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 March 31, 2019.
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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 |
|
47-2482414 |
(State or other jurisdiction of
incorporation or organization) |
|
(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.
|
Class |
|
|
|
March 31, 2019 |
|
|
Common Stock |
|
|
|
3,347,329 |
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PATRIOT TRANSPORTATION HOLDING, INC.
FORM 10-Q
QUARTER ENDED MARCH 31, 2019
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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21 |
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Item 4. |
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Controls and Procedures |
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21 |
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Part II. Other Information |
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Item 1A. |
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Risk Factors |
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22 |
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Item 2. |
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Purchase of Equity Securities by the Issuer |
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22 |
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Item 6. |
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Exhibits |
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22 |
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Signatures |
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23 |
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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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25 |
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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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28 |
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)
|
|
|
March 31, |
|
|
September 30, |
Assets |
|
|
2019 |
|
|
|
2018 |
|
Current assets: |
|
|
|
|
|
|
|
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Cash and cash equivalents |
|
$ |
222 |
|
|
|
1 |
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Treasury bills available for sale |
|
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18,863 |
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17,298 |
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Accounts receivable (net of allowance for |
|
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|
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doubtful accounts of $154 and $153, respectively) |
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8,390 |
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7,866 |
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Federal and state taxes receivable |
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163 |
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|
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547 |
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Inventory of parts and supplies |
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|
907 |
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|
895 |
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Prepaid tires on equipment |
|
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1,666 |
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1,746 |
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Prepaid taxes and licenses |
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338 |
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|
|
609 |
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Prepaid insurance |
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|
2,115 |
|
|
|
2,348 |
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Prepaid expenses, other |
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187 |
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|
|
134 |
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Total current assets |
|
|
32,851 |
|
|
|
31,444 |
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|
|
|
|
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Property and equipment, at cost |
|
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93,044 |
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94,710 |
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Less accumulated depreciation |
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59,414 |
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|
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60,799 |
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Net property and equipment |
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33,630 |
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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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|
778 |
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|
855 |
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Other assets, net |
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|
190 |
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|
176 |
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Total assets |
|
$ |
70,880 |
|
|
|
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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$ |
3,397 |
|
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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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3,764 |
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3,963 |
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Accrued insurance |
|
|
2,169 |
|
|
|
1,896 |
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Accrued liabilities, other |
|
|
231 |
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|
|
408 |
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Total current liabilities |
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9,561 |
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|
10,163 |
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Deferred income taxes |
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|
5,950 |
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|
|
5,940 |
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Accrued insurance |
|
|
204 |
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|
|
204 |
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Other liabilities |
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|
1,099 |
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|
|
1,104 |
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Total liabilities |
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16,814 |
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17,411 |
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Commitments and contingencies |
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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, $.10 par value; (25,000,000 shares |
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authorized; 3,347,329 and 3,328,466 shares issued |
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and outstanding, respectively) |
|
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335 |
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|
|
333 |
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Capital in excess of par value |
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37,909 |
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37,436 |
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Retained earnings |
|
|
15,645 |
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|
|
14,472 |
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Accumulated other comprehensive income, net |
|
|
177 |
|
|
|
165 |
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Total shareholders’ equity |
|
|
54,066 |
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|
52,406 |
