UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 10-Q
_________________
[X] |
QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2015.
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or
[_] |
TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_________ to _________
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Commission
File Number: 001-36605
_____________________
PATRIOT TRANSPORTATION HOLDING,
INC.
(Exact name of registrant as specified in its
charter)
_____________________
Florida |
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47-2482414 |
(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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200 W. Forsyth St., 7th Floor,
Jacksonville, FL |
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32202 |
(Address of principal executive offices) |
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(Zip Code) |
904-396-5733
(Registrant’s telephone number, including
area code)
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [x] No [_]
Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files). Yes [x] No [_]
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of “large accelerated filer,” “accelerated filer,” “non-accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer [_] |
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Accelerated filer [_] |
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Non-accelerated filer [x] |
Smaller reporting company [_] |
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes [_] No [x]
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable date.
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Class |
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Outstanding at December 31, 2015 |
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Common Stock |
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3,272,804 |
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PATRIOT TRANSPORTATION HOLDING, INC.
FORM 10-Q
QUARTER ENDED DECEMBER 31, 2015
CONTENTS
Page No.
Preliminary Note Regarding Forward-Looking Statements |
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3 |
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Part I. Financial Information |
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Item 1. |
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Financial Statements |
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Consolidated and combined Balance Sheets |
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4 |
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Consolidated and combined Statements of Income |
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5 |
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Consolidated and combined Statements of Cash Flows |
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6 |
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Condensed Notes to consolidated and combined financial statements |
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7 |
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Item 2. |
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Management's Discussion and Analysis of Financial Condition and Results of Operations |
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16 |
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Item 3. |
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Quantitative and Qualitative Disclosures about Market Risks |
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25 |
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Item 4. |
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Controls and Procedures |
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25 |
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Part II. Other Information |
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Item 1A. |
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Risk Factors |
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27 |
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Item 2. |
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Purchase of Equity Securities by the Issuer |
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27 |
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Item 6. |
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Exhibits |
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27 |
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Signatures |
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28 |
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Exhibit 31 |
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Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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30 |
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Exhibit 32 |
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Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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33 |
Preliminary Note Regarding Forward-Looking
Statements.
Certain matters discussed in this
report contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ
materially from those indicated by such forward-looking statements.
These forward-looking statements
relate to, among other things, capital expenditures, liquidity, capital resources and competition and may be indicated by words
or phrases such as ”anticipate”, ”estimate”, ”plans”, ”projects”, ”continuing”,
”ongoing”, ”expects”, ”management believes”, ”the Company believes”, ”the
Company intends” and similar words or phrases. The following factors and others discussed in the Company’s periodic
reports and filings with the Securities and Exchange Commission are among the principal factors that could cause actual results
to differ materially from the forward-looking statements: freight demand for petroleum products including recessionary and terrorist
impacts on travel in the Company’s markets; fuel costs and the Company’s ability to recover fuel surcharges; accident
severity and frequency; risk insurance markets; driver availability and cost; the impact of future regulations regarding the transportation
industry; availability and terms of financing; competition in our markets; interest rates, and inflation and general economic conditions.
However, this list is not a complete statement of all potential risks or uncertainties.
These forward-looking statements
are made as of the date hereof based on management’s current expectations, and the Company does not undertake an obligation
to update such statements, whether as a result of new information, future events or otherwise. Additional information regarding
these and other risk factors may be found in the Company’s other filings made from time to time with the Securities and Exchange
Commission.
PART I. FINANCIAL INFORMATION, ITEM 1.
FINANCIAL STATEMENTS
PATRIOT TRANSPORTATION HOLDING, INC.
AND SUBSIDIARIES
CONSOLIDATED AND COMBINED BALANCE SHEETS
(Unaudited) (In thousands)
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December 31, |
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September 30, |
Assets |
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2015 |
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2015 |
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Current assets: |
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Cash and cash equivalents |
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$ |
— |
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— |
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Accounts receivable (net of allowance for |
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doubtful accounts of $147 and $144, respectively) |
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6,492 |
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7,382 |
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BP claim settlement receivable |
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1,687 |
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— |
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Federal and states taxes receivable |
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178 |
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115 |
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Inventory of parts and supplies |
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773 |
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780 |
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Prepaid tires on equipment |
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1,889 |
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2,019 |
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Prepaid taxes and licenses |
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479 |
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694 |
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Prepaid insurance |
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529 |
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748 |
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Prepaid expenses, other |
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49 |
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58 |
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Total current assets |
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12,076 |
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11,796 |
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Property and equipment, at cost |
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100,011 |
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99,986 |
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Less accumulated depreciation |
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59,314 |
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57,366 |
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Net property and equipment |
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40,697 |
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42,620 |
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Goodwill |
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3,431 |
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3,431 |
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Intangible assets, net |
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1,338 |
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1,384 |
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Other assets, net |
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276 |
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295 |
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Total assets |
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$ |
57,818 |
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59,526 |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
2,092 |
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4,163 |
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Bank overdraft |
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324 |
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773 |
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Accrued payroll and benefits |
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3,310 |
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5,363 |
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Accrued insurance |
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864 |
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1,102 |
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Accrued liabilities, other |
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590 |
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393 |
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Total current liabilities |
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7,180 |
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11,794 |
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Long-term debt |
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478 |
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— |
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Deferred income taxes |
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8,995 |
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8,334 |
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Accrued insurance |
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1,026 |
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1,026 |
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Other liabilities |
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1,156 |
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1,170 |
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Total liabilities |
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18,835 |
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22,324 |
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Commitments and contingencies (Note 8) |
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Shareholders’ Equity: |
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Preferred stock, 5,000,000 shares authorized, |
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of which 250,000 shares are designated Series A |
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Junior Participating Preferred Stock; $0.01 par |
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value; none issued and outstanding |
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— |
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— |
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Common stock, $.10 par value; (25,000,000 shares |
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authorized; 3,272,804 and 3,272,804 shares issued |
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and outstanding, respectively) |
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327 |
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327 |
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Capital in excess of par value |
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35,411 |
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35,005 |
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Retained earnings |
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3,194 |
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1,819 |
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Accumulated other comprehensive income, net |
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51 |
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51 |
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Total shareholders’ equity |
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38,983 |
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37,202 |
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Total liabilities and shareholders’ equity |
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$ |
57,818 |
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59,526 |
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See notes to consolidated and combined financial statements.
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONSOLIDATED AND COMBINED STATEMENTS
OF INCOME
(In thousands)
(Unaudited)
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THREE MONTHS ENDED |
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DECEMBER 31, |
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2015 |
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2014 |
Revenues: |
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Transportation revenues |
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$ |
28,009 |
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27,292 |
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Fuel surcharges |
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1,362 |
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4,425 |
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Total revenues |
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29,371 |
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31,717 |
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Cost of operations: |
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Compensation and benefits |
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12,572 |
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11,983 |
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Fuel expenses |
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3,825 |
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6,005 |
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Repairs & tires |
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1,809 |
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1,814 |
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Other operating |
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1,090 |
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1,137 |
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Insurance and losses |
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3,018 |
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2,839 |
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Depreciation expense |
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2,148 |
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2,108 |
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Rents, tags & utilities |
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949 |
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941 |
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Sales, general & administrative |
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2,399 |
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2,322 |
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Corporate expenses |
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958 |
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919 |
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Loss (Gain) on equipment sales |
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4 |
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(184 |
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Total cost of operations |
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28,772 |
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29,884 |
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Total operating profit |
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599 |
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1,833 |
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BP claim settlement |
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1,687 |
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— |
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Interest income and other |
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3 |
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— |
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Interest expense |
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(35 |
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(26 |
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Income before income taxes |
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2,254 |
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1,807 |
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Provision for income taxes |
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879 |
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705 |
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Net income |
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$ |
1,375 |
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1,102 |
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Comprehensive Income |
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$ |
1,375 |
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1,102 |
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Earnings per common share: |
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Net Income- |
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Basic |
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0.42 |
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0.34 |
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Diluted |
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0.42 |
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0.34 |
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Number of
shares (in thousands) used in computing: |
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-basic earnings per common share |
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3,273 |
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3,243 |
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-diluted earnings per common share |
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3,277 |
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3,243 |
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See notes to consolidated and combined financial statements.
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONSOLIDATED AND COMBINED
STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED DECEMBER
31, 2015 AND 2014
(In thousands)
(Unaudited)
|
Three months Ended December 31, |
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2015 |
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2014 |
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Cash flows from operating activities: |
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Net income |
$ |
1,375 |
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1,102 |
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Adjustments to reconcile net income to net cash |
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provided by operating activities: |
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Depreciation and amortization |
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2,403 |
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2,383 |
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Deferred income taxes |
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661 |
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592 |
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Gain on sale of equipment and property |
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(36 |
) |
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(184 |
) |
Stock-based compensation |
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136 |
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85 |
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Net changes in operating assets and liabilities: |
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Accounts receivable |
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890 |
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(163 |
) |
BP claim settlement receivable |
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(1,687 |
) |
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— |
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Inventory of parts and supplies |
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7 |
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8 |
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Prepaid expenses and other current assets |
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573 |
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454 |
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Other assets |
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4 |
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— |
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Accounts payable and accrued liabilities |
|
(4,165 |
) |
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(738 |
) |
Income taxes payable and receivable |
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(63 |
) |
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(10 |
) |
Long-term insurance liabilities and other long-term |
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liabilities |
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(14 |
) |
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5 |
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Net cash provided by operating activities |
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84 |
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3,534 |
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Cash flows from investing activities: |
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Purchase of property and equipment |
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(449 |
) |
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(2,463 |
) |
Proceeds from the sale of property and equipment |
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66 |
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|
270 |
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Net cash used in investing activities |
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(383 |
) |
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(2,193 |
) |
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Cash flows from financing activities: |
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Decrease in bank overdrafts |
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(449 |
) |
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(525 |
) |
Proceeds from borrowing on revolving credit facility |
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13,366 |
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11,825 |
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Payments on revolving credit facility |
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(12,888 |
) |
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(12,556 |
) |
Excess tax benefits from exercise of stock options |
|
270 |
|
|
|
— |
|
Net distributions to FRP prior to spin-off |
|
— |
|
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(85 |
) |
Net cash provided by (used in) financing activities |
|
299 |
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|
|
(1,341 |
) |
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Net increase (decrease) in cash and cash equivalents |
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— |
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— |
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Cash and cash equivalents at beginning of period |
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— |
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— |
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Cash and cash equivalents at end of the period |
$ |
— |
|
|
|
— |
|
See notes to consolidated and combined financial statements.
