UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 10-K
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[X] |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 2016. |
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or
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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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, Florida |
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32202 |
(Address of principal executive offices) |
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(Zip Code) |
(904) 396-5733
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
Name of each exchange on which registered |
Common Stock $.10 par value |
NASDAQ |
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Securities registered pursuant to
Section 12(g) of the Act: None
_________________
Indicate by check mark if the registrant
is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [_] No [X]
Indicate by check mark if the registrant
is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes [_] No [X]
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 if disclosure
of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not
be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference
in Part III of this Form 10-K or any amendment to this Form 10-K. [ ]
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” 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 [_] |
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Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Act). Yes [_] No [X]
The number of shares of the registrant’s
stock outstanding as of December 2, 2016 was 3,289,353. The aggregate market value of the shares of Common Stock held by non-affiliates
of the registrant as of March 31, 2016, the last day of business of our most recently completed second fiscal quarter, was $42,838,678.
Solely for purposes of this calculation, the registrant has assumed that all directors, officers and ten percent (10%) shareholders
of the Company are affiliates of the registrant.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Patriot Transportation
Holding, Inc. 2016 Annual Report to Shareholders are incorporated by reference in Parts I and II.
Portions of the Patriot Transportation
Holding, Inc. Proxy Statement which will be filed with the Securities and Exchange Commission not later than December 31, 2016
are incorporated by reference in Part III.
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
Item 1. BUSINESS.
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.
Patriot was incorporated on August 5, 2014
in connection with a corporate reorganization that preceded the Spin-off. The business of the Company is conducted through our
wholly-owned subsidiary, Florida Rock & Tank Lines, Inc. (“Tank Lines”), the same subsidiary through which FRP
operated the transportation business prior to the Spin-off.
Our Business. Our business consists
of hauling petroleum related products and dry bulk commodities and liquid chemicals. We are one of the largest regional tank truck
carriers in North America. According to the Tank Truck Carrier 2015 Gross Revenue Report issued by Bulk Transporter, we are the
15th largest bulk tank carrier in North America by revenue. We operate terminals in Florida, Georgia, Alabama,
South Carolina, North Carolina and Tennessee. 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, using predominately Company employees and 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 customers’ dry bulk commodities such as cement, lime and various industrial
powder products and liquid chemicals. As of September 30, 2016, we employed 689 revenue-producing drivers who operated our fleet
of 468 tractors and 561 trailers from our 21 terminals and 9 satellite locations.
We are an important link in our customers’
fuel supply chain, transporting primarily from petroleum terminals to retail locations such as hypermarkets, convenience stores
and truck stops. We also provide the last mile of delivery service in the liquid chemical and dry bulk business primarily
from distribution facilities or manufacturing facilities to the end user. Cement and ash are delivered to concrete plants,
powdered lime to industrial users and liquid chemicals primarily to the end user at a manufacturing plant or water treatment or
storage facility.
Tractors and Trailers. During fiscal
2016, the Company purchased 78 new tractors and 24 trailers. Our fiscal 2017 capital budget includes 67 new tractors plus we had
7 tractors ordered in fiscal 2016 that were delivered shortly after September 30, 2016. We believe maintaining a modern fleet will
result in reduced maintenance expenses, improved operating efficiencies and enhanced driver recruitment and retention. At September
30, 2016 the Company operated a fleet of 468 tractors and 561 tank trailers, 9 tractors that were being prepared for sale and 23
tractors that were being placed in service. The Company owns all of the tank trailers and tractors used to conduct our business,
except for 4 tractors owned by owner-operators and 32 leased tractors that were assumed from Pipeline Transportation, Inc. in November,
2013 and Petroleum Transport Corporation in April 2016.
Competitors. The tank lines transportation
business is extremely competitive and fragmented. We have between two and six competitors in each of our markets, consisting of
other carriers of varying sizes as well as our customers’ private fleets. Price, service and location are the major competitive
factors in each local market. Some of our competitors have greater financial resources and a more expansive geographic footprint
than our company. Some of our competitors periodically reduce their prices to gain business, which may limit our ability to maintain
or increase prices, implement new pricing strategies or maintain significant growth in our business.
Our largest competitors include Kenan Advantage
Group, Eagle Transport, Penn Tank Lines, CTL, and Commercial Carriers. We also compete with smaller carriers in most of our
markets.
Our strategy is to build long-term partnerships
with our customers based on the highest level of customer service and reliability. The current trend is that hypermarkets and super
regional and national chains have emerged to replace many of the independent convenience stores and service stations historically
served by many of our competitors. As this continues, we believe that our size, capabilities, scope of services and geographic
reach will provide us a competitive advantage over smaller carriers with fewer resources.
Customers. Approximately 82% of our
business consists of hauling petroleum related products. Our petroleum clients include major convenience store and hypermarket
accounts, fuel wholesalers and major oil companies. We strive to build long-term relationships with major customers by providing
outstanding customer service. During fiscal 2016, the Company’s ten largest customers accounted for approximately 58.9% of
revenue. One of these customers, Murphy USA, accounted for 22.0% of revenue. The loss of any one of these customers could have
a material adverse effect on the Company’s revenues and income. Our transportation services agreements with our customers
generally are terminable upon 90-120 days’ notice, but nine of our top 10 accounts have been customers for at least 10 years.
Our dry bulk and chemical customers include
large industrial companies including cement and concrete accounts and product distribution companies. Our customer relationships
are long-standing and have grown over time as a result of consistently high safety and service levels.
Sales and Marketing. Our marketing activities
are focused on building our relationships with existing customers as well as developing new business opportunities. Our senior
management team has extensive experience in marketing specialized fuels delivery services. In addition, significant portions of
our marketing activities are conducted locally by our regional managers, terminal managers and dispatchers who act as local customer
service representatives. These managers and dispatchers maintain regular contact with customers and are well-positioned to identify
the changing transportation needs of customers in their respective geographic areas. We also actively participate in various trade
associations, including the National Tank Truck Carriers Association, various state petroleum marketing associations and the Society
of Independent Gasoline Marketers Association.
Environmental Matters. Our activities,
which involve the transportation, storage and disposal of fuels and other hazardous substances and wastes, are subject to various
federal, state and local health and safety laws and regulations relating to the protection of the environment, including, among
others, those governing the transportation, management and disposal of hazardous materials, vehicle emissions, underground and
above ground storage tanks and the cleanup of contaminated sites. Our operations involve risks of fuel spillage or seepage, hazardous
waste disposal and other activities that are potentially damaging to the environment. If we are involved in a spill or other accident
involving
hazardous substances, or if we are found to
be in violation of or liable under applicable laws or regulations, it could significantly increase our cost of doing business.
Most of our truck terminals are located in
industrial areas, where groundwater or other forms of environmental contamination may have occurred. Under environmental laws,
we could be held responsible for the costs relating to any contamination at those or other of our past or present facilities and
at third-party waste disposal sites, including cleanup costs, fines and penalties and personal injury and property damages. Under
some of these laws, such as the Comprehensive Environmental Response Compensation and Liability Act (also known as the Superfund
law) and comparable state statutes, liability for the entire cost of the cleanup of contaminated sites can be imposed upon any
current or former owner or operator, or upon any party who sent waste to the site, regardless of the lawfulness of any disposal
activities or whether a party owned or operated a contaminated property at the time of the release of hazardous substances. From
time to time, we have incurred remedial costs and/or regulatory penalties with respect to chemical or wastewater spills and releases
relating to our facilities or operations, and, notwithstanding the existence of our environmental management program, we may incur
such obligations in the future. The discovery of contamination or the imposition of additional obligations or liabilities in the
future could result in a material adverse effect on our financial condition, results of operations or our business reputation.
Our operations involve hazardous materials and could result in significant environmental liabilities and costs” for a discussion
of certain risks of our being associated with transporting hazardous substances. See “Risk Factors—Risks Relating to
Our Business”
Seasonality. Our business is subject
to seasonal trends common in the refined petroleum products delivery industry. We typically face reduced demand for refined petroleum
products delivery services during the winter months and increased demand during the spring months. Further, operating costs and
earnings are generally adversely affected by inclement weather conditions. These factors generally result in lower operating results
during the first and fourth calendar quarters of the year and cause our operating results to fluctuate from quarter to quarter.
Our operating expenses also have been somewhat higher in the winter months, due primarily to decreased fuel efficiency and increased
maintenance costs for tractors and trailers in colder months.
Employees. As of September 30, 2016,
the Company employed 959 people.
Financial Information. Financial information
about the company is presented in the financial statements included in the accompanying 2016 Annual Report to Shareholders and
such information is incorporated herein by reference.
Company Website. The Company’s
website may be accessed at www.patriottrans.com. All of our filings with the Securities and Exchange Commission can be accessed
through our website promptly after filing. This includes annual reports on Form 10-K, proxy statements, quarterly reports on Form
10-Q, current reports filed or furnished on Form 8-K and all related amendments.
Item 1A. RISK FACTORS.
Our future results may be affected by a number
of factors over which we have little or no control. The following issues, uncertainties, and risks, among others, should be considered
in evaluating our business and outlook. Also, note that additional risks not currently identified or known to us could also negatively
impact our business or financial results.
Risks Relating to Our Business
Our business is subject to general economic
and other factors that are largely out of our control and could affect our operations, profitability and cash flow.
Our business is dependent on various economic
factors over which we have little control, that include:
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the availability of qualified drivers; |
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access to the credit and capital markets; |
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rising healthcare costs; |
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increases in fuel prices, taxes and tolls; |
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increases in costs of equipment; |
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interest rate fluctuations; |
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excess capacity in the trucking industry; |
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changes in laws or regulations or changes in license and regulatory fees; |
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potential disruptions at U.S. ports of entry and in pipeline operations; |
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downturns in customers’ business cycles; and |
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insurance prices and insurance coverage availability. |
As a result, we may experience periods of overcapacity,
declining prices, lower profit margins and less availability of cash in the future. Our revenues and operating income could be
materially adversely affected if we are unable to pass through to our customers the full amount of increased transportation costs.
We would be adversely affected by a decline
in demand for hauling petroleum products in our markets.
We derive approximately 82% of our revenues
from the hauling of petroleum products, including gasoline, diesel fuel and ethanol. The demand for these services is determined
by motor fuel consumption in our markets, which is affected by general economic conditions, employment levels, consumer confidence,
spending patterns and gasoline prices. Demand for our petroleum hauling services is also impacted by vehicle fuel efficiency, alternative
fuel vehicles and government regulation relating to ethanol. The Energy Information Administration of the U.S. Department of Energy
projects that U.S. motor gasoline consumption will decline at an average rate of 1.1% per year between 2012 and 2040 as improvements
in fuel efficiency are expected to outpace increases in miles driven.
Advanced technology, improved fuel efficiency
and increased use of “green” automobiles (e.g., those
automobiles that do not use gasoline or that
are powered by hybrid engines) would reduce demand for gasoline. Developments regarding climate change and the effects of greenhouse
gas emissions on climate change may lead to increased use of “green” automobiles. Consequently, attitudes toward gasoline
and its relationship to the environment may significantly affect our sales and ability to market our products. Reduced consumer
demand for gasoline could have a material adverse effect on our business, financial condition, results of operations and cash flows.
We may be adversely affected by fluctuations
in the price and availability of fuel.
We require large amounts of diesel fuel to
operate our tractors. In 2014, 2015 and 2016, cost of fuel (including fuel taxes) represented approximately 22.7%, 16.5%, and 12.6%,
respectively, of our total revenue. The market price for fuel can be extremely volatile and can be affected by a number of economic
and political factors. In addition, changes in federal or state regulations can impact the price of fuel, as well as increase the
amount we pay in fuel taxes.
We typically incorporate a fuel surcharge provision
in all customer contracts. The intended effect of that provision is to neutralize the impacts of fluctuations in the price of diesel
fuel on both the Company and our customer. The amount of the fuel surcharge is typically set at the beginning of each month and
is based on the actual price of diesel fuel recorded in the preceding month. This provision produces a lag in the timing of the
recovery of the price move for both the Company and our customer. However, our customers may be able to negotiate contracts that
minimize or eliminate our ability to pass on fuel price increases. If fuel prices increase and we are unable to pass the increased
cost to our customers, the additional expense could have a material adverse effect on our business, results of operations and financial
condition.
We currently do not hedge our fuel purchases
to protect against fluctuations in fuel prices that are not covered by fuel surcharges, and therefore are at risk to the extent
that changes in the market price of fuel are not covered by the fuel surcharge provisions of our customer contracts.
Our operations may also be adversely affected
by any limit on the availability of fuel. Disruptions in the political climate in key oil producing regions in the world, particularly
in the event of wars or other armed conflicts, could severely limit the availability of fuel in the United States. In the event
our customers face significant difficulty in obtaining fuel, our business, results of operations and financial condition would
be materially adversely affected.
Our business may be adversely affected by
seasonal factors and harsh weather conditions.
Our business is subject to seasonal trends
common in the refined petroleum products delivery industry. We typically encounter increased demand for fuels delivery services
in Florida during the spring months. Further, operating costs and earnings are generally adversely affected by inclement weather
conditions. These factors generally result in lower operating results during the first and fourth calendar quarters of the year
and cause our operating results to fluctuate from quarter to quarter. Our operating expenses also have been somewhat higher in
the winter months, primarily due to decreased fuel efficiency, increased utility costs and increased maintenance costs for tractors
and trailers in colder months. An occurrence of unusually harsh or long-lasting inclement weather could have an adverse effect
on our operations and profitability.
We operate in a highly competitive industry,
and competitive pressures may adversely affect our operations and profitability.
The tank lines transportation business is extremely
competitive and fragmented. We compete with many other carriers and varying sizes as well as our customers’ private fleets.
Numerous competitive factors could impair our ability to maintain our current level of revenues and profitability and adversely
affect our financial condition. These factors include the following:
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we compete with many other fuels delivery service providers, particularly smaller regional competitors, some of which may have more equipment in, or stronger ties to, the geographic regions in which they operate or other competitive advantages; |
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some of our competitors periodically reduce their prices to gain business, which may limit our ability to maintain or increase prices, implement new pricing strategies or maintain significant growth in our business; |
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many customers periodically accept bids from multiple carriers, and this process may depress prices or result in the loss of some business to competitors; |
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many customers are looking to reduce the number of carriers they use, and in some instances we may not be selected to provide services; |
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consolidation in the fuels delivery industry could create other large carriers with greater financial resources than we have and other competitive advantages relating to their size; |
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the development of alternative power sources for cars and trucks could reduce demand for gasoline; and |
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advances in technology require increased investments to maintain competitiveness, and we may not have the financial resources to invest in technology improvements or our customers may not be willing to accept higher prices to cover the cost of these investments. |
If we are unable to address these competitive
pressures, our operations and profitability may be adversely affected.
The loss or bankruptcy of one or more significant
customers may adversely affect our business.
We are dependent upon a limited number of large
customers. Our ten largest customers accounted for approximately 58.9% of our total revenues during the year ended September 30,
2016. In particular, our largest customer, Murphy USA, accounted for 22.0% of our total revenues during fiscal 2016. The loss of
one or more of our major customers, or a material reduction in services performed for such customers, would have a material adverse
effect on our results of operations. In addition, if one or more of our customers were to seek protection under the bankruptcy
laws, we might not receive payment for services rendered and, under certain circumstances, might have to return payments made by
these customers during the 90 days prior to the bankruptcy filing. If we were to lose one or more of our key customers, we might
not be able to capture additional volume from other customers to offset the fixed costs historically covered by the lost revenue.
Difficulty in attracting and retaining drivers
could negatively affect our operations and limit our growth.
There is substantial competition for qualified
personnel, particularly drivers, in the trucking industry.
We operate in many geographic areas where there
is currently a shortage of drivers. Regulatory requirements, including electronic logging, and an improving U.S. jobs market, could
continue to reduce the number of eligible drivers in our markets. Any shortage of drivers could result in temporary under-utilization
of our equipment, difficulty in meeting our customers’ demands and increased compensation levels, each of which could have
a material adverse effect on our business, results of operations and financial condition. A loss of qualified drivers could lead
to an increased frequency in the number of accidents, potential claims exposure and, indirectly, insurance costs.
Difficulty in attracting qualified drivers
could also require us to limit our growth. Our strategy is to grow in part by expanding existing customer relationships into new
markets. However, we may have difficulty finding qualified drivers on a timely basis when presented with new customer opportunities,
which could result in our inability to accept or service this business or could require us to increase the wages we pay in order
to attract drivers. If we are unable to hire qualified drivers to service business opportunities in new markets, we may have to
temporarily send drivers from existing terminals to those new markets, causing us to incur significant costs relating to out-of-town
driver pay and expenses. In making acquisitions and converting private fleets, some of the drivers in those fleets may not meet
our standards, which would require us to find qualified drivers to replace them. If we are unable to find and retain such qualified
drivers on terms acceptable to us, we may be forced to forego opportunities to expand or maintain our business.
If our relationship with our employees were
to deteriorate, we may be faced with unionization efforts, labor shortages, disruptions or stoppages, which could adversely affect
our business and reduce our operating margins and income.
Our operations rely heavily on our employees,
and any labor shortage, disruption or stoppage caused by poor relations with our employees could reduce our operating margins and
income. None of our employees are subject to collective bargaining agreements, although unions have traditionally been active in
the U.S. trucking industry. Our workforce has been subject to union organization efforts from time to time, and we could be subject
to future unionization efforts as our operations expand. Unionization of our workforce could result in higher compensation and
working condition demands that could increase our operating costs or constrain our operating flexibility. In addition, we are from
time to time subject to wage and hour claims relating to overtime pay where our drivers work more than eight hours in a day but
less than 40 hours in a week. We believe we are exempt from overtime pay rules under regulations of the Department of Transportation
(“DOT”). However, our operating costs would increase if this exemption were rescinded or if a court determined that
we were not exempt from these overtime pay rules.
If we lose key members of our senior management,
our business may be adversely affected.
Our ability to implement our business strategy
successfully and to operate profitably depends in large part on the continued employment of our senior management team, led by
Tom Baker, our president and Chief Executive Officer, John Milton, our Chief Financial Officer and Rob Sandlin, President of Florida
Rock & Tank Lines, Inc. If Mr. Baker, Mr. Milton, Mr. Sandlin or the other members of senior management become unable or unwilling
to continue in their present positions, our business or financial results could be adversely affected.
If we fail to develop, integrate or upgrade
our information technology systems, we may lose customers or incur costs beyond our expectations.
We rely heavily on information technology and
communications systems to operate our business and
manage our network in an efficient manner.
We have equipped our tractors with various mobile communications systems and electronic logging devices that enable us to monitor
our tractors and communicate with our drivers in the field and enable customers to track the location and monitor the progress
of their cargo through the Internet. Despite redundancies and security measures, our information technology and communications
systems remain susceptible to outages, computer viruses, break-ins, human error, data leakage and other disruptions and imperfections.
Any of these could impair the efficiency of our operations, inhibit our customer service or reduce customer access to information.
In addition, there could be a loss of confidential information, corruption of data, or damage to our reputation. Demand for our
services or the profitability of operations could in turn be affected, which could have a negative impact on our results of operations
or cash flows.
Increasingly, we compete for customers based
upon the flexibility and sophistication of our technologies supporting our services. The failure of hardware or software that supports
our information technology systems, the loss of data contained in the systems, or the inability of our customers to access or interact
with our website, could significantly disrupt our operations and cause us to lose customers. If our information technology systems
are unable to handle additional volume for our operations as our business and scope of service grow, our service levels and operating
efficiency will decline. In addition, we expect customers to continue to demand more sophisticated fully-integrated information
systems. If we fail to hire and retain qualified personnel to implement and maintain our information technology systems or if we
fail to upgrade or replace these systems to handle increased volumes, meet the demands of our customers and protect against disruptions
of our operations, we may lose customers, which could seriously harm our business.
To compete effectively, we must anticipate
and adapt to technology changes. We may choose new technologies that later prove to be inadequate, or may be forced to implement
new technologies, at substantial cost, to remain competitive. In addition, competitors may implement new technologies before we
do, allowing such competitors to provide lower priced or enhanced services and superior quality compared to those we provide. This
development could have a material adverse impact on our ability to compete.
We are self-insured and/or have deductible
exposure to certain claims and are subject to the fluctuations of the insurance marketplace, all of which could affect our profitability.
The primary accident risks associated with
our business are:
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motor-vehicle related bodily injury and property damage; |
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workers’ compensation claims; |
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environmental pollution liability claims; |
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cargo loss and damage; and |
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general liability claims. |
We currently maintain insurance for:
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motor-vehicle related bodily injury and property damage claims; |
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workers’ compensation insurance coverage on our employees; and |
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general liability claims. |
Our insurance program includes a self-insured
deductible of $250,000 per incident for bodily injury, property damage, and workers’ compensation (with a basket at $250,000
for all three). In addition, we maintained insurance policies with a total limit of $50 million, of which $49 million was provided
under umbrella and excess liability policies and $1 million is provided under a primary liability policy. The $250,000 deductible
per incident could adversely affect our profitability, particularly in the event of an increase in the frequency or severity of
incidents. Additionally, we are self-insured for damage to the equipment that we own and lease, as well as for cargo losses and
such self-insurance is not subject to any maximum limitation. In addition, even where we have insurance, our insurance policies
may not provide coverage for certain claims against us or may not be sufficient to cover all possible liabilities.
Our self-insured retentions require us to make
estimates of expected loss amounts and accrue such estimates as expenses. Changes in estimates may materially and adversely affect
our financial results. In addition, our insurance does not cover claims for punitive damages. As a result of the increase in our
self-insured retention, it is likely that we will increase our claims accrual as a result of a possible increase in our claims
expense.
We are subject to changing conditions and pricing
in the insurance marketplace that in the future could change dramatically the cost or availability of various types of insurance.
To the extent these costs cannot be passed on to our customers in increased prices, increases in insurance costs could reduce our
future profitability and cash flow.
In addition, our insurance carriers and the
states in which we operate require us to post either letters of credit or surety bonds to collateralize our self-insured retention.
We currently have letters of credit of $2.4 million outstanding to satisfy these obligations. If our insurance carriers or the
states in which we operate require us to increase the amount of collateral we provide in the future, we could face increased costs,
including the payment of additional fees to the providers of letters of credit. Since our letters of credit are considered debt
under the financial covenants for our financing arrangements, increases in the amount of letters of credit we have outstanding
to collateralize our self-insurance obligations will reduce borrowing availability under our credit agreement and reduce our capacity
for additional borrowings.
Moreover, any accident or incident involving
us, even if we are fully insured or not held to be liable, could negatively affect our reputation among customers and the public,
thereby making it more difficult for us to compete effectively, and could significantly affect the cost and availability of insurance
in the future. Because we provide “last mile” fuels delivery services, we generally perform our services in more crowded
areas, which increases the possibility of an accident involving our trucks.
We operate in a highly regulated industry,
and increased costs of compliance with, or liability for violation of, existing or future regulations could significantly increase
our costs of doing business.
As a motor carrier, we are subject to regulation
by the Federal Motor Carrier Safety Administration (“FMCSA”) and DOT, and by various federal and state agencies. These
regulatory authorities exercise broad powers governing various aspects such as operating authority, safety, hours of service, hazardous
materials transportation, financial reporting and acquisitions. There are additional
regulations specifically relating to the trucking
industry, including testing and specification of equipment, product-handling requirements and drug testing of drivers. In 2003,
Florida Rock & Tank Lines, Inc. underwent a compliance review by the FMCSA in which we retained our satisfactory DOT safety
rating. Any downgrade in our DOT safety rating (as a result of new regulations or otherwise) could adversely affect our business.
The trucking industry is subject to possible
regulatory and legislative changes that may affect the economics of the industry by requiring changes in operating practices, emissions
or by changing the demand for common or contract carrier services or the cost of providing trucking services. Possible changes
include:
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increasingly stringent environmental regulations, including changes intended to address climate change; |
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restrictions, taxes or other controls on emissions; |
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regulation specific to the energy market and logistics providers to the industry; |
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changes in the hours-of-service regulations, which govern the amount of time a driver may drive in any specific period; |
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driver and vehicle electronic logging requirements; |
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requirements leading to accelerated purchases of new tractors; |
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mandatory limits on vehicle weight and size; |
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• |
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driver hiring restrictions; |
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increased bonding or insurance requirements; and |
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mandatory regulations imposed by the Department of Homeland Security. |
From time to time, various legislative proposals
are introduced, including proposals to increase federal, state, or local taxes, including taxes on motor fuels and emissions, which
may increase our operating costs, require capital expenditures or adversely impact the recruitment of drivers.
Restrictions on emissions or other climate
change laws or regulations could also affect our customers that use significant amounts of energy or burn fossil fuels in producing
or delivering the products we carry. We also could lose revenue if our customers divert business from us because we have not complied
with their sustainability requirements.
Our business may be adversely affected by
terrorist attacks and anti-terrorism measures.
In the aftermath of the terrorist attacks of
September 11, 2001, federal, state and municipal authorities have implemented and are implementing various security measures, including
checkpoints and travel restrictions on large trucks and fingerprinting of drivers in connection with new hazardous materials endorsements
on their licenses. Such measures may have costs associated with them which we are forced to bear. While we believe we are in compliance
with these new regulations, if existing requirements are interpreted differently by governmental authorities or
additional new security measures are required,
the timing of our deliveries may be disrupted and we may fail to meet the needs of our customers or incur increased expenses to
do so. Such developments could have a material adverse effect on our operating results. Moreover, large trucks containing petroleum
products are potential terrorist targets, and we may be obligated to take measures, including possible capital expenditures intended
to protect our trucks. In addition, the insurance premiums charged for some or all of the coverage maintained by us could continue
to increase dramatically or such coverage could be unavailable in the future.
Our operations involve hazardous materials
and could result in significant environmental liabilities and costs.
Our activities, which involve the transportation,
storage and disposal of fuels and other hazardous substances and wastes, are subject to various federal, state and local health
and safety laws and regulations relating to the protection of the environment, including, among others, those governing the transportation,
management and disposal of hazardous materials, vehicle emissions, underground and above ground storage tanks and the cleanup of
contaminated sites. Our operations involve risks of fuel spillage or seepage, hazardous waste disposal and other activities that
are potentially damaging to the environment. If we are involved in a spill or other accident involving hazardous substances, or
if we are found to be in violation of or liable under applicable laws or regulations, it could significantly increase our cost
of doing business.
Most of our truck terminals are located in
industrial areas, where groundwater or other forms of environmental contamination may have occurred. Under environmental laws,
we could be held responsible for the costs relating to any contamination at those or other of our past or present facilities and
at third-party waste disposal sites, including cleanup costs, fines and penalties and personal injury and property damages. Under
some of these laws, such as the Comprehensive Environmental Response Compensation and Liability Act (also known as the Superfund
law) and comparable state statutes, liability for the entire cost of the cleanup of contaminated sites can be imposed upon any
current or former owner or operator, or upon any party who sent waste to the site, regardless of the lawfulness of any disposal
activities or whether a party owned or operated a contaminated property at the time of the release of hazardous substances. From
time to time, we have incurred remedial costs and/or regulatory penalties with respect to spills and releases in connection with
our operations and, notwithstanding the existence of our environmental management program, such obligations may be incurred in
the future. The discovery of contamination or the imposition of additional obligations or liabilities in the future could result
in a material adverse effect on our financial condition, results of operations or our business reputation.