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Total liabilities and shareholders’ equity |
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$ |
70,880 |
|
|
|
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)
|
|
THREE MONTHS ENDED |
|
SIX MONTHS ENDED |
|
|
MARCH 31, |
|
MARCH 31, |
|
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2019 |
|
2018 |
|
2019 |
|
2018 |
Revenues: |
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Transportation revenues |
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$ |
24,537 |
|
|
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25,376 |
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$ |
49,517 |
|
|
|
50,946 |
|
Fuel surcharges |
|
|
2,471 |
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|
|
2,603 |
|
|
|
5,545 |
|
|
|
4,934 |
|
Total revenues |
|
|
27,008 |
|
|
|
27,979 |
|
|
|
55,062 |
|
|
|
55,880 |
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Cost of operations: |
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|
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Compensation and benefits |
|
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11,852 |
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|
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12,043 |
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|
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23,890 |
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|
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23,916 |
|
Fuel expenses |
|
|
4,004 |
|
|
|
4,304 |
|
|
|
8,280 |
|
|
|
8,426 |
|
Repairs & tires |
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|
2,006 |
|
|
|
1,685 |
|
|
|
3,671 |
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|
|
3,258 |
|
Other operating |
|
|
1,189 |
|
|
|
1,063 |
|
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|
2,321 |
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|
|
2,106 |
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Insurance and losses |
|
|
2,002 |
|
|
|
3,169 |
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|
|
4,944 |
|
|
|
5,885 |
|
Depreciation expense |
|
|
1,976 |
|
|
|
2,223 |
|
|
|
3,946 |
|
|
|
4,553 |
|
Rents, tags & utilities |
|
|
891 |
|
|
|
887 |
|
|
|
1,738 |
|
|
|
1,742 |
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Sales, general & administrative |
|
|
2,561 |
|
|
|
2,442 |
|
|
|
5,029 |
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|
|
4,764 |
|
Corporate expenses |
|
|
867 |
|
|
|
790 |
|
|
|
1,399 |
|
|
|
1,277 |
|
Gain on disposition of PP&E |
|
|
(633 |
) |
|
|
(335 |
) |
|
|
(1,556 |
) |
|
|
(499 |
) |
Total cost of operations |
|
|
26,715 |
|
|
|
28,271 |
|
|
|
53,662 |
|
|
|
55,428 |
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|
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Total operating profit (loss) |
|
|
293 |
|
|
|
(292 |
) |
|
|
1,400 |
|
|
|
452 |
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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Interest income and other |
|
|
113 |
|
|
|
31 |
|
|
|
214 |
|
|
|
33 |
|
Interest expense |
|
|
(7 |
) |
|
|
(9 |
) |
|
|
(17 |
) |
|
|
(19 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
399 |
|
|
|
(270 |
) |
|
|
1,597 |
|
|
|
466 |
|
Provision for (benefit from) income taxes |
|
|
110 |
|
|
|
(82 |
) |
|
|
424 |
|
|
|
(2,938 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (Loss) |
|
$ |
289 |
|
|
|
(188 |
) |
|
$ |
1,173 |
|
|
|
3,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized investment gains, net |
|
|
10 |
|
|
|
— |
|
|
|
12 |
|
|
|
— |
|
Tax reform gain on retiree health |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) |
|
$ |
299 |
|
|
|
(188 |
) |
|
$ |
1,185 |
|
|
|
3,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.09 |
|
|
|
(0.06 |
) |
|
|
0.35 |
|
|
|
1.03 |
|
Diluted |
|
$ |
0.09 |
|
|
|
(0.06 |
) |
|
|
0.35 |
|
|
|
1.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares (in thousands) used in computing: |
|
|
|
|
-basic earnings per common share |
|
|
3,342 |
|
|
|
3,316 |
|
|
|
3,335 |
|
|
|
3,310 |
|
-diluted earnings per common share |
|
|
3,343 |
|
|
|
3,316 |
|
|
|
3,336 |
|
|
|
3,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS
SIX MONTHS
ENDED MARCH 31, 2019 AND 2018
(In thousands)
(Unaudited)
|
Six months ended March 31, |
|
|
|
2019 |
|
|
|
2018 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income |
$ |
1,173 |
|
|
|
3,404 |
|
Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
4,243 |
|
|
|
4,925 |
|
Deferred income taxes |
|
10 |
|
|
|
(3,629 |
) |
Gain on asset dispositions |
|
(1,556 |
) |
|
|
(499 |
) |
Stock-based compensation |
|
475 |
|
|
|
478 |
|
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(524 |
) |
|
|
548 |
|
Inventory of parts and supplies |
|
(12 |
) |
|
|
(54 |
) |
Prepaid expenses |
|
531 |
|
|
|
47 |
|
Other assets |
|
(199 |
) |
|
|
38 |
|
Accounts payable and accrued liabilities |
|
23 |
|
|
|
(2,380 |
) |
Income taxes payable and receivable |
|
384 |
|
|
|
612 |
|
Long-term insurance liabilities and other long-term |
|
|
|
|
|
|
|
Liabilities |
|
(5 |
) |
|
|
2 |
|
Net cash provided by operating activities |
|
4,543 |
|
|
|
3,492 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Purchase of property and equipment |
|
(4,702 |
) |
|
|
(1,812 |
) |
Purchase of Treasury bills |
|
(8,361 |
) |
|
|
— |
|
Maturities of Treasury bills |
|
7,000 |
|
|
|
— |
|
Proceeds from the sale of property, plant and equipment |
|
2,375 |
|
|
|
1,093 |
|
Net cash used in investing activities |
|
(3,688 |
) |
|
|
(719 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Decrease in bank overdrafts |
|
(625 |
) |
|
|
— |
|
Debt issue costs |
|
(9 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(634 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
221 |
|
|
|
2,773 |
|
Cash and cash equivalents at beginning of period |
|
1 |
|
|
|
11,289 |
|
Cash and cash equivalents at end of the period |
$ |
222 |
|
|
|
14,062 |
|
See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
MARCH 31, 2019
(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 March 31, 2019, we employed 541 revenue-producing drivers who operated our
fleet of 370 company tractors (excluding 9 being placed in service and 8 being prepared for sale), 20 owner operators and 528 trailers
from our 20 terminals and 6 satellite locations in Florida, Georgia, Alabama, 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 six months ended March 31, 2019 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. FRP may be considered
a related party due to common significant shareholder ownership and shared common 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 $301,000 and $358,000 for the three months ended March 31,
2019 and 2018, and $723,000 and $710,000 for the six months ended March 31, 2019 and 2018, 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 March 31, 2019 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 March 31, 2019, 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 3.498% on March 31, 2019. 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 March 31, 2019.
(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 |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,342 |
|
|
|
3,316 |
|
|
|
3,335 |
|
|
|
3,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,343 |
|
|
|
3,316 |
|
|
|
3,336 |
|
|
|
3,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
289 |
|
|
|
(188 |
) |
|
|
1,173 |
|
|
|
3,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic |
|
$ |
0.09 |
|
|
|
(0.06 |
) |
|
|
0.35 |
|
|
|
1.03 |
|
-diluted |
|
$ |
0.09 |
|
|
|
(0.06 |
) |
|
|
0.35 |
|
|
|
1.03 |
|
For the three and six months ended March 31,
2019, 181,983 and 175,373 shares attributable to outstanding stock options, respectively, were excluded from the calculation of
diluted earnings per share because their inclusion would have been anti-dilutive. For the three and six months ended March 31,
2018, 159,398 and 168,519 shares attributable to outstanding stock options, respectively, 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 11,043 at March 31, 2019.
