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 June 30, 2020.
|
|
or
[_] |
TRANSITION REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_________
to _________ |
|
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.) |
|
|
|
200 W. Forsyth St., 7th Floor,
Jacksonville, FL |
|
32202 |
(Address of principal executive offices) |
|
(Zip Code) |
904-396-5733
(Registrant’s telephone number, including
area code)
Title of each class |
|
Trading Symbol |
|
Name of each exchange on which registered |
Common Stock, $.10 par value |
|
PATI |
|
NASDAQ |
|
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 [_] |
|
Accelerated filer [_] |
|
|
|
Non-accelerated filer [ ] |
Smaller reporting company [x] |
|
|
|
Emerging growth company [_] |
|
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 |
|
|
|
August 12, 2020 |
|
|
Common Stock |
|
|
|
3,377,279 |
|
PATRIOT TRANSPORTATION HOLDING, INC.
FORM 10-Q
QUARTER ENDED JUNE 30, 2020
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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Consolidated Statements of Shareholders’ Equity |
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7 |
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Condensed Notes to consolidated financial statements |
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8 |
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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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14 |
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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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23 |
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Item 2. |
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Purchase of Equity Securities by the Issuer |
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26 |
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Item 6. |
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Exhibits |
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26 |
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Signatures |
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27 |
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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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29 |
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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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32 |
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 the impact of the COVID-19
pandemic and “stay home” orders, as well as increased vehicle fuel efficiency, other impacts on the COVID-19 pandemic
on our operations and financial results; the increased popularity of electric vehicles 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, including regulations regarding the transportation
industry and regulations intended to reduce greenhouse gas emissions; cyber-attacks; 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)
|
|
|
June 30, |
|
|
September 30, |
Assets |
|
|
2020 |
|
|
|
2019 |
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
13,646 |
|
|
|
21,216 |
|
Accounts receivable (net of allowance for |
|
|
|
|
|
|
|
|
doubtful accounts of $93 and $133, respectively) |
|
|
5,188 |
|
|
|
6,588 |
|
Federal and state taxes receivable |
|
|
— |
|
|
|
290 |
|
Inventory of parts and supplies |
|
|
801 |
|
|
|
949 |
|
Prepaid tires on equipment |
|
|
1,431 |
|
|
|
1,616 |
|
Prepaid taxes and licenses |
|
|
156 |
|
|
|
536 |
|
Prepaid insurance |
|
|
1,578 |
|
|
|
2,895 |
|
Prepaid expenses, other |
|
|
315 |
|
|
|
334 |
|
Total current assets |
|
|
23,115 |
|
|
|
34,424 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
84,842 |
|
|
|
91,332 |
|
Less accumulated depreciation |
|
|
52,948 |
|
|
|
57,765 |
|
Net property and equipment |
|
|
31,894 |
|
|
|
33,567 |
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
|
3,227 |
|
|
|
— |
|
Goodwill |
|
|
3,637 |
|
|
|
3,431 |
|
Intangible assets, net |
|
|
1,007 |
|
|
|
701 |
|
Other assets, net |
|
|
176 |
|
|
|
170 |
|
Total assets |
|
$ |
63,056 |
|
|
|
72,293 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,755 |
|
|
|
3,184 |
|
Federal and state taxes payable |
|
|
413 |
|
|
|
— |
|
Accrued payroll and benefits |
|
|
2,962 |
|
|
|
3,906 |
|
Accrued insurance |
|
|
1,685 |
|
|
|
1,339 |
|
Accrued liabilities, other |
|
|
860 |
|
|
|
398 |
|
Operating lease liabilities, current portion |
|
|
1,166 |
|
|
|
— |
|
Total current liabilities |
|
|
8,841 |
|
|
|
8,827 |
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities less current portion |
|
|
2,249 |
|
|
|
— |
|
Deferred income taxes |
|
|
5,280 |
|
|
|
6,237 |
|
Accrued insurance |
|
|
1,339 |
|
|
|
1,339 |
|
Other liabilities |
|
|
890 |
|
|
|
1,093 |
|
Total liabilities |
|
|
18,599 |
|
|
|
17,496 |
|
Commitments and contingencies |
|
|
|
|
|
|
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Shareholders’ Equity: |
|
|
|
|
|
|
|
|
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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Common stock, $.10 par value; (25,000,000 shares |
|
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authorized; 3,377,279 and 3,351,329 shares issued |
|
|
|
|
|
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and outstanding, respectively) |
|
|
338 |
|
|
|
335 |
|
Capital in excess of par value |
|
|
38,610 |
|
|
|
38,099 |
|
Retained earnings |
|
|
5,386 |
|
|
|
16,235 |
|
Accumulated other comprehensive income, net |
|
|
123 |
|
|
|
128 |
|
Total shareholders’ equity |
|
|
44,457 |
|
|
|
54,797 |
|
Total liabilities and shareholders’ equity |
|
$ |
63,056 |
|
|
|
72,293 |
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands)
(Unaudited)
|
|
THREE MONTHS ENDED |
|
NINE MONTHS ENDED |
|
|
JUNE 30, |
|
JUNE 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation revenues |
|
$ |
18,032 |
|
|
|
24,907 |
|
|
$ |
62,191 |
|
|
|
74,424 |
|
Fuel surcharges |
|
|
979 |
|
|
|
2,619 |
|
|
|
5,156 |
|
|
|
8,164 |
|
Total revenues |
|
|
19,011 |
|
|
|
27,526 |
|
|
|
67,347 |
|
|
|
82,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
8,575 |
|
|
|
11,985 |
|
|
|
29,954 |
|
|
|
35,875 |
|
Fuel expenses |
|
|
1,738 |
|
|
|
3,988 |
|
|
|
8,147 |
|
|
|
12,268 |
|
Repairs & tires |
|
|
1,182 |
|
|
|
1,901 |
|
|
|
4,504 |
|
|
|
5,572 |
|
Other operating |
|
|
768 |
|
|
|
1,189 |
|
|
|
2,699 |
|
|
|
3,510 |
|
Insurance and losses |
|
|
1,443 |
|
|
|
2,211 |
|
|
|
6,767 |
|
|
|
7,155 |
|
Depreciation expense |
|
|
1,815 |
|
|
|
1,976 |
|
|
|
5,604 |
|
|
|
5,922 |
|
Rents, tags & utilities |
|
|
719 |
|
|
|
833 |
|
|
|
2,222 |
|
|
|
2,571 |
|
Sales, general & administrative |
|
|
1,839 |
|
|
|
2,479 |
|
|
|
6,929 |
|
|
|
7,508 |
|
Corporate expenses |
|
|
362 |
|
|
|
426 |
|
|
|
1,713 |
|
|
|
1,825 |
|
Loss (gain) on disposition of PP&E |
|
|
(224 |
) |
|
|
115 |
|
|
|
(674 |
) |
|
|
(1,441 |
) |
Total cost of operations |
|
|
18,217 |
|
|
|
27,103 |
|
|
|
67,865 |
|
|
|
80,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit (loss) |
|
|
794 |
|
|
|
423 |
|
|
|
(518 |
) |
|
|
1,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income and other |
|
|
4 |
|
|
|
116 |
|
|
|
131 |
|
|
|
330 |
|
Interest expense |
|
|
(8 |
) |
|
|
(8 |
) |
|
|
(23 |
) |
|
|
(25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
790 |
|
|
|
531 |
|
|
|
(410 |
) |
|
|
2,128 |
|
Provision for (benefit from) income taxes |
|
|
217 |
|
|
|
135 |
|
|
|
(118 |
) |
|
|
559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (Loss) |
|
$ |
573 |
|
|
|
396 |
|
|
$ |
(292 |
) |
|
|
1,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized investment gains, net |
|
|
— |
|
|
|
7 |
|
|
|
— |
|
|
|
19 |
|
Reclassification adjust for net investment gains realized in net income |
|
|
— |
|
|
|
— |
|
|
|
(5 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) |
|
$ |
573 |
|
|
|
403 |
|
|
$ |
(297 |
) |
|
|
1,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (loss) - |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.17 |
|
|
|
0.12 |
|
|
|
(0.09 |
) |
|
|
0.47 |
|
Diluted |
|
$ |
0.17 |
|
|
|
0.12 |
|
|
|
(0.09 |
) |
|
|
0.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares (in thousands) used in computing: |
|
|
|
|
-basic earnings per common share |
|
|
3,377 |
|
|
|
3,347 |
|
|
|
3,366 |
|
|
|
3,339 |
|
-diluted earnings per common share |
|
|
3,377 |
|
|
|
3,348 |
|
|
|
3,366 |
|
|
|
3,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS
NINE MONTHS
ENDED JUNE 30, 2020 AND 2019
(In thousands)
(Unaudited)
|
Nine months ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(292 |
) |
|
|
1,569 |
|
Adjustments to reconcile net income to net cash |
|
|
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
6,880 |
|
|
|
6,373 |
|
Non-cash gain of acquisition-related contingent consideration |
|
(150 |
) |
|
|
— |
|
Deferred income taxes |
|
(957 |
) |
|
|
77 |
|
Gain on asset dispositions |
|
(674 |
) |
|
|
(1,441 |
) |
Stock-based compensation |
|
514 |
|
|
|
532 |
|
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
1,400 |
|
|
|
394 |
|
Inventory of parts and supplies |
|
148 |
|
|
|
(49 |
) |
Prepaid expenses |
|
1,926 |
|
|
|
608 |
|
Other assets |
|
136 |
|
|
|
30 |
|
Accounts payable and accrued liabilities |
|
(2,003 |
) |
|
|
224 |
|
Income taxes payable and receivable |
|
703 |
|
|
|
430 |
|
Operating lease assets and liabilities, net |
|
