UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 10-Q
_________________
[X] |
QUARTERLY REPORT PURSUANT TO SECTION
13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 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 |
|
|
|
January 29, 2021 |
|
|
Common Stock |
|
|
|
3,377,279 |
|
PATRIOT TRANSPORTATION HOLDING, INC.
FORM 10-Q
QUARTER ENDED DECEMBER 31, 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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13 |
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Item 3. |
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Quantitative and Qualitative Disclosures about Market Risks |
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19 |
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Item 4. |
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Controls and Procedures |
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19 |
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Part II. Other Information |
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Item 1A. |
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Risk Factors |
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20 |
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Item 2. |
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Purchase of Equity Securities by the Issuer |
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20 |
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Item 6. |
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Exhibits |
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20 |
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Signatures |
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21 |
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Exhibit 31 |
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Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
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23 |
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Exhibit 32 |
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Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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26 |
Preliminary Note Regarding Forward-Looking
Statements.
Certain matters discussed in this
report contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ
materially from those indicated by such forward-looking statements.
These forward-looking statements
relate to, among other things, capital expenditures, liquidity, capital resources and competition and may be indicated by words
or phrases such as ”anticipate”, ”estimate”, ”plans”, ”projects”, ”continuing”,
”ongoing”, ”expects”, ”management believes”, ”the Company believes”, ”the
Company intends” and similar words or phrases. The following factors and others discussed in the Company’s periodic
reports and filings with the Securities and Exchange Commission are among the principal factors that could cause actual results
to differ materially from the forward-looking statements: freight demand for petroleum products including 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)
|
|
|
December 31, |
|
|
September 30, |
Assets |
|
|
2020 |
|
|
|
2020 |
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,494 |
|
|
|
15,962 |
|
Accounts receivable (net of allowance for |
|
|
|
|
|
|
|
|
doubtful accounts of $84 and $87, respectively) |
|
|
4,633 |
|
|
|
5,005 |
|
Inventory of parts and supplies |
|
|
896 |
|
|
|
903 |
|
Prepaid tires on equipment |
|
|
1,415 |
|
|
|
1,414 |
|
Prepaid taxes and licenses |
|
|
376 |
|
|
|
522 |
|
Prepaid insurance |
|
|
2,120 |
|
|
|
2,444 |
|
Prepaid expenses, other |
|
|
283 |
|
|
|
291 |
|
Total current assets |
|
|
17,217 |
|
|
|
26,541 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, at cost |
|
|
83,141 |
|
|
|
83,204 |
|
Less accumulated depreciation |
|
|
54,374 |
|
|
|
52,805 |
|
Net property and equipment |
|
|
28,767 |
|
|
|
30,399 |
|
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
|
|
2,695 |
|
|
|
2,964 |
|
Goodwill |
|
|
3,637 |
|
|
|
3,637 |
|
Intangible assets, net |
|
|
907 |
|
|
|
957 |
|
Other assets, net |
|
|
168 |
|
|
|
171 |
|
Total assets |
|
$ |
53,391 |
|
|
|
64,669 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,648 |
|
|
|
2,679 |
|
Federal and state taxes payable |
|
|
31 |
|
|
|
284 |
|
Accrued payroll and benefits |
|
|
3,187 |
|
|
|
3,156 |
|
Accrued insurance |
|
|
1,209 |
|
|
|
1,210 |
|
Accrued liabilities, other |
|
|
1,671 |
|
|
|
1,281 |
|
Operating lease labilities, current portion |
|
|
1,066 |
|
|
|
1,065 |
|
Total current liabilities |
|
|
8,812 |
|
|
|
9,675 |
|
|
|
|
|
|
|
|
|
|
Operating lease liabilities, less current portion |
|
|
1,790 |
|
|
|
2,073 |
|
Deferred income taxes |
|
|
5,255 |
|
|
|
5,087 |
|
Accrued insurance |
|
|
1,886 |
|
|
|
1,886 |
|
Other liabilities |
|
|
895 |
|
|
|
900 |
|
Total liabilities |
|
|
18,638 |
|
|
|
19,621 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Shareholders’ Equity: |
|
|
|
|
|
|
|
|
Preferred stock, 5,000,000 shares authorized, |
|
|
|
|
|
|
|
|
of which 250,000 shares are designated Series A |
|
|
|
|
|
|
|
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Junior Participating Preferred Stock; $0.01 par |
|
|
|
|
|
|
|
|
value; none issued and outstanding |
|
|
— |
|
|
|
— |
|
Common stock, $.10 par value; (25,000,000 shares |
|
|
|
|
|
|
|
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authorized; 3,377,279 and 3,377,279 shares issued |
|
|
|
|
|
|
|
|
and outstanding, respectively) |
|
|
338 |
|
|
|
338 |
|
Capital in excess of par value |
|
|
38,729 |
|
|
|
38,670 |
|
(Accumulated deficit) Retained earnings |
|
|
(4,419 |
) |
|
|
5,935 |
|
Accumulated other comprehensive income, net |
|
|
105 |
|
|
|
105 |
|
Total shareholders’ equity |
|
|
34,753 |
|
|
|
45,048 |
|
Total liabilities and shareholders’ equity |
|
$ |
53,391 |
|
|
|
64,669 |
|
See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands)
(Unaudited)
|
|
THREE MONTHS ENDED |
|
|
DECEMBER 31, |
|
|
2020 |
|
2019 |
Revenues: |
|
|
|
|
|
|
|
|
Transportation revenues |
|
$ |
19,217 |
|
|
|
22,599 |
|
Fuel surcharges |
|
|
1,011 |
|
|
|
2,210 |
|
Total revenues |
|
|
20,228 |
|
|
|
24,809 |
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
9,051 |
|
|
|
10,998 |
|
Fuel expenses |
|
|
2,098 |
|
|
|
3,463 |
|
Repairs & tires |
|
|
1,381 |
|
|
|
1,751 |
|
Other operating |
|
|
813 |
|
|
|
956 |
|
Insurance and losses |
|
|
2,122 |
|
|
|
2,769 |
|
Depreciation expense |
|
|
1,745 |
|
|
|
1,950 |
|
Rents, tags & utilities |
|
|
696 |
|
|
|
750 |
|
Sales, general & administrative |
|
|
2,136 |
|
|
|
2,481 |
|
Corporate expenses |
|
|
401 |
|
|
|
537 |
|
Loss (gain) on disposition of PP&E |
|
|
86 |
|
|
|
(122 |
) |
Total cost of operations |
|
|
20,529 |
|
|
|
25,533 |
|
|
|
|
|
|
|
|
|
|
Total operating loss |
|
|
(301 |
) |
|
|
(724 |
) |
|
|
|
|
|
|
|
|
|
Interest income and other |
|
|
2 |
|
|
|
85 |
|
Interest expense |
|
|
(8 |
) |
|
|
(8 |
) |
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(307 |
) |
|
|
(647 |
) |
Benefit from income taxes |
|
|
(85 |
) |
|
|
(183 |
) |
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(222 |
) |
|
|
(464 |
) |
|
|
|
|
|
|
|
|
|
Reclassification adjust for net investment gains realized in net income |
|
|
— |
|
|
|
(5 |
) |
Comprehensive Loss |
|
$ |
(222 |
) |
|
|
(469 |
) |
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
Net Loss- |
|
|
|
|
|
|
|
|
Basic |
|
|
(0.07 |
) |
|
|
(0.14 |
) |
Diluted |
|
|
(0.07 |
) |
|
|
(0.14 |
) |
|
|
|
|
|
|
|
|
|
Number of shares (in thousands) used in computing: |
|
|
|
|
|
|
|
|
-basic earnings per common share |
|
|
3,377 |
|
|
|
3,351 |
|
-diluted earnings per common share |
|
|
3,377 |
|
|
|
3,351 |
|
See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH
FLOWS
THREE MONTHS
ENDED DECEMBER 31, 2020 AND 2019
(In thousands)
(Unaudited)
|
Three months ended December 31, |
|
|
|
2020 |
|
|
|
2019 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
Net loss |
$ |
(222 |
) |
|
|
(464 |
) |
Adjustments to reconcile net loss to net cash |
|
|
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
2,155 |
|
|
|
2,376 |
|
Non-cash gain of acquisition-related contingent consideration |
|
(16 |
) |
|
|
— |
|
Deferred income taxes |
|
168 |
|
|
|
— |
|
Loss (gain) on asset dispositions |
|
72 |
|
|
|
(122 |
) |
Stock-based compensation |
|
59 |
|
|
|
59 |
|
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
372 |
|
|
|
294 |
|
Inventory of parts and supplies |
|
7 |
|
|
|
42 |
|
Prepaid expenses |
|
477 |
|
|
|
297 |
|
Other assets |
|
18 |
|
|
|
(2 |
) |
Accounts payable and accrued liabilities |
|
(611 |
) |
|
|
(1,319 |
) |
Income taxes payable and receivable |
|
(253 |
) |
|
|
(196 |
) |
Operating lease assets and liabilities, net |
|
(282 |
) |
|
|
(296 |
) |
Long-term insurance liabilities and other long-term |
|
|
|
|
|
|
|
Liabilities |
|
(5 |
) |
|
|
9 |
|
Net cash provided by operating activities |
|
1,939 |
|
|
|
678 |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
Purchase of property and equipment |
|
(308 |
) |
|
|
(2,285 |
) |
Business acquisition |
|
— |
|
|
|
(1,000 |
) |
Proceeds from the sale of property, plant and equipment |
|
33 |
|
|
|
514 |
|
Net cash used in investing activities |
|
(275 |
) |
|
|
(2,771 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
Dividends paid |
|
(10,132 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(10,132 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents |