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 |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Stock option grants |
|
$ |
57 |
|
|
|
55 |
|
|
|
112 |
|
|
|
110 |
|
Annual director stock award |
|
|
363 |
|
|
|
368 |
|
|
|
363 |
|
|
|
368 |
|
|
|
$ |
420 |
|
|
|
423 |
|
|
|
475 |
|
|
|
478 |
|
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 |
|
173,095 |
|
|
$ |
21.49 |
|
|
|
6.3 |
|
|
$ |
1,398 |
|
Granted |
|
29,920 |
|
|
|
20.10 |
|
|
|
|
|
|
|
240 |
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
203,015 |
|
|
$ |
21.28 |
|
|
|
6.4 |
|
|
$ |
1,638 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
118,084 |
|
|
$ |
21.97 |
|
|
|
4.8 |
|
|
$ |
961 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
six months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
19,724 |
|
|
|
|
|
|
|
|
|
|
$ |
174 |
|
The aggregate intrinsic value of exercisable
Company options was $22,000 and the aggregate
intrinsic value of all outstanding in-the-money
options was $42,000 based on the Company’s market closing price of $18.80 on March 29, 2019 less exercise prices.
The realized tax benefit from option exercises
during the first six months of fiscal 2019 was $28,000 which pertained to FRP options exercised that were granted to persons employed
by Patriot. The unrecognized compensation expense of Patriot options granted as of March 31, 2019 was $602,000, which is expected
to be recognized over a weighted-average period of 3.5 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 six months ending March
31, 2019, 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 $12,000 was recorded as part of comprehensive income and was based on the market value (Level 1). The amortized
cost of the investments was $18,860,000 and the carrying amount and fair value was $18,863,000 as of March 31, 2019.
At March 31, 2019 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 six months of fiscal 2019, the Company’s ten largest customers accounted for approximately 62.8% of our
revenue and one of these customers accounted for 18.5% of our revenue. Accounts receivable from the ten largest customers was $5,353,000
and $4,875,000 at March 31, 2019 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. Second quarter 2019 net income included $179,000 or $.05 per share, from a
gain of $247,000 on the insurance settlement for hurricane damages and losses sustained at our Panama City, Florida location in
this year’s first quarter.
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, decreased from 39.5% to 30.5% for fiscal 2018 and is projected to be 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 March 31, 2019, we employed 541 revenue-producing drivers who operated our fleet of 370 company tractors (excluding 9 being
placed in service and 8 being prepared for sale), 20 owner operators and 528 trailers from our 20 terminals and 6 satellite locations
in Florida, Georgia, Alabama, 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 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 |
Six Months 2019 vs. 2018 |
Total Revenue |
Down 1.5% |
Transportation Revenue |
Down 2.8% |
Revenue Miles |
Down 1.9% |
PAFR |
Improved from 2.15 to 1.92 |
Operating Ratio |
Improved from 99.2% to 97.5% |
Driver Turnover Rate |
Increased from 60.6% to 72.6% |
Avg. Driver Count incl. owner operators |
Down 7.7% |
Highlights of the Second quarter of Fiscal 2019
| · | The Company reported net income of $289,000,
or $.09 per share, compared to a net loss of ($188,000), or ($.06) per share, in the same quarter last year. |
| · | Transportation revenues (excludes fuel
surcharges) were down $839,000 on 379,000 fewer miles due primarily to one of our customers moving into one of our markets with
their private fleet and the closure of our Spartanburg satellite location. |
| · | Insurance and losses decreased $1,167,000
primarily due to settlement of prior year liability claims for less than the actuarial estimates and lower health claims. |
Comparative Results of Operations
for the Three Months ended March 31, 2019 and 2018
|
Three months ended March 31 |
(dollars in thousands) |
|
2019 |
|
|
|
% |
|
|
|
2018 |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue miles (in thousands) |
|
8,975 |
|
|
|
|
|
|
|
9,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation revenue |
$ |
24,537 |
|
|
|
90.9 |
% |
|
|
25,376 |
|
|
|
90.7 |
% |
Fuel surcharges |
|
2,471 |
|
|
|
9.1 |
% |
|
|
2,603 |
|
|
|
9.3 |
% |
Total Revenues |
|
27,008 |
|
|
|
100.0 |
% |
|
|
27,979 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
11,852 |
|
|
|
43.9 |
% |
|
|
12,043 |
|
|
|
43.0 |
% |
Fuel expenses |
|
4,004 |
|
|
|
14.8 |
% |
|
|
4,304 |
|
|
|
15.4 |
% |
Repairs & tires |
|
2,006 |
|
|
|
7.4 |
% |
|
|
1,685 |
|
|
|
6.0 |
% |
Other operating |
|
1,189 |
|
|
|
4.4 |
% |
|
|
1,063 |
|
|
|
3.8 |
% |
Insurance and losses |
|
2,002 |
|
|
|
7.4 |
% |
|
|
3,169 |
|
|
|
11.3 |
% |
Depreciation expense |
|
1,976 |
|
|
|
7.3 |
% |
|
|
2,223 |
|
|
|
8.0 |
% |
Rents, tags & utilities |
|
891 |
|
|
|
3.3 |
% |
|
|
887 |
|
|
|
3.2 |
% |
Sales, general & administrative |
|
2,561 |
|
|
|
9.5 |
% |
|
|
2,442 |
|
|
|
8.7 |
% |
Corporate expenses |
|
867 |
|
|
|
3.2 |
% |
|
|
790 |
|
|
|
2.8 |
% |
Gain on disposition of PP&E |
|
(633 |
) |
|
|
-2.3 |
% |
|
|
(335 |
) |
|
|
-1.2 |
% |
Total cost of operations |
|
26,715 |
|
|
|
98.9 |
% |
|
|
28,271 |
|
|
|
101.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit (loss) |
$ |
293 |
|
|
|
1.1 |
% |
|
|
(292 |
) |
|
|
-1.0 |
% |
Total revenues for the quarter were $27,008,000,
down $971,000 from the same quarter last year. Transportation revenues (excludes fuel surcharges) were $24,537,000, down $839,000
due to a decrease of 379,000 miles over the same quarter last year. The decrease in miles was due primarily to one of our customes
moving into one of our markets with their private fleet and the closure of our Spartanburg sattelite location. Despite an average
longer haul length, transportation revenue per mile was up $.02 due to increased freight rates. Fuel surcharge revenue was $2,471,000,
down $132,000 from the same quarter last year.