(870 |
) |
|
|
— |
|
Long-term insurance liabilities and other long-term |
|
|
|
|
|
|
|
Liabilities |
|
28 |
|
|
|
(8 |
) |
Net cash provided by operating activities |
|
6,789 |
|
|
|
8,739 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Purchase of property and equipment |
|
(4,537 |
) |
|
|
(7,603 |
) |
Business acquisition |
|
(1,000 |
) |
|
|
— |
|
Proceeds from the sale of property, plant and equipment |
|
1,735 |
|
|
|
2,649 |
|
Net cash used in investing activities |
|
(3,802 |
) |
|
|
(4,954 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Dividends paid |
|
(10,557 |
) |
|
|
— |
|
Decrease in bank overdrafts |
|
— |
|
|
|
(625 |
) |
Debt issue costs |
|
— |
|
|
|
(9 |
) |
Net cash used in financing activities |
|
(10,557 |
) |
|
|
(634 |
) |
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
(7,570 |
) |
|
|
3,151 |
|
Cash and cash equivalents at beginning of period |
|
21,216 |
|
|
|
17,299 |
|
Cash and cash equivalents at end of the period |
$ |
13,646 |
|
|
|
20,450 |
|
See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’
EQUITY
NINE MONTHS
ENDED JUNE 30, 2020 AND 2019
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
Capital in |
|
|
|
|
Other |
|
Total |
|
|
|
Common Stock |
|
|
Excess of |
|
Retained |
|
|
Comprehensive |
|
Stockholders' |
|
|
|
Shares |
|
|
|
Amount |
|
|
Par Value |
|
Earnings |
|
|
Income, net |
|
Investment |
Balance as of October 1, 2019 |
|
|
3,351,329 |
|
|
$ |
335 |
|
|
$ |
38,099 |
|
|
$ |
16,235 |
|
|
|
$ |
128 |
|
|
$ |
54,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
179 |
|
|
|
|
|
|
|
|
|
|
|
|
179 |
|
Director grant |
|
|
25,950 |
|
|
|
3 |
|
|
|
332 |
|
|
|
|
|
|
|
|
|
|
|
|
335 |
|
Cash dividends ($3.15 per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,557 |
) |
|
|
|
|
|
|
|
(10,557 |
) |
Net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(292 |
) |
|
|
|
|
|
|
|
(292 |
) |
Reclassification adjustment of realized gain, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5 |
) |
|
|
(5 |
) |
Balance as of June 30, 2020 |
|
|
3,377,279 |
|
|
$ |
338 |
|
|
$ |
38,610 |
|
|
$ |
5,386 |
|
|
|
$ |
123 |
|
|
$ |
44,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of October 1, 2018 |
|
|
3,328,466 |
|
|
$ |
333 |
|
|
$ |
37,436 |
|
|
$ |
14,472 |
|
|
|
$ |
165 |
|
|
$ |
52,406 |
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
169 |
|
|
|
|
|
|
|
|
|
|
|
|
169 |
|
Director grant |
|
|
18,863 |
|
|
|
2 |
|
|
|
361 |
|
|
|
|
|
|
|
|
|
|
|
|
363 |
|
Net income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,569 |
|
|
|
|
|
|
|
|
1,569 |
|
Unrealized gain on investment, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19 |
|
|
|
19 |
|
Balance as of June 30, 2019 |
|
|
3,347,329 |
|
|
$ |
335 |
|
|
$ |
37,966 |
|
|
$ |
16,041 |
|
|
|
$ |
184 |
|
|
$ |
54,526 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
JUNE 30, 2020
(Unaudited)
(1) Description of Business, Basis
of Presentation and Accounting Policy Change.
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 related products and dry bulk commodities and liquid chemicals. We do not own any of the products we haul; rather, we
act as a third party carrier to deliver our customers’ products from point A to point B, using predominantly Company employees
and 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 customers’ fuel storage tanks for ultimate sale to the
retail consumer. The remaining 14% of our business consists of hauling dry bulk commodities such as cement, lime and various industrial
powder products and liquid chemicals. As of June 30, 2020, we employed 455 revenue-producing drivers who operated our fleet of
323 company tractors (excluding 1 being placed in service and 2 being prepared for sale), 19 owner operators and 452 trailers from
our 18 terminals and 6 satellite locations in Florida, Georgia, Alabama, 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 nine months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal
year ending September 30, 2020. 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, 2019.
Accounting Policy Change
Cash and cash equivalents –The Company
considers all Treasury bills available for sale regardless of maturity and other highly liquid debt instruments with maturities
of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented
to a bank for settlement, net of cash held in accounts with right of offset. Treasury bills of $5,983,000 at September 30, 2019
have been reclassified as cash equivalents in these financial statements.
(2) Recently Issued Accounting Standards.
In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lessees to recognize a right-to-use asset
and a lease liability for the obligation to make lease payments measured at the present value of the lease payments for all leases
with terms greater than twelve months. The
provisions of this update and additional guidance in subsequent ASUs became effective for us beginning October 1, 2019. In July
2018, the FASB issued ASU No. 2018-11, “Leases” which provides an optional transition method allowing entities to initially
apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained
earnings in the period of adoption, with no restatement of comparative prior periods required. We adopted the standard using this
optional transition method. Upon adoption as of October 1, 2019, the Company recognized $3,873,000 in operating lease right-of-use
assets, a reduction of $231,000 of other long-term liabilities related to straight-lined leases and $4,104,000 in operating lease
liabilities. As of June 30, 2020, the Company has 6 property leases with an expected life over 12 months and 30 leased tractors
and recognized $3,227,000 in operating lease right-of-use assets and $3,415,000 in operating lease obligations.
(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
April 1, 2020.
The consolidated statements of income reflect
charges and/or allocation to FRP Holdings, Inc. for these services of $290,000 and $328,000 for the three months ended June 30,
2020 and 2019, and $993,000 and $1,051,000 for the nine months ended June 30, 2020 and 2019, 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 June 30, 2020 and September 30, 2019. 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. As of June 30, 2020, we had no outstanding debt borrowed on this revolver, $3,073,000
in commitments under letters of credit and $31,927,000 available for additional borrowings. The letter of credit fee is 1% and
the applicable interest rate would have been 1.17825% on June 30, 2020. 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 June 30, 2020.
(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 |
|
Nine months ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,377 |
|
|
|
3,347 |
|
|
|
3,366 |
|
|
|
3,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,377 |
|
|
|
3,348 |
|
|
|
3,366 |
|
|
|
3,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
573 |
|
|
|
396 |
|
|
|
(292 |
) |
|
|
1,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic |
|
$ |
0.17 |
|
|
|
0.12 |
|
|
|
(0.09 |
) |
|
|
0.47 |
|
-diluted |
|
$ |
0.17 |
|
|
|
0.12 |
|
|
|
(0.09 |
) |
|
|
0.47 |
|
For the three and nine months ended June 30,
2020, 400,722 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share
because their inclusion would have been anti-dilutive. For the three and nine months ended June 30, 2019, 181,983 and 185,983 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
Prior to the Company’s spin-off
from FRP Holdings, Inc. (FRP) in January 2015, the Company's directors, officers and key employees previously were eligible to
participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options for shares of common stock were
granted to directors, officers and key employees.
Post Spin-Off Patriot Incentive
Stock Plan
As part of the spin-off transaction,
the Board of Directors of the Company adopted the Patriot Transportation Holding, Inc. Incentive Stock Plan (“Patriot Plan”)
in January, 2015. In exchange for all outstanding FRP options held on January 30, 2015, existing Company directors, officers and
key
employees holding option grants
in the FRP Stock Option Plan(s) were issued new grants in the Patriot and FRP Plans based upon the relative value of Patriot and
FRP immediately following the completion of the spin-off with the same remaining terms. All related compensation expense has been
allocated to the Company (rather than FRP) and included in corporate expenses. The number of common shares available for future
issuance in the Patriot Plan was 163,400 at June 30, 2020.
On January 30, 2020, the Company
paid an extraordinary dividend of $3.00 per share to all shareholders of record. In accordance with Section 4.2 of the 2006 Stock
Incentive Plan, Section 11 of the 2014 Equity Incentive Plan, and Section 409A of the Internal Revenue Code, the Company has adjusted
the terms of all stock option grants outstanding and the stock appreciation rights as of the close of business on January 30, 2020.
In December 2016, the Company approved and
issued a long-term performance incentive to an officer in the form of stock appreciation rights. As adjusted for the extraordinary
dividend the Company granted 132,286 stock appreciation rights. The adjusted market price of the grant was $16.82, 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 accrued liability under this plan as of June 30, 2020 and 2019 was $320,000
and $229,000, respectively.