|
(8,468 |
) |
|
|
(2,093 |
) |
Cash and cash equivalents at beginning of period |
|
15,962 |
|
|
|
21,216 |
|
Cash and cash equivalents at end of the period |
$ |
7,494 |
|
|
|
19,123 |
|
See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’
EQUITY
THREE MONTHS
ENDED DECEMBER 31, 2020 AND 2019
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
(Accum. |
|
|
Accumulated |
|
|
|
|
|
|
|
|
Capital in |
|
Deficit) |
|
|
Other |
|
Total |
|
|
|
Common Stock |
|
|
Excess of |
|
Retained |
|
|
Comprehensive |
|
Shareholders' |
|
|
|
Shares |
|
|
|
Amount |
|
|
Par Value |
|
Earnings |
|
|
Income, net |
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of October 1, 2020 |
|
|
3,377,279 |
|
|
$ |
338 |
|
|
$ |
38,670 |
|
|
$ |
5,935 |
|
|
|
$ |
105 |
|
|
$ |
45,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
|
59 |
|
Cash dividends declared ($3.00 per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,132 |
) |
|
|
|
|
|
|
|
(10,132 |
) |
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(222 |
) |
|
|
|
|
|
|
|
(222 |
) |
Balance as of December 31, 2020 |
|
|
3,377,279 |
|
|
$ |
338 |
|
|
$ |
38,729 |
|
|
$ |
(4,419 |
) |
|
|
$ |
105 |
|
|
$ |
34,753 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of October 1, 2019 |
|
|
3,351,329 |
|
|
$ |
335 |
|
|
$ |
38,099 |
|
|
$ |
16,235 |
|
|
|
$ |
128 |
|
|
$ |
54,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
|
59 |
|
Cash dividends declared ($3.15 per share) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10,557 |
) |
|
|
|
|
|
|
|
(10,557 |
) |
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(464 |
) |
|
|
|
|
|
|
|
(464 |
) |
Realized gain on investment, net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5 |
) |
|
|
(5 |
) |
Balance as of December 31, 2019 |
|
|
3,351,329 |
|
|
$ |
335 |
|
|
$ |
38,158 |
|
|
$ |
5,214 |
|
|
|
$ |
123 |
|
|
$ |
43,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PATRIOT TRANSPORTATION HOLDING,
INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
DECEMBER 31, 2020
(Unaudited)
(1) Description of Business and
Basis of Presentation.
Description of Business
Company’s Business.
The business of the Company, conducted through our wholly owned subsidiary, Florida Rock & Tank Lines, Inc., is to transport
petroleum and other liquids and dry bulk commodities. We do not own any of the products we haul; rather, we act as a third party
carrier to deliver our customers’ products from point A to point B, using predominantly Company employees driving Company
owned tractors and tank trailers. Approximately 88% 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 12% of our business consists of hauling dry bulk commodities such as cement, lime and various industrial powder products,
water and liquid chemicals. As of December 31, 2020, we employed 388 revenue-producing drivers who operated our fleet of 319 Company
tractors, 22 owner operators and 445 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 three months ended December 31, 2020 are not necessarily indicative of the results that may be expected for the
fiscal year ending September 30, 2021. 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, 2020.
(2) Recently Issued Accounting Standards.
None.
(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 $435,000 and $413,000 for the three months ended December
31, 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 December 31, 2020 and September 30, 2020. 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 December 31, 2020, we had no outstanding debt borrowed on this
revolver, $3,579,000 in commitments under letters of credit and $31,421,000 available for additional borrowings. The letter of
credit fee is 1% and the applicable interest rate would have been 1.14675% on December 31, 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 December 31, 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 |
|
|
December 31, |
|
|
2020 |
|
2019 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,377 |
|
|
|
3,351 |
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,377 |
|
|
|
3,351 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(222 |
) |
|
|
(464 |
) |
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
-basic |
|
$ |
(0.07 |
) |
|
|
(0.14 |
) |
-diluted |
|
$ |
(0.07 |
) |
|
|
(0.14 |
) |
For the three months ended December 31, 2020,
617,502 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because
their inclusion would have been anti-dilutive. For the three months ended December 31, 2019, 251,845 shares attributable to outstanding
stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.
(6) Stock-Based Compensation Plans.
Participation in FRP Plans
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 94,687 at December 31, 2020.
On December 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 December 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 174,011 stock appreciation rights. The adjusted market price of the grant was $12.79, and the executive
will get a cash award at age 65 based upon the stock price at that date compared to the adjusted market price of $12.79 but in
no event will the award be less than $500,000. The Company is expensing the fair value of the award over the 9.1 year vesting period
to the officer’s attainment of age 65, with periodic adjustments to the liability estimate based upon changes in the assumptions
used to calculate the liability. The accrued liability under this plan as of December 31, 2020 and 2019 was $350,000 and $275,000,
respectively.
The Company recorded the following stock compensation
expense in its consolidated statements of income (in thousands):
|
|
Three Months ended |
|
|
December 31, |
|
|
2020 |
|
2019 |
Stock option grants |
|
$ |
59 |
|
|
|
59 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
$ |
59 |
|
|
|
59 |
|
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, 2020 |
|
400,722 |
|
|
$ |
14.96 |
|
|
|
6.6 |
|
|
$ |
1,749 |
|
Granted |
|
78,345 |
|
|
|
10.00 |
|
|
|
|
|
|
|
275 |
|
Forfeited |
|
(9,632 |
) |
|
|
13.88 |
|
|
|
|
|
|
|
(48 |
) |
Term Adjustment |
|
148,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 (a) |
|
617,502 |
|
|
$ |
10.76 |
|
|
|
7.1 |
|
|
$ |
1,976 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
317,208 |
|
|
$ |
11.97 |
|
|
|
5.4 |
|
|
$ |
1,195 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
77,845 |
|
|
|
|
|
|
|
|
|
|
$ |
242 |
|
| (a) | The Company stock option intrinsic values were
adjusted as of December 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average
exercise price, was not retroactively adjusted. |
There were no exercisable or outstanding in-the-money
options based on the Company’s market closing price of $8.78 on December 31, 2020.
The unrecognized compensation expense of Patriot
options granted as of December 31, 2020 was $755,000, which is expected to be recognized over a weighted-average period of 3.7
years.
(7) Fair Value Measurements.
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used
to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or
liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level
3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement.
At December 31, 2020 and September
30, 2020, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts
payable and other financial instruments approximate their fair value based upon the short-term nature of these items.
(8) Contingent liabilities.
The Company is involved in litigation on a number of matters and is subject to certain claims which arise in the normal course
of business. The Company has retained
certain self-insurance risks with
respect to losses for third party liability and property damage. There is a reasonable possibility that the Company’s estimate
of vehicle and workers’ compensation liability may be understated or overstated but the possible range cannot be estimated.
The liability at any point in time depends upon the relative ages and amounts of the individual open claims. In the opinion of
management none of these matters are expected to have a material adverse effect on the Company’s financial condition, results
of operations or cash flows.
(9) Concentrations.
Market:
The Company primarily serves customers in the petroleum industry in the Southeastern U.S. Significant economic disruption or downturn
in this geographic region or within these industries could have an adverse effect on our financial statements.
Customers:
During the first three months of fiscal 2021, the Company’s ten largest customers accounted for approximately 61.1% of our
revenue and one of these customers accounted for 21.8% of our revenue. Accounts receivable from the ten largest customers was $2,534,000
and $3,121,000 at December 31, 2020 and September 30, 2020 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 and an FDIC insured investment account at Wells Fargo Bank, N.A. The balance
in the cash account may exceed FDIC limits.
(10) Business Acquisition.
The Company acquired certain assets of Danfair
Transport out of Americus, GA on November 4, 2019.
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, was later determined to be
$69,000 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 were identified. For
the three months ended December 31, 2020 the Company recorded a gain of $16,000. During fiscal year 2020 the Company recorded gains
of $340,000 on the contingent consideration.
