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, 2018.
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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 every Interactive Data File required to be submitted 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 such files). Yes [x] No [_]
Indicate by check mark whether the registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth
company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated
filer,” “smaller reporting company,” and “emerging growth 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 [ ] |
Smaller reporting company [x] |
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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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December 31, 2018 |
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Common Stock |
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3,328,466 |
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PATRIOT TRANSPORTATION HOLDING, INC.
FORM 10-Q
QUARTER ENDED DECEMBER 31, 2018
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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13 |
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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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20 |
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Part II. Other Information |
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Item 1A. |
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Risk Factors |
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21 |
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Item 2. |
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Purchase of Equity Securities by the Issuer |
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21 |
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Item 6. |
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Exhibits |
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21 |
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Signatures |
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22 |
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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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24 |
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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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27 |
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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2018 |
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2018 |
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Current assets: |
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Cash and cash equivalents |
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$ |
436 |
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1 |
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Treasury bills available for sale |
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19,766 |
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17,298 |
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Accounts receivable (net of allowance for |
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doubtful accounts of $151 and $153, respectively) |
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7,684 |
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7,866 |
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Federal and state taxes receivable |
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299 |
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547 |
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Inventory of parts and supplies |
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890 |
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895 |
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Prepaid tires on equipment |
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1,699 |
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1,746 |
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Prepaid taxes and licenses |
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397 |
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609 |
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Prepaid insurance |
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1,994 |
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2,348 |
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Prepaid expenses, other |
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116 |
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134 |
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Total current assets |
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33,281 |
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31,444 |
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Property and equipment, at cost |
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93,622 |
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94,710 |
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Less accumulated depreciation |
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60,636 |
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60,799 |
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Net property and equipment |
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32,986 |
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33,911 |
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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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816 |
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855 |
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Other assets, net |
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181 |
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176 |
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Total assets |
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$ |
70,695 |
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69,817 |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Accounts payable |
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$ |
3,589 |
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3,271 |
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Bank overdraft |
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— |
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625 |
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Accrued payroll and benefits |
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3,918 |
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3,963 |
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Accrued insurance |
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2,358 |
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1,896 |
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Accrued liabilities, other |
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237 |
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408 |
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Total current liabilities |
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10,102 |
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10,163 |
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Deferred income taxes |
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5,941 |
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5,940 |
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Accrued insurance |
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204 |
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204 |
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Other liabilities |
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1,100 |
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1,104 |
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Total liabilities |
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17,347 |
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17,411 |
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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, $.10 par value; (25,000,000 shares |
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authorized; 3,328,466 and 3,328,466 shares issued |
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and outstanding, respectively) |
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333 |
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333 |
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Capital in excess of par value |
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37,492 |
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37,436 |
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Retained earnings |
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15,356 |
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14,472 |
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Accumulated other comprehensive income, net |
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167 |
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165 |
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Total shareholders’ equity |
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53,348 |
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52,406 |
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Total liabilities and shareholders’ equity |
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$ |
70,695 |
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69,817 |
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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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2018 |
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2017 |
Revenues: |
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Transportation revenues |
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$ |
24,980 |
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25,570 |
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Fuel surcharges |
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3,074 |
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2,331 |
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Total revenues |
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28,054 |
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27,901 |
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Cost of operations: |
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Compensation and benefits |
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12,038 |
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11,873 |
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Fuel expenses |
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4,276 |
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4,122 |
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Repairs & tires |
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1,665 |
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1,573 |
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Other operating |
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1,132 |
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1,043 |
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Insurance and losses |
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2,942 |
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2,716 |
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Depreciation expense |
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1,970 |
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2,330 |
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Rents, tags & utilities |
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847 |
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855 |
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Sales, general & administrative |
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2,468 |
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2,322 |
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Corporate expenses |
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532 |
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487 |
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Gain on disposition of PP&E |
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(923 |
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(164 |
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Total cost of operations |
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26,947 |
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27,157 |
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Total operating profit |
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1,107 |
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744 |
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Interest income and other |
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101 |
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2 |
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Interest expense |
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(10 |
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(10 |
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Income before income taxes |
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1,198 |
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736 |
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Provision for (benefit from) income taxes |
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314 |
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(2,856 |
) |
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Net income |
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$ |
884 |
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3,592 |
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Unrealized investment gains, net |
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2 |
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— |
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Tax reform gain on retiree health |
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— |
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32 |
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Comprehensive Income |
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$ |
886 |
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3,624 |
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Earnings per common share: |
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Net Income- |
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Basic |
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0.27 |
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1.09 |
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Diluted |
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0.27 |
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1.09 |
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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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3,328 |
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3,303 |
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-diluted earnings per common share |
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3,331 |
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3,304 |
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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, 2018 AND 2017
(In thousands)
(Unaudited)
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Three months ended December 31, |
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2018 |
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2017 |
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Cash flows from operating activities: |
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Net income |
$ |
884 |
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3,592 |
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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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2,117 |
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2,509 |
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Deferred income taxes |
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— |
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(3,021 |
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Gain on asset dispositions |
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(923 |
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(164 |
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Stock-based compensation |
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56 |
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55 |
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Net changes in operating assets and liabilities: |
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Accounts receivable |
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182 |
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|
893 |
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Inventory of parts and supplies |
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5 |
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(54 |
) |
Prepaid expenses |
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631 |
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(312 |
) |
Other assets |
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(92 |
) |
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34 |
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Accounts payable and accrued liabilities |
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564 |
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(2,123 |
) |
Income taxes payable and receivable |
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248 |
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|
114 |
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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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3 |
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Net cash provided by operating activities |
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3,669 |
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1,526 |
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Cash flows from investing activities: |
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Purchase of property and equipment |
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(1,661 |
) |
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(1,122 |
) |
Purchase of Treasury bills |
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(5,371 |
) |
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— |
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Maturities of Treasury bills |
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3,000 |
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— |
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Proceeds from the sale of property, plant and equipment |
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1,432 |
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307 |
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Net cash used in investing activities |
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(2,600 |
) |
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(815 |
) |
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Cash flows from financing activities: |
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Decrease in bank overdrafts |
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(625 |
) |
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— |
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Debt issue costs |
|
(9 |
) |
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— |
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Net cash used in financing activities |
|
(634 |
) |
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— |
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|
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Net increase in cash and cash equivalents |
|
435 |
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|
|
711 |
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Cash and cash equivalents at beginning of period |
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1 |
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|
11,289 |
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Cash and cash equivalents at end of the period |
$ |
436 |
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|
12,000 |
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See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
DECEMBER 31, 2018
(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 86% 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 14% 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, 2018, we employed 541 revenue-producing drivers who operated
our fleet of 380 company tractors (excluding 10 being placed in service and 3 being prepared for sale), 20 owner operators and
532 trailers from our 20 terminals and 6 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, 2018 are not necessarily indicative of the results that may be expected for the
fiscal year ending September 30, 2019. 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, 2018.
