
|
(1,214)
|
2,624
|
|
Provision for income
taxes
|
1,497
|
(474)
|
1,023
|
|
Net income
|
2,341
|
(740)
|
1,601
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
Basic
|
0.24
|
|
0.17
|
|
Diluted
|
0.24
|
|
0.17
|
|
|
|
|
|
Number of weighted
average shares (in thousands) used in computing:
|
|
|
|
-basic
earnings per common share
|
9,568
|
|
9,568
|
|
-diluted
earnings per common share
|
9,674
|
|
9,674
|
|
FRP HOLDINGS, INC AND
SUBSIDIARIES
|
|
UNAUDITED PRO FORMA
CONDENSED CONSOLIDATED BALANCE SHEET
|
|
AS OF DECEMBER 31,
2014
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Historical
|
Patriot
Transportation
|
Pro Forma
|
|
FRP Holdings,
Inc.
|
Holding,
Inc.
|
FRP Holdings,
Inc.
|
|
|
|
|
|
Assets
|
|
|
|
|
Total current
assets
|
18,953
|
(11,386)
|
7,674
|
|
|
|
|
|
Property and
equipment, at cost:
|
|
|
|
|
Land
|
104,478
|
(2,660)
|
101,818
|
|
Buildings
|
177,099
|
(5,525)
|
171,574
|
|
Equipment
|
93,855
|
(90,275)
|
3,580
|
|
375,432
|
(98,460)
|
276,972
|
|
Less accumulated
depreciation
|
125,715
|
(56,184)
|
69,531
|
|
249,717
|
(42,276)
|
207,441
|
|
|
|
|
|
Real estate held for
investment, at cost
|
7,304
|
0
|
7,304
|
|
Investment in joint
ventures
|
18,640
|
0
|
18,640
|
|
Goodwill
|
3,431
|
(3,431)
|
0
|
|
Intangibles,
net
|
4,773
|
(3,704)
|
1,069
|
|
Other assets,
net
|
9,592
|
(32)
|
9,560
|
|
Total
assets
|
312,410
|
(60,829)
|
251,688
|
|
|
|
|
|
Liabilities and
Equity:
|
|
|
|
|
Total current
liabilities
|
18,775
|
(9,060)
|
9,822
|
|
|
|
|
|
Long-term
debt
|
56,452
|
(6,551)
|
49,901
|
|
Deferred income
taxes
|
23,072
|
(9,170)
|
13,902
|
|
Accrued
insurance
|
1,393
|
(1,393)
|
0
|
|
Other
liabilities
|
3,093
|
(831)
|
2,262
|
|
Commitments and
contingencies
|
|
|
|
|
Total liabilities
|
102,785
|
(27,005)
|
75,887
|
|
Shareholders
equity:
|
|
|
|
|
Common stock
issued and outstanding
|
972
|
|
972
|
|
Capital in
excess of par
|
48,407
|
|
48,407
|
|
Retained
earnings
|
160,206
|
(33,771)
|
126,435
|
|
Accumulated
other comprehensive income, net
|
40
|
(53)
|
(13)
|
|
Total shareholders' equity
|
209,625
|
(33,824)
|
175,801
|
|
Total liabilities and
shareholders' equity
|
312,410
|
(60,829)
|
251,688
|
|
FRP HOLDINGS, INC AND
SUBSIDIARIES
|
|
UNAUDITED PRO FORMA
CONSOLIDATED STATEMENTS OF INCOME
|
|
FOR THE YEAR ENDED
SEPTEMBER 30, 2014
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Historical
|
Patriot
Transportation
|
Pro Forma
|
|
FRP Holdings,
Inc.
|
Holding,
Inc.
|
FRP Holdings,
Inc.
