FRPH FRP Holdings Inc

Patriot Transportation Holding, Inc. Announces Additional Authorization To Repurchase Stock And An Agreement To Sell Property In Florida JACKSONVILLE, Fla., Dec. 4 /PRNewswire-FirstCall/ -- Patriot Transportation Holding, Inc. today announced that its Board of Directors has authorized an additional $3,000,000 for the repurchase of the Company's common stock from time to time as opportunities arise. This brings the total authorization to $6,000,000. The Company also announced that a subsidiary has agreed to sell a parcel of land containing approximately 6,321 acres in Suwannee and Columbia Counties, near Lake City, Florida, to Florida Rock Industries, Inc., a related party, for $13,000,000 in cash. The sale is subject to a definitive agreement and the closing date is to be determined. The sales price was approved by the Company's Audit Committee which is composed of independent Directors of the Company after considering among other factors, an independent appraisal, the current use of the property and consultation with management. If the transaction closes, the Company will recognize a gain of approximately $5,287,000, net of income taxes or $1.78 per diluted common share. The Company expects to ultimately redeploy the cash proceeds into commercial warehouse/office rental properties. 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 petroleum products and other liquid and dry bulk commodities. SunBelt Transport, Inc. serves the flatbed portion of the trucking industry in the Southeast, Midwest and Mid-Atlantic States, hauling primarily construction materials. The Company's real estate group, through subsidiaries, 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. 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 business conditions; competitive factors; political, economic, regulatory and climatic conditions; driver availability and cost; regulations regarding driver qualifications and hours of service; freight demand for petroleum products and for building and construction materials in the Company's markets; risk insurance markets; demand for flexible warehouse/office facilities; 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. DATASOURCE: Patriot Transportation Holding, Inc. CONTACT: John E. Anderson, Chief Executive Officer, Patriot Transportation Holding, Inc., +1-904-396-5733, Ext. 3215

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