The Company recorded the following stock compensation
expense in its consolidated statements of income (in thousands):
|
|
Three Months ended |
|
Nine months ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Stock option grants |
|
$ |
60 |
|
|
|
57 |
|
|
|
179 |
|
|
|
169 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
335 |
|
|
|
363 |
|
|
|
$ |
60 |
|
|
|
57 |
|
|
|
514 |
|
|
|
532 |
|
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, 2019 |
|
189,015 |
|
|
$ |
21.49 |
|
|
|
6.3 |
|
|
$ |
1,531 |
|
Term Adjustment |
|
148,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
68,865 |
|
|
|
18.40 |
|
|
|
|
|
|
|
275 |
|
Forfeited |
|
(6,035 |
) |
|
|
23.99 |
|
|
|
|
|
|
|
(57 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
400,722 |
|
|
$ |
14.96 |
|
|
|
6.9 |
|
|
$ |
1,749 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
191,597 |
|
|
$ |
16.09 |
|
|
|
5.0 |
|
|
$ |
1,002 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nine months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
39,070 |
|
|
|
|
|
|
|
|
|
|
$ |
204 |
|
There were no exercisable or outstanding in-the-money
options based on the Company’s market closing price of $8.33 on June 30, 2020.
The realized tax benefit from option exercises
during the first nine months of fiscal 2020 was $11,000 which pertained to FRP options exercised that were granted to persons employed
by Patriot. The unrecognized compensation expense of Patriot options granted as of June 30, 2020 was $600,000, which is expected
to be recognized over a weighted-average period of 3.3 years.
(7) Fair Value Measurements.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used
to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or
liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level
3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement.
During the nine months ending June
30, 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 $19,000 was recorded as part of comprehensive income and was based on the market value (Level 1). The amortized
cost of the investments was $14,417,000 and the carrying amount and fair value was $14,430,000 as of June 30, 2019.
At June 30, 2020 and September 30,
2019, 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 nine months of fiscal 2020, the Company’s ten largest customers accounted for approximately 62.7% of our
revenue and one of these customers accounted for 21.2% of our revenue. Accounts receivable from the ten largest customers was $3,301,000
and $4,264,000 at June 30, 2020 and September 30, 2019 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
first quarter 2019.
(11) Business Acquisition.
The Company acquired certain assets of Danfair
Transport out of Americus, GA on November 4, 2019. Danfair had total revenues of approximately $2,300,000 in 2018.
The Company has accounted for this acquisition
in accordance with the provisions of ASC 805, Business Combinations (ASC 805). The Company has allocated the purchase price of
the business based upon the fair value of the assets acquired and liabilities assumed as follows (in thousands):
Consideration: |
|
|
|
|
|
|
|
|
|
Fair value of consideration transferred |
|
|
(1,425 |
) |
|
|
|
|
|
Acquisition related costs expensed |
|
$ |
38 |
|
|
|
|
|
|
Recognized amounts of identifiable assets acquired and |
|
|
|
|
liabilities assumed: |
|
|
|
|
Property and equipment |
|
$ |
759 |
|
Prepaid tires |
|
|
25 |
|
Customer relationships |
|
|
436 |
|
Non-compete agreement |
|
|
12 |
|
Vacation liability assumed |
|
|
(13 |
) |
Total identifiable net assets assumed |
|
$ |
1,219 |
|
Goodwill |
|
|
206 |
|
Total |
|
$ |
1,425 |
|
The goodwill recorded resulting from the acquisition
is tax deductible. The earned payout liability, estimated to be $425,000 on the date of acquisition, will be determined based upon
the total revenues for the 12 months following the acquisition. Changes in the estimated earned payout liability, up to the total
contractual amount, are reflected in our results of operations in the periods in which they are identified. During the third quarter
of 2020 the Company recorded a gain of $150,000 on the contingent consideration. The potential range of the earned payout is zero
to $800,000.
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 customers’
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 customers’ fuel storage tanks for ultimate sale to the retail consumer. The remaining 14% of our business consists of
hauling dry bulk commodities such as cement, lime and various industrial powder products and liquid chemicals. As of June 30, 2020,
we employed 455 revenue-producing drivers who operated our fleet of 323 company tractors (excluding 1 being placed in service and
2 being prepared for sale), 19 owner operators and 452 trailers from our 18 terminals and 6 satellite locations in Florida, Georgia,
Alabama, 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 shortage
of qualified professional drivers with a tenured safe driving career. 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, short driving careers in other lines of trucking, poor safety
records and a pattern of job instability in their work history. As a result, in many markets we serve it is difficult to grow the
driver count and, in some cases, to even maintain our historical or desired driver counts.
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 (excluding drivers related to Charlotte and Wilmington closures) 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 |
Nine months 2020 vs. 2019 |
Total Revenue |
Down 18.5% |
Transportation Revenue |
Down 16.4% |
Revenue Miles |
Down 20.8% |
PAFR (incidents per 1M miles) goal of 2.1 |
Down to 1.86 from 1.91 |
Operating Ratio |
100.8% vs. 97.8% |
Driver Turnover Rate |
74.1% vs. 72.9% |
Avg. Driver Count incl. owner operators |
Down 9.3% |
Comparative Results of Operations
for the Three Months ended June 30, 2020 and 2019
|
Three months ended June 30 |
(dollars in thousands) |
|
2020 |
|
|
|
% |
|
|
|
2019 |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue miles (in thousands) |
|
6,172 |
|
|
|
|
|
|
|
8,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation revenue |
$ |
18,032 |
|
|
|
94.9 |
% |
|
|
24,907 |
|
|
|
90.5 |
% |
Fuel surcharges |
|
979 |
|
|
|
5.1 |
% |
|
|
2,619 |
|
|
|
9.5 |
% |
Total Revenues |
|
19,011 |
|
|
|
100.0 |
% |
|
|
27,526 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
8,575 |
|
|
|
45.1 |
% |
|
|
11,985 |
|
|
|
43.6 |
% |
Fuel expenses |
|
1,738 |
|
|
|
9.1 |
% |
|
|
3,988 |
|
|
|
14.5 |
% |
Repairs & tires |
|
1,182 |
|
|
|
6.2 |
% |
|
|
1,901 |
|
|
|
6.9 |
% |
Other operating |
|
768 |
|
|
|
4.0 |
% |
|
|
1,189 |
|
|
|
4.3 |
% |
Insurance and losses |
|
1,443 |
|
|
|
7.6 |
% |
|
|
2,211 |
|
|
|
8.0 |
% |
Depreciation expense |
|
1,815 |
|
|
|
9.6 |
% |
|
|
1,976 |
|
|
|
7.2 |
% |
Rents, tags & utilities |
|
719 |
|
|
|
3.8 |
% |
|
|
833 |
|
|
|
3.0 |
% |
Sales, general & administrative |
|
1,839 |
|
|
|
9.7 |
% |
|
|
2,479 |
|
|
|
9.0 |
% |
Corporate expenses |
|
362 |
|
|
|
1.9 |
% |
|
|
426 |
|
|
|
1.6 |
% |
Gain on disposition of PP&E |
|
(224 |
) |
|
|
-1.2 |
% |
|
|
115 |
|
|
|
0.4 |
% |
Total cost of operations |
|
18,217 |
|
|
|
95.8 |
% |
|
|
27,103 |
|
|
|
98.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
$ |
794 |
|
|
|
4.2 |
% |
|
|
423 |
|
|
|
1.5 |
% |
The Company reported net income of $573,000,
or $.17 per share, compared to $396,000, or $.12 per share, in the same quarter last year.
Transportation revenues (excluding fuel surcharges)
were $18,032,000, down $6,875,000 due to lower miles versus the same quarter last year. Revenue miles were down 2,775,000 miles,
or 31.0%, over the same quarter last year primarily due to the COVID-19 pandemic, the downsizing of certain customer business due
to inadequate freight rates earlier this fiscal year, and the closure of our Wilmington terminal on April 25, 2020. Transportation
revenue per mile was up $.14, or 5.0%, which has helped to offset the negative impact of fewer miles. Fuel surcharge revenue was
down $1,640,000, or $.13 per mile, from the same quarter last year.
Compensation and benefits decreased $3,410,000,
mainly due to lower company miles and reduced driver training expense. Gross fuel expense decreased $2,250,000, or $.17 per mile,
due to lower company miles and lower cost per gallon. Repair and tire expense decreased $719,000, or $.02 per mile, due to lower
miles this quarter and several high dollar repairs in the 3rd quarter last year. Insurance and losses decreased $768,000, or $.02
per mile, primarily due to favorable closure of prior year worker’s compensation claims, lower health care claims, favorable
results on prior and current year auto liability claims and lower wreck repair costs. Depreciation expense was down $161,000 in
the quarter as we continue to adjust our fleet size to meet our business levels. Gain on disposition of assets was $224,000 this
quarter versus a loss of $115,000 in the same quarter last year due primarily to a loss from a single vehicle rollover accident
during the same quarter last year.
As a result, operating profit this quarter
was $794,000, compared to $423,000 in the same quarter last year. Operating ratio was 95.8 this quarter versus 98.5 in the same
quarter last year.