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
88% 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 12% of our business consists of
hauling dry bulk commodities such as cement, lime and various industrial powder products and liquid chemicals. As of December 31,
2020, we employed 388 revenue-producing drivers who operated our fleet of 319 company tractors, 22 owner operators and 445 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, liquid 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 cover business; |
| · | Fuel Expenses - Our fuel expenses
will vary depending on miles driven as well as such factors as fuel prices (which can be highly volatile), the fuel efficiency
of our fleet and the average haul length; |
| · | Repairs and Tires – This
category consists of vehicle maintenance and repairs (excluding shop personnel) and tire expense (including amortization of tire
cost and road repairs). These expenses will vary based on such factors as miles driven, the age of our fleet, and tire prices. |
| · | Other Operating Expenses –
This category consists of tolls, hiring costs, out-of-town driver travel cost, terminal facility maintenance and other operating
expenses. These expenses will vary based on such factors as, driver availability and out-of-town driver travel requirements, business
growth and inflation among others; |
| · | Insurance and Losses
– This includes costs associated with insurance premiums,
and the self-insured portion of liability, worker’s compensation, health insurance and cargo claims and wreck repairs. We
work very hard to manage these expenses through our safety and wellness programs, but these expenses will vary depending on the
frequency and severity of accident and health claims, insurance markets and deductible levels; |
| · | Depreciation Expense – Depreciation
expense consists of the depreciation of the cost of fixed assets such as tractors and trailers over the life assigned to those
assets. The amount of depreciation expense is impacted by equipment prices and the timing of new equipment purchases. We expect
the cost of new tractors and trailers to continue to increase, impacting our future depreciation expense; |
| · | Rents, Tags and Utilities
Expenses – This category consists of rents payable on leased facilities and leased equipment, federal
highway use taxes, vehicle registrations, license and permit fees and personal property taxes assessed against our equipment, communications,
utilities and real estate taxes; |
| · | Sales, General and Administrative Expenses
- This category consists of the wages, bonus accruals, benefits, travel, vehicle and office costs for our administrative personnel
as well as professional fees and amortization charges for intangible assets purchased in acquisitions of other businesses; |
| · | Corporate Expenses – Corporate
expenses consist of wages, bonus accruals, insurance and other benefits, travel, vehicle and office costs for corporate executives,
director fees, stock option expense and aircraft expense; |
| · | Gains/Loss on 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 terminal closures) and average driver count (defined as average number of revenue producing
drivers including owner operators under employment over the specified time period) as compared to the same period in the prior
year.
ITEM |
Three months 2021 vs. 2020 |
Total Revenue |
Down 18.5% |
Transportation Revenue |
Down 15.0% |
Revenue Miles |
Down 19.0% |
PAFR (incidents per 1M miles) goal of 2.1 |
Down to 1.86 from 2.14 |
Operating Ratio |
101.5% vs. 102.9% |
Driver Turnover Rate |
93.1% vs. 75.6% |
Avg. Driver Count incl. owner operators |
Down 23.8% |
Comparative Results of Operations
for the Three Months ended December 31, 2020 and 2019
|
Three months ended December 31 |
(dollars in thousands) |
|
2020 |
|
|
|
% |
|
|
|
2019 |
|
|
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue miles (in thousands) |
|
6,450 |
|
|
|
|
|
|
|
7,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation revenue |
$ |
19,217 |
|
|
|
95.0 |
% |
|
|
22,599 |
|
|
|
91.1 |
% |
Fuel surcharges |
|
1,011 |
|
|
|
5.0 |
% |
|
|
2,210 |
|
|
|
8.9 |
% |
Total Revenues |
|
20,228 |
|
|
|
100.0 |
% |
|
|
24,809 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
9,051 |
|
|
|
44.8 |
% |
|
|
10,998 |
|
|
|
44.3 |
% |
Fuel expenses |
|
2,098 |
|
|
|
10.4 |
% |
|
|
3,463 |
|
|
|
14.0 |
% |
Repairs & tires |
|
1,381 |
|
|
|
6.8 |
% |
|
|
1,751 |
|
|
|
7.0 |
% |
Other operating |
|
813 |
|
|
|
4.0 |
% |
|
|
956 |
|
|
|
3.8 |
% |
Insurance and losses |
|
2,122 |
|
|
|
10.5 |
% |
|
|
2,769 |
|
|
|
11.2 |
% |
Depreciation expense |
|
1,745 |
|
|
|
8.6 |
% |
|
|
1,950 |
|
|
|
7.9 |
% |
Rents, tags & utilities |
|
696 |
|
|
|
3.4 |
% |
|
|
750 |
|
|
|
3.0 |
% |
Sales, general & administrative |
|
2,136 |
|
|
|
10.6 |
% |
|
|
2,481 |
|
|
|
10.0 |
% |
Corporate expenses |
|
401 |
|
|
|
2.0 |
% |
|
|
537 |
|
|
|
2.2 |
% |
Loss (gain) on disposition of PP&E |
|
86 |
|
|
|
0.4 |
% |
|
|
(122 |
) |
|
|
-0.5 |
% |
Total cost of operations |
|
20,529 |
|
|
|
101.5 |
% |
|
|
25,533 |
|
|
|
102.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating profit |
$ |
(301 |
) |
|
|
-1.5 |
% |
|
|
(724 |
) |
|
|
-2.9 |
% |
The Company reported a net loss of ($222,000),
or ($.07) per share for the quarter ended December 31, 2020, compared to a net loss of ($464,000), or ($.14) per share, in the
same quarter last year.
Total revenues for the quarter were $20,228,000,
down $4,581,000 from the same quarter last year, approximately $2,700,000 of which resulted from the downsizing of two customer
accounts and the closure of our Wilmington terminal in April, 2020. The remainder of the revenue variance is primarily attributable
to the impacts of the COVID-19 pandemic and a smaller driver force. Transportation revenues (excluding fuel surcharges) were $19,217,000,
down $3,382,000 or 15%. Revenue miles were down 1,510,000 miles, or 19%, over the same quarter last year. Transportation revenue
per mile was up $.14, or 4.9%, due to an improved business mix and rate increases. Fuel surcharge revenue was $1,011,000, down
$1,199,000, or $.12 per mile, from the same quarter last year.
Compensation and benefits decreased $1,947,000,
mainly due to lower company miles, as well as the elimination of minimum driver pay expense and reductions in non-driver support
positions. Gross fuel expense decreased $1,365,000, or $.11 per mile, as a result of lower company miles and lower cost per gallon.
Repairs and tire expense decreased $370,000 due to lower miles this quarter. Insurance and losses decreased $647,000, primarily
from lower health care claims somewhat offset by two significant product mixes and a sizeable wreck repair (~$55,000). Depreciation
expense was down $205,000 in the quarter as we continue to reduce our fleet size to meet our business levels. Loss on disposition
of assets was $86,000 primarily due to the write off of a late model tractor
($92,000) involved in a non-preventable accident
versus a gain of $122,000 in the same quarter last year. SG&A expense was lower by $345,000 resulting from permanent cost reductions.
As a result, operating loss this quarter was
($301,000) compared to ($724,000) in the same quarter last year. Operating ratio was 101.5 this quarter versus 102.9 the same quarter
last year.
Liquidity and Capital Resources.
The Company maintains its operating accounts with Wells Fargo Bank, N.A. and these accounts directly sweep overnight against the
Wells Fargo revolver. As of December 31, 2020, we had no debt outstanding on this revolver, $3,579,000 letters of credit and $31,421,000
available for additional borrowings. The Company expects our fiscal year 2021 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):
|
|
Three months |
|
|
Ended December 31, |
|
|
2020 |
|
2019 |
Total cash provided by (used for): |
|
|
|
|
|
|
|
|
Operating activities |
|
$ |
1,939 |
|
|
|
678 |
|
Investing activities |
|
|
(275 |
) |
|
|
(2,771 |
) |
Financing activities |
|
|
(10,132 |
) |
|
|
— |
|
Decrease in cash and cash equivalents |
|
$ |
(8,468 |
) |
|
|
(2,093 |
) |
|
|
|
|
|
|
|
|
|
Outstanding debt at the beginning of the period |
|
|
— |
|
|
|
— |
|
Outstanding debt at the end of the period |
|
|
— |
|
|
|
— |
|
Operating Activities - Net cash provided
by operating activities (as set forth in the cash flow statement) was $1,939,000 for the three months ended December 31, 2020,
compared to $678,000 in the same period last year. The total of net income plus depreciation and amortization and less gains on
sales of property and equipment increased $215,000 versus the same period last year. These changes are described above under "Comparative
Results of Operations." Accounts payable decreased $1,319,000 in the prior year due to the timing of payments related to equipment
purchases. These changes comprise the majority of the increase in net cash provided by operating activities.
Investing Activities – Investing
activities include the purchase of property and equipment, any business acquisitions and proceeds from sales of property and equipment
upon retirement. For the three months ended December 31, 2020, we spent $275,000 on investing activities for the purchase of plant,
property and equipment net of proceeds from retirements. For the three months ended December 31, 2019, we spent $2,771,000 on investing
activities which included $1,771,000 for the purchase of plant, property and equipment net of proceeds from retirements and $1,000,000
for the acquisition of Danfair Transport.