PATRIOT
TRANSPORTATION HOLDING, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED
AND COMBINED FINANCIAL STATEMENTS
DECEMBER
31, 2015
(Unaudited)
(1) Description of Business
and Basis of Presentation.
Description of Business
Spin-off Transaction. On
January 30, 2015, FRP Holdings, Inc. ("FRP") completed the tax-free spin-off (the “Spin-off") of Patriot Transportation
Holding, Inc., (the "Company" or "Patriot"). In the Spin-off, FRP distributed all of the outstanding stock
of the Company to FRP's shareholders as of the record date of January 9, 2015. FRP’s shareholders received one share of Patriot
(stock symbol “PATI”) for every three shares of FRP owned on the record date resulting in 3,242,524 of Patriot shares
outstanding on the distribution date. Patriot now is an independent, publicly traded company, and FRP retains no ownership in Patriot.
Company’s Business.
The business of the Company, conducted through our wholly owned subsidiary, Florida Rock & Tank Lines, Inc., is to transport
petroleum and other liquids and dry bulk commodities. We do not own any of the products we haul, rather, we act as a third party
carrier to deliver our customer’s products from point A to point B predominately using Company employees driving Company
owned tractors and tank trailers. Approximately 82% of our business consists of hauling liquid petroleum products (mostly gas and
diesel fuel) from large scale fuel storage facilities to our customers’ retail outlets (e.g. convenience stores, truck stops
and fuel depots) where we off-load the product into our customer’s fuel storage tanks for ultimate sale to the retail consumer.
The remaining 18% of our business consists of hauling our customer’s dry bulk commodities such as cement, lime and various
industrial powder products and liquid chemicals. As of December 31, 2015, we employed 704 revenue-producing drivers who operated
our fleet of 488 tractors and 563 trailers from our 21 terminals and 9 satellite locations in Florida, Georgia, Alabama, South
Carolina, North Carolina and Tennessee.
Basis of Presentation
Patriot Transportation Holding,
Inc. was incorporated on August 5, 2014. In connection with its organization, Patriot issued 100 shares of common stock to FRP
on December 3, 2014 and issued an additional 3,242,424 shares of common stock to FRP on January 28, 2015 in preparation for the
Spin-off. Patriot was formed solely in contemplation of the Spin-off and until the separation was completed on January 30, 2015,
it had not commenced operations and had no material assets, liabilities, or commitments.
Accordingly, the accompanying consolidated
and combined financial statements presented prior to the Spin-off reflect the historical results of operations, financial position
and cash flows and certain assets, liabilities and operating expenses of the Company and its subsidiaries on a stand-alone basis,
as if such companies and accounts had been consolidated and combined for the historical periods presented prior to the Spin-off.
These financial statements were derived from FRP's consolidated financial statements and accounting records. The consolidated and
combined statements of income include expense allocations for certain corporate functions performed by FRP during the periods prior
to the Spin-off, including general corporate expenses related to executive oversight, accounting, treasury, tax, legal, procurement
and information technology. The amounts allocated to the Company for these items are based primarily on specific identification,
headcount or computer utilization. Going forward, these functions will be performed by the Company. Additionally, the Company will
provide most of these services to FRP under a Transition Services Agreement (see Note 3) initially on an annual basis. This Agreement
provides for reimbursement of the costs of those services by FRP to the Company. As a result, corporate expense in our Company’s
financial statements will be shown net of the reimbursements we receive from FRP for these services. All significant intercompany
transactions and accounts within the consolidated and combined financial statements have been eliminated.
We believe the assumptions underlying
the consolidated and combined financial statements, including the historical allocated charges for general corporate functions
provided by FRP, are reasonable. However, these consolidated and combined financial statements do not include all of the actual
expenses that would have been incurred had we actually operated as a stand-alone public company (e.g. NASDAQ listing fees, etc.)
during the periods prior to the Spin-off and therefore do not reflect the actual consolidated and combined results of operations,
financial position and cash flows had we been operated as a stand-alone public company during those periods.
These statements have been prepared in accordance
with accounting principles generally accepted in the United States of America for interim financial information and the instructions
to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United
States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal
recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating
results for the three months ended December 31, 2015 are not
necessarily indicative of the results that
may be expected for the fiscal year ending September 30, 2016. The accompanying consolidated and combined financial statements
and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of
Operations" should be read in conjunction with the audited financial statements and notes for the year ended September 30,
2015.
(2) Recently Issued Accounting Standards.
In November 2015, the FASB issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes”. The guidance requires
that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance
sheet. The guidance becomes effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted.
The Company adopted this guidance retrospectively as of October 1, 2015 and reclassified $309,000 of deferred tax liability as
of September 30, 2015 from current to long term.
In January 2015, the FASB issued ASU 2015-01,
"Income Statement—Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating
the Concept of Extraordinary Items." This guidance is effective for annual periods beginning on or after December 15, 2015
and interim periods within those years, with early adoption permitted. The Company adopted this guidance as of October 1, 2015
and the adoption had no effect on our results of operations or financial position.
(3)
Related Party Agreements. In order to effect the
Spin-off and govern our relationship with FRP Holdings, Inc. after the Spin-off, we entered into an Employee Matters Agreement
and a Transition Services Agreement. The Employee Matters Agreement generally allocates responsibilities to each company for liabilities
relating to each Company’s current and former employees and allocated responsibilities under employee benefit plans. The
Transition Services Agreement sets forth the terms on which the Company will provide to FRP certain services that were shared prior
to the Spin-off, including the services of certain shared executive officers, for a period of 12 or more months after the Spin-off.
The consolidated and combined statements
of income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $386,000 and $794,000 for the three months
ended December 31, 2015 and 2014, respectively. Included in the charges above are amounts recognized for corporate executive stock-based
compensation expense. These charges are reflected as a reduction to corporate expenses.
To determine these allocations
between FRP and Patriot as set forth in the Transition Services Agreement, we generally employed the same methodology historically
used by the Company pre Spin-off to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation
of the costs related to FRP’s operations but any such related-party transactions cannot be presumed to be carried out on
an arm’s-length basis as the terms were negotiated while Patriot was still a subsidiary of FRP.
Patriot provides information technology
services and previously subleased office space to Bluegrass Materials Company, LLC (“Bluegrass”). Mr. John Baker, brother
of Edward L. Baker and uncle of Thompson S. Baker II, serves as Chairman of Bluegrass, and his son, Edward L. Baker II, serves
as its Chief Executive Officer. Messrs. John Baker and Edward L. Baker II have a beneficial ownership interest in Bluegrass. Bluegrass
paid $123,000 and $103,000 to the Company for the three months ended December 31, 2015 and 2014 respectively for such information
technology services and office space.
(4)
Long-Term debt. The Company’s long-term
debt is summarized as follows (in thousands):
|
|
December 31, |
|
September 30, |
|
|
2015 |
|
2015 |
Revolving credit (uncollateralized) |
|
$ |
478 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Prior to the Spin-off, the Company
was permitted to borrow under FRP's credit agreement with Wells Fargo Bank, N.A. (the "FRP Credit Agreement"). On January
30, 2015, the Company entered into a new $25 million, five year, revolving credit agreement with Wells Fargo Bank, N.A. and assumed
and refinanced $5.1 million then outstanding on the FRP Credit Agreement into this new revolver. As of December 31, 2015, we had
$478,000 of debt outstanding on this revolver, $3,245,000 letters of credit and $21,277,000 available for additional borrowings.
The credit agreement contains certain conditions, affirmative financial covenants and negative covenants including limitations
on paying cash dividends. The Company was in compliance with all of its loan covenants as of December 31, 2015.
In addition to the unsecured revolving
facility provided by Wells Fargo, Management determined the Company needed an additional financing source to provide capital for
potential growth opportunities. As a result, the Company closed on a loan from Branch Banking and Trust Company (BB&T) for
up to $25 million under a two (2) year revolving facility to be secured by a portion of the Company’s equipment. This facility
contains a provision which automatically converts any draws under the revolver into five-year
term loans with a seven year amortization.
As of December 31 2015, the Company had not taken any draws against this facility.
(5) Earnings per share. Basic
earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings
per common share are based on the weighted average number of common shares and potential dilution of securities that could share
in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director
stock options.
On January 30, 2015, 3,242,524 shares of
our common stock were distributed to the shareholders of FRP in connection with the Spin-off and distribution. For comparative
purposes, we have assumed this amount to be outstanding as of the beginning of each period prior to the Spin-off and distribution
presented in the calculation of weighted average shares outstanding.
The following details the computations of
the basic and diluted earnings per common share (dollars in thousands, except per share amounts):
|
|
Three Months ended |
|
|
December 31, |
|
|
2015 |
|
2014 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,273 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
4 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,277 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
1,375 |
|
|
|
1,102 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
-basic |
|
$ |
0.42 |
|
|
|
0.34 |
|
-diluted |
|
$ |
0.42 |
|
|
|
0.34 |
|
For the three months ended December 31, 2015,
64,047 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because
their inclusion would have been anti-dilutive.
(6)
Stock-Based Compensation Plans.
Participation in FRP Plans
The Company's directors, officers
and key employees are eligible to participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options
for shares of common stock were granted to directors, officers and key employees. All related compensation expense has been fully
allocated to the Company (rather than FRP) and included in corporate expenses. Corporate expense also reflects an offsetting credit
for the Transition Services Agreement allocation to FRP. All outstanding options held by company directors, officers and key employees
on January 30, 2015 were cancelled and replaced by an equal number of FRP options at 75.14% of the previous exercise price based
upon the market value of FRP less the when issued market value of the Company on that day.
Patriot Incentive Stock Plan
In January, 2015 the Board of Directors
of the Company adopted the Patriot Transportation Holding, Inc. Incentive Stock Plan. Grants were issued based upon all outstanding
FRP options held by company directors, officers and key employees on January 30, 2015 with the same remaining terms. The grants
were based upon the FRP options outstanding at 24.86% of the previous exercise price based upon the when issued market value of
the Company compared to the market value of FRP on that day. Simultaneously, the number of shares were divided by 3 and the exercise
price multiplied by 3 to adjust for the Spin-off distribution of 1 for 3 shares of FRP. The number of common shares available for
future issuance was 155,611 at December 31, 2015.