Environmental laws and regulations are complex,
change frequently and have tended to become more stringent over time. If we fail to comply with applicable environmental laws and
regulations, we could also be subject to substantial fines or penalties and to civil and criminal liability. As a result, our costs
of complying with current or future environmental laws or liabilities arising from such laws may have a material adverse effect
on our business, results of operations or financial condition.
We have significant ongoing capital requirements.
Our business requires substantial ongoing capital
investment, particularly for tractors, trailers, terminals and technology. Our capital expenditures were approximately $9.6 million,
$9.9 million and $11.5 million in 2014, 2015 and 2016, respectively, and we expect to make capital expenditures of approximately
$9.8 million during fiscal 2017. We expect that cash flow from operations and
borrowings under our revolving credit facility
will be our primary sources of financing for capital expenditures. If we are unable to generate sufficient cash from operations
or borrow sufficient funds on terms that are acceptable to us, we may be forced to limit our growth and operate existing equipment
for significant periods of time, each of which could have a material adverse effect on our business, results of operations and
financial condition.
We may face difficulty in purchasing new equipment
on a timely basis. Any delay in delivery of equipment could impair our ability to serve our customers, and, to the extent that
we must obtain equipment from alternative sources at increased prices, could result in a significant increase in our anticipated
capital expenditures and, accordingly, have a material adverse effect on our business, results of operations and financial condition.
Financing may not always be available to fund our activities.
We usually must spend and risk a significant
amount of capital to fund our activities. Although most capital needs are funded from operating cash flow, the timing of cash flows
from operations and capital funding needs may not always coincide, and the levels of cash flow may not fully cover capital funding
requirements.
From time to time, we may need to supplement
our cash generated from operations with proceeds from financing activities. We currently have two revolving credit facilities available
to us, each for up to $25 million of borrowings, to provide us with available financing for working capital, equipment purchases
and other general corporate purposes. These credit facilities are intended to meet any ongoing cash needs in excess of internally
generated cash flows.
Our revolving credit agreements restrict
our ability to engage in some business activities.
Our revolving credit agreements contain customary
negative covenants and other financial and operating covenants that will, among other things:
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restrict our ability to incur certain additional indebtedness; |
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restrict our ability to make certain investments; |
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restrict our ability to merge with another company; |
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restrict our ability to pay dividends; |
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require us to maintain financial coverage ratios; and |
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prevent us from encumbering certain assets except as approved by the lender. |
These restrictions could cause us to default
on our credit agreements or negatively affect our operations.
Our growth will depend in part upon making
acquisitions, which are subject to the uncertainties of evaluating potential liabilities, integration risks and other difficulties.
Our growth strategy depends in part upon our
ability to acquire regional competitors in strategically desirable locations and to integrate them successfully into our existing
operations.
Successful acquisitions require an assessment
of a number of factors, many of which are beyond our control. These factors include operating costs and potential environmental
and other liabilities of acquired companies and the extent to which such acquired companies would retain existing customers and
add profitable routes to our geographic scope of coverage. Such assessments are inexact and their accuracy is inherently uncertain.
In connection with our assessments, we perform a review of the companies to be acquired that we believe is generally consistent
with industry practices. However, such a review will not reveal all existing or potential problems. In addition, our review may
not permit us to become sufficiently familiar with the companies to fully assess their deficiencies and capabilities.
In seeking acquisitions, we may be required
to compete with other potential acquirers, some of which may have substantially greater financial and other resources than those
available to us. We are unable to predict whether and when any prospective acquisition candidate will become available or the likelihood
that any acquisition will be completed on acceptable terms. Further, if we make future acquisitions, we may issue shares of capital
stock that dilute other shareholders, incur debt, assume significant liabilities and create additional expenses related to intangible
assets, any of which might reduce our reported earnings or earnings per share. In addition, any financing that we might need for
these acquisitions may only be available to us on terms that restrict our business and acquisition-related accounting charges may
adversely affect our balance sheet and results of operations.
Additionally, we may encounter difficulties
in integrating acquired companies into our existing operations and business because they may have substantially different operating
characteristics or be in different geographic locations than our existing operations. Once integrated, acquired businesses may
not achieve levels of revenues, profitability or productivity comparable to our existing business or otherwise perform as expected.
Also, acquisitions may involve difficulties in the retention of personnel, diversion of management’s attention, risks of
the customers of acquired companies allocating all or a portion of their business to our competitors while they evaluate the impact
of the acquisition, unexpected legal liabilities, and tax and accounting issues. Any inability on our part to consummate and integrate
future acquisitions successfully may have a material adverse effect on our results of operations and financial condition.
Risks Relating to Our Common Stock
Your percentage of ownership in the Company
may be diluted in the future.
In the future, your percentage ownership in
the Company may be diluted because of equity issuances for acquisitions, capital market transactions or other corporate purposes,
including equity awards that we will grant to our directors, officers and employees. Our employees have options to purchase shares
of our common stock and we anticipate our compensation committee will grant additional stock options or other stock-based awards
to our employees. Such awards will have a dilutive effect on our earnings per share, which could adversely affect the market price
of our common stock. From time to time, we will issue additional options or other stock-based awards to our employees under our
employee benefits plans.
In addition, our amended and restated articles
of incorporation authorizes us to issue, without the approval of our shareholders, one or more classes or series of preferred stock
having such designation, powers, preferences and relative, participating, optional and other special rights, including preferences
over our common stock respecting dividends and distributions, as our board of
directors generally may determine. The terms
of one or more classes or series of preferred stock could dilute the voting power or reduce the value of our common stock. For
example, we could grant the holders of preferred stock the right to elect some number of our directors in all events or on the
happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation
preferences we could assign to holders of preferred stock could affect the residual value of the common stock.
Certain shareholders have effective control
of a significant percentage of our common stock and likely will control the outcome of any shareholder vote.
As of September 30, 2016, two of our directors,
Edward L. Baker and Thompson S. Baker II, beneficially own approximately 7% of the outstanding shares of our common stock (60%
of such shares are held in trusts under which voting power is shared with other family members) and certain of their family members
beneficially own an additional 24%. As a result, these individuals effectively may have the ability to direct the election of all
members of our board of directors and to exercise a controlling influence over our business and affairs, including any determinations
with respect to mergers or other business combinations involving us, our acquisition or disposition of assets, our borrowing of
monies, our issuance of any additional securities, our repurchase of common stock and our payment of dividends.
Provisions in our articles of incorporation
and bylaws and certain provisions of Florida law could delay or prevent a change in control of us.
The existence of some provisions of our articles
of incorporation and bylaws and Florida law could discourage, delay or prevent a change in control of us that a shareholder may
consider favorable. These include provisions:
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providing that our directors may be removed by our shareholders only for cause; |
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establishing supermajority vote requirements for our shareholders to approve certain business combinations; |
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establishing supermajority vote requirements for our shareholders to amend certain provisions of our articles of incorporation and our bylaws; |
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authorizing a large number of shares of stock that are not yet issued, which would allow our board of directors to issue shares to persons friendly to current management, thereby protecting the continuity of our management, or which could be used to dilute the stock ownership of persons seeking to obtain control of us; |
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prohibiting shareholders from calling special meetings of shareholders or taking action by written consent; and |
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imposing advance notice requirements for nominations of candidates for election to our board of directors at the annual shareholder meetings. |
These provisions apply even if a takeover offer
may be considered beneficial by some shareholders and could delay or prevent an acquisition that our board of directors determines
is not in our and our shareholders’ best interests.
Risks Related to the Spin-off
Patriot has a limited history of operating
as an independent company, and our historical and pro forma financial information is not necessarily representative of the results
we would have achieved as a separate, publicly traded company and may not be a reliable indicator of our future results.
The Spin-off was completed on January 30, 2015.
Certain historical information about Patriot in this Annual Report on Form 10-K refers to the transportation business as operated
as part of the consolidated business of FRP. Patriot’s historical and pro forma financial information included in this Annual
Report on Form 10-K is derived from the consolidated financial statements and accounting records of FRP. Accordingly, the historical
and pro forma financial information included in this Annual Report on Form 10-K does not necessarily reflect the financial condition,
results of operations or cash flows that Patriot would have achieved as a separate, publicly traded company during the periods
presented or those that Patriot will achieve in the future primarily as a result of the factors described below:
• Prior
to the Spin-off, the transportation business was operated by FRP as part of its broader corporate organization, rather than as
an independent company. The combined company performed various corporate functions for the transportation business, such as legal,
treasury, accounting, auditing, human resources, public affairs and finance. Patriot’s historical and pro forma financial
results reflect allocations of corporate expenses from FRP for such functions and were less than the expenses Patriot would have
incurred had it operated as a separate publicly traded company.
• Prior
to the Spin-off, Patriot’s working capital requirements and capital for its general corporate purposes, including acquisitions
and capital expenditures, were satisfied using the credit facilities of FRP. Patriot may need to obtain additional financing from
banks, through public offerings or private placements of debt or equity securities, strategic relationships or other arrangements,
which may or may not be available and maybe more costly.
• The
cost of capital for Patriot’s business may be higher than FRP’s cost of capital prior to the Spin-off.
Other significant changes may occur in Patriot’s
cost structure, management, financing and business operations as a result of operating as a separate public company.
Potential indemnification liabilities to
FRP pursuant to the Separation agreement could materially adversely affect the Company.
The separation agreement with FRP provides
for indemnification obligations designed to make the Company financially responsible for substantially all liabilities that may
exist relating to its business activities, whether incurred prior to or after the Company's Spin-off from FRP, as well as those
obligations of FRP assumed by the Company pursuant to the separation agreement. If the Company is required to indemnify FRP under
the circumstances set forth in the separation agreement, the Company may be subject to substantial liabilities.
We share three of our executives with FRP
so those executives do not devote their full time and attention to our business.
Under the terms of the Transition Services
Agreement between us and FRP, we provide the services of three of our executive officers to FRP. Thompson S. Baker II, our Chief
Executive Officer, John D. Milton, Jr., our Chief Financial Officer, and John D. Klopfenstein, our Controller and Chief Accounting
Officer, serve in the same capacities with FRP under the Transition Services Agreement. These executives will spend approximately
50% of their time working with FRP during the term of the Transition Services Agreement, and FRP has agreed to reimburse us for
50% of the total costs associated with these executives (inclusive of overhead). Our business could be adversely impacted by lack
of the full-time focus of these executives during the term of the Transition Services Agreement. In addition, these executives
may face actual or apparent conflicts of interest if there are issues or disputes under the agreements between us and FRP.
We have potential conflicts of interest
with FRP.
We have common management with FRP, which may
lead to conflicting interests. Three of our executive officers also serve as executive officers of FRP. Our Chief Executive Officer,
Thompson S. Baker II, also will serve as a director of both companies. Our executive officers and members of our board of directors
will have fiduciary duties to our shareholders. Likewise, any such persons who serve in similar capacities at FRP will have fiduciary
duties to FRP’s shareholders. Therefore, such persons may have conflicts of interest or the appearance of conflicts of interest
with respect to matters involving or affecting each company. For example, there will be the potential for a conflict of interest
if we and FRP look at acquisitions and other corporate opportunities that may be suitable for each of us. Moreover, after the Spin-off,
most of our directors and officers continue to own FRP stock, and some officers continue to own options to purchase FRP stock.
These ownership interests could create, or appear to create, potential conflicts of interest when these individuals are faced with
decisions that could have different implications for our company and FRP. From time to time, FRP may enter into transactions with
us or our subsidiaries or other affiliates. Although the terms of any such transactions will be established based upon negotiations
between employees of the companies involved, there can be no assurance that the terms of any such transactions will be as favorable
to us or our subsidiaries or affiliates as would be the case where the parties are completely at arms’ length.
Our inter-company agreements were negotiated
when we were a subsidiary of FRP. We have entered into agreements with FRP pursuant to which we will provide to FRP certain management,
administrative, financial, treasury, accounting, tax, legal and other services, for which FRP will reimburse us on a cost basis.
In addition, we have entered into a Separation and Distribution Agreement, a Tax Matters Agreement and an Employee Matters Agreement
with FRP. The terms of these agreements were established while we were a wholly owned subsidiary of FRP, and hence were not the
result of arms’ length negotiations. However, we believe that such terms are commercially reasonable and fair to both parties
under the circumstances. Nevertheless, conflicts could arise in the interpretation or any extension or renegotiation of the foregoing
agreements after the Spin-off.
There could be significant liability if
the distribution of common stock that occurred as a result of the Spin-off is determined to be a taxable transaction.
Our former parent, FRP, received an opinion
of outside tax counsel to the effect that, among other things, the Spin-off will qualify as a transaction that is tax-free for
U.S. federal income tax purposes under Sections 355 and 368(a)(1)(D) of the Internal Revenue Code. The opinion relies on certain
facts, assumptions, representations and undertakings from FRP and the Company regarding the past
and future conduct of the companies’
respective businesses and other matters. If any of these facts, assumptions, representations or undertakings are incorrect or not
satisfied, FRP and its shareholders may not be able to rely on the opinion of tax counsel and could be subject to significant tax
liabilities.
Notwithstanding an opinion of tax counsel,
the IRS could determine on audit that the Spin-off is taxable if it determines that any of these facts, assumptions, representations
or undertakings are not correct or have been violated or if it disagrees with the conclusions in the opinion, or for other reasons,
including as a result of certain significant changes in the share ownership of FRP or the Company after the Spin-off. If the Spin-off
is determined to be taxable for U.S. federal income tax purposes, FRP and its shareholders that are subject to U.S. federal income
tax could incur significant U.S. federal income tax liabilities and the Company could incur significant liabilities. In connection
with the Spin-off, FRP and the Company entered into a tax matters agreement, which describes the sharing of any such liabilities
between FRP and the Company.
We may not be able to engage in certain
corporate transactions after the Spin-off.
To preserve the tax-free treatment to FRP of
the Spin-off and the distribution, under the tax matters agreement that the Company entered into with FRP, we will be restricted
from taking any action that prevents the Spin-off and related transactions from being tax-free for U.S. federal income tax purposes.
Under the tax matters agreement, for the two-year period following the distribution, we will be prohibited, except in certain circumstances,
from:
• entering
into any transaction resulting in the acquisition of 40 percent or more of our stock or substantially all of our assets, whether
by merger or otherwise;
• merging,
consolidating, or liquidating;
• issuing
equity securities beyond certain thresholds;
• repurchasing
its capital stock; and
• ceasing
to actively conduct its business.
These restrictions may limit our ability to
pursue certain strategic transactions or other transactions that we may believe to be in the best interests of our shareholders
or that might increase the value of our business. In addition, under the tax matters agreement, we are required to indemnify FRP
against any such tax liabilities as a result of the acquisition of our stock or assets, even if it did not participate in or otherwise
facilitate the acquisition.
Item 1B. UNRESOLVED STAFF COMMENTS.
None.
Item 2. PROPERTIES.
As of September 30, 2016, our terminals and
satellite locations were located in the following cities:
State |
|
City |
Terminal or Satellite
Location |
|
Owned/Leased |
|
|
|
|
|
|
Alabama |
|
Anniston |
Satellite |
|
Leased |
Alabama |
|
Birmingham |
Terminal |
|
Leased |
Alabama |
|
Mobile |
Satellite |
|
Leased |
Alabama |
|
Montgomery |
Terminal |
|
Leased |
Florida |
|
Cape Canaveral |
Satellite |
|
Leased |
Florida |
|
Ft. Lauderdale |
Terminal |
|
Leased |
Florida |
|
Freeport |
Satellite |
|
Leased |
Florida |
|
Jacksonville |
Terminal |
|
Owned |
Florida |
|
Newberry |
Satellite |
|
Leased |
Florida |
|
Orlando |
Terminal |
|
Leased |
Florida |
|
Panama City |
Terminal |
|
Owned |
Florida |
|
Pensacola |
Terminal |
|
Owned |
Florida |
|
Tampa |
Terminal |
|
Owned |
Florida |
|
White Springs |
Terminal |
|
Owned |
Georgia |
|
Albany |
Terminal |
|
Owned |
Georgia |
|
Athens |
Satellite |
|
Leased |
Georgia |
|
Augusta |
Terminal |
|
Owned |
Georgia |
|
Bainbridge |
Terminal |
|
Owned |
Georgia |
|
Columbus |
Terminal |
|
Owned |
Georgia |
|
Doraville |
Terminal |
|
Owned |
Georgia |
|
Macon |
Terminal |
|
Owned |
Georgia |
|
Rome |
Satellite |
|
Leased |
Georgia |
|
Savannah |
Terminal |
|
Leased |
North Carolina |
|
Charlotte |
Satellite |
|
Leased |
North Carolina |
|
Wilmington |
Terminal |
|
Leased |
South Carolina |
|
Belton |
Satellite |
|
Leased |
South Carolina |
|
Spartanburg |
Terminal |
|
Leased |
Tennessee |
|
Chattanooga |
Terminal |
|
Owned |
Tennessee |
|
Nashville |
Terminal |
|
Leased |
Tennessee |
|
Knoxville |
Terminal |
|
Owned |
Item 3. LEGAL PROCEEDINGS.
Note 11 to the Consolidated and Combined Financial
Statements included in the accompanying 2016 Annual Report to Shareholders is incorporated herein by reference.
Item 4. MINE SAFETY DISCLOSURES.
None.
PART II
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY,
RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
There were approximately 423 holders of record
of Patriot Transportation Holding, Inc. common stock, $.10 par value, as of September 30, 2016. The Company's common stock is traded
on the Nasdaq Stock Market (Symbol PATI).
Price Range of Common Stock. Information
concerning stock prices is included under the caption "Quarterly Results" on page 5 of the Company's 2016 Annual Report
to Shareholders, and such information is incorporated herein by reference.
Dividends. The Company has not paid
a cash dividend in the past and it is the present policy of the Board of Directors not to pay cash dividends. Information concerning
restrictions on the payment of cash dividends is included in Note 3 to the consolidated and combined financial statements included
in the accompanying 2016 Annual Report to Shareholders and such information is incorporated herein by reference.
Securities Authorized for Issuance Under
Equity Compensation Plans. Information regarding securities authorized for issuance under equity compensation plans is included
in Item 12 of Part III of this Annual Report on Form 10-K and such information is incorporated herein by reference.
Purchases of Equity Securities by the Issuer
and Affiliated Purchasers. Share repurchase activity during the three months ended September 30, 2016 was as follows:
|
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|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
|
|
|
Shares |
|
|
|
|
|
|
|
|
Purchased |
|
Approximate |
|
|
|
|
|
|
As Part of |
|
Dollar Value of |
|
|
Total |
|
|
|
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) |
|
July 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 31 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
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. SELECTED FINANCIAL DATA.
Information required in response to this Item
6 is included under the caption "Five Year Summary" on page 5 of the Company's 2016 Annual Report to Shareholders and
such information is incorporated herein by reference.
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATION.
Information required in response to Item 7
is included under the caption "Management’s Discussion and Analysis of Financial Condition and Results of Operation"
on pages 6 through 12 of the Company’s 2016 Annual Report to Shareholders and such information is incorporated herein by
reference.
Item 7.A QUANTITATIVE AND QUALITATIVE DISCLOSURES
ABOUT MARKET RISK.
Interest Rate Risk. We are exposed to
the impact of interest rate changes through our variable-rate borrowings under the Credit Agreement. Under the Wells Fargo and
BB&T revolving credit lines of credit, the applicable margins for borrowings at September 30, 2016 were 1.0% and 1.5%, respectively.
The applicable margin for such borrowings will be increased in the event that our debt to capitalization ratio as calculated under
the Credit Agreement Facilities exceeds a target level.
The Company did not have any variable or fixed
rate debt outstanding at September 30, 2016, so a sensitivity analysis was not performed to determine the impact of hypothetical
changes in interest rates on the Company’s results of operations and cash flows.
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 8. FINANCIAL STATEMENTS
AND SUPPLEMENTARY DATA.
Information required in response to this Item
8 is included under the caption "Quarterly Results" on page 5 and on pages 13 through 24 of the Company's 2016 Annual
Report to Shareholders. Such information is incorporated herein by reference.
Item 9. CHANGES IN AND DISAGREEMENTS WITH
ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
None.
Item 9A. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls And Procedures.
Under the supervision and with the participation of our management, including our principal executive officer, principal financial
officer and chief accounting officer, we conducted an evaluation of our disclosure controls and procedures, as such terms is defined
under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based
on this evaluation, our principal executive officer, our principal financial officer and our chief accounting officer concluded
that our disclosure controls and procedures were effective as of the end of the period covered by this Annual Report.
Management’s Annual Report On Internal
Control Over Financial Reporting. Our management is responsible for establishing and maintaining adequate internal control
over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation
of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the
effectiveness of our internal control over financial reporting based on the framework in the Internal Control-Integrated Framework
(2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our evaluation under the framework
in the Internal Control-Integrated Framework (2013), our management concluded that our internal control over financial reporting
was effective as of September 30, 2016.
This Annual Report does not include an attestation
report of our Independent Registered Certified Public Accounting Firm, Hancock Askew & Co., LLP, regarding internal control
over financial reporting. Management’s report was not subject to attestation by our Independent Registered Certified Public
Accounting Firm pursuant to rules of the Securities and Exchange Commission that permit the Company to provide only management’s
report in this Annual Report.
Change In Internal Control Over Financial
Reporting. During the fourth quarter of 2016, there were no changes in our internal control over financial reporting that have
materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Inherent Limitations Over Internal Controls.
Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of consolidated and combined financial statements for external purposes in accordance with generally
accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that:
| i. | pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of our assets; |
| ii. | provide reasonable assurance that transactions are recorded as necessary to permit preparation
of consolidated and combined financial statements in accordance with generally accepted accounting principles, and that our receipts
and expenditures are being made only in accordance with authorizations of our management and directors; and |
| iii. | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use or disposition of our assets that could have a material effect on the consolidated and combined financial statements. |
Internal control over financial reporting cannot
provide absolute assurance of achieving financial reporting objectives because of its inherent limitations, including the possibility
of human error and circumvention by collusion or overriding of controls. Accordingly, even an effective internal control system
may not prevent or detect material misstatements on a timely basis. Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance
with the policies or procedures may deteriorate.
ITEM 9B. OTHER INFORMATION.
None.
PART III
Item 10. DIRECTORS, EXECUTIVE OFFICERS AND
CORPORATE GOVERNANCE.
Information regarding the Company’s executive
officers and directors (including the disclosure regarding audit committee financial experts), required in response to this Item
10, is included under the captions "Board of Directors and Corporate Governance- Our Board of Directors," "Board
of Directors and Corporate Governance- Board Leadership," "Board of Directors and Corporate Governance- Board Committees,"
"Board of Directors and Corporate Governance- Business Conduct Policies,” “Securities Ownership- Section 16(a)
Beneficial Ownership Reporting Compliance,” and "Compensation Discussion and Analysis" in the Company's Proxy Statement
and such information is incorporated herein by reference. The Proxy Statement will be filed with the Securities and Exchange Commission
not later than December 31, 2016.
The Company has adopted a Financial Code of
Ethical Conduct applicable to its principal executive officers, principal financial officers and principal accounting officers.
A copy of this Financial Code of Ethical Conduct is filed as Exhibit 14 to this Form 10-K. The Financial Code of Ethical Conduct
is available on our web site at www.patriottrans.com under the heading Corporate Governance.
Item 11. EXECUTIVE COMPENSATION.
Information required in response to this Item
11 is included under the captions "Board of Directors and Corporate Governance- Board Committees- Compensation Committee,"
"Non-Employee Director Compensation," "Compensation Discussion and Analysis" and "Executive Compensation"
in the Company's Proxy Statement and such information is incorporated herein by reference. The Proxy Statement will be filed with
the Securities and Exchange Commission not later than December 31, 2016.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
Information
required in response to this Item 12 is included under the captions "Securities Ownership" in the Company's Proxy Statement
and such information is incorporated herein by reference. The Proxy Statement will be filed with the Securities and Exchange Commission
not later than December 31, 2016.
Equity Compensation Plan Information
|
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
|
|
|
Securities |
|
|
|
|
|
|
|
|
Remaining |
|
|
|
|
|
|
|
|
Available |
|
|
Number of |
|
|
|
|
|
for future |
|
|
Securities |
|
|
|
Weighted |
|
Issuance |
|
|
to be |
|
|
|
Average |
|
under equity |
|
|
issued upon |
|
|
|
exercise |
|
Compensation |
|
|
exercise of |
|
|
|
price of |
|
Plans |
|
|
outstanding |
|
|
|
outstanding |
|
(excluding |
|
|
options, |
|
|
|
options, |
|
Securities |
|
|
Warrants |
|
|
|
warrants |
|
reflected in |
|
|
and rights |
|
|
|
and rights |
|
column (a)) |
Plan
Category |
|
(a) |
|
|
|
(b) |
|
(c) |
|
|
|
|
|
|
|
|
|
Equity compensation |
|
|
|
|
|
|
|
|
plans approved by |
|
|
|
|
|
|
|
|
security holders |
|
110,811 |
|
|
$ |
22.52 |
|
142,360 |
|
|
|
|
|
|
|
|
|
Equity compensation |
|
|
|
|
|
|
|
|
plans not approved |
|
|
|
|
|
|
|
|
by security holders |
|
0 |
|
|
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
Total |
|
110,811 |
|
|
$ |
22.52 |
|
142,360 |
Item 13. CERTAIN RELATIONSHIPS
AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
Information required in response to this Item
13 is included under the caption “Related Party Transactions" and “Board of Directors and Corporate Governance-
Director Independence " in the Company's Proxy Statement and such information is incorporated herein by reference. The Proxy
Statement will be filed with the Securities and Exchange Commission not later than December 31, 2016.
Item 14. PRINCIPAL ACCOUNTING
FEES AND SERVICES.
Information required in response to this Item
14 is included under the captions “Independent Registered Public Accounting Firm” in the Company’s Proxy Statement
and such information is incorporated herein by reference. The Proxy Statement will be filed with the Securities and Exchange Commission
not later than December 31, 2016.
PART IV
Item 15. EXHIBITS, FINANCIAL
STATEMENT SCHEDULE.
(a) (1) and (2) Financial Statements
and Financial Statement Schedule.
The response to this item is
submitted as a separate section. See Index to Financial Statements and Financial Statement Schedule on page 31 of this Form 10-K.
(3) Exhibits.
The response to this item is
submitted as a separate section. See Exhibit Index on pages 29 through 30 of this Form 10-K.
SIGNATURES
Pursuant to the requirements of Section 13
or 15(d) 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.
|
|
|
Patriot Transportation Holding, Inc. |
|
|
|
|
|
|
|
|
|
|
Date: December 2, 2016 |
|
By |
THOMPSON S. BAKER II |
|
|
|
|
Thompson S. Baker II |
|
|
|
|
Chairman, President and Chief Executive |
|
|
|
Officer (Principal Executive Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
By |
JOHN D. MILTON, JR. |
|
|
|
|
John D. Milton, Jr. |
|
|
|
|
Executive Vice President, Treasurer, |
|
|
|
Secretary and Chief Financial Officer |
|
|
|
(Principal Financial Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
By |
JOHN D. KLOPFENSTEIN |
|
|
|
|
John D. Klopfenstein |
|
|
|
|
Controller and Chief Accounting |
|
|
|
Officer (Principal Accounting Officer) |
Pursuant to the requirements of the
Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in
the capacities indicated on December 2, 2016.