Financing Activities – Financing
activities primarily include net changes to our outstanding revolving debt and proceeds from the sale of shares of common stock
through employee equity incentive plans. For the three months ended December 31, 2020, cash used in financing activities was $10,132,000
due to dividends paid. For the three months ended December 31, 2019, we had no financing activities. We had no outstanding long-term
debt on December 31, 2020 or December 31, 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 0.144% per annum is payable quarterly on the unused portion of the commitment but the amount
may be reduced to 0.1145% or 0.086% if the Company meets a specified ratio of consolidated total debt to consolidated total capital.
The credit agreement contains certain conditions and financial covenants, including a minimum tangible
net worth. As of December 31, 2020, the tangible net worth covenant would have limited our ability to pay dividends or repurchase
stock with borrowed funds to a maximum of $1.3 million combined.
Cash Requirements - The Company currently
expects its fiscal 2021 capital expenditures to be approximately $3 million for replacement equipment which we expect to be fully
funded by our cash generated from our operations. The amount of capital expenditures through December 31, 2020 were $308,000.
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 current range to be ~5-15% below historical demand 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.
Summary and Outlook. While most of the
revenue declines this quarter were anticipated, there was a portion that was not as we continued to struggle with a lower than
expected driver count due primarily to high driver turnover and a tight hiring market. The hiring market has improved in January
but it takes six weeks to hire, train and produce a revenue producing driver. We are putting a lot of emphasis on turnover and
finding ways to improve. We have implemented some items already such as (i) transitional supplemental pay following a driver
coming out of training, (ii) a 3rd party vendor focused specifically on transitioning new hires through their first 6 months, (iii)
improved on-boarding and driver communication and (iv) a complete review and several adjustments to driver pay down to the specific
lane level by location. The driver shortage is an issue nationwide that will continue to challenge all carriers and their customers
both in cost and the ability to provide enough capacity to meet demand.
Depreciation expense was high on a per mile
basis this quarter as we completed the downsizing of the final pieces of business with a particular customer and we sold the excess
equipment in January which will reduce depreciation by ~$60,000 per quarter. We are continuing to review all aspects of our fixed
cost structure and will adjust accordingly.
Our balance sheet remains solid with $7.5 million
of cash and cash equivalents as of December 31, 2020, and no outstanding debt. We will continue to focus on rates and a better
business mix, including a continued push to diversify in the chemical, dry bulk and water business. We do not anticipate needing
to replace any equipment until at least the fourth quarter putting our current planned capital expenditures at ~$3,000,000 for
the fiscal year.
ITEM 3. QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISKS
Interest Rate Risk - We
are exposed to the impact of interest rate changes through our variable-rate borrowings under the credit agreement. Under the Wells
Fargo revolving line of credit, the applicable spread for borrowings at December 31, 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 December 31, 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, 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.
Item 2. PURCHASES OF EQUITY SECURITIES BY
THE ISSUER
|
|
|
|
|
(c) |
|
|
|
|
|
|
|
Total |
|
|
|
|
|
|
|
Number of |
|
|
|
|
|
|
|
Shares |
|
(d) |
|
|
|
|
|
Purchased |
|
Approximate |
|
(a) |
|
|
|
As Part of |
|
Dollar Value of |
|
Total |
|
(b) |
|
Publicly |
|
Shares that May |
|
Number of |
|
Average |
|
Announced |
|
Yet Be Purchased |
|
Shares |
|
Price Paid |
|
Plans or |
|
Under the Plans |
Period |
Purchased |
|
per Share |
|
Programs |
|
or Programs (1) |
|
October 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 31 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Through |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31 |
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
— |
|
|
$ |
|
|
|
|
— |
|
|
|
|
|
(1) On February 4, 2015, the Board
of Directors authorized management to expend up to $5,000,000 to repurchase shares of the Company’s common stock from time
to time as opportunities arise. To date, the Company has not repurchased any common stock of the Company.
Item 6. EXHIBITS
| (a) | Exhibits. The response to this item is submitted as a separate Section entitled
"Exhibit Index", on page 22. |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
|
|
|
PATRIOT TRANSPORTATION HOLDING, INC. |
|
|
|
|
|
|
|
|
|
|
Date: February 9, 2021 |
|
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 DECEMBER
31, 2020
EXHIBIT INDEX
101.INS |
XBRL Instance Document |
101.XSD |
XBRL Taxonomy Extension Schema |
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase |
101.DEF |
XBRL Taxonomy Extension Definition Linkbase |
101.LAB |
XBRL Taxonomy Extension Label Linkbase |
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase |
CERTIFICATIONS Exhibit 31(a)
I, Robert E. Sandlin, certify that:
| 1. | I have reviewed this report on Form 10-Q of Patriot Transportation Holding,
Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for
the registrant and have: |
| a) | designed such disclosure controls and procedures,
or caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared; |
| b) | evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls
and procedures, as of the end of the period covered by this report based on such evaluation; and |
| c) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial report; and |
| 5. | The registrant’s other certifying officers and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee
of registrant’s board of directors (or persons performing the equivalent functions): |
| a) | all significant deficiencies in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability
to record, process, summarize and report financial information; and |
| b) | any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 9, 2021 /s/Robert
E. Sandlin
President and Chief
Executive Officer
CERTIFICATIONS Exhibit 31(b)
I, Matthew C. McNulty, certify that:
| 1. | I have reviewed this report on Form 10-Q of Patriot Transportation Holding,
Inc.; |
| 2. | Based on my knowledge, this report does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by this report; |
| 3. | Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition, results of operations and cash flows
of the registrant as of, and for, the periods presented in this report; |
| 4. | The registrant’s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for
the registrant and have: |
| a) | designed such disclosure controls and procedures,
or caused such disclosure controls to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in
which this report is being prepared; |
| b) | evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosures controls
and procedures, as of the end of the period covered by this report based on such evaluation; and |
| c) | disclosed in this report any changes in the registrant’s
internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant’s internal control over financial report; and |
| 5. | The registrant’s other certifying officers and I have disclosed, based
on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee
of registrant’s board of directors (or persons performing the equivalent functions): |
| a) | all significant deficiencies in the design or
operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability
to record, process, summarize and report financial information; and |
| b) | any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: February 9, 2021 /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: February 9, 2021 /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: February 9, 2021 |
|
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.
THIRD AMENDED AND RESTATED
ARTICLES OF INCORPORATION
OF
PATRIOT TRANSPORTATION HOLDING, INC.
These Third Amended and Restated
Articles of Incorporation of Patriot Transportation Holding, Inc. were duly adopted by its board of directors on November
18, 2015 and approved by its shareholders on January 27, 2016
ARTICLE I
NAME OF CORPORATION
The name of this corporation
is Patriot Transportation Holding, Inc.
ARTICLE II
PRINCIPAL OFFICE
The principal office
and mailing address of this corporation is 200 West Forsyth Street, 7th Floor, Jacksonville, FL 32202.
ARTICLE III
CAPITAL STOCK
1.
The maximum number of shares of capital stock which the corporation shall be authorized to have outstanding at any time
is twenty-five million (25,000,000) shares of voting common stock with a par value of $.10 per share and five million (5,000,000)
shares of preferred stock, to be issued in such classes and series as the board of directors may, in accordance with the provisions
of Sections 607.0601 and 607.0602, Florida Statutes, as it now exists or may hereafter be amended and without further stockholder
action, by resolution or resolutions, from time to time authorize to be issued.
2.
Each stockholder holding common stock shall have one vote for each share of common stock. Shareholders holding common stock
shall have no cumulative voting rights in any election of directors of this corporation.
3.
Preferred stock, if authorized by the board of directors, shall comply with Florida law as then in effect, notwithstanding
the following provisions.
(a)
The shares of preferred stock shall be of one or more classes and may be issued in one or more series at one time or from
time to time as the board of directors may determine.
(b)
Shares of preferred stock and any series thereof shall have such relative rights and preferences with regard to dividend
rates, redemption rights, conversion privileges, with such voting powers, full or limited, or without voting powers and with such
other distinguishing characteristics, including designations, preferences and relative,
participating, optional or other
special rights, and qualifications, limitations, or restrictions thereof, as shall be stated and expressed in the resolution
or resolutions providing for the issue thereof adopted by the board of directors (and as are not in contravention of this certificate
of incorporation, or any amendment thereto), including (but without limiting the generality of the foregoing) the following:
(i)
The distinctive designation and number of shares comprising such series, which number may (except where otherwise provided
by the board of directors in creating such series) be increased or decreased (but not below the number of shares then outstanding)
from time to time by action of the board of directors.
