UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 10-Q
_________________
[X] |
QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2017.
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or
[_] |
TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_________ to _________
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Commission File Number: 001-36605
_____________________
PATRIOT TRANSPORTATION HOLDING,
INC.
(Exact name of registrant as specified in its
charter)
_____________________
Florida |
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47-2482414 |
(State or other jurisdiction of
incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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200 W. Forsyth St., 7th Floor,
Jacksonville, FL |
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32202 |
(Address of principal executive offices) |
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(Zip Code) |
904-396-5733
(Registrant’s telephone number, including
area code)
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [x] No [_]
Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files). Yes [x] No [_]
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions
of “large accelerated filer,” “accelerated filer,” “non-accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer [_] |
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Accelerated filer [_] |
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Non-accelerated filer [x] |
Smaller reporting company [_] |
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Emerging growth company [_] |
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If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. [_]
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act). Yes [_] No [x]
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable date.
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Class |
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Outstanding at December 31, 2017 |
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Common Stock |
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3,303,802 |
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PATRIOT TRANSPORTATION HOLDING, INC.
FORM 10-Q
QUARTER ENDED DECEMBER 31, 2017
CONTENTS
Page No.
Preliminary Note Regarding Forward-Looking Statements |
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3 |
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Part I. Financial Information |
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Item 1. |
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Financial Statements |
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Consolidated Balance Sheets |
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4 |
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Consolidated Statements of Income |
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5 |
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Consolidated Statements of Cash Flows |
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6 |
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Condensed Notes to consolidated financial statements |
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7 |
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Item 2. |
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Management's Discussion and Analysis of Financial Condition and Results of Operations |
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12 |
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Item 3. |
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Quantitative and Qualitative Disclosures about Market Risks |
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19 |
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Item 4. |
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Controls and Procedures |
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19 |
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Part II. Other Information |
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Item 1A. |
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Risk Factors |
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20 |
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Item 2. |
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Purchase of Equity Securities by the Issuer |
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20 |
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Item 6. |
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Exhibits |
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20 |
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Signatures |
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21 |
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Exhibit 31 |
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Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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23 |
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Exhibit 32 |
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Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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26 |
Preliminary Note Regarding Forward-Looking
Statements.
Certain matters discussed in this
report contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ
materially from those indicated by such forward-looking statements.
These forward-looking statements
relate to, among other things, capital expenditures, liquidity, capital resources and competition and may be indicated by words
or phrases such as ”anticipate”, ”estimate”, ”plans”, ”projects”, ”continuing”,
”ongoing”, ”expects”, ”management believes”, ”the Company believes”, ”the
Company intends” and similar words or phrases. The following factors and others discussed in the Company’s periodic
reports and filings with the Securities and Exchange Commission are among the principal factors that could cause actual results
to differ materially from the forward-looking statements: freight demand for petroleum products including recessionary and terrorist
impacts on travel in the Company’s markets; fuel costs and the Company’s ability to recover fuel surcharges; accident
severity and frequency; risk insurance markets; driver availability and cost; the impact of future regulations regarding the transportation
industry; availability and terms of financing; competition in our markets; interest rates, and inflation and general economic conditions.
However, this list is not a complete statement of all potential risks or uncertainties.
These forward-looking statements
are made as of the date hereof based on management’s current expectations, and the Company does not undertake an obligation
to update such statements, whether as a result of new information, future events or otherwise. Additional information regarding
these and other risk factors may be found in the Company’s other filings made from time to time with the Securities and Exchange
Commission.
PART I. FINANCIAL INFORMATION, ITEM 1.
FINANCIAL STATEMENTS
PATRIOT TRANSPORTATION HOLDING, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
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December 31, |
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September 30, |
Assets |
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2017 |
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2017 |
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Current assets: |
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Cash and cash equivalents |
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$ |
12,000 |
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11,289 |
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Accounts receivable (net of allowance for |
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doubtful accounts of $136 and $150, respectively) |
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6,749 |
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7,642 |
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Federal and state taxes receivable |
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402 |
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516 |
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Inventory of parts and supplies |
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909 |
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855 |
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Prepaid tires on equipment |
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1,877 |
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1,913 |
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Prepaid taxes and licenses |
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406 |
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612 |
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Prepaid insurance |
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1,391 |
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823 |
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Prepaid expenses, other |
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57 |
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71 |
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Total current assets |
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23,791 |
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23,721 |
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Property and equipment, at cost |
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100,372 |
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101,923 |
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Less accumulated depreciation |
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62,267 |
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62,331 |
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Net property and equipment |
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38,105 |
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39,592 |
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Goodwill |
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3,431 |
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3,431 |
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Intangible assets, net |
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980 |
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1,021 |
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Other assets, net |
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185 |
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189 |
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Total assets |
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$ |
66,492 |
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67,954 |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
3,331 |
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4,948 |
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Accrued payroll and benefits |
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3,732 |
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4,143 |
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Accrued insurance |
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614 |
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558 |
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Accrued liabilities, other |
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228 |
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379 |
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Total current liabilities |
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7,905 |
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10,028 |
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Long-term debt |
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— |
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— |
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Deferred income taxes |
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7,024 |
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10,045 |
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Accrued insurance |
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193 |
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193 |
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Other liabilities |
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1,108 |
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1,105 |
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Total liabilities |
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16,230 |
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21,371 |
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Commitments and contingencies (Note 8) |
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Shareholders’ Equity: |
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Preferred stock, 5,000,000 shares authorized, |
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of which 250,000 shares are designated Series A |
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Junior Participating Preferred Stock; $0.01 par |
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value; none issued and outstanding |
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— |
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— |
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Common stock, $.10 par value; (25,000,000 shares |
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authorized; 3,303,802 and 3,303,802 shares issued |
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and outstanding, respectively) |
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330 |
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330 |
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Capital in excess of par value |
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36,781 |
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36,726 |
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Retained earnings |
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12,945 |
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9,353 |
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Accumulated other comprehensive income, net |
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206 |
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174 |
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Total shareholders’ equity |
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50,262 |
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46,583 |
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Total liabilities and shareholders’ equity |
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$ |
66,492 |
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67,954 |
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See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands)
(Unaudited)
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THREE MONTHS ENDED |
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DECEMBER 31, |
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2017 |
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2016 |
Revenues: |
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Transportation revenues |
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$ |
25,570 |
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27,259 |
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Fuel surcharges |
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2,331 |
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1,499 |
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Total revenues |
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27,901 |
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28,758 |
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Cost of operations: |
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Compensation and benefits |
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11,873 |
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12,084 |
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Fuel expenses |
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4,122 |
