Patriot Transportation Holding, Inc. Announces Improved Operating
Results for the Third Quarter and First Nine Months of Fiscal Year
2004 JACKSONVILLE, Fla., July 27 /PRNewswire-FirstCall/ -- Patriot
Transportation Holding, Inc. (NASDAQ:PATR) reported net income of
$10,954,000 or $3.68 per diluted share for the third quarter of
Fiscal year 2004, an increase of $9,608,000 compared to the same
quarter a year ago. Income from continuing operations increased to
$1,913,000, a 51.8% increase over the same quarter last year.
Income from discontinued operations was $9,041,000, resulting from
gains on sale of real estate, versus $86,000 during the third
quarter of last year. Net income for the nine months ended June 30,
2004 was $19,245,000 or $6.46 per diluted share, an increase of
$16,339,000 over the same period last year. Income from continuing
operations for the nine months ended June 30, 2004 increased 68% to
$4,390,000. Three Months Operating Results For the third quarter of
Fiscal 2004, consolidated revenues were $29,670,000, an increase of
$2,843,000 or 10.6% over the same quarter last year. The
transportation segment's revenues for the third quarter of Fiscal
2004 were $25,585,000, an increase of $2,506,000 or 10.9% over the
same quarter last year. This increase was a result of a 5.0%
increase in miles hauled and improved revenue per mile over the
same quarter last year. The increase in miles hauled resulted
primarily from a 12.1% increase in miles hauled in the flatbed
division, reflecting higher demand, primarily for construction
materials. Revenues per mile, net of fuel surcharges, increased
3.2% in the tankline division and 8.5% in the flatbed division
reflecting improved business conditions and better equipment
utilization. Fuel surcharges accounted for $498,000 or 19.9% of the
overall increase in revenue. Real estate revenues were $4,085,000
for the third quarter of Fiscal 2004, an increase of $337,000 or
9.0% from the third quarter of Fiscal 2003. Royalties from mining
contracts decreased $77,000 or 4.8% primarily due to a 4.5%
decrease in tons of stone materials sold, as compared to the same
quarter last year. Revenues from flex office-warehouse properties
increased $416,000 or 19.3%, primarily due to a 28.0% increase in
average leased square feet. The increase in leased square feet is
attributable to the completion of a 200,200 square foot
build-to-suit flex office/warehouse in August 2003 and the April
2004 purchase of two existing commercial warehouse/distribution
buildings, comprising 303,000 square feet. Of this new space,
352,200 average square feet were leased during the quarter ended
June 30, 2004. Consolidated gross profit for the third quarter of
2004 was $5,989,000, an increase of $1,012,000 or 20.3% from the
third quarter of last year. Gross profit in the transportation
segment increased $922,000 or 35.0% achieved by the increased
revenue and a steady level of fixed costs. Gross profit in the real
estate segment increased $90,000 or 3.8% from the third quarter of
2003 primarily due to the gross profit derived from the additional
leased space. Selling, general and administrative expense increased
$258,000 or 12.8% for the third quarter of 2004 compared to the
same period last year. The increase is primarily due to the accrual
of management incentive compensation, which is based on the Company
achieving certain profitability targets. Selling, general and
administrative expense as a percent of consolidated revenues was
7.7% in the third quarter of 2004 as compared to 7.5% the same
quarter last year. Income from continuing operations was $1,913,000
or $.64 per diluted share for the third quarter of Fiscal 2004, an
increase of $653,000 from the same quarter last year. Income from
discontinued operations of $9,041,000 net of income taxes was
recorded during the quarter, primarily as a result of the net gain
on sale of properties to a related party for $16,628,000. Net
income was $10,954,000 or $3.68 per diluted share for the third
quarter of Fiscal 2004 compared to $1,346,000 or $.44 per diluted
share for the same quarter last year. Nine Month's Operating
Results For the first nine months of Fiscal 2004, consolidated
revenues were $85,740,000, an increase of $10,253,000 or 13.6% over
the same period last year. The transportation segment's revenues
for the first nine months of Fiscal 2004 were $73,637,000, an
increase of $8,580,000 or 13.2% over the same period last year. The
revenue increase is primarily due to a 5.6% increase in miles
hauled in the tankline division and a 21.6% increase in miles for
the flatbed division. These increases reflect higher customer
demand over the same period last year. Revenue per mile, net of
fuel surcharges, increased 2.5%, reflecting moderate price
increases, particularly in the flatbed division. Fuel surcharges
accounted for $761,000 or 8.9% of the increased revenue. Real
estate revenues were $12,103,000 for the first nine months of 2004,
an increase of $1,673,000 or 16.0% from the first nine months of
2003. Royalties from mining contracts increased $393,000 or 9.9%
primarily resulting from an increase in mined materials sold.
Revenues from flex office-warehouse properties increased $1,349,000
or 21.1%, primarily due to a 20.2% increase in average leased
square feet. The increase in leased square feet is attributable to
the completion of a 200,200 square foot build-to-suit flex
office/warehouse in August 2003 and the April 2004 purchase of two
existing commercial warehouse/distribution buildings, comprising
303,000 square feet. Of this new space, 251,000 average square feet
were leased during the nine months ended June 30, 2004.