Comparative Results of Operations
for the Nine Months ended June 30, 2020 and 2019
|
Nine months ended June 30 |
(dollars in thousands) |
|
2020 |
|
|
|
% |
|
|
|
2019 |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue miles (in thousands) |
|
21,542 |
|
|
|
|
|
|
|
27,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation revenue |
$ |
62,191 |
|
|
|
92.3 |
% |
|
|
74,424 |
|
|
|
90.1 |
% |
Fuel surcharges |
|
5,156 |
|
|
|
7.7 |
% |
|
|
8,164 |
|
|
|
9.9 |
% |
Total Revenues |
|
67,347 |
|
|
|
100.0 |
% |
|
|
82,588 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
29,954 |
|
|
|
44.5 |
% |
|
|
35,875 |
|
|
|
43.4 |
% |
Fuel expenses |
|
8,147 |
|
|
|
12.1 |
% |
|
|
12,268 |
|
|
|
14.9 |
% |
Repairs & tires |
|
4,504 |
|
|
|
6.7 |
% |
|
|
5,572 |
|
|
|
6.7 |
% |
Other operating |
|
2,699 |
|
|
|
4.0 |
% |
|
|
3,510 |
|
|
|
4.2 |
% |
Insurance and losses |
|
6,767 |
|
|
|
10.0 |
% |
|
|
7,155 |
|
|
|
8.7 |
% |
Depreciation expense |
|
5,604 |
|
|
|
8.3 |
% |
|
|
5,922 |
|
|
|
7.2 |
% |
Rents, tags & utilities |
|
2,222 |
|
|
|
3.3 |
% |
|
|
2,571 |
|
|
|
3.1 |
% |
Sales, general & administrative |
|
6,929 |
|
|
|
10.3 |
% |
|
|
7,508 |
|
|
|
9.1 |
% |
Corporate expenses |
|
1,713 |
|
|
|
2.6 |
% |
|
|
1,825 |
|
|
|
2.2 |
% |
Gain on disposition of PP&E |
|
(674 |
) |
|
|
-1.0 |
% |
|
|
(1,441 |
) |
|
|
-1.7 |
% |
Total cost of operations |
|
67,865 |
|
|
|
100.8 |
% |
|
|
80,765 |
|
|
|
97.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit (loss) |
$ |
(518 |
) |
|
|
-0.8 |
% |
|
|
1,823 |
|
|
|
2.2 |
% |
The Company reported a net loss of ($292,000),
or ($.09) per share, compared to net income of $1,569,000, or $.47 per share, in the same period last year. Net income in the first
nine months of 2019 included $634,000, or $.19 per share, from gains on real estate sales.
Transportation revenues (excluding fuel surcharges)
were $62,191,000, down $12,233,000 on 5,657,000 fewer miles primarily due to the COVID-19 pandemic, the downsizing of certain customer
business due to freight rates earlier this fiscal year, and the closure of our Charlotte terminal in May, 2019 and our Wilmington
terminal on April 25, 2020. Transportation revenue per mile was up $.15 per mile, or 5.5%, due to increased freight rates which
has helped to offset the negative impact of fewer miles. Fuel surcharge revenue was $5,156,000, down $3,008,000, or $.06 per mile,
from the same period last year.
Compensation and benefits decreased $5,921,000
mainly due to lower company miles and lower driver training expense. Gross fuel expenses decreased $4,121,000, or $.07 per mile,
due to lower company miles and lower cost per gallon. Repair and tire expense decreased $1,068,000 due to reduced miles in the
first nine months of this year. Insurance and losses decreased $388,000, but were up $.05 per mile, primarily due to higher health
claims in the first six months of this fiscal year. Gain on disposition of assets was $674,000 this period versus $1,441,000 in
the same period last year which included a gain of $866,000 on the sale of a prior terminal site in Ocoee, Florida and a
gain of $231,000 on the insurance settlement
for hurricane damages sustained at our Panama City, Florida location.
As a result, operating loss was ($518,000)
compared to operating profit of $1,823,000 in the same period last year. Operating ratio was 100.8 in the first nine months versus
97.8 in the same period 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 June 30, 2020, we had no debt outstanding on this revolver, $3,073,000 letters of credit and $31,927,000
available for additional borrowings. The Company expects our fiscal year 2020 cash generation to cover the cost of our operations
and 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):
|
|
Nine months |
|
|
Ended June 30, |
|
|
2020 |
|
2019 |
Total cash provided by (used for): |
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
6,789 |
|
|
|
8,739 |
|
Investing activities |
|
|
(3,802 |
) |
|
|
(4,954 |
) |
Financing activities |
|
|
(10,557 |
) |
|
|
(634 |
) |
Increase (decrease) in cash and cash equivalents |
|
$ |
(7,570 |
) |
|
|
3,151 |
|
|
|
|
|
|
|
|
|
|
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 $6,789,000 for the nine months ended June 30, 2020, compared
to $8,739,000 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 $587,000 versus the same period last year. These changes are described above under "Comparative
Results of Operations." This decrease was mostly offset by a decrease in prepaid insurance due to refunds from our captive
upon closing out three prior years. These changes comprise the majority of the decrease in net cash provided by operating activities.
Investing Activities – Investing
activities include the purchase of property and equipment, any business acquisitions and proceeds from sales of property and equipment
upon retirement. For the nine months ended June 30, 2020, we spent $3,802,000 on investing activities which included $2,802,000
for the purchase of plant, property and equipment net of proceeds from retirements and $1,000,000 for the acquisition of Danfair
Transport. For the nine months ended June 30, 2019, we spent $4,954,000 on investing activities for the purchase of plant, property
and equipment net of proceeds from 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 nine months ended June 30, 2020, cash used in financing activities was $10,557,000
due to dividends paid in the second quarter. For the nine months ended June 30, 2019,
cash used in financing activities was $634,000
due to bank overdrafts and debt issue costs related to a revised and restated revolver credit agreement. We had no outstanding
long-term debt on June 30, 2020 or June 30, 2019.
Credit Facilities - The
Company has a five-year credit agreement with Wells Fargo Bank N.A. which provides a $35 million revolving line of credit with
a $10 million sublimit for stand-by letters of credit. The amounts outstanding under the credit agreement bear interest at a rate
of 1.0% over LIBOR, which may change quarterly based on the Company’s ratio of consolidated total debt to consolidated total
capital. A commitment fee of 0.15% per annum is payable quarterly on the unused portion of the commitment, which fee may change
quarterly based on our ratio of consolidated total debt to consolidated total capital. The credit agreement contains certain conditions
and financial covenants, including a minimum tangible net worth. As of June 30, 2020, the tangible net worth covenant would have
limited our ability to pay dividends or repurchase stock with borrowed funds to a maximum of $11 million combined.
Cash Requirements - The Company currently
expects its fiscal 2020 capital expenditures to be approximately $5 million revised down from $7 million in the first quarter for
replacement equipment which we expect to be fully funded by our cash generated from our operations. The amount of capital expenditures
through June 30, 2020 were $4,537,000, we have no tractors or trailer purchases planned for the remainder of the fiscal year.
In December, we announced that our Board of
Directors declared a special cash dividend of $3.00 per share, or approximately $10 million in the aggregate, on the Company’s
outstanding common stock. This one-time, special dividend was paid on January 30, 2020, to shareholders of record at the close
of business on January 15, 2020. In December, the Board also declared a quarterly dividend of $0.15 per share, paid on January
30, 2020, to shareholders of record on January 15, 2020. Due to the negative impact of the COVID-19 pandemic on the financial performance
of the company and the uncertainty of when the markets we serve will recover, the Board voted to suspend the quarterly dividend
until further notice.
Impact of
the COVID-19 Pandemic. The COVID-19 pandemic continues to have an impact on demand for oil and petroleum products. Volume declines
due to COVID-19 vary by market but management estimates the range to be ~10-25% down across our network. As an essential business,
we have continued to operate throughout the pandemic in accordance with CDC guidance and orders issued by state and local authorities.
We anticipate the impacts from social distancing, work/school from home programs and any continued mandatory business closures
or reduced patron occupancy levels will adversely affect petroleum sales and therefore the demand for our services as long as they
remain in place.
Summary and Outlook. Prior to the outbreak
of the COVID-19 pandemic, Management was encouraged about the rate environment. Our intent was to continue to push rates higher
to offset the rising costs associated with the on-going driver shortage and rising risk insurance premiums while exiting customer
relationships that did not allow us to earn an acceptable profit on our services. During the 1st quarter, the Company
renegotiated one of our largest customer contracts resulting in the Company turning back ~$3.5M of annualized revenue on marginally
rated business while receiving a ~4.5% rate increase on a substantially larger volume of business we retained. Those rate increases
were fully in effect as of February 1, 2020. We also walked away from some smaller
accounts due to freight rates. As a result,
we had capacity in our system as we headed into the typically busier spring and summer months and were heavily focusing our sales
efforts to gain meaningful volume with customers with whom we felt we could partner. We were starting to see success on new revenue
gains and operating results in early March until the outbreak of COVID-19.
Beginning in late March, due to impacts from
COVID-19, our focus shifted to managing the business through the crisis, dealing with reduced volumes and controlling costs. We
experienced a very difficult April due to significantly reduced volumes. Volumes improved incrementally during May and June but
still remained below our pre-COVID-19 expectations throughout the quarter. The many steps we took to reduce costs early on in the
quarter, coupled with strong insurance results and some gains from equipment sales, allowed us to make a profit during the quarter.
Some of the expense reductions related to reduced hours for certain employees, the inability for many of our employees to travel
overnight and lower costs associated with hiring and training drivers will increase as the impacts from COVID-19 subside. However,
we are intent on minimizing those cost increases as we move forward.
Our balance sheet remains solid with $13.6
million of cash and cash equivalents as of June 30, 2020, versus $11.3 million on March 31, 2020, and no outstanding debt. We did
not order any new equipment during the quarter and will not order additional equipment during the remainder of this fiscal year
which reduces our planned capital outlay by ~$3.5 million for the fiscal year. Today, we are continuing to manage through the day
to day impacts of the virus but are also refocusing our efforts back to growing our business with both new and existing customers
with whom we feel can partner long term.