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3,904 |
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Repairs & tires |
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1,573 |
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1,638 |
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Other operating |
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1,043 |
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1,034 |
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Insurance and losses |
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2,716 |
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2,705 |
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Depreciation expense |
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2,330 |
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2,462 |
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Rents, tags & utilities |
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855 |
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863 |
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Sales, general & administrative |
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2,322 |
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2,311 |
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Corporate expenses |
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487 |
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617 |
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Gain on equipment sales |
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(164 |
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(108 |
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Total cost of operations |
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27,157 |
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27,510 |
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Total operating profit |
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744 |
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1,248 |
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Interest income and other |
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2 |
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2 |
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Interest expense |
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(10 |
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(32 |
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Income before income taxes |
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736 |
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1,218 |
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Provision for income taxes |
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(2,856 |
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306 |
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Net income |
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$ |
3,592 |
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912 |
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Tax reform gain on retiree health |
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32 |
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— |
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Comprehensive Income |
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$ |
3,624 |
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912 |
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Earnings per common share: |
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Net Income- |
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Basic |
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1.09 |
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0.28 |
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Diluted |
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1.09 |
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0.28 |
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Number of shares (in thousands)used in computing: |
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-basic earnings per common share |
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3,303 |
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3,290 |
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-diluted earnings per common share |
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3,304 |
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3,294 |
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See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS
THREE MONTHS
ENDED DECEMBER 31, 2017 AND 2016
(In thousands)
(Unaudited)
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Three months ended December 31, |
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2017 |
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2016 |
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Cash flows from operating activities: |
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Net income |
$ |
3,592 |
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912 |
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Adjustments to reconcile net income to net cash |
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provided by operating activities: |
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Depreciation and amortization |
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2,509 |
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2,651 |
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Deferred income taxes |
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(3,021 |
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152 |
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Gain on asset dispositions |
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(164 |
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(117 |
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Stock-based compensation |
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55 |
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118 |
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Net changes in operating assets and liabilities: |
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Accounts receivable |
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893 |
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218 |
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Inventory of parts and supplies |
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(54 |
) |
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(42 |
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Prepaid expenses |
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(312 |
) |
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492 |
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Other assets |
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34 |
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2 |
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Accounts payable and accrued liabilities |
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(2,123 |
) |
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(4,514 |
) |
Income taxes payable and receivable |
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114 |
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127 |
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Long-term insurance liabilities and other long-term |
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Liabilities |
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3 |
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(23 |
) |
Net cash provided by (used in) operating activities |
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1,526 |
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(24 |
) |
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Cash flows from investing activities: |
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Purchase of property and equipment |
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(1,122 |
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(1,525 |
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Proceeds from the sale of property, plant and equipment |
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307 |
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221 |
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Net cash used in investing activities |
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(815 |
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(1,304 |
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Cash flows from financing activities: |
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Net cash provided by financing activities |
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— |
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— |
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Net increase (decrease) in cash and cash equivalents |
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711 |
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(1,328 |
) |
Cash and cash equivalents at beginning of period |
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11,289 |
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6,005 |
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Cash and cash equivalents at end of the period |
$ |
12,000 |
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4,677 |
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See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
DECEMBER 31, 2017
(Unaudited)
(1) Description of Business and
Basis of Presentation.
Description of Business
Company’s Business.
The business of the Company, conducted through our wholly owned subsidiary, Florida Rock & Tank Lines, Inc., is to transport
petroleum and other liquids and dry bulk commodities. We do not own any of the products we haul, rather, we act as a third party
carrier to deliver our customer’s products from point A to point B predominately using Company employees driving Company
owned tractors and tank trailers. Approximately 82% of our business consists of hauling liquid petroleum products (mostly gas and
diesel fuel) from large scale fuel storage facilities to our customers’ retail outlets (e.g. convenience stores, truck stops
and fuel depots) where we off-load the product into our customer’s fuel storage tanks for ultimate sale to the retail consumer.
The remaining 18% of our business consists of hauling our customer’s dry bulk commodities such as cement, lime and various
industrial powder products and liquid chemicals. As of December 31, 2017, we employed 602 revenue-producing drivers who operated
our fleet of 422 tractors and 558 trailers from our 21 terminals and 7 satellite locations in Florida, Georgia, Alabama, South
Carolina, North Carolina and Tennessee.
Basis of Presentation
These statements have been prepared in accordance
with accounting principles generally accepted in the United States of America for interim financial information and the instructions
to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United
States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal
recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating
results for the three months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the
fiscal year ending September 30, 2018. The accompanying consolidated financial statements and the information included under the
heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction
with the audited financial statements and notes for the year ended September 30, 2017.
(2) Recently Issued Accounting Standards.
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which replaces existing revenue
recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively
or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective
date. The new standard is effective beginning with the first quarter of fiscal 2019. The Company currently does not expect the
adoption of this guidance to result in a material impact on its financial statements.
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.
(3) Related Party Agreements.
The Company is party to a Transition Services Agreement which resulted from our January 30, 2015 spin-off transaction from
FRP Holdings, Inc. (FRP). 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. The boards of the
respective companies amended and extended this agreement for one year effective April 1, 2017.
The consolidated statements of income reflect
charges and/or allocation to FRP Holdings, Inc. for these services of $352,000 and $377,000 for the three months ended December
31, 2017 and 2016. 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 provided 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 $16,000 to the Company for the three months ended December 31, 2016 for such information technology services and office space.
The services to Bluegrass ceased on December 31, 2016.
(4) Long-Term debt. The Company had
no long-term debt outstanding at December 31, 2017 and September 30, 2017. On January 30, 2015, the Company entered into a $25
million, five year, revolving credit agreement with Wells Fargo Bank, N.A. and assumed and refinanced $5.1 million then outstanding.
As of December 31, 2017, we had no outstanding debt borrowed on this revolver, $3,105,000 in commitments under letters of credit
and $21,895,000 available for additional borrowings. The letter of credit fee is 1% and the applicable interest rate would have
been 3.569% on December 31, 2017. This credit agreement contains certain conditions, affirmative financial covenants and negative
covenants including limitations on paying cash dividends. The Company was in compliance with all of its loan covenants as of December
31, 2017.
(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.
The following details the computations of the
basic and diluted earnings per common share (dollars and shares in thousands, except per share amounts):
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Three Months ended |
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December 31, |
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2017 |
|
2016 |
Weighted average common shares |
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outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,303 |
|
|
|
3,290 |
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
1 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,304 |
|
|
|
3,294 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,592 |
|
|
|
912 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
-basic |
|
$ |
1.09 |
|
|
|
0.28 |
|
-diluted |
|
$ |
1.09 |
|
|
|
0.28 |
|
For the three months ended December 31, 2017,
178,519 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because
their inclusion would have been anti-dilutive. For the three months ended December 31, 2016, 90,554 shares attributable to outstanding
stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.
(6) Stock-Based Compensation Plans.
Participation in FRP Plans
The Company's directors, officers
and key employees are eligible to participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options
for shares of common stock were granted to directors, officers and key employees. All related compensation expense has been fully
allocated to the Company (rather than FRP) and included in corporate expenses. Corporate expense also reflects an offsetting credit
for the Transition Services Agreement allocation to FRP.
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 number
of common shares available for future issuance was 53,171 at December 31, 2017.
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.
In December 2016, the Company approved
and issued a long-term performance incentive to an officer in the form of stock appreciation rights. The Company granted 80,000
stock appreciation rights. The market price was $23.13 on the date of grant and the executive will get a cash award at age 65 based
upon the stock price at that date compared to the stock price at the date of grant but in no event will the award be less than
$500,000. The Company plans to expense the fair value of the award over the 9.1 year vesting period to the officer’s attainment
of age 65.