(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. The new standard requires
an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration
the entity expects to receive in exchange for those goods or services. This update also requires additional disclosure about the
nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments
and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. 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. Management has identified that a legally enforceable contract with its customers is executed by both parties at the point
of pickup of the shipper’s product, as evidenced by the bill of lading. Although the Company may have master agreements with
its customers, these master agreements only
establish terms. There is no financial obligation
to the shipper until the Company takes possession of the load. Revenue is recognized for each individual load and the amount of
revenue in progress at the end of each quarter is insignificant. There is no significant amount of judgment or uncertainty in recording
revenue. The Company adopted this standard on October 1, 2018, and its adoption of this guidance did not 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, primarily the corporate office and 30 leased tractors. The total gross
contractual obligation for leases with commitments greater than 12 months at September 30, 2018 was $3,875,000.
(3) Related Party Agreements. The Company
provides FRP Holdings, Inc. (FRP) certain services including the services of certain shared executive officers. A written agreement
exists outlining the terms of such services and the boards of the respective companies amended and extended this agreement for
one year effective October 1, 2018.
The consolidated statements of income reflect
charges and/or allocation to FRP Holdings, Inc. for these services of $422,000 and $352,000 for the three months ended December
31, 2018 and 2017, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation
expense. These charges are reflected as a reduction to corporate expenses.
We employ an allocation method 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.
(4) Long-Term debt. The Company had
no long-term debt outstanding at December 31, 2018 and September 30, 2018. On December 28, 2018 the Company entered into a First
Amendment to the 2015 Credit Agreement (the "Credit Agreement") with Wells Fargo Bank, N.A. ("Wells Fargo"),
effective December 14, 2018. The Credit Agreement modifies the Company's prior Credit Agreement with Wells Fargo, dated January
30, 2015. The Credit Agreement establishes a five year revolving credit facility with a maximum facility amount of $35 million,
with a separate sublimit for standby letters of credit. The credit facility limit may be increased to $50 million upon request
by the Company, subject to the lender's discretion and the satisfaction of certain conditions. The interest rate under the Credit
Agreement will be a maximum of 1.50% over LIBOR, which may be reduced quarterly to 1.25% or 1.0% over LIBOR if the Company meets
a specified ratio of consolidated total debt to consolidated total capital. A commitment fee of 0.144% per annum is payable quarterly
on the unused portion of the commitment but the amount may be reduced to 0.1145% or 0.086% if the Company meets a specified ratio
of consolidated total debt to consolidated total capital. The Credit Agreement contains certain conditions, affirmative financial
covenants and negative covenants. As of December 31, 2018, we had no outstanding debt borrowed on this revolver, $3,043,000 in
commitments under letters of credit and $31,957,000 available for additional borrowings. The letter
of credit fee is 1% and the applicable interest
rate would have been 3.522% on December 31, 2018. This credit agreement contains certain conditions, affirmative financial covenants
and negative covenants including a minimum tangible net worth. The Company was in compliance with all of its loan covenants as
of December 31, 2018.
(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, |
|
|
2018 |
|
2017 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,328 |
|
|
|
3,303 |
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
3 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,331 |
|
|
|
3,304 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
884 |
|
|
|
3,592 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
-basic |
|
$ |
0.27 |
|
|
|
1.09 |
|
-diluted |
|
$ |
0.27 |
|
|
|
1.09 |
|
For the three months ended December 31, 2018,
165,409 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, 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.
(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.
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 8,587 at December 31, 2018.
The realized tax benefit pertaining
to options exercised and the remaining compensation cost of options previously granted are 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, |
|
|
2018 |
|
2017 |
Stock option grants |
|
$ |
56 |
|
|
|
55 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
$ |
56 |
|
|
|
55 |
|
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, 2018 |
|
175,551 |
|
|
$ |
21.52 |
|
|
|
6.3 |
|
|
$ |
1,419 |
|
Granted |
|
29,920 |
|
|
|
20.10 |
|
|
|
|
|
|
|
240 |
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December, 2018 |
|
205,471 |
|
|
$ |
21.32 |
|
|
|
6.6 |
|
|
$ |
1,659 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
120,540 |
|
|
$ |
22.02 |
|
|
|
5.1 |
|
|
$ |
983 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
19,724 |
|
|
|
|
|
|
|
|
|
|
$ |
174 |
|
The aggregate intrinsic value of exercisable
Company options was $54,000 and the aggregate intrinsic value of all outstanding in-the-money options was $85,000 based on the
Company’s market closing price of $19.71 on December 31, 2018 less exercise prices.
The realized tax benefit from option exercises
during the first three months of fiscal 2019 was $28,000 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, 2018
was $653,000, which is expected to be recognized over a weighted-average period of 3.7 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.
During the quarter ending December
31, 2018, the Company invested in treasury bills with maturities at time of purchase of 3 months to 1 year. The unrealized gains
on these investments of $2,000 was recorded as part of comprehensive income and was based on the market value (Level 1). The amortized
cost of the investments was $19,776,000 and the carrying amount and fair value was $19,766,000 as of December 31, 2018.
At December 31, 2018 and September
30, 2018, 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 2019, the Company’s ten largest customers accounted for approximately 62% of our
revenue and one of these customers accounted for 18.8% of our revenue. Accounts receivable from the ten largest customers was $4,485,000
and $4,875,000 at December 31, 2018 and September 30, 2018 respectively. The loss of any one of these customers could have a material
adverse effect on the Company’s revenues and income.
Deposits:
Cash and cash equivalents are comprised of cash at Wells Fargo Bank, N.A. The balances may exceed FDIC limits.
(10) Unusual or Infrequent Items Impacting
Quarterly Results.
First quarter 2019 net income included $634,000,
or $.19 per share, from gains on real estate sales.
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.
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 86% 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 14% 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, 2018, we employed 541 revenue-producing drivers who operated our fleet of 380 company tractors (excluding 10
being placed in service and 3 being prepared for sale), 20 owner operators and 532 trailers from our 20 terminals and 6 satellite
locations in Florida, Georgia, Alabama, South Carolina, North Carolina and Tennessee. We experience increased seasonal demand in
Florida 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, (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 software program, we have enhanced our ability to quickly
identify, communicate with and ultimately hire
qualified drivers.
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.
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.
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 Disposition of Property,
Plant & Equipment - Our financial results for any period may be impacted by any gain or loss that we realize on the sale
of used equipment, losses on wrecked equipment, and disposition of other assets. 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 including owner operators (O.O.) under employment
over the specified time period) as compared to the same period in the prior year.