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 agreement. Under the Wells
Fargo revolving credit line of credit, the applicable spread for borrowings at June 30, 2020 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 a target level.
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 June 30, 2020, 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, 2019, as supplemented by our Quarterly Report on Form 10-Q for
the quarter ended March 31, 2020, 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.
The following risk factors set forth
below are in addition or changes to the risk factors discussed under Part I, Item 1A (Risk Factors) of our most recent annual
report on Form 10-K
Our business
will continue to be adversely affected by the ongoing coronavirus pandemic.
The outbreak of the novel
coronavirus (“SARS-CoV-2” or “COVID-19”) has evolved into a global pandemic. The coronavirus
has spread to many regions of the world, including the areas of the United States where we operate. The extent to which the coronavirus
impacts our business and operating results will depend on future developments that are highly uncertain and cannot be accurately
predicted, including new information that may emerge concerning actions or mandates to contain the coronavirus or treat its impact,
among others.
Our business relies
heavily on the demand for petroleum products. The spread of the coronavirus has had and will continue to have a material economic
effect on our business due to government-imposed restrictions on travel and shelter-in-place orders, increased teleworking and
a reduction in business travel and tourism. We expect a continued reduction in demand for petroleum products at some level throughout
the course of the pandemic.
Should the coronavirus
continue to spread, our business operations could be delayed or interrupted. For instance, our operations would be adversely impacted
if a number of our administrative personnel, drivers or field personnel are infected and become ill or are quarantined. In response
to the pandemic, we have arranged for certain administrative employees to work remotely outside of our offices or to work in shifts.
At this time, we believe that our business would generally be exempted from shelter-in-place orders or other mandated
local travel restrictions as an essential service but there can be no assurance as to the scope of quarantine orders imposed by
local or state governments.
While the potential
economic impact brought by and the duration of the pandemic may be difficult to assess or predict, it has already caused, and is
likely to result in further, significant disruption of global financial markets, which may reduce our ability to access capital
either at all or on favorable terms. In addition, a recession, depression or other sustained adverse market event resulting from
the spread of the coronavirus could materially and adversely affect our business and the value of our common stock.
The ultimate impact
of the current pandemic, or any other health epidemic, is highly uncertain and subject to change. We do not yet know the full extent
of potential delays or impacts on our business, or the economy, as a whole. However, these effects could have a material impact
on our operations,
and we will continue to monitor the
situation closely.
Our business is subject to general economic
and other factors that are largely out of our control and could affect our operations, profitability and cash flow.
Our business is dependent on various economic
factors over which we have little control, that include:
| · | the availability of qualified drivers; |
| · | access to the credit and capital markets; |
| · | rising healthcare costs; |
| · | increases in fuel prices, taxes and tolls; |
| · | increases in costs of equipment; |
| · | interest rate fluctuations; |
| · | excess capacity in the trucking industry |
| · | changes in laws or regulations or changes
in license and regulatory fees; |
| · | potential disruptions at U.S. ports of
entry and in pipeline operations; |
| · | downturns in customers’ business
cycles; and |
| · | insurance prices and insurance coverage
availability. |
As a result, we may experience periods of overcapacity,
declining prices, lower profit margins and less availability of cash in the future. The COVID-19 pandemic has had widespread adverse
economic impacts, and the ultimate impact of the pandemic on these and other factors affecting our business is highly uncertain.
Our revenues and operating income could be materially adversely affected.
We would be adversely affected by a decline
in demand for hauling petroleum products in our markets.
We derive approximately 86% of our revenues
from the hauling of petroleum products, including gasoline, diesel fuel and ethanol. The demand for these services is determined
by motor fuel consumption in our markets, which is affected by general economic conditions, employment levels, consumer confidence,
spending patterns and gasoline prices. In response to the spread of COVID-19, businesses and governments
have imposed restrictions on travel, quarantine and “shelter-in-place” policies which have caused a decline in demand
for petroleum products. Despite relatively low fuel prices, gasoline sales have fallen as a result of these restrictions and a
sharp reduction in tourism. While we anticipate that stringent travel restrictions and “stay-at-home” orders will be
temporary, a continuing public health crisis or recession could continue to impact the demand for petroleum products.
Demand for our petroleum hauling services is
also impacted by vehicle fuel efficiency, the increasing popularity of electric, hybrid or alternative fuel vehicles and government
regulation relating to ethanol. The Energy Information Administration of the U.S. Department of Energy projects that U.S. motor
gasoline consumption will decline at an average rate of 1.1% per year between 2012 and 2040 as improvements in fuel efficiency
are expected to outpace increases in miles driven.
Future legislation or regulations adopted to
reduce greenhouse gas emissions, such as a carbon tax,
may increase our operating costs, require
unanticipated capital expenditures and reduce the demand for petroleum products. Developments regarding climate change and the
effects of greenhouse gas emissions on climate change in recent years has increased the likelihood of such legislation or regulation.
Moreover, attitudes toward gasoline and its relationship to the environment may significantly affect our sales and ability to market
our products. Reduced consumer demand for gasoline could have a material adverse effect on our business, financial condition, results
of operations and cash flows.
Difficulty in attracting and retaining
drivers could negatively affect our operations and limit our growth.
There is substantial competition for qualified
personnel, particularly drivers, in the trucking industry. We operate in many geographic areas where there is currently a shortage
of professional drivers with long tenured, safe driving records. Regulatory requirements, including electronic logging, could continue
to reduce the number of eligible drivers in our markets. Any shortage of drivers could result in temporary under-utilization of
our equipment, difficulty in meeting our customers’ demands and increased compensation levels, each of which could have a
material adverse effect on our business, results of operations and financial condition. A decrease in quality drivers could lead
to an increased frequency in the number of accidents, potential claims exposure and, indirectly, insurance costs.
Difficulty in attracting qualified drivers
could result in our inability to accept or service new business opportunities or could require us to increase the wages we pay
in order to attract and retain drivers. If we are unable to hire qualified drivers to service new or existing business, we may
have to temporarily send drivers from other terminals to those struggling markets, causing us to incur significant costs relating
to out-of-town driver pay and expenses.
We have significant ongoing capital requirements.
Our business requires substantial ongoing capital
investment, particularly for tractors, trailers, terminals and technology. Our capital expenditures were approximately $6.3 million,
$4.7 million and $9.6 million in 2017, 2018 and 2019, respectively, and we expect to make capital expenditures of approximately
$5.0 million during fiscal 2020. We expect that cash flow from operations and borrowings under our revolving credit facility will
be our primary sources of financing for capital expenditures.
We may face difficulty in purchasing new equipment
on a timely basis. Any delay in delivery of equipment could impair our ability to serve our customers, and, to the extent that
we must obtain equipment from alternative sources at increased prices, could result in a significant increase in our anticipated
capital expenditures and, accordingly, have a material adverse effect on our business, results of operations and financial condition.
Financing may not always be available to fund our activities.
We usually must spend and risk a significant
amount of capital to fund our activities. Although most capital needs are funded from operating cash flow, the timing of cash flows
from operations and capital funding needs may not always coincide, and the levels of cash flow may not fully cover capital funding
requirements. Additionally, we anticipate that the broad impacts of the COVID-19 pandemic, including the sharp decline in demand
for petroleum products, could materially reduce our cash flow from operations.
From time to time, we may need to supplement
our cash generated from operations with proceeds from financing activities. We currently have a revolving credit facility available
to us, for up to $35 million of borrowings, to provide us with available financing for working capital, equipment purchases and
other general corporate purposes. This credit facility is intended to meet any ongoing cash needs in excess of internally generated
cash flows. The disruption to financial markets caused by the COVID-19 pandemic could adversely impact our ability to obtain financing
on terms that are acceptable to us.
Item 2. PURCHASES OF EQUITY SECURITIES BY
THE ISSUER
|
|
|
|
|
(c) |
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|
|
|
|
Total |
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|
|
|
|
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) |
|
April 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
April 30 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
— |
|
|
$ |
|
|
|
|
— |
|
|
|
|
|
(1) On February 4, 2015, the Board
of Directors authorized management to expend up to $5,000,000 to repurchase shares of the Company’s common stock from time
to time as opportunities arise. To date, the Company has not repurchased any common stock of the Company.
Item 6. EXHIBITS
| (a) | Exhibits. The response to this item is submitted as a separate Section entitled
"Exhibit Index", on page 28. |
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. |
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|
Date: August 14, 2020 |
|
By |
ROBERT E. SANDLIN |
|
|
|
|
Robert E. Sandlin |
|
|
|
|
President and Chief Executive Officer |
|
|
|
(Principal Executive Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
By |
MATTHEW C. MCNULTY |
|
|
|
|
Matthew C. McNulty |
|
|
|
|
Vice President, Chief Financial Officer and |
|
|
|
Secretary |
|
|
|
(Principal Financial Officer) |
|
|
|
|
|
|
|
|
|
|
|
|
By |
JOHN D. KLOPFENSTEIN |
|
|
|
|
John D. Klopfenstein |
|
|
|
|
Controller, Chief Accounting Officer and |
|
|
|
Treasurer |
|
|
|
(Principal Accounting Officer) |
PATRIOT TRANSPORTATION
HOLDING, INC.