The Company recorded the following
stock compensation expense in its consolidated statements of income (in thousands):
|
|
Three Months ended |
|
|
December 31, |
|
|
2017 |
|
2016 |
Stock option grants |
|
$ |
55 |
|
|
|
118 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
$ |
55 |
|
|
|
118 |
|
A summary of Company stock options is presented
below (in thousands, except share and per share amounts):
|
|
|
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Number |
|
|
|
Average |
|
|
|
Average |
|
|
|
Average |
|
|
|
of |
|
|
|
Exercise |
|
|
|
Remaining |
|
|
|
Grant Date |
|
Options |
|
Shares |
|
|
|
Price |
|
|
|
Term (yrs) |
|
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 1, 2017 |
|
151,591 |
|
|
$ |
22.18 |
|
|
|
6.3 |
|
|
$ |
1,271 |
|
Granted |
|
33,960 |
|
|
$ |
18.57 |
|
|
|
|
|
|
$ |
240 |
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
185,551 |
|
|
$ |
21.52 |
|
|
|
6.7 |
|
|
$ |
1,511 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
110,816 |
|
|
$ |
22.00 |
|
|
|
5.2 |
|
|
$ |
900 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
30,844 |
|
|
|
|
|
|
|
|
|
|
$ |
231 |
|
The aggregate intrinsic value of exercisable
Company options was $6,000 and the aggregate intrinsic value of all outstanding in-the-money options was $6,000 based on the Company’s
market closing price of $17.38 on December 29, 2017 less exercise prices.
The realized tax benefit from option exercises
during the first three months of fiscal 2018 was $62,000 which pertained to FRP options exercised that were granted prior to the
Spin-off to persons employed by Patriot. The unrecognized compensation expense of Patriot options granted as of December 31, 2017
was $590,000, which is expected to be recognized over a weighted-average period of 3.9 years.
(7) Fair Value Measurements.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used
to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets
for identical assets or liabilities.
Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the
use of inputs are those that are unobservable and significant to the overall fair value measurement.
As of December 31, 2017 the Company
had no assets or liabilities measured at fair value on a recurring or non-recurring basis.
At December 31, 2017 and September
30, 2017, the carrying amount reported in the consolidated 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.
(8) Contingent liabilities.
The Company is involved in litigation on a number of matters and is subject to certain claims which arise in the normal course
of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property
damage. There is a reasonable possibility that the Company’s estimate of vehicle and workers’ compensation liability
may be understated or overstated but the possible range cannot be estimated. The liability at any point in time depends upon the
relative ages and amounts of the individual open claims. In the opinion of management none of these matters are expected to have
a material adverse effect on the Company’s financial condition, results of operations or cash flows.
(9) Concentrations.
Market:
The Company primarily serves customers in the petroleum industry in the Southeastern U.S. Significant economic disruption or downturn
in this geographic region or within these industries could have an adverse effect on our financial statements.
Customers:
During the first three months of fiscal 2018, the Company’s ten largest customers accounted for approximately 57% of our
revenue and one of these customers accounted for 17.4% of our revenue. Accounts receivable from the ten largest customers were
$3,825,000 and $4,070,000 at December 31, 2017 and September 30, 2017 respectively. The loss of any one of these customers could
have a material adverse effect on the Company’s revenues and income.
Deposits:
The Company places its cash and cash equivalents with Wells Fargo Bank, N.A. At times, such amounts may exceed FDIC limits.
(10) Unusual or Infrequent Items Impacting
Quarterly Results. First quarter 2018 net income included $3,041,000, or $.92 per share, due to a deferred tax benefit resulting
from revaluing the company’s net deferred tax liabilities per the Tax Cuts and Jobs Act of 2017. As the Company has
a September 30 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory federal rate
of approximately 24.28% for our fiscal year ending September 30, 2018, and 21% for subsequent fiscal years. The effective tax rate
including the effect of state income taxes, but not including excess tax benefits from stock option exercises, is projected to
decrease from 39.5% to 30.5% for fiscal 2018 and 27.5% for subsequent years.
Income tax expense may differ from the above
estimate, possibly materially, due to, changes in interpretations of the Tax Act or related accounting guidance, the projected
deferred tax changes for fiscal 2018, and projected effective state tax rates. We currently anticipate finalizing and recording
any resulting adjustments by the end of our current fiscal year ending September 30, 2018.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION
AND RESULTS OF OPERATIONS
The following discussion should be read in
conjunction with the consolidated financial information and related notes that appear in Part I, Item 1 of this Quarterly Report
on Form 10-Q.
Overview
The business of the Company, conducted through
our wholly owned subsidiary, Florida Rock & Tank Lines, Inc., is to transport petroleum and other liquids and dry bulk commodities.
We do not own any of the products we haul, rather, we act as a third party carrier to deliver our customer’s products from
point A to point B predominately using Company employees driving Company owned tractors and tank trailers. Approximately 82% of
our business consists of hauling liquid petroleum products (mostly gas and diesel fuel) from large scale fuel storage facilities
to our customers’ retail outlets (e.g. convenience stores, truck stops and fuel depots) where we off-load the product into
our customer’s fuel storage tanks for ultimate sale to the retail consumer. The remaining 18% of our business consists of
hauling our customer’s dry bulk commodities such as cement, lime and various industrial powder products and liquid chemicals.
As of December 31, 2017, we employed 602 revenue-producing drivers who operated our fleet of 422 tractors and 558 trailers from
our 21 terminals and 7 satellite locations in Florida, Georgia, Alabama, South Carolina, North Carolina and Tennessee. We
experience increased seasonal demand in 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. 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 category includes costs associated with insurance
premiums, and the self-insured portion of liability, worker’s compensation, health insurance and cargo claims and wreck repairs.
We work very hard to manage these expenses through our safety and wellness programs, but these expenses
will vary depending on the frequency and severity of accident and health claims, insurance markets and deductible levels; |
| · | Depreciation Expense – Depreciation
expense consists of the depreciation of the cost of fixed assets such as tractors and trailers over the life assigned to those
assets. The amount of depreciation expense is impacted by equipment prices and the timing of new equipment purchases. We expect
the cost of new tractors and trailers to continue to increase, impacting our future depreciation expense; |
| · | Rents, Tags and Utilities
Expenses – This category consists of rents payable on leased facilities and leased equipment, federal
highway use taxes, vehicle registrations, license and permit fees and personal property taxes assessed against our equipment, communications,
utilities and real estate taxes; |
| · | Sales, General and Administrative Expenses
- This category consists of the wages, bonus accruals, benefits, travel, vehicle and office costs for our administrative personnel
as well as professional fees and amortization charges for intangible assets purchased in acquisitions of other businesses; |
| · | Corporate Expenses – Corporate
expenses consist of wages, bonus accruals, insurance and other benefits, travel, vehicle and office costs for corporate executives,
director fees, stock option expense and aircraft expense; |
| · | Gains/Loss on Equipment - Our financial
results for any period may be impacted by any gain or loss that we realize on the sale of used equipment and losses on wrecked
equipment. We periodically sell used equipment as we replace older tractors and trailers. Gains or losses on equipment sales can
vary significantly from period to period depending on the timing of our equipment replacement cycle, market prices for used equipment
and losses on wrecked equipment. |
To measure our performance, management focuses
primarily on transportation revenue growth, revenue miles, our preventable accident frequency rate (“PAFR”), our operating
ratio (defined as our operating expenses as a percentage of our operating revenue), turnover
rate and average driver count (defined as average number of revenue producing drivers under employment over the specified time
period) as compared to the same period in the prior year.