|
|
Revenues:
|
|
|
|
|
Transportation
|
129,162
|
(129,162)
|
-
|
|
Mining
royalty land
|
5,349
|
0
|
5,349
|
|
Developed
property rentals
|
25,629
|
0
|
25,629
|
|
Total
revenues
|
160,140
|
(129,162)
|
30,978
|
|
|
|
|
|
Cost of
operations:
|
|
|
|
|
Transportation
|
122,856
|
(122,856)
|
0
|
|
Mining
royalty land
|
1,368
|
0
|
1,628
|
|
Developed
property rentals
|
16,534
|
0
|
16,925
|
|
Unallocated corporate
|
1,614
|
(963)
|
0
|
|
Total cost of
operations
|
142,372
|
(123,819)
|
18,553
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
Transportation
|
6,306
|
(6,306)
|
0
|
|
Mining
royalty land
|
3,981
|
0
|
3,721
|
|
Developed
property rentals
|
9,095
|
0
|
8,704
|
|
Unallocated corporate
|
(1,614)
|
963
|
0
|
|
Total operating
profit
|
17,768
|
(5,343)
|
12,425
|
|
|
|
|
|
Gain on investment
land sold
|
476
|
0
|
476
|
|
Interest income and
other
|
30
|
(7)
|
23
|
|
Equity in loss of
joint ventures
|
(128)
|
0
|
(128)
|
|
Interest
expense
|
(1,475)
|
109
|
(1,366)
|
|
|
|
|
|
Income before income
taxes
|
16,671
|
(5,241)
|
11,430
|
|
Provision for income
taxes
|
6,652
|
(2,044)
|
4,608
|
|
Net
income
|
10,019
|
(3,197)
|
6,822
|
|
|
|
|
|
Earnings per
common share:
|
|
|
|
|
Basic
|
1.04
|
|
0.71
|
|
Diluted
|
1.03
|
|
0.70
|
|
|
|
|
|
Number of weighted
average shares (in thousands) used in computing:
|
|
|
|
-basic
earnings per common share
|
9,629
|
|
9,629
|
|
-diluted
earnings per common share
|
9,710
|
|
9,710
|
|
FRP HOLDINGS, INC AND
SUBSIDIARIES
|
|
UNAUDITED PRO FORMA
CONSOLIDATED STATEMENTS OF INCOME
|
|
FOR THE THREE MONTHS
ENDED DECEMBER 31, 2014
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
Historical
|
Patriot
|
Pro
|
Pro Forma
|
Discontinued
|
Restated
For
|
|
FRP
|
Transportation
|
Forma
|
FRP
|
Operations
|
Spin-off
|
|
Holdings,
Inc.
|
Holding,
Inc.
|
Adjustments
|
Holdings,
Inc.
|
Reconciliation
|
FRP Holdings,
Inc.
|
|
Revenues:
|
|
|
|
|
|
|
|
Transportation
|
$
31,717
|
$
(31,717)
|
$
-
|
$
-
|
$
-
|
$
-
|
|
Mining
royalty land
|
1,344
|
0
|
0
|
1,344
|
0
|
1,344
|
|
Developed
property rentals
|
6,958
|
0
|
0
|
6,958
|
0
|
6,958
|
|
Total
revenues
|
40,019
|
(31,717)
|
0
|
8,302
|
0
|
8,302
|
|
|
|
|
|
|
|
|
Cost of
operations:
|
|
|
|
|
|
|
|
Transportation
|
29,657
|
(29,657)
|
0
|
0
|
0
|
0
|
|
Mining
royalty land
|
425
|
0
|
36
|
461
|
0
|
461
|
|
Developed
property rentals
|
4,521
|
0
|
55
|
4,576
|
0
|
4,576
|
|
Unallocated corporate
|
318
|
(227)
|
(91)
|
0
|
919
|
919
|
|
Total cost of
operations
|
34,921
|
(29,884)
|
0
|
5,037
|
919
|
5,956
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
Transportation
|
2,060
|
(2,060)
|
0
|
0
|
0
|
0
|
|
Mining
royalty land
|
919
|
0
|
(36)
|
883
|
0
|
883
|
|
Developed
property rentals
|
2,437
|
0
|
(55)
|
2,382
|
0
|
2,382
|
|
Unallocated corporate
|
(318)
|
227
|
91
|