Consolidated gross profit increased $3,327,000 or 25.8% for the
first nine months as compared to the same period last year. Gross
profit in the transportation segment increased $2,710,000 or 39.3%
as a result of the increased revenue and steady level of fixed
costs. Gross profit in the real estate segment increased $617,000
or 10.3% from the first nine months of 2004 due to increased
royalties from mining operations, as well as gross profits from the
additional leased space. Selling, general and administrative
expense increased $644,000 or 10.7% for the first nine months of
2004 compared to the same period last year. The increase is
primarily due to the accrual of management incentive compensation,
which is based on the Company achieving certain profitability
targets. Selling, general and administrative expense as a percent
of consolidated revenues was 7.8% compared to 8.0% last year. The
Company recorded an income tax provision of $2,690,000 in the first
nine months of 2004 compared to $1,674,000 in the same period last
year. The effective tax rate decreased to 38% in 2004 from 39% in
2003. Income from continuing operations was $4,390,000 or $1.47 per
diluted share for the first nine months of Fiscal 2004 compared to
$2,620,000 or $.85 per diluted share for the first nine months of
last year. Income from discontinued operations for the nine months
ended June 30, 2004 was $14,855,000 net of income taxes, primarily
as a result of the net gain from sale of two rental properties and
a mining property to a related party for $26,628,000. Net income
was $19,245,000 or $6.46 per diluted share for the first nine
months of Fiscal 2004 compared to $2,906,000 or $.94 per diluted
share for the same period last year. Summary and Outlook The
Company's real estate and transportation businesses are both
experiencing an improved economic climate as the result of a
strengthening regional and national economy. While low interest
rates continue to enhance overall business conditions, the
Company's real estate development operations are encountering
stronger levels of inquiry from prospective tenants for the
Company's flexible office/warehouse product. Demand for hauling
services has also strengthened the Company's transportation
business. Improved demand and pricing is especially occurring for
the Company's flatbed trucking operations which haul primarily
construction materials. Operating pressures from volatile diesel
fuel costs, tight driver availability, and burdensome health and
liability insurance costs will continue to challenge the trucking
industry. Such expense pressure in the face of improving freight
demand should lead to continued price increases for hauling
services. 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, 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 (In thousands except per share
amounts) Three Months Nine Months Ended Ended June 30 June 30 2004
2003 2004 2003 Revenues $29,670 26,827 $85,740 75,487 Gross profit
$5,989 4,977 $16,221 12,894 Income before income taxes $3,082 2,065
$7,080 4,294 Income from continuing operations $1,913 1,260 $4,390
2,620 Income from discontinued operations $9,041 86 $14,855 286 Net
income $10,954 1,346 $19,245 2,906 Earnings per common share:
Income from continuing operations Basic $.65 .42 $1.50 .85 Diluted
$.64 .41 $1.47 .85 Gain from discontinued operations Basic $3.09
.03 $5.07 .10 Diluted $3.04 .03 $4.99 .09 Net income Basic $3.74
.45 $6.57 .95 Diluted $3.68 .44 $6.46 .94 Weighted average common
shares outstanding: Basic 2,929 3,015 2,931 3,067 Diluted 2,979
3,054 2,977 3,098 PATRIOT TRANSPORTATION HOLDING, INC. Condensed
Balance Sheets (Unaudited) (Amounts in thousands) June 30 September
30 2004 2003 Cash and cash equivalents $7,820 $757 Cash held in
escrow (a) 10,259 1,795 Accounts receivable, net 8,089 7,332 Other
current assets 3,359 4,081 Property, plant and equipment, net
146,922 139,379 Other non-current assets 6,386 11,872 Total Assets
$182,835 $165,216 Current liabilities $19,265 $11,220 Long-term
debt (excluding current maturities) 44,461 57,816 Deferred income
taxes 15,234 10,760 Other non-current liabilities 7,328 7,391
Shareholders' equity 96,547 78,029 Total Liabilities and
Shareholders' Equity $182,835 $165,216 (a) Cash held in escrow
consists of proceeds from sales of real estate being held in escrow
in anticipation of qualified real estate purchases in accordance
with Section 1031 of the Internal Revenue Code. Patriot
Transportation Holding, Inc. Business Segments (Amounts in
thousands) (Unaudited) The Company has identified two business
segments, Transportation and Real Estate. All of the Company's
operations are located in the Southeastern and Mid-Atlantic states
and each is managed separately along product lines. Operating
results for the Company's business segments are as follows: Three
Months Ended Nine Months Ended June 30 June 30 2004 2003 2004 2003
Transportation Revenues $25,585 23,079 $73,637 65,057 Real Estate
Revenues $4,085 3,748 $12,103 10,430 Total Revenues $29,670 26,827
$85,740 75,487 Transportation Operating Profit $1,641 967 $4,108
2,035 Real Estate Operating Profit $2,435 2,346 $6,609 5,993
Corporate Expenses $(363) (349) $(1,146) (1,111) Total Operating
Profit $3,713 2,964 $9,571 6,917 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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