ITEM |
Q1 2019 vs. Q1 2018 |
Total Revenue |
Up .5% |
Transportation Revenue |
Down 2.3% |
Revenue Miles |
Up .3% |
PAFR |
Increased from 2.05 to 2.69 |
Operating Ratio |
Declined from 97.3% to 96.1% |
Driver Turnover Rate |
Increased from 62% to 70.3% |
Avg. Driver Count incl. owner operators |
Down 8.8% |
Highlights of the First quarter of Fiscal 2019
| · | Total revenue increased $153,000, or .5%. |
| · | The Company reported net income of $884,000,
or $.27 per share, compared to net income of $3,592,000, or $1.09 per share, in the same quarter last year. First quarter 2018
net income included $3,041,000, or $.92 per share, due to revaluing the Company’s net deferred tax liabilities per the Tax
Cuts and Jobs Act of 2017. First quarter 2019 net income included $634,000, or $.19 per share, from gains on real estate sales. |
Comparative Results of Operations
for the Three Months ended December 31, 2018 and 2017
|
Three months ended December 31 |
(dollars in thousands) |
|
2018 |
|
|
|
% |
|
|
|
2017 |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue miles (in thousands) |
|
9,277 |
|
|
|
|
|
|
|
9,252 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation revenue |
$ |
24,980 |
|
|
|
89.0 |
% |
|
|
25,570 |
|
|
|
91.6 |
% |
Fuel surcharges |
|
3,074 |
|
|
|
11.0 |
% |
|
|
2,331 |
|
|
|
8.4 |
% |
Total Revenues |
|
28,054 |
|
|
|
100.0 |
% |
|
|
27,901 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
12,038 |
|
|
|
42.9 |
% |
|
|
11,873 |
|
|
|
42.6 |
% |
Fuel expenses |
|
4,276 |
|
|
|
15.3 |
% |
|
|
4,122 |
|
|
|
14.8 |
% |
Repairs & tires |
|
1,665 |
|
|
|
6.0 |
% |
|
|
1,573 |
|
|
|
5.6 |
% |
Other operating |
|
1,132 |
|
|
|
4.0 |
% |
|
|
1,043 |
|
|
|
3.7 |
% |
Insurance and losses |
|
2,942 |
|
|
|
10.5 |
% |
|
|
2,716 |
|
|
|
9.7 |
% |
Depreciation expense |
|
1,970 |
|
|
|
7.0 |
% |
|
|
2,330 |
|
|
|
8.4 |
% |
Rents, tags & utilities |
|
847 |
|
|
|
3.0 |
% |
|
|
855 |
|
|
|
3.1 |
% |
Sales, general & administrative |
|
2,468 |
|
|
|
8.8 |
% |
|
|
2,322 |
|
|
|
8.3 |
% |
Corporate expenses |
|
532 |
|
|
|
1.9 |
% |
|
|
487 |
|
|
|
1.7 |
% |
Gain on disposition of PP&E |
|
(923 |
) |
|
|
-3.3 |
% |
|
|
(164 |
) |
|
|
-0.6 |
% |
Total cost of operations |
|
26,947 |
|
|
|
96.1 |
% |
|
|
27,157 |
|
|
|
97.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
$ |
1,107 |
|
|
|
3.9 |
% |
|
|
744 |
|
|
|
2.7 |
% |
Total revenues for the quarter were $28,054,000,
up $153,000 from the same quarter last year. Transportation revenues (excluding fuel surcharges) were $24,980,000, down $590,000
mainly due to a $.07 per mile decrease on a higher average haul length. Miles increased by 25,000 to 9,277,000 over the same quarter
last year partially offsetting the impact of the lower revenue per mile ($67,000). Fuel surcharge revenue was $3,074,000, up $743,000
from the same quarter last year due to higher diesel prices. Several locations were impacted during the quarter by Hurricane Michael,
and in particular our Panama City location experienced severe damage and an extended shutdown period in which we lost significant
revenue that negatively impacted our operating profit (~$50,000).
Compensation and benefits increased $165,000,
or 2 cents per mile, mainly due to increased driver training pay ($135,000) as average drivers in training increased from 29 in
the first quarter last year
to 38 in this year’s first quarter. Owner
operator count increased from 13 to 20 this quarter versus the same quarter last year which increased our compensation and benefits
cost. We pay owner operators a higher percentage of the reveunes they generate offset by lower variable costs (e.g. fuel, maintenance)
paid directly by the owner operator. Fuel expenses increased $154,000, or 1 cent per mile, on higher average diesel prices offset
by improved fuel economy due to our longer average haul length and more owner operators paying directly for their fuel. Repair
and tire expense increased $92,000 due to several high dollar repairs. Other operating expenses were up $89,000 due to increased
tolls, increased driver hiring and travel expense and some site maintenance at a few of our terminal offices. Insurance and losses
increased $226,000 primarily due to one very high dollar health claim ($334,000 in this quarter) partially offset by reduced wreck
repair expense ($119,000). Depreciation expense was down $360,000 as a result of down sizing our fleet and placing twenty three
full service lease trucks in certain markets where we do not have maintenance shops. However, during the quarter we carried some
excess equipment that we are currently in the process of selling and that negatively impacted the quarter’s results (~$100,000).
Sales, general & administrative costs increased $146,000 due mainly to accruals for bonus compensation ($99,000) and higher
IT and Payroll expense to support the changes we are making to our systems and the way we compensate drivers. Corporate expenses
were up due mainly to non-recurring legal fees in connection with becoming a “smaller reporting company” under new
SEC guidelines. Gain on sale of assets increased $759,000 due primarily to a gain of $866,000 on the sale of a prior terminal site
in Ocoee, Florida that was relocated to Orlando, FL.
As a result, operating profit this quarter
was $1,107,000 (which includes the $866,000 gain from land sales and a $303,000 loss on health insurance) compared to operating
profit of $744,000 in the same quarter last year. Operating ratio was 96.1 this quarter versus 97.3 in the same quarter last year.