(ii)
The dividend rate or rates, if any, on the shares of such series and the relation which any such dividends shall bear to
the dividends payable on any other class or classes or of any other series of capital stock, the terms and conditions upon which
and the periods in respect of which any such dividends shall be payable, whether and upon what conditions any such dividends shall
be cumulative, and if cumulative, the date or dates from which dividends shall accumulate, whether the shares of such series shall
be limited in dividends, if any, or whether they shall or may participate in dividends over and above the dividend rate, if
any, provided for the shares of such series, and whether any such dividends shall be payable in cash, in shares of such series,
in shares of any other class or classes or of any other series of any class or classes of capital stock of the corporation,
or in other property, or in more than one of the foregoing.
(iii)
Whether the shares of such series shall be redeemable, the limitations and restrictions with respect to such redemption,
the time or times when, the price or prices at which and the manner in which such shares shall be redeemable, including the manner
of selecting shares of such series for redemption if less than all shares are to be redeemed.
(iv)
The rights to which the holders of shares of such series shall be entitled, and the preferences, if any, over any other
series (or of any other series over such series), upon the voluntary or involuntary liquidation, dissolution, distribution of assets
or winding up of the corporation, which rights may vary depending on whatever such liquidation, dissolution, distribution or winding
up is voluntary or involuntary; may vary at different dates; and may vary otherwise.
(v)
Whether the shares of such series shall be subject to the operation of a purchase, retirement or sinking fund, and, if so,
whether and upon what conditions such purchase, retirement or sinking fund shall be cumulative or noncumulative, the extent to
which and the manner in which such fund shall be applied to the purchase or redemption of the shares of such series for retirement
or to other corporate purposes and the terms and provisions relative to the operation thereof.
(vi)
Whether the shares of such series shall be convertible into or
exchangeable for shares of any
other class or classes or of any other series of any class or classes of capital stock of the corporation, and, if so convertible
or exchangeable, the price or prices or the rate or rates of conversion or exchange and the method, if any, of adjusting the same,
and any other terms and conditions of such conversion or exchange.
(vii)
Subject to the provisions of paragraph (b) of this Section 3 as to voting rights, the voting powers, full and/or limited,
if any, of the shares of such series; and whether and under what conditions the shares of such series (alone or together with the
shares of one or more other series having similar provisions) shall be entitled to vote separately as a single class.
(viii)
Whether the issuance of any additional shares of such series, or of any shares of any other series, shall be subject to
restrictions as to issuance or as to the powers, preferences or rights of any such other series.
(ix)
Any other preferences, privileges and powers, and relative, participating, optional or other special rights, and qualifications,
limitations or restrictions of such series, as the board of directors may deem advisable and as shall not be inconsistent with
the provisions of this certificate of incorporation.
(c)
No dividends shall be paid or declared or set apart for payment on any particular series of preferred stock in respect of
any period unless accumulated dividends shall be or shall have been paid, or declared and set apart for payment, pro rata on all
shares of preferred stock at the time outstanding of each other series which ranks equally as to dividends with such particular
series, so that the amount of dividends declared on such particular series shall bear the same ratio to the amount declared on
each such other series as the dividend rate of such particular series shall bear to the dividend rate of such other series.
(d)
Whenever any shares of preferred stock are redeemed or otherwise retired, other shares may be issued in lieu thereof by
the board of directors as part of the series of which they were originally a part or as they may be reclassified into and reissued
as a part of a new series, or as a part of any other series, all subject to the protective conditions or restrictions of any
outstanding series of preferred stock and for such considerations as may be fixed by the board of directors.
4.
No stock shall be issued until the consideration for such stock has been fully paid, and when so paid shall be issued as
fully paid and nonassessable. All or any part of the consideration for stock of the corporation may be paid in by, or used for
the purchase of, real, personal, or intangible property, labor or services, or any combination thereof, at a just valuation thereof
as determined by the board of directors or executive committee of the corporation at any regular meeting or at any special meeting
pursuant to due notice as provided in the bylaws of the corporation.
5.
No holder of common stock of the corporation shall have any preemptive or preferential right of subscription to any shares
of any class of stock of the corporation, whether
now or hereafter authorized, nor to any
securities convertible into stock or securities of the corporation, nor to any options or warrants to acquire such stock or securities
issued or sold, nor any right of subscriptions to any thereof.
6.
The corporation shall not be required to issue certificates representing any fraction or fractions of a share of stock of
any class but may issue in lieu thereof one or more non-dividend bearing and non-voting scrip certificates in such form or forms
as shall be approved by the board of directors or executive committee, each representing a fractional interest in respect of one
share of stock. Such scrip certificates upon presentation together with similar scrip certificates representing in the aggregate
an interest in respect of one or more full shares of stock shall entitle the holders thereof to receive one or more full shares
of stock of the class and series, if any, specified in such scrip certificates. Such scrip certificates may contain such terms
and conditions as shall be fixed by the board of directors or the executive committee, and may become void and of no effect after
a period to be determined by the board of directors or executive committee and to be specified in such scrip certificates.
7.
The corporation, by resolution or resolutions of its board of directors or executive committee, shall have power to create
and issue, whether or not in connection with the issue and sale of any shares of stock or any other securities of the corporation,
warrants, conversion privileges, rights or options entitling the holders thereof to purchase from the corporation any shares of
its capital stock of any class or classes or any other securities of the corporation, or to convert any other securities of the
corporation into common stock of the corporation, such warrants, conversion privileges, rights or options to be evidenced by or
in such instrument or instruments as shall be approved by the board of directors or executive committee. The terms upon which,
the time or times, which may be limited or unlimited in duration, at or within which, and the price or prices (not less than the
minimum amount prescribed by law, if any) at which any such warrants, convertible securities, rights or options may be issued and
any such shares or other securities may be purchased from the corporation, upon the exercise of any warrant, conversion privilege,
right or option shall be such as shall be fixed and stated in the resolution or resolutions of the board of directors or executive
committee providing for the creation and issue of such warrants, convertible securities, rights or options. The board of directors
or executive committee is hereby authorized to create and issue any such warrants, convertible securities, rights or options, from
time to time, for such consideration, and to such persons, firms or corporations, as the board of directors or executive committee
may determine.
ARTICLE IV
CORPORATE EXISTENCE
This corporation shall
have perpetual existence.
ARTICLE V
DIRECTORS
The number of directors
of this corporation is seven, but may be changed, but not to less than three, by the affirmative vote of a majority of the whole
board of directors at the time in office or by the affirmative vote of the holders of at least 75% of the shares of stock of this
corporation entitled to vote thereon. Each
director shall serve a term of one year. Any vacancy occurring in the board of directors may be filled by the affirmative vote
of a majority of the remaining directors, though less than a quorum. Any director elected to fill a vacancy, including a vacancy
resulting from an increase in the number of directors, shall hold office until the next annual meeting of shareholders. In no case,
however, will a decrease in the number of directors shorten the term of any incumbent director. A director shall hold office until
the next annual meeting and until his successor shall be elected and qualify. A director may only be removed for "cause",
which shall be defined for these purposes as a conviction of a felony, declaration of unsound mind by a court order, adjudication
of bankruptcy, non-acceptance of office or such director having been adjudged by a court of competent jurisdiction to be liable
for negligence of misconduct in the performance of his duty to this corporation in a matter of substantial importance to this corporation
and such adjudication is no longer subject to direct appeal. This Article may be amended or repealed only by the affirmative vote
of the holders of at least 75% of the shares of stock of this corporation entitled to vote thereon.
ARTICLE VI
OFFICERS
The officers of
the corporation shall be a president, one or more vice presidents, a secretary, and a treasurer, and such other
officers, with such titles, as may be prescribed by the
board of directors, all of whom shall be elected by the board of directors or executive committee and shall serve at the
pleasure of the board of directors or executive committee and may be removed at any time with or without cause, by the board
of directors or executive committee.
ARTICLE VII
INDEMNIFICATION
1.
The corporation shall indemnify and hold harmless each person, his heirs, executors and administrators, who shall serve
at any time as a director or officer of the corporation or, at its request, of any other corporation, partnership, joint venture,
trust, or other enterprise, from and against any and all claims and liabilities to which such person shall have become subject
by reason of his being or having heretofore or hereafter been a director or officer of the corporation, or of any other such corporation,
partnership, joint venture, trust or other enterprise, or by reason of any action alleged to have been heretofore or hereafter
taken or omitted by such person as such director or officer, such indemnification to be in accordance with the laws of the
State of Florida as now in existence or as hereafter amended.
2.
The corporation shall have the power to purchase and maintain insurance on behalf of any person who is or was a director
or officer of the corporation, or is or was serving at the request of the corporation as a director or officer of another corporation,
partnership, joint venture, trust, or other enterprise, against any liability asserted against him and incurred by him in any such
capacity, or arising out of his status as such, whether or not the corporation would have the power to indemnify him against such
liability.
3.