Subsequent to Spin-off, the realized
tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off
will be recognized by FRP or Patriot based on the employment location of the related employee or director.
The Company recorded the following
stock compensation expense for FRP and Patriot options (including allocations in periods prior to the Spin-off) in its consolidated
and combined statements of income (in thousands):
|
|
Three Months ended |
|
|
December 31, |
|
|
2015 |
|
2014 |
Stock option grants |
|
$ |
136 |
|
|
|
85 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
$ |
136 |
|
|
|
85 |
|
A summary of Company stock options is presented
below (in thousands, except share and per share amounts):
|
|
|
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Number |
|
|
|
Average |
|
|
|
Average |
|
|
|
Average |
|
|
|
of |
|
|
|
Exercise |
|
|
|
Remaining |
|
|
|
Grant Date |
|
Options |
|
Shares |
|
|
|
Price |
|
|
|
Term (yrs) |
|
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 1, 2015 |
|
75,315 |
|
|
$ |
21.95 |
|
|
|
5.8 |
|
|
$ |
666 |
|
Granted |
|
38,794 |
|
|
$ |
23.78 |
|
|
|
|
|
|
$ |
362 |
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
114,109 |
|
|
$ |
22.57 |
|
|
|
7.0 |
|
|
$ |
1,028 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
68,049 |
|
|
$ |
21.43 |
|
|
|
5.5 |
|
|
$ |
548 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
13,651 |
|
|
|
|
|
|
|
|
|
|
$ |
318 |
|
The aggregate intrinsic value of exercisable
Company options was $152,000 and the aggregate intrinsic value of all outstanding in-the-money options was $169,000 based on the
Company’s market closing price of $22.50 on December 31, 2015 less exercise prices.
The realized tax benefit from Patriot option
exercises during fiscal 2016 was $270,000 which pertained to FRP options exercised that were granted prior to the Spin-off to persons
employed by Patriot. The unrecognized compensation expense of Patriot options granted as of December 31, 2015 was $924,000, which
is expected to be recognized over a weighted-average period of 3.3 years.
(7) Fair Value Measurements.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used
to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or
liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level
3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement.
As of December 31, 2015 the Company
had no assets or liabilities measured at fair value on a recurring or non-recurring basis.
At December 31, 2015 and 2014,
the carrying amount reported in the consolidated and combined balance sheets for cash and cash equivalents, accounts receivable,
accounts payable and other
financial instruments approximate
their fair value based upon the short-term nature of these items. We believe the fair value of the allocated outstanding debt obligations
approximate their carrying value as the related debt agreements reflect present market terms and as certain debt obligations contain
certain interest rates that reset periodically based on current market indices.
(8) Contingent liabilities.
The Company is involved in litigation on a number of matters and is subject to certain claims which arise in the normal course
of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property
damage. There is a reasonable possibility that the Company’s estimate of vehicle and workers’ compensation liability
may be understated or overstated but the possible range cannot be estimated. The liability at any point in time depends upon the
relative ages and amounts of the individual open claims. In the opinion of management none of these matters are expected to have
a material adverse effect on the Company’s financial condition, results of operations or cash flows.
(9) Concentrations.
Market:
The Company primarily serves customers in the petroleum industry in the Southeastern U.S. Significant economic disruption or downturn
in this geographic region or within these industries could have an adverse effect on our financial statements.
Customers:
During the first three months of fiscal 2016, the Company’s ten largest customers accounted for approximately 61.3% of our
revenue and one of these customers accounted for 23.4% of our revenue. Accounts receivable from the ten largest customers were
$3,941,000 and $4,596,000 at December 31, 2015 and September 30, 2015 respectively. The loss of any one of these customers could
have a material adverse effect on the Company’s revenues and income.
Deposits:
The Company places its cash and cash equivalents with high credit quality institutions. At times, such amounts may exceed FDIC
limits.
(10) Pipeline Business Acquisition.
The operations acquired from Pipeline Transportation, Inc. on November 7, 2013 for $10,023,000 are included in the Company’s
consolidated and combined operating results subsequent to the acquisition date. The Company accounted for this acquisition in accordance
with the provisions of ASC 805, Business Combinations (ASC 805) and allocated the purchase price of
the business based upon the fair value of
the assets acquired and liabilities assumed, using a third party valuation expert.
The goodwill recorded resulting from the
acquisition amounted to $2,344,000 and is shown on the consolidated and combined balance sheets under Goodwill, and is amortizable
for tax purposes. The other intangible assets acquired in the transaction are reflected in the line Intangible assets, net on the
consolidated and combined balance sheets. In connection with the Pipeline acquisition, the Company assumed certain vehicle leases.
As of December 31, 2015 these non-cancellable operating leases will require minimum annualized rental payments approximating $820,000
for the next 1.8 fiscal years.
(11) Unusual or Infrequent Items Impacting
Quarterly Results.
On October 20, 2015, the Company received
notice from the Claims Administrator for the Deepwater Horizon Economic and Property Damages Settlement Program that the Company’s
claim in the amount of $2,106,281 qualifies for payment under the terms of the Economic and Property Damages Settlement Agreement.
On December 18, 2015 BP accepted the Company’s proposal of $2,047,651. The Company received payment of $1,687,085 on
January 6, 2016 net of all contingency fees. As of December 31, 2015 this amount is included as a receivable and other income.
Operating profit includes an expense of $250,000
in the first quarter of fiscal 2015 for costs incurred related to the planned spin-off of the Company.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION
AND RESULTS OF OPERATIONS
The following discussion should be read in
conjunction with the consolidated financial information and related notes that appear in Part I, Item 1 of this Quarterly Report
on Form 10-Q.
Overview
The business of the Company, conducted through
our wholly owned subsidiary, Florida Rock & Tank Lines, Inc., is to transport petroleum and other liquids and dry bulk commodities.
We do not own any of the products we haul, rather, we act as a third party carrier to deliver our customer’s products from
point A to point B predominately using Company employees driving Company owned tractors and tank trailers. Approximately 82% of
our business consists of hauling liquid petroleum products (mostly gas and diesel fuel) from large scale fuel storage facilities
to our customers’ retail outlets (e.g. convenience stores, truck stops and fuel depots) where we off-load the product into
our customer’s fuel storage tanks for ultimate sale to the retail consumer. The remaining 18% of our business consists of
hauling our customer’s dry bulk commodities such as cement, lime and various industrial powder products and liquid chemicals.
As of December 31, 2015, we employed 704 revenue-producing drivers who operated our fleet of 488 tractors and 563 trailers from
our 21 terminals and 9 satellite locations in Florida, Georgia, Alabama, South Carolina, North Carolina and Tennessee. We
experience increased seasonal demand in the spring and summer months in most of our markets.
Our industry is characterized by such barriers
to entry as the time and cost required to develop the capabilities necessary to handle hazardous material, the resources required
to recruit, train and retain drivers, substantial industry regulatory and insurance requirements and the significant capital investments
required to build a fleet of equipment,establish a network of terminals and, in recent years, the cost to build and maintain sufficient
information technology resources to allow us to interface with and assist our customers in the day-to-day management of their product
inventories.
Our ability to provide superior customer
service at competitive rates and to operate safely and efficiently is important to our success in growing our revenues and increasing
profitability. Our focus is to grow our profitability by executing on our key strategies of (i) increasing our business with existing
and new customers, particularly hypermarket and large convenience store chains, that are willing to compensate us for our ability
to provide superior, safe and reliable service which facilitates their ability to grow their market share and footprint with confidence,
(ii) expanding our service offerings with
respect to dry bulk and chemical products particularly in markets where we already operate terminals, (iii) earning the reputation
as the preferred employer for tank truck drivers in all the markets in which we operate and (iv) pursuing strategic acquisitions.
Our ability to execute this strategy depends on continuing our dedicated commitments to customer service and safety and continuing
to recruit and retain qualified drivers.
Our
industry is experiencing a severe driver shortage. As the need to hire drivers has risen across our industry the trend we are seeing
is that more and more of the applicants are drivers with little to no experience in the tank truck business. Our management team
is keenly focused on continuing to grow our driver count in markets where there are opportunities for us to grow our business and
to retain all of our drivers at the levels we have historically achieved while balancing the aforementioned trends and associated
risks of the “new to the industry” driver applicant pool. In an effort to improve our success rate against this challenging
trend, we are continuing to work with two third-party consultants. Through the implementation of a new software program, the first
consultant is helping us to identify, communicate with and ultimately hire qualified drivers much more quickly than we were able
to do in the past. The second consultant is helping us determine (pre-hire) which new driver applicants are less likely to turnover
early on in their careers with us thus adding new and valuable information into our hiring decision making process.
There are several opportunities available
today in our markets that will allow us to execute on our growth strategy so long as we can find, hire and retain qualified drivers
to meet the demands of these opportunities. We believe the tighter driver market has and will continue to provide us with opportunities
to capture new business. As these opportunities arise, we are willing to let certain lower priced business go in this environment
to grow our business with customers willing to pay for our reliability and superior customer service.
We generate both transportation based revenue
as well as fuel surcharge revenue. Our transportation revenue consists of base revenue for each delivery which is generally calculated
by multiplying a negotiated mileage-based rate by the quantity of product delivered plus any fees for extra stops to load or unload,
powered product unloading and toll cost reimbursements. These negotiated transportation rates compensate us both for transporting
the products as well as for loading and unloading time.
While our base rates include a fixed amount
to cover our cost of fuel using an assumed price for diesel, we have fuel surcharges in place with our customers that allow us
to obtain compensation for
any additional fuel expense incurred when
the price of diesel rises above that assumed price. Likewise, for some customers, the fuel surcharge system allows the customer
to recoup some of the fuel savings from us when the price of diesel drops below that assumed price. There is a time lag between
fuel price fluctuations and changes to fuel surcharges to our customers. In a rapidly rising price environment this time lag can
negatively impact the Company’s financial results as we must pay the higher fuel cost immediately but in most cases aren’t
able to adjust fuel surcharges to our customers until the end of the month.
The main factors that affect our total revenue
are the number of revenue miles driven, rates per mile, quantity of products hauled and the amount of fuel surcharges.