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, 2018, we had no debt outstanding on this revolver, $3,043,000 letters of credit and $31,957,000
available for additional borrowings. The Company expects our fiscal year 2019 cash generation to cover the cost of our operations
and all 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, |
|
|
2018 |
|
2017 |
Total cash provided by (used for): |
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
3,669 |
|
|
|
1,526 |
|
Investing activities |
|
|
(2,600 |
) |
|
|
(815 |
) |
Financing activities |
|
|
(634 |
) |
|
|
— |
|
Increase in cash and cash equivalents |
|
$ |
435 |
|
|
|
711 |
|
|
|
|
|
|
|
|
|
|
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 $3,669,000 for the three months ended December 31, 2018,
compared to $1,526,000
in the same period last year. The total of
net income plus depreciation and amortization and less gains on sales of property and equipment decreased $3,859,000 versus the
same period last year. These changes are described above under "Comparative Results of Operations." Trade accounts receivable
decreased $182,000 compared to a decrease of $893,000 in the same period last year. Deferred income tax decreased $3,021,000 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 the timing of payments made in the same period
last year related to equipment purchases 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, purchase and maturity of Treasury bills, any business acquisitions and
proceeds from sales of property and equipment upon retirement. For the year ended December 31, 2018, we spent $2,600,000 on investing
activities which included $229,000 for the purchase of plant, property and equipment net of proceeds from retirements and $5,371,000
for the purchase of Treasury bills offset by $3,000,000 in proceeds on maturities of Treasury bills. For the three months ended
December 31, 2017 we spent $815,000 on equipment net of retirements.
Financing Activities – Financing
activities primarily include net changes to our outstanding revolving debt and proceeds from the sale of shares of common stock
through employee equity incentive plans. For the three months ended December 31, 2018, cash used in financing activities was $634,000
versus no financing activities for the three months ended December 31, 2017 due to bank overdrafts in the prior year and debt issue
costs related to a revised and restated revolver credit agreement. We had no outstanding long-term debt on December 31, 2018 or
December 31, 2017.
Credit Facilities - On December 28,
2018 the Company entered into a First Amendment to the 2015 Credit Agreement (the "Credit Agreement") with Wells Fargo
Bank, N.A. ("Wells Fargo"), effective December 14, 2018. The Credit Agreement modifies the Company's prior Credit Agreement
with Wells Fargo, dated January 30, 2015. The Credit Agreement establishes a five year revolving credit facility with a maximum
facility amount of $35 million, with a separate sublimit for standby letters of credit. The credit facility limit may be increased
to $50 million upon request by the Company, subject to the lender's discretion and the satisfaction of certain conditions. The
interest rate under the Credit Agreement will be a maximum of 1.50% over LIBOR, which may be reduced quarterly to 1.25% or 1.0%
over LIBOR if the Company meets a specified ratio of consolidated total debt to consolidated total capital. A commitment fee of
0.144% per annum is payable quarterly on the unused portion of the commitment but the amount may be reduced to 0.1145% or 0.086%
if the Company meets a specified ratio of consolidated total debt to consolidated total capital. The credit agreement contains
certain conditions, affirmative financial covenants and negative covenants, including a minimum tangible net worth. As of December
31, 2018, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds
to a maximum of $20.8 million combined.
Cash Requirements - The Company currently
expects its fiscal 2019 capital expenditures to be approximately $10 million for the replacement equipment which we expect to be
fully funded by our cash generated from our operations. The Company does not currently pay any cash dividends on common stock
Summary and Outlook. We sold an excess
parcel of land in Ocoee, FL for $1,268,000 which
benefitted operating profit this quarter, increased
our cash and reduced our capital employed in the transportation business. This quarter was negatively impacted by the large loss
we experienced on health claims. We have implemented some recent changes, in particular to our pharamacy and wellness plans, and
expect to see meaningful savings from those changes. The driver shortage and high driver turnover remains a problem for the industry.
With our number of drivers in training improving over the prior several quarters, we are hopeful that our initiatives are having
their desired impact on attracting new drivers. Demand for our services is still very high and we are continuing to allocate our
available resources to fulfill the needs of those customers who are willing to partner with us on both pricing and efficiently
managing the day to day operation of our business.
Our team did an outstanding job throughout
Hurricane Michael and its aftermath and we are especially greatful for their dedication and perseverance. We are in the process
of repairing the damages to the Panama City terminal and working with our insurance company to determine the insured value applicable
to the losses. At this point, we do not anticipate a material negative financial impact from the damages we sustained.
We are not pleased with the bottom line operating
results for this first quarter but we do see several positive trends. Our balance sheet improved during the quarter as we
increased our cash and investments since September 30, 2018 by $2,903,000, increased shareholder equity by $942,000 and remained
debt free. We have seen a sustained improvement in the number of drivers in training and are hopeful that will lead to an
increase in our driver count. There has been positive improvement in the market on pricing and there are plenty of opportunities
today to increase our business levels at better rates if we can obtain additional driver capacity. We are in the process
of selling excess equipment which will reduce our depreciation, maintenance, tire and tag expense. The recent changes we
made to our pharmacy and wellness plans are expected to generate material recurring savings on our health expense. Management expects
all of our IT system related upgrades to be fully implemented during the second quarter of fiscal 2019 and anticipate these changes
will greatly enhance the capabilities of our field personnel and our back office staff to provide improved customer service. We
are optimistic that the strategic plan we have in place will lead to the improved operating profit we targeted for this fiscal
year.
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, 2018 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. 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, 2018, 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, 2018, 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 23. |
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 1, 2019 |
|
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, 2018
EXHIBIT INDEX
101.INS |
XBRL Instance Document |
101.XSD |
XBRL Taxonomy Extension Schema |
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase |
101.LAB |
XBRL Taxonomy Extension Label Linkbase |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase |
FIRST
AMENDMENT TO 2015 CREDIT AGREEMENT
THIS FIRST AMENDMENT
TO 2015 CREDIT AGREEMENT (the "Amendment") is dated as of the 14 day of December, 2018 (and shall be effective as of
such date unless otherwise provided herein), by and between PATRIOT TRANSPORTATION HOLDING, INC., a Florida corporation (“Borrower”),
and WELLS FARGO BANK, N.A., a national banking association ("Wells Fargo").
Preliminary Statement
A.
Borrower and Wells Fargo entered into that certain 2015 Credit Agreement dated as of January 30, 2015 (as amended, the "Credit
Agreement"), whereby Wells Fargo extended a revolving credit facility (including letter of credit sub-facility) for the benefit
of Borrower.
B.
Borrower has requested Wells Fargo to renew, increase and extend the expiration date of such revolving credit facility,
and Wells Fargo has agreed to do, on the terms and subject to the conditions set forth herein.
NOW, THEREFORE,
the parties agree that the Credit Agreement is hereby amended as follows:
Article 1.
General Applicability of Credit Agreement
1.1.
Certain Defined Terms.
(a)
As used in this Amendment, all terms defined and all abbreviations used in the Credit Agreement shall, when capitalized
herein, have the same meanings and use in this Amendment, unless the context clearly indicates to the contrary.
(b)
The term "Agreement" as used in the Credit Agreement shall include this Amendment.