Compensation and benefits decreased $191,000
mainly due to lower company miles and lower payroll taxes partially offset by higher owner operator pay (the average owner operator
count increased by 6 versus the same quarter last year). Fuel expenses decreased $300,000 due primarily to lower company miles.
Repair and tire expense increased $321,000 due to several high dollar repairs and the expensing of prepaid tires as we purchased
more tractors in this quarter versus the same quarter last year. Other operating expenses were up $126,000 due to increased tolls,
driver hiring and driver travel expense. Insurance and losses decreased $1,167,000 primarily due to settlement of prior year liability
claims for less than the actuarial estimates and lower health claims. Depreciation expense was down $247,000 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.
Sales, general & administrative costs increased $119,000 due mainly to increased driver recruiting efforts, higher IT expense
(on-going system upgrades) and higher payroll expense (to support changes to driver pay). Gain on disposition of assets increased
$298,000 to $633,000 this quarter due primarily to a gain of $247,000 on the insurance settlement for hurricane damages and losses
sustained at our Panama City, Florida location in this year’s first quarter.
As a result, operating profit this quarter
was $293,000 compared to an operating loss of ($292,000) in the same quarter last year. Operating ratio was 98.9 this quarter versus
101.0 in the same quarter last year.
Comparative Results of Operations
for the Six Months ended March 31, 2019 and 2018
|
Six months ended March 31 |
(dollars in thousands) |
|
2019 |
|
|
|
% |
|
|
|
2018 |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue miles (in thousands) |
|
18,252 |
|
|
|
|
|
|
|
18,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation revenue |
$ |
49,517 |
|
|
|
89.9 |
% |
|
|
50,946 |
|
|
|
91.2 |
% |
Fuel surcharges |
|
5,545 |
|
|
|
10.1 |
% |
|
|
4,934 |
|
|
|
8.8 |
% |
Total Revenues |
|
55,062 |
|
|
|
100.0 |
% |
|
|
55,880 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
23,890 |
|
|
|
43.4 |
% |
|
|
23,916 |
|
|
|
42.8 |
% |
Fuel expenses |
|
8,280 |
|
|
|
15.0 |
% |
|
|
8,426 |
|
|
|
15.1 |
% |
Repairs & tires |
|
3,671 |
|
|
|
6.7 |
% |
|
|
3,258 |
|
|
|
5.8 |
% |
Other operating |
|
2,321 |
|
|
|
4.2 |
% |
|
|
2,106 |
|
|
|
3.8 |
% |
Insurance and losses |
|
4,944 |
|
|
|
9.0 |
% |
|
|
5,885 |
|
|
|
10.5 |
% |
Depreciation expense |
|
3,946 |
|
|
|
7.2 |
% |
|
|
4,553 |
|
|
|
8.2 |
% |
Rents, tags & utilities |
|
1,738 |
|
|
|
3.2 |
% |
|
|
1,742 |
|
|
|
3.1 |
% |
Sales, general & administrative |
|
5,029 |
|
|
|
9.1 |
% |
|
|
4,764 |
|
|
|
8.5 |
% |
Corporate expenses |
|
1,399 |
|
|
|
2.5 |
% |
|
|
1,277 |
|
|
|
2.3 |
% |
Gain on disposition of PP&E |
|
(1,556 |
) |
|
|
-2.8 |
% |
|
|
(499 |
) |
|
|
-0.9 |
% |
Total cost of operations |
|
53,662 |
|
|
|
97.5 |
% |
|
|
55,428 |
|
|
|
99.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
$ |
1,400 |
|
|
|
2.5 |
% |
|
|
452 |
|
|
|
.8 |
% |
The Company reported net income of $1,173,000,
or $.35 per share, compared to net income of $3,404,000, or $1.03 per share in the same period last year. The first six months
of 2018 net income included $3,041,000, or $.92 per share, due to a deferred tax benefit resulting from revaluing the company’s
net deferred tax liabilities per the Tax Cuts and Jobs Act of 2017. The first six months of 2019 net income included $634,000,
or $.19 per share, from gains on real estate sales.
Total revenues for the first six months were
$55,062,000, down $818,000 from the same period last year. Transportation revenues (excludes fuel surcharges) were $49,517,000,
down $1,429,000. Miles declined by 354,000 to 18,252,000 versus 18,606,000 in the same period last year.
Net fuel expense (i.e. gross fuel expenses
less fuel surcharges) decreased by $757,000 due to fewer miles driven and higher fuel surcharges in the early part of the period.
Repair and tire expense increased $413,000 due to several high dollar repairs and the expensing of prepaid tires as we purchased
more tractors and trailers in this period versus the same period last year. Other operating expenses were up $215,000 due to increased
tolls, driver hiring and driver travel expense. Insurance and losses were down $941,000 due to lower claims. Depreciation expense
was down $607,000 as we sold excess equipment to right size our fleet. Sales, general & administrative costs increased $265,000
due mainly to increased driver recruiting efforts, higher IT expense (on-going system upgrades) and higher payroll expense (to
support changes to driver pay). Gain on disposition of assets increased $1,057,000 due primarily to a gain of $866,000 on the sale
of a prior terminal site in Ocoee, Florida and a gain of $247,000 on the insurance settlement for hurricane damages and losses
sustained at our Panama City, Florida location.