Our operating costs primarily consist of
the following:
| · | Compensation and Benefits - Wages
and employee benefits for our drivers and terminal support personnel is the largest component of our operating costs. These costs
are impacted by such factors as miles driven, driver pay increases, driver turnover and training costs and additional driver pay
due to temporary out-of-town deployments to serve new business; |
| · | Fuel Expenses - Our fuel expenses
will vary depending on miles driven as well as such factors as fuel prices (which can be highly volatile), the fuel efficiency
of our fleet and the average haul length; |
| · | Repairs and Tires – This
category consists of vehicle maintenance and repairs (excluding shop personnel) and tire expense (including amortization of tire
cost and road repairs). These expenses will vary based on such factors as miles driven, the age of our fleet, and tire prices. |
| · | Other Operating Expenses –
This category consists of tolls, hiring costs, out-of-town driver travel cost, terminal facility maintenance and other operating
expenses. These expenses will vary based on such factors as, driver availability and out-of-town driver travel requirements, business
growth and inflation among others; |
| · | Insurance and Losses
– This category includes costs associated with insurance
premiums, and the self-insured portion of liability, worker’s compensation, health insurance and cargo claims and wreck repairs.
We work very hard to manage these expenses through our safety and wellness programs, but these expenses
will vary depending on the frequency and severity of |
accident and health claims, insurance
markets and deductible levels;
| · | Depreciation Expense –
Depreciation expense consists of the depreciation of the cost of fixed assets such as tractors and trailers over the life assigned
to those assets. The amount of depreciation expense is impacted by equipment prices and the timing of new equipment purchases.
We expect the cost of new tractors and trailers to continue to increase, impacting our future depreciation expense; |
| · | Rents, Tags and Utilities
Expenses – This category consists of rents payable on leased facilities and leased equipment, federal
highway use taxes, vehicle registrations, license and permit fees and personal property taxes assessed against our equipment, communications,
utilities and real estate taxes; |
| · | Sales, General and Administrative
Expenses - This category consists of the wages, bonus accruals, benefits, travel, vehicle and office costs for our administrative
personnel as well as professional fees and amortization charges for intangible assets purchased in acquisitions of other businesses; |
| · | Corporate Expenses – Corporate
expenses consist of wages, bonus accruals, insurance and other benefits, travel, vehicle and office costs for corporate executives,
director fees, stock option expense and aircraft expense; |
| · | Gains/Loss on Equipment - Our
financial results for any period may be impacted by any gain or loss that we realize on the sale of used equipment and losses on
wrecked equipment. We periodically sell used equipment as we replace older tractors and trailers. Gains or losses on equipment
sales can vary significantly from period to period depending on the timing of our equipment replacement cycle, market prices for
used equipment and losses on wrecked equipment. |
To measure our performance, management focuses
primarily on transportation revenue growth, revenue miles, our preventable accident frequency rate (“PAFR”), our operating
ratio (defined as our operating expenses as a percentage of our operating revenue), turnover
rate and average driver count (defined as average number of revenue producing drivers under employment over the specified time
period) as compared to the same period in the prior year.
ITEM |
Q1 2016 vs. Q1 2015 |
Total Revenue |
Down 7% |
Transportation Revenue |
Up 2.6% |
Revenue Miles |
Down by 3.4% |
PAFR |
Up by 35.7% |
GAAP Operating Ratio |
3.8% Worse |
Driver Turnover Rate |
Down 5% |
Average Number of Drivers |
Up 2.8% |
The Company’s operations are influenced
by a number of external and internal factors. External factors include levels of economic and industrial activity in the United
States and the Southeast, driver availability and cost, government regulations regarding driver qualifications and limitations
on the hours drivers can work, petroleum product demand in the Southeast which is driven in part by tourism and commercial aviation,
and fuel costs. Internal factors include revenue mix, equipment utilization, Company imposed restrictions on hiring drivers under
the age of 25 or drivers without at least two years of driving experience, auto and workers’ compensation accident frequencies
and severity, administrative costs, and group health claims experience. The financial results of the Company for any individual
quarter are not necessarily indicative of results to be expected for the year.
Highlights of the First Quarter of Fiscal 2016
| · | Net income was $1,375,000 or $.42 per
share (which included $1,029,000, or $0.31 per share, of net income from the settlement of a claim in connection with the 2010
Deepwater Horizon event) compared to net income of $1,102,000 or $.34 per share in the same quarter last year. |
| · | Transportation revenue increased $717,000,
or 2.6% despite a decrease in revenue miles. |
| · | Fuel cost net of fuel surcharges increased
$883,000. |
| · | Operating profit declined $1,234,000
to $599,000 compared to the same quarter last year. |
| · | We grew our ending driver count for
this quarter to 704 versus 686 in the same quarter last year. |
| · | Annualized turnover rate improved sequentially
from 79% in the fourth quarter of last year to 65% this quarter. |
| · | The Company successfully completed negotiations
and entered into a settlement agreement with BP Exploration and Production, Inc. resulting in other income of $1,687,000 as compensation
for damages arising out of the Deepwater Horizon event that occurred in 2010. |
Comparative Results of Operations
for the Three months ended December 31, 2015 and 2014
|
Three months ended December 31 |
(dollars in thousands) |
|
2015 |
|
|
|
% |
|
|
|
2014 |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue miles (in thousands) |
|
10,436 |
|
|
|
|
|
|
|
10,804 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation revenue |
$ |
28,009 |
|
|
|
95.4 |
% |
|
|
27,292 |
|
|
|
86.0 |
% |
|
Fuel surcharges |
|
1,362 |
|
|
|
4.6 |
% |
|
|
4,425 |
|
|
|
14.0 |
% |
|
Total Revenues |
|
29,371 |
|
|
|
100.0 |
% |
|
|
31,717 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
12,572 |
|
|
|
42.8 |
% |
|
|
11,983 |
|
|
|
37.8 |
% |
|
Fuel expenses |
|
3,825 |
|
|
|
13.0 |
% |
|
|
6,005 |
|
|
|
18.9 |
% |
|
Repairs & tires |
|
1,809 |
|
|
|
6.2 |
% |
|
|
1,814 |
|
|
|
5.7 |
% |
|
Other operating |
|
1,090 |
|
|
|
3.7 |
% |
|
|
1,137 |
|
|
|
3.6 |
% |
|
Insurance and losses |
|
3,018 |
|
|
|
10.3 |
% |
|
|
2,839 |
|
|
|
9.0 |
% |
|
Depreciation expense |
|
2,148 |
|
|
|
7.3 |
% |
|
|
2,108 |
|
|
|
6.6 |
% |
|
Rents, tags & utilities |
|
949 |
|
|
|
3.2 |
% |
|
|
941 |
|
|
|
3.0 |
% |
|
Sales, general & administrative |
|
2,399 |
|
|
|
8.2 |
% |
|
|
2,322 |
|
|
|
7.3 |
% |
|
Corporate expenses |
|
958 |
|
|
|
3.3 |
% |
|
|
919 |
|
|
|
2.9 |
% |
|
Loss (gain) on equipment |
|
4 |
|
|
|
0.0 |
% |
|
|
(184 |
) |
|
|
-0.6 |
% |
|
Total cost of operations |
|
28,772 |
|
|
|
98.0 |
% |
|
|
29,884 |
|
|
|
94.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
$ |
599 |
|
|
|
2.0 |
% |
|
|
1,833 |
|
|
|
5.8 |
% |
|
The Company reported net income of $1,375,000
or $.42 per share (which included $1,029,000, or $0.31 per share, of net income from the settlement of a claim in connection with
the 2010 Deepwater Horizon event) compared to net income of $1,102,000 or $.34 per share in the same quarter last year.
Total revenues were $29,371,000, down $2,346,000
over the same quarter last year due to lower fuel surcharges of $3,063,000 as the price of diesel fuel was significantly lower
this quarter versus the same quarter last year. Additionally, the first quarter of fiscal 2015 benefited greatly from the time
lag involved in reducing fuel surcharges during a rapidly declining diesel fuel price environment. Transportation revenues (excluding
fuel surcharges) were up $717,000, or 2.6%, to $28,009,000 on 368,000 fewer revenue miles. That is an increase of 6.3% per mile
versus the same quarter last year.
Cost of fuel was down $2,180,000 over the
same quarter last year which was not enough to fully off-set the $3,063,000 reduction in fuel surcharge revenues resulting in a
negative impact of $883,000 this quarter versus the same quarter last year. Fuel surcharge tables are customer specific and can
vary considerably from
customer to customer. The typical fuel surcharge
table provides some margin contribution at higher diesel fuel prices but that is not the case at the lower diesel fuel prices we
have been experiencing the past several quarters. As long as the low diesel fuel prices continue, our net fuel cost will be higher,
negatively impacting our operating profit. It will take some time to adjust our pricing to reflect more accurately the current
cost of doing business.
Compensation and benefits costs were up $589,000
versus the first quarter of fiscal 2015 as we continue to invest in improving in the areas of driver hiring, training and retention
through driver pay increases, additional recruiting costs, higher training costs and a newly implemented “minimum pay”
scale to help us retain drivers. We are beginning to see the benefits of our investments as we grew our ending driver count
for this quarter to 704 versus 686 in the same quarter last year. SG&A was up $77,000 (despite $171,000 lower bonus
accruals) as we have invested in more resources to help better manage and support our people in the field, to resolve issues with
driver hiring and turnover and to support our safety performance. Although the same quarter last year included $250,000 in one-time
spin-off costs, corporate expense was $39,000 higher compared to the same quarter last year due to $218,000 professional fees for
a corporate opportunity and higher professional fees for our first year end as a public company partially offset by $73,000 lower
bonus accruals.
Insurance and losses were up $179,000 as
we experienced two incidents in which our equipment was significantly damaged.
As a result, operating profit this quarter
was $599,000 versus $1,833,000 in the same quarter last year.
During the quarter, the Company successfully
completed negotiations and entered into a settlement agreement with BP Exploration and Production, Inc. resulting in other income
of $1,687,000 as compensation for damages arising out of the Deepwater Horizon event that occurred in 2010.
Liquidity and Capital Resources.