ITEM |
Q1 2018 vs. Q1 2017 |
Total Revenue |
Down 3% |
Transportation Revenue |
Down 6.2% |
Revenue Miles |
Down by 6% |
Fuel net of surcharges |
Down by 25.5% |
PAFR |
Improved from 2.54 to 2.05 |
Operating Ratio |
Increased from 95.7% to 97.3% |
Driver Turnover Rate |
Increased from 56% to 62% |
Average Number of Drivers |
Down 10% |
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 23
or drivers without at least one year of driving experience, auto and workers’ compensation accident frequencies and severity,
administrative costs, and group health claims experience. The financial results of the Company for any individual quarter are not
necessarily indicative of results to be expected for the year.
Highlights of the First quarter of Fiscal 2018
| · | Transportation revenue decreased $1,689,000,
or 6%. |
| · | Annualized driver turnover rate increased
from 56% in the first quarter of last year to 62% this quarter. |
| · | The Company reported net income of $3,592,000,
or $1.09 per share, compared to net income of $912,000, or $.28 per share, in the same quarter last year. First quarter 2018 net
income included $3,041,000, or $.92 per share, due to a deferred tax benefit resulting from revaluing the company’s net deferred
tax liabilities per the Tax Cuts and Jobs Act of 2017. |
Comparative Results of Operations
for the Three Months ended December 31, 2017 and 2016
|
Three months ended December 31 |
(dollars in thousands) |
2017 |
|
% |
|
2016 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue miles (in thousands) |
|
9,252 |
|
|
|
|
|
|
|
9,851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation revenue |
$ |
25,570 |
|
|
|
91.6 |
% |
|
|
27,259 |
|
|
|
94.8 |
% |
Fuel surcharges |
|
2,331 |
|
|
|
8.4 |
% |
|
|
1,499 |
|
|
|
5.2 |
% |
Total Revenues |
|
27,901 |
|
|
|
100.0 |
% |
|
|
28,758 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
11,873 |
|
|
|
42.6 |
% |
|
|
12,084 |
|
|
|
42.0 |
% |
Fuel expenses |
|
4,122 |
|
|
|
14.8 |
% |
|
|
3,904 |
|
|
|
13.6 |
% |
Repairs & tires |
|
1,573 |
|
|
|
5.6 |
% |
|
|
1,638 |
|
|
|
5.7 |
% |
Other operating |
|
1,043 |
|
|
|
3.7 |
% |
|
|
1,034 |
|
|
|
3.6 |
% |
Insurance and losses |
|
2,716 |
|
|
|
9.7 |
% |
|
|
2,705 |
|
|
|
9.4 |
% |
Depreciation expense |
|
2,330 |
|
|
|
8.4 |
% |
|
|
2,462 |
|
|
|
8.6 |
% |
Rents, tags & utilities |
|
855 |
|
|
|
3.1 |
% |
|
|
863 |
|
|
|
3.0 |
% |
Sales, general & administrative |
|
2,322 |
|
|
|
8.3 |
% |
|
|
2,311 |
|
|
|
8.0 |
% |
Corporate expenses |
|
487 |
|
|
|
1.7 |
% |
|
|
617 |
|
|
|
2.2 |
% |
Gain on equipment |
|
(164 |
) |
|
|
-0.6 |
% |
|
|
(108 |
) |
|
|
-0.4 |
% |
Total cost of operations |
|
27,157 |
|
|
|
97.3 |
% |
|
|
27,510 |
|
|
|
95.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
$ |
744 |
|
|
|
2.7 |
% |
|
|
1,248 |
|
|
|
4.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues for the quarter were $27,901,000,
down $857,000 from the same quarter last year. Transportation revenues (excluding fuel surcharges) were $25,570,000, down $1,689,000.
Miles
declined by 599,000, or 6%, to 9,252,000 versus
9,851,000 in the same quarter last year.
The lower revenues in the quarter resulted
from the impact of the business lost during the second quarter of fiscal 2017. We have been successful at replacing some of this
lost business by expanding business with existing customers and are focused on continuing to add business in markets where we can
hire drivers.
Compensation and benefits decreased $211,000
due to fewer miles driven but were 5.7 cents per mile higher as a result of the recent driver pay increase and higher training
costs. Insurance and losses were only up $11,000 but were 1.9 cents per mile higher as last year’s costs were reduced by
a favorable settlement of $152,000 of older insurance claims in the first quarter last year. SG&A was up $11,000 but was 1.6
cents higher on a per mile basis.
Net fuel expense (i.e. gross fuel expenses
less fuel surcharges) decreased by $614,000, or 5.1 cents per mile due to fewer miles driven and higher fuel surcharges due to
higher average diesel prices. Depreciation expense was down $132,000 as we sold excess equipment in our efforts to right size our
fleet. Corporate expenses were down by $130,000 due mainly to the corporate management changes that occurred during fiscal 2017.
As a result, operating profit this
quarter was $744,000 compared to $1,248,000 in the same quarter last year. Operating ratio was 97.3 this quarter versus a 95.7
in the same quarter last year.
First quarter 2018 net income included $3,041,000,
or $.92 per share, due to a deferred tax benefit resulting from revaluing the company’s net deferred tax liabilities per
the Tax Cuts and Jobs Act of 2017. The company’s net deferred tax liability was reduced as a result of the lower corporate
income tax rates applicable to the Company going forward. As the Company has a September 30 fiscal year-end, the lower corporate
income tax rate will be phased in, resulting in a U.S. statutory federal rate of approximately 24.28% for our fiscal year ending
September 30, 2018, and 21% for subsequent fiscal years. The effective tax rate including the effect of state income taxes, but
not including excess tax benefits from stock option exercises, is projected to decrease from 39.5% to 30.5% for fiscal 2018 and
27.5% for subsequent years. Income tax expense may differ from the above estimate, possibly materially, due to, changes in interpretations
of the Tax Act or related accounting guidance, the projected deferred tax changes for fiscal 2018, and projected effective state
tax rates. We currently anticipate finalizing and recording any resulting adjustments by the end of our current fiscal year ending
September 30, 2018.
Liquidity and Capital Resources.
The Company maintains its operating accounts with Wells Fargo Bank, N.A. and these accounts directly sweep overnight against the
Wells Fargo revolver. As of December 31, 2017, we had no debt outstanding on this revolver, $3,105,000 letters of credit and $21,895,000
available for additional borrowings. The Company expects our fiscal year 2018 cash generation to cover the cost of our operations
and all of our budgeted capital expenditures.
Cash Flows - The following table summarizes
our cash flows from operating, investing and financing activities for each of the periods presented (in thousands of dollars):
|
|
Three months |
|
|
Ended December 31, |
|
|
2017 |
|
2016 |
Total cash provided by (used for): |
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
1,526 |
|
|
|
(24 |
) |
Investing activities |
|
|
(815 |
) |
|
|
(1,304 |
) |
Financing activities |
|
|
— |
|
|
|
— |
|
Increase (decrease) in cash and cash equivalents |
|
$ |
711 |
|
|
|
(1,328 |
) |
|
|
|
|
|
|
|
|
|
Outstanding debt at the beginning of the period |
|
|
— |
|
|
|
— |
|
Outstanding debt at the end of the period |
|
|
— |
|
|
|
— |
|
Operating Activities - Net cash provided
by operating activities (as set forth in the cash flow statement) was $1,526,000 for the three months ended December 31, 2017,
compared to cash used in operating activities of $24,000 in the same period last year. The total of net income plus depreciation
and amortization and less gains on sales of property and equipment increased $2,491,000 versus the same period last year. These
changes are described above under "Comparative Results of Operations." Trade accounts receivable decreased $893,000 compared
to a decrease of $218,000 in the same period last year due to lower revenues. Deferred income tax decreased $3,021,000 versus an
increase of $152,000 in the same period last year primarily due to a reduction in income tax expense related to the enactment of
the Tax Cuts and Jobs Act. Accounts Payable and Accrued Liabilities favorably impacted cash provided due to higher payables for
equipment at December 31, 2017 and lower bonus payments paid during the quarter for the prior fiscal year. These changes comprise
the majority of the increase in net cash provided by operating activities.