As a result, operating profit was $1,400,000
compared to $452,000 in the same period last year. Operating ratio was 97.5 versus a 99.2 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 March 31, 2019, 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):
|
|
Six months |
|
|
Ended March 31, |
|
|
2019 |
|
2018 |
Total cash provided by (used for): |
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
4,543 |
|
|
|
3,492 |
|
Investing activities |
|
|
(3,688 |
) |
|
|
(719 |
) |
Financing activities |
|
|
(634 |
) |
|
|
— |
|
Increase in cash and cash equivalents |
|
$ |
221 |
|
|
|
2,773 |
|
|
|
|
|
|
|
|
|
|
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 $4,543,000 for the six months
ended March 31, 2019, compared to $3,492,000 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 $3,970,000 versus the same period last year. These changes are described
above under "Comparative Results of Operations." Trade accounts receivable increased $524,000 compared to a decrease
of $548,000 in the same period last year. Deferred income tax decreased $3,629,000 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
decreased $2,380,000 in the same period last year due to the timing of payments 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 six months ended March 31, 2019, we spent $3,688,000 on
investing activities which included $4,702,000 for the purchase of plant, property and equipment net of proceeds from retirements
and $8,361,000 for the purchase of Treasury bills offset by $7,000,000 in proceeds on maturities of Treasury bills. For the six
months ended March 31, 2018 we spent $719,000 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 six months ended March 31, 2019, cash used in financing activities was $634,000
versus no financing activities for the six months ended March 31, 2018 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 March 31, 2019 or March
31, 2018.
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 March
31, 2019, the tangible net worth covenant would have limited our ability to pay dividends or repurchase stock with borrowed funds
to a maximum of $21.6 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. Our balance sheet
remains solid with $19,000,000 of cash and investments
and zero debt. This quarter was negatively
impacted by the decrease in transportation revenue on the lower revenue miles but we are having success adding business in certain
markets. One of our primary focuses, together with driver retention, is improving our freight rates. The past few years, the rate
environment has been difficult but recently we have seen positive improvement in the market as customers are finding it more difficult
to get their freight delivered. With improved numbers of drivers in training, the other key focus today is retention. Our turnover
year to date has increased slightly over fiscal 2018. However, we did see a meaningful improvement to driver turnover in the month
of March. Our new driver advocate position is still in its infancy but so far, the feedback has been very positive. The decrease
in equipment is producing significant recurring savings as are the recent changes we made to our pharmacy and wellness plans. We
will continue to pursue relationships with those customers who are willing to properly compensate us for the safe, reliable service
we provide, particularly during this severe driver shortage. We are optimistic that the strategic plan we have in place will lead
to improved operating profits.
The company owns a 25-acre parcel of land in
Tampa, Florida where we maintain our terminal facility on approximately 5 acres of the property. The property is not currently
being used for its highest and best use and we intend to sell the property and relocate our Tampa terminal to a more suitable location.
During the quarter, we filed all the required applications and plans to the City of Tampa for approval of a commercial mixed-use
master site plan for the property. We anticipate obtaining all those approvals over the next few months and being in a position
to market a fully entitled site later this year.
Subsequent Event. On Monday, April 22nd,
2019 the Company announced plans to exit the Charlotte, NC petroleum hauling market. Our intentions are to continue hauling petroleum
products on a transitory basis for our current customers through May 22, 2019. Charlotte has continually proven to be a very difficult
driver hiring and retention market coupled with a customer rate structure that does not afford Patriot Transportation the opportunity
to make an acceptable return on our capital. We believe we will be able to retain some of our Charlotte drivers to run a new dry
bulk opportunity that will be managed from another one of our terminals. Any excess equipment remaining after the closure will
be sold. The closure will result in the loss of approximately $2.5 M of revenue (prior to the addition of the dry bulk opportunity)
and a slight improvement to the Company’s operating profit.
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 March 31, 2019 was 1.0% over LIBOR. The applicable
margin for such borrowings will be increased in the event that our debt to capitalization ratio as calculated under the credit
agreement exceeds certain thresholds.
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 March 31, 2019, 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) |
|
January 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 28 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 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 24. |
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: May 13, 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, Secretary and Chief Financial Officer |
|
|
|
(Principal Financial Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
By |
JOHN D. KLOPFENSTEIN |
|
|
|
|
John D. Klopfenstein |
|
|
|
|
Controller, Treasurer and Chief Accounting |
|
|
|
Officer (Principal Accounting Officer) |
PATRIOT TRANSPORTATION
HOLDING, INC.
FORM 10-Q FOR THE QUARTER ENDED MARCH
31, 2019
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 |
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: May 13, 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: May 13, 2019 /s/Matthew
C. McNulty
Vice President,
Secretary and Chief Financial Officer
CERTIFICATIONS Exhibit 31(c)
I, John D. Klopfenstein, certify that:
| 1. | I have reviewed this report on Form 10-Q of Patriot Transportation Holding,
Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for
the registrant and have: |
| a) | designed such disclosure controls and procedures,
or caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared; |
| b) | evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls
and procedures, as of the end of the period covered by this report based on such evaluation; and |
| c) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial report; and |
| 5. | The registrant’s other certifying officers and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee
of registrant’s board of directors (or persons performing the equivalent functions): |
| a) | all significant deficiencies in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability
to record, process, summarize and report financial information; and |
| b) | any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: May 13, 2019 /s/John D.