THOMPSON S. BAKER II |
|
JOHN E. ANDERSON |
|
Thompson S. Baker II |
|
John E. Anderson |
|
Chairman, President and |
|
Director |
|
Chief Executive Officer |
|
|
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
|
|
|
|
JOHN D. MILTON, JR. |
|
LUKE E. FICHTHORN III |
|
John D. Milton, Jr. |
|
Luke E. Fichthorn III |
|
Executive Vice President, Treasurer, |
Director |
|
Secretary and Chief Financial |
|
|
|
Officer (Principal Financial Officer) |
|
|
|
|
|
|
|
|
|
|
JOHN D. KLOPFENSTEIN |
|
CHARLES D. HYMAN |
|
John D. Klopfenstein |
|
Charles D. Hyman |
|
Controller and Chief Accounting |
Director |
|
Officer (Principal Accounting Officer) |
|
|
|
|
|
|
|
|
|
|
EDWARD L. BAKER |
|
|
|
Edward L. Baker |
|
|
|
Director, Chairman Emeritus |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PATRIOT TRANSPORTATION HOLDING,
INC.
FORM 10-K FOR THE FISCAL
YEAR ENDED SEPTEMBER 30, 2016
EXHIBIT INDEX
[Item 14(a)(3)]
(2.1) |
Separation and Distribution Agreement, dated as of January 30, 2015, by and between FRP Holdings, Inc. and Patriot Transportation Holding, Inc.(incorporated by reference to Form 8-K filed February 3, 2015). |
|
|
(3.1) |
Patriot Transportation Holding, Inc. Amended and Restated Articles of Incorporation(incorporated by reference to Form 10-Q filed May 15, 2015). |
|
|
(3.2) |
Patriot Transportation Holding, Inc. Amended and Restated Bylaws (incorporated by reference to Form 10-Q filed May 15, 2015). |
|
|
(10.1) |
Credit Agreement, dated January 30, 2015, among Patriot Transportation Holding, Inc. and Wells Fargo Bank, N.A. (incorporated by reference to Form 10-Q filed May 15, 2015). |
|
|
(10.2) |
Tax Matters Agreement, dated January 30, 2015, by and between FRP Holdings, Inc. and Patriot Transportation Holding, Inc.(incorporated by reference to Form 8-K filed February 3, 2015). |
|
|
(10.3) |
Transition Services Agreement, dated January 30, 2015, by and between FRP Holdings, Inc. and Patriot Transportation Holding, Inc. (incorporated by reference to Form 8-K filed February 3, 2015). |
|
|
(10.4) |
Employee Matters Agreement, dated as of January 30, 2015, by and between FRP Holdings, Inc. and Patriot Transportation Holding, Inc. (incorporated by reference to Form 8-K filed February 3, 2015). |
|
|
(10.5) |
2014 Equity Incentive Plan for Patriot Transportation Holding, Inc. (incorporated by reference to Form 10-Q filed May 15, 2015). |
|
|
(10.6) |
Management Incentive Compensation Plan (incorporated by reference to Form 10-Q filed May 15, 2015). |
|
|
(10.7) |
Credit Agreement, dated May 13, 2015, among Patriot Transportation Holding, Inc. and Branch Banking and Trust Company (BB&T) (incorporated by reference to Form 10-Q filed August 6, 2015). |
|
|
(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. |
|
|
(21) |
Subsidiaries of Registrant at September 30, 2016: Florida Rock & Tank Lines, Inc. (a Florida corporation); STI Holding, Inc. (a Florida corporation); Patriot Transportation of Florida, Inc. (a Florida corporation). |
|
|
(23)(a) |
Consent of Hancock Askew & Co., Inc., Independent Registered Certified Public Accounting Firm, appears on page 32 of this Form 10-K. |
|
|
(31)(a) |
Certification of Thompson S. Baker II. |
(31)(b) |
Certification of Thompson S. Baker II. |
(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. |
|
|
101.INS |
XBRL Instance Document |
101.XSD |
XBRL Taxonomy Extension Schema |
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase |
101.LAB |
XBRL Taxonomy Extension Label Linkbase |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase |
|
|
PATRIOT TRANSPORTATION HOLDING,
INC.
INDEX TO FINANCIAL STATEMENTS
AND FINANCIAL STATEMENT SCHEDULE
(Item 15(a) (1) and 2))
|
|
|
Page |
Consolidated and Combined Financial Statements: |
|
|
|
|
Consolidated and combined balance sheets at September 30, 2016 and 2015 |
|
|
14 |
(a) |
|
|
|
|
|
For the years ended September 30, 2016, 2015 and 2014: |
|
|
|
|
Consolidated and combined statements of income |
|
|
13 |
(a) |
Consolidated and combined statements of comprehensive income |
|
|
13 |
(a) |
Consolidated and combined statements of cash flows |
|
|
15 |
(a) |
Consolidated and combined statements of shareholders' equity/net investment |
|
|
16 |
(a) |
|
|
|
|
|
Notes to consolidated and combined financial statements |
|
|
17-24 |
(a) |
|
|
|
|
|
Report of Independent Registered Certified Public Accounting Firm |
|
|
25 |
(a) |
|
|
|
|
|
Selected quarterly financial data (unaudited) |
|
|
5 |
(a) |
|
|
|
|
|
Consent of Independent Registered Certified Public Accounting Firm |
|
|
32 |
(b) |
|
|
|
|
|
Report of Independent Registered Certified Public |
|
|
|
|
Accounting Firm on Financial Statement Schedule |
|
|
32 |
(b) |
|
|
|
|
|
Consolidated and Combined Financial Statement Schedule: |
|
|
|
|
|
|
|
|
|
II - Valuation and qualifying accounts |
|
|
33 |
(b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Refers to the page number in the Company's 2016 Annual Report to Shareholders. Such information is incorporated by reference in Item 8 of this Form 10-K. |
|
|
|
|
|
(b) Refers to the page number in this Form 10-K |
|
|
|
|
|
|
All other schedules have been omitted, as they are not required under the related instructions, are inapplicable, or because the information required is included in the consolidated and combined financial statements. |
Exhibit
23
CONSENT OF INDEPENDENT REGISTERED
CERTIFIED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation
by reference in the Registration Statements on Form S-8 (Nos. 333-201791 and 333-201792) of Patriot Transportation Holding, Inc.
of our report dated December 2, 2016 relating to the consolidated and combined financial statements which appear in the Annual
Report to Shareholders incorporated by reference herein. We also consent to the incorporation by reference of our report dated
December 2, 2016, relating to the financial statement schedule, which appears in this Form 10-K.
Hancock Askew & Co., LLP
Savannah, Georgia
December 2, 2016
REPORT OF INDEPENDENT REGISTERED
CERTIFIED PUBLIC ACCOUNTING FIRM ON FINANCIAL STATEMENT SCHEDULE
The Shareholders and Directors
Patriot Transportation Holding,
Inc.
Our audit of the consolidated and
combined financial statements referred to in our report dated December 2, 2016 appearing in the 2016 Annual Report to Shareholders
of Patriot Transportation Holding, Inc. (which report and consolidated and combined financial statements are incorporated by reference
in this Annual Report on Form 10-K) also included an audit of the financial statement schedule listed in Item 15(a)(2) of this
Form 10-K. This financial statement schedule is the responsibility of the Company’s management. Our responsibility is to
express an opinion on the financial statement schedule based on our audit. In our opinion, this financial statement schedule presents
fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated and
combined financial statements.
Hancock Askew & Co., LLP
Savannah, Georgia
December 2, 2016
PATRIOT TRANSPORTATION HOLDING,
INC.
SCHEDULE II (CONSOLIDATED AND
COMBINED) - VALUATION
AND QUALIFYING ACCOUNTS
YEARS ENDED SEPTEMBER 30, 2016,
2015 AND 2014
|
|
|
|
|
|
ADDITIONS |
|
|
ADDITIONS |
|
|
|
|
|
|
|
|
|
|
BALANCE |
|
|
CHARGED TO |
|
CHARGED TO |
|
|
|
|
BALANCE |
|
|
|
|
AT BEGIN. |
|
|
COST AND |
|
|
OTHER |
|
|
|
|
|
AT END |
|
|
|
|
OF YEAR |
|
|
EXPENSES |
|
|
ACCOUNTS |
|
|
DEDUCTIONS |
|
|
OF YEAR |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
doubtful accounts |
|
$ |
143,988 |
|
$ |
— |
|
$ |
— |
|
$ |
(8,528) |
(a) |
$ |
152,516 |
|
Accrued risk |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tanklines |
|
$ |
973,154 |
|
$ |
2,162,707 |
|
$ |
— |
|
$ |
3,128,952 |
|
$ |
6,909 |
|
Accrued health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance |
|
|
1,174,950 |
|
|
3,501,849 |
|
|
(200,876) |
(c) |
|
3,594,709 |
(b) |
|
881,214 |
|
Totals - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance |
|
$ |
2,148,104 |
|
$ |
5,664,556 |
|
$ |
(200,876) |
|
$ |
6,723,661 |
|
$ |
888,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
doubtful accounts |
|
$ |
155,476 |
|
$ |
144 |
|
$ |
— |
|
$ |
11,632 |
(a) |
$ |
143,988 |
|
Accrued risk |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tanklines |
|
$ |
1,551,255 |
|
$ |
2,317,467 |
|
$ |
— |
|
$ |
2,895,568 |
|
$ |
973,154 |
|
Accrued health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance |
|
|
1,036,219 |
|
|
3,948,125 |
|
|
3,772 |
(c) |
|
3,813,166 |
(b) |
|
1,174,950 |
|
Totals - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance |
|
$ |
2,587,474 |
|
$ |
6,265,592 |
|
$ |
3,772 |
|
$ |
6,708,734 |
|
$ |
2,148,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2014: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
doubtful accounts |
|
$ |
161,934 |
|
$ |
52,083 |
|
$ |
— |
|
$ |
58,541 |
(a) |
$ |
155,476 |
|
Accrued risk |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tanklines |
|
$ |
1,536,758 |
|
$ |
3,165,528 |
|
$ |
— |
|
$ |
3,151,031 |
|
$ |
1,551,255 |
|
Accrued health |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance |
|
|
898,127 |
|
|
3,899,037 |
|
|
3,589 |
(c) |
|
3,764,534 |
(b) |
|
1,036,219 |
|
Totals - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance |
|
$ |
2,434,885 |
|
$ |
7,064,565 |
|
$ |
3,589 |
|
$ |
6,915,565 |
|
$ |
2,587,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Accounts written off less recoveries
(b) Payments
(c) Other comprehensive income (ASC
Topic 715).
Annual Report 2016
CONSOLIDATED AND COMBINED FINANCIAL
HIGHLIGHTS
Years ended September 30
(Amounts in thousands except per
share amounts)
|
|
|
2016 |
|
|
|
2015 |
|
|
|
%
Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
120,172 |
|
|
|
122,882 |
|
|
|
(2.2 |
) |
Operating profit |
|
$ |
7,790 |
|
|
|
5,586 |
|
|
|
39.5 |
|
Income before income taxes |
|
$ |
9,353 |
|
|
|
5,474 |
|
|
|
70.9 |
|
Net income |
|
$ |
5,705 |
|
|
|
3,339 |
|
|
|
70.9 |
|
Per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.74 |
|
|
|
1.02 |
|
|
|
70.6 |
|
Diluted |
|
$ |
1.74 |
|
|
|
1.02 |
|
|
|
70.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
66,299 |
|
|
|
59,526 |
|
|
|
11.4 |
|
Total Debt |
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
Shareholders' Equity |
|
$ |
43,946 |
|
|
|
37,202 |
|
|
|
18.1 |
|
Common Shares Outstanding |
|
|
3,289 |
|
|
|
3,273 |
|
|
|
.5 |
|
Book Value Per Common Share |
|
$ |
13.36 |
|
|
|
11.37 |
|
|
|
17.5 |
|
BUSINESS. The business of
the Company, conducted through our wholly owned subsidiary, Florida Rock & Tank Lines, Inc. (Tank Lines), which is a Southeastern
U.S. based tank truck company, is to transport petroleum and other liquids and dry bulk commodities.
OBJECTIVES. The Company’s
objectives are to continue building a substantial transportation company providing sound long-term growth, cash generation and
asset appreciation.
GROWTH PLAN
Internal growth is accomplished
by a dedicated and competent work force emphasizing superior service to customers in existing markets, developing new transportation
services for customers in current market areas and expanding into new market areas.
External growth is designed
to broaden the Company’s geographic market area and delivery services by acquiring related businesses.
To Our
Shareholders
Fiscal 2016 was a tough year, but one in which
we made significant progress. We worked with our customers to create and implement a new fuel surcharge that neutralizes the negative
margin impacts we had been experiencing in this lower priced diesel fuel environment. As a result of better freight pricing in
the market and more efficient utilization of our equipment we were able to grow our per mile transportation revenue by 4.7% over
last year. During the year, we received $1,687,000 as the result of a settlement agreement with BP Exploration and Production,
Inc. for damages arising out of the Deepwater Horizon event and sold an easement to the state of Florida at our terminal facility
in Tampa, Florida for $1,330,000. We also purchased the equipment of two different private fleets, one in Florida and the other
in North Carolina. The Florida acquisition included 8 trailers, assuming the leases on 7 tractors and hiring 16 drivers while contracting
to haul 73 locally owned convenience stores. In North Carolina we purchased 4 tractors and hired 6 drivers as one of our largest
customers acquired a chain of C-stores and asked us to take on the seller’s private fleet.
All of these factors contributed to the Company
reporting net income per share of $1.74 versus $1.02 last year. We ended the year with no debt, a cash balance of $6,005,000 and
grew our shareholders’ equity by $6,744,000, to $43,946,000, an 18% increase over last year.
We continue to face challenges hiring and retaining
qualified drivers to safely perform a very difficult job for our customers. As a result, our compensation and benefits cost were
up and our safety performance came up short of our expectations as new hires tended to have higher incident frequency rates. This
year, we will be exploring the roll out of additional programs to attract, train and retain more quality drivers, including a driver
mentor program.
In 2017, our industry will be impacted by federally
mandated electronic log requirements for all drivers. Our Company has been electronic log compliant for many years and this new
requirement will have no negative impact on our drivers or how we run our business. However, not all of our competitors can say
the same and these competitors may see significant negative impacts as a result of these new regulations.
Our industry is also facing increasing costs
associated with risk insurance as some large insurance underwriters have recently left the space completely. While this may challenge
us going forward, we believe that our size, strong financial condition, and positive safety experience provide us an opportunity
to distinguish ourselves from our competition.
Our company has an historical culture of “safety
first”. I want to take this opportunity to mention two bright spots in the safety department, both senior drivers with the
Company, Mr. James “Orik” Daniels and Mr. William “Butch” White. Orik Daniels was recognized earlier this
year by the National Tank Truck Carriers’ Association as being one of the eight “champion” drivers for 2015 in
the tank truck industry and Butch White was recognized this year by the Florida Trucking Association as its Driver of the Year.
Customer service and satisfaction are the keys
to succeeding in this business. It takes a dedicated team in the field to consistently deliver on our promise of “safely
delivering our customer’s products on-time and accurately”, in particular, during times of crises. In the latter part
of the fourth quarter, many of our markets experienced the impacts of the Colonial gas pipeline rupture in Alabama. This event
put a tremendous strain on our customers and, in turn, on our employees. It required significant flexibility in the field to service
our customers’ demands on a daily basis. Following our performance during this crisis, we received several acknowledgements
from customers expressing their appreciation for the efforts our employees put forth and the successes we achieved together. It
is moments like these that we feel set us apart in the industry and keep our customer partnerships strong over the course of many
years.
Our primary goal for our shareholders is to
grow profitably while maintaining a strong balance sheet and double digit returns on capital employed and we achieved this goal
on all fronts. The major headwinds to our improvement and growth are the rising cost of insurance and the difficulty associated
with hiring, training and retaining drivers in today’s environment. Our strategy going forward is to concentrate our growth
efforts in the markets where we have been successful finding and retaining quality drivers. We will also focus our efforts on improving
our technology to enhance both our driver’s and our customer’s experience while also working to lower our costs by
streamlining and automating
many of our day-to-day processes. With these
focuses in mind, we are optimistic we will achieve our targeted levels of revenue and bottom line results in fiscal 2017. As always,
we do not take your continuing investment in our Company lightly and we want to thank you, our loyal shareholders, for your continued
interest and support.
Respectively yours,
Edward L. Baker
Chairman Emeritus
Thompson S. Baker II
Chairman, President & Chief Executive Officer
OUR BUSINESS
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.
Patriot was incorporated on August 5, 2014
in connection with a corporate reorganization that preceded the Spin-off. The business of the Company is conducted through our
wholly-owned subsidiary, Florida Rock & Tank Lines, Inc. (“Tank Lines”), the same subsidiary through which FRP
operated the transportation business prior to the Spin-off.
Our business consists of hauling petroleum
related products, dry bulk commodities and liquid chemicals. We are one of the largest regional tank truck carriers in North America.
According to the Tank Truck Carrier 2015 Gross Revenue Report issued by Bulk Transporter, we are the 15th largest bulk
tank carrier in North America by revenue. We operate terminals in Florida, Georgia, Alabama, South Carolina, North Carolina
and Tennessee. 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, using predominately Company employees and 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 customers’ dry bulk commodities such as cement, lime and various industrial powder products and liquid chemicals.
As of September 30, 2016, we employed 689 revenue-producing drivers who operated our fleet of 468 tractors and 561 trailers from
our 21 terminals and 9 satellite locations.
We are an important link in our customers’
fuel supply chain, transporting primarily from petroleum terminals to retail locations such as hypermarkets, convenience stores
and truck stops. We also provide the last mile of delivery service in the liquid chemical and dry bulk business primarily
from distribution facilities or manufacturing facilities to the end user. Cement and ash are delivered to concrete plants,
powdered lime to industrial users and liquid chemicals primarily to the end user at a manufacturing plant or water treatment or
storage facility.
During fiscal 2016, the Company purchased 78
new tractors and 24 trailers. Our fiscal 2017 capital budget includes 67 new tractors plus we had 7 tractors ordered in fiscal
2016 that were delivered shortly after September 30,2016. We anticipate this more modern fleet will result in reduced maintenance
expenses, improved operating efficiencies and enhanced driver recruitment and retention. At September 30, 2016 the Company operated
a fleet of 468 tractors and 561 tank trailers, 9 trucks that were being prepared for sale and 23 trucks that were being placed
in service. The Company owns all of the tank trailers and tractors used to conduct our business, except for 4 tractors owned by
owner-operators and 32 leased tractors that were acquired from Pipeline Transportation, Inc. in November, 2013 and Petroleum Transport
Corporation acquired in April 2016.
Approximately 82% of our business consists
of hauling petroleum related products. Our petroleum clients include major convenience store and hypermarket accounts, fuel wholesalers
and major oil companies. We strive to build long-term relationships with major customers by providing outstanding customer
service. During fiscal 2016, the Company’s ten largest customers accounted for approximately 58.9% of revenue. One of these
customers, Murphy USA, accounted for 22.0% of revenue. The loss of any one of these customers could have a material adverse effect
on the Company’s revenues and income. Our transportation services agreements with our customers generally are terminable
upon 90-120 days’ notice, but nine of our top 10 accounts have been customers for at least 10 years. Our dry bulk and chemical
customers include large industrial companies including cement and concrete accounts and product distribution companies. Our
customer relationships are long-standing and have grown over time as a result of consistently high safety and service levels.
Financial information about the company is
presented in the financial statements included in this Annual Report.
Five Year Summary-Years ended September 30
(Amounts in thousands except per share amounts)
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2013 |
|
|
|
2012 |
|
Summary of Operations: |
Revenues |
|
$ |
120,172 |
|
|
|
122,882 |
|
|
|
129,162 |
|
|
|
112,120 |
|
|
|
103,476 |
|
Operating profit |
|
$ |
7,790 |
|
|
|
5,586 |
|
|
|
5,343 |
|
|
|
8,570 |
|
|
|
6,736 |
|
Interest expense |
|
$ |
130 |
|
|
|
112 |
|
|
|
109 |
|
|
|
19 |
|
|
|
27 |
|
Income from continuing operations |
|
$ |
5,705 |
|
|
|
3,339 |
|
|
|
3,197 |
|
|
|
5,216 |
|
|
|
4,092 |
|
Per Common Share (a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.74 |
|
|
|
1.02 |
|
|
|
.99 |
|
|
|
1.61 |
|
|
|
1.26 |
|
Diluted |
|
$ |
1.74 |
|
|
|
1.02 |
|
|
|
.99 |
|
|
|
1.61 |
|
|
|
1.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued operations, net |
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
97 |
|
Net income |
|
$ |
5,705 |
|
|
|
3,339 |
|
|
|
3,197 |
|
|
|
5,216 |
|
|
|
4,189 |
|
Per Common Share (a): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.74 |
|
|
|
1.02 |
|
|
|
.99 |
|
|
|
1.61 |
|
|
|
1.29 |
|
Diluted |
|
$ |
1.74 |
|
|
|
1.02 |
|
|
|
.99 |
|
|
|
1.61 |
|
|
|
1.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Summary: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
$ |
17,737 |
|
|
|
11,796 |
|
|
|
11,685 |
|
|
|
11,011 |
|
|
|
15,944 |
|
Current liabilities |
|
$ |
10,573 |
|
|
|
12,103 |
|
|
|
9,950 |
|
|
|
10,838 |
|
|
|
10,437 |
|
Property and equipment, net |
|
$ |
43,703 |
|
|
|
42,620 |
|
|
|
42,174 |
|
|
|
38,902 |
|
|
|
31,386 |
|
Total assets |
|
$ |
66,299 |
|
|
|
59,526 |
|
|
|
61,134 |
|
|
|
51,107 |
|
|
|
48,477 |
|
Long-term debt |
|
$ |
— |
|
|
|
— |
|
|
|
7,282 |
|
|
|
— |
|
|
|
— |
|
Shareholders’ equity/Net Investment |
|
$ |
43,946 |
|
|
|
37,202 |
|
|
|
32,722 |
|
|
|
29,530 |
|
|
|
27,843 |
|
Net Book Value Per common share (a) |
|
$ |
13.36 |
|
|
|
11.37 |
|
|
|
10.09 |
|
|
|
9.11 |
|
|
|
8.59 |
|
Other Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (a) |
|
|
3,283 |
|
|
|
3,268 |
|
|
|
3,243 |
|
|
|
3,243 |
|
|
|
3,243 |
|
Diluted (a) |
|
|
3,285 |
|
|
|
3,275 |
|
|
|
3,243 |
|
|
|
3,243 |
|
|
|
3,243 |
|
Number of employees |
|
|
959 |
|
|
|
979 |
|
|
|
942 |
|
|
|
871 |
|
|
|
812 |
|
Shareholders of record |
|
423 |
|
|
|
440 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Quarterly Results (unaudited)
(Dollars in thousands except per
share amounts)
|
|
First |
|
|
Second |
|
|
Third |
|
|
Fourth |
|
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
Revenues |
$ |
29,371 |
|
|
31,717 |
|
|
29,048 |
|
|
29,737 |
|
|
31,362 |
|
|
31,099 |
|
|
30,391 |
|
|
30,329 |
|
Operating profit (loss) |
$ |
599 |
|
|
1,833 |
|
|
1,447 |
|
|
(553 |
) |
|
2,290 |
|
|
1,673 |
|
|
3,454 |
|
|
2,633 |
|
Income (loss) before |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
income taxes |
$ |
2,254 |
|
|
1,807 |
|
|
1,415 |
|
|
(576 |
) |
|
2,260 |
|
|
1,644 |
|
|
3,424 |
|
|
2,599 |
|
Net income (loss) |
$ |
1,375 |
|
|
1,102 |
|
|
863 |
|
|
(351 |
) |
|
1,379 |
|
|
1,003 |
|
|
2,088 |
|
|
1,585 |
|
|
Earnings (loss) per common share (a): |
Net income (loss)- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
.42 |
|
|
.34 |
|
|
.26 |
|
|
(.11 |
) |
|
.42 |
|
|
.31 |
|
|
.63 |
|
|
.48 |
|
Diluted |
$ |
.42 |
|
|
.34 |
|
|
.26 |
|
|
(.11 |
) |
|
.42 |
|
|
.31 |
|
|
.63 |
|
|
.48 |
|
|
Market price per common share (b): |
High |
$ |
24.86 |
|
|
— |
|
|
22.98 |
|
|
26.34 |
|
|
21.10 |
|
|
26.26 |
|
|
22.27 |
|
|
24.70 |
|
Low |
$ |
21.70 |
|
|
— |
|
|
19.50 |
|
|
21.89 |
|
|
18.08 |
|
|
24.10 |
|
|
19.40 |
|
|
21.27 |
|
(a) Earnings per share of common
stock is computed independently for each quarter presented. The sum of the quarterly net earnings per share of common stock for
a year may not equal the total for the year due to rounding differences. For comparative purposes, for the years ended September
30, 2012 through September 30, 2014 and for the first quarter 2015, the number of common shares outstanding utilized for the calculation
is based on the 3,242,524 shares of our common stock that was distributed to the shareholders of FRP in connection with the Spin-off
and distribution on January 30, 2015.
(b) All prices represent Nasdaq reported
high and low daily closing prices.
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Executive 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 September 30, 2016, we employed 689 revenue-producing drivers who operated our fleet of 468 tractors and 561 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 Florida during the spring and in most of our other locations during the summer months.
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. Through the implementation of a new software program, we have enhanced our ability to quickly identify,
communicate with and ultimately hire qualified drivers. We have also implemented programs to help us determine 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 and continue to improve upon our rate structure across the customer base. 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 additional compensation for 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 receive a lower cost 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 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.
The following discussion includes
certain non-GAAP financial measures (“adjusted”) within the meaning of Regulation G promulgated by the Securities and
Exchange Commission (“Regulation G”) to supplement the financial results as reported in accordance with GAAP. The non-GAAP
financial measures discussed below include adjusted net income, adjusted operating profit and adjusted operating ratio. These non-GAAP
financial measures exclude the $1,277,000 gain on easement sale included in the fourth quarter 2016 and the $2,074,000 intangible
asset impairment charge incurred in second quarter 2015. Patriot uses these metrics to analyze its continuing operations and to
monitor, assess, and identify meaningful trends in its operating and financial performance. These measures are not, and should
not be viewed as, substitutes for GAAP financial measures. Refer to “Non-GAAP Financial Measures” below in this annual
report for a more detailed discussion, including reconciliations of these non-GAAP financial measures to their most directly comparable
GAAP financial measures.
Management believes these adjusted measures
better reflect our operating performance during the periods discussed and reflect how management evaluates our operational results.
These measures are not, and should not be viewed as, substitutes for GAAP reporting measures.
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 |
FY 2016 vs. FY 2015 |
Total Revenue |
Down 2.2% |
Transportation Revenue |
Up 3.9% |
Revenue Miles |
Down by 0.8% |
Fuel net of surcharges |
Up 21.5% |
PAFR |
Up 22.9% |
Adjusted Operating Ratio |
Down by .8% |
Driver Turnover Rate |
Down by 13% |
Average Number of Drivers |
Up 3.8% |
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.