0
|
(919)
|
(919)
|
|
Total operating
profit
|
5,098
|
(1,833)
|
0
|
3,265
|
(919)
|
2,346
|
|
|
|
|
|
|
|
|
Gain on termination
of sale contract
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Gain on investment
land sold
|
(17)
|
0
|
0
|
(17)
|
0
|
(17)
|
|
Interest income and
other
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Equity in loss of
joint ventures
|
(30)
|
0
|
0
|
(30)
|
0
|
(30)
|
|
Interest
expense
|
(472)
|
26
|
0
|
(446)
|
0
|
(446)
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
4,579
|
(1,807)
|
0
|
2,772
|
(919)
|
1,853
|
|
Provision for income
taxes
|
1,786
|
(705)
|
0
|
1,081
|
(358)
|
723
|
|
Income from
continuing operations
|
2,793
|
(1,102)
|
0
|
1,691
|
(561)
|
1,130
|
|
|
|
|
|
|
|
|
Gain from
discontinued operations, net
|
0
|
0
|
0
|
0
|
1,663
|
1,663
|
|
|
|
|
|
|
|
|
Net income
|
$
2,793
|
$
(1,102)
|
$
-
|
$
1,691
|
$
1,102
|
$
2,793
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
Income
from continuing operations -
|
|
|
|
|
|
|
Basic
|
0.29
|
|
|
0.17
|
|
0.12
|
|
Diluted
|
0.29
|
|
|
0.17
|
|
0.12
|
|
Discontinued operations -
|
|
|
|
|
|
|
|
Basic
|
0.00
|
|
|
0.00
|
|
0.17
|
|
Diluted
|
0.00
|
|
|
0.00
|
|
0.17
|
|
Net
Income -
|
|
|
|
|
|
|
|
Basic
|
0.29
|
|
|
0.17
|
|
0.29
|
|
Diluted
|
0.29
|
|
|
0.17
|
|
0.29
|
|
|
|
|
|
|
|
|
Number of weighted
average shares (in thousands) used in computing:
|
|
|
|
|
|
-basic
earnings per common share
|
9,711
|
|
|
9,711
|
|
9,711
|
|
-diluted
earnings per common share
|
9,771
|
|
|
9,771
|
|
9,771
|
|
FRP HOLDINGS, INC AND
SUBSIDIARIES
|
|
UNAUDITED PRO FORMA
CONSOLIDATED STATEMENTS OF INCOME
|
|
FOR THE THREE MONTHS
ENDED DECEMBER 31, 2013
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
Historical
|
Patriot
|
Pro
|
Pro Forma
|
Discontinued
|
Restated
For
|
|
FRP
|
Transportation
|
Forma
|
FRP
|
Operations
|
Spin-off
|
|
Holdings,
Inc.
|
Holding,
Inc.
|
Adjustments
|
Holdings,
Inc.
|
Reconciliation
|
FRP Holdings,
Inc.
|
|
Revenues:
|
|
|
|
|
|
|
|
Transportation
|
$
31,591
|
$
(31,591)
|
$
-
|
$
-
|
$
-
|
$
-
|
|
Mining
royalty land
|
1,268
|
0
|
0
|
1,268
|
0
|
1,268
|
|
Developed
property rentals
|
5,961
|
0
|
0
|
5,961
|
0
|
5,961
|
|
Total
revenues
|
38,820
|
(31,591)
|
0
|
7,229
|
0
|
7,229
|
|
|
|
|
|
|
|
|
Cost of
operations:
|
|
|
|
|
|
|
|
Transportation
|
30,135
|
(30,135)
|
0
|
0
|
0
|
0
|
|
Mining
royalty land
|
329
|
0
|
54
|
383
|
0
|
383
|
|
Developed
property rentals
|
3,878
|
0
|
81
|
3,959
|
0
|
3,959
|
|
Unallocated corporate
|
354
|
(219)
|
(135)
|
0
|
711
|
711
|
|
Total cost of
operations
|
34,696
|
(30,354)
|
0
|
4,342
|
711
|
5,053
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
Transportation
|
1,456
|
(1,456)
|
0
|
0
|
0
|
0
|
|
Mining
royalty land
|
939
|
0
|
(54)
|
885
|
0
|
885
|
|
Developed
property rentals
|
2,083
|