Klopfenstein
Controller, Treasurer
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: May 13, 2019 |
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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, Secretary 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, Treasurer 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.
v3.19.1
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v3.19.1
Consolidated and Combined Balance Sheets - USD ($) $ in Thousands |
Mar. 31, 2019 |
Sep. 30, 2018 |
Current assets: |
|
|
Cash and cash equivalents |
$ 222
|
$ 1
|
Treasury bills available for sale |
18,863
|
17,298
|
Accounts receivable, net of allowance for doubtful accounts of $154 and $153, respectively |
8,390
|
7,866
|
Federal and state taxes receivable |
163
|
547
|
Inventory of parts and supplies |
907
|
895
|
Prepaid tires on equipment |
1,666
|
1,746
|
Prepaid taxes and licenses |
338
|
609
|
Prepaid insurance |
2,115
|
2,348
|
Prepaid expenses, other |
187
|
134
|
Total current assets |
32,851
|
31,444
|
Property and equipment, at cost |
93,044
|
94,710
|
Less accumulated depreciation |
59,414
|
60,799
|
Net property and equipment |
33,630
|
33,911
|
Goodwill |
3,431
|
3,431
|
Intangible assets, net |
778
|
855
|
Other assets, net |
190
|
176
|
Total assets |
70,880
|
69,817
|
Current liabilities: |
|
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Accounts payable |
3,397
|
3,271
|
Bank overdraft |
0
|
625
|
Accrued payroll and benefits |
3,764
|
3,963
|
Accrued insurance |
2,169
|
1,896
|
Accrued liabilities, other |
231
|
408
|
Total current liabilities |
9,561
|
10,163
|
Deferred income taxes |
5,950
|
5,940
|
Accrued insurance |
204
|
204
|
Other liabilities |
1,099
|
1,104
|
Total liabilities |
16,814
|
17,411
|
Commitments and contingencies |
|
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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; 3,347,329 and 3,328,466 shares issued and outstanding, respectively) |
335
|
333
|
Capital in excess of par value |
37,909
|
37,436
|
Retained earnings |
15,645
|
14,472
|
Accumulated other comprehensive income, net |
177
|
165
|
Total shareholders' equity |
54,066
|
52,406
|
Total liabilties and shareholders' equity |
$ 70,880
|
$ 69,817
|
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v3.19.1
Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Sep. 30, 2018 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable allowance for doubtful accounts |
$ 154
|
$ 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 |
3,347,329
|
3,328,466
|
X |
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v3.19.1
Consolidated and Combined Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
Revenues: |
|
|
|
|
Total revenues |
$ 27,008
|
$ 27,979
|
$ 55,062
|
$ 55,880
|
Cost of operations: |
|
|
|
|
Compensation and benefits |
11,852
|
12,043
|
23,890
|
23,916
|
Fuel expenses |
4,004
|
4,304
|
8,280
|
8,426
|
Repairs & tires |
2,006
|
1,685
|
3,671
|
3,258
|
Other operating |
1,189
|
1,063
|
2,321
|
2,106
|
Insurance and losses |
2,002
|
3,169
|
4,944
|
5,885
|
Depreciation expense |
1,976
|
2,223
|
3,946
|
4,553
|
Rents, tags & utilities |
891
|
887
|
1,738
|
1,742
|
Sales, general & administrative |
2,561
|
2,442
|
5,029
|
4,764
|
Corporate expenses |
867
|
790
|
1,399
|
1,277
|
Gain on disposition of PP&E |
(633)
|
(335)
|
(1,556)
|
(499)
|
Total cost of operations |
26,715
|
28,271
|
53,662
|
55,428
|
Total operating profit (loss) |
293
|
(292)
|
1,400
|
452
|
Interest income and other |
113
|
31
|
214
|
33
|
Interest expense |
(7)
|
(9)
|
(17)
|
(19)
|
Income (loss) before income taxes |
399
|
(270)
|
1,597
|
466
|
Provision for (benefit from) income taxes |
110
|
(82)
|
424
|
(2,938)
|
Net income (loss) |
289
|
(188)
|
1,173
|
3,404
|
Unrealized investment gains, net |
10
|
0
|
12
|
0
|
Tax reform gain on retiree health |
0
|
0
|
0
|
32
|
Comprehensive Income (loss) |
$ 299
|
$ (188)
|
$ 1,185
|
$ 3,436
|
Earnings per common share: |
|
|
|
|
Net income (loss)- basic |
$ 0.09
|
$ (0.06)
|
$ 0.35
|
$ 1.03
|
Net income (loss)- diluted |
$ 0.09
|
$ (0.06)
|
$ 0.35
|
$ 1.03
|
Number of shares (in thousands) used in computing: |
|
|
|
|
-basic earnings per common share |
3,342
|
3,316
|
3,335
|
3,310
|
-diluted earnings per common share |
3,343
|
3,316
|
3,336
|
3,311
|
Transportation [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Revenues |
$ 24,537
|
$ 25,376
|
$ 49,517
|
$ 50,946
|
Fuel Surcharges [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Revenues |
$ 2,471
|
$ 2,603
|
$ 5,545
|
$ 4,934
|
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v3.19.1
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
Mar. 31, 2019 |
Mar. 31, 2018 |
Cash flows from operating activities: |
|
|
Net income |
$ 1,173
|
$ 3,404
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
4,243
|
4,925
|
Deferred income taxes |
10
|
(3,629)
|
Gain on asset dispositions |
(1,556)
|
(499)
|
Stock-based compensation |
475
|
478
|
Net changes in operating assets and liabilities: |
|
|
Accounts receivable |
(524)
|
548
|
Inventory of parts and supplies |
(12)
|
(54)
|
Prepaid expenses |
531
|
47
|
Other assets |
(199)
|
38
|
Accounts payable and accrued liabilities |
23
|
(2,380)
|
Income taxes payable and receivable |
384
|
612
|
Long-term insurance liabilities and other long-term liabilities |
(5)
|
2
|
Net cash provided by operating activities |
4,543
|
3,492
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment |
(4,702)
|
(1,812)
|
Purchase of Treasury bills |
(8,361)
|
0
|
Maturities of Treasury bills |
7,000
|
0
|
Proceeds from the sale of property, plant and equipment |
2,375
|
1,093
|
Net cash used in investing activities |
(3,688)
|
(719)
|
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 |
221
|
2,773
|
Cash and cash equivalents at beginning of period |
1
|
11,289
|
Cash and cash equivalents at end of the period |