Investing Activities – Investing
activities include the purchase of property and equipment, any business acquisitions and proceeds from sales of these assets upon
retirement. For the first three months ended December 31, 2017, we spent $815,000 on equipment net of proceeds from retirements.
For the first three months ended December 31, 2016 we spent $1,304,000 on equipment net of retirements.
Financing Activities – Financing
activities primarily include net changes to our outstanding revolving debt. For the first three months ended December 31, 2017
and 2016 we had no financing activities. We had no outstanding long-term debt on December 31, 2017 or December 31, 2016.
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 December 31, 2017, the tangible net worth covenant would have limited our ability
to pay
dividends or repurchase stock with borrowed
funds to a maximum of $16.0 million combined.
Cash Requirements - The Company currently
expects its fiscal 2018 capital expenditures to be approximately $3,000,000 dollars less than the $10,492,000 projected in our
recent 10-K filing. This reduction is primarily due to leasing approximately 35 tractors in the first quarter, versus replacing
with new company owned tractors, in three select markets where we anticipate benefitting from the lease program with respect to
utilization, maintenance, and other expenses. All capital expenditures made during fiscal 2018 we expect to be fully funded by
our cash generated from operations. The Company does not currently pay any cash dividends on common stock
Summary and Outlook. We continue to
focus on adding business to replace the loss of business that occurred last year. We recently entered into a new, three year agreement
with one of our top five largest accounts that will significantly increase our business levels with this customer. This increased
business is starting in Februray and should be fully integrated in our results beginning in the third quarter.
The driver market remains very tight. We implemented
several hiring and retention enhancements during fiscal 2017, including a pay increase in June 2017. In the first quarter, the
driver turnover rate was 62.0% versus 55.8% in the same quarter last year and 67.1% in the 4th quarter of fiscal 2017. This quarter,
our 3rd party insurance broker will be performing a Safety and Culture perception survey throughout our organization in an effort
to help us improve in these areas and positively impact our bottom line results.
Our management team is committed to running
the business efficiently, measuring ourselves on equipment utilization and driver productivity, while still maintaining a high
level of safety and customer satisfaction. We have made significant reductions to overhead costs this fiscal year and are continuing
the process of selling excess equipment to right-size the company for our current business levels. We expect to have fully accomplished
this objective by the end of the 2nd quarter.
Management is committed to investing in our
technology in order to set ourselves apart from our competition and improve efficiencies. To date, we are roughly 90% complete
on installing our new in-cab PeopleNet delivery system as well as our companywide IT network upgrades. This quarter we will be
focused on implementation of our new automated billing software and conversion of our servers and systems to a 3rd party
cloud services provider. These are being done with the focus of enhancing the employee experience, improving customer satisfaction
and ultimately reducing expenses and improving our bottom line results.
We operate in many of the best markets in the
country and are known as a top rated carrier in both safety and customer satisfaction. We are committed to focusing on safety,
revenue growth, driver retention, equipment utilization and customer satisfaction. We are confident that execution of that focus
will enable us to improve our profitability. We plan to maintain a strong balance sheet as we work to get to our operating ratio
in the low to mid nineties.
ITEM 3. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISKS
Interest Rate Risk - We
are exposed to the impact of interest rate changes through our variable-rate borrowings under the credit agreements. Under the
Wells Fargo revolving credit line of credit, the applicable spread for borrowings at December 31, 2017 was 1.0% over libor. The
applicable margin for such borrowings will be reduced or increased in the event that our debt to capitalization ratio as calculated
under the credit agreement exceeds target levels.
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 typical fuel surcharge table provides some margin contribution at higher
diesel fuel prices but also results in some margin erosion at the lower diesel fuel prices we have been experiencing the past several
quarters. 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.
ITEM 4. CONTROLS AND PROCEDURES
The Company maintains disclosure controls and
procedures that are designed to ensure that information required to be disclosed in the Company’s reports under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time
periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management,
including the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate,
to allow timely decisions regarding required disclosure.
The Company also maintains a system of internal
accounting controls over financial reporting that are designed to provide reasonable assurance to the Company’s management
and Board of Directors regarding the preparation and fair presentation of published financial statements.
All control systems, no matter how well designed,
have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving
the desired control objectives.
As of December 31, 2017, the Company, under
the supervision and with the participation of the Company's management, including the CEO, CFO and CAO, carried out an evaluation
of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based on this evaluation,
the Company’s CEO, CFO and CAO concluded that the Company's disclosure controls and procedures are effective in alerting
them in a timely manner to material information required to be included in periodic SEC filings.
There have been no changes in the Company’s
internal controls over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably
likely to materially affect, the Company’s internal control over financial reporting.
PART II. OTHER INFORMATION
In addition to the other information
set forth in this report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in
our Annual Report on Form 10-K for the year ended September 30, 2017, which could materially affect our business, financial condition
or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional
risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect
our business, financial condition and/or operating results.
Item 2. PURCHASES OF EQUITY SECURITIES BY
THE ISSUER
|
|
|
|
|
(c) |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
|
|
Shares |
|
(d) |
|
|
|
|
|
Purchased |
|
Approximate |
|
(a) |
|
|
|
As Part of |
|
Dollar Value of |
|
Total |
|
(b) |
|
Publicly |
|
Shares that May |
|
Number of |
|
Average |
|
Announced |
|
Yet Be Purchased |
|
Shares |
|
Price Paid |
|
Plans or |
|
Under the Plans |
Period |
Purchased |
|
per Share |
|
Programs |
|
or Programs (1) |
|
October 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
— |
|
|
$ |
|
|
|
|
— |
|
|
|
|
|
(1) On February 4, 2015, the Board
of Directors authorized management to expend up to $5,000,000 to repurchase shares of the Company’s common stock from time
to time as opportunities arise. To date, the Company has not repurchased any common stock of the Company.
Item 6. EXHIBITS
| (a) | Exhibits. The response to this item is submitted as a separate Section entitled
"Exhibit Index", on page 22. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
PATRIOT TRANSPORTATION HOLDING, INC. |
|
|
|
|
|
|
|
|
|
|
Date: February 9, 2018 |
|
By |
ROBERT E. SANDLIN |
|
|
|
|
Robert E. Sandlin |
|
|
|
|
President and Chief Executive Officer |
|
|
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
By |
MATTHEW C. MCNULTY |
|
|
|
|
Matthew C. McNulty |
|
|
|
|
Vice President and Chief Financial Officer |
|
|
|
(Principal Financial Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
By |
JOHN D. KLOPFENSTEIN |
|
|
|
|
John D. Klopfenstein |
|
|
|
|
Controller and Chief Accounting |
|
|
|
Officer (Principal Accounting Officer) |
PATRIOT TRANSPORTATION
HOLDING, INC.