0
|
(81)
|
2,002
|
0
|
2,002
|
|
Unallocated corporate
|
(354)
|
219
|
135
|
0
|
(711)
|
(711)
|
|
Total operating
profit
|
4,124
|
(1,237)
|
0
|
2,887
|
(711)
|
2,176
|
|
|
|
|
|
|
|
|
Gain on investment
land sold
|
56
|
0
|
0
|
56
|
0
|
56
|
|
Interest income and
other
|
1
|
0
|
0
|
1
|
0
|
1
|
|
Equity in loss of
joint ventures
|
(32)
|
0
|
0
|
(32)
|
0
|
(32)
|
|
Interest
expense
|
(311)
|
23
|
0
|
(288)
|
0
|
(288)
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
3,838
|
(1,214)
|
0
|
2,624
|
(711)
|
1,913
|
|
Provision for income
taxes
|
1,497
|
(474)
|
0
|
1,023
|
(277)
|
746
|
|
Income from
continuing operations
|
2,341
|
(740)
|
0
|
1,601
|
(434)
|
1,167
|
|
|
|
|
|
|
|
|
Gain from
discontinued operations, net
|
0
|
0
|
0
|
0
|
1,174
|
1,174
|
|
|
|
|
|
|
|
|
Net income
|
$
2,341
|
$
(740)
|
$
-
|
$
1,601
|
$
740
|
$
2,341
|
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
|
|
Income
from continuing operations -
|
|
|
|
|
|
|
|
Basic
|
0.24
|
|
|
0.17
|
|
0.12
|
|
Diluted
|
0.24
|
|
|
0.17
|
|
0.12
|
|
Discontinued operations -
|
|
|
|
|
|
|
|
Basic
|
0.00
|
|
|
0.00
|
|
0.12
|
|
Diluted
|
0.00
|
|
|
0.00
|
|
0.12
|
|
Net
Income -
|
|
|
|
|
|
|
|
Basic
|
0.24
|
|
|
0.17
|
|
0.24
|
|
Diluted
|
0.24
|
|
|
0.17
|
|
0.24
|
|
|
|
|
|
|
|
|
Number of weighted
average shares (in thousands) used in computing:
|
|
|
|
|
|
-basic
earnings per common share
|
9,568
|
|
|
9,568
|
|
9,568
|
|
-diluted
earnings per common share
|
9,674
|
|
|
9,674
|
|
9,674
|
|
FRP HOLDINGS, INC AND
SUBSIDIARIES
|
|
UNAUDITED PRO FORMA
CONSOLIDATED BALANCE SHEET
|
|
AS OF DECEMBER 31,
2014
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
Historical
|
Patriot
|
Pro
|
Pro Forma
|
Discontinued
|
Restated
For
|
|
FRP
|
Transportation
|
Forma
|
FRP
|
Operations
|
Spin-off
|
|
Holdings,
Inc.
|
Holding,
Inc.
|
Adjustments
|
Holdings,
Inc.
|
Reconciliation
|
FRP Holdings,
Inc.
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
895
|
$
-
|
|
$
895
|
|
$
895
|
|
Cash held in
escrow
|
26
|
0
|
|
26
|
|
26
|
|
Accounts
receivable (net of allowance for doubtful
|
8,082
|
(7,282)
|
|
800
|
|
800
|
|
accounts
of $148)
|
|
|
|
|
|
|
|
Deferred
income taxes
|
0
|
0
|
107
|
107
|
|
107
|
|
Discontinued
Operation - Spin-off
|
|
|
|
|
60,829
|
60,829
|
|
Inventory
of parts and supplies
|
888
|
(888)
|
|
0
|
|
0
|
|
Prepaid
tires on equipment
|
2,063
|
(2,063)
|
|
0
|
|
0
|
|
Prepaid
taxes and licenses
|
1,677
|
(559)
|
|
1,118
|
|
1,118
|
|
Prepaid
insurance
|
632
|
(518)
|
|
114
|
|
114
|
|
Prepaid
expenses, other
|
81
|
(76)
|
|
5
|
|
5
|
|
Real estate
held for sale, at cost
|
4,609
|
|
|
4,609
|
|
4,609
|
|
Total current
assets
|
18,953
|
(11,386)
|
107
|
7,674
|
60,829
|
68,503
|
|
|
|
|
|
|
|
|
Property and
equipment, at cost:
|
|
|
|
|
|
|
|
Land
|
104,478
|
(2,660)
|
|
101,818
|
|