The Company maintains its operating accounts with Wells Fargo Bank, N.A. and these accounts directly sweep overnight against the
Wells Fargo revolver. As of December 31, 2015, we had $478,000 of debt outstanding on this revolver, $3,245,000 letters of credit
and $21,277,000 available for additional borrowings. During fiscal 2015, the Company closed on a two (2) year revolving credit
facility, to be secured by a portion of the Company’s equipment at the time of draw, from Branch Banking and Trust Company
(BB&T) for up to $25 million. This facility contains a provision which automatically converts any
draws under the revolver into five-year
term loans with a seven year amortization. As of December 31, 2015, the Company had not taken any draws against this facility.
The Company expects our fiscal year 2016 cash generation to cover the cost of our operations and all of our budgeted capital expenditures.
Cash Flows - The following table summarizes
our cash flows from operating, investing and financing activities for each of the periods presented (in thousands of dollars):
|
|
Three months
Ended December 31, |
|
|
|
2015 |
|
2014 |
|
Total cash provided by (used for): |
|
|
|
|
|
|
Operating activities |
$ |
84 |
|
|
3,534 |
|
Investing activities |
|
(383 |
) |
|
(2,193 |
) |
Financing activities |
|
299 |
|
|
(1,341 |
) |
Increase (decrease) in cash and cash equivalents |
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
Outstanding debt at the beginning of the period |
|
— |
|
|
7,282 |
|
Outstanding debt at the end of the period |
|
478 |
|
|
6,551 |
|
Operating Activities - Net cash provided
by operating activities (as set forth in the cash flow statement) was $84,000 for the three months ended December 31, 2015, and
$3,534,000 for the comparable period in 2015. The total of net income plus depreciation and amortization and less gains on sales
of property and equipment increased $441,000 versus the same period last year. These changes are described above under "Comparative
Results of Operations." Net cash flow provided by operating activities was impacted by the $1,687,000 BP claim settlement
receivable which was collected in January 2016. Trade accounts receivable decreased $890,000. Accrued liabilities decreased $4,165,000
compared to $738,000 in the same period last year due to the timing on payments on the purchase of tractors and trailers and payment
of the annual bonus compensation in December 2015. These changes comprise the majority of the decrease in net cash provided by
operating activities.
Investing Activities – Investing
activities include the purchase of property and equipment, any business acquisitions and proceeds from sales of these assets upon
retirement. For the first three months ended December 31, 2015, we spent $383,000 on equipment net of proceeds from retirements.
For the first three months ended December 31, 2014 we spent $2,193,000 on equipment net of retirements.
Financing Activities – Financing
activities primarily include net changes to our outstanding revolving debt. For the first three months ended December 31, 2015
cash provided by financing activities was $299,000. During the three months ended December 31, 2014, we used $1,341,000 to pay
down debt. Our outstanding long-term debt was $478,000 on December 31, 2015 compared to $6,551,000
at December 31, 2014.
Credit Facilities - In connection
with the Spin-off, on January 30, 2015, the Company entered into a five-year credit agreement with Wells Fargo Bank N.A. which
provides a $25 million revolving line of credit with a $10 million sublimit for stand-by letters of credit. In connection with
the Spin-off, the Company assumed and refinanced onto this new revolving credit line approximately $5.1 million of indebtedness
from FRP. The amounts outstanding under the credit agreement bear interest at a rate of 1.0% over LIBOR, which rate may change
quarterly based on the Company’s ratio of consolidated total debt to consolidated total capital. A commitment fee of 0.15%
per annum is payable quarterly on the unused portion of the commitment, which fee may change quarterly based on our ratio of consolidated
total debt to consolidated total capital. The credit agreement contains certain conditions and financial covenants, including a
minimum $25 million tangible net worth. As of December 31, 2015, the tangible net worth covenant would have limited our ability
to pay dividends or repurchase stock with borrowed funds to a maximum of $9.2 million combined.
In addition to the unsecured revolving facility
provided by Wells Fargo, Management determined the Company needed an additional financing source to provide capital for potential
growth opportunities. As a result, the Company closed on a loan from Branch Banking and Trust Company (BB&T) for up to $25
million under a two (2) year revolving facility to be secured by a portion of the Company’s equipment. This facility contains
a provision which automatically converts any draws under the revolver into five-year term loans with a seven year amortization.
Each draw requires the payment of a bank fee equal to .25% of the amount drawn. Any amounts outstanding under this facility bear
interest at a rate of 1.5% over LIBOR, which rate may change quarterly based on the Company’s leverage ratio. A commitment
fee of 0.15% per annum is payable quarterly on the unused portion of the commitment. The credit agreement contains certain conditions
and financial covenants, including limitations on the payment of cash dividends that are based on the Company’s consolidated
retained earnings. As of December 31 2015, the Company had not taken any draws against this facility.
Cash Requirements - The Company currently
expects its fiscal 2016 capital expenditures to be approximately $14,819,000 for expansion and replacement equipment which we expect
to be fully funded by our cash generated from our operations. The Company does not currently pay any cash dividends on common stock.
Any excess cash generated during the fiscal year will be used to pay down the Wells Fargo revolver.
Summary and Outlook. During the quarter,
higher costs associated with hiring drivers, insurance and losses and the lower fuel surcharges more than offset the growth in
our transportation revenue. Management believes we are seeing the benefits of our investment on the driver hiring and retention
front as our driver count has grown and our annualized turnover rate improved from 79% in the fourth quarter of last year to 65%
this quarter. Our primary goal for our shareholders is to grow profitably, maintain a strong balance sheet and get back to our
targeted returns on capital employed. To that end, we remain focused on improving our transportation revenue per mile, adjusting
the fuel surcharge pricing structure with our customer, and growing our driver count to meet the strong seasonal demand typically
beginning at the end of the second quarter.
ITEM 3. QUANTITATIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISKS
Interest Rate Risk - We
are exposed to the impact of interest rate changes through our variable-rate borrowings under the credit agreements. Under the
Wells Fargo and BB&T revolving credit lines of credit, the applicable margins for borrowings at December 31, 2015 were 1.0%
and 1.5%, respectively. The applicable margin for such borrowings will be reduced or increased in the event that our debt to capitalization
ratio as calculated under the credit agreement exceeds a target levels. Based upon our indebtedness at December 31, 2015
of $478,000, a 1% increase in interest rate would result in $5,000 of additional interest expense annually.
Commodity Price Risk - The price and
availability of diesel fuel are subject to fluctuations due to changes in the level of global oil production, seasonality, weather,
global politics and other market factors. Historically, we have been able to recover a significant portion of fuel price increases
from our customers in the form of fuel surcharges. The price and availability of diesel fuel can be unpredictable as well as the
extent to which fuel surcharges can be collected to offset such increases. In fiscal 2016 and 2015, a significant portion of fuel
costs was covered through fuel surcharges.
ITEM 4. CONTROLS AND PROCEDURES
The Company maintains disclosure controls
and procedures that are designed to ensure that information required to be disclosed in the Company’s reports under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time
periods specified in the SEC’s rules
and forms, and that such information is accumulated
and communicated to management, including the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer
(“CFO”), as appropriate, to allow timely decisions regarding required disclosure.
The Company also maintains a system of internal
accounting controls over financial reporting that are designed to provide reasonable assurance to the Company’s management
and Board of Directors regarding the preparation and fair presentation of published financial statements.
All control systems, no matter how well designed,
have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving
the desired control objectives.
As of December 31, 2015, the Company, under
the supervision and with the participation of the Company's management, including the CEO, CFO and CAO, carried out an evaluation
of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based on this evaluation,
the Company’s CEO, CFO and CAO concluded that the Company's disclosure controls and procedures are effective in alerting
them in a timely manner to material information required to be included in periodic SEC filings.
There have been no changes in the Company’s
internal controls over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1A. RISK FACTORS
In addition to the other information
set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in
our Annual Report on Form 10-K for the year ended September 30, 2015, which could materially affect our business, financial condition
or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional
risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect
our business, financial condition and/or operating results.
Item 2. PURCHASES OF EQUITY SECURITIES
BY THE ISSUER
|
|
|
|
|
(c) |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
|
|
Shares |
|
(d) |
|
|
|
|
|
Purchased |
|
Approximate |
|
(a) |
|
|
|
As Part of |
|
Dollar Value of |
|
Total |
|
(b) |
|
Publicly |
|
Shares that May |
|
Number of |
|
Average |
|
Announced |
|
Yet Be Purchased |
|
Shares |
|
Price Paid |
|
Plans or |
|
Under the Plans |
Period |
Purchased |
|
per Share |
|
Programs |
|
or Programs (1) |
|
October 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
— |
|
|
$ |
|
|
|
|
— |
|
|
|
|
|
(1) On February 4, 2015, the Board
of Directors authorized management to expend up to $5,000,000 to repurchase shares of the Company’s common stock from time
to time as opportunities arise. To date, the Company has not repurchased any common stock of the Company.
Item 6. EXHIBITS
| (a) | Exhibits. The response to this item is submitted as a separate Section entitled
"Exhibit Index", on page 29. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
February 8, 2016 PATRIOT TRANSPORTATION HOLDING,
INC.
Thompson
S. Baker II
Thompson S.
Baker II
Chairman,
President and Chief
Executive
Officer (Principal
Executive
Officer)
John D.
Milton, Jr.
John D. Milton,
Jr.
Executive
Vice President, Treasurer,
Secretary
and Chief Financial
Officer (Principal
Financial Officer)
John D.
Klopfenstein
John D. Klopfenstein
Controller
and Chief Accounting Officer
(Principal
Accounting Officer)
PATRIOT TRANSPORTATION HOLDING,
INC.