FORM 10-Q FOR THE QUARTER ENDED DECEMBER
31, 2017
EXHIBIT INDEX
| (31)(b) | Certification of Matthew C. McNulty |
| (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 |
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101.PRE |
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CERTIFICATIONS Exhibit 31(a)
I, Robert E. Sandlin, certify that:
| 1. | I have reviewed this report on Form 10-Q of Patriot Transportation Holding,
Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for
the registrant and have: |
| a) | designed such disclosure controls and procedures,
or caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared; |
| b) | evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls
and procedures, as of the end of the period covered by this report based on such evaluation; and |
| c) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial report; and |
| 5. | The registrant’s other certifying officers and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee
of registrant’s board of directors (or persons performing the equivalent functions): |
| a) | all significant deficiencies in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability
to record, process, summarize and report financial information; and |
| b) | any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 9, 2018 /s/Robert
E. Sandlin
President and Chief
Executive Officer
CERTIFICATIONS Exhibit 31(b)
I, Matthew C. McNulty, certify that:
| 1. | I have reviewed this report on Form 10-Q of Patriot Transportation Holding,
Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for
the registrant and have: |
| a) | designed such disclosure controls and procedures,
or caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared; |
| b) | evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls
and procedures, as of the end of the period covered by this report based on such evaluation; and |
| c) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial report; and |
| 5. | The registrant’s other certifying officers and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee
of registrant’s board of directors (or persons performing the equivalent functions): |
| a) | all significant deficiencies in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability
to record, process, summarize and report financial information; and |
| b) | any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 9, 2018 /s/Matthew
C. McNulty
Vice President
and Chief Financial Officer
CERTIFICATIONS Exhibit 31(c)
I, John D. Klopfenstein, certify that:
| 1. | I have reviewed this report on Form 10-Q of Patriot Transportation Holding,
Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for
the registrant and have: |
| a) | designed such disclosure controls and procedures,
or caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared; |
| b) | evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls
and procedures, as of the end of the period covered by this report based on such evaluation; and |
| c) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial report; and |
| 5. | The registrant’s other certifying officers and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee
of registrant’s board of directors (or persons performing the equivalent functions): |
| a) | all significant deficiencies in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability
to record, process, summarize and report financial information; and |
| b) | any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 9, 2018 /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. |
|
|
|
|
|
|
|
|
|
|
Date: February 9, 2018 |
|
By |
/s/ROBERT E. SANDLIN |
|
|
|
|
Robert E. Sandlin |
|
|
|
|
President and Chief Executive Officer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By |
/s/MATTHEW C. MCNULTY |
|
|
|
|
Matthew C. McNulty |
|
|
|
|
Vice President and Chief Financial Officer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By |
/s/JOHN D. KLOPFENSTEIN |
|
|
|
|
John D. Klopfenstein |
|
|
|
|
Controller and Chief Accounting Officer |
|
|
|
|
A signed original of this written
statement required by Section 906 has been provided to Patriot Transportation Holding, Inc. and will be retained by Patriot Transportation
Holding, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
The foregoing certification accompanies
the issuer’s Quarterly report on Form 10-Q and is not filed as provided in SEC Release Nos. 33-8212, 34-4751 and IC-25967,
dated June 30, 2003.
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v3.8.0.1
Consolidated and Combined Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2017 |
Sep. 30, 2017 |
Current assets: |
|
|
Cash and cash equivalents |
$ 12,000
|
$ 11,289
|
Accounts receivable, net of allowance for doubtful accounts of $136 and $150, respectively |
6,749
|
7,642
|
Federal and state taxes receivable |
402
|
516
|
Inventory of parts and supplies |
909
|
855
|
Prepaid tires on equipment |
1,877
|
1,913
|
Prepaid taxes and licenses |
406
|
612
|
Prepaid insurance |
1,391
|
823
|
Prepaid expenses, other |
57
|
71
|
Total current assets |
23,791
|
23,721
|
Property and equipment, at cost |
100,372
|
101,923
|
Less accumulated depreciation |
62,267
|
62,331
|
Net property and equipment |
38,105
|
39,592
|
Goodwill |
3,431
|
3,431
|
Intangible assets, net |
980
|
1,021
|
Other assets, net |
185
|
189
|
Total assets |
66,492
|
67,954
|
Current liabilities: |
|
|
Accounts payable |
3,331
|
4,948
|
Accrued payroll and benefits |
3,732
|
4,143
|
Accrued insurance |
614
|
558
|
Accrued liabilities, other |
228
|
379
|
Total current liabilities |
7,905
|
10,028
|
Long-term debt |
0
|
0
|
Deferred income taxes |
7,024
|
10,045
|
Accrued insurance |
193
|
193
|
Other liabilities |
1,108
|
1,105
|
Total liabilities |
16,230
|
21,371
|
Commitments and contingencies (Note 8) |
|
|
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 |
0
|
0
|
Common stock, $.10 par value; (25,000,000 shares authorized; 3,303,802 and 3,303,802 shares issued and outstanding, respectively) |
330
|
330
|
Capital in excess of par value |
36,781
|
36,726
|
Retained earnings |
12,945
|
9,353
|
Accumulated other comprehensive income, net |
206
|
174
|
Total shareholders' equity |
50,262
|
46,583
|
Total liabilties and shareholders' equity |
$ 66,492
|
$ 67,954
|
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v3.8.0.1
Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Sep. 30, 2017 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable allowance for doubtful accounts |
$ 136
|
$ 150
|
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 |
3,303,802
|
3,303,802
|
X |
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v3.8.0.1
Consolidated and Combined Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2017 |
Dec. 31, 2016 |
Revenues: |
|
|
Transportation revenues |
$ 25,570
|
$ 27,259
|
Fuel surcharges |
2,331
|
1,499
|
Total revenues |
27,901
|
28,758
|
Cost of operations: |
|
|
Compensation and benefits |
11,873
|
12,084
|
Fuel expenses |
4,122
|
3,904
|
Repairs & tires |
1,573
|
1,638
|
Other operating |
1,043
|
1,034
|
Insurance and losses |
2,716
|
2,705
|
Depreciation expense |
2,330
|
2,462
|
Rents, tags & utilities |
855
|
863
|
Sales, general & administrative |
2,322
|
2,311
|
Corporate expenses |
487
|
617
|
Gain on equipment sales |
(164)
|
(108)
|
Total cost of operations |
27,157
|
27,510
|
Total operating profit |
744
|
1,248
|
Interest income and other |
2
|
2
|
Interest expense |
(10)
|
(32)
|
Income before income taxes |
736
|
1,218
|
Provision for income taxes |
(2,856)
|
306
|
Net income |
3,592
|
912
|
Tax reform gain on retiree health |
32
|
0
|
Comprehensive Income |
$ 3,624
|
$ 912
|
Earnings per common share: |
|
|
Net income - basic |
$ 1.09
|
$ .28
|
Net income - diluted |
$ 1.09
|
$ .28
|
Number of shares (in thousands) used in computing: |
|
|
-basic earnings per common share |
3,303
|
3,290
|
-diluted earnings per common share |
3,304
|
3,294
|
X |
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v3.8.0.1
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2017 |
Dec. 31, 2016 |
Cash flows from operating activities: |
|
|
Net income |
$ 3,592
|
$ 912
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
2,509
|
2,651
|
Deferred income taxes |
(3,021)
|
152
|
Gain on asset dispositions |
(164)
|
(117)
|
Stock-based compensation |
55
|
118
|
Net changes in operating assets and liabilities: |
|
|
Accounts receivable |
893
|
218
|
Inventory of parts and supplies |
(54)
|
(42)
|
Prepaid expenses |
(312)
|
492
|
Other assets |
34
|
2
|
Accounts payable and accrued liabilities |
(2,123)
|
(4,514)
|
Income taxes payable and receivable |
114
|
127
|
Long-term insurance liabilities and other long-term liabilities |
3
|
(23)
|
Net cash provided by (used in) operating activities |
1,526
|
(24)
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment |
(1,122)
|
(1,525)
|
Proceeds from the sale of property, plant and equipment |
307
|
221
|
Net cash used in investing activities |
(815)
|
(1,304)
|
Cash flows from financing activities: |
|
|
Net cash provided by financing activities |
0
|
0
|
Net increase (decrease) in cash and cash equivalents |
711
|
(1,328)
|
Cash and cash equivalents at beginning of period |
11,289
|
6,005
|
Cash and cash equivalents at end of the period |
$ 12,000
|
$ 4,677
|
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v3.8.0.1
Description of Business and Basis of Presentation
|
3 Months Ended |
Dec. 31, 2017 |
Accounting Policies [Abstract] |
|
Description of Business and Basis of Presentation |
(1) Description of Business and
Basis of Presentation.