$ 222
|
$ 14,062
|
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v3.19.1
Description of Business and Basis of Presentation
|
6 Months Ended |
Mar. 31, 2019 |
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 March 31, 2019, we employed 541 revenue-producing drivers who operated our
fleet of 370 company tractors (excluding 9 being placed in service and 8 being prepared for sale), 20 owner operators and 528 trailers
from our 20 terminals and 6 satellite locations in Florida, Georgia, Alabama, 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 six months ended March 31, 2019 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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v3.19.1
Recently Issued Accounting Standards
|
6 Months Ended |
Mar. 31, 2019 |
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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v3.19.1
Related Party Agreements
|
6 Months Ended |
Mar. 31, 2019 |
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. FRP may be considered
a related party due to common significant shareholder ownership and shared common 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 $301,000 and $358,000 for the three months ended March 31,
2019 and 2018, and $723,000 and $710,000 for the six months ended March 31, 2019 and 2018, 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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v3.19.1
Long-Term Debt
|
6 Months Ended |
Mar. 31, 2019 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
(4) Long-Term debt. The Company had
no long-term debt outstanding at March 31, 2019 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 March 31, 2019, 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
3.498% on March 31, 2019. 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 March 31, 2019.
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v3.19.1
Earnings per share
|
6 Months Ended |
Mar. 31, 2019 |
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):
|
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Six months ended |
|
|
March 31, |
|
March 31, |
|
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2019 |
|
2018 |
|
2019 |
|
2018 |
Weighted average common shares |
|
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outstanding during the period |
|
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- shares used for basic |
|
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|
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|
|
|
|
earnings per common share |
|
|
3,342 |
|
|
|
3,316 |
|
|
|
3,335 |
|
|
|
3,310 |
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which are potentially dilutive |
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|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,343 |
|
|
|
3,316 |
|
|
|
3,336 |
|
|
|
3,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
289 |
|
|
|
(188 |
) |
|
|
1,173 |
|
|
|
3,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic |
|
$ |
0.09 |
|
|
|
(0.06 |
) |
|
|
0.35 |
|
|
|
1.03 |
|
-diluted |
|
$ |
0.09 |
|
|
|
(0.06 |
) |
|
|
0.35 |
|
|
|
1.03 |
|
For the three and six months ended March 31,
2019, 181,983 and 175,373 shares attributable to outstanding stock options, respectively, were excluded from the calculation of
diluted earnings per share because their inclusion would have been anti-dilutive. For the three and six months ended March 31,
2018, 159,398 and 168,519 shares attributable to outstanding stock options, respectively, were excluded from the calculation of
diluted earnings per share because their inclusion would have been anti-dilutive.
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v3.19.1
Stock-Based Compensation Plans
|
6 Months Ended |
Mar. 31, 2019 |
Share-based Payment Arrangement [Abstract] |
|
Stock-Based Compensation Plans |
(6) Stock-Based Compensation Plans.
Participation in FRP Plans
The Company's directors, officers
and key employees are eligible to participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options
for shares of common stock were granted to directors, officers and key employees. All related compensation expense has been fully
allocated to the Company (rather than FRP) and included in corporate expenses.
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 11,043 at March 31, 2019.
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 |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Stock option grants |
|
$ |
57 |
|
|
|
55 |
|
|
|
112 |
|
|
|
110 |
|
Annual director stock award |
|
|
363 |
|
|
|
368 |
|
|
|
363 |
|
|
|
368 |
|
|
|
$ |
420 |
|
|
|
423 |
|
|
|
475 |
|
|
|
478 |
|
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 |
|
173,095 |
|
|
$ |
21.49 |
|
|
|
6.3 |
|
|
$ |
1,398 |
|
Granted |
|
29,920 |
|
|
|
20.10 |
|
|
|
|
|
|
|
240 |
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
203,015 |
|
|
$ |
21.28 |
|
|
|
6.4 |
|
|
$ |
1,638 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
118,084 |
|
|
$ |
21.97 |
|
|
|
4.8 |
|
|
$ |
961 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
six months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
19,724 |
|
|
|
|
|
|
|
|
|
|
$ |
174 |
|
The aggregate intrinsic value of exercisable
Company options was $22,000 and the aggregate intrinsic value of all outstanding in-the-money options was $42,000 based on the
Company’s market closing price of $18.80 on March 29, 2019 less exercise prices.
The realized tax benefit from option exercises
during the first six months of fiscal 2019 was $28,000 which pertained to FRP options exercised that were granted to persons employed
by Patriot. The unrecognized compensation expense of Patriot options granted as of March 31, 2019 was $602,000, which is expected
to be recognized over a weighted-average period of 3.5 years.
|
X |
- DefinitionTabular disclosure of share-based payment arrangement.