101,818
|
|
Buildings
|
177,099
|
(5,525)
|
|
171,574
|
|
171,574
|
|
Equipment
|
93,855
|
(90,275)
|
|
3,580
|
|
3,580
|
|
375,432
|
(98,460)
|
0
|
276,972
|
0
|
276,972
|
|
Less accumulated
depreciation
|
125,715
|
(56,184)
|
|
69,531
|
|
69,531
|
|
249,717
|
(42,276)
|
0
|
207,441
|
0
|
207,441
|
|
|
|
|
|
|
|
|
Real estate held for
investment, at cost
|
7,304
|
0
|
|
7,304
|
|
7,304
|
|
Investment in joint
ventures
|
18,640
|
0
|
|
18,640
|
|
18,640
|
|
Goodwill
|
3,431
|
(3,431)
|
|
0
|
|
0
|
|
Intangibles,
net
|
4,773
|
(3,704)
|
|
1,069
|
|
1,069
|
|
Other assets,
net
|
9,592
|
(32)
|
|
9,560
|
|
9,560
|
|
Total
assets
|
$
312,410
|
$
(60,829)
|
$
107
|
$
251,688
|
$
60,829
|
$
312,517
|
|
|
|
|
|
|
|
|
Liabilities and
Equity:
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
$
5,367
|
$
(3,069)
|
|
$
2,298
|
|
$
2,298
|
|
Bank
overdraft
|
408
|
(408)
|
|
0
|
|
0
|
|
Federal
and state taxes payable
|
309
|
(119)
|
|
190
|
|
190
|
|
Discontinued
Operation - Spin-off
|
|
|
|
|
27,005
|
27,005
|
|
Deferred
income taxes
|
239
|
(346)
|
107
|
0
|
|
0
|
|
Accrued
payroll and benefits
|
3,950
|
(3,716)
|
|
234
|
|
234
|
|
Accrued
insurance
|
1,100
|
(1,100)
|
|
0
|
|
0
|
|
Environmental
remediation
|
1,614
|
0
|
|
1,614
|
|
1,614
|
|
Accrued
liabilities, other
|
1,251
|
(302)
|
|
949
|
|
949
|
|
Long-term debt
due within one year
|
4,537
|
0
|
|
4,537
|
|
4,537
|
|
Total current
liabilities
|
18,775
|
(9,060)
|
107
|
9,822
|
27,005
|
36,827
|
|
|
|
|
|
|
|
|
Long-term
debt
|
56,452
|
(6,551)
|
|
49,901
|
|
49,901
|
|
Deferred income
taxes
|
23,072
|
(9,170)
|
|
13,902
|
|
13,902
|
|
Accrued
insurance
|
1,393
|
(1,393)
|
|
0
|
|
0
|
|
Other
liabilities
|
3,093
|
(831)
|
|
2,262
|
|
2,262
|
|
Commitments and
contingencies (Note 7)
|
|
|
|
|
|
|
|
Total liabilities
|
102,785
|
(27,005)
|
107
|
75,887
|
27,005
|
102,892
|
|
Shareholders
equity:
|
|
|
|
|
|
|
|
Common stock
issued and outstanding
|
972
|
|
|
972
|
|
972
|
|
Capital in
excess of par
|
48,407
|
|
|
48,407
|
|
48,407
|
|
Retained
earnings
|
160,206
|
(33,771)
|
|
126,435
|
33,771
|
160,206
|
|
Accumulated
other comprehensive income, net
|
40
|
(53)
|
|
(13)
|
53
|
40
|
|
Total shareholders' equity
|
209,625
|
(33,824)
|
0
|
175,801
|
33,824
|
209,625
|
|
Total liabilities and
shareholders' equity
|
$
312,410
|
$
(60,829)
|
$
107
|
$
251,688
|
$
60,829
|
$
312,517
|
|
FRP HOLDINGS, INC AND
SUBSIDIARIES
|
|
UNAUDITED PRO FORMA
CONSOLIDATED STATEMENTS OF INCOME
|
|
FOR THE YEAR ENDED
SEPTEMBER 30, 2014
|
|
(Dollars in
thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
Historical
|
Patriot
|
Pro
|
Pro Forma
|
Discontinued
|
Restated
For
|
|
FRP
|
Transportation
|
Forma
|
FRP
|
Operations
|
Spin-off
|
|
Holdings,
Inc.
|
Holding,
Inc.
|
Adjustments
|
Holdings,
Inc.
|
Reconciliation
|
FRP Holdings,
Inc.