Highlights of Fiscal 2016
| · | Transportation revenue
increased $4,298,000, or 3.9%. |
| · | Annualized driver turnover
rate declined from 75% last year to 62% this year. |
| · | Fuel cost net of surcharges
increased $1,870,000. |
| · | 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. |
| · | The Company received
$1,330,000 for an easement granted to the state of Florida over the Company's 25.2 acre terminal facility in Tampa, Florida resulting
in a $1,277,000 gain. The easement prohibits residential development on the site and prohibits hotel development on a portion of
the site. |
| · | The Company reported
net income of $5,705,000, or $1.74 per share compared to net income of $3,339,000 of $1.02 per share, in 2015. The current year
income includes (i) $779,000, or $.24 per share, of net income from the $1,277,000 gain on the sale of the Tampa easement and (ii)
$1,029,000, or $0.31 per share, of net income from the settlement of a claim with BP for $1,687,000 in connection with the 2010
Deepwater Horizon event. The prior year included a $2,074,000 intangible asset impairment charge with an after tax negative impact
to net income of $1,265,000 or $0.39 per share, related to the Pipeline Transportation acquisition. |
COMPARATIVE RESULTS OF OPERATIONS
|
|
Fiscal Years ended September 30 |
|
(dollars in thousands) |
|
2016 |
|
% |
|
2015 |
|
% |
|
2014 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue miles (in thousands) |
|
|
42,884 |
|
|
|
|
|
|
|
43,220 |
|
|
|
|
|
|
|
43,865 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation revenue |
|
$ |
115,592 |
|
|
|
96.2 |
% |
|
|
111,294 |
|
|
|
90.6 |
% |
|
|
108,424 |
|
|
|
83.9 |
% |
Fuel surcharges |
|
|
4,580 |
|
|
|
3.8 |
% |
|
|
11,588 |
|
|
|
9.4 |
% |
|
|
20,738 |
|
|
|
16.1 |
% |
Total Revenues |
|
|
120,172 |
|
|
|
100.0 |
% |
|
|
122,882 |
|
|
|
100.0 |
% |
|
|
129,162 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
51,069 |
|
|
|
42.5 |
% |
|
|
49,050 |
|
|
|
39.9 |
% |
|
|
47,431 |
|
|
|
36.7 |
% |
Fuel expenses |
|
|
15,157 |
|
|
|
12.6 |
% |
|
|
20,295 |
|
|
|
16.5 |
% |
|
|
29,281 |
|
|
|
22.7 |
% |
Repairs & tires |
|
|
7,777 |
|
|
|
6.5 |
% |
|
|
7,876 |
|
|
|
6.4 |
% |
|
|
7,831 |
|
|
|
6.0 |
% |
Other operating |
|
|
4,719 |
|
|
|
3.9 |
% |
|
|
4,520 |
|
|
|
3.7 |
% |
|
|
5,251 |
|
|
|
4.1 |
% |
Insurance and losses |
|
|
10,358 |
|
|
|
8.6 |
% |
|
|
10,249 |
|
|
|
8.3 |
% |
|
|
10,729 |
|
|
|
8.3 |
% |
Depreciation expense |
|
|
8,870 |
|
|
|
7.4 |
% |
|
|
8,486 |
|
|
|
6.9 |
% |
|
|
8,210 |
|
|
|
6.4 |
% |
Rents, tags & utilities |
|
|
3,834 |
|
|
|
3.2 |
% |
|
|
3,892 |
|
|
|
3.2 |
% |
|
|
3,706 |
|
|
|
2.9 |
% |
Sales, general & administrative |
|
|
9,626 |
|
|
|
8.0 |
% |
|
|
9,188 |
|
|
|
7.5 |
% |
|
|
9,273 |
|
|
|
7.2 |
% |
Corporate expenses |
|
|
2,946 |
|
|
|
2.4 |
% |
|
|
3,203 |
|
|
|
2.6 |
% |
|
|
2,685 |
|
|
|
2.1 |
% |
Intangible asset impairment |
|
|
— |
|
|
|
0.0 |
% |
|
|
2,074 |
|
|
|
1.7 |
% |
|
|
— |
|
|
|
0.0 |
% |
Gain on property sale |
|
|
(1,277 |
) |
|
|
(1.1 |
%) |
|
|
— |
|
|
|
0.0 |
% |
|
|
— |
|
|
|
0.0 |
% |
Gain on equipment sales |
|
|
(697 |
) |
|
|
(.5 |
%) |
|
|
(1,537 |
) |
|
|
(1.2 |
%) |
|
|
(578 |
) |
|
|
(.5 |
%) |
Total cost of operations |
|
|
112,382 |
|
|
|
93.5 |
% |
|
|
117,296 |
|
|
|
95.5 |
% |
|
|
123,819 |
|
|
|
95.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
$ |
7,790 |
|
|
|
6.5 |
% |
|
|
5,586 |
|
|
|
4.5 |
% |
|
|
5,343 |
|
|
|
4.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Year 2016 versus 2015
Total revenues were $120,172,000 down $2,710,000
from $122,882,000 last year. Transportation revenues (excluding fuel surcharges) were up $4,298,000 to $115,592,000 and fuel surcharge
revenues were down $7,008,000 to $4,580,000. Our transportation revenue per mile increased by 4.7% over last year.
Compensation and benefits costs were up $2,019,000
(or $.05 per mile) versus last year due mainly to driver pay enhancements as we continue to invest in hiring and retaining our
driver force.
The Company’s gross cost of fuel was
down $5,138,000 over last year which was not enough to off-set the $7,008,000 reduction in fuel surcharge revenues resulting in
a negative margin impact of $1,870,000 (or $.04 per mile) this year versus last year. The Company’s gross price of diesel
fuel remained low and in a fairly tight range throughout the fiscal year with the second quarter having the lowest average cost
per mile at $.31 and the
fourth quarter having the highest average cost
per mile at $.35. Since the price of diesel began declining in late 2014, the Company has experienced margin erosion as the decline
in fuel surcharge revenue outpaced the decline in diesel fuel cost. During the first half of this year we were able to implement
positive adjustments to the fuel surcharge tables with many of our customers and those adjustments contributed significantly to
a positive trend of less margin erosion resulting from the lower diesel fuel price (negative margin impact: Q1 - $883,000 (or $.09
per mile), Q2 - $719,000 (or $.07 per mile), Q3 - $251,000 (or $.02 per mile), Q4 - $17,000 (or $.002)).
SG&A was up $438,000 as we have hired more
management personnel to focus on the issues of driver hiring and turnover and to support our safety performance.
Corporate expense was lower by $257,000 compared
to last year due mainly to the sale of a 75% interest in the corporate airplane during the second quarter of fiscal 2016.
Gain on equipment sales were $840,000 lower
compared to last year primarily to fewer trailers sold and lower average value of tractors sold. Gain on property sales were $1,277,000
higher as a result of the sale of the easement in the fourth quarter.
Operating profit this year was $7,790,000 versus
an operating profit of $5,586,000 last year. This year’s operating profit benefitted from the gain on easement sale of $1,277,000
while the prior year was negatively impacted by the $2,074,000 intangible asset impairment charge.
Adjusted operating profit this year was $6,513,000
versus an adjusted operating profit of $7,660,000 last year. Our adjusted operating ratio was 94.6% compared to an adjusted operating
ratio of 93.8% last year. The lower results were mainly due to the higher net fuel cost of $1,870,000 which mostly occurred in
the first half of this fiscal year prior to the positive adjustments we made to the fuel surcharge tables. These non-GAAP financial
measures exclude gain from easement sale realized in the fourth quarter of fiscal 2016 and the intangible asset impairment charge
incurred in the second quarter of fiscal 2015. Management believes these adjusted measures better reflect our operating performance
during the periods discussed and reflect how management evaluates our operational results. Refer to “Non-GAAP Financial Measures”
below in this press release for a more detailed discussion, including reconciliations of these non-GAAP financial measures to their
most directly comparable GAAP financial measures”.
Fiscal Year 2015 versus 2014
Net income for fiscal 2015 was $3,339,000 or
$1.02 per share, an increase of $142,000 or $.03 per share compared to net income of $3,197,000 or $.99 per share in fiscal 2014.
During the second quarter of 2015, as part of a competitive bid, we elected not to pursue a significant piece of business acquired
in the Pipeline transaction (closed in early fiscal 2014). The absence of this business required us to take an impairment charge
of $2,074,000 against the intangible asset “customer relationships”. The $2,074,000 intangible asset impairment charge
had an after tax negative impact to net income of $1,265,000, or $.39 per share, related to the Pipeline Transportation acquisition.
Rather than lower our quoted rates to retain that business, management determined it was in our best interest to employ our capital
and resources to find new business at better rates. During the latter half of fiscal 2015, our sales team did an excellent job
replacing those lost revenue miles. In the end, we were able to haul almost as many miles in fiscal 2015 (43,220,000) as we did
in fiscal 2014 (43,865,000) while increasing our transportation revenue by $2,870,000. The Company’s 2015 adjusted operating
profit increased 43% to $7,660,000 and 2015 adjusted operating ratio improved to 93.8% versus last year’s 95.9%, more in
line with our goals.
For fiscal 2015, total revenue was down $6,280,000
due mainly to significantly lower fuel surcharges. Total revenue is made up of transportation revenue (up $2,870,000, a 2.6% improvement
over fiscal 2014) and fuel surcharge revenue
(down $9,150,000 due to the dramatic decrease
in fuel prices experienced over the past 12 months). Comparing the lower fuel surcharge revenue ($9,150,000) to the lower fuel
cost ($8,986,000) resulted in a $164,000 negative impact to the Company from the lower price of diesel in 2015 versus 2014.
Compensation and benefits expense was up significantly
for a series of reasons including, an increase in pay for all of our drivers, higher driver training pay and an increase in support
wages as we continue to hire people in the field to enhance our ability to hire and retain drivers to meet our customers’
growing demands. The demand for drivers continues to increase with the expansion of the US economy while the pool of qualified
drivers so far has not grown at a sufficient pace to meet that demand; thus, finding and retaining qualified drivers to grow our
business is an ever increasing challenge. Management believes that in order to be successful going forward we need to be a leader
in our industry at attracting, hiring and retaining drivers and we will continue to focus more and more of our resources on meeting
this goal.
Operating expenses improved by $731,000 over
2014 due in large part to lower out-of-town driver costs (as we improved on managing our customer’s business demands with
more local drivers in fiscal 2015 versus 2014) and lower rigging, tolls, and operating supplies expense. Gains on equipment sales
were up significantly in 2015 ($959,000) due in large part to the sale of 50 trailers during fiscal 2015 versus no trailer sales
in fiscal 2014. Insurance and loss expense improved by $480,000 due in large part to lower workers’ comp expense. Depreciation
expense increased $276,000 due to the increased cost of new tractors year over year. Corporate overhead saw an increase of $518,000
due mainly to higher medical claims, a significant repair to the corporate aircraft (management is in the process of selling a
significant stake in the corporate aircraft to reduce the Company’s on-going expenses related thereto), higher management
incentive compensation expense and the additional costs of operating as a stand-alone public company.
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 September 30, 2016,
we had no debt outstanding on this revolver, $2,436,000 outstanding under letters of credit and $22,564,000 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 September 30, 2016, the Company had not taken any draws against this facility. The Company expects our fiscal year 2017 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):
|
|
Years Ended September 30, |
|
|
2016 |
|
2015 |
|
2014 |
Total cash provided by (used for): |
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
14,955 |
|
|
|
15,052 |
|
|
|
10,820 |
|
Investing activities |
|
|
(8,348 |
) |
|
|
(8,042 |
) |
|
|
(18,218 |
) |
Financing activities |
|
|
(602 |
) |
|
|
(7,010 |
) |
|
|
7,398 |
|
Increase in cash and cash equivalents |
|
$ |
6,005 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding debt at the beginning of the period |
|
$ |
— |
|
|
|
7,282 |
|
|
|
— |
|
Outstanding debt at the end of the period |
|
$ |
— |
|
|
|
— |
|
|
|
7,282 |
|
Operating Activities - Net cash provided
by operating activities (as set forth in the cash flow statement) was $14,955,000 for the year ended September 30, 2016, $15,052,000
in 2015 and $10,820,000 in 2014. The total of net income plus depreciation and amortization less gains on asset dispositions increased
$1,946,000 versus the same period last year. These changes are described above under “Comparative Results of Operations”.
Accounts payable and accrued liabilities decreased $2,926,000 due to the timing of payments on the purchase of tractors and trailers
in 2016 and lower bonus
compensation accruals in the same period last
year. These changes comprise the majority of the increase in net cash provided by operating activities. The $2,074,000 impairment
charge and the related $809,000 of deferred income taxes are added back to net income in fiscal 2015 as these are non-cash items.
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 year ended September 30, 2016, we spent $8,348,000 on equipment net of proceeds from retirements. The Company
received $1,330,000 for an easement granted to the state of Florida over the Company's 25.2 acre terminal facility in Tampa, Florida
resulting in a $1,277,000 gain during 2016. For the year ended September 30, 2015 we spent $8,042,000 on equipment net of retirements.
In 2015, cash required by investing activities
was $8,042,000 compared to $18,218,000 in 2014. The lower investing cash use of $10,176,000 was primarily due to the acquisition
of Pipeline Transportation, Inc. in fiscal 2014.
Financing Activities – Financing
activities primarily include net changes to our outstanding revolving debt. For the year ended September 30, 2016 we used $602,000
of cash to pay down debt. The Company had no outstanding long-term debt on September 30, 2016 or September 30, 2015.
Cash used by financing activities in the year
ended September 30, 2015, was $7,010,000 compared to cash provided of $7,398,000 in 2014. This decrease in cash provided was due
to borrowing to finance the acquisition of the assets of Pipeline Transportation in 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 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 September 30, 2016, the tangible net worth covenant would have limited our ability
to pay dividends or repurchase stock with borrowed funds to a maximum of $11.3 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 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 September 30 2016, the Company had not taken any draws against this facility.
Cash Requirements - The Company currently
expects its fiscal 2017 capital expenditures to be approximately $9,823,000 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.
While the Company is affected by environmental
regulations, such regulations are not expected to have a major effect on the Company’s capital expenditures or operating
results.
The Company expects that cash flows from operating
activities, cash on hand and the funds available under its revolving credit agreement will be adequate to finance these capital
expenditures and its working capital needs for the next 12 months and the foreseeable future.
NON-GAAP FINANCIAL MEASURES
To supplement the financial results presented
in accordance with GAAP, Patriot presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by
the Securities and Exchange Commission. Patriot uses these non-GAAP financial measures to analyze its continuing operations and
to monitor, assess, and identify meaningful trends in its operating and financial performance. These measures are not, and should
not be viewed as, substitutes for GAAP financial measures.
Adjusted Operating Profit
Adjusted operating profit excludes the impact
of the intangible asset impairment charge. Adjusted operating profit is presented to provide additional perspective on underlying
trends in Patriot’s core operating results. A reconciliation between operating profit and adjusted operating profit is as
follows:
|
|
Three months ended |
|
Three months ended |
|
|
September 30, 2016 |
|
September 30, 2015 |
Operating profit |
|
|
$ |
3,454 |
|
|
|
2,633 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Gain on property sale |
|
|
|
(1,277 |
) |
|
|
|
|
Adjusted operating profit |
|
|
$ |
2,177 |
|
|
|
2,633 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended |
|
Twelve months ended |
|
|
September 30, 2016 |
|
September 30, 2015 |
Operating profit |
|
|
$ |
7,790 |
|
|
|
5,586 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Gain on property sale |
|
|
|
(1,277 |
) |
|
|
— |
|
Intangible asset impairment charge |
|
|
|
— |
|
|
|
2,074 |
|
Adjusted operating profit |
|
|
$ |
6,513 |
|
|
|
7,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Operating Ratio
Adjusted operating ratio excludes the impact
of the intangible asset impairment charge. Adjusted operating ratio is presented to provide additional perspective on underlying
trends in Patriot’s core operating results. A reconciliation between operating ratio and adjusted operating ratio is as follows:
|
|
Three months ended |
|
Three months ended |
|
|
September 30, 2016 |
|
September 30, 2015 |
Operating ratio |
|
|
|
88.6% |
|
|
|
91.3% |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Gain on property sale |
|
|
|
4.2% |
|
|
|
— |
|
|
Adjusted operating ratio |
|
|
|
92.8% |
|
|
|
91.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended |
|
Twelve months ended |
|
|
September 30, 2016 |
|
September 30, 2015 |
Operating ratio |
|
|
|
93.5% |
|
|
|
95.5% |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Gain on property sale |
|
|
|
1.1% |
|
|
|
— |
|
|
Intangible asset impairment charge |
|
|
|
— |
|
|
|
(1.7% |
) |
|
Adjusted operating ratio |
|
|
|
94.6% |
|
|
|
93.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OFF-BALANCE SHEET ARRANGEMENTS
Except for the letters of credit described
above under “Liquidity and Capital Resources,” the Company does not have any off balance sheet arrangements that either
have, or are reasonably likely to have, a current or future material effect on its financial condition.
CRITICAL ACCOUNTING POLICIES
The preparation of financial statements in
accordance with accounting principles generally accepted in the United States requires us to make estimates and assumptions that
affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of
the consolidated and combined financial statements and the reported amounts of revenues and expenses during the respective reporting
periods. Accounting estimates are considered to be critical if (1) the nature of the estimates and assumptions is material
due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such
matters to change; and (2) the impact of the estimates and assumptions on financial condition or operating performance is
material. Actual results could differ from the estimates and assumptions used. Management of the Company considers the following
accounting policies critical to the reported operations of the Company:
Accounts Receivable Valuation. The Company
is subject to customer credit risk that could affect the collection of outstanding accounts receivable. To mitigate these risks,
the Company performs credit reviews on all new customers and periodic credit reviews on existing customers. A detailed analysis
of late and slow pay customers is prepared monthly and reviewed by senior management. The overall collectability of outstanding
receivables is evaluated and allowances are recorded as appropriate. Significant changes in customer credit could require increased
allowances and affect cash flows.
Property and Equipment and Impairment of
Assets. Property and equipment is recorded at cost less accumulated depreciation. Provision for depreciation of property and
equipment is computed using the straight-line method based on the following estimated useful lives:
|
Years |
Buildings and improvements |
7-39 |
Revenue equipment |
7-10 |
Other equipment |
3-10 |
The Company periodically reviews
property and equipment for potential impairment whenever events or circumstances indicate the carrying amount of a long-lived asset
may not be recoverable. The analysis consists of a review of future anticipated results considering business prospects and asset
utilization. If the sum of these future cash flows (undiscounted and without interest charges) is less than the carrying amount
of the assets, the Company would record an impairment loss based on the fair value of the assets with the fair value of the assets
generally based upon an estimate of the discounted future cash flows expected with regards to the assets and their eventual disposition
as the measure of fair value. The Company performs an annual impairment test on goodwill and other intangible assets. Changes in
estimates or assumptions could have an impact on the Company’s financials.
Claims and Insurance Accruals. The nature
of the transportation business subjects the Company to risks arising from workers’ compensation, automobile liability, and
general liability claims. The Company retains the exposure on certain claims of $250,000 ($500,000 for automobile liability
and general liability claims prior to fiscal 2011 and for worker’s compensation claims prior to fiscal 2013) and has third
party coverage for amounts exceeding the retention up to the amount of the policy limits. The Company expenses during the
year an estimate of risk insurance losses based upon independent actuarial analysis, insurance company estimates, and our monthly
review of claims reserve changes. In making claim reserve changes we rely upon estimates of our insurance company adjusters,
attorney evaluations, and judgment of our management. Our estimates require judgment concerning the nature, severity,
comparative liability, jurisdiction, legal and investigative costs of each claim. Claims involving serious injury have greater
uncertainty of the eventual cost. In the past, our estimate of the amount of individual claims has increased from insignificant
amounts to the full deductible as we learn more information about the claim in subsequent periods. We obtain an independent
actuarial
analysis at least twice annually to assist
in estimating the total loss reserves expected on claims including claim development and incurred but not reported claims. We also
retain exposure on employee health benefits up to $250,000 per covered participant each calendar year plus a $77,000 aggregate
deductible for any claims exceeding $250,000. We estimate claim liability using historical payment trends and specific knowledge
of larger claims. Health claims are expensed as the health services are rendered so there is only a two month lag in
payments on average. We are usually aware of the larger claims before closing each accounting period reducing the amount
of uncertainty of the estimate. Our accrued insurance liabilities for retiree benefits are recorded by actuarial calculation.
Our accrued insurance liabilities for claims as of September 30, 2016, 2015, and 2014 amounted to $.9 million, $2.1 million and
$2.6 million, respectively. Payments made under a captive agreement for each year’s loss fund are scheduled in
advance using actuarial methodology. The captive agreement provides that we will share in the underwriting results, good
or bad, within a $250,000 per occurrence layer of loss through retrospective premium adjustments. Including the potential
exposure in the captive we have $4.6 million of estimated insurance liabilities. In the event that actual costs for
these claims are different than estimates we will have adjustments in future periods. It is likely that we will experience
either gains or losses of 5-10% of prior year estimated insurance liabilities in any year.
Income Taxes. The Company accounts for
income taxes under the asset-and-liability method. Deferred tax assets and liabilities represent items that will result in taxable
income or a tax deduction in future years for which the related tax expense or benefit has already been recorded in our statement
of earnings. Deferred tax accounts arise as a result of timing differences between when items are recognized in the consolidated
and combined financial statements compared with when they are recognized in the tax returns. The Company assesses the likelihood
that deferred tax assets will be recovered from future taxable income. To the extent recovery is not probable, a valuation allowance
is established and included as an expense as part of our income tax provision. No valuation allowance was recorded at September
30, 2016, as all deferred tax assets are considered more likely than not to be realized. Significant judgment is required in determining
and assessing the impact of complex tax laws and certain tax-related contingencies on the provision for income taxes. As part of
the calculation of the provision for income taxes, we assess whether the benefits of our tax positions are at least more likely
than not of being sustained upon audit based on the technical merits of the tax position. For tax positions that are more likely
than not of being sustained upon audit, we accrue the largest amount of the benefit that is more likely than not of being sustained
in our financial statements. Such accruals require estimates and judgments, whereby actual results could vary materially from these
estimates. Further, a number of years may elapse before a particular matter, for which an established accrual was made, is audited
and resolved.
CONTRACTUAL OBLIGATIONS
The following table summarizes our
contractual obligations as of September 30, 2016:
|
|
Payments due by period |
Contractual Obligations
(thousands of dollars) |
|
|
|
Less than |
|
1-3 |
|
3-5 |
|
More than |
|
|
Total |
|
1 year |
|
years |
|
years |
|
5 years |
|
|
|
|
|
|
|
|
|
|
|
Operating Leases |
|
$ |
2,179 |
|
|
|
458 |
|
|
|
602 |
|
|
|
618 |
|
|
|
501 |
|
Purchase Commitments |
|
|
1,055 |
|
|
|
1,055 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other Long-Term Liabilities |
|
|
1,141 |
|
|
|
72 |
|
|
|
150 |
|
|
|
154 |
|
|
|
765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Obligations |
|
$ |
4,375 |
|
|
|
1,585 |
|
|
|
752 |
|
|
|
772 |
|
|
|
1,266 |
|
INFLATION
Most of the Company’s operating
expenses are inflation-sensitive, with inflation generally producing increased costs of operations. During the past three years,
inflation has been fairly modest with its impacts mostly related to equipment prices, tire prices and the compensation paid to
drivers. Tractor prices have increased over 40% since 2007 due in part
to EPA mandated new engine emission
requirements on tractor engines. Customer rate increases received have significantly lagged the increased prices paid for new equipment
over the same period.
In addition to inflation, fluctuations
in fuel prices can affect profitability. Most of the Company’s contracts with customers contain fuel surcharge provisions.
Although the Company historically has been able to pass through most long-term increases in fuel prices and operating taxes to
customers in the form of surcharges and higher rates, there is no guarantee that this will be possible in the future. See “Risk
Factors—We may be adversely impacted by fluctuations in the price and availability of fuel.”
SEASONALITY
Our business is subject to seasonal
trends common in the refined petroleum products delivery industry. We typically face reduced demand for refined petroleum products
delivery services during the winter months and increased demand during the spring and summer months. Further, operating costs and
earnings are generally adversely affected by inclement weather conditions. These factors generally result in lower operating results
during the first and fourth calendar quarters of the year and cause our operating results to fluctuate from quarter to quarter.
Our operating expenses also have been somewhat higher in the winter months, due primarily to decreased fuel efficiency and increased
maintenance costs for tractors and trailers in colder months.
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.