FORM 10-Q FOR THE QUARTER ENDED DECEMBER
31, 2015
EXHIBIT INDEX
| (14) | Financial Code
of Ethical Conduct between the Company, Chief Executive Officers, and Financial Managers, as adopted on May 6, 2015, which is available
on the Company’s website at www.patriottrans.com. |
| (31)(a) | Certification of Thompson S. Baker II. |
| (31)(b) | Certification of John D. Milton, Jr. |
| (31)(c) | Certification of John D. Klopfenstein. |
| (32) | Certification of Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer under Section 906 of the
Sarbanes-Oxley Act of 2002. |
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CERTIFICATIONS Exhibit 31(a)
I, Thompson S. Baker II, certify
that:
| 1. | I
have reviewed this report on Form 10-Q of Patriot Transportation Holding, Inc.; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report; |
| 4. | The
registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
| a) | designed
such disclosure controls and procedures, or caused such disclosure controls to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| b) | evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosures controls and procedures, as of the end of the period covered by this report based on such
evaluation; and |
| c) | disclosed
in this report any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial report; and |
| 5. | The
registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons
performing the equivalent functions): |
| a) | all
significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| b) | any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date: February 8, 2016 /s/Thompson
S. Baker II
Chairman, President
and Chief
Executive Officer
CERTIFICATIONS Exhibit 31(b)
I, John D. Milton, Jr., certify that:
| 1. | I
have reviewed this report on Form 10-Q of Patriot Transportation Holding, Inc.; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report; |
| 4. | The
registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
| a) | designed
such disclosure controls and procedures, or caused such disclosure controls to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| b) | evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosures controls and procedures, as of the end of the period covered by this report based on such
evaluation; and |
| c) | disclosed
in this report any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial report; and |
| 5. | The
registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons
performing the equivalent functions): |
| a) | all
significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| b) | any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date: February 8, 2016 /s/John
D. Milton, Jr.
Executive Vice
President, Treasurer,
Secretary and
Chief Financial Officer
CERTIFICATIONS Exhibit 31(c)
I, John D. Klopfenstein, certify
that:
| 1. | I
have reviewed this report on Form 10-Q of Patriot Transportation Holding, Inc.; |
| 2. | Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
| 3. | Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this report; |
| 4. | The
registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have: |
| a) | designed
such disclosure controls and procedures, or caused such disclosure controls to be designed under our supervision, to ensure that
material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared; |
| b) | evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosures controls and procedures, as of the end of the period covered by this report based on such
evaluation; and |
| c) | disclosed
in this report any changes in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial report; and |
| 5. | The
registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons
performing the equivalent functions): |
| a) | all
significant deficiencies in the design or operation of internal control over financial reporting which are reasonably likely to
adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
| b) | any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date: February 8, 2016 /s/John
D. Klopfenstein
Controller and
Chief Accounting
Officer
Exhibit 32
CERTIFICATION UNDER SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, each of the undersigned certifies that this periodic report fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in this periodic report fairly presents,
in all material respects, the financial condition and results of operations of Patriot Transportation Holding, Inc.
February 8, 2016 PATRIOT TRANSPORTATION HOLDING, INC.
THOMPSON
S. BAKER II
Thompson S. Baker II
President
and Chief Executive
Officer
JOHN D.
MILTON, JR._
John D. Milton,
Jr.
Executive
Vice President,
Treasurer,
Secretary and
Chief Financial
Officer
JOHN D.
KLOPFENSTEIN
John D. Klopfenstein
Controller
and Chief
Accounting
Officer
A signed original of this written
statement required by Section 906 has been provided to Patriot Transportation Holding, Inc. and will be retained by Patriot Transportation
Holding, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
The foregoing certification accompanies
the issuer’s Quarterly report on Form 10-Q and is not filed as provided in SEC Release Nos. 33-8212, 34-4751 and IC-25967,
dated June 30, 2003.
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v3.3.1.900
Consolidated and Combined Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2015 |
Sep. 30, 2015 |
Current assets: |
|
|
Cash and cash equivalents |
$ 0
|
$ 0
|
Accounts receivable, net of allowance for doubtful accounts of $147 and $144, respectively |
6,492
|
7,382
|
BP claim settlement receivable |
1,687
|
0
|
Federal and state taxes receivable |
178
|
115
|
Inventory of parts and supplies |
773
|
780
|
Prepaid tires on equipment |
1,889
|
2,019
|
Prepaid taxes and licenses |
479
|
694
|
Prepaid insurance |
529
|
748
|
Prepaid expenses, other |
49
|
58
|
Total current assets |
12,076
|
11,796
|
Property and equipment, at cost |
100,011
|
99,986
|
Less accumulated depreciation |
59,314
|
57,366
|
Net property and equipment |
40,697
|
42,620
|
Goodwill |
3,431
|
3,431
|
Intangible assets, net |
1,338
|
1,384
|
Other assets, net |
276
|
295
|
Total assets |
57,818
|
59,526
|
Current liabilities: |
|
|
Accounts payable |
2,092
|
4,163
|
Bank overdraft |
324
|
773
|
Accrued payroll and benefits |
3,310
|
5,363
|
Accrued insurance |
864
|
1,102
|
Accrued liabilities, other |
590
|
393
|
Total current liabilities |
7,180
|
11,794
|
Long-term debt |
478
|
0
|
Deferred income taxes |
8,995
|
8,334
|
Accrued insurance |
1,026
|
1,026
|
Other liabilities |
1,156
|
1,170
|
Total liabilities |
$ 18,835
|
$ 22,324
|
Commitments and contingencies (Note 8) |
|
|
Shareholders' Equity/Net investment: |
|
|
Preferred stock, 5,000,000 shares authorized, of which 250,000 shares are disignated Series A Junior Participating Preferred Stock; $0.01 par value; none issued and outstanding |
$ 0
|
$ 0
|
Common stock, $.10 par value; (25,000,000 shares authorized; 3,272,804 and 3,272,804 shares issued and outstanding, respectively) |
327
|
327
|
Capital in excess of par value |
35,411
|
35,005
|
Retained earnings |
3,194
|
1,819
|
Accumulated other comprehensive income, net |
51
|
51
|
Total shareholders' equity |
38,983
|
37,202
|
Total liabilties and shareholders' equity |
$ 57,818
|
$ 59,526
|
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v3.3.1.900
Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Sep. 30, 2015 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable allowance for doubtful accounts |
$ 147
|
$ 144
|
Preferred stock, par value |
$ .01
|
$ .01
|
Preferred stock, shares authorized |
5,000,000
|
5,000,000
|
Series A Junior Participating Preferred Stock |
250,000
|
250,000
|
Preferred stock, shares issued |
0
|
0
|
Common stock, par value |
$ .10
|
$ .10
|
Common stock, shares authorized |
25,000,000
|
25,000,000
|
Common stock, shares issued |
3,272,804
|
3,272,804
|
X |
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v3.3.1.900
Consolidated and Combined Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Revenues: |
|
|
Transportation revenues |
$ 28,009
|
$ 27,292
|
Fuel surcharges |
1,362
|
4,425
|
Total revenues |
29,371
|
31,717
|
Cost of operations: |
|
|
Compensation and benefits |
12,572
|
11,983
|
Fuel expenses |
3,825
|
6,005
|
Repairs & tires |
1,809
|
1,814
|
Other operating |
1,090
|
1,137
|
Insurance and losses |
3,018
|
2,839
|
Depreciation expense |
2,148
|
2,108
|
Rents, tags & utilities |
949
|
941
|
Sales, general & administrative |
2,399
|
2,322
|
Corporate expenses |
958
|
919
|
Loss (Gain) on equipment sales |
4
|
(184)
|
Total cost of operations |
28,772
|
29,884
|
Total operating profit |
599
|
1,833
|
BP claim Settlement |
1,687
|
0
|
Interest income and other |
3
|
0
|
Interest expense |
(35)
|
(26)
|
Income before income taxes |
2,254
|
1,807
|
Provision for income taxes |
879
|
705
|
Net income |
1,375
|
1,102
|
Comprehensive Income |
$ 1,375
|
$ 1,102
|
Earnings per common share: |
|
|
Net income - basic |
$ 0.42
|
$ 0.34
|
Net income - diluted |
$ 0.42
|
$ 0.34
|
Number of shares (in thousands) used in computing: |
|
|
-basic earnings per common share |
3,273
|
3,243
|
-diluted earnings per common share |
3,277
|
3,243
|
X |
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v3.3.1.900
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash flows from operating activities: |
|
|
Net income |
$ 1,375
|
$ 1,102
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
2,403
|
2,383
|
Deferred income taxes |
661
|
592
|
Gain on sale of equipment and property |
(36)
|
(184)
|
Stock-based compensation |
136
|
85
|
Net changes in operating assets and liabilities: |
|
|
Accounts receivable |
890
|
(163)
|
BP claim settlement receivable |
(1,687)
|
0
|
Inventory of parts and supplies |
7
|
8
|
Prepaid expenses and other current assets |
573
|
454
|
Other assets |
4
|
0
|
Accounts payable and accrued liabilities |
(4,165)
|
(738)
|
Income taxes payable and receivable |
(63)
|
(10)
|
Long-term insurance liabilities and other long-term liabilities |
(14)
|
5
|
Net cash provided by operating activities |
84
|
3,534
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment |
(449)
|
(2,463)
|
Proceeds from the sale of property and equipment |
66
|
270
|
Net cash used in investing activities |
(383)
|
(2,193)
|
Cash flows from financing activities: |
|
|
Decrease in bank overdrafts |
(449)
|
(525)
|
Proceeds from borrowing on revolving credit facility |
13,366
|
11,825
|
Payments on revolving credit facility |
(12,888)
|
(12,556)
|
Excess tax benefits from exercise of stock options |
270
|
0
|
Net distributions to FRP prior to spin-off |
0
|
(85)
|
Net cash provided by (used in) financing activities |
299
|
(1,341)
|
Net increase (decrease) in cash and cash equivalents |
0
|
0
|
Cash and cash equivalents at beginning of year |
0
|
0
|
Cash and cash equivalents at end of the period |
$ 0
|
$ 0
|
X |
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v3.3.1.900
Description of Business and Basis of Presentation
|
3 Months Ended |
Dec. 31, 2015 |
Accounting Policies [Abstract] |
|
Description of Business and Basis of Presentation |
(1) Description of Business
and Basis of Presentation.
Description of Business
Spin-off Transaction. On
January 30, 2015, FRP Holdings, Inc. ("FRP") completed the tax-free spin-off (the Spin-off") of Patriot Transportation
Holding, Inc., (the "Company" or "Patriot"). In the Spin-off, FRP distributed all of the outstanding stock
of the Company to FRP's shareholders as of the record date of January 9, 2015. FRPs shareholders received one share of Patriot
(stock symbol PATI) for every three shares of FRP owned on the record date resulting in 3,242,524 of Patriot shares
outstanding on the distribution date. Patriot now is an independent, publicly traded company, and FRP retains no ownership in Patriot.
Companys Business.