(c)
The term "Loan Documents," as defined in Section 1.1 of the Credit Agreement, shall hereafter include this
Amendment and all acknowledgements, affidavits, certificates and other documents executed and delivered in connection with this
Amendment (collectively, for convenience, the Amendment and such additional documents are sometimes herein called the "Additional
Loan Documents").
(d)
The term “First Amendment Effective Date” shall mean December 14, 2018.
1.2.
Continuing Effect of Credit Agreement. Except as previously modified in writing and as further expressly amended
and modified herein, the Credit Agreement, and the terms and provisions thereof, and each Loan Document described therein, shall
remain unchanged and in full force and effect, and, except to the extent contradictory to or inconsistent with this Amendment,
shall govern the Additional Loan Documents.
1.3.
Reaffirmation of Warranties and Representations. Borrower hereby reaffirms each of the warranties and representations
made by Borrower to Wells Fargo in the Credit Agreement, as amended hereby, to the same extent and with the same force and effect
as if fully restated in this Amendment.
1.4.
Waivers; Absence of Defenses. Borrower hereby warrants and represents that, as of the date hereof:
(a)
No Event of Default has occurred and is continuing under the Credit Agreement or any other Loan Document.
(b)
There exists no defense, claim, counterclaim or setoff whatsoever in favor of Borrower with respect to the obligations
of Borrower under the Credit Agreement or any other Loan Document or, to the extent any such defense, claim, counterclaim or setoff
may exist, it is hereby waived and released.
Article 2.
Modifications of Credit Agreement
2.1.
The table included in the definition of “Applicable Margin” in Section 1.1 of the Credit Agreement is
hereby amended to read in its entirety as follows:
LEVEL |
Leverage
Ratio |
Applicable Margin
(basis points per annum) |
|
|
Base Rate |
LIBOR[1] |
Commitment Fee |
I |
>=.45 to .55 |
100.0 |
150.0 |
14.40 |
II |
>=.35 to <.45 |
75.0 |
125.0 |
11.45 |
III |
<.35 |
25.0 |
100.0 |
8.60 |
2.2.
The definition of “Commitment Termination Date” in Section 1.1 of the Credit Agreement is hereby amended
to read in its entirety as follows:
“Commitment
Termination Date” shall mean the earliest of (i) December 13, 2023, (ii) the date on which the Revolving Commitment
is terminated pursuant to Section 2.8 or (iii) the date on which all amounts outstanding under this Agreement have been declared
or have automatically become due and payable (whether by acceleration or otherwise).
2.3.
The last sentence of the definition of “Indebtedness” in Section 1.1 of the Credit Agreement is hereby
amended to read in its entirety as follows:
“The
Indebtedness of any Person shall (i) include the Indebtedness of any partnership or joint venture in which such Person is a general
partner or a joint venturer, except to the extent that the terms of such Indebtedness provide that such Person is not liable therefor,
and (ii) exclude any operating leases required to be classified as debt
under GAAP.”
2.4.
The definition of “Revolving Commitment” in Section 1.1 of the Credit Agreement is hereby amended to
read in its entirety as follows:
“Revolving
Commitment” shall mean the obligation of the Lender, subject to the terms and conditions hereof, and notwithstanding
the face amount of the Revolving Credit Note, to make Revolving Loans to or for the account of the Borrower in an aggregate principal
amount not exceeding $35,000,000; provided, however, that Borrower may at any time and from time to time request an increase
of the Revolving Commitment to Fifty Million Dollars ($50,000,000) by providing written notice to Lender, which notice shall be
irrevocable once given; provided further, that any such increase of the Revolving Commitment shall be subject to the prior written
approval of Lender, which may be granted or withheld by Lender in its sole and absolute discretion. Effecting an increase in the
Revolving Commitment is subject to the following conditions precedent: (x) no Event of Default (as defined herein), and no condition,
event or act which with the giving of notice or the passage of time or both would constitute such an Event of Default, shall have
occurred and be continuing or shall exist, (y) the representations and warranties made or deemed made by the Borrower in this Agreement
and the other Loan Documents shall be true and correct in all material respects on the effective date of such increase except to
the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations
and warranties shall have been true and correct on and as of such earlier date), and (z) if requested, Lender shall have received
copies certified by the Secretary or Assistant Secretary of Borrower of all corporate action taken by Borrower to authorize such
increase and the borrowing of Revolving Loans thereunder, in form and substance satisfactory to Lender. In the event Lender shall
approve Borrower’s request for an increase in the Revolving Commitment, Borrower shall execute and deliver such documents
and agreements as Lender shall reasonably require. Any additional credit extended by Lender as a result of an approved increase
in the Revolving Commitment shall be secured by, and entitled to the benefits of, the guaranties made by the Guarantors, and the
Guarantors shall so reaffirm at the time of, and as a condition precedent to, any such increase in the Revolving Commitment.”
2.5.
Section 2.22 of the Credit Agreement is hereby amended to read in its entirety as follows:
Section
2.22 Letter of Credit Commitment
. Subject
to the terms and conditions set forth herein and provided no Default exists, the Lender agrees to issue Letters of Credit from
time to time during the Availability Period; provided, however, that (a) no Letter of Credit shall have a stated expiration date
later than five (5) New York Business Days prior to the Commitment Termination Date, as it may be extended, (b) the aggregate Available
Amount of all Letters of Credit outstanding at any time shall not exceed the lesser of (i) $10,000,000.00 and (ii) the difference
between the Revolving Commitment and the Revolving Credit Exposures of the Lender.
2.6.
Section 5.6 of the Credit Agreement is hereby amended to read in its entirety as follows:
Section
5.6 Books and Records
. The Borrower
will, and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries
shall be made of all dealings and transactions in relation to its business and activities to the extent necessary to prepare the
consolidated financial statements of Borrower in conformity with GAAP. If at any time any change in GAAP would affect the computation
of any covenant (including the computation of any financial covenant) and/or pricing grid set forth in this Agreement or any other
Loan Document, Borrower and Bank shall negotiate in good faith to amend such covenant and/or pricing grid to preserve the original
intent in light of such change; provided, that, until so amended, (i) such covenant and/or pricing grid shall continue to be computed
in accordance with the application of GAAP prior to such change and (ii) Borrower shall provide to Bank a written reconciliation
in form and substance reasonably satisfactory to Bank, between calculations of such covenant and/or pricing grid made before and
after giving effect to such change in GAAP.
2.7.