CONSOLIDATED AND COMBINED STATEMENTS
OF INCOME - Years ended September 30
(In thousands, except per share
amounts)
|
|
Years Ended September 30, |
|
|
2016 |
|
2015 |
|
2014 |
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation revenues |
|
$ |
115,592 |
|
|
|
111,294 |
|
|
|
108,424 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel surcharges |
|
|
4,580 |
|
|
|
11,588 |
|
|
|
20,738 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
|
120,172 |
|
|
|
122,882 |
|
|
|
129,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
51,069 |
|
|
|
49,050 |
|
|
|
47,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel expenses |
|
|
15,157 |
|
|
|
20,295 |
|
|
|
29,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repairs & tires |
|
|
7,777 |
|
|
|
7,876 |
|
|
|
7,831 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other operating |
|
|
4,719 |
|
|
|
4,520 |
|
|
|
5,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance and losses |
|
|
10,358 |
|
|
|
10,249 |
|
|
|
10,729 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation expense |
|
|
8,870 |
|
|
|
8,486 |
|
|
|
8,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rents, tags & utilities |
|
|
3,834 |
|
|
|
3,892 |
|
|
|
3,706 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales, general & administrative |
|
|
9,626 |
|
|
|
9,188 |
|
|
|
9,273 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses |
|
|
2,946 |
|
|
|
3,203 |
|
|
|
2,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intangible asset impairment |
|
|
— |
|
|
|
2,074 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on property sale |
|
|
(1,277 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on equipment sales |
|
|
(697 |
) |
|
|
(1,537 |
) |
|
|
(578 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of operations |
|
|
112,382 |
|
|
|
117,296 |
|
|
|
123,819 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
|
|
7,790 |
|
|
|
5,586 |
|
|
|
5,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BP claim settlement |
|
|
1,687 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income and other |
|
|
6 |
|
|
|
— |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(130 |
) |
|
|
(112 |
) |
|
|
(109 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
9,353 |
|
|
|
5,474 |
|
|
|
5,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
3,648 |
|
|
|
2,135 |
|
|
|
2,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,705 |
|
|
|
3,339 |
|
|
|
3,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
1.74 |
|
|
|
1.02 |
|
|
|
.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
|
1.74 |
|
|
|
1.02 |
|
|
|
.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares (in thousands) used in computing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic earnings per common share |
|
|
3,283 |
|
|
|
3,268 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-diluted earnings per common share |
|
|
3,285 |
|
|
|
3,275 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE
INCOME - Years ended September 30 (In thousands)
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
Net income |
|
$ |
5,705 |
|
|
|
3,339 |
|
|
|
3,197 |
|
Other comp. income (loss) net of tax: |
|
|
|
|
|
|
|
|
|
|
|
Actuarial gain (loss) retiree health |
|
|
123 |
|
|
|
4 |
|
|
|
(3 |
) |
Minimum pension liability |
|
|
— |
|
|
|
(6 |
) |
|
|
(2 |
) |
Comprehensive income |
|
$ |
5,828 |
|
|
|
3,337 |
|
|
|
3,192 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated and combined financial statements
CONSOLIDATED AND COMBINED BALANCE SHEETS
- As of September 30
(In thousands, except share data)
|
|
|
2016 |
|
|
|
2015 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
6,005 |
|
|
|
— |
|
Accounts receivable (net of allowance for doubtful |
|
|
|
|
|
|
|
|
accounts of $153 and $144, respectively) |
|
|
7,043 |
|
|
|
7,382 |
|
Federal and state taxes receivable |
|
|
261 |
|
|
|
115 |
|
Inventory of parts and supplies |
|
|
811 |
|
|
|
780 |
|
Prepaid tires on equipment |
|
|
2,052 |
|
|
|
2,019 |
|
Prepaid taxes and licenses |
|
|
681 |
|
|
|
694 |
|
Prepaid insurance |
|
|
820 |
|
|
|
748 |
|
Prepaid expenses, other |
|
|
64 |
|
|
|
58 |
|
Total current assets |
|
|
17,737 |
|
|
|
11,796 |
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, at cost: |
|
|
|
|
|
|
|
|
Land |
|
|
2,626 |
|
|
|
2,679 |
|
Buildings |
|
|
5,494 |
|
|
|
5,507 |
|
Equipment |
|
|
94,663 |
|
|
|
91,800 |
|
|
|
|
102,783 |
|
|
|
99,986 |
|
Less accumulated depreciation |
|
|
59,080 |
|
|
|
57,366 |
|
|
|
|
43,703 |
|
|
|
42,620 |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
3,431 |
|
|
|
3,431 |
|
Intangible assets, net |
|
|
1,214 |
|
|
|
1,384 |
|
Other assets, net |
|
|
214 |
|
|
|
295 |
|
Total assets |
|
$ |
66,299 |
|
|
|
59,526 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
4,896 |
|
|
|
4,163 |
|
Bank overdraft |
|
|
— |
|
|
|
773 |
|
Accrued payroll and benefits |
|
|
4,608 |
|
|
|
5,363 |
|
Accrued insurance |
|
|
700 |
|
|
|
1,102 |
|
Accrued liabilities, other |
|
|
369 |
|
|
|
393 |
|
Total current liabilities |
|
|
10,573 |
|
|
|
11,794 |
|
|
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
10,479 |
|
|
|
8,334 |
|
Accrued insurance |
|
|
184 |
|
|
|
1,026 |
|
Other liabilities |
|
|
1,117 |
|
|
|
1,170 |
|
Commitments and contingencies (Note 11) |
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock, 5,000,000 shares authorized, |
|
|
|
|
|
|
|
|
of which 250,000 shares are designated Series A |
|
|
|
|
|
|
|
|
Junior Participating Preferred Stock; $0.01 par |
|
|
|
|
|
|
|
|
value; none issued and outstanding |
|
|
— |
|
|
|
— |
|
Common stock, $.10 par value; (25,000,000 shares authorized; |
|
|
|
|
|
|
|
|
3,289,353 and 3,272,804 shares issued and outstanding, respectively |
|
|
329 |
|
|
|
327 |
|
Capital in excess of par value |
|
|
35,919 |
|
|
|
35,005 |
|
Retained earnings |
|
|
7,524 |
|
|
|
1,819 |
|
Accumulated other comprehensive income, net |
|
|
174 |
|
|
|
51 |
|
Total shareholders' equity |
|
|
43,946 |
|
|
|
37,202 |
|
Total liabilities and shareholders' equity |
|
$ |
66,299 |
|
|
|
59,526 |
|
See notes to consolidated and combined financial statements |
|
|
|
|
|
|
|
|
CONSOLIDATED AND COMBINED STATEMENTS OF
CASH FLOWS - Years ended September 30
(In thousands)
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
5,705 |
|
|
3,339 |
|
|
3,197 |
|
|
Adjustments to reconcile net income to |
|
|
|
|
|
|
|
|
|
|
net cash provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
9,729 |
|
|
9,485 |
|
|
9,294 |
|
Intangible asset impairment |
|
— |
|
|
2,074 |
|
|
— |
|
Deferred income taxes |
|
2,145 |
|
|
(590 |
) |
|
(461 |
) |
Gain on asset dispositions |
|
(2,222 |
) |
|
(1,558 |
) |
|
(578 |
) |
Stock-based compensation |
|
745 |
|
|
617 |
|
|
569 |
|
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
339 |
|
|
(263 |
) |
|
(235 |
) |
Inventory of parts and supplies |
|
(31 |
) |
|
115 |
|
|
(14 |
) |
Prepaid expenses |
|
(98 |
) |
|
152 |
|
|
(149 |
) |
Other assets |
|
132 |
|
|
(148 |
) |
|
— |
|
Accounts payable and accrued liabilities |
|
(448 |
) |
|
2,478 |
|
|
(1,487 |
) |
Income taxes payable and receivable |
|
(146 |
) |
|
(244 |
) |
|
(44 |
) |
Long-term insurance liabilities and other |
|
|
|
|
|
|
|
|
|
long-term liabilities |
|
(895 |
) |
|
(405 |
) |
|
728 |
|
Net cash provided by operating activities |
|
14,955 |
|
|
15,052 |
|
|
10,820 |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
(11,503 |
) |
|
(9,905 |
) |
|
(9,631 |
) |
Business acquisition |
|
— |
|
|
— |
|
|
(10,023 |
) |
Proceeds from the sale of property, plant and equipment |
|
3,155 |
|
|
1,863 |
|
|
1,436 |
|
Net cash used in investing activities |
|
(8,348 |
) |
|
(8,042 |
) |
|
(18,218 |
) |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
(Decrease) Increase in bank overdrafts |
|
(773 |
) |
|
(160 |
) |
|
685 |
|
Proceeds from borrowing on revolving credit facility |
13,536 |
|
|
43,793 |
|
|
23,528 |
|
|
Payments on revolving credit facility |
|
(13,536 |
) |
|
(51,075 |
) |
|
(16,246 |
) |
Debt issue costs |
|
— |
|
|
(94 |
) |
|
— |
|
Excess tax benefits from exercise of stock options |
|
171 |
|
|
425 |
|
|
— |
|
Proceeds from exercised stock options |
|
— |
|
|
202 |
|
|
— |
|
Net distributions to FRP prior to spin-off |
|
— |
|
|
(101 |
) |
|
(569 |
) |
Net cash (used in) provided by financing activities |
|
(602 |
) |
|
(7,010 |
) |
|
7,398 |
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
6,005 |
|
|
— |
|
|
— |
|
Cash and cash equivalents at beginning of year |
|
— |
|
|
— |
|
|
— |
|
Cash and cash equivalents at end of the year |
$ |
6,005 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
|
Interest |
$ |
74 |
|
|
175 |
|
|
109 |
|
Income taxes |
$ |
1,909 |
|
|
2,840 |
|
|
2,548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Company recorded non-cash transactions
for vacation liability of the Pipeline business acquisition of $132 in fiscal 2014. The Company recorded a non-cash, impairment
charge related to the customer relationship intangible asset recorded resulting from the Pipeline acquisition of $2,074 during
the second quarter of fiscal 2015.
See notes to consolidated and combined financial
statements.
CONSOLIDATED AND COMBINED STATEMENTS OF SHAREHOLDER’S
EQUITY/NET INVESTMENT - Years ended September 30
(In thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
Total |
|
|
|
|
|
|
Capital in |
|
|
|
|
|
Other |
|
Stockholders' |
|
|
|
Common Stock |
|
|
Excess of |
|
Retained |
|
|
Net |
|
|
Comprehensive |
|
Equity/Net |
|
|
|
Shares |
|
|
|
Amount |
|
|
Par Value |
|
Earnings |
|
Investment |
|
Income, net |
|
Investment |
Balance as of October 1, 2013 |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
29,472 |
|
|
$ |
58 |
|
|
$ |
29,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,197 |
|
|
|
|
|
|
|
3,197 |
|
Minimum pension liability, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2 |
) |
|
|
(2 |
) |
Actuarial (loss) gain, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3 |
) |
|
|
(3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2014 |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
32,669 |
|
|
$ |
53 |
|
|
$ |
32,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock at spinoff |
|
|
3,242,524 |
|
|
|
324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
324 |
|
Exercise of stock options |
|
|
16,000 |
|
|
|
2 |
|
|
|
201 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
203 |
|
Excess tax benefits from exercise of stock options |
|
|
|
|
|
|
|
|
|
|
425 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
425 |
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
174 |
|
Shares granted to Directors |
|
|
14,280 |
|
|
|
1 |
|
|
|
341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
342 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,339 |
|
|
|
|
|
|
|
|
|
|
|
3,339 |
|
Minimum pension liability, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6 |
) |
|
|
(6 |
) |
Actuarial (loss) gain, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
4 |
|
Reclassification of net investment to capital in excess of
par value |
|
|
|
|
|
|
|
|
|
|
33,864 |
|
|
|
(1,520 |
) |
|
|
(32,669 |
) |
|
|
|
|
|
|
(325 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2015 |
|
|
3,272,804 |
|
|
$ |
327 |
|
|
$ |
35,005 |
|
|
$ |
1,819 |
|
|
$ |
— |
|
|
$ |
51 |
|
|
$ |
37,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excess tax benefits from exercise of stock options |
|
|
|
|
|
|
|
|
|
|
171 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
171 |
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
384 |
|
Shares granted to Directors |
|
|
16,549 |
|
|
|
2 |
|
|
|
359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
361 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,705 |
|
|
|
|
|
|
|
|
|
|
|
5,705 |
|
Actuarial (loss) gain, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
123 |
|
|
|
123 |
|
Balance as of September 30, 2016 |
|
|
3,289,353 |
|
|
$ |
329 |
|
|
$ |
35,919 |
|
|
$ |
7,524 |
|
|
$ |
— |
|
|
$ |
174 |
|
|
$ |
43,946 |
|
NOTES TO CONSOLIDATED AND COMBINED
FINANCIAL STATEMENTS
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.
PRINCIPLES OF CONSOLIDATION AND COMBINATION
- The consolidated and combined financial statements were prepared in accordance with U.S. generally accepted accounting principles
(“GAAP”) and include the accounts, certain assets, liabilities, and expenses of Patriot and its wholly owned subsidiaries
that comprise the Company. All significant intercompany transactions within the consolidated and combined entity have been eliminated.
CASH AND CASH EQUIVALENTS - The Company
considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents.
Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right
of offset.
INVENTORY - Inventory of parts and
supplies is valued at the lower of cost (first-in, first-out) or market.
TIRES ON EQUIPMENT - The value of
tires on tractors and trailers is accounted for as a prepaid expense and amortized over the life of the tires as a function of
miles driven.
REVENUE AND EXPENSE RECOGNITION -
Transportation revenue, including fuel surcharges, is recognized when the services have been rendered to customers or delivery
has occurred, the pricing is fixed or determinable and collectibility is reasonably assured. Transportation expenses are recognized
as incurred.
ACCOUNTS RECEIVABLE - Accounts receivable
are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering
historical and current trends. We record estimated bad debts expense as a selling, general and administrative expense. We estimate
the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment.
Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness,
current economic trends and changes in customer payment terms. Any trade accounts receivable balances written off are charged against
the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years.
PROPERTY AND EQUIPMENT - Property
and equipment is recorded at cost less accumulated depreciation. Provision for depreciation of property and equipment is computed
using the straight-line method based on the following estimated useful lives:
|
|
|
Years |
Building and improvements |
|
|
7-39 |
Revenue equipment |
|
|
7-10 |
Other equipment |
|
|
3-10 |
The Company recorded depreciation
expenses for 2016, 2015 and 2014 of $9,487,000, $9,154,000 and $8,898,000, respectively.
IMPAIRMENT OF LONG-LIVED ASSETS -
The Company periodically reviews its long-lived assets, which include property and equipment and purchased intangible assets subject
to amortization, for potential impairment whenever events or circumstances indicate the carrying amount of a long-lived asset may
not be recoverable. The analysis consists of a review of future anticipated results considering business prospects and asset utilization.
If the sum of these future cash flows (undiscounted and without interest charges) is less than the carrying amount of the assets,
the Company would record an impairment loss based on the fair value of the assets with the fair value of the assets generally based
upon an estimate of the discounted future cash flows expected with regards to the assets and their eventual disposition.
GOODWILL – Goodwill represents
the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill
is not amortized, but rather is tested for impairment annually and when events or changes in circumstances indicate that the fair
value of a reporting unit with goodwill has been reduced below carrying value. The impairment test requires allocating goodwill
and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book
value of the reporting unit. If the fair value of the reporting unit is less than the book value, including goodwill, then the
recorded goodwill is impaired to its implied fair value with a charge to operating expense.
INSURANCE - The Company has a $250,000
to $500,000 self-insured retention per occurrence in connection with certain of its workers’ compensation, automobile liability,
and general liability insurance programs (“risk insurance”). The Company is also self-insured for its employee health
insurance benefits and carries stop loss coverage for losses over $250,000 per covered participant per year plus a $77,000 aggregate.
The Company has established an accrued liability for the estimated cost in connection with its portion of its risk and health insurance
losses incurred and reported. Claims paid by the Company are charged against the liability. Additionally, the Company maintains
an accrued liability for incurred but not reported claims based on historical analysis of such claims. Payments made under a captive
agreement for each year’s loss fund are scheduled in advance using actuarial methodology. The captive agreement provides
that we will share in the underwriting results, good or bad, within a $250,000 per occurrence layer of loss through retrospective
premium adjustments. The method of calculating the accrual liability is subject to inherent uncertainty. If actual results are
less favorable than the estimates used to calculate the liabilities, the Company would have to record expenses in excess of what
has been accrued.
INCOME TAXES - Deferred tax assets
and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently
enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements
and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step
is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely
than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest
amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate
such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates
these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes
in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit,
and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional
charge to the tax provision. It is the Company’s policy to recognize as additional income tax expense the items of interest
and penalties directly related to income taxes.
STOCK BASED COMPENSATION –
The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and
other equity-based compensation issued to Company
employees in Patriot’s income
statement over the requisite employee service period using the straight-line attribution model. In addition, compensation expense
must be recognized for the change in fair value of any awards modified, repurchased or cancelled after the grant date. The fair
value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model. The assumptions used in the
model and related impact are discussed in Footnote 6.
PENSION PLAN - The Company accounts
for its pension plan following the requirements of FASB ASC Topic 715, “Compensation – Retirement Benefits”,
which requires an employer to: (a) recognize in its statement of financial position the funded status of a benefit plan; (b) measure
defined benefit plan assets and obligations as of the end of the employer’s fiscal year (with limited exceptions); and (c)
recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that
arise but are not recognized as components of net periodic benefit costs pursuant to prior existing guidance.
EARNINGS PER COMMON 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 and restricted stock.
USE OF ESTIMATES - The preparation
of financial statements in conformity with accounting principles generally accepted in the United States requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
Certain accounting policies and estimates
are of more significance in the financial statement preparation process than others. The most critical accounting policies and
estimates include the economic useful lives and salvage values of our vehicles and equipment, provisions for uncollectible accounts
receivable, estimates of exposures related to our insurance claims plans, and estimates for taxes. To the extent that actual, final
outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates,
earnings during that accounting period will be affected.
ENVIRONMENTAL - Environmental expenditures
that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which
do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected
environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates,
continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties.
COMPREHENSIVE INCOME – Comprehensive
income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains,
and losses that are not included in net income, but rather are recorded directly in shareholder’s equity/net investment.
NET INVESTMENT BY PARENT –
The Net investment by former Parent represents a net balance reflecting FRP’s initial investment in the Company and subsequent
adjustments resulting from the operations of the Company and various transactions between the Company and FRP.
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 February 2016, the FASB issued ASU No. 2016-02,
“Leases”, which requires lessees to recognize a right-to-use
asset and a lease obligation for all leases.
Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve
months or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be
required. The new standard will become effective for the Company beginning with the first quarter 2020 and requires a modified
retrospective transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. The
Company is currently evaluating the impacts the adoption of this accounting guidance will have on the consolidated financial statements.
The Company has relatively few leases extending over 12 months, the total gross contractual obligation for lease payments greater
than 12 months at September 30, 2016 was $1,722,000.
In March 2016, the FASB issued ASU No. 2016-09,
“Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU
includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits
for share-based payments will be recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption
of this ASU. Excess tax benefits are currently recorded in equity and disclosed on the statement of cash flows as financing activity
under the current rules. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather
than on an estimated basis. This guidance is effective for annual and interim reporting periods of public entities beginning after
December 15, 2016 with early adoption permitted. The Company may early adopt this accounting guidance in fiscal 2017 or as required
in fiscal 2018.
| 2. | 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
boards of the respective companies have since extended these agreements for an additional twelve months.
The consolidated and combined statements of
income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $1,542,000, $2,211,000, and $2,539,000 for
fiscal 2016, 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 $599,000, $490,000 and $359,000 to the Company for fiscal 2016, 2015 and 2014 respectively for such information technology
services and office space. The services to Bluegrass are anticipated to cease by December 31, 2016.
The Company had no long-term debt
outstanding at September 30, 2016 and September 30, 2015. The Company has two revolving lines of credit at September 30, 2016 as
follows:
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 September 30, 2016, we had
no outstanding debt borrowed on this revolver, $2,436,000 outstanding under letters of credit and $22,564,000 available for additional
borrowings.
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. The Company closed on a loan on May 13, 2015 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 September 30 2016, the Company had not taken any draws against this facility.
These credit agreements contain 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 September 30, 2016.
The Company leases certain assets
under operating leases, which primarily consist of real estate leases for the corporate office and some of our terminal locations.
Certain operating leases provide for renewal options, which can vary by lease and are typically offered at their fair rental value.
The Company has not made any residual value guarantees related to its operating leases; therefore, there is no corresponding liability
recorded on the Balance Sheets.
Future minimum annual lease payments
for assets under operating leases as of September 30, 2016 are as follows (in thousands):
Fiscal Year |
|
Total |
|
2017 |
|
458 |
|
|
2018 |
|
299 |
|
|
2019 |
|
303 |
|
|
2020 |
|
307 |
|
|
2021 |
|
311 |
|
|
Thereafter |
|
501 |
|
|
Total minimum lease payments |
|
$ |
2,179 |
|
|
|
|
|
|
|
|
Aggregate expense under operating
leases was $759,000, $742,000 and $738,000 for 2016, 2015 and 2014, respectively. Certain operating leases include rent escalation
provisions, which are recognized as expense on a straight-line basis.
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. (Shares in thousands, except per share amounts.)
|
|
Years Ended September 30 |
|
|
2016 |
|
2015 |
|
2014 |
Common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
|
|
|
|
|
|
|
|
|
|
|
outstanding during the period - |
|
|
|
|
|
|
|
|
|
|
|
|
shares used for basic earnings |
|
|
|
|
|
|
|
|
|
|
|
|
per common share |
|
|
3,283 |
|
|
|
3,268 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under share |
|
|
|
|
|
|
|
|
|
|
|
|
based payment plans which are |
|
|
|
|
|
|
|
|
|
|
|
|
potentially dilutive |
|
|
2 |
|
|
|
7 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,285 |
|
|
|
3,275 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,705 |
|
|
|
3,339 |
|
|
|
3,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.74 |
|
|
|
1.02 |
|
|
|
.99 |
|
Diluted |
|
$ |
1.74 |
|
|
|
1.02 |
|
|
|
.99 |
|
For 2016 and 2015, 80,669 and 19,218
shares, respectively, 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 previously were 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 142,360 at September 30, 2016.
Patriot utilizes the Black-Scholes
valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated
based upon assumptions at the time of grant. The assumptions are no dividend yield, expected volatility between 37% and 41%, risk-free
interest rate of .9 to 2.0% and expected life of 3.0 to 7.0 years.
The dividend yield of zero is based
on the fact that Patriot does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is
estimated based on FRP’s historical experience over a period equivalent to the expected life in years. The risk-free interest
rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected
life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the
employees.
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):
|
|
Years Ended September 30 |
|
|
2016 |
|
2015 |
|
2014 |
Stock option grants |
|
$ |
384 |
|
|
|
274 |
|
|
|
220 |
|
Annual director stock award |
|
|
361 |
|
|
|
343 |
|
|
|
349 |
|
|
|
$ |
745 |
|
|
|
617 |
|
|
|
569 |
|
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(000's) |
|
|
|
|
|
|
|
|
Grants substituted on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 30, 2015 |
|
91,315 |
|
|
$ |
20.31 |
|
|
|
5.6 |
|
|
$ |
761 |
|
Exercised |
|
(16,000 |
) |
|
|
12.62 |
|
|
|
|
|
|
$ |
(95 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015 |
|
75,315 |
|
|
$ |
21.95 |
|
|
|
5.8 |
|
|
$ |
666 |
|
Granted |
|
38,794 |
|
|
|
23.78 |
|
|
|
|
|
|
|
362 |
|
Forfeited |
|
(3,298 |
) |
|
|
24.24 |
|
|
|
|
|
|
|
(29 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
110,811 |
|
|
$ |
22.52 |
|
|
|
6.2 |
|
|
$ |
999 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
68,049 |
|
|
$ |
21.43 |
|
|
|
4.8 |
|
|
$ |
548 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
twelve months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
13,651 |
|
|
|
|
|
|
|
|
|
|
$ |
110 |
|
The following table summarizes information
concerning stock options outstanding at September 30, 2016:
|
|
|
|
Shares |
|
|
Weighted |
|
|
Weighted |
|
Range of Exercise |
|
|
|
under |
|
|
Average |
|
|
Average |
|
Prices per Share |
|
|
|
Option |
|
|
Exercise Price |
|
Remaining Life |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-exercisable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$16.50 – $20.63 |
|
|
|
4,874 |
|
|
|
|
18.99 |
|
|
|
6.0 |
|
$20.64 - $25.78 |
|
|
|
28,276 |
|
|
|
|
23.77 |
|
|
|
9.1 |
|
$25.79-32.23 |
|
|
|
9,612 |
|
|
|
|
28.39 |
|
|
|
7.8 |
|
|
|
|
|
42,762 |
|
|
|
$ |
24.27 |
|
|
|
8.5 |
years |
Exercisable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$16.50 - $20.63 |
|
|
|
35,188 |
|
|
|
|
18.49 |
|
|
|
4.3 |
|
$20.64 - $25.78 |
|
|
|
23,255 |
|
|
|
|
22.78 |
|
|
|
4.4 |
|
$25.79 - $32.23 |
|
|
|
9,606 |
|
|
|
|
28.91 |
|
|
|
7.7 |
|
|
|
|
|
68,049 |
|
|
|
$ |
21.43 |
|
|
|
4.8 |
Years |
Total |
|
|
|
110,811 |
|
|
|
$ |
22.52 |
|
|
|
6.2 |
Years |
The aggregate intrinsic value of exercisable
Company options was $79,000 and the aggregate intrinsic value of all outstanding in-the-money options was $87,000 based on the
Company’s market closing price of $20.73 on September 30, 2016 less exercise prices.
The realized tax benefit from Patriot
option exercises during fiscal 2016 was $353,000 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 September 30, 2016 was $647,000,
which is expected to be recognized over a weighted-average period of 3.0 years.
7. Income Taxes.
The provision for income taxes for
continuing operations for fiscal years ended September 30 consists of the following (in thousands):
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
|
Current: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
$ |
1,247 |
|
|
|
2,315 |
|
|
|
2,081 |
|
|
State |
|
|
|
334 |
|
|
|
408 |
|
|
|
424 |
|
|
|
|
|
|
1,581 |
|
|
|
2,723 |
|
|
|
2,505 |
|
|
Deferred |
|
|
|
2,067 |
|
|
|
(588 |
) |
|
|
(461 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
3,648 |
|
|
|
2,135 |
|
|
|
2,044 |
|
A reconciliation between the amount
of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands):
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
Amount computed at statutory |
|
|
|
|
|
|
|
|
|
|
|
|
Federal rate |
|
$ |
3,180 |
|
|
|
1,862 |
|
|
|
1,804 |
|
State income taxes (net of Federal |
|
|
|
|
|
|
|
|
|
|
|
|
income tax benefit) |
|
|
440 |
|
|
|
257 |
|
|
|
233 |
|
Other, net |
|
|
28 |
|
|
|
16 |
|
|
|
7 |
|
Provision for income taxes |
|
$ |
3,648 |
|
|
|
2,135 |
|
|
|
2,044 |
|
In this reconciliation, the category
“Other, net” consists of changes in permanent tax differences related to non-deductible expenses, special tax rates
and tax credits, interest and penalties, and adjustments to prior year estimates.
The types of temporary differences
and their related tax effects that give rise to deferred tax assets and deferred tax liabilities at September 30, are presented
below (in thousands):
|
|
|
2016 |
|
|
|
2015 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Property and equipment |
|
$ |
12,156 |
|
|
|
10,684 |
|
Prepaid expenses |
|
|
134 |
|
|
|
— |
|
Gross deferred tax liabilities |
|
|
12,290 |
|
|
|
10,684 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Insurance liabilities |
|
|
184 |
|
|
|
656 |
|
Employee benefits and other |
|
|
1,627 |
|
|
|
1,694 |
|
Gross deferred tax assets |
|
|
1,811 |
|
|
|
2,350 |
|
Net deferred tax liability |
|
$ |
10,479 |
|
|
|
8,334 |
|
The Company has no unrecognized tax
benefits.
Patriot tax returns in the U.S. and
various states that include the Company are subject to audit by taxing authorities. As of September 30, 2016, the earliest tax
year that remains open for audit in the Unites States is 2010.
8. Accrued Insurance.
The Company has established an accrued liability for the estimated
cost in connection with its portion of its risk and health insurance losses incurred and reported. Payments made under a captive
agreement for each year’s risk loss fund are scheduled in advance using actuarial methodology. Captive insurance assets available
to us to settle risk insurance liabilities are not reported on our balance sheet as we do not control or consolidate the captive.
The accrued insurance liability at
September 30 is summarized as follows (in thousands):
|
|
|
2016 |
|
|
|
2015 |
|
Accrued insurance, current portion |
|
$ |
700 |
|
|
|
1,102 |
|
Accrued insurance, non-current |
|
|
184 |
|
|
|
1,026 |
|
Total accrued insurance |
|
$ |
884 |
|
|
|
2,128 |
|
Captive agreement assets |
|
|
3,669 |
|
|
|
2,986 |
|
Gross accrued insurance |
|
$ |
4,553 |
|
|
|
5,114 |
|
9. Employee Benefits.
The Company and certain subsidiaries
have a savings/profit sharing plan for the benefit of qualified employees. The savings feature of the plan incorporates the provisions
of Section 401(k) of the Internal Revenue Code under which an eligible employee may elect to save a portion (within limits) of
their compensation on a tax deferred basis. Patriot contributes to a participant’s account an amount equal to 50% (with certain
limits) of the participant’s contribution. Additionally, the Company may make an annual discretionary contribution to the
plan as determined by the Board of Directors, with certain limitations. The plan provides for deferred vesting with benefits payable
upon retirement or earlier termination of employment. The Company’s allocated cost was $792,000 in 2016, $718,000 in 2015
and $718,000 in 2014.