Description of Business
Company’s Business.
The business of the Company, conducted through our wholly owned subsidiary, Florida Rock & Tank Lines, Inc., is to transport
petroleum and other liquids and dry bulk commodities. We do not own any of the products we haul, rather, we act as a third party
carrier to deliver our customer’s products from point A to point B predominately using Company employees driving Company
owned tractors and tank trailers. Approximately 82% of our business consists of hauling liquid petroleum products (mostly gas and
diesel fuel) from large scale fuel storage facilities to our customers’ retail outlets (e.g. convenience stores, truck stops
and fuel depots) where we off-load the product into our customer’s fuel storage tanks for ultimate sale to the retail consumer.
The remaining 18% of our business consists of hauling our customer’s dry bulk commodities such as cement, lime and various
industrial powder products and liquid chemicals. As of December 31, 2017, we employed 602 revenue-producing drivers who operated
our fleet of 422 tractors and 558 trailers from our 21 terminals and 7 satellite locations in Florida, Georgia, Alabama, South
Carolina, North Carolina and Tennessee.
Basis of Presentation
These statements have been prepared in accordance
with accounting principles generally accepted in the United States of America for interim financial information and the instructions
to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United
States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal
recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating
results for the three months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the
fiscal year ending September 30, 2018. The accompanying consolidated financial statements and the information included under the
heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction
with the audited financial statements and notes for the year ended September 30, 2017.
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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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v3.8.0.1
Recently Issued Accounting Standards
|
3 Months Ended |
Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Recently Issued Accounting Standards |
(2) Recently Issued Accounting Standards.
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which replaces existing revenue
recognition standards and significantly expand the disclosure requirements for revenue arrangements. It may be adopted either retrospectively
or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective
date. The new standard is effective beginning with the first quarter of fiscal 2019. The Company currently does not expect the
adoption of this guidance to result in a material impact on its financial statements.
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.
|
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- DefinitionDisclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
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v3.8.0.1
Related Party Agreements
|
3 Months Ended |
Dec. 31, 2017 |
Related Party Transactions [Abstract] |
|
Related Party Agreements |
(3) Related Party Agreements.
The Company is party to a Transition Services Agreement which resulted from our January 30, 2015 spin-off transaction from
FRP Holdings, Inc. (FRP). 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. The boards of the
respective companies amended and extended this agreement for one year effective April 1, 2017.
The consolidated statements of income reflect
charges and/or allocation to FRP Holdings, Inc. for these services of $352,000 and $377,000 for the three months ended December
31, 2017 and 2016. 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 provided 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 $16,000 to the Company for the three months ended December 31, 2016 for such information technology services and office space.
The services to Bluegrass ceased on December 31, 2016.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.8.0.1
Long-Term Debt
|
3 Months Ended |
Dec. 31, 2017 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
(4) Long-Term debt. The Company had
no long-term debt outstanding at December 31, 2017 and September 30, 2017. On January 30, 2015, the Company entered into a $25
million, five year, revolving credit agreement with Wells Fargo Bank, N.A. and assumed and refinanced $5.1 million then outstanding.
As of December 31, 2017, we had no outstanding debt borrowed on this revolver, $3,105,000 in commitments under letters of credit
and $21,895,000 available for additional borrowings. The letter of credit fee is 1% and the applicable interest rate would have
been 3.569% on December 31, 2017. This credit agreement contains certain conditions, affirmative financial covenants and negative
covenants including limitations on paying cash dividends. The Company was in compliance with all of its loan covenants as of December
31, 2017.
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v3.8.0.1
Earnings per share
|
3 Months Ended |
Dec. 31, 2017 |
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.
The following details the computations of the
basic and diluted earnings per common share (dollars and shares in thousands, except per share amounts):
|
|
Three Months ended |
|
|
December 31, |
|
|
2017 |
|
2016 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,303 |
|
|
|
3,290 |
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
1 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,304 |
|
|
|
3,294 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,592 |
|
|
|
912 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
-basic |
|
$ |
1.09 |
|
|
|
0.28 |
|
-diluted |
|
$ |
1.09 |
|
|
|
0.28 |
|
For the three months ended December 31, 2017,
178,519 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because
their inclusion would have been anti-dilutive. For the three months ended December 31, 2016, 90,554 shares attributable to outstanding
stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.
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v3.8.0.1
Stock-Based Compensation Plans
|
3 Months Ended |
Dec. 31, 2017 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock-Based Compensation Plans |
(6) Stock-Based Compensation Plans.
Participation in FRP Plans
The Company's directors, officers
and key employees are eligible to participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options
for shares of common stock were granted to directors, officers and key employees. All related compensation expense has been fully
allocated to the Company (rather than FRP) and included in corporate expenses. Corporate expense also reflects an offsetting credit
for the Transition Services Agreement allocation to FRP.
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 number
of common shares available for future issuance was 53,171 at December 31, 2017.
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.
In December 2016, the Company approved
and issued a long-term performance incentive to an officer in the form of stock appreciation rights. The Company granted 80,000
stock appreciation rights. The market price was $23.13 on the date of grant and the executive will get a cash award at age 65 based
upon the stock price at that date compared to the stock price at the date of grant but in no event will the award be less than
$500,000. The Company plans to expense the fair value of the award over the 9.1 year vesting period to the officer’s attainment
of age 65.