FORM 10-Q FOR THE QUARTER ENDED JUNE
30, 2020
EXHIBIT INDEX
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CERTIFICATIONS Exhibit 31(a)
I, Robert E. Sandlin, certify that:
| 1. | I have reviewed this report on Form 10-Q of Patriot Transportation Holding,
Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for
the registrant and have: |
| a) | designed such disclosure controls and procedures,
or caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared; |
| b) | evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls
and procedures, as of the end of the period covered by this report based on such evaluation; and |
| c) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial report; and |
| 5. | The registrant’s other certifying officers and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee
of registrant’s board of directors (or persons performing the equivalent functions): |
| a) | all significant deficiencies in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability
to record, process, summarize and report financial information; and |
| b) | any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 14, 2020 /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: August 14, 2020 /s/Matthew
C. McNulty
Vice President,
Chief Financial Officer
and Secretary
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: August 14, 2020 /s/John
D. Klopfenstein
Controller, Chief
Accounting Officer and
Treasurer
Exhibit 32
CERTIFICATION UNDER SECTION 906 OF
THE SARBANES-OXLEY ACT OF 2002
Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002, each of the undersigned certifies that this periodic report fully complies with the requirements of Section 13(a)
or 15(d) of the Securities Exchange Act of 1934 and that information contained in this periodic report fairly presents, in all
material respects, the financial condition and results of operations of Patriot Transportation Holding, Inc.
|
|
|
PATRIOT TRANSPORTATION HOLDING, INC. |
|
|
|
|
|
|
|
|
|
|
Date: August 14, 2020 |
|
By |
/s/ROBERT E. SANDLIN |
|
|
|
|
Robert E. Sandlin |
|
|
|
|
President and Chief Executive Officer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By |
/s/MATTHEW C. MCNULTY |
|
|
|
|
Matthew C. McNulty |
|
|
|
|
Vice President, Chief Financial Officer and |
|
|
|
Secretary |
|
|
|
|
|
|
|
|
|
|
|
|
By |
/s/JOHN D. KLOPFENSTEIN |
|
|
|
|
John D. Klopfenstein |
|
|
|
|
Controller, Chief Accounting Officer and Treasurer |
|
|
|
|
A signed original of this written
statement required by Section 906 has been provided to Patriot Transportation Holding, Inc. and will be retained by Patriot Transportation
Holding, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
The foregoing certification accompanies
the issuer’s Quarterly report on Form 10-Q and is not filed as provided in SEC Release Nos. 33-8212, 34-4751 and IC-25967,
dated June 30, 2003.
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v3.20.2
Consolidated and Combined Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2020 |
Sep. 30, 2019 |
Current assets: |
|
|
Cash and cash equivalents |
$ 13,646
|
$ 21,216
|
Accounts receivable, net of allowance for doubtful accounts of $93 and $133, respectively |
5,188
|
6,588
|
Federal and state taxes receivable |
0
|
290
|
Inventory of parts and supplies |
801
|
949
|
Prepaid tires on equipment |
1,431
|
1,616
|
Prepaid taxes and licenses |
156
|
536
|
Prepaid insurance |
1,578
|
2,895
|
Prepaid expenses, other |
315
|
334
|
Total current assets |
23,115
|
34,424
|
Property and equipment, at cost |
84,842
|
91,332
|
Less accumulated depreciation |
52,948
|
57,765
|
Net property and equipment |
31,894
|
33,567
|
Operating lease right-of-use assets |
3,227
|
0
|
Goodwill |
3,637
|
3,431
|
Intangible assets, net |
1,007
|
701
|
Other assets, net |
176
|
170
|
Total assets |
63,056
|
72,293
|
Current liabilities: |
|
|
Accounts payable |
1,755
|
3,184
|
Federal and state taxes payable |
413
|
0
|
Accrued payroll and benefits |
2,962
|
3,906
|
Accrued insurance |
1,685
|
1,339
|
Accrued liabilities, other |
860
|
398
|
Operating lease liabilities, current portion |
1,166
|
0
|
Total current liabilities |
8,841
|
8,827
|
Operating lease liabilities less current portion |
2,249
|
0
|
Deferred income taxes |
5,280
|
6,237
|
Accrued insurance |
1,339
|
1,339
|
Other liabilities |
890
|
1,093
|
Total liabilities |
18,599
|
17,496
|
Commitments and contingencies |
|
|
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; 3,377,279 and 3,351,329 shares issued and outstanding, respectively) |
338
|
335
|
Capital in excess of par value |
38,610
|
38,099
|
Retained earnings |
5,386
|
16,235
|
Accumulated other comprehensive income, net |
123
|
128
|
Total shareholders' equity |
44,457
|
54,797
|
Total liabilties and shareholders' equity |
$ 63,056
|
$ 72,293
|
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v3.20.2
Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Jun. 30, 2019 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable allowance for doubtful accounts |
$ 93
|
$ 133
|
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 |
3,377,279
|
3,351,329
|
X |
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v3.20.2
Consolidated and Combined Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Revenues: |
|
|
|
|
Total revenues |
$ 19,011
|
$ 27,526
|
$ 67,347
|
$ 82,588
|
Cost of operations: |
|
|
|
|
Compensation and benefits |
8,575
|
11,985
|
29,954
|
35,875
|
Fuel expenses |
1,738
|
3,988
|
8,147
|
12,268
|
Repairs & tires |
1,182
|
1,901
|
4,504
|
5,572
|
Other operating |
768
|
1,189
|
2,699
|
3,510
|
Insurance and losses |
1,443
|
2,211
|
6,767
|
7,155
|
Depreciation expense |
1,815
|
1,976
|
5,604
|
5,922
|
Rents, tags & utilities |
719
|
833
|
2,222
|
2,571
|
Sales, general & administrative |
1,839
|
2,479
|
6,929
|
7,508
|
Corporate expenses |
362
|
426
|
1,713
|
1,825
|
Loss (gain) on disposition of PP&E |
(224)
|
115
|
(674)
|
(1,441)
|
Total cost of operations |
18,217
|
27,103
|
67,865
|
80,765
|
Total operating profit (loss) |
794
|
423
|
(518)
|
1,823
|
Interest income and other |
4
|
116
|
131
|
330
|
Interest expense |
(8)
|
(8)
|
(23)
|
(25)
|
Income (loss) before income taxes |
790
|
531
|
(410)
|
2,128
|
Provision for (benefit from) income taxes |
217
|
135
|
(118)
|
559
|
Net income (loss) |
573
|
396
|
(292)
|
1,569
|
Unrealized investment gains, net |
0
|
7
|
0
|
19
|
Reclassification adjust for net investment gains realized in net income |
0
|
0
|
(5)
|
0
|
Comprehensive Income (loss) |
$ 573
|
$ 403
|
$ (297)
|
$ 1,588
|
Earnings per common share: |
|
|
|
|
Net income (loss)- basic |
$ 0.17
|
$ 0.12
|
$ (.09)
|
$ 0.47
|
Net income (loss)- diluted |
$ 0.17
|
$ 0.12
|
$ (.09)
|
$ 0.47
|
Number of shares (in thousands) used in computing: |
|
|
|
|
-basic earnings per common share |
3,377
|
3,347
|
3,366
|
3,339
|
-diluted earnings per common share |
3,377
|
3,348
|
3,366
|
3,340
|
Transportation [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Revenues |
$ 18,032
|
$ 24,907
|
$ 62,191
|
$ 74,424
|
Fuel Surcharges [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Revenues |
$ 979
|
$ 2,619
|
$ 5,156
|
$ 8,164
|
X |
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v3.20.2
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
Cash flows from operating activities: |
|
|
Net income (loss) |
$ (292)
|
$ 1,569
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
6,880
|
6,373
|
Non-cash gain of acquisition-related contingent consideration |
(150)
|
0
|
Deferred income taxes |
(957)
|
77
|
Gain on asset dispositions |
(674)
|
(1,441)
|
Stock-based compensation |
514
|
532
|
Net changes in operating assets and liabilities: |
|
|
Accounts receivable |
1,400
|
394
|
Inventory of parts and supplies |
148
|
(49)
|
Prepaid expenses |
1,926
|
608
|
Other assets |
136
|
30
|
Accounts payable and accrued liabilities |
(2,003)
|
224
|
Income taxes payable and receivable |
703
|
430
|
Operating lease assets and liabilities, net |
(870)
|
0
|
Long-term insurance liabilities and other long-term liabilities |
28
|
(8)
|
Net cash provided by operating activities |
6,789
|
8,739
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment |
(4,537)
|
(7,603)
|
Business acquisition |
(1,000)
|
0
|
Proceeds from the sale of property, plant and equipment |
1,735
|
2,649
|
Net cash used in investing activities |
(3,802)
|
(4,954)
|
Cash flows from financing activities: |
|
|
Decrease in bank overdrafts |
0
|
(625)
|
Debt issue costs |
0
|
(9)
|
Dividends paid |
(10,557)
|
0
|
Net cash used in financing activities |
(10,557)
|
(634)
|
Net (decrease) increase in cash and cash equivalents |
(7,570)
|
3,151
|
Cash and cash equivalents at beginning of period |
21,216
|
17,299
|
Cash and cash equivalents at end of the period |
$ 13,646
|
$ 20,450
|
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v3.20.2
Shareholders Equity (Unaudited) - USD ($) $ in Thousands |
Common Stock |
Additional Paid-In Capital |
Retained Earnings / Accumulated Deficit |
Other Comprehensive Income / Loss |
Total |
Beginning balance, shares at Sep. 30, 2018 |
3,328,466
|
|
|
|
|
Beginning balance, amount at Sep. 30, 2018 |
$ 333
|
$ 37,436
|
$ 14,472
|
$ 165
|
$ 52,406
|
Stock-based compensation |
|
169
|
|
|
169
|
Exercise of stock options, shares |
18,863
|
|
|
|
|
Exercise of stock options, amount |
$ 2
|
361
|
|
|
363
|
Net income (loss) |
|
|
1,569
|
|
1,569
|
Unrealized gain on investment, net |
|
|
|
19
|
19
|
Realized gain on investment, net |
|
|
|
|
0
|
Ending balance, shares at Jun. 30, 2019 |
3,347,329
|
|
|
|
|
Ending balance, amount at Jun. 30, 2019 |
$ 335
|
37,966
|
16,041
|
184
|
54,526
|
Beginning balance, shares at Sep. 30, 2019 |
3,351,329
|
|
|
|
|
Beginning balance, amount at Sep. 30, 2019 |
$ 335
|
38,099
|
16,235
|
128
|
54,797
|
Stock-based compensation |
|
179
|
|
|
179
|
Exercise of stock options, shares |
25,950
|
|
|
|
|
Exercise of stock options, amount |
$ 3
|
332
|
|
|
335
|
Cash dividends |
|
|
(10,557)
|
|
(10,557)
|
Net income (loss) |
|
|
(292)
|
|
(292)
|
Unrealized gain on investment, net |
|
|
|
|
0
|
Realized gain on investment, net |
|
|
|
(5)
|
(5)
|
Ending balance, shares at Jun. 30, 2020 |
3,377,279
|
|
|
|
|
Ending balance, amount at Jun. 30, 2020 |
$ 338
|
$ 38,610
|
$ 5,386
|
$ 123
|
$ 44,457
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for option under share-based payment arrangement.