The Company has a Management Security
Plan (MSP) for certain key employees. The accruals for future benefits are based upon the remaining years to retirement of the
participating employees and other actuarial assumptions. The fourth quarter of fiscal 2014 included a $575,000 unfavorable adjustment
to the actuarially assumed expense due to the death prior to retirement of one of the plan participants. The expense allocated
to the Company for fiscal 2016, 2015 and 2014 was $25,000, $28,000 and $614,000, respectively. The accrued benefit related to the
Company under this plan as of September 30, 2016 and 2015 was $702,000 and $744,000, respectively.
The Company provides certain health
benefits for retired employees. Employees may become eligible for those benefits if they were employed by the Company prior to
December 10, 1992, meet the service requirements and reach retirement
age while working for Patriot. The
plan is contributory and unfunded. The Company accrues its allocated estimated cost of retiree health benefits over the years that
the employees render service. The accrued postretirement benefit obligation for this plan related to the Company as of September
30, 2016 and 2015 was $180,000 and $387,000, respectively. The net periodic postretirement benefit cost allocated to the Company
was $16,000, $12,000 and $12,000 for fiscal 2016, 2015 and 2014, respectively. The discount rate used in determining the Net Periodic
Postretirement Benefit Cost was 3.7% for 2016, 4.0% for 2015 and 4.0% for 2014. The discount rate used in determining the Accumulated
Postretirement Benefit Obligation (APBO) was 4.25% for 2016, 2015, and 2014. No medical trend is applicable because the Company’s
share of the cost is frozen.
10. 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 September 30, 2016 the Company
had no assets or liabilities measured at fair value on a recurring or non-recurring basis.
At September 30, 2016 and 2015, 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.
11. 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.
12. 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 fiscal 2016, the Company’s ten largest customers accounted for approximately 58.9% of our revenue and one of these
customers accounted for 22.0% of our revenue. Accounts receivable from the ten largest customers was $3,998,000 and $4,596,000
at September 30, 2016 and September 30, 2015 respectively. The loss of any one of these ten 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.
13. Unusual or Infrequent Items Impacting
Quarterly Results.
On September 30, 2016, the Company
received $1,330,000 for an easement granted to the state of Florida over the Company's 25.2 acre terminal facility in Tampa, Florida
resulting in a $1,277,000 gain. The easement prohibits residential development on the site and prohibits hotel development on a
portion of the site.
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. This amount is included in other income.
An impairment charge of $2,074,000
was recorded in second quarter 2015 related to the recorded customer relationship intangible asset fair value pertaining to the
Pipeline acquisition in November 2013.
Sales, general & administrative
expense for the fourth quarter of fiscal 2014 includes a $575,000 unfavorable adjustment to the actuarially assumed expense due
to the death prior to retirement of one of the Management Security Plan participants.
14. 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 as follows (in thousands):
Consideration: |
|
|
|
|
Fair value of consideration transferred (cash paid) |
|
$ |
(10,023 |
) |
|
|
|
|
|
Acquisition related costs expensed |
|
$ |
75 |
|
Recognized amounts of identifiable assets acquired and liabilities assumed: |
|
|
|
|
Property and equipment |
|
$ |
3,397 |
|
Prepaid tires and other prepaid assets |
|
|
276 |
|
Customer relationships |
|
|
4,004 |
|
Trade name |
|
|
72 |
|
Non-compete agreement |
|
|
62 |
|
Vacation liability assumed |
|
|
(132 |
) |
Total identifiable net assets assumed |
|
$ |
7,679 |
|
Goodwill |
|
|
2,344 |
|
Total |
|
$ |
10,023 |
|
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 September
30, 2016 these non-cancellable operating leases will require minimum annualized rental payments approximating $200,000 for the
next 1.1 fiscal years.
15. Goodwill and Intangible Assets.
The changes in gross carrying amounts of goodwill
are as follows (in thousands):
|
|
Goodwill |
|
October 1, 2013 |
|
$ |
1,087 |
|
Goodwill acquired |
|
|
2,344 |
|
September 30, 2014 |
|
|
3,431 |
|
No activity |
|
|
— |
|
September 30, 2015 |
|
|
3,431 |
|
No activity |
|
|
— |
|
September 30, 2016 |
|
$ |
3,431 |
|
The Company assesses goodwill for
impairment on an annual basis in the fourth quarter, or more frequently if events or changes in circumstances indicate that the
asset might be impaired.
The Company reviews intangible assets,
including customer value, trade name and non-compete agreements, for impairment, whenever events or changes in circumstances indicate
that the carrying amount of such assets may not be recoverable. Recoverability of long-lived assets is measured by a comparison
of the carrying amount of the asset group to the future undiscounted net cash flows expected to be generated by those assets. If
such assets are considered to be impaired, the impairment charge recognized is the amount by which the carrying amounts of the
assets exceeds the fair value of the assets.
The gross amounts and accumulated
amortization (including impairment) of identifiable intangible assets are as follows (in thousands):
|
|
September 30, 2016 |
|
|
September 30, 2015 |
|
|
|
|
Gross |
|
|
Accumulated |
|
|
|
Gross |
|
|
Accumulated |
|
|
|
|
|
|
Amount |
|
|
Amortization |
|
|
|
Amount |
|
|
Amortization |
|
|
|
Amortizable intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer value (useful life 10.5 years) |
|
|
4,004 |
|
|
2,844 |
|
|
|
4,004 |
|
|
2,691 |
|
|
|
Trade name (useful life 3.5 years) |
|
|
72 |
|
|
60 |
|
|
|
72 |
|
|
39 |
|
|
|
Non-compete (useful life 5 years) |
|
|
62 |
|
|
36 |
|
|
|
62 |
|
|
24 |
|
|
|
|
|
$ |
4,138 |
|
$ |
2,940 |
|
|
$ |
4,138 |
|
$ |
2,754 |
|
|
|
The Company recorded an impairment charge related
to the recorded customer relationship intangible asset resulting from the Pipeline acquisition of $2,074,000, with an after tax
impact to net income of $1,265,000, in its consolidated and combined financial statements for the quarter ended March 31, 2015.
The impairment charge was calculated utilizing the assistance of a third party valuation expert. The Company's conclusion that
an impairment charge was necessary in second quarter 2015 was a the result of (i) the loss of certain Pipeline customers over the
course of the first nine months of calendar 2014, and then (ii) the notification from another customer during the second quarter
that we would not be able to retain a sizeable piece of the business we acquired from Pipeline at the rates we quoted them during
a competitive bid process.
Amortization expense for intangible
assets was $186,000 for 2016 and it is included in sales, general and administrative expense. Estimated amortization expense for
the five succeeding years follows (in thousands):
|
|
Amount |
|
2017 |
|
|
$ |
177 |
|
|
2018 |
|
|
|
166 |
|
|
2019 |
|
|
|
154 |
|
|
2020 |
|
|
|
153 |
|
|
2021 |
|
|
|
153 |
|
|
Total |
|
|
$ |
803 |
|
16. Subsequent Events. None.
Management's Report on Internal Control Over Financial
Reporting
The management of Patriot is responsible
for establishing and maintaining adequate internal control over financial reporting. Patriot's internal control system was designed
to provide reasonable assurance to the Company's management and Board of Directors regarding the preparation and fair presentation
of published financial statements in accordance with U.S. generally accepted accounting principles. All internal control systems,
no matter how well designed have inherent limitations. Therefore, even those systems determined to be effective can provide only
reasonable assurance with respect to financial statement preparation and presentation. Patriot's management assessed the effectiveness
of the Company's internal control over financial reporting as of September 30, 2016 based on the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in the Internal Control-Integrated Framework (2013). Based on this
assessment, management believes that, as of September 30, 2016, the Company's internal control over financial reporting is effective.
Report of Independent Registered
Certified Public Accounting Firm
The Shareholders and Board of Directors
Patriot Transportation Holding, Inc.
We have audited the accompanying consolidated
and combined balance sheets of Patriot Transportation Holding, Inc. as of September 30, 2016 and 2015, and the related consolidated
and combined statements of income, comprehensive income, shareholder’s equity/net investment, and cash flows for years ended
September 30, 2016, 2015 and 2014. These consolidated and combined financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these consolidated and combined financial statements based on our audits.
We conducted our audits in accordance
with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control
over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements
referred to above present fairly, in all material respects, the consolidated and combined financial position of Patriot Transportation
Holding, Inc. as of September 30, 2016 and 2015, and the consolidated and combined results of its operations and its cash flows
for the years ended September 30, 2016, 2015 and 2014 in conformity with accounting principles generally accepted in the United
States of America.
Hancock Askew & Co., LLP
Savannah, Georgia
December 2, 2016
DIRECTORS AND OFFICERS
Directors
Thompson S. Baker II (1)
Chairman, President and Chief Executive
Officer of the Company
Edward L. Baker (1)
Chairman Emeritus
John E. Anderson (2)(3)(4)
Former President and Chief Executive
Officer of Patriot Transportation
Holding, Inc.
Luke E. Fichthorn III (2)(3)(4)
Private Investment Banker,
Twain Associates
Charles D. Hyman (2)(3)(4)
President/Founder
Charles D. Hyman & Company
________________
(1) Member of the Executive Committee
(2) Member of the Audit Committee
(3) Member of the Compensation Committee
(4) Member of the Nominating Committee
Officers
Thompson S. Baker II
President and Chief Executive Officer
John D. Milton, Jr.
Executive Vice President, Treasurer,
Secretary
and Chief Financial Officer
John D. Klopfenstein
Controller and Chief Accounting Officer
Robert E. Sandlin
Vice President
President, Florida Rock & Tank
Lines, Inc.
James N. Anderson IV
Vice President of Safety and Human
Resources
Patriot Transportation Holding,
Inc.
200 West Forsyth Street, 7th Floor
Jacksonville, Florida, 32202
Telephone: (904) 396-5733
Annual Meeting
Shareholders are cordially invited
to attend the Annual Shareholders Meeting which will be held at 10 a.m. local time, on Wednesday, January 25, 2017, at the River
Club, Ortega Room, on the 34th Floor of the Wells Fargo Building, One Independent Drive, Jacksonville, Florida 32202.
Transfer Agent
American Stock Transfer & Trust
Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Telephone: 1-800-937-5449
General Counsel
Nelson Mullins Riley & Scarborough
LLP
Jacksonville, Florida
Independent Registered Certified
Public Accounting Firm
Hancock Askew & Co., LLP
Savannah, Georgia
Common Stock Listed
The Nasdaq Stock Market
(Symbol: PATI)
Form 10-K
Shareholders may receive without
charge a copy of Patriot Transportation Holding, Inc.’s annual report on Form 10-K for the fiscal year ended September 30,
2016 as filed with the Securities and Exchange Commission by writing to the Treasurer at 200 West Forsyth Street, 7th Floor, Jacksonville,
Florida 32202. The most recent certifications by our Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed as exhibits to our Form 10-K.
Company Website
The Company’s website may be
accessed at www.patriottrans.com. All of our filings with the Securities and Exchange Commission can be accessed through
our website promptly after filing. This includes annual reports on Form 10-K, proxy statements, quarterly reports on Form 10-Q,
current reports filed or furnished on Form 8-K and all related amendments.
Exhibit
23
CONSENT OF INDEPENDENT REGISTERED
CERTIFIED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation
by reference in the Registration Statements on Form S-8 (Nos. 333-201791 and 333-201792) of Patriot Transportation Holding, Inc.
of our report dated December 2, 2016 relating to the consolidated and combined financial statements which appear in the Annual
Report to Shareholders incorporated by reference herein. We also consent to the incorporation by reference of our report dated
December 2, 2016, relating to the financial statement schedule, which appears in this Form 10-K.
Hancock Askew & Co., LLP
Savannah, Georgia
December 2, 2016
CERTIFICATIONS Exhibit 31(a)
I, Thompson S. Baker II, certify that:
| 1. | I have reviewed this annual report on Form 10-K of Patriot Transportation Holding,
Inc.; |
| 2. | Based on my knowledge, this annual 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 annual report; |
| 3. | Based on my knowledge, the financial statements, and other financial information
included in this annual 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 annual 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)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a) | designed such disclosure controls and procedures,
or caused such disclosure controls to be designed under our supervision, 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) | designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles; |
| c) | 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 |
| d) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal annual 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: December 2, 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 annual report on Form 10-K of Patriot Transportation Holding,
Inc.; |
| 2. | Based on my knowledge, this annual 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 annual report; |
| 3. | Based on my knowledge, the financial statements, and other financial information
included in this annual 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 annual 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)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a) | designed such disclosure controls and procedures,
or caused such disclosure controls to be designed under our supervision, 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) | designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles; |
| c) | 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 |
| d) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal annual 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: December 2, 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 annual report on Form 10-K of Patriot Transportation Holding,
Inc.; |
| 2. | Based on my knowledge, this annual 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 annual report; |
| 3. | Based on my knowledge, the financial statements, and other financial information
included in this annual 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 annual 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)) and
internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| a) | designed such disclosure controls and procedures,
or caused such disclosure controls to be designed under our supervision, 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) | designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles; |
| c) | 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 |
| d) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal annual 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: December 2, 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.
|
|
|
PATRIOT TRANSPORTATION HOLDING, INC. |
|
|
|
|
December 2, 2016 |
|
|
THOMPSON S. BAKER II |
|
|
|
Thompson S. Baker II |
|
|
|
Chairman, 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 Annual Report on Form 10-K and is not filed as provided in SEC Release Nos. 33-8212, 34-4751 and IC-25967, dated
June 30, 2003.
v3.5.0.2
Document and Entity Information - USD ($)
|
12 Months Ended |
|
|
Sep. 30, 2016 |
Dec. 02, 2016 |
Mar. 31, 2016 |
Document And Entity Information |
|
|
|
Entity Registrant Name |
PATRIOT TRANSPORTATION HOLDING, INC.
|
|
|
Entity Central Index Key |
0001616741
|
|
|
Document Type |
10-K
|
|
|
Document Period End Date |
Sep. 30, 2016
|
|
|
Amendment Flag |
false
|
|
|
Current Fiscal Year End Date |
--09-30
|
|
|
Is Entity a Well-known Seasoned Issuer? |
No
|
|
|
Is Entity a Voluntary Filer? |
No
|
|
|
Is Entity's Reporting Status Current? |
No
|
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
|
Entity Public Float |
|
|
$ 42,838,678
|
Entity Common Stock, Shares Outstanding |
|
3,289,353
|
|
Document Fiscal Period Focus |
FY
|
|
|
Document Fiscal Year Focus |
2016
|
|
|
X |
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v3.5.0.2
Consolidated and Combined Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2016 |
Sep. 30, 2015 |
Assets |
|
|
Cash and cash equivalents |
$ 6,005
|
$ 0
|
Accounts receivable, net of allowance for doubtful accounts of $153 and $144, respectively |
7,043
|
7,382
|
Federal and state taxes receivable |
261
|
115
|
Inventory of parts and supplies |
811
|
780
|
Prepaid tires on equipment |
2,052
|
2,019
|
Prepaid taxes and licenses |
681
|
694
|
Prepaid insurance |
820
|
748
|
Prepaid expenses, other |
64
|
58
|
Total current assets |
17,737
|
11,796
|
Land |
2,626
|
2,679
|
Buildings |
5,494
|
5,507
|
Equipment |
94,663
|
91,800
|
Property, plant and equipment, at cost |
102,783
|
99,986
|
Less accumulated depreciation |
59,080
|
57,366
|
Net property, plant and equipment |
43,703
|
42,620
|
Goodwill |
3,431
|
3,431
|
Intangible assets, net |
1,214
|
1,384
|
Other assets, net |
214
|
295
|
Total assets |
66,299
|
59,526
|
Liabilities and Shareholders' Equity |
|
|
Accounts payable |
4,896
|
4,163
|
Bank overdraft |
0
|
773
|
Accrued payroll and benefits |
4,608
|
5,363
|
Accrued insurance |
700
|
1,102
|
Accrued liabilities, other |
369
|
393
|
Total current liabilities |
10,573
|
11,794
|
Deferred income taxes |
10,479
|
8,334
|
Accrued insurance |
184
|
1,026
|
Other liabilities |
1,117
|
1,170
|
Commitments and contingencies (Note 11) |
|
|
Shareholders' Equity: |
|
|
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; 3,289,353 and 3,272,804 shares issued and outstanding, respectively) |
329
|
327
|
Capital in excess of par value |
35,919
|
35,005
|
Retained earnings |
7,524
|
1,819
|
Accumulated other comprehensive income, net |
174
|
51
|
Total shareholders' equity |
43,946
|
37,202
|
Total liabilties and shareholders' equity |
$ 66,299
|
$ 59,526
|
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v3.5.0.2
Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Sep. 30, 2015 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable allowance for doubtful accounts |
$ 153
|
$ 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 |
3,289,353
|
3,272,804
|
X |
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v3.5.0.2
Consolidated and Combined Statements of Income - USD ($) $ in Thousands |
12 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Revenues: |
|
|
|
|
Transportation revenues |
$ 115,592
|
$ 111,294
|
|
$ 108,424
|
Fuel surcharges |
4,580
|
11,588
|
|
20,738
|
Total revenues |
120,172
|
122,882
|
|
129,162
|
Cost of operations: |
|
|
|
|
Compensation and benefits |
51,069
|
49,050
|
|
47,431
|
Fuel expenses |
15,157
|
20,295
|
|
29,281
|
Repairs & tires |
7,777
|
7,876
|
|
7,831
|
Other operating |
4,719
|
4,520
|
|
5,251
|
Insurance and losses |
10,358
|
10,249
|
|
10,729
|
Depreciation expense |
8,870
|
8,486
|
|
8,210
|
Rents, tags & utilities |
3,834
|
3,892
|
|
3,706
|
Sales, general & administrative |
9,626
|
9,188
|
|
9,273
|
Corporate expenses |
2,946
|
3,203
|
|
2,685
|
Intangible asset impairment |
0
|
2,074
|
[1] |
0
|
Gain on property sale |
(1,277)
|
0
|
|
0
|
Gain on equipment sales |
(697)
|
(1,537)
|
|
(578)
|
Total cost of operations |
112,382
|
117,296
|
|
123,819
|
Total operating profit |
7,790
|
5,586
|
|
5,343
|
BP claim Settlement |
1,687
|
0
|
|
0
|
Interest income and other |
6
|
0
|
|
7
|
Interest expense |
(130)
|
(112)
|
|
(109)
|
Income before income taxes |
9,353
|
5,474
|
|
5,241
|
Provision for income taxes |
3,648
|
2,135
|
|
2,044
|
Net income |
$ 5,705
|
$ 3,339
|
|
$ 3,197
|
Earnings per common share: |
|
|
|
|
Net income - basic |
$ 1.74
|
$ 1.02
|
|
$ 0.99
|
Net income - diluted |
$ 1.74
|
$ 1.02
|
|
$ 0.99
|
Number of shares (in thousands) used in computing: |
|
|
|
|
-basic earnings per common share |
3,283
|
3,268
|
|
3,243
|
-diluted earnings per common share |
3,285
|
3,275
|
|
3,243
|
|
|
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v3.5.0.2
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Cash flows from operating activities: |
|
|
|
|
Net income |
$ 5,705
|
$ 3,339
|
|
$ 3,197
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
Depreciation and amortization |
9,729
|
9,485
|
|
9,294
|
Intangible asset impairment |
0
|
2,074
|
[1] |
0
|
Deferred income taxes |
2,145
|
(590)
|
|
(461)
|
Gain on asset dispositions |
(2,222)
|
(1,558)
|
|
(578)
|
Stock-based compensation |
745
|
617
|
|
569
|
Net changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
339
|
(263)
|
|
(235)
|
Inventory of parts and supplies |
(31)
|
115
|
|
(14)
|
Prepaid expenses |
(98)
|
152
|
|
(149)
|
Other assets |
132
|
(148)
|
|
0
|
Accounts payable and accrued liabilities |
(448)
|
2,478
|
[2] |
(1,487)
|
Income taxes payable and receivable |
(146)
|
(244)
|
|
(44)
|
Long-term insurance liabilities and other long-term liabilities |
(895)
|
(405)
|
|
728
|
Net cash provided by operating activities |
14,955
|
15,052
|
|
10,820
|
Cash flows from investing activities: |
|
|
|
|
Purchase of property and equipment |
(11,503)
|
(9,905)
|
|
(9,631)
|
Business acquisition |
0
|
0
|
|
(10,023)
|
Proceeds from the sale of property, plant and equipment |
3,155
|
1,863
|
|
1,436
|
Net cash used in investing activities |
(8,348)
|
(8,042)
|
|
(18,218)
|
Cash flows from financing activities: |
|
|
|
|
(Decrease) increase in bank overdrafts |
(773)
|
(160)
|
|
685
|
Proceeds from borrowing on revolving credit facility |
13,536
|
43,793
|
|
23,528
|
Payments on revolving credit facility |
(13,536)
|
(51,075)
|
|
(16,246)
|
Debt issue costs |
0
|
(94)
|
|
0
|
Excess tax benefits from exercise of stock options |
171
|
425
|
|
0
|
Proceeds from exercised stock options |
0
|
202
|
|
0
|
Net distributions to FRP prior to spin-off |
0
|
(101)
|
|
(569)
|
Net cash (used in) provided by financing activities |
(602)
|
(7,010)
|
|
7,398
|
Net increase in cash and cash equivalents |
6,005
|
0
|
|
0
|
Cash and cash equivalents at beginning of year |
0
|
0
|
|
0
|
Cash and cash equivalents at end of the year |
6,005
|
0
|
|
0
|
Supplemental disclosures of cash flow information: |
|
|
|
|
Cash paid during the year for interest |
74
|
175
|
|
109
|
Cash paid during the year for Income taxes |
$ 1,909
|
$ 2,840
|
|
$ 2,548
|
|
|
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v3.5.0.2
Consolidated and Combined Statements of Shareholders' Equity/Net Investment - USD ($) $ in Thousands |
Common Stock |
Capital in Excess of Par Value |
Retained Earnings |
Net Investment |
Accumulated Other Comprehensive Income, net of tax |
Total |
Beginning balance, shares at Sep. 30, 2013 |
0
|
|
|
|
|
|
Beginning balance, amount at Sep. 30, 2013 |
$ 0
|
$ 0
|
$ 0
|
$ 29,472
|
$ 58
|
$ 29,530
|
Net income |
|
|
|
3,197
|
|
3,197
|
Minimum pension liability, net of tax |
|
|
|
|
(2)
|
(2)
|
Actuarial (loss) gain, net |
|
|
|
|
(3)
|
(3)
|
Ending balance, shares at Sep. 30, 2014 |
0
|
|
|
|
|
|
Ending balance, amount at Sep. 30, 2014 |
$ 0
|
0
|
0
|
32,669
|
53
|
32,722
|
Issuance of common stock at spinoff, shares |
3,242,524
|
|
|
|
|
|
Issuance of common stock at spinoff, amount |
$ 324
|
|
|
|
|
$ 324
|
Exercise of stock options, shares |
16,000
|
|
|
|
|
16,000
|
Exercise of stock options, amount |
$ 2
|
201
|
|
|
|
$ 203
|
Excess tax benefits from exercise of stock options |
|
425
|
|
|
|
425
|
Stock-based compensation |
|
174
|
|
|
|
174
|
Shares granted to Directors, shares |
14,280
|
|
|
|
|
|
Shares granted to Directors, amount |
$ 1
|
341
|
|
|
|
342
|
Net income |
$ 0
|
0
|
3,339
|
|
0
|
3,339
|
Minimum pension liability, net of tax |
|
|
|
|
(6)
|
(6)
|
Actuarial (loss) gain, net |
|
|
|
|
4
|
4
|
Reclassification of net investment to capital in excess of par value |
|
33,864
|
(1,520)
|
(32,669)
|
|
(325)
|
Ending balance, shares at Sep. 30, 2015 |
3,272,804
|
|
|
|
|
|
Ending balance, amount at Sep. 30, 2015 |
$ 327
|
35,005
|
1,819
|
0
|
51
|
37,202
|
Excess tax benefits from exercise of stock options |
|
171
|
|
|
|
171
|
Stock-based compensation |
|
384
|
|
|
|
384
|
Shares granted to Directors, shares |
16,549
|
|
|
|
|
|
Shares granted to Directors, amount |
$ 2
|
359
|
|
|
|
361
|
Net income |
|
|
5,705
|
|
|
5,705
|
Minimum pension liability, net of tax |
|
|
|
|
|
0
|
Actuarial (loss) gain, net |
|
|
|
|
123
|
123
|
Ending balance, shares at Sep. 30, 2016 |
3,289,353
|
|
|
|
|
|
Ending balance, amount at Sep. 30, 2016 |
$ 329
|
$ 35,919
|
$ 7,524
|
$ 0
|
$ 174
|
$ 43,946
|
X |
- DefinitionThis element represents the amount of recognized equity-based compensation related to stock options during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized).
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v3.5.0.2
Accounting Policies
|
12 Months Ended |
Sep. 30, 2016 |
Accounting Policies [Abstract] |
|
Accounting Policies |
1. Accounting
Policies.
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.
PRINCIPLES OF CONSOLIDATION AND COMBINATION
- The consolidated and combined financial statements were prepared in accordance with U.S. generally accepted accounting principles
(“GAAP”) and include the accounts, certain assets, liabilities, and expenses of Patriot and its wholly owned subsidiaries
that comprise the Company. All significant intercompany transactions within the consolidated and combined entity have been eliminated.
CASH AND CASH EQUIVALENTS - The Company
considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents.
Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right
of offset.
INVENTORY - Inventory of parts and
supplies is valued at the lower of cost (first-in, first-out) or market.
TIRES ON EQUIPMENT - The value of
tires on tractors and trailers is accounted for as a prepaid expense and amortized over the life of the tires as a function of
miles driven.
REVENUE AND EXPENSE RECOGNITION -
Transportation revenue, including fuel surcharges, is recognized when the services have been rendered to customers or delivery
has occurred, the pricing is fixed or determinable and collectibility is reasonably assured. Transportation expenses are recognized
as incurred.
ACCOUNTS RECEIVABLE - Accounts receivable
are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering
historical and current trends. We record estimated bad debts expense as a selling, general and administrative expense. We estimate
the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment.
Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness,
current economic trends and changes in customer payment terms. Any trade accounts receivable balances written off are charged against
the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years.
PROPERTY AND EQUIPMENT - Property
and equipment is recorded at cost less accumulated depreciation. Provision for depreciation of property and equipment is computed
using the straight-line method based on the following estimated useful lives:
|
|
|
Years |
Building and improvements |
|
|
7-39 |
Revenue equipment |
|
|
7-10 |
Other equipment |
|
|
3-10 |
The Company recorded depreciation
expenses for 2016, 2015 and 2014 of $9,487,000, $9,154,000 and $8,898,000, respectively.
IMPAIRMENT OF LONG-LIVED ASSETS -
The Company periodically reviews its long-lived assets, which include property and equipment and purchased intangible assets subject
to amortization, for potential impairment whenever events or circumstances indicate the carrying amount of a long-lived asset may
not be recoverable. The analysis consists of a review of future anticipated results considering business prospects and asset utilization.