|
|
Revenues:
|
|
|
|
|
|
|
|
Transportation
|
$
129,162
|
$
(129,162)
|
$
-
|
$
-
|
$
-
|
$
-
|
|
Mining
royalty land
|
5,349
|
0
|
0
|
5,349
|
0
|
5,349
|
|
Developed
property rentals
|
25,629
|
0
|
0
|
25,629
|
0
|
25,629
|
|
Total
revenues
|
160,140
|
(129,162)
|
0
|
30,978
|
0
|
30,978
|
|
|
|
|
|
|
|
|
Cost of
operations:
|
|
|
|
|
|
|
|
Transportation
|
122,856
|
(122,856)
|
0
|
0
|
0
|
0
|
|
Mining
royalty land
|
1,368
|
0
|
260
|
1,628
|
0
|
1,628
|
|
Developed
property rentals
|
16,534
|
0
|
391
|
16,925
|
0
|
16,925
|
|
Unallocated corporate
|
1,614
|
(963)
|
(651)
|
0
|
2,685
|
2,685
|
|
Total cost of
operations
|
142,372
|
(123,819)
|
0
|
18,553
|
2,685
|
21,238
|
|
|
|
|
|
|
|
|
Operating
profit:
|
|
|
|
|
|
|
|
Transportation
|
6,306
|
(6,306)
|
0
|
0
|
0
|
0
|
|
Mining
royalty land
|
3,981
|
0
|
(260)
|
3,721
|
0
|
3,721
|
|
Developed
property rentals
|
9,095
|
0
|
(391)
|
8,704
|
0
|
8,704
|
|
Unallocated corporate
|
(1,614)
|
963
|
651
|
0
|
(2,685)
|
(2,685)
|
|
Total operating
profit
|
17,768
|
(5,343)
|
0
|
12,425
|
(2,685)
|
9,740
|
|
|
|
|
|
|
|
|
Gain on investment
land sold
|
476
|
0
|
0
|
476
|
0
|
476
|
|
Interest income and
other
|
30
|
(7)
|
0
|
23
|
0
|
23
|
|
Equity in loss of
joint ventures
|
(128)
|
0
|
0
|
(128)
|
0
|
(128)
|
|
Interest
expense
|
(1,475)
|
109
|
0
|
(1,366)
|
0
|
(1,366)
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
16,671
|
(5,241)
|
0
|
11,430
|
(2,685)
|
8,745
|
|
Provision for income
taxes
|
6,652
|
(2,044)
|
0
|
4,608
|
(1,047)
|
3,561
|
|
Income from
continuing operations
|
10,019
|
(3,197)
|
0
|
6,822
|
(1,638)
|
5,184
|
|
|
|
|
|
|
|
|
Gain from
discontinued operations, net
|
0
|
0
|
0
|
0
|
4,835
|
4,835
|
|
|
|
|
|
|
|
|
Net
income
|
$
10,019
|
$
(3,197)
|
$
-
|
$
6,822
|
$
3,197
|
$
10,019
|
|
|
|
|
|
|
|
|
Earnings per
common share:
|
|
|
|
|
|
|
|
Income
from continuing operations -
|
|
|
|
|
|
|
|
Basic
|
1.04
|
|
|
0.71
|
|
0.54
|
|
Diluted
|
1.03
|
|
|
0.70
|
|
0.53
|
|
Discontinued operations -
|
|
|
|
|
|
|
|
Basic
|
0.00
|
|
|
0.00
|
|
0.50
|
|
Diluted
|
0.00
|
|
|
0.00
|
|
0.50
|
|
Net
Income -
|
|
|
|
|
|
|
|
Basic
|
1.04
|
|
|
0.71
|
|
1.04
|
|
Diluted
|
1.03
|
|
|
0.70
|
|
1.03
|
|
|
|
|
|
|
|
|
Number of weighted
average shares (in thousands) used in computing:
|
|
|
|
|
|
-basic
earnings per common share
|
9,629
|
|
|
9,629
|
|
9,629
|
|
-diluted
earnings per common share
|
9,710
|
|
|
9,710
|
|
9,710
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/frp-holdings-inc-announces-results-for-the-first-quarter-ended-december-31-2014-300030713.html
SOURCE FRP Holdings, Inc.