The business of the Company, conducted through our wholly owned subsidiary, Florida Rock & Tank Lines, Inc., is to transport
petroleum and other liquids and dry bulk commodities. We do not own any of the products we haul, rather, we act as a third party
carrier to deliver our customers products from point A to point B predominately using Company employees driving Company
owned tractors and tank trailers. Approximately 82% of our business consists of hauling liquid petroleum products (mostly gas and
diesel fuel) from large scale fuel storage facilities to our customers retail outlets (e.g. convenience stores, truck stops
and fuel depots) where we off-load the product into our customers fuel storage tanks for ultimate sale to the retail consumer.
The remaining 18% of our business consists of hauling our customers dry bulk commodities such as cement, lime and various
industrial powder products and liquid chemicals. As of December 31, 2015, we employed 704 revenue-producing drivers who operated
our fleet of 488 tractors and 563 trailers from our 21 terminals and 9 satellite locations in Florida, Georgia, Alabama, South
Carolina, North Carolina and Tennessee.
Basis of Presentation
Patriot Transportation Holding,
Inc. was incorporated on August 5, 2014. In connection with its organization, Patriot issued 100 shares of common stock to FRP
on December 3, 2014 and issued an additional 3,242,424 shares of common stock to FRP on January 28, 2015 in preparation for the
Spin-off. Patriot was formed solely in contemplation of the Spin-off and until the separation was completed on January 30, 2015,
it had not commenced operations and had no material assets, liabilities, or commitments.
Accordingly, the accompanying consolidated
and combined financial statements presented prior to the Spin-off reflect the historical results of operations, financial position
and cash flows and certain assets, liabilities and operating expenses of the Company and its subsidiaries on a stand-alone basis,
as if such companies and accounts had been consolidated and combined for the historical periods presented prior to the Spin-off.
These financial statements were derived from FRP's consolidated financial statements and accounting records. The consolidated and
combined statements of income include expense allocations for certain corporate functions performed by FRP during the periods prior
to the Spin-off, including general corporate expenses related to executive oversight, accounting, treasury, tax, legal, procurement
and information technology. The amounts allocated to the Company for these items are based primarily on specific identification,
headcount or computer utilization. Going forward, these functions will be performed by the Company. Additionally, the Company will
provide most of these services to FRP under a Transition Services Agreement (see Note 3) initially on an annual basis. This Agreement
provides for reimbursement of the costs of those services by FRP to the Company. As a result, corporate expense in our Companys
financial statements will be shown net of the reimbursements we receive from FRP for these services. All significant intercompany
transactions and accounts within the consolidated and combined financial statements have been eliminated.
We believe the assumptions underlying
the consolidated and combined financial statements, including the historical allocated charges for general corporate functions
provided by FRP, are reasonable. However, these consolidated and combined financial statements do not include all of the actual
expenses that would have been incurred had we actually operated as a stand-alone public company (e.g. NASDAQ listing fees, etc.)
during the periods prior to the Spin-off and therefore do not reflect the actual consolidated and combined results of operations,
financial position and cash flows had we been operated as a stand-alone public company during those periods.
These statements have been prepared in accordance
with accounting principles generally accepted in the United States of America for interim financial information and the instructions
to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United
States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal
recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating
results for the three months ended December 31, 2015 are not necessarily indicative of the results that may be expected for the
fiscal year ending September 30, 2016. The accompanying consolidated and combined financial statements and the information included
under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read
in conjunction with the audited financial statements and notes for the year ended September 30, 2015.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.3.1.900
Recently Issued Accounting Standards
|
3 Months Ended |
Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Recently Issued Accounting Standards |
(2) Recently Issued Accounting Standards.
In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. The guidance requires
that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance
sheet. The guidance becomes effective for annual reporting periods beginning after December 15, 2016 with early adoption permitted.
The Company adopted this guidance retrospectively as of October 1, 2015 and reclassified $309,000 of deferred tax liability as
of September 30, 2015 from current to long term.
In January 2015, the FASB issued ASU 2015-01,
"Income StatementExtraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating
the Concept of Extraordinary Items." This guidance is effective for annual periods beginning on or after December 15, 2015
and interim periods within those years, with early adoption permitted. The Company adopted this guidance as of October 1, 2015
and the adoption had no effect on our results of operations or financial position.
|
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- DefinitionDisclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
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v3.3.1.900
Related Party Agreements
|
3 Months Ended |
Dec. 31, 2015 |
Related Party Transactions [Abstract] |
|
Related Party Agreements |
(3)
Related Party Agreements. In order to effect the
Spin-off and govern our relationship with FRP Holdings, Inc. after the Spin-off, we entered into an Employee Matters Agreement
and a Transition Services Agreement. The Employee Matters Agreement generally allocates responsibilities to each company for liabilities
relating to each Companys current and former employees and allocated responsibilities under employee benefit plans. The
Transition Services Agreement sets forth the terms on which the Company will provide to FRP certain services that were shared prior
to the Spin-off, including the services of certain shared executive officers, for a period of 12 or more months after the Spin-off.
The consolidated and combined statements
of income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $386,000 and $794,000 for the three months
ended December 31, 2015 and 2014, respectively. Included in the charges above are amounts recognized for corporate executive stock-based
compensation expense. These charges are reflected as a reduction to corporate expenses.
To determine these allocations
between FRP and Patriot as set forth in the Transition Services Agreement, we generally employed the same methodology historically
used by the Company pre Spin-off to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation
of the costs related to FRPs operations but any such related-party transactions cannot be presumed to be carried out on
an arms-length basis as the terms were negotiated while Patriot was still a subsidiary of FRP.
Patriot provides information technology
services and previously subleased office space to Bluegrass Materials Company, LLC (Bluegrass). Mr. John Baker, brother
of Edward L. Baker and uncle of Thompson S. Baker II, serves as Chairman of Bluegrass, and his son, Edward L. Baker II, serves
as its Chief Executive Officer. Messrs. John Baker and Edward L. Baker II have a beneficial ownership interest in Bluegrass. Bluegrass
paid $123,000 and $103,000 to the Company for the three months ended December 31, 2015 and 2014 respectively for such information
technology services and office space.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
Long-Term Debt
|
3 Months Ended |
Dec. 31, 2015 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
(4)
Long-Term debt. The Companys long-term
debt is summarized as follows (in thousands):
|
|
December 31, |
|
September 30, |
|
|
2015 |
|
2015 |
Revolving credit (uncollateralized) |
|
$ |
478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior to the Spin-off, the Company
was permitted to borrow under FRP's credit agreement with Wells Fargo Bank, N.A. (the "FRP Credit Agreement"). On January
30, 2015, the Company entered into a new $25 million, five year, revolving credit agreement with Wells Fargo Bank, N.A. and assumed
and refinanced $5.1 million then outstanding on the FRP Credit Agreement into this new revolver. As of December 31, 2015, we had
$478,000 of debt outstanding on this revolver, $3,245,000 letters of credit and $21,277,000 available for additional borrowings.
The credit agreement contains certain conditions, affirmative financial covenants and negative covenants including limitations
on paying cash dividends. The Company was in compliance with all of its loan covenants as of December 31, 2015.
In addition to the unsecured revolving
facility provided by Wells Fargo, Management determined the Company needed an additional financing source to provide capital for
potential growth opportunities. As a result, the Company closed on a loan from Branch Banking and Trust Company (BB&T) for
up to $25 million under a two (2) year revolving facility to be secured by a portion of the Companys equipment. This facility
contains a provision which automatically converts any draws under the revolver into five-year term loans with a seven year amortization.
As of December 31 2015, the Company had not taken any draws against this facility.
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v3.3.1.900
Earnings per share
|
3 Months Ended |
Dec. 31, 2015 |
Earnings Per Share [Abstract] |
|
Earnings per share |
(5) Earnings per share. Basic
earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings
per common share are based on the weighted average number of common shares and potential dilution of securities that could share
in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director
stock options.
On January 30, 2015, 3,242,524 shares of
our common stock were distributed to the shareholders of FRP in connection with the Spin-off and distribution. For comparative
purposes, we have assumed this amount to be outstanding as of the beginning of each period prior to the Spin-off and distribution
presented in the calculation of weighted average shares outstanding.
The following details the computations of
the basic and diluted earnings per common share (dollars in thousands, except per share amounts):
|
|
Three Months ended |
|
|
December 31, |
|
|
2015 |
|
2014 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,273 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,277 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
1,375 |
|
|
|
1,102 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
-basic |
|
$ |
0.42 |
|
|
|
0.34 |
|
-diluted |
|
$ |
0.42 |
|
|
|
0.34 |
|
For the three months ended December 31, 2015,
64,047 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because
their inclusion would have been anti-dilutive.
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v3.3.1.900
Stock-Based Compensation Plans
|
3 Months Ended |
Dec. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock-Based Compensation Plans |
(6)
Stock-Based Compensation Plans.
Participation in FRP Plans
The Company's directors, officers
and key employees are eligible to participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options
for shares of common stock were granted to directors, officers and key employees. All related compensation expense has been fully
allocated to the Company (rather than FRP) and included in corporate expenses. Corporate expense also reflects an offsetting credit
for the Transition Services Agreement allocation to FRP. All outstanding options held by company directors, officers and key employees
on January 30, 2015 were cancelled and replaced by an equal number of FRP options at 75.14% of the previous exercise price based
upon the market value of FRP less the when issued market value of the Company on that day.
Patriot Incentive Stock Plan
In January, 2015 the Board of Directors
of the Company adopted the Patriot Transportation Holding, Inc. Incentive Stock Plan. Grants were issued based upon all outstanding
FRP options held by company directors, officers and key employees on January 30, 2015 with the same remaining terms. The grants
were based upon the FRP options outstanding at 24.86% of the previous exercise price based upon the when issued market value of
the Company compared to the market value of FRP on that day. Simultaneously, the number of shares were divided by 3 and the exercise
price multiplied by 3 to adjust for the Spin-off distribution of 1 for 3 shares of FRP. The number of common shares available for
future issuance was 155,611 at December 31, 2015.
Subsequent to Spin-off, the realized
tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off
will be recognized by FRP or Patriot based on the employment location of the related employee or director.