The Company recorded the following
stock compensation expense in its consolidated statements of income (in thousands):
|
|
Three Months ended |
|
|
December 31, |
|
|
2017 |
|
2016 |
Stock option grants |
|
$ |
55 |
|
|
|
118 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
$ |
55 |
|
|
|
118 |
|
A summary of Company stock options is presented
below (in thousands, except share and per share amounts):
|
|
|
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Number |
|
|
|
Average |
|
|
|
Average |
|
|
|
Average |
|
|
|
of |
|
|
|
Exercise |
|
|
|
Remaining |
|
|
|
Grant Date |
|
Options |
|
Shares |
|
|
|
Price |
|
|
|
Term (yrs) |
|
|
|
Fair Value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 1, 2017 |
|
151,591 |
|
|
$ |
22.18 |
|
|
|
6.3 |
|
|
$ |
1,271 |
|
Granted |
|
33,960 |
|
|
$ |
18.57 |
|
|
|
|
|
|
$ |
240 |
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
185,551 |
|
|
$ |
21.52 |
|
|
|
6.7 |
|
|
$ |
1,511 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
110,816 |
|
|
$ |
22.00 |
|
|
|
5.2 |
|
|
$ |
900 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
30,844 |
|
|
|
|
|
|
|
|
|
|
$ |
231 |
|
The aggregate intrinsic value of exercisable
Company options was $6,000 and the aggregate intrinsic value of all outstanding in-the-money options was $6,000 based on the Company’s
market closing price of $17.38 on December 29, 2017 less exercise prices.
The realized tax benefit from option exercises
during the first three months of fiscal 2018 was $62,000 which pertained to FRP options exercised that were granted prior to the
Spin-off to persons employed by Patriot. The unrecognized compensation expense of Patriot options granted as of December 31, 2017
was $590,000, which is expected to be recognized over a weighted-average period of 3.9 years.
|
X |
- DefinitionTabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.
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v3.8.0.1
Fair Value Measurements
|
3 Months Ended |
Dec. 31, 2017 |
Fair Value Disclosures [Abstract] |
|
Fair Value Measurements |
(7) Fair Value Measurements.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used
to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or
liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level
3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement.
As of December 31, 2017 the Company
had no assets or liabilities measured at fair value on a recurring or non-recurring basis.
At December 31, 2017 and September
30, 2017, the carrying amount reported in the consolidated 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.
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v3.8.0.1
Contingent liabilities
|
3 Months Ended |
Dec. 31, 2017 |
Commitments and Contingencies Disclosure [Abstract] |
|
Contingent liabilities |
(8) Contingent liabilities.
The Company is involved in litigation on a number of matters and is subject to certain claims which arise in the normal course
of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property
damage. There is a reasonable possibility that the 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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v3.8.0.1
Concentrations
|
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Dec. 31, 2017 |
Risks and Uncertainties [Abstract] |
|
Concentrations |
(9) Concentrations.
Market:
The Company primarily serves customers in the petroleum industry in the Southeastern U.S. Significant economic disruption or downturn
in this geographic region or within these industries could have an adverse effect on our financial statements.
Customers:
During the first three months of fiscal 2018, the Company’s ten largest customers accounted for approximately 57% of our
revenue and one of these customers accounted for 17.4% of our revenue. Accounts receivable from the ten largest customers were
$3,825,000 and $4,070,000 at December 31, 2017 and September 30, 2017 respectively. The loss of any one of these customers could
have a material adverse effect on the Company’s revenues and income.
Deposits:
The Company places its cash and cash equivalents with Wells Fargo Bank, N.A. At times, such amounts may exceed FDIC limits.
|
X |
- 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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v3.8.0.1
Unusual or Infrequent Items Impacting Quarterly Results
|
3 Months Ended |
Dec. 31, 2017 |
Unusual or Infrequent Items, or Both [Abstract] |
|
Unusual or Infrequent Items Impacting Quarterly Results |
(10) Unusual or Infrequent Items Impacting
Quarterly Results. First quarter 2018 net income included $3,041,000, or $.92 per share, due to a deferred tax benefit resulting
from revaluing the company’s net deferred tax liabilities per the Tax Cuts and Jobs Act of 2017. As the Company has
a September 30 fiscal year-end, the lower corporate income tax rate will be phased in, resulting in a U.S. statutory federal rate
of approximately 24.28% for our fiscal year ending September 30, 2018, and 21% for subsequent fiscal years. The effective tax rate
including the effect of state income taxes, but not including excess tax benefits from stock option exercises, is projected to
decrease from 39.5% to 30.5% for fiscal 2018 and 27.5% for subsequent years.
Income tax expense may differ from the above
estimate, possibly materially, due to, changes in interpretations of the Tax Act or related accounting guidance, the projected
deferred tax changes for fiscal 2018, and projected effective state tax rates. We currently anticipate finalizing and recording
any resulting adjustments by the end of our current fiscal year ending September 30, 2018.
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v3.8.0.1
Earnings per share (Tables)
|
3 Months Ended |
Dec. 31, 2017 |
Earnings Per Share [Abstract] |
|
Earnings per common share (dollars and shares in thousands, except per share amounts) |
|
|
Three Months ended |
|
|
December 31, |
|
|
2017 |
|
2016 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,303 |
|
|
|
3,290 |
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
1 |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,304 |
|
|
|
3,294 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,592 |
|
|
|
912 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
-basic |
|
$ |
1.09 |
|
|
|
0.28 |
|
-diluted |
|
$ |
1.09 |
|
|
|
0.28 |
|
|
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v3.8.0.1
Stock-Based Compensation Plans (Tables)
|
3 Months Ended |
Dec. 31, 2017 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock Compensation Expense (in thousands) |
|
|
Three Months ended |
|
|
December 31, |
|
|
2017 |
|
2016 |
Stock option grants |
|
$ |
55 |
|
|
|
118 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
$ |
55 |
|
|
|
118 |
|
|
Summary of 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 1, 2017 |
|
151,591 |
|
|
$ |
22.18 |
|
|
|
6.3 |
|
|
$ |
1,271 |
|
Granted |
|
33,960 |
|
|
$ |
18.57 |
|
|
|
|
|
|
$ |
240 |
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
185,551 |
|
|
$ |
21.52 |
|
|
|
6.7 |
|
|
$ |
1,511 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
110,816 |
|
|
$ |
22.00 |
|
|
|
5.2 |
|
|
$ |
900 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
|
30,844 |
|
|
|
|
|
|
|
|
|
|
$ |
231 |
|
|
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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v3.8.0.1
Stock-Based Compensation Plans - Summary of Stock Options (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
|
Dec. 31, 2017
USD ($)
yr
$ / shares
shares
|
Sep. 30, 2017
USD ($)
yr
$ / shares
shares
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
|
Options outstanding | shares |
185,551
|
151,591
|
Options granted | shares |
33,960
|
|
Options outstanding weighted average exercise price | $ / shares |
$ 21.52
|
$ 22.18
|
Options outstanding weighted average exercise price - Granted | $ / shares |
$ 18.57
|
|
Options outstanding weighted average remaining term | yr |
6.7
|
6.3
|
Options outstanding weighted average grant date fair value | $ |
$ 1,511
|
$ 1,271
|
Options granted weighted average grant date fair value | $ / shares |
$ 240
|
|
Options exercisable | shares |
110,816
|
|
Options exerciseable weighted average exercise price | $ / shares |
$ 22.00
|
|
Options exerciseable weighted average remaining term | yr |
5.2
|
|
Options exerciseable weighted average grant date fair value | $ |
$ 900
|
|
Options vested | shares |
30,844
|
|
Options vested weighted average grant date fair value | $ |
$ 231
|
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This regulatory filing also includes additional resources:
patrdecq18.pdf
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