If the sum of these future cash flows (undiscounted and without interest charges) is less than the carrying amount of the assets,
the Company would record an impairment loss based on the fair value of the assets with the fair value of the assets generally based
upon an estimate of the discounted future cash flows expected with regards to the assets and their eventual disposition.
GOODWILL – Goodwill represents
the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill
is not amortized, but rather is tested for impairment annually and when events or changes in circumstances indicate that the fair
value of a reporting unit with goodwill has been reduced below carrying value. The impairment test requires allocating goodwill
and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book
value of the reporting unit. If the fair value of the reporting unit is less than the book value, including goodwill, then the
recorded goodwill is impaired to its implied fair value with a charge to operating expense.
INSURANCE - The Company has a $250,000
to $500,000 self-insured retention per occurrence in connection with certain of its workers’ compensation, automobile liability,
and general liability insurance programs (“risk insurance”). The Company is also self-insured for its employee health
insurance benefits and carries stop loss coverage for losses over $250,000 per covered participant per year plus a $77,000 aggregate.
The Company has established an accrued liability for the estimated cost in connection with its portion of its risk and health insurance
losses incurred and reported. Claims paid by the Company are charged against the liability. Additionally, the Company maintains
an accrued liability for incurred but not reported claims based on historical analysis of such claims. Payments made under a captive
agreement for each year’s loss fund are scheduled in advance using actuarial methodology. The captive agreement provides
that we will share in the underwriting results, good or bad, within a $250,000 per occurrence layer of loss through retrospective
premium adjustments. The method of calculating the accrual liability is subject to inherent uncertainty. If actual results are
less favorable than the estimates used to calculate the liabilities, the Company would have to record expenses in excess of what
has been accrued.
INCOME TAXES - Deferred tax assets
and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently
enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements
and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step
is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely
than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest
amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate
such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates
these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes
in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit,
and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional
charge to the tax provision. It is the Company’s policy to recognize as additional income tax expense the items of interest
and penalties directly related to income taxes.
STOCK BASED COMPENSATION –
The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and
other equity-based compensation issued to Company employees in Patriot’s income statement over the requisite employee service
period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value
of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of
grant using the Black-Scholes option-pricing model. The assumptions used in the model and related impact are discussed in Footnote
6.
PENSION PLAN - The Company accounts
for its pension plan following the requirements of FASB ASC Topic 715, “Compensation – Retirement Benefits”,
which requires an employer to: (a) recognize in its statement of financial position the funded status of a benefit plan; (b) measure
defined benefit plan assets and obligations as of the end of the employer’s fiscal year (with limited exceptions); and (c)
recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that
arise but are not recognized as components of net periodic benefit costs pursuant to prior existing guidance.
EARNINGS PER COMMON 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 and restricted stock.
USE OF ESTIMATES - The preparation
of financial statements in conformity with accounting principles generally accepted in the United States requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
Certain accounting policies and estimates
are of more significance in the financial statement preparation process than others. The most critical accounting policies and
estimates include the economic useful lives and salvage values of our vehicles and equipment, provisions for uncollectible accounts
receivable, estimates of exposures related to our insurance claims plans, and estimates for taxes. To the extent that actual, final
outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates,
earnings during that accounting period will be affected.
ENVIRONMENTAL - Environmental expenditures
that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which
do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected
environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates,
continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties.
COMPREHENSIVE INCOME – Comprehensive
income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains,
and losses that are not included in net income, but rather are recorded directly in shareholder’s equity/net investment.
NET INVESTMENT BY PARENT –
The Net investment by former Parent represents a net balance reflecting FRP’s initial investment in the Company and subsequent
adjustments resulting from the operations of the Company and various transactions between the Company and FRP.
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 February 2016, the FASB issued ASU No. 2016-02,
“Leases”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are
permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months
or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required.
The new standard will become effective for the Company beginning with the first quarter 2020 and requires a modified retrospective
transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. The Company is
currently evaluating the impacts the adoption of this accounting guidance will have on the consolidated financial statements. The
Company has relatively few leases extending over 12 months, the total gross contractual obligation for lease payments greater than
12 months at September 30, 2016 was $1,722,000.
In March 2016, the FASB issued ASU No. 2016-09,
“Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU
includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits
for share-based payments will be recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption
of this ASU. Excess tax benefits are currently recorded in equity and disclosed on the statement of cash flows as financing activity
under the current rules. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather
than on an estimated basis. This guidance is effective for annual and interim reporting periods of public entities beginning after
December 15, 2016 with early adoption permitted. The Company may early adopt this accounting guidance in fiscal 2017 or as required
in fiscal 2018.
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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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v3.5.0.2
Related Party Agreements
|
12 Months Ended |
Sep. 30, 2016 |
Related Party Transactions [Abstract] |
|
Related Party Agreements |
2. 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
boards of the respective companies have since extended these agreements for an additional twelve months.
The consolidated and combined statements of
income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $1,542,000, $2,211,000, and $2,539,000 for
fiscal 2016, 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 $599,000, $490,000 and $359,000 to the Company for fiscal 2016, 2015 and 2014 respectively for such information technology
services and office space. The services to Bluegrass are anticipated to cease by December 31, 2016.
|
X |
- 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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v3.5.0.2
Debt
|
12 Months Ended |
Sep. 30, 2016 |
Debt Disclosure [Abstract] |
|
Debt |
3. Debt.
The Company had no long-term debt
outstanding at September 30, 2016 and September 30, 2015. The Company has two revolving lines of credit at September 30, 2016 as
follows:
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 September 30, 2016, we had
no outstanding debt borrowed on this revolver, $2,436,000 outstanding under letters of credit and $22,564,000 available for additional
borrowings.
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. The Company closed on a loan on May 13, 2015 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 September 30 2016, the Company had not taken any draws against this facility.
These credit agreements contain 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 September 30, 2016.
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v3.5.0.2
Operating Leases
|
12 Months Ended |
Sep. 30, 2016 |
Leases [Abstract] |
|
Leases |
4.
Operating Leases.
The Company leases certain assets
under operating leases, which primarily consist of real estate leases for the corporate office and some of our terminal locations.
Certain operating leases provide for renewal options, which can vary by lease and are typically offered at their fair rental value.
The Company has not made any residual value guarantees related to its operating leases; therefore, there is no corresponding liability
recorded on the Balance Sheets.
Future minimum annual lease payments
for assets under operating leases as of September 30, 2016 are as follows (in thousands):
Fiscal Year |
|
Total |
|
2017 |
|
458 |
|
|
2018 |
|
299 |
|
|
2019 |
|
303 |
|
|
2020 |
|
307 |
|
|
2021 |
|
311 |
|
|
Thereafter |
|
501 |
|
|
Total minimum lease payments |
|
$ |
2,179 |
|
|
|
|
|
|
|
|
Aggregate expense under operating
leases was $759,000, $742,000 and $738,000 for 2016, 2015 and 2014, respectively. Certain operating leases include rent escalation
provisions, which are recognized as expense on a straight-line basis.
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- DefinitionThe entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.
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v3.5.0.2
Earnings per share
|
12 Months Ended |
Sep. 30, 2016 |
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. (Shares in thousands, except per share amounts.)
|
|
Years Ended September 30 |
|
|
2016 |
|
2015 |
|
2014 |
Common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
|
|
|
|
|
|
|
|
|
|
|
outstanding during the period - |
|
|
|
|
|
|
|
|
|
|
|
|
shares used for basic earnings |
|
|
|
|
|
|
|
|
|
|
|
|
per common share |
|
|
3,283 |
|
|
|
3,268 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under share |
|
|
|
|
|
|
|
|
|
|
|
|
based payment plans which are |
|
|
|
|
|
|
|
|
|
|
|
|
potentially dilutive |
|
|
2 |
|
|
|
7 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,285 |
|
|
|
3,275 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,705 |
|
|
|
3,339 |
|
|
|
3,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.74 |
|
|
|
1.02 |
|
|
|
.99 |
|
Diluted |
|
$ |
1.74 |
|
|
|
1.02 |
|
|
|
.99 |
|
For 2016 and 2015, 80,669 and 19,218
shares, respectively, 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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v3.5.0.2
Stock-Based Compensation Plans
|
12 Months Ended |
Sep. 30, 2016 |
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 previously were 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 142,360 at September 30, 2016.
Patriot utilizes the Black-Scholes
valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated
based upon assumptions at the time of grant. The assumptions are no dividend yield, expected volatility between 37% and 41%, risk-free
interest rate of .9 to 2.0% and expected life of 3.0 to 7.0 years.
The dividend yield of zero is based
on the fact that Patriot does not pay cash dividends and has no present intention to pay cash dividends. Expected volatility is
estimated based on FRP’s historical experience over a period equivalent to the expected life in years. The risk-free interest
rate is based on the U.S. Treasury constant maturity interest rate at the date of grant with a term consistent with the expected
life of the options granted. The expected life calculation is based on the observed and expected time to exercise options by the
employees.
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):
|
|
Years Ended September 30 |
|
|
2016 |
|
2015 |
|
2014 |
Stock option grants |
|
$ |
384 |
|
|
|
274 |
|
|
|
220 |
|
Annual director stock award |
|
|
361 |
|
|
|
343 |
|
|
|
349 |
|
|
|
$ |
745 |
|
|
|
617 |
|
|
|
569 |
|
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(000's) |
|
|
|
|
|
|
|
|
Grants substituted on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 30, 2015 |
|
91,315 |
|
|
$ |
20.31 |
|
|
|
5.6 |
|
|
$ |
761 |
|
Exercised |
|
(16,000 |
) |
|
|
12.62 |
|
|
|
|
|
|
$ |
(95 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015 |
|
75,315 |
|
|
$ |
21.95 |
|
|
|
5.8 |
|
|
$ |
666 |
|
Granted |
|
38,794 |
|
|
|
23.78 |
|
|
|
|
|
|
|
362 |
|
Forfeited |
|
(3,298 |
) |
|
|
24.24 |
|
|
|
|
|
|
|
(29 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
110,811 |
|
|
$ |
22.52 |
|
|
|
6.2 |
|
|
$ |
999 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
68,049 |
|
|
$ |
21.43 |
|
|
|
4.8 |
|
|
$ |
548 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
twelve months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
13,651 |
|
|
|
|
|
|
|
|
|
|
$ |
110 |
|
The following table summarizes information
concerning stock options outstanding at September 30, 2016:
|
|
|
|
Shares |
|
|
Weighted |
|
|
Weighted |
|
Range of Exercise |
|
|
|
under |
|
|
Average |
|
|
Average |
|
Prices per Share |
|
|
|
Option |
|
|
Exercise Price |
|
Remaining Life |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-exercisable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$16.50 – $20.63 |
|
|
|
4,874 |
|
|
|
|
18.99 |
|
|
|
6.0 |
|
$20.64 - $25.78 |
|
|
|
28,276 |
|
|
|
|
23.77 |
|
|
|
9.1 |
|
$25.79-32.23 |
|
|
|
9,612 |
|
|
|
|
28.39 |
|
|
|
7.8 |
|
|
|
|
|
42,762 |
|
|
|
$ |
24.27 |
|
|
|
8.5 |
years |
Exercisable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$16.50 - $20.63 |
|
|
|
35,188 |
|
|
|
|
18.49 |
|
|
|
4.3 |
|
$20.64 - $25.78 |
|
|
|
23,255 |
|
|
|
|
22.78 |
|
|
|
4.4 |
|
$25.79 - $32.23 |
|
|
|
9,606 |
|
|
|
|
28.91 |
|
|
|
7.7 |
|
|
|
|
|
68,049 |
|
|
|
$ |
21.43 |
|
|
|
4.8 |
Years |
Total |
|
|
|
110,811 |
|
|
|
$ |
22.52 |
|
|
|
6.2 |
Years |
The aggregate intrinsic value of exercisable
Company options was $79,000 and the aggregate intrinsic value of all outstanding in-the-money options was $87,000 based on the
Company’s market closing price of $20.73 on September 30, 2016 less exercise prices.
The realized tax benefit from Patriot
option exercises during fiscal 2016 was $353,000 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 September 30, 2016 was $647,000,
which is expected to be recognized over a weighted-average period of 3.0 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.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901
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v3.5.0.2
Income Taxes
|
12 Months Ended |
Sep. 30, 2016 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
7. Income Taxes.
The provision for income taxes for
continuing operations for fiscal years ended September 30 consists of the following (in thousands):
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
|
Current: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
$ |
1,247 |
|
|
|
2,315 |
|
|
|
2,081 |
|
|
State |
|
|
|
334 |
|
|
|
408 |
|
|
|
424 |
|
|
|
|
|
|
1,581 |
|
|
|
2,723 |
|
|
|
2,505 |
|
|
Deferred |
|
|
|
2,067 |
|
|
|
(588 |
) |
|
|
(461 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
3,648 |
|
|
|
2,135 |
|
|
|
2,044 |
|
A reconciliation between the amount
of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands):
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
Amount computed at statutory |
|
|
|
|
|
|
|
|
|
|
|
|
Federal rate |
|
$ |
3,180 |
|
|
|
1,862 |
|
|
|
1,804 |
|
State income taxes (net of Federal |
|
|
|
|
|
|
|
|
|
|
|
|
income tax benefit) |
|
|
440 |
|
|
|
257 |
|
|
|
233 |
|
Other, net |
|
|
28 |
|
|
|
16 |
|
|
|
7 |
|
Provision for income taxes |
|
$ |
3,648 |
|
|
|
2,135 |
|
|
|
2,044 |
|
In this reconciliation, the category
“Other, net” consists of changes in permanent tax differences related to non-deductible expenses, special tax rates
and tax credits, interest and penalties, and adjustments to prior year estimates.
The types of temporary differences
and their related tax effects that give rise to deferred tax assets and deferred tax liabilities at September 30, are presented
below (in thousands):
|
|
|
2016 |
|
|
|
2015 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Property and equipment |
|
$ |
12,156 |
|
|
|
10,684 |
|
Prepaid expenses |
|
|
134 |
|
|
|
— |
|
Gross deferred tax liabilities |
|
|
12,290 |
|
|
|
10,684 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Insurance liabilities |
|
|
184 |
|
|
|
656 |
|
Employee benefits and other |
|
|
1,627 |
|
|
|
1,694 |
|
Gross deferred tax assets |
|
|
1,811 |
|
|
|
2,350 |
|
Net deferred tax liability |
|
$ |
10,479 |
|
|
|
8,334 |
|
The Company has no unrecognized tax
benefits.
Patriot tax returns in the U.S. and
various states that include the Company are subject to audit by taxing authorities. As of September 30, 2016, the earliest tax
year that remains open for audit in the Unites States is 2010.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.5.0.2
Accrued Insurance
|
12 Months Ended |
Sep. 30, 2016 |
Insurance [Abstract] |
|
Accrued Insurance |
8. Accrued Insurance.
The Company has established an accrued liability for the estimated
cost in connection with its portion of its risk and health insurance losses incurred and reported. Payments made under a captive
agreement for each year’s risk loss fund are scheduled in advance using actuarial methodology. Captive insurance assets available
to us to settle risk insurance liabilities are not reported on our balance sheet as we do not control or consolidate the captive.
The accrued insurance liability at
September 30 is summarized as follows (in thousands):
|
|
|
2016 |
|
|
|
2015 |
|
Accrued insurance, current portion |
|
$ |
700 |
|
|
|
1,102 |
|
Accrued insurance, non-current |
|
|
184 |
|
|
|
1,026 |
|
Total accrued insurance |
|
$ |
884 |
|
|
|
2,128 |
|
Captive agreement assets |
|
|
3,669 |
|
|
|
2,986 |
|
Gross accrued insurance |
|
$ |
4,553 |
|
|
|
5,114 |
|
|
X |
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v3.5.0.2
Employee Benefits
|
12 Months Ended |
Sep. 30, 2016 |
Compensation and Retirement Disclosure [Abstract] |
|
Employee Benefits |
9. Employee Benefits.
The Company and certain subsidiaries
have a savings/profit sharing plan for the benefit of qualified employees. The savings feature of the plan incorporates the provisions
of Section 401(k) of the Internal Revenue Code under which an eligible employee may elect to save a portion (within limits) of
their compensation on a tax deferred basis. Patriot contributes to a participant’s account an amount equal to 50% (with certain
limits) of the participant’s contribution. Additionally, the Company may make an annual discretionary contribution to the
plan as determined by the Board of Directors, with certain limitations. The plan provides for deferred vesting with benefits payable
upon retirement or earlier termination of employment. The Company’s allocated cost was $792,000 in 2016, $718,000 in 2015
and $718,000 in 2014.
The Company has a Management Security
Plan (MSP) for certain key employees. The accruals for future benefits are based upon the remaining years to retirement of the
participating employees and other actuarial assumptions. The fourth quarter of fiscal 2014 included a $575,000 unfavorable adjustment
to the actuarially assumed expense due to the death prior to retirement of one of the plan participants. The expense allocated
to the Company for fiscal 2016, 2015 and 2014 was $25,000, $28,000 and $614,000, respectively. The accrued benefit related to the
Company under this plan as of September 30, 2016 and 2015 was $702,000 and $744,000, respectively.
The Company provides certain health
benefits for retired employees. Employees may become eligible for those benefits if they were employed by the Company prior to
December 10, 1992, meet the service requirements and reach retirement age while working for Patriot. The plan is contributory and
unfunded. The Company accrues its allocated estimated cost of retiree health benefits over the years that the employees render
service. The accrued postretirement benefit obligation for this plan related to the Company as of September 30, 2016 and 2015 was
$180,000 and $387,000, respectively. The net periodic postretirement benefit cost allocated to the Company was $16,000, $12,000
and $12,000 for fiscal 2016, 2015 and 2014, respectively. The discount rate used in determining the Net Periodic Postretirement
Benefit Cost was 3.7% for 2016, 4.0% for 2015 and 4.0% for 2014. The discount rate used in determining the Accumulated Postretirement
Benefit Obligation (APBO) was 4.25% for 2016, 2015, and 2014. No medical trend is applicable because the Company’s share
of the cost is frozen.
|
X |
- DefinitionThe entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.
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v3.5.0.2
Fair Value Measurements
|
12 Months Ended |
Sep. 30, 2016 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
10. 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 September 30, 2016 the Company
had no assets or liabilities measured at fair value on a recurring or non-recurring basis.
At September 30, 2016 and 2015, 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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v3.5.0.2
Contingent liabilities
|
12 Months Ended |
Sep. 30, 2016 |
Commitments and Contingencies Disclosure [Abstract] |
|
Contingent liabilities |
11. 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.
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- DefinitionThe entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.
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v3.5.0.2
Concentrations
|
12 Months Ended |
Sep. 30, 2016 |
Risks and Uncertainties [Abstract] |
|
Concentrations |
12. 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 fiscal 2016, the Company’s ten largest customers accounted for approximately 58.9% of our revenue and one of these
customers accounted for 22.0% of our revenue. Accounts receivable from the ten largest customers was $3,998,000 and $4,596,000
at September 30, 2016 and September 30, 2015 respectively. The loss of any one of these ten 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.
|
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- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.5.0.2
Unusual or Infrequent Items Impacting Quarterly Results
|
12 Months Ended |
Sep. 30, 2016 |
Unusual or Infrequent Items, or Both [Abstract] |
|
Unusual or Infrequent Items Impacting Quarterly Results |
13. Unusual or Infrequent Items Impacting
Quarterly Results.
On September 30, 2016, the Company
received $1,330,000 for an easement granted to the state of Florida over the Company's 25.2 acre terminal facility in Tampa, Florida
resulting in a $1,277,000 gain. The easement prohibits residential development on the site and prohibits hotel development on a
portion of the site.
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. This amount is included in other income.
An impairment charge of $2,074,000
was recorded in second quarter 2015 related to the recorded customer relationship intangible asset fair value pertaining to the
Pipeline acquisition in November 2013.
Sales, general & administrative
expense for the fourth quarter of fiscal 2014 includes a $575,000 unfavorable adjustment to the actuarially assumed expense due
to the death prior to retirement of one of the Management Security Plan participants.
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- DefinitionThe entire disclosure for an event or transaction that is unusual in nature or infrequent in occurrence, or both.
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v3.5.0.2
Pipeline Business Acquisition
|
12 Months Ended |
Sep. 30, 2016 |
Business Combinations [Abstract] |
|
Pipeline Business Acquisition |
14. 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 as follows (in thousands):
Consideration: |
|
|
|
|
Fair value of consideration transferred (cash paid) |
|
$ |
(10,023 |
) |
|
|
|
|
|
Acquisition related costs expensed |
|
$ |
75 |
|
Recognized amounts of identifiable assets acquired and liabilities assumed: |
|
|
|
|
Property and equipment |
|
$ |
3,397 |
|
Prepaid tires and other prepaid assets |
|
|
276 |
|
Customer relationships |
|
|
4,004 |
|
Trade name |
|
|
72 |
|
Non-compete agreement |
|
|
62 |
|
Vacation liability assumed |
|
|
(132 |
) |
Total identifiable net assets assumed |
|
$ |
7,679 |
|
Goodwill |
|
|
2,344 |
|
Total |
|
$ |
10,023 |
|
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 September
30, 2016 these non-cancellable operating leases will require minimum annualized rental payments approximating $200,000 for the
next 1.1 fiscal years.
|
X |
- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.5.0.2
Goodwill and Intangible Assets
|
12 Months Ended |
Sep. 30, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets |
15. Goodwill and Intangible Assets.
The changes in gross carrying amounts of goodwill
are as follows (in thousands):
|
|
Goodwill |
|
October 1, 2013 |
|
$ |
1,087 |
|
Goodwill acquired |
|
|
2,344 |
|
September 30, 2014 |
|
|
3,431 |
|
No activity |
|
|
— |
|
September 30, 2015 |
|
|
3,431 |
|
No activity |
|
|
— |
|
September 30, 2016 |
|
$ |
3,431 |
|
The Company assesses goodwill for
impairment on an annual basis in the fourth quarter, or more frequently if events or changes in circumstances indicate that the
asset might be impaired.
The Company reviews intangible assets,
including customer value, trade name and non-compete agreements, for impairment, whenever events or changes in circumstances indicate
that the carrying amount of such assets may not be recoverable. Recoverability of long-lived assets is measured by a comparison
of the carrying amount of the asset group to the future undiscounted net cash flows expected to be generated by those assets. If
such assets are considered to be impaired, the impairment charge recognized is the amount by which the carrying amounts of the
assets exceeds the fair value of the assets.
The gross amounts and accumulated
amortization (including impairment) of identifiable intangible assets are as follows (in thousands):
|
|
September 30, 2016 |
|
|
September 30, 2015 |
|
|
|
|
Gross |
|
|
Accumulated |
|
|
|
Gross |
|
|
Accumulated |
|
|
|
|
|
|
Amount |
|
|
Amortization |
|
|
|
Amount |
|
|
Amortization |
|
|
|
Amortizable intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer value (useful life 10.5 years) |
|
|
4,004 |
|
|
2,844 |
|
|
|
4,004 |
|
|
2,691 |
|
|
|
Trade name (useful life 3.5 years) |
|
|
72 |
|
|
60 |
|
|
|
72 |
|
|
39 |
|
|
|
Non-compete (useful life 5 years) |
|
|
62 |
|
|
36 |
|
|
|
62 |
|
|
24 |
|
|
|
|
|
$ |
4,138 |
|
$ |
2,940 |
|
|
$ |
4,138 |
|
$ |
2,754 |
|
|
|
The Company recorded an impairment charge related
to the recorded customer relationship intangible asset resulting from the Pipeline acquisition of $2,074,000, with an after tax
impact to net income of $1,265,000, in its consolidated and combined financial statements for the quarter ended March 31, 2015.
The impairment charge was calculated utilizing the assistance of a third party valuation expert. The Company's conclusion that
an impairment charge was necessary in second quarter 2015 was a the result of (i) the loss of certain Pipeline customers over the
course of the first nine months of calendar 2014, and then (ii) the notification from another customer during the second quarter
that we would not be able to retain a sizeable piece of the business we acquired from Pipeline at the rates we quoted them during
a competitive bid process.
Amortization expense for intangible
assets was $186,000 for 2016 and it is included in sales, general and administrative expense. Estimated amortization expense for
the five succeeding years follows (in thousands):
|
|
Amount |
|
2017 |
|
|
$ |
177 |
|
|
2018 |
|
|
|
166 |
|
|
2019 |
|
|
|
154 |
|
|
2020 |
|
|
|
153 |
|
|
2021 |
|
|
|
153 |
|
|
Total |
|
|
$ |
803 |
|
|
X |
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- DefinitionThe entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.5.0.2
Accounting Policies (Policies)
|
12 Months Ended |
Sep. 30, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Description of Business |
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.
|
Principles of consolidation and combination |
PRINCIPLES OF CONSOLIDATION AND COMBINATION
- The consolidated and combined financial statements were prepared in accordance with U.S. generally accepted accounting principles
(“GAAP”) and include the accounts, certain assets, liabilities, and expenses of Patriot and its wholly owned subsidiaries
that comprise the Company. All significant intercompany transactions within the consolidated and combined entity have been eliminated.
|
Cash and Cash Equivalents |
CASH AND CASH EQUIVALENTS - The Company
considers all highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents.
Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right
of offset.
|
Inventory |
INVENTORY - Inventory of parts and
supplies is valued at the lower of cost (first-in, first-out) or market.
|
Tires on Equipment |
TIRES ON EQUIPMENT - The value of
tires on tractors and trailers is accounted for as a prepaid expense and amortized over the life of the tires as a function of
miles driven.
|
Revenue and Expense Recognition |
REVENUE AND EXPENSE RECOGNITION -
Transportation revenue, including fuel surcharges, is recognized when the services have been rendered to customers or delivery
has occurred, the pricing is fixed or determinable and collectibility is reasonably assured. Transportation expenses are recognized
as incurred.
|
Accounts Receivable |
ACCOUNTS RECEIVABLE - Accounts receivable
are recorded net of discounts and provisions for estimated allowances. We estimate allowances on an ongoing basis by considering
historical and current trends. We record estimated bad debts expense as a selling, general and administrative expense. We estimate
the net collectibility of our accounts receivable and establish an allowance for doubtful accounts based upon this assessment.
Specifically, we analyze the aging of accounts receivable balances, historical bad debts, customer concentrations, customer credit-worthiness,
current economic trends and changes in customer payment terms. Any trade accounts receivable balances written off are charged against
the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years.
|
Property and Equipment |
PROPERTY AND EQUIPMENT - Property
and equipment is recorded at cost less accumulated depreciation. Provision for depreciation of property and equipment is computed
using the straight-line method based on the following estimated useful lives:
|
|
|
Years |
Building and improvements |
|
|
7-39 |
Revenue equipment |
|
|
7-10 |
Other equipment |
|
|
3-10 |
The Company recorded depreciation
expenses for 2016, 2015 and 2014 of $9,487,000, $9,154,000 and $8,898,000, respectively.
|
Impairment of Long-Lived assets |
IMPAIRMENT OF LONG-LIVED ASSETS -
The Company periodically reviews its long-lived assets, which include property and equipment and purchased intangible assets subject
to amortization, for potential impairment whenever events or circumstances indicate the carrying amount of a long-lived asset may
not be recoverable. The analysis consists of a review of future anticipated results considering business prospects and asset utilization.