The corporation, its directors, officers, employees and agent shall be fully protected in taking any action or making any
payment under this Article VII or refusing to do so, in reliance upon the advice of counsel.
4.
In addition to the foregoing provisions, this corporation shall indemnify each person or party described in paragraph 1
of this Article VII to the fullest extent permitted by Section 607.014, Florida Statutes.
5.
If any part of this Article VII shall be found in any proceeding to be invalid or ineffective, the remaining provisions
shall not be affected.
ARTICLE VIII
SELF DEALING
No contract, act or
other transaction between the corporation and any other person, firm or corporation in the absence of fraud, shall be invalidated,
vitiated or in any way affected by the fact that any one or more of the directors of the corporation is or are (i) a party or parties
to or interested in such contract, act or transaction or (ii) interested in or a director or officer or directors or officers of
such other corporation. Any director or directors individually or jointly may in the absence of fraud, be a party or parties to
or may be interested in any contract, act or transaction of this corporation or in which this corporation is interested. Each and
every person who may become a director of this corporation is hereby relieved in the absence of fraud, from any obligation to account
for profits and from all other liability which might otherwise arise by reason of contracting with the corporation for the benefit
of himself or any other person or any firm, association or corporation in which he may be in any way interested or in which he
may be an officer or director. The foregoing provisions shall be applicable notwithstanding that the director or directors referred
to shall have voted for or shall have been necessary to authorize the contract, act or transaction in question, or that he or they
shall have been present or necessary to constitute a quorum at the meeting which authorized such contract, act or transaction.
ARTICLE IX
BUSINESS COMBINATION
The affirmative vote
of the holders of at least 75% of the shares of stock of this corporation entitled to vote thereon shall be required for the approval
or authorization of any Business Combination.
For purposes of this
Article IX:
1.
The term “Business Combination” shall mean (a) any merger or consolidation of this corporation or a subsidiary
of this corporation with or into a Related Person, (b) any sale, lease, exchange, transfer or other disposition, including without
limitation a mortgage or any other security device, not in the ordinary course of business, in one transaction or a series of related
transactions, of all or any Substantial Part of the assets either of this corporation (including without limitation any voting
securities of a subsidiary) or of a subsidiary of this corporation to a Related Person, (c) any merger or consolidation of a Related
Person with or into this corporation or a subsidiary of this corporation, (d) any sale, lease, exchange, transfer or other disposition,
including without limitation a mortgage or other security device, not in the ordinary course of business, in one transaction
or a series of related transactions, to this corporation or to a subsidiary of this corporation of assets of a Related Person equaling
in amount a Substantial Part
of the assets of this corporation or such
subsidiary, as the case may be, (e) any exchange of equity securities of this corporation for securities of a Related Person, (f)
the adoption of any plan or proposal for the liquidation or dissolution of this corporation proposed by or on behalf of a Related
Person, (g) the issuance of any securities of this corporation or a subsidiary of this corporation to a Related person, (h) any
recapitalization, reclassification, merger, consolidation, exchange of securities or other transaction that would have the effect
of directly or indirectly increasing the voting power of a Related Person with respect to this corporation or any subsidiary of
this corporation, and (i) any agreement, contract or other arrangement providing for any of the transactions described in this
definition of Business Combination.
2.
The term “Related Person” shall mean and include any individual, corporation, partnership or other person which,
together with its Affiliates and Associates (as each of such terms is defined in Rule 12b-2 of the General Rules and Regulations
under the Securities Exchange Act of 1934, as amended (collectively, and as so in effect, the “Exchange Act”)), beneficially
owns in the aggregate 10% or more of the outstanding voting stock of this corporation, and any Affiliate or Associate of any such
individual, corporation, partnership or other person; provided that this definition shall exclude any person which, but for this
exception, would be a Related Person on February 2, 1989 (or such subsequent date thereafter on which shareholders other than Florida
Rock & Tank Lines, Inc., first own not less than 80% of the outstanding voting stock of this corporation.)
3.
The term “Substantial Part” shall mean at any time more than 10% of the fair market value of the total assets
of this corporation at such time.
4.
A person is a “Beneficial Owner” of any voting stock:
(a)
which such person or any of its Affiliates or Associates beneficially owns (as defined in Rule 13d-3 of the Exchange Act),
directly or indirectly; or
(b)
which such person or any of its Affiliates or Associates has the right to acquire (whether such right is exercisable immediately
or after the passage of time or the occurrence of a contingency) pursuant to any agreement, arrangement or understanding or upon
the exercise of conversion rights, exchange rights, or has the right to vote pursuant to any agreement, arrangement or understanding;
or
(c)
which are Beneficially Owned, directly or indirectly, by any person with which such person or any of its Affiliates or Associates
has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of any shares of voting
stock.
This Article may be
amended or repealed only by the affirmative vote of the holders of at least 75% of the shares of stock of this corporation entitled
to vote thereon.
ARTICLE X
CONTROL SHARE LAW NOT APPLICABLE
The provisions
of Section 607.0902, Florida Statutes, shall not apply to control-share acquisitions of shares of this corporation.
This Article X may
be amended or repealed only by the affirmative vote of the holders of at least a majority of the shares of stock of the corporation
entitled to vote thereon; provided, however, if this Article X shall be adopted by at least two-thirds of the shares of stock
of the corporation entitled to vote thereon, this Article X may be amended or repealed only by the affirmative vote of the
holders of at least a two-thirds majority of the shares of stock of the corporation entitled to vote thereon.
ARTICLE XI
CERTAIN MATTERS RELATING TO SHAREHOLDER ACTIONS
1.
Special Meeting of Shareholders. Pursuant to Section 607.0702, Florida Statutes, special meetings of the shareholders
may be called by the board of directors or by the President. In addition, the Secretary shall call a meeting if the holders of
50% (but not a lesser number) of all the votes entitled to be cast on any issue proposed to be considered at the meeting sign,
date, and deliver to the corporation’s Secretary one or more written demands for the meeting describing the purpose or purposes
for which it is to be held.
2.
Acting by Shareholders Without A Meeting Prohibited. Pursuant to, and as permitted by, Section 607.0704, Florida
Statutes, the shareholders of this corporation are prohibited from taking action without a meeting, without prior notice and without
a vote.
3.
Nominations of Directors. Only persons who are nominated in accordance with the following procedures shall be eligible
for election by the shareholders as directors. Nominations of persons for election as directors of the corporation may be made
at a meeting of shareholders at which directors are being elected (i) by or at the direction of the board of directors and/or by
or at the direction of any committee or person authorized or appointed by the board of directors or (ii) by any shareholder of
the corporation entitled to vote for the election of directors at the meeting who complies with the notice procedures set forth
in this Section 3. Any nomination other than those governed by clause (i) of the preceding sentence shall be made pursuant
to timely notice in writing to the Secretary of the corporation. To be timely, a shareholder’s notice shall be delivered
to or mailed and received at the principal executive offices of the corporation not less than 40 days prior to the meeting; provided,
however, that in the event that less than 50 days’ notice or prior public disclosure of the date of the meeting is given
or made to shareholders, notice by the shareholder to be timely must be so received not later than the close of business on the
10th day following the day on which such notice of the date of the meeting was mailed or such public disclosure was
made. Such shareholder's notice to the Secretary shall set forth (x) as to each person whom the shareholder proposes to nominate
tor election as a director (i) the name, age, business address and residence address of such person, (ii) the principal occupation
or employment of such person, (iii) the class and number of any shares of the corporation or any subsidiary of the corporation
which are beneficially owned by
such person, and (iv) any other information
relating to such person that is required to be disclosed in solicitations for proxies for election of directors pursuant to any
then existing rule or regulation promulgated under the Securities Exchange Act of 1934, as amended; and (y) as to the shareholder
giving the notice (i) the name and record address of such shareholder and (ii) the class and number of shares of the corporation
which are beneficially owned by such shareholder. The corporation may require any proposed nominee to furnish such other information
as may reasonably be required by the corporation to determine the eligibility of such proposed nominee as a director. No person
shall be eligible for election as a director unless nominated as set forth herein.
The chairman of the
meeting shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the
foregoing procedure, and if he should so determine, he shall so declare to the meeting and the defective nomination shall be disregarded.
Nothing contained herein
shall prevent the board of directors from filling a vacancy including a vacancy resulting from an increase in the number of directors,
as provided in Article V.
This Article XI may
be amended or repealed only by the affirmative vote of the holders of at least a majority of the shares of stock of the corporation
entitled to vote thereon; provided, however, if this Article XI shall be adopted by at least two-thirds of the shares of stock
of the corporation entitled to vote thereon, this Article XI may be amended or repealed only by the affirmative vote of the holders
of at least a two-thirds majority of the shares of stock of the corporation entitled to vote thereon.
IN WITNESS WHEREOF
these Amended Articles of Incorporation have been executed by the undersigned officer this January 27, 2016.