The Company recorded the following
stock compensation expense for FRP and Patriot options (including allocations in periods prior to the Spin-off) in its consolidated
and combined statements of income (in thousands):
|
|
Three Months ended |
|
|
December 31, |
|
|
2015 |
|
2014 |
Stock option grants |
|
$ |
136 |
|
|
|
85 |
|
Annual director stock award |
|
|
|
|
|
|
|
|
|
|
$ |
136 |
|
|
|
85 |
|
A summary of Company stock options is presented
below (in thousands, except share and per share amounts):
|
|
|
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Number |
|
|
|
Average |
|
|
|
Average |
|
|
|
Average |
|
|
|
of |
|
|
|
Exercise |
|
|
|
Remaining |
|
|
|
Grant Date |
|
Options |
|
Shares |
|
|
|
Price |
|
|
|
Term (yrs) |
|
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 1, 2015 |
|
75,315 |
|
|
$ |
21.95 |
|
|
|
5.8 |
|
|
$ |
666 |
|
Granted |
|
38,794 |
|
|
$ |
23.78 |
|
|
|
|
|
|
$ |
362 |
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
114,109 |
|
|
$ |
22.57 |
|
|
|
7.0 |
|
|
$ |
1,028 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
68,049 |
|
|
$ |
21.43 |
|
|
|
5.5 |
|
|
$ |
548 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
13,651 |
|
|
|
|
|
|
|
|
|
|
$ |
318 |
|
The aggregate intrinsic value of exercisable
Company options was $152,000 and the aggregate intrinsic value of all outstanding in-the-money options was $169,000 based on the
Companys market closing price of $22.50 on December 31, 2015 less exercise prices.
The realized tax benefit from Patriot option
exercises during fiscal 2016 was $270,000 which pertained to FRP options exercised that were granted prior to the Spin-off to persons
employed by Patriot. The unrecognized compensation expense of Patriot options granted as of December 31, 2015 was $924,000, which
is expected to be recognized over a weighted-average period of 3.3 years.
|
X |
- DefinitionTabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.
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v3.3.1.900
Fair Value Measurements
|
3 Months Ended |
Dec. 31, 2015 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
(7) Fair Value Measurements.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used
to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or
liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level
3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement.
As of December 31, 2015 the Company
had no assets or liabilities measured at fair value on a recurring or non-recurring basis.
At December 31, 2015 and 2014,
the carrying amount reported in the consolidated and combined balance sheets for cash and cash equivalents, accounts receivable,
accounts payable and other financial instruments approximate their fair value based upon the short-term nature of these items.
We believe the fair value of the allocated outstanding debt obligations approximate their carrying value as the related debt agreements
reflect present market terms and as certain debt obligations contain certain interest rates that reset periodically based on current
market indices.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.3.1.900
Contingent liabilities
|
3 Months Ended |
Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] |
|
Contingent liabilities |
(8) Contingent liabilities.
The Company is involved in litigation on a number of matters and is subject to certain claims which arise in the normal course
of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property
damage. There is a reasonable possibility that the Companys estimate of vehicle and workers compensation liability
may be understated or overstated but the possible range cannot be estimated. The liability at any point in time depends upon the
relative ages and amounts of the individual open claims. In the opinion of management none of these matters are expected to have
a material adverse effect on the Companys financial condition, results of operations or cash flows.
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Concentrations
|
3 Months Ended |
Dec. 31, 2015 |
Risks and Uncertainties [Abstract] |
|
Concentrations |
(9) Concentrations.
Market:
The Company primarily serves customers in the petroleum industry in the Southeastern U.S. Significant economic disruption or downturn
in this geographic region or within these industries could have an adverse effect on our financial statements.
Customers:
During the first three months of fiscal 2016, the Companys ten largest customers accounted for approximately 61.3% of our
revenue and one of these customers accounted for 23.4% of our revenue. Accounts receivable from the ten largest customers were
$3,941,000 and $4,596,000 at December 31, 2015 and September 30, 2015 respectively. The loss of any one of these customers could
have a material adverse effect on the Companys revenues and income.
Deposits:
The Company places its cash and cash equivalents with high credit quality institutions. At times, such amounts may exceed FDIC
limits.
|
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v3.3.1.900
Pipeline Business Acquisition
|
3 Months Ended |
Dec. 31, 2015 |
Business Combinations [Abstract] |
|
Pipeline Business Acquisition |
(10) Pipeline Business Acquisition.
The operations acquired from Pipeline Transportation, Inc. on November 7, 2013 for $10,023,000 are included in the Companys
consolidated and combined operating results subsequent to the acquisition date. The Company accounted for this acquisition in accordance
with the provisions of ASC 805, Business Combinations (ASC 805) and allocated the purchase price of the business based upon the
fair value of the assets acquired and liabilities assumed, using a third party valuation expert.
The goodwill recorded resulting from the
acquisition amounted to $2,344,000 and is shown on the consolidated and combined balance sheets under Goodwill, and is amortizable
for tax purposes. The other intangible assets acquired in the transaction are reflected in the line Intangible assets, net on the
consolidated and combined balance sheets. In connection with the Pipeline acquisition, the Company assumed certain vehicle leases.
As of December 31, 2015 these non-cancellable operating leases will require minimum annualized rental payments approximating $820,000
for the next 1.8 fiscal years.
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Unusual or Infrequent Items Impacting Quarterly Results
|
3 Months Ended |
Dec. 31, 2015 |
Extraordinary and Unusual Items [Abstract] |
|
Unusual or Infrequent Items Impacting Quarterly Results |
(11) Unusual or Infrequent Items Impacting
Quarterly Results.
On October 20, 2015, the Company received
notice from the Claims Administrator for the Deepwater Horizon Economic and Property Damages Settlement Program that the Companys
claim in the amount of $2,106,281 qualifies for payment under the terms of the Economic and Property Damages Settlement Agreement.
On December 18, 2015 BP accepted the Companys proposal of $2,047,651. The Company received payment of $1,687,085 on
January 6, 2016 net of all contingency fees. As of December 31, 2015 this amount is included as a receivable and other income.
Operating profit includes an expense of $250,000
in the first quarter of fiscal 2015 for costs incurred related to the planned spin-off of the Company.
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Earnings per share (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Earnings Per Share [Abstract] |
|
Earnings (loss) per common share |
(dollars in thousands, except per share amounts) |
|
Three Months ended |
|
|
December 31, |
|
|
2015 |
|
2014 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,273 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,277 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
1,375 |
|
|
|
1,102 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
-basic |
|
$ |
0.42 |
|
|
|
0.34 |
|
-diluted |
|
$ |
0.42 |
|
|
|
0.34 |
|
|
X |
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Stock-Based Compensation Plans (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock Compensation Expense |
(in thousands) |
|
Three Months ended |
|
|
December 31, |
|
|
2015 |
|
2014 |
Stock option grants |
|
$ |
136 |
|
|
|
85 |
|
Annual director stock award |
|
|
|
|
|
|
|
|
|
|
$ |
136 |
|
|
|
85 |
|
|
Summary of Stock Activity |
(in thousands, except share and |
|
|
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Weighted |
|
per share amounts) |
|
Number |
|
|
|
Average |
|
|
|
Average |
|
|
|
Average |
|
|
|
of |
|
|
|
Exercise |
|
|
|
Remaining |
|
|
|
Grant Date |
|
Options |
|
Shares |
|
|
|
Price |
|
|
|
Term (yrs) |
|
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 1, 2015 |
|
75,315 |
|
|
$ |
21.95 |
|
|
|
5.8 |
|
|
$ |
666 |
|
Granted |
|
38,794 |
|
|
$ |
23.78 |
|
|
|
|
|
|
$ |
362 |
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
114,109 |
|
|
$ |
22.57 |
|
|
|
7.0 |
|
|
$ |
1,028 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
68,049 |
|
|
$ |
21.43 |
|
|
|
5.5 |
|
|
$ |
548 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
13,651 |
|
|
|
|
|
|
|
|
|
|
$ |
318 |
|
|
X |
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- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.
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Stock-Based Compensation Plans - Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
|
Dec. 31, 2015
USD ($)
yr
$ / shares
shares
|
Sep. 30, 2015
USD ($)
yr
$ / shares
shares
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
|
Options outstanding | shares |
114,109
|
75,315
|
Options granted | shares |
38,794
|
|
Options outstanding weighted average exercise price | $ / shares |
$ 22.57
|
$ 21.95
|
Options outstanding weighted average exercise price - Granted | $ / shares |
$ 23.78
|
|
Options outstanding weighted average remaining term | yr |
7.0
|
5.8
|
Options outstanding weighted average grant date fair value | $ |
$ 1,028
|
$ 666
|
Options granted weighted average grant date fair value | $ / shares |
$ 362
|
|
Options exercisable at December 31, 2015 | shares |
68,049
|
|
Options exerciseable weighted average exercise price | $ / shares |
$ 21.43
|
|
Options exerciseable weighted average remaining term | yr |
5.5
|
|
Options exerciseable weighted average grant date fair value | $ |
$ 548
|
|
Options vested during three months ended December 31, 2015 | shares |
13,651
|
|
Options vested weighted average grant date fair value | $ |
$ 318
|
|
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v3.3.1.900
Description of Business and Basis of Presentation (Details Narrative) - shares
|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jan. 30, 2015 |
Jan. 28, 2015 |
Dec. 03, 2014 |
Shares distributed following Spin-off |
3,272,804
|
3,272,804
|
3,242,524
|
3,242,424
|
100
|
Revenue Producting Drivers |
704
|
|
|
|
|
Fleet of Tractors |
488
|
|
|
|
|
Fleet of Trailers |
563
|
|
|
|
|
Terminal locations |
21
|
|
|
|
|
Satellite locations |
9
|
|
|
|
|
Petroleum Products |
|
|
|
|
|
Percentage of Business |
82.00%
|
|
|
|
|
Dry Bulk Commodities |
|
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|
|
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Percentage of Business |
18.00%
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v3.3.1.900
Earnings per share (Details Narrative) - shares
|
3 Months Ended |
|
|
|
|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jan. 30, 2015 |
Jan. 28, 2015 |
Dec. 03, 2014 |
Earnings Per Share [Abstract] |
|
|
|
|
|
Shares of common stock |
3,272,804
|
3,272,804
|
3,242,524
|
3,242,424
|
100
|
Anti-dilutive shares |
64,047
|
|
|
|
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patidecq16.pdf
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