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- DefinitionAggregate dividends declared during the period for each share of common stock outstanding.
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v3.20.2
Description of Business and Basis of Presentation and Accounting Policy Change
|
9 Months Ended |
Jun. 30, 2020 |
Accounting Policies [Abstract] |
|
Description of Business and Basis of Presentation |
(1) Description of Business, Basis
of Presentation and Accounting Policy Change.
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 related products and dry bulk commodities and liquid chemicals. We do not own any of the products we haul; rather, we
act as a third party carrier to deliver our customers’ products from point A to point B, using predominantly Company employees
and 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 customers’ fuel storage tanks for ultimate sale to the
retail consumer. The remaining 14% of our business consists of hauling dry bulk commodities such as cement, lime and various industrial
powder products and liquid chemicals. As of June 30, 2020, we employed 455 revenue-producing drivers who operated our fleet of
323 company tractors (excluding 1 being placed in service and 2 being prepared for sale), 19 owner operators and 452 trailers from
our 18 terminals and 6 satellite locations in Florida, Georgia, Alabama, 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 nine months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal
year ending September 30, 2020. 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, 2019.
Accounting Policy Change
Cash and cash equivalents –The Company considers all Treasury
bills available for sale regardless of maturity and other highly liquid debt instruments with maturities of three months or less
at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement,
net of cash held in accounts with right of offset. Treasury bills of $5,983,000 at September 30, 2019 have been reclassified as
cash equivalents in these financial statements.
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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.20.2
Recently Issued Accounting Standards
|
9 Months Ended |
Jun. 30, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Recently Issued Accounting Standards |
(2) Recently Issued Accounting Standards.
In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lessees to recognize a right-to-use asset
and a lease liability for the obligation to make lease payments measured at the present value of the lease payments for all leases
with terms greater than twelve months. The provisions of this update and additional guidance in subsequent ASUs became effective
for us beginning October 1, 2019. In July 2018, the FASB issued ASU No. 2018-11, “Leases” which provides an optional
transition method allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect
adjustment to the opening balance of retained earnings in the period of adoption, with no restatement of comparative prior periods
required. We adopted the standard using this optional transition method. Upon adoption as of October 1, 2019, the Company recognized
$3,873,000 in operating lease right-of-use assets, a reduction of $231,000 of other long-term liabilities related to straight-lined
leases and $4,104,000 in operating lease liabilities. As of June 30, 2020, the Company has 6 property leases with an expected life
over 12 months and 30 leased tractors and recognized $3,227,000 in operating lease right-of-use assets and $3,415,000 in operating
lease obligations.
|
X |
- DefinitionDisclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.
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v3.20.2
Related Party Agreements
|
9 Months Ended |
Jun. 30, 2020 |
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
April 1, 2020.
The consolidated statements of income reflect
charges and/or allocation to FRP Holdings, Inc. for these services of $290,000 and $328,000 for the three months ended June 30,
2020 and 2019, and $993,000 and $1,051,000 for the nine months ended June 30, 2020 and 2019, 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.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.20.2
Long-Term Debt
|
9 Months Ended |
Jun. 30, 2020 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
(4) Long-Term debt. The Company had
no long-term debt outstanding at June 30, 2020 and September 30, 2019. 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. As of June 30, 2020, we had no outstanding debt borrowed on this revolver, $3,073,000 in commitments
under letters of credit and $31,927,000 available for additional borrowings. The letter of credit fee is 1% and the applicable
interest rate would have been 1.17825% on June 30, 2020. 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 June 30, 2020.
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v3.20.2
Earnings per share
|
9 Months Ended |
Jun. 30, 2020 |
Earnings Per Share [Abstract] |
|
Earnings per share |
(5) Earnings per share. Basic
earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings
per common share are based on the weighted average number of common shares and potential dilution of securities that could share
in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director
stock options.
The following details the computations of the
basic and diluted earnings per common share (dollars and shares in thousands, except per share amounts):
|
|
Three Months ended |
|
Nine months ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,377 |
|
|
|
3,347 |
|
|
|
3,366 |
|
|
|
3,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,377 |
|
|
|
3,348 |
|
|
|
3,366 |
|
|
|
3,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
573 |
|
|
|
396 |
|
|
|
(292 |
) |
|
|
1,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic |
|
$ |
0.17 |
|
|
|
0.12 |
|
|
|
(0.09 |
) |
|
|
0.47 |
|
-diluted |
|
$ |
0.17 |
|
|
|
0.12 |
|
|
|
(0.09 |
) |
|
|
0.47 |
|
For the three and nine months ended June 30,
2020, 400,722 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share
because their inclusion would have been anti-dilutive. For the three and nine months ended June 30, 2019, 181,983 and 185,983 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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v3.20.2
Stock-Based Compensation Plans
|
9 Months Ended |
Jun. 30, 2020 |
Share-based Payment Arrangement [Abstract] |
|
Stock-Based Compensation Plans |
(6) Stock-Based Compensation Plans.
Participation in FRP Plans
Prior to the Company’s spin-off
from FRP Holdings, Inc. (FRP) in January 2015, the Company's directors, officers and key employees previously were eligible to
participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options for shares of common stock were
granted to directors, officers and key employees.
Post Spin-Off Patriot Incentive
Stock Plan
As part of the spin-off transaction,
the Board of Directors of the Company adopted the Patriot Transportation Holding, Inc. Incentive Stock Plan (“Patriot Plan”)
in January, 2015. In exchange for all outstanding FRP options held on January 30, 2015, existing Company directors, officers and
key employees holding option grants in the FRP Stock Option Plan(s) were issued new grants in the Patriot and FRP Plans based upon
the relative value of Patriot and FRP immediately following the completion of the spin-off with the same remaining terms. All related
compensation expense has been allocated to the Company (rather than FRP) and included in corporate expenses. The number of common
shares available for future issuance in the Patriot Plan was 163,400 at June 30, 2020.
On January 30, 2020, the Company
paid an extraordinary dividend of $3.00 per share to all shareholders of record. In accordance with Section 4.2 of the 2006 Stock
Incentive Plan, Section 11 of the 2014 Equity Incentive Plan, and Section 409A of the Internal Revenue Code, the Company has adjusted
the terms of all stock option grants outstanding and the stock appreciation rights as of the close of business on January 30, 2020.
In December 2016, the Company approved and
issued a long-term performance incentive to an officer in the form of stock appreciation rights. As adjusted for the extraordinary
dividend the Company granted 132,286 stock appreciation rights. The adjusted market price of the grant was $16.82, 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 accrued liability under this plan as of June 30, 2020 and 2019 was $320,000
and $229,000, respectively.
The Company recorded the following stock compensation
expense in its consolidated statements of income (in thousands):
|
|
Three Months ended |
|
Nine months ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Stock option grants |
|
$ |
60 |
|
|
|
57 |
|
|
|
179 |
|
|
|
169 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
335 |
|
|
|
363 |
|
|
|
$ |
60 |
|
|
|
57 |
|
|
|
514 |
|
|
|
532 |
|
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, 2019 |
|
189,015 |
|
|
$ |
21.49 |
|
|
|
6.3 |
|
|
$ |
1,531 |
|
Term Adjustment |
|
148,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
68,865 |
|
|
|
18.40 |
|
|
|
|
|
|
|
275 |
|
Forfeited |
|
(6,035 |
) |
|
|
23.99 |
|
|
|
|
|
|
|
(57 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
400,722 |
|
|
$ |
14.96 |
|
|
|
6.9 |
|
|
$ |
1,749 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
191,597 |
|
|
$ |
16.09 |
|
|
|
5.0 |
|
|
$ |
1,002 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nine months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
39,070 |
|
|
|
|
|
|
|
|
|
|
$ |
204 |
|
There were no exercisable or outstanding in-the-money
options based on the Company’s market closing price of $8.33 on June 30, 2020.