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v3.19.1
Fair Value Measurements
|
6 Months Ended |
Mar. 31, 2019 |
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 six months ending March
31, 2019, 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 $12,000 was recorded as part of comprehensive income and was based on the market value (Level 1). The amortized
cost of the investments was $18,860,000 and the carrying amount and fair value was $18,863,000 as of March 31, 2019.
At March 31, 2019 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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v3.19.1
Contingent liabilities
|
6 Months Ended |
Mar. 31, 2019 |
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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v3.19.1
Concentrations
|
6 Months Ended |
Mar. 31, 2019 |
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 six months of fiscal 2019, the Company’s ten largest customers accounted for approximately 62.8% of our
revenue and one of these customers accounted for 18.5% of our revenue. Accounts receivable from the ten largest customers was $5,353,000
and $4,875,000 at March 31, 2019 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.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
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v3.19.1
Unusual or Infrequent Items Impacting Quarterly Results
|
6 Months Ended |
Mar. 31, 2019 |
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. Second quarter 2019 net income included $179,000 or $.05 per share, from a
gain of $247,000 on the insurance settlement for hurricane damages and losses sustained at our Panama City, Florida location in
this year’s first quarter.
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, decreased from 39.5% to 30.5% for fiscal 2018 and is projected to be 27.5% for
subsequent years.
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v3.19.1
Earnings per share (Tables)
|
6 Months Ended |
Mar. 31, 2019 |
Earnings Per Share |
|
Earnings per share (in thousands, except per share amounts) |
|
|
Three Months ended |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,342 |
|
|
|
3,316 |
|
|
|
3,335 |
|
|
|
3,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,343 |
|
|
|
3,316 |
|
|
|
3,336 |
|
|
|
3,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
289 |
|
|
|
(188 |
) |
|
|
1,173 |
|
|
|
3,404 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic |
|
$ |
0.09 |
|
|
|
(0.06 |
) |
|
|
0.35 |
|
|
|
1.03 |
|
-diluted |
|
$ |
0.09 |
|
|
|
(0.06 |
) |
|
|
0.35 |
|
|
|
1.03 |
|
|
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v3.19.1
Stock-Based Compensation Plans (Tables)
|
6 Months Ended |
Mar. 31, 2019 |
Share-based Payment Arrangement [Abstract] |
|
Stock Compensation Expense (in thousands) |
|
|
Three Months ended |
|
Six months ended |
|
|
March 31, |
|
March 31, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Stock option grants |
|
$ |
57 |
|
|
|
55 |
|
|
|
112 |
|
|
|
110 |
|
Annual director stock award |
|
|
363 |
|
|
|
368 |
|
|
|
363 |
|
|
|
368 |
|
|
|
$ |
420 |
|
|
|
423 |
|
|
|
475 |
|
|
|
478 |
|
|
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 |
|
173,095 |
|
|
$ |
21.49 |
|
|
|
6.3 |
|
|
$ |
1,398 |
|
Granted |
|
29,920 |
|
|
|
20.10 |
|
|
|
|
|
|
|
240 |
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
203,015 |
|
|
$ |
21.28 |
|
|
|
6.4 |
|
|
$ |
1,638 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
118,084 |
|
|
$ |
21.97 |
|
|
|
4.8 |
|
|
$ |
961 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
six months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019 |
|
19,724 |
|
|
|
|
|
|
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v3.19.1
Earnings per share - Earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
Earnings Per Share [Abstract] |
|
|
|
|
Weighted average common shares outstanding during the period - shares used for basic earnings per common share |
3,342
|
3,316
|
3,335
|
3,310
|
Common shares issuable under share based payment plans which are potentially dilutive |
1
|
0
|
1
|
1
|
Common shares used for diluted earnings per common share |
3,343
|
3,316
|
3,336
|
3,311
|
Net income (loss) |
$ 289
|
$ (188)
|
$ 1,173
|
$ 3,404
|
Earnings (loss) per common share: |
|
|
|
|
Earnings (loss) per share-basic |
$ 0.09
|
$ (0.06)
|
$ 0.35
|
$ 1.03
|
Earnings (loss) per share-diluted |
$ 0.09
|
$ (0.06)
|
$ 0.35
|
$ 1.03
|
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v3.19.1
Stock-Based Compensation Plans - Summary of Stock Options (Details) $ / shares in Units, $ in Thousands |
6 Months Ended |
|
Mar. 31, 2019
USD ($)
yr
$ / shares
shares
|
Sep. 30, 2018
USD ($)
yr
$ / shares
shares
|
Share-based Payment Arrangement [Abstract] |
|
|
Options outstanding | shares |
203,015
|
173,095
|
Options granted | shares |
29,920
|
|
Options outstanding weighted average exercise price | $ / shares |
$ 21.28
|
$ 21.49
|
Options outstanding weighted average exercise price - Granted | $ / shares |
$ 20.10
|
|
Options outstanding weighted average remaining term | yr |
6.4
|
6.3
|
Options outstanding weighted average grant date fair value | $ |
$ 1,638
|
$ 1,398
|
Options granted weighted average grant date fair value | $ / shares |
$ 240
|
|
Options exercisable | shares |
118,084
|
|
Options exerciseable weighted average exercise price | $ / shares |
$ 21.97
|
|
Options exerciseable weighted average remaining term | yr |
4.8
|
|
Options exerciseable weighted average grant date fair value | $ |
$ 961
|
|
Options vested | shares |
19,724
|
|
Options vested weighted average grant date fair value | $ |
$ 174
|
|
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3 Months Ended |
6 Months Ended |
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
FRP |
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$ 358
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$ 723
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This regulatory filing also includes additional resources:
patrmarq19.pdf
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