PATRIOT TRANSPORTATION HOLDING,
INC., a Florida corporation
By:____________________________________
Name: Thompson S. Baker II
Its President & Chief Executive
Officer
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v3.20.4
Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2020 |
Sep. 30, 2020 |
Current assets: |
|
|
Cash and cash equivalents |
$ 7,494
|
$ 15,962
|
Accounts receivable, net of allowance for doubtful accounts of $84 and $87, respectively |
4,633
|
5,005
|
Inventory of parts and supplies |
896
|
903
|
Prepaid tires on equipment |
1,415
|
1,414
|
Prepaid taxes and licenses |
376
|
522
|
Prepaid insurance |
2,120
|
2,444
|
Prepaid expenses, other |
283
|
291
|
Total current assets |
17,217
|
26,541
|
Property and equipment, at cost |
83,141
|
83,204
|
Less accumulated depreciation |
54,374
|
52,805
|
Net property and equipment |
28,767
|
30,399
|
Operating lease right-of-use assets |
2,695
|
2,964
|
Goodwill |
3,637
|
3,637
|
Intangible assets, net |
907
|
957
|
Other assets, net |
168
|
171
|
Total assets |
53,391
|
64,669
|
Current liabilities: |
|
|
Accounts payable |
1,648
|
2,679
|
Federal and state taxes payable |
31
|
284
|
Accrued payroll and benefits |
3,187
|
3,156
|
Accrued insurance |
1,209
|
1,210
|
Accrued liabilities, other |
1,671
|
1,281
|
Operating lease liabilities, current portion |
1,066
|
1,065
|
Total current liabilities |
8,812
|
9,675
|
Operating lease liabilities less current portion |
1,790
|
2,073
|
Deferred income taxes |
5,255
|
5,087
|
Accrued insurance |
1,886
|
1,886
|
Other liabilities |
895
|
900
|
Total liabilities |
18,638
|
19,621
|
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 3,377,279 shares issued and outstanding, respectively) |
338
|
338
|
Capital in excess of par value |
38,729
|
38,670
|
(Accumulated deficit) Retained earnings |
(4,419)
|
5,935
|
Accumulated other comprehensive income, net |
105
|
105
|
Total shareholders' equity |
34,753
|
45,048
|
Total liabilties and shareholders' equity |
$ 53,391
|
$ 64,669
|
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v3.20.4
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Sep. 30, 2020 |
Statement of Financial Position [Abstract] |
|
|
Accounts receivable allowance for doubtful accounts |
$ 84
|
$ 87
|
Preferred stock, par value |
$ .01
|
$ 0.01
|
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
|
$ 0.10
|
Common stock, shares authorized |
25,000,000
|
25,000,000
|
Common stock, shares issued |
3,377,279
|
3,377,279
|
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v3.20.4
Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2020 |
Dec. 31, 2019 |
Revenues: |
|
|
Revenues |
$ 20,228
|
$ 24,809
|
Cost of operations: |
|
|
Compensation and benefits |
9,051
|
10,998
|
Fuel expenses |
2,098
|
3,463
|
Repairs & tires |
1,381
|
1,751
|
Other operating |
813
|
956
|
Insurance and losses |
2,122
|
2,769
|
Depreciation expense |
1,745
|
1,950
|
Rents, tags & utilities |
696
|
750
|
Sales, general & administrative |
2,136
|
2,481
|
Corporate expenses |
401
|
537
|
Loss (gain) on disposition of PP&E |
86
|
(122)
|
Total cost of operations |
20,529
|
25,533
|
Total operating loss |
(301)
|
(724)
|
Interest income and other |
2
|
85
|
Interest expense |
(8)
|
(8)
|
Loss before income taxes |
(307)
|
(647)
|
Benefit from income taxes |
(85)
|
(183)
|
Net loss |
(222)
|
(464)
|
Reclassification adjust for net investment gains realized in net income |
0
|
(5)
|
Comprehensive loss |
$ (222)
|
$ (469)
|
Earnings per common share: |
|
|
Net loss- basic |
$ (0.07)
|
$ (0.14)
|
Net loss- diluted |
$ (0.07)
|
$ (0.14)
|
Number of shares (in thousands) used in computing: |
|
|
-basic earnings per common share |
3,377
|
3,351
|
-diluted earnings per common share |
3,377
|
3,351
|
Transportation [Member] |
|
|
Revenues: |
|
|
Revenues |
$ 19,217
|
$ 22,599
|
Fuel Surcharges [Member] |
|
|
Revenues: |
|
|
Revenues |
$ 1,011
|
$ 2,210
|
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v3.20.4
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2020 |
Dec. 31, 2019 |
Cash flows from operating activities: |
|
|
Net loss |
$ (222)
|
$ (464)
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization |
2,155
|
2,376
|
Non-cash gain of acquisition-related contingent consideration |
(16)
|
0
|
Deferred income taxes |
168
|
0
|
Loss (gain) on asset dispositions |
72
|
(122)
|
Stock-based compensation |
59
|
59
|
Net changes in operating assets and liabilities: |
|
|
Accounts receivable |
372
|
294
|
Inventory of parts and supplies |
7
|
42
|
Prepaid expenses |
477
|
297
|
Other assets |
18
|
(2)
|
Accounts payable and accrued liabilities |
(611)
|
(1,319)
|
Income taxes payable and receivable |
(253)
|
(196)
|
Operating lease assets and liabilities, net |
(282)
|
(296)
|
Long-term insurance liabilities and other long-term liabilities |
(5)
|
9
|
Net cash provided by operating activities |
1,939
|
678
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment |
(308)
|
(2,285)
|
Business acquisition |
0
|
(1,000)
|
Proceeds from the sale of property, plant and equipment |
33
|
514
|
Net cash used in investing activities |
(275)
|
(2,771)
|
Cash flows from financing activities: |
|
|
Dividends paid |
(10,132)
|
0
|
Net cash used in financing activities |
(10,132)
|
0
|
Net decrease in cash and cash equivalents |
(8,468)
|
(2,093)
|
Cash and cash equivalents at beginning of period |
15,962
|
21,216
|
Cash and cash equivalents at end of the period |
$ 7,494
|
$ 19,123
|
X |
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v3.20.4
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, 2019 |
3,351,329
|
|
|
|
|
Beginning balance, amount at Sep. 30, 2019 |
$ 335
|
$ 38,099
|
$ 16,235
|
$ 128
|
$ 54,797
|
Stock-based compensation |
|
59
|
|
|
59
|
Cash dividends |
|
|
(10,557)
|
|
(10,557)
|
Net loss |
|
|
(464)
|
|
(464)
|
Realized gain on investment, net |
|
|
|
(5)
|
(5)
|
Ending balance, shares at Dec. 31, 2019 |
3,351,329
|
|
|
|
|
Ending balance, amount at Dec. 31, 2019 |
$ 335
|
38,158
|
5,214
|
123
|
43,830
|
Beginning balance, shares at Sep. 30, 2020 |
3,377,279
|
|
|
|
|
Beginning balance, amount at Sep. 30, 2020 |
$ 338
|
38,670
|
5,935
|
105
|
45,048
|
Stock-based compensation |
|
59
|
|
|
59
|
Cash dividends |
|
|
(10,132)
|
|
(10,132)
|
Net loss |
|
|
(222)
|
|
(222)
|
Realized gain on investment, net |
|
|
|
|
0
|
Ending balance, shares at Dec. 31, 2020 |
3,377,279
|
|
|
|
|
Ending balance, amount at Dec. 31, 2020 |
$ 338
|
$ 38,729
|
$ (4,419)
|
$ 105
|
$ 34,753
|
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- DefinitionAggregate dividends declared during the period for each share of common stock outstanding.
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v3.20.4
Description of Business and Basis of Presentation
|
3 Months Ended |
Dec. 31, 2020 |
Accounting Policies [Abstract] |
|
Description of Business and Basis of Presentation |
(1) Description of Business
and Basis of Presentation.
Description of Business
Company’s Business.
The business of the Company, conducted through our wholly owned subsidiary, Florida Rock & Tank Lines, Inc., is to transport
petroleum and other liquids and dry bulk commodities. We do not own any of the products we haul; rather, we act as a third party
carrier to deliver our customers’ products from point A to point B, using predominantly Company employees driving Company
owned tractors and tank trailers. Approximately 88% 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 12% of our business consists of hauling dry bulk commodities such as cement, lime and various industrial powder products,
water and liquid chemicals. As of December 31, 2020, we employed 388 revenue-producing drivers who operated our fleet of 319 Company
tractors, 22 owner operators and 445 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 three months ended December 31, 2020 are not necessarily indicative of the results that may be expected for the
fiscal year ending September 30, 2021. 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, 2020.