The realized tax benefit from option exercises
during the first nine months of fiscal 2020 was $11,000 which pertained to FRP options exercised that were granted to persons employed
by Patriot. The unrecognized compensation expense of Patriot options granted as of June 30, 2020 was $600,000, which is expected
to be recognized over a weighted-average period of 3.3 years.
|
X |
- DefinitionTabular disclosure of share-based payment arrangement.
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v3.20.2
Fair Value Measurements
|
9 Months Ended |
Jun. 30, 2020 |
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 nine months ending June
30, 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 $19,000 was recorded as part of comprehensive income and was based on the market value (Level 1). The amortized
cost of the investments was $14,417,000 and the carrying amount and fair value was $14,430,000 as of June 30, 2019.
At June 30, 2020 and September 30,
2019, 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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v3.20.2
Contingent liabilities
|
9 Months Ended |
Jun. 30, 2020 |
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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v3.20.2
Concentrations
|
9 Months Ended |
Jun. 30, 2020 |
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 nine months of fiscal 2020, the Company’s ten largest customers accounted for approximately 62.7% of our
revenue and one of these customers accounted for 21.2% of our revenue. Accounts receivable from the ten largest customers was $3,301,000
and $4,264,000 at June 30, 2020 and September 30, 2019 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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v3.20.2
Unusual or Infrequent Items Impacting Quarterly Results
|
9 Months Ended |
Jun. 30, 2020 |
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
first quarter 2019.
|
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v3.20.2
Business Acquisition
|
9 Months Ended |
Jun. 30, 2020 |
Business Combinations [Abstract] |
|
Business Acquisition |
(11) Business Acquisition.
The Company acquired certain assets of Danfair
Transport out of Americus, GA on November 4, 2019. Danfair had total revenues of approximately $2,300,000 in 2018.
The Company has accounted for this acquisition
in accordance with the provisions of ASC 805, Business Combinations (ASC 805). The Company has allocated the purchase price of
the business based upon the fair value of the assets acquired and liabilities assumed as follows (in thousands):
Consideration:
Fair value of consideration transferred |
|
|
(1,425 |
) |
|
|
|
|
|
Acquisition related costs expensed |
|
$ |
38 |
|
|
|
|
|
|
Recognized amounts of identifiable assets acquired and |
|
|
|
|
liabilities assumed: |
|
|
|
|
Property and equipment |
|
$ |
759 |
|
Prepaid tires |
|
|
25 |
|
Customer relationships |
|
|
436 |
|
Non-compete agreement |
|
|
12 |
|
Vacation liability assumed |
|
|
(13 |
) |
Total identifiable net assets assumed |
|
$ |
1,219 |
|
Goodwill |
|
|
206 |
|
Total |
|
$ |
1,425 |
|
The goodwill recorded resulting from the acquisition
is tax deductible. The earned payout liability, estimated to be $425,000 on the date of acquisition, will be determined based upon
the total revenues for the 12 months following the acquisition. Changes in the estimated earned payout liability, up to the total
contractual amount, are reflected in our results of operations in the periods in which they are identified. During the third quarter
of 2020 the Company recorded a gain of $150,000 on the contingent consideration. The potential range of the earned payout is zero
to $800,000.
|
X |
- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.20.2
Earnings per share (Tables)
|
9 Months Ended |
Jun. 30, 2020 |
Earnings Per Share |
|
Earnings per share (in thousands, except per share amounts) |
|
|
Three Months ended |
|
Nine months ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,377 |
|
|
|
3,347 |
|
|
|
3,366 |
|
|
|
3,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,377 |
|
|
|
3,348 |
|
|
|
3,366 |
|
|
|
3,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
573 |
|
|
|
396 |
|
|
|
(292 |
) |
|
|
1,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-basic |
|
$ |
0.17 |
|
|
|
0.12 |
|
|
|
(0.09 |
) |
|
|
0.47 |
|
-diluted |
|
$ |
0.17 |
|
|
|
0.12 |
|
|
|
(0.09 |
) |
|
|
0.47 |
|
|
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v3.20.2
Stock-Based Compensation Plans (Tables)
|
9 Months Ended |
Jun. 30, 2020 |
Share-based Payment Arrangement [Abstract] |
|
Stock Compensation Expense (in thousands) |
|
|
Three Months ended |
|
Nine months ended |
|
|
June 30, |
|
June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Stock option grants |
|
$ |
60 |
|
|
|
57 |
|
|
|
179 |
|
|
|
169 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
335 |
|
|
|
363 |
|
|
|
$ |
60 |
|
|
|
57 |
|
|
|
514 |
|
|
|
532 |
|
|
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, 2019 |
|
189,015 |
|
|
$ |
21.49 |
|
|
|
6.3 |
|
|
$ |
1,531 |
|
Term Adjustment |
|
148,877 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Granted |
|
68,865 |
|
|
|
18.40 |
|
|
|
|
|
|
|
275 |
|
Forfeited |
|
(6,035 |
) |
|
|
23.99 |
|
|
|
|
|
|
|
(57 |
) |
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
400,722 |
|
|
$ |
14.96 |
|
|
|
6.9 |
|
|
$ |
1,749 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
191,597 |
|
|
$ |
16.09 |
|
|
|
5.0 |
|
|
$ |
1,002 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
nine months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2020 |
|
39,070 |
|
|
|
|
|
|
|
|
|
|
$ |
204 |
|
|
X |
- DefinitionTabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.
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v3.20.2
Business Acquisition (Tables)
|
9 Months Ended |
Jun. 30, 2020 |
Business Combinations [Abstract] |
|
Acquisition purchase price allocation |
Fair value of consideration transferred |
|
|
(1,425 |
) |
|
|
|
|
|
Acquisition related costs expensed |
|
$ |
38 |
|
|
|
|
|
|
Recognized amounts of identifiable assets acquired and |
|
|
|
|
liabilities assumed: |
|
|
|
|
Property and equipment |
|
$ |
759 |
|
Prepaid tires |
|
|
25 |
|
Customer relationships |
|
|
436 |
|
Non-compete agreement |
|
|
12 |
|
Vacation liability assumed |
|
|
(13 |
) |
Total identifiable net assets assumed |
|
$ |
1,219 |
|
Goodwill |
|
|
206 |
|
Total |
|
$ |
1,425 |
|
|
X |
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v3.20.2
Earnings per share - Earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Earnings Per Share [Abstract] |
|
|
|
|
Weighted average common shares outstanding during the period - shares used for basic earnings per common share |
3,377
|
3,347
|
3,366
|
3,339
|
Common shares issuable under share based payment plans which are potentially dilutive |
0
|
1
|
0
|
1
|
Common shares used for diluted earnings per common share |
3,377
|
3,348
|
3,366
|
3,340
|
Net income (loss) |
$ 573
|
$ 396
|
$ (292)
|
$ 1,569
|
Earnings (loss) per common share: |
|
|
|
|
Earnings (loss) per share-basic |
$ 0.17
|
$ 0.12
|
$ (.09)
|
$ 0.47
|
Earnings (loss) per share-diluted |
$ 0.17
|
$ 0.12
|
$ (.09)
|
$ 0.47
|
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v3.20.2
Stock-Based Compensation Plans - Summary of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended |
12 Months Ended |
Jun. 30, 2020 |
Sep. 30, 2019 |
Share-based Payment Arrangement [Abstract] |
|
|
Options outstanding |
400,722
|
189,015
|
Term adjustment |
148,877
|
|
Options granted |
68,865
|
|
Options forfeited |
(6,035)
|
|
Options outstanding weighted average exercise price |
$ 14.96
|
$ 21.49
|
Options outstanding weighted average exercise price - Granted |
18.40
|
|
Options outstanding weighted average exercise price - forfeited |
$ 23.99
|
|
Options outstanding weighted average remaining term |
6 years 10 months 30 days
|
6 years 3 months 18 days
|
Options outstanding weighted average grant date fair value |
$ 1,749
|
$ 1,531
|
Options granted weighted average grant date fair value |
$ 275
|
|
Options forfeited weighted average grant date fair value |
$ (57)
|
|
Options exercisable |
191,597
|
|
Options exerciseable weighted average exercise price |
$ 16.09
|
|
Options exercisable weighted average remaining term |
5 years
|
|
Options exerciseable weighted average grant date fair value |
$ 1,002
|
|
Options vested |
39,070
|
|
Options vested weighted average grant date fair value |
$ 204
|
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Related Party Agreements (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
FRP |
|
|
|
|
Charges/allocations |
$ 290
|
$ 328
|
$ 993
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$ 1,051
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v3.20.2
Business Acquisition (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
12 Months Ended |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2018 |
Revenue |
$ 19,011
|
$ 27,526
|
$ 67,347
|
$ 82,588
|
|
Contingent consideration gain |
150
|
|
(150)
|
$ 0
|
|
Danfair Transport |
|
|
|
|
|
Revenue |
|
|
|
|
$ 2,300
|
Estimated earned payout liability |
425
|
|
425
|
|
|
Potential high range of earned payout |
800
|
|
800
|
|
|
Potential low range of earned payout |
$ 0
|
|
$ 0
|
|
|
X |
- DefinitionAmount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement.
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