Section 6.3 of the Credit Agreement is hereby amended to read in its entirety as follows:
Section
6.3 Tangible Net Worth. The Borrower will, at all times, maintain a Tangible Net Worth of not less than $40,000,000, with
such minimum Tangible Net Worth (i) to increase as of the end of each fiscal year, commencing September 30, 2018, by an amount
equal to thirty-three and four-tenths of one percent (33.4%) of Borrower’s positive net income for the fiscal year then ending,
and (ii) to decrease by an amount equal to the lesser of (x) aggregate dividends paid from time to time by the Borrower from and
after the First Amendment Effective Date, and (y) $13,500,000. This covenant shall be tested quarterly. “Tangible
Net Worth” shall mean
Consolidated Net Worth, provided that the aggregate amount of any intangible assets, including, without limitation, merchant contracts,
goodwill, franchises, licenses, patents, trademarks, trade names, copyrights, service marks, and brand names, shall be subtracted
from total assets.
Article 3.
Miscellaneous
3.1.
Closing Costs and Expenses. The modifications contemplated in this Amendment, including the execution, delivery
and, where applicable, the recording of the Additional Loan Documents, will be made without expense to Wells Fargo. Borrower agrees
to pay all expenses incurred by Wells Fargo incidental to the closing of all of the transactions contemplated herein, including
reasonable fees of attorneys employed by Wells Fargo, taxes (including any interest and penalties) whether originally thought to
be due or not, and recording fees, if any.
3.2.
Authorization. Borrower shall execute and deliver reasonably satisfactory evidence to Wells Fargo that all
Additional Loan Documents executed by such party have been validly and duly executed, that the execution and delivery of such documents
is properly authorized, and that such Additional Loan Documents are enforceable against such parties in accordance with their respective
terms.
3.3.
Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed
to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the
same instrument.
[Signature Page
Follows]
IN WITNESS WHEREOF,
the parties have caused this Amendment to be executed and delivered, and their respective seals affixed, effective the day and
year first above written.
WELLS FARGO
BANK, N.A., a national banking association
By:
Name: John
B. Duce, III
Its:
Vice President
("Wells
Fargo") |
PATRIOT
TRANSPORTATION HOLDING, INC.., a Florida corporation
By:
Name: Matthew C. McNulty
Title:
Vice President and Chief Financial Officer
("Borrower")
|
[1]
Applies to both Daily One Month LIBOR Loans or Eurodollar Loans.
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 1, 2019 /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 1, 2019 /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 1, 2019 /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.
|
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PATRIOT TRANSPORTATION HOLDING, INC. |
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Date: February 1, 2019 |
|
By |
/s/ROBERT E. SANDLIN |
|
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Robert E. Sandlin |
|
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President and Chief Executive Officer |
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By |
/s/MATTHEW C. MCNULTY |
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Matthew C. McNulty |
|
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Vice President and Chief Financial Officer |
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By |
/s/JOHN D. KLOPFENSTEIN |
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John D. Klopfenstein |
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Controller and Chief Accounting Officer |
|
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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.
v3.10.0.1
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v3.10.0.1
Consolidated and Combined Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2018 |
Sep. 30, 2018 |
Current assets: |
|
|
Cash and cash equivalents |
$ 436
|
$ 1
|
Treasury bills available for sale |
19,766
|
17,298
|
Accounts receivable, net of allowance for doubtful accounts of $151 and $153, respectively |
7,684
|
7,866
|
Federal and state taxes receivable |
299
|
547
|
Inventory of parts and supplies |
890
|
895
|
Prepaid tires on equipment |
1,699
|
1,746
|
Prepaid taxes and licenses |
397
|
609
|
Prepaid insurance |
1,994
|
2,348
|
Prepaid expenses, other |
116
|
134
|
Total current assets |
33,281
|
31,444
|
Property and equipment, at cost |
93,622
|
94,710
|
Less accumulated depreciation |
60,636
|
60,799
|
Net property and equipment |
32,986
|
33,911
|
Goodwill |
3,431
|
3,431
|
Intangible assets, net |
816
|
855
|
Other assets, net |
181
|
176
|
Total assets |
70,695
|
69,817
|
Current liabilities: |
|
|
Accounts payable |
3,589
|
3,271
|
Bank overdraft |
0
|
625
|
Accrued payroll and benefits |
3,918
|
3,963
|
Accrued insurance |
2,358
|
1,896
|
Accrued liabilities, other |
237
|
408
|
Total current liabilities |
10,102
|
10,163
|
Deferred income taxes |
5,941
|
5,940
|
Accrued insurance |
204
|
204
|
Other liabilities |
1,100
|
1,104
|
Total liabilities |
17,347
|
17,411
|
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; 3,328,466 and 3,328,466 shares issued and outstanding, respectively) |
333
|
333
|
Capital in excess of par value |
37,492
|
37,436
|
Retained earnings |
15,356
|
14,472
|
Accumulated other comprehensive income, net |
167
|
165
|
Total shareholders' equity |
53,348
|
52,406
|
Total liabilties and shareholders' equity |
$ 70,695
|
$ 69,817
|
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v3.10.0.1
Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2018 |
Sep. 30, 2018 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable allowance for doubtful accounts |
$ 151
|
$ 153
|
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 |
3,328,466
|
3,328,466
|
X |
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v3.10.0.1
Consolidated and Combined Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2018 |
Dec. 31, 2017 |
Revenues: |
|
|
Total revenues |
$ 28,054
|
$ 27,901
|
Cost of operations: |
|
|
Compensation and benefits |
12,038
|
11,873
|
Fuel expenses |
4,276
|
4,122
|
Repairs & tires |
1,665
|
1,573
|
Other operating |
1,132
|
1,043
|
Insurance and losses |
2,942
|
2,716
|
Depreciation expense |
1,970
|
2,330
|
Rents, tags & utilities |
847
|
855
|
Sales, general & administrative |
2,468
|
2,322
|
Corporate expenses |
532
|
487
|
Gain on disposition of PP&E |
(923)
|
(164)
|
Total cost of operations |
26,947
|
27,157
|
Total operating profit |
1,107
|
744
|
Interest income and other |
101
|
2
|
Interest expense |
(10)
|
(10)
|
Income before income taxes |
1,198
|
736
|
Provision for (benefit from) income taxes |
314
|
(2,856)
|
Net income |
884
|
3,592
|
Unrealized investment gains, net |
2
|
0
|
Tax reform gain on retiree health |
0
|
32
|
Comprehensive Income |
$ 886
|
$ 3,624
|
Earnings per common share: |
|
|
Net income - basic |
$ 0.27
|
$ 1.09
|
Net income - diluted |
$ 0.27
|
$ 1.09
|
Number of shares (in thousands) used in computing: |
|
|
-basic earnings per common share |
3,328
|
3,303
|
-diluted earnings per common share |
3,331
|
3,304
|
Transportation [Member] |
|
|
Revenues: |
|
|
Revenues |
$ 24,980
|
$ 25,570
|
Fuel Surcharges [Member] |
|
|
Revenues: |
|
|
Revenues |
$ 3,074
|
$ 2,331
|
X |
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v3.10.0.1
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2018 |
Dec. 31, 2017 |
Cash flows from operating activities: |
|
|
Net income |
$ 884
|
$ 3,592
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
2,117
|
2,509
|
Deferred income taxes |
0
|
(3,021)
|
Gain on asset dispositions |
(923)
|
(164)
|
Stock-based compensation |
56
|
55
|
Net changes in operating assets and liabilities: |
|
|
Accounts receivable |
182
|
893
|
Inventory of parts and supplies |
5
|
(54)
|
Prepaid expenses |
631
|
(312)
|
Other assets |
(92)
|
34
|
Accounts payable and accrued liabilities |
564
|
(2,123)
|
Income taxes payable and receivable |
248
|
114
|
Long-term insurance liabilities and other long-term liabilities |