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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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v3.20.4
Related Party Agreements
|
3 Months Ended |
Dec. 31, 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 $435,000 and $413,000 for the three months ended December
31, 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.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.20.4
Long-Term Debt
|
3 Months Ended |
Dec. 31, 2020 |
Debt Disclosure [Abstract] |
|
Long-Term Debt |
(4) Long-Term debt. The Company had
no long-term debt outstanding at December 31, 2020 and September 30, 2020. 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 December 31, 2020, we had no outstanding debt borrowed on this
revolver, $3,579,000 in commitments under letters of credit and $31,421,000 available for additional borrowings. The letter of
credit fee is 1% and the applicable interest rate would have been 1.14675% on December 31, 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 December 31, 2020.
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v3.20.4
Earnings per share
|
3 Months Ended |
Dec. 31, 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 |
|
|
December 31, |
|
|
2020 |
|
2019 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,377 |
|
|
|
3,351 |
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,377 |
|
|
|
3,351 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(222 |
) |
|
|
(464 |
) |
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
-basic |
|
$ |
(0.07 |
) |
|
|
(0.14 |
) |
-diluted |
|
$ |
(0.07 |
) |
|
|
(0.14 |
) |
For the three months ended December 31, 2020,
617,502 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because
their inclusion would have been anti-dilutive. For the three months ended December 31, 2019, 251,845 shares attributable to outstanding
stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.
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v3.20.4
Stock-Based Compensation Plans
|
3 Months Ended |
Dec. 31, 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 94,687 at December 31, 2020.
On December 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 December 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 174,011 stock appreciation rights. The adjusted market price of the grant was $12.79, and the executive
will get a cash award at age 65 based upon the stock price at that date compared to the adjusted market price of $12.79 but in
no event will the award be less than $500,000. The Company is expensing the fair value of the award over the 9.1 year vesting period
to the officer’s attainment of age 65, with periodic adjustments to the liability estimate based upon changes in the assumptions
used to calculate the liability. The accrued liability under this plan as of December 31, 2020 and 2019 was $350,000 and $275,000,
respectively.
The Company recorded the following stock compensation
expense in its consolidated statements of income (in thousands):
|
|
Three Months ended |
|
|
December 31, |
|
|
2020 |
|
2019 |
Stock option grants |
|
$ |
59 |
|
|
|
59 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
$ |
59 |
|
|
|
59 |
|
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, 2020 |
|
400,722 |
|
|
$ |
14.96 |
|
|
|
6.6 |
|
|
$ |
1,749 |
|
Granted |
|
78,345 |
|
|
|
10.00 |
|
|
|
|
|
|
|
275 |
|
Forfeited |
|
(9,632 |
) |
|
|
13.88 |
|
|
|
|
|
|
|
(48 |
) |
Term Adjustment |
|
148,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 (a) |
|
617,502 |
|
|
$ |
10.76 |
|
|
|
7.1 |
|
|
$ |
1,976 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
317,208 |
|
|
$ |
11.97 |
|
|
|
5.4 |
|
|
$ |
1,195 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
77,845 |
|
|
|
|
|
|
|
|
|
|
$ |
242 |
|
| (a) | The Company stock option intrinsic values were
adjusted as of December 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average
exercise price, was not retroactively adjusted. |
There were no exercisable or outstanding in-the-money
options based on the Company’s market closing price of $8.78 on December 31, 2020.
The unrecognized compensation expense of Patriot
options granted as of December 31, 2020 was $755,000, which is expected to be recognized over a weighted-average period of 3.7
years.
|
X |
- DefinitionTabular disclosure of share-based payment arrangement.
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v3.20.4
Fair Value Measurements
|
3 Months Ended |
Dec. 31, 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.
At December 31, 2020 and September
30, 2020, 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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v3.20.4
Contingent liabilities
|
3 Months Ended |
Dec. 31, 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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- DefinitionThe entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.
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v3.20.4
Concentrations
|
3 Months Ended |
Dec. 31, 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 three months of fiscal 2021, the Company’s ten largest customers accounted for approximately 61.1% of our
revenue and one of these customers accounted for 21.8% of our revenue. Accounts receivable from the ten largest customers was $2,534,000
and $3,121,000 at December 31, 2020 and September 30, 2020 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 and an FDIC insured investment account at Wells Fargo Bank, N.A. The balance
in the cash account 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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v3.20.4
Business Acquisition
|
3 Months Ended |
Dec. 31, 2020 |
Business Combinations [Abstract] |
|
Business Acquisition |
(10) Business Acquisition.
The Company acquired certain assets of Danfair
Transport out of Americus, GA on November 4, 2019.
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, was later determined to be
$69,000 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 were identified. For
the three months ended December 31, 2020 the Company recorded a gain of $16,000. During fiscal year 2020 the Company recorded gains
of $340,000 on the contingent consideration.
|
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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v3.20.4
Earnings per share (Tables)
|
3 Months Ended |
Dec. 31, 2020 |
Earnings Per Share |
|
Earnings per share (in thousands, except per share amounts) |
|
|
Three Months ended |
|
|
December 31, |
|
|
2020 |
|
2019 |
Weighted average common shares |
|
|
|
|
|
|
|
|
outstanding during the period |
|
|
|
|
|
|
|
|
- shares used for basic |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,377 |
|
|
|
3,351 |
|
|
|
|
|
|
|
|
|
|
Common shares issuable under |
|
|
|
|
|
|
|
|
share based payment plans |
|
|
|
|
|
|
|
|
which are potentially dilutive |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Common shares used for diluted |
|
|
|
|
|
|
|
|
earnings per common share |
|
|
3,377 |
|
|
|
3,351 |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(222 |
) |
|
|
(464 |
) |
|
|
|
|
|
|
|
|
|
Earnings per common share: |
|
|
|
|
|
|
|
|
-basic |
|
$ |
(0.07 |
) |
|
|
(0.14 |
) |
-diluted |
|
$ |
(0.07 |
) |
|
|
(0.14 |
) |
|
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v3.20.4
Stock-Based Compensation Plans (Tables)
|
3 Months Ended |
Dec. 31, 2020 |
Share-based Payment Arrangement [Abstract] |
|
Stock Compensation Expense (in thousands) |
|
|
Three Months ended |
|
|
December 31, |
|
|
2020 |
|
2019 |
Stock option grants |
|
$ |
59 |
|
|
|
59 |
|
Annual director stock award |
|
|
— |
|
|
|
— |
|
|
|
$ |
59 |
|
|
|
59 |
|
|
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, 2020 |
|
400,722 |
|
|
$ |
14.96 |
|
|
|
6.6 |
|
|
$ |
1,749 |
|
Granted |
|
78,345 |
|
|
|
10.00 |
|
|
|
|
|
|
|
275 |
|
Forfeited |
|
(9,632 |
) |
|
|
13.88 |
|
|
|
|
|
|
|
(48 |
) |
Term Adjustment |
|
148,067 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 (a) |
|
617,502 |
|
|
$ |
10.76 |
|
|
|
7.1 |
|
|
$ |
1,976 |
|
Exercisable at |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
317,208 |
|
|
$ |
11.97 |
|
|
|
5.4 |
|
|
$ |
1,195 |
|
Vested during |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2020 |
|
77,845 |
|
|
|
|
|
|
|
|
|
|
$ |
242 |
|
|
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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v3.20.4
Business Acquisition (Tables)
|
3 Months Ended |
Dec. 31, 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 |
|
|
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v3.20.4
Stock-Based Compensation Plans - Summary of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
|
Dec. 31, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Share-based Payment Arrangement [Abstract] |
|
|
|
|
Options outstanding |
617,502
|
[1] |
|
400,722
|
Term adjustment |
148,067
|
|
|
|
Options granted |
78,345
|
|
|
|
Options forfeited |
(9,632)
|
|
|
|
Options outstanding weighted average exercise price |
$ 10.76
|
|
|
$ 14.96
|
Options outstanding weighted average exercise price - Granted |
10.00
|
|
|
|
Options outstanding weighted average exercise price - forfeited |
$ 13.88
|
|
|
|
Options outstanding weighted average remaining term |
7 years 1 month 7 days
|
|
6 years 7 months 9 days
|
|
Options outstanding weighted average grant date fair value |
$ 1,976
|
|
|
$ 1,749
|
Options granted weighted average grant date fair value |
$ 275
|
|
|
|
Options forfeited weighted average grant date fair value |
$ (48)
|
|
|
|
Options exercisable |
317,208
|
|
|
|
Options exerciseable weighted average exercise price |
$ 11.97
|
|
|
|
Options exercisable weighted average remaining term |
5 years 4 months 26 days
|
|
|
|
Options exerciseable weighted average grant date fair value |
$ 1,195
|
|
|
|
Options vested |
77,845
|
|
|
|
Options vested weighted average grant date fair value |
$ 242
|
|
|
|
|
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Related Party Agreements (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2020 |
Dec. 31, 2019 |
FRP |
|
|
Charges/allocations |
$ 435
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$ 413
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This regulatory filing also includes additional resources:
patrdecq21.pdf
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