If the sum of these future cash flows (undiscounted and without interest charges) is less than the carrying amount of the assets,
the Company would record an impairment loss based on the fair value of the assets with the fair value of the assets generally based
upon an estimate of the discounted future cash flows expected with regards to the assets and their eventual disposition.
|
Goodwill |
GOODWILL – Goodwill represents
the excess of the purchase price over the estimated fair value of the net assets acquired in the acquisition of a business. Goodwill
is not amortized, but rather is tested for impairment annually and when events or changes in circumstances indicate that the fair
value of a reporting unit with goodwill has been reduced below carrying value. The impairment test requires allocating goodwill
and other assets and liabilities to reporting units. The fair value of each reporting unit is determined and compared to the book
value of the reporting unit. If the fair value of the reporting unit is less than the book value, including goodwill, then the
recorded goodwill is impaired to its implied fair value with a charge to operating expense.
|
Insurance |
INSURANCE - The Company has a $250,000
to $500,000 self-insured retention per occurrence in connection with certain of its workers’ compensation, automobile liability,
and general liability insurance programs (“risk insurance”). The Company is also self-insured for its employee health
insurance benefits and carries stop loss coverage for losses over $250,000 per covered participant per year plus a $77,000 aggregate.
The Company has established an accrued liability for the estimated cost in connection with its portion of its risk and health insurance
losses incurred and reported. Claims paid by the Company are charged against the liability. Additionally, the Company maintains
an accrued liability for incurred but not reported claims based on historical analysis of such claims. Payments made under a captive
agreement for each year’s loss fund are scheduled in advance using actuarial methodology. The captive agreement provides
that we will share in the underwriting results, good or bad, within a $250,000 per occurrence layer of loss through retrospective
premium adjustments. The method of calculating the accrual liability is subject to inherent uncertainty. If actual results are
less favorable than the estimates used to calculate the liabilities, the Company would have to record expenses in excess of what
has been accrued.
|
Income Taxes |
INCOME TAXES - Deferred tax assets
and liabilities are recognized based on differences between financial statement and tax bases of assets and liabilities using presently
enacted tax rates. Deferred income taxes result from temporary differences between pre-tax income reported in the financial statements
and taxable income. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step
is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely
than not that the position will be sustained on audit. The second step is to estimate and measure the tax benefit as the largest
amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate
such amounts, as the amounts rely upon the determination of the probability of various possible outcomes. The Company reevaluates
these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes
in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit,
and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional
charge to the tax provision. It is the Company’s policy to recognize as additional income tax expense the items of interest
and penalties directly related to income taxes.
|
Stock Based Compensation |
STOCK BASED COMPENSATION –
The Company accounts for compensation related to share based plans by recognizing the grant date fair value of stock options and
other equity-based compensation issued to Company employees in Patriot’s income statement over the requisite employee service
period using the straight-line attribution model. In addition, compensation expense must be recognized for the change in fair value
of any awards modified, repurchased or cancelled after the grant date. The fair value of each grant is estimated on the date of
grant using the Black-Scholes option-pricing model. The assumptions used in the model and related impact are discussed in Footnote
6.
|
Pension Plan |
PENSION PLAN - The Company accounts
for its pension plan following the requirements of FASB ASC Topic 715, “Compensation – Retirement Benefits”,
which requires an employer to: (a) recognize in its statement of financial position the funded status of a benefit plan; (b) measure
defined benefit plan assets and obligations as of the end of the employer’s fiscal year (with limited exceptions); and (c)
recognize as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that
arise but are not recognized as components of net periodic benefit costs pursuant to prior existing guidance.
|
Earnings Per Common Share |
EARNINGS PER COMMON 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 and restricted stock.
|
Use of Estimates |
USE OF ESTIMATES - The preparation
of financial statements in conformity with accounting principles generally accepted in the United States requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
Certain accounting policies and estimates
are of more significance in the financial statement preparation process than others. The most critical accounting policies and
estimates include the economic useful lives and salvage values of our vehicles and equipment, provisions for uncollectible accounts
receivable, estimates of exposures related to our insurance claims plans, and estimates for taxes. To the extent that actual, final
outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates,
earnings during that accounting period will be affected.
|
Environmental |
ENVIRONMENTAL - Environmental expenditures
that benefit future periods are capitalized. Expenditures that relate to an existing condition caused by past operations, and which
do not contribute to current or future revenue generation, are expensed. Liabilities are recorded for the estimated amount of expected
environmental assessments and/or remedial efforts. Estimation of such liabilities includes an assessment of engineering estimates,
continually evolving governmental laws and standards, and potential involvement of other potentially responsible parties.
|
Comprehensive Income |
COMPREHENSIVE INCOME – Comprehensive
income consists of net income and other comprehensive income (loss). Other comprehensive income (loss) refers to expenses, gains,
and losses that are not included in net income, but rather are recorded directly in shareholder’s equity/net investment.
|
Net Investment by Parent |
NET INVESTMENT BY PARENT –
The Net investment by former Parent represents a net balance reflecting FRP’s initial investment in the Company and subsequent
adjustments resulting from the operations of the Company and various transactions between the Company and FRP.
|
Recently Issued Accounting Standards |
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 February 2016, the FASB issued ASU No. 2016-02,
“Leases”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are
permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months
or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required.
The new standard will become effective for the Company beginning with the first quarter 2020 and requires a modified retrospective
transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. The Company is
currently evaluating the impacts the adoption of this accounting guidance will have on the consolidated financial statements. The
Company has relatively few leases extending over 12 months, the total gross contractual obligation for lease payments greater than
12 months at September 30, 2016 was $1,722,000.
In March 2016, the FASB issued ASU No. 2016-09,
“Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU
includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits
for share-based payments will be recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption
of this ASU. Excess tax benefits are currently recorded in equity and disclosed on the statement of cash flows as financing activity
under the current rules. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather
than on an estimated basis. This guidance is effective for annual and interim reporting periods of public entities beginning after
December 15, 2016 with early adoption permitted. The Company may early adopt this accounting guidance in fiscal 2017 or as required
in fiscal 2018.
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- DefinitionDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
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v3.5.0.2
Earnings per share (Tables)
|
12 Months Ended |
Sep. 30, 2016 |
Earnings Per Share [Abstract] |
|
Computations of the basic and diluted earning per common share (Shares in thousands, except per share amounts) |
|
|
Years Ended September 30 |
|
|
2016 |
|
2015 |
|
2014 |
Common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares |
|
|
|
|
|
|
|
|
|
|
|
|
outstanding during the period - |
|
|
|
|
|
|
|
|
|
|
|
|
shares used for basic earnings |
|
|
|
|
|
|
|
|
|
|
|
|
per common share |
|
|
3,283 |
|
|
|
3,268 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under share |
|
|
|
|
|
|
|
|
|
|
|
|
based payment plans which are |
|
|
|
|
|
|
|
|
|
|
|
|
potentially dilutive |
|
|
2 |
|
|
|
7 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,285 |
|
|
|
3,275 |
|
|
|
3,243 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
5,705 |
|
|
|
3,339 |
|
|
|
3,197 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.74 |
|
|
|
1.02 |
|
|
|
.99 |
|
Diluted |
|
$ |
1.74 |
|
|
|
1.02 |
|
|
|
.99 |
|
|
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v3.5.0.2
Stock-Based Compensation Plans (Tables)
|
12 Months Ended |
Sep. 30, 2016 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock Compensation Expense (in thousands) |
|
|
Years Ended September 30 |
|
|
2016 |
|
2015 |
|
2014 |
Stock option grants |
|
$ |
384 |
|
|
|
274 |
|
|
|
220 |
|
Annual director stock award |
|
|
361 |
|
|
|
343 |
|
|
|
349 |
|
|
|
$ |
745 |
|
|
|
617 |
|
|
|
569 |
|
|
Summary of Company stock options (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(000's) |
|
|
|
|
|
|
|
|
Grants substituted on |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 30, 2015 |
|
91,315 |
|
|
$ |
20.31 |
|
|
|
5.6 |
|
|
$ |
761 |
|
Exercised |
|
(16,000 |
) |
|
|
12.62 |
|
|
|
|
|
|
$ |
(95 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2015 |
|
75,315 |
|
|
$ |
21.95 |
|
|
|
5.8 |
|
|
$ |
666 |
|
Granted |
|
38,794 |
|
|
|
23.78 |
|
|
|
|
|
|
|
362 |
|
Forfeited |
|
(3,298 |
) |
|
|
24.24 |
|
|
|
|
|
|
|
(29 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
110,811 |
|
|
$ |
22.52 |
|
|
|
6.2 |
|
|
$ |
999 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
68,049 |
|
|
$ |
21.43 |
|
|
|
4.8 |
|
|
$ |
548 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
twelve months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2016 |
|
13,651 |
|
|
|
|
|
|
|
|
|
|
$ |
110 |
|
|
Summary information concerning stock options outstanding |
|
|
|
|
Shares |
|
|
Weighted |
|
|
Weighted |
|
Range of Exercise |
|
|
|
under |
|
|
Average |
|
|
Average |
|
Prices per Share |
|
|
|
Option |
|
|
Exercise Price |
|
Remaining Life |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-exercisable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$16.50 – $20.63 |
|
|
|
4,874 |
|
|
|
|
18.99 |
|
|
|
6.0 |
|
$20.64 - $25.78 |
|
|
|
28,276 |
|
|
|
|
23.77 |
|
|
|
9.1 |
|
$25.79-32.23 |
|
|
|
9,612 |
|
|
|
|
28.39 |
|
|
|
7.8 |
|
|
|
|
|
42,762 |
|
|
|
$ |
24.27 |
|
|
|
8.5 |
years |
Exercisable: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$16.50 - $20.63 |
|
|
|
35,188 |
|
|
|
|
18.49 |
|
|
|
4.3 |
|
$20.64 - $25.78 |
|
|
|
23,255 |
|
|
|
|
22.78 |
|
|
|
4.4 |
|
$25.79 - $32.23 |
|
|
|
9,606 |
|
|
|
|
28.91 |
|
|
|
7.7 |
|
|
|
|
|
68,049 |
|
|
|
$ |
21.43 |
|
|
|
4.8 |
Years |
Total |
|
|
|
110,811 |
|
|
|
$ |
22.52 |
|
|
|
6.2 |
Years |
|
X |
- DefinitionTabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.
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v3.5.0.2
Income Taxes (Tables)
|
12 Months Ended |
Sep. 30, 2016 |
Income Tax Disclosure [Abstract] |
|
Provision for income taxes for continuing operations (in thousands) |
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
|
Current: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
$ |
1,247 |
|
|
|
2,315 |
|
|
|
2,081 |
|
|
State |
|
|
|
334 |
|
|
|
408 |
|
|
|
424 |
|
|
|
|
|
|
1,581 |
|
|
|
2,723 |
|
|
|
2,505 |
|
|
Deferred |
|
|
|
2,067 |
|
|
|
(588 |
) |
|
|
(461 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
$ |
3,648 |
|
|
|
2,135 |
|
|
|
2,044 |
|
|
Income tax reconciliation at statutory Federal income tax rate (in thousands) |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2014 |
|
Amount computed at statutory |
|
|
|
|
|
|
|
|
|
|
|
|
Federal rate |
|
$ |
3,180 |
|
|
|
1,862 |
|
|
|
1,804 |
|
State income taxes (net of Federal |
|
|
|
|
|
|
|
|
|
|
|
|
income tax benefit) |
|
|
440 |
|
|
|
257 |
|
|
|
233 |
|
Other, net |
|
|
28 |
|
|
|
16 |
|
|
|
7 |
|
Provision for income taxes |
|
$ |
3,648 |
|
|
|
2,135 |
|
|
|
2,044 |
|
|
Deferred tax assets and liabilities (in thousands) |
|
|
|
2016 |
|
|
|
2015 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
|
|
Property and equipment |
|
$ |
12,156 |
|
|
|
10,684 |
|
Prepaid expenses |
|
|
134 |
|
|
|
— |
|
Gross deferred tax liabilities |
|
|
12,290 |
|
|
|
10,684 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Insurance liabilities |
|
|
184 |
|
|
|
656 |
|
Employee benefits and other |
|
|
1,627 |
|
|
|
1,694 |
|
Gross deferred tax assets |
|
|
1,811 |
|
|
|
2,350 |
|
Net deferred tax liability |
|
$ |
10,479 |
|
|
|
8,334 |
|
|
X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
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v3.5.0.2
Accrued Insurance (Tables)
|
12 Months Ended |
Sep. 30, 2016 |
Insurance [Abstract] |
|
Accrued insurance liability (in thousands) |
|
|
|
2016 |
|
|
|
2015 |
|
Accrued insurance, current portion |
|
$ |
700 |
|
|
|
1,102 |
|
Accrued insurance, non-current |
|
|
184 |
|
|
|
1,026 |
|
Total accrued insurance |
|
$ |
884 |
|
|
|
2,128 |
|
Captive agreement assets |
|
|
3,669 |
|
|
|
2,986 |
|
Gross accrued insurance |
|
$ |
4,553 |
|
|
|
5,114 |
|
|
X |
- References
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v3.5.0.2
Pipeline Business Acquisition (Tables)
|
12 Months Ended |
Sep. 30, 2016 |
Business Combinations [Abstract] |
|
Allocation of Pipeline acquisition (in thousands) |
Consideration: |
|
|
|
|
Fair value of consideration transferred (cash paid) |
|
$ |
(10,023 |
) |
|
|
|
|
|
Acquisition related costs expensed |
|
$ |
75 |
|
Recognized amounts of identifiable assets acquired and liabilities assumed: |
|
|
|
|
Property and equipment |
|
$ |
3,397 |
|
Prepaid tires and other prepaid assets |
|
|
276 |
|
Customer relationships |
|
|
4,004 |
|
Trade name |
|
|
72 |
|
Non-compete agreement |
|
|
62 |
|
Vacation liability assumed |
|
|
(132 |
) |
Total identifiable net assets assumed |
|
$ |
7,679 |
|
Goodwill |
|
|
2,344 |
|
Total |
|
$ |
10,023 |
|
|
X |
- References
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v3.5.0.2
Goodwill and Intangible Assets (Tables)
|
12 Months Ended |
Sep. 30, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Changes in gross carrying amounts of goodwill (in thousands) |
|
|
Goodwill |
|
October 1, 2013 |
|
$ |
1,087 |
|
Goodwill acquired |
|
|
2,344 |
|
September 30, 2014 |
|
|
3,431 |
|
No activity |
|
|
— |
|
September 30, 2015 |
|
|
3,431 |
|
No activity |
|
|
— |
|
September 30, 2016 |
|
$ |
3,431 |
|
|
Identifiable intangible assets gross amounts and accumulated amortization (in thousands) |
|
|
September 30, 2016 |
|
|
September 30, 2015 |
|
|
|
|
Gross |
|
|
Accumulated |
|
|
|
Gross |
|
|
Accumulated |
|
|
|
|
|
|
Amount |
|
|
Amortization |
|
|
|
Amount |
|
|
Amortization |
|
|
|
Amortizable intangible assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer value (useful life 10.5 years) |
|
|
4,004 |
|
|
2,844 |
|
|
|
4,004 |
|
|
2,691 |
|
|
|
Trade name (useful life 3.5 years) |
|
|
72 |
|
|
60 |
|
|
|
72 |
|
|
39 |
|
|
|
Non-compete (useful life 5 years) |
|
|
62 |
|
|
36 |
|
|
|
62 |
|
|
24 |
|
|
|
|
|
$ |
4,138 |
|
$ |
2,940 |
|
|
$ |
4,138 |
|
$ |
2,754 |
|
|
|
|
Estimated amortization expense for five succeeding years (in thousands) |
|
|
Amount |
|
2017 |
|
|
$ |
177 |
|
|
2018 |
|
|
|
166 |
|
|
2019 |
|
|
|
154 |
|
|
2020 |
|
|
|
153 |
|
|
2021 |
|
|
|
153 |
|
|
Total |
|
|
$ |
803 |
|
|
X |
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v3.5.0.2
Earnings per share - Earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Earnings Per Share [Abstract] |
|
|
|
Weighted average common shares outstanding during the period - shares used for basic earnings per common share |
3,283
|
3,268
|
3,243
|
Common shares issuable under share based payment plans which are potentially dilutive |
2
|
7
|
0
|
Common shares used for diluted earnings per common share |
3,285
|
3,275
|
3,243
|
Net income |
$ 5,705
|
$ 3,339
|
$ 3,197
|
Earnings per common share: |
|
|
|
Earnings per common share-basic |
$ 1.74
|
$ 1.02
|
$ 0.99
|
Earnings per common share-diluted |
$ 1.74
|
$ 1.02
|
$ 0.99
|
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- DefinitionThis element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".
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v3.5.0.2
Stock-Based Compensation Plans - Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands |
12 Months Ended |
|
Sep. 30, 2016
USD ($)
yr
$ / shares
shares
|
Sep. 30, 2015
USD ($)
yr
$ / shares
shares
|
Jan. 30, 2015
USD ($)
yr
$ / shares
shares
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
|
|
Options outstanding | shares |
110,811
|
75,315
|
91,315
|
Options granted | shares |
38,794
|
|
|
Options forfeited | shares |
(3,298)
|
|
|
Options exercised | shares |
|
(16,000)
|
|
Options outstanding weighted average exercise price | $ / shares |
$ 22.52
|
$ 21.95
|
$ 20.31
|
Options outstanding weighted average exercise price - Granted | $ / shares |
23.78
|
|
|
Options outstanding weighted average exercise price - forfeited | $ / shares |
$ 24.24
|
|
|
Options outstanding weighted average exercise price - Exercised | $ / shares |
|
$ 12.62
|
|
Options outstanding weighted average remaining term | yr |
6.2
|
5.8
|
5.6
|
Options outstanding weighted average grant date fair value | $ |
$ 999
|
$ 666
|
$ 761
|
Options granted weighted average grant date fair value | $ / shares |
$ 362
|
|
|
Options forfeited weighted average grant date fair value | $ |
$ (29)
|
|
|
Options exercised weighted average grant date fair value | $ |
|
$ (95)
|
|
Options exercisable at September 30, 2016 | shares |
68,049
|
|
|
Options exerciseable weighted average exercise price | $ / shares |
$ 21.43
|
|
|
Options exerciseable weighted average remaining term | yr |
4.8
|
|
|
Options exerciseable weighted average grant date fair value | $ |
$ 548
|
|
|
Options vested during twelve months ended September 30, 2016 | shares |
13,651
|
|
|
Options vested weighted average grant date fair value | $ |
$ 110
|
|
|
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v3.5.0.2
Stock-Based Compensation Plans - Summary of Stock Options Outstanding (Details)
|
12 Months Ended |
|
|
Sep. 30, 2016
yr
$ / shares
shares
|
Sep. 30, 2015
yr
$ / shares
|
Jan. 30, 2015
yr
$ / shares
|
Shares under option | shares |
110,811
|
|
|
Weighted average exercise price |
$ 22.52
|
$ 21.95
|
$ 20.31
|
Weighted average remaining life | yr |
6.2
|
5.8
|
5.6
|
$16.50 - $20.63 Non-exercisable |
|
|
|
Shares under option | shares |
4,874
|
|
|
Weighted average exercise price |
$ 18.99
|
|
|
Weighted average remaining life | yr |
6.0
|
|
|
Minimum exercise price |
$ 16.50
|
|
|
Maximum exercise price |
$ 20.63
|
|
|
$20.64 - $25.78 Non-exercisable |
|
|
|
Shares under option | shares |
28,276
|
|
|
Weighted average exercise price |
$ 23.77
|
|
|
Weighted average remaining life | yr |
9.1
|
|
|
Minimum exercise price |
$ 20.64
|
|
|
Maximum exercise price |
$ 25.78
|
|
|
$25.79 - $32.23 Non-exercisable |
|
|
|
Shares under option | shares |
9,612
|
|
|
Weighted average exercise price |
$ 28.39
|
|
|
Weighted average remaining life | yr |
7.8
|
|
|
Non-exercisable |
|
|
|
Shares under option | shares |
42,762
|
|
|
Weighted average exercise price |
$ 24.27
|
|
|
Weighted average remaining life | yr |
8.5
|
|
|
$16.50 - $20.63 |
|
|
|
Shares under option | shares |
35,188
|
|
|
Weighted average exercise price |
$ 18.49
|
|
|
Weighted average remaining life | yr |
4.3
|
|
|
$20.64 - $25.78 |
|
|
|
Shares under option | shares |
23,255
|
|
|
Weighted average exercise price |
$ 22.78
|
|
|
Weighted average remaining life | yr |
4.4
|
|
|
Minimum exercise price |
$ 20.64
|
|
|
Maximum exercise price |
$ 25.78
|
|
|
$25.79 - $32.23 |
|
|
|
Shares under option | shares |
9,606
|
|
|
Weighted average exercise price |
$ 28.91
|
|
|
Weighted average remaining life | yr |
7.7
|
|
|
Minimum exercise price |
$ 25.79
|
|
|
Maximum exercise price |
$ 32.23
|
|
|
Exercisable |
|
|
|
Shares under option | shares |
68,049
|
|
|
Weighted average exercise price |
$ 21.43
|
|
|
Weighted average remaining life | yr |
4.8
|
|
|
$25.79 - $32.23 Non-exercisable |
|
|
|
Minimum exercise price |
$ 25.79
|
|
|
Maximum exercise price |
32.23
|
|
|
$16.50 - $20.63 |
|
|
|
Minimum exercise price |
16.50
|
|
|
Maximum exercise price |
$ 20.63
|
|
|
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v3.5.0.2
Income Taxes - Provision for income taxes (Details) - USD ($) $ in Thousands |
12 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Income Tax Disclosure [Abstract] |
|
|
|
Federal, current |
$ 1,247
|
$ 2,315
|
$ 2,081
|
State, current |
334
|
408
|
424
|
Current income tax expense |
1,581
|
2,723
|
2,505
|
Deferred |
2,067
|
(588)
|
(461)
|
Provision for income taxes |
3,648
|
2,135
|
2,044
|
Federal, computed at statutory rate |
3,180
|
1,862
|
1,804
|
State income taxes (net of Federal income tax benefit) |
440
|
257
|
233
|
Other, net |
$ 28
|
$ 16
|
$ 7
|
X |
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Income Taxes - Temporary differences (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Sep. 30, 2015 |
Income Tax Disclosure [Abstract] |
|
|
Property and equipment |
$ 12,156
|
$ 10,684
|
Prepaid expenses |
134
|
0
|
Gross deferred tax liabilities |
12,290
|
10,684
|
Insurance liabilities |
184
|
656
|
Employee benefits and other |
1,627
|
1,694
|
Gross deferred tax assets |
1,811
|
2,350
|
Net deferred tax liability |
$ 10,479
|
$ 8,334
|
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v3.5.0.2
Accrued Insurance (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Sep. 30, 2015 |
Accrued Insurance Details |
|
|
Accrued insurance, current portion |
$ 700
|
$ 1,102
|
Accrued insurance, non-current |
184
|
1,026
|
Total accrued insurance |
884
|
2,128
|
Captive agreement assets |
3,669
|
2,986
|
Gross accrued insurance |
$ 4,553
|
$ 5,114
|
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v3.5.0.2
Pipeline Business Acquisition - Pipeline Business Acquisition (Details) - USD ($) $ in Thousands |
12 Months Ended |
|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Nov. 07, 2013 |
Goodwill acquired |
$ 0
|
$ 0
|
$ 2,344
|
|
Pipeline |
|
|
|
|
Fair value of consideration transferred (cash paid) |
|
|
(10,023)
|
|
Acquisition related costs expensed |
|
|
75
|
|
Property and equipment |
|
|
|
$ 3,397
|
Prepaid tires and other prepaid assets |
|
|
|
276
|
Customer relationships |
|
|
|
4,004
|
Trade name |
|
|
|
72
|
Non-compete agreement |
|
|
|
62
|
Vacation liability assumed |
|
|
|
(132)
|
Total identifiable net assets assumed |
|
|
|
7,679
|
Goodwill acquired |
|
|
$ 2,344
|
|
Total Transportation Acquisition |
|
|
|
$ 10,023
|
X |
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12 Months Ended |
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Carrying Amount Of Goodwill Details |
|
|
|
Beginning Balance Goodwill |
$ 3,431
|
$ 3,431
|
$ 1,087
|
Acquisitions |
0
|
0
|
2,344
|
Ending Balance Goodwill |
$ 3,431
|
$ 3,431
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$ 3,431
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v3.5.0.2
Accounting Policies (Details Narrative) - USD ($) $ in Thousands |
12 Months Ended |
|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2014 |
Jan. 30, 2015 |
Shares distributed following Spin-off |
3,289,353
|
3,272,804
|
|
3,242,524
|
Depreciation |
$ 9,487
|
$ 9,154
|
$ 8,898
|
|
Self insurance retention |
$250,000 to $500,000
|
|
|
|
Health insurance stop loss coverage |
$ 250
|
|
|
|
Health insurance aggregate |
77
|
|
|
|
Per occurrence loss |
250
|
|
|
|
Reclass deferred tax liability in accordance with FASB ASU 2015-17 |
|
$ 309
|
|
|
Contractual obligation for lease payments greater than 12 months |
$ 1,722
|
|
|
|
Building and Improvements |
|
|
|
|
Estimated useful lives |
7-39
|
|
|
|
Revenue equipment |
|
|
|
|
Estimated useful lives |
7-10
|
|
|
|
Other equipment |
|
|
|
|
Estimated useful lives |
3-10
|
|
|
|
Petroleum Products |
|
|
|
|
Percentage of Business |
82.00%
|
|
|
|
Dry Bulk Commodities |
|
|
|
|
Percentage of Business |
18.00%
|
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|
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v3.5.0.2
Earnings per share (Details Narrative) - shares
|
12 Months Ended |
|
Sep. 30, 2016 |
Sep. 30, 2015 |
Jan. 30, 2015 |
Earnings Per Share [Abstract] |
|
|
|
Shares of common stock |
3,289,353
|
3,272,804
|
3,242,524
|
Anti-dilutive shares |
80,669
|
19,218
|
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X |
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v3.5.0.2
Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) $ in Thousands |
3 Months Ended |
12 Months Ended |
|
|
Mar. 31, 2016
USD ($)
|
Mar. 31, 2015
USD ($)
|
Sep. 30, 2014
USD ($)
|
Sep. 30, 2016
USD ($)
a
|
Sep. 30, 2015
USD ($)
|
[1] |
Sep. 30, 2014
USD ($)
|
Dec. 18, 2015
USD ($)
|
Oct. 20, 2015
USD ($)
|
Unusual or Infrequent Items, or Both [Abstract] |
|
|
|
|
|
|
|
|
Amount received for easement grant |
|
|
|
$ 1,330
|
|
|
|
|
Tampa, Florida terminal facility | a |
|
|
|
25.2
|
|
|
|
|
Easement gain |
|
|
|
$ 1,277
|
|
|
|
|
Intangible asset impairment |
|
$ 2,074
|
|
$ 0
|
$ 2,074
|
$ 0
|
|
|
Management Security Plan adjustment |
|
|
$ 575
|
|
|
$ 575
|
|
|
BP Claim Settlement |
|
|
|
|
|
|
$ 2,048
|
$ 2,106
|
BP Claim payment |
$ 1,687
|
|
|
|
|
|
|
|
|
|
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This regulatory filing also includes additional resources:
pati10k16.pdf
patisept16ar.pdf
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