(3)
|
3
|
Net cash provided by operating activities |
3,669
|
1,526
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment |
(1,661)
|
(1,122)
|
Purchase of Treasury bills |
(5,371)
|
0
|
Maturities of Treasury bills |
3,000
|
0
|
Proceeds from the sale of property, plant and equipment |
1,432
|
307
|
Net cash used in investing activities |
(2,600)
|
(815)
|
Cash flows from financing activities: |
|
|
Decrease in bank overdrafts |
(625)
|
0
|
Debt issue costs |
(9)
|
0
|
Net cash used in financing activities |
(634)
|
0
|
Net increase in cash and cash equivalents |
435
|
711
|
Cash and cash equivalents at beginning of period |
1
|
11,289
|
Cash and cash equivalents at end of the period |
$ 436
|
$ 12,000
|
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v3.10.0.1
Description of Business and Basis of Presentation
|
3 Months Ended |
Dec. 31, 2018 |
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 86% 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 14% 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, 2018, we employed 541 revenue-producing drivers who operated
our fleet of 380 company tractors (excluding 10 being placed in service and 3 being prepared for sale), 20 owner operators and
532 trailers from our 20 terminals and 6 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, 2018 are not necessarily indicative of the results that may be expected for the
fiscal year ending September 30, 2019. 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, 2018.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.10.0.1
Recently Issued Accounting Standards
|
3 Months Ended |
Dec. 31, 2018 |
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. The new standard requires
an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration
the entity expects to receive in exchange for those goods or services. This update also requires additional disclosure about the
nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments
and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. 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. Management has identified that a legally enforceable contract with its customers is executed by both parties at the point
of pickup of the shipper’s product, as evidenced by the bill of lading. Although the Company may have master agreements with
its customers, these master agreements only establish terms. There is no financial obligation to the shipper until the Company
takes possession of the load. Revenue is recognized for each individual load and the amount of revenue in progress at the end of
each quarter is insignificant. There is no significant amount of judgment or uncertainty in recording revenue. The Company adopted
this standard on October 1, 2018, and its adoption of this guidance did not 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, primarily the corporate office and 30 leased tractors. The total gross
contractual obligation for leases with commitments greater than 12 months at September 30, 2018 was $3,875,000.
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v3.10.0.1
Related Party Agreements
|
3 Months Ended |
Dec. 31, 2018 |
Related Party Transactions [Abstract] |
|
Related Party Agreements |
(3) Related Party Agreements. The Company
provides FRP Holdings, Inc. (FRP) certain services including the services of certain shared executive officers. A written agreement
exists outlining the terms of such services and the boards of the respective companies amended and extended this agreement for
one year effective October 1, 2018.
The consolidated statements of income reflect
charges and/or allocation to FRP Holdings, Inc. for these services of $422,000 and $352,000 for the three months ended December
31, 2018 and 2017, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation
expense. These charges are reflected as a reduction to corporate expenses.
We employ an allocation method 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.
|
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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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v3.10.0.1
Long-Term Debt
|
3 Months Ended |
Dec. 31, 2018 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
(4) Long-Term debt. The Company had
no long-term debt outstanding at December 31, 2018 and September 30, 2018. On December 28, 2018 the Company entered into a First
Amendment to the 2015 Credit Agreement (the "Credit Agreement") with Wells Fargo Bank, N.A. ("Wells Fargo"), effective
December 14, 2018. The Credit Agreement modifies the Company's prior Credit Agreement with Wells Fargo, dated January 30, 2015.
The Credit Agreement establishes a five year revolving credit facility with a maximum facility amount of $35 million, with a separate
sublimit for standby letters of credit. The credit facility limit may be increased to $50 million upon request by the Company,
subject to the lender's discretion and the satisfaction of certain conditions. The interest rate under the Credit Agreement will
be a maximum of 1.50% over LIBOR, which may be reduced quarterly to 1.25% or 1.0% over LIBOR if the Company meets a specified ratio
of consolidated total debt to consolidated total capital. A commitment fee of 0.144% per annum is payable quarterly on the unused
portion of the commitment but the amount may be reduced to 0.1145% or 0.086% if the Company meets a specified ratio of consolidated
total debt to consolidated total capital. The Credit Agreement contains certain conditions, affirmative financial covenants and
negative covenants. As of December 31, 2018, we had no outstanding debt borrowed on this revolver, $3,043,000 in commitments under
letters of credit and $31,957,000 available for additional borrowings. The letter of credit fee is 1% and the applicable interest
rate would have been 3.522% on December 31, 2018. This credit agreement contains certain conditions, affirmative financial covenants
and negative covenants including a minimum tangible net worth. The Company was in compliance with all of its loan covenants as
of December 31, 2018.
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v3.10.0.1
Earnings per share
|
3 Months Ended |
Dec. 31, 2018 |
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, |
|
|
2018 |
|
2017 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,328 |
|
|
|
3,303 |
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
3 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,331 |
|
|
|
3,304 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
884 |
|
|
|
3,592 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
-basic |
|
$ |
0.27 |
|
|
|
1.09 |
|
-diluted |
|
$ |
0.27 |
|
|
|
1.09 |
|
For the three months ended December 31, 2018,
165,409 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, 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.
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v3.10.0.1
Stock-Based Compensation Plans
|
3 Months Ended |
Dec. 31, 2018 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
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.
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 8,587 at December 31, 2018.
The realized tax benefit pertaining
to options exercised and the remaining compensation cost of options previously granted are 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, |
|
|
2018 |
|
2017 |
Stock option grants |
|
$ |
56 |
|
|
|
55 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
$ |
56 |
|
|
|
55 |
|
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, 2018 |
|
175,551 |
|
|
$ |
21.52 |
|
|
|
6.3 |
|
|
$ |
1,419 |
|
Granted |
|
29,920 |
|
|
|
20.10 |
|
|
|
|
|
|
|
240 |
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December, 2018 |
|
205,471 |
|
|
$ |
21.32 |
|
|
|
6.6 |
|
|
$ |
1,659 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
120,540 |
|
|
$ |
22.02 |
|
|
|
5.1 |
|
|
$ |
983 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
19,724 |
|
|
|
|
|
|
|
|
|
|
$ |
174 |
|
The aggregate intrinsic value of exercisable
Company options was $54,000 and the aggregate intrinsic value of all outstanding in-the-money options was $85,000 based on the
Company’s market closing price of $19.71 on December 31, 2018 less exercise prices.
The realized tax benefit from option exercises
during the first three months of fiscal 2019 was $28,000 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, 2018
was $653,000, which is expected to be recognized over a weighted-average period of 3.7 years.
|
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v3.10.0.1
Fair Value Measurements
|
3 Months Ended |
Dec. 31, 2018 |
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.
During the quarter ending December
31, 2018, the Company invested in treasury bills with maturities at time of purchase of 3 months to 1 year. The unrealized gains
on these investments of $2,000 was recorded as part of comprehensive income and was based on the market value (Level 1). The amortized
cost of the investments was $19,776,000 and the carrying amount and fair value was $19,766,000 as of December 31, 2018.
At December 31, 2018 and September
30, 2018, 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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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.10.0.1
Contingent liabilities
|
3 Months Ended |
Dec. 31, 2018 |
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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v3.10.0.1
Concentrations
|
3 Months Ended |
Dec. 31, 2018 |
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 2019, the Company’s ten largest customers accounted for approximately 62% of our
revenue and one of these customers accounted for 18.8% of our revenue. Accounts receivable from the ten largest customers was $4,485,000
and $4,875,000 at December 31, 2018 and September 30, 2018 respectively. The loss of any one of these customers could have a material
adverse effect on the Company’s revenues and income.
Deposits:
Cash and cash equivalents are comprised of cash at Wells Fargo Bank, N.A. The balances may exceed FDIC limits.
|
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v3.10.0.1
Unusual or Infrequent Items Impacting Quarterly Results
|
3 Months Ended |
Dec. 31, 2018 |
Unusual or Infrequent Items, or Both [Abstract] |
|
Unusual or Infrequent Items Impacting Quarterly Results |
(10) Unusual or Infrequent Items Impacting
Quarterly Results.
First quarter 2019 net income included $634,000,
or $.19 per share, from gains on real estate sales.
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.
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v3.10.0.1
Earnings per share (Tables)
|
3 Months Ended |
Dec. 31, 2018 |
Earnings Per Share |
|
Earnings per share (in thousands, except per share amounts) |
|
|
Three Months ended |
|
|
December 31, |
|
|
2018 |
|
2017 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,328 |
|
|
|
3,303 |
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
3 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,331 |
|
|
|
3,304 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
884 |
|
|
|
3,592 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
-basic |
|
$ |
0.27 |
|
|
|
1.09 |
|
-diluted |
|
$ |
0.27 |
|
|
|
1.09 |
|
|
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v3.10.0.1
Stock-Based Compensation Plans (Tables)
|
3 Months Ended |
Dec. 31, 2018 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
Stock Compensation Expense (in thousands) |
|
|
Three Months ended |
|
|
December 31, |
|
|
2018 |
|
2017 |
Stock option grants |
|
$ |
56 |
|
|
|
55 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
$ |
56 |
|
|
|
55 |
|
|
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, 2018 |
|
175,551 |
|
|
$ |
21.52 |
|
|
|
6.3 |
|
|
$ |
1,419 |
|
Granted |
|
29,920 |
|
|
|
20.10 |
|
|
|
|
|
|
|
240 |
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December, 2018 |
|
205,471 |
|
|
$ |
21.32 |
|
|
|
6.6 |
|
|
$ |
1,659 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
120,540 |
|
|
$ |
22.02 |
|
|
|
5.1 |
|
|
$ |
983 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2018 |
|
19,724 |
|
|
|
|
|
|
|
|
|
|
$ |
174 |
|
|
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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Stock-Based Compensation Plans - Summary of Stock Options (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
|
Dec. 31, 2018
USD ($)
yr
$ / shares
shares
|
Sep. 30, 2018
USD ($)
yr
$ / shares
shares
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
|
Options outstanding | shares |
205,471
|
175,551
|
Options granted | shares |
29,920
|
|
Options outstanding weighted average exercise price | $ / shares |
$ 21.32
|
$ 21.52
|
Options outstanding weighted average exercise price - Granted | $ / shares |
$ 20.10
|
|
Options outstanding weighted average remaining term | yr |
6.6
|
6.3
|
Options outstanding weighted average grant date fair value | $ |
$ 1,659
|
$ 1,419
|
Options granted weighted average grant date fair value | $ / shares |
$ 240
|
|
Options exercisable | shares |
120,540
|
|
Options exerciseable weighted average exercise price | $ / shares |
$ 22.02
|
|
Options exerciseable weighted average remaining term | yr |
5.1
|
|
Options exerciseable weighted average grant date fair value | $ |
$ 983
|
|
Options vested | shares |
19,724
|
|
Options vested weighted average grant date fair value | $ |
$ 174
|
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Dec. 31, 2018 |
Dec. 31, 2017 |
FRP |
|
|
Charges/allocations |
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|
$ 352
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v3.10.0.1
Long-Term Debt (Details Narrative) - USD ($) $ in Thousands |
1 Months Ended |
3 Months Ended |
|
|
Dec. 31, 2018 |
Dec. 31, 2018 |
Dec. 14, 2018 |
Sep. 30, 2018 |
Wells Fargo |
|
|
|
|
Revolving Credit facility |
|
|
$ 35,000
|
|
Credit facility increase maximum |
|
|
$ 50,000
|
|
Borrowed under the revolver |
$ 0
|
$ 0
|
|
|
Commitments under letters of credit |
3,043
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3,043
|
|
|
Amount available for additional borrowings |
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|
$ 31,957
|
|
|
Credt agreement term |
5 years
|
|
|
|
Compliance with loan covenants |
|
All
|
|
|
Letter of credit fee |
|
1.00%
|
|
|
Interest rate |
3.522%
|
3.522%
|
|
|
Long-term debt |
$ 0
|
$ 0
|
|
$ 0
|
Level I |
|
|
|
|
Interest rate over LIBOR |
|
1.50%
|
|
|
Commitment fee |
|
0.144%
|
|
|
Level II |
|
|
|
|
Interest rate over LIBOR |
|
1.25%
|
|
|
Commitment fee |
|
0.1145%
|
|
|
Level III |
|
|
|
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Interest rate over LIBOR |
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1.00%
|
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Commitment fee |
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0.086%
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patrdecq19.pdf
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