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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 10-Q
_________________
[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR
15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2021.
|
|
or
[_] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from_________ to
_________ |
|
Commission File Number: 001-36605
_____________________
PATRIOT TRANSPORTATION HOLDING, INC.
(Exact name of registrant as specified in its charter)
_____________________
Florida |
|
47-2482414 |
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
|
|
|
200 W. Forsyth St., 7th Floor,
Jacksonville, FL |
|
32202 |
(Address of principal executive offices) |
|
(Zip Code) |
904-396-5733
(Registrant’s telephone number, including area
code)
Title of each class |
|
Trading Symbol |
|
Name of each exchange on which registered |
Common Stock, $.10 par value |
|
PATI |
|
NASDAQ |
|
Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements
for the past 90 days. Yes [x] No [_]
Indicate by check mark whether the registrant
has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [x] No [_]
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“non-accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2
of the Exchange Act.
Large accelerated filer [ ] |
|
Accelerated filer [ ] |
|
|
|
Non-accelerated filer [ ] |
Smaller reporting company [x] |
|
|
|
Emerging growth company [ ] |
|
If an emerging growth company, indicate by
check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. [_]
Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act). Yes [_] No [x]
Indicate the number of shares outstanding of each of the issuer’s
classes of common stock, as of the latest practicable date.
|
Class |
|
|
|
August 13, 2021 |
|
|
Common Stock |
|
|
|
3,402,146 |
|
PATRIOT TRANSPORTATION HOLDING, INC.
FORM 10-Q
QUARTER ENDED JUNE 30, 2021
CONTENTS
Page No.
Preliminary Note Regarding Forward-Looking Statements.
Certain matters discussed in this report
contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from
those indicated by such forward-looking statements.
These forward-looking statements relate
to, among other things, capital expenditures, liquidity, capital resources and competition and may be indicated by words or phrases such
as ”anticipate”, ”estimate”, ”plans”, ”projects”, ”continuing”, ”ongoing”,
”expects”, ”management believes”, ”the Company believes”, ”the Company intends” and similar
words or phrases. The following factors and others discussed in the Company’s periodic reports and filings with the Securities and
Exchange Commission are among the principal factors that could cause actual results to differ materially from the forward-looking statements:
freight demand for petroleum products including the impact of the COVID-19 pandemic and “stay home” orders, as well as increased
vehicle fuel efficiency, other impacts on the COVID-19 pandemic on our operations and financial results; the increased popularity of electric
vehicles; recessionary and terrorist impacts on travel in the Company’s markets; fuel costs and the Company’s ability to recover
fuel surcharges; accident severity and frequency; risk insurance markets; driver availability and cost; the impact of future regulations,
including regulations regarding the transportation industry and regulations intended to reduce greenhouse gas emissions; cyber-attacks;
availability and terms of financing; competition in our markets; interest rates, and inflation and general economic conditions. However,
this list is not a complete statement of all potential risks or uncertainties.
These forward-looking statements are made
as of the date hereof based on management’s current expectations, and the Company does not undertake an obligation to update such
statements, whether as a result of new information, future events or otherwise. Additional information regarding these and other risk
factors may be found in the Company’s other filings made from time to time with the Securities and Exchange Commission.
PART I. FINANCIAL INFORMATION, ITEM 1. FINANCIAL
STATEMENTS
PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
| |
June 30, | |
September 30, |
Assets | |
2021 | |
2020 |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 10,586 | | |
| 15,962 | |
Cash held in escrow | |
| 581 | | |
| — | |
Accounts receivable (net of allowance for doubtful accounts of $78 and $87, respectively) | |
| 5,308 | | |
| 5,005 | |
Inventory of parts and supplies | |
| 893 | | |
| 903 | |
Prepaid tires on equipment | |
| 1,369 | | |
| 1,414 | |
Prepaid taxes and licenses | |
| 120 | | |
| 522 | |
Prepaid insurance | |
| 1,856 | | |
| 2,444 | |
Prepaid expenses, other | |
| 326 | | |
| 291 | |
Total current assets | |
| 21,039 | | |
| 26,541 | |
| |
| | | |
| | |
Property and equipment, at cost | |
| 80,122 | | |
| 83,204 | |
Less accumulated depreciation | |
| 55,388 | | |
| 52,805 | |
Net property and equipment | |
| 24,734 | | |
| 30,399 | |
| |
| | | |
| | |
Operating lease right-of-use assets | |
| 2,193 | | |
| 2,964 | |
Goodwill | |
| 3,637 | | |
| 3,637 | |
Intangible assets, net | |
| 806 | | |
| 957 | |
Other assets, net | |
| 160 | | |
| 171 | |
Total assets | |
$ | 52,569 | | |
| 64,669 | |
| |
| | | |
| | |
Liabilities and Shareholders’ Equity | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 1,861 | | |
| 2,679 | |
Federal and state taxes payable | |
| 709 | | |
| 284 | |
Accrued payroll and benefits | |
| 2,764 | | |
| 3,156 | |
Accrued insurance | |
| 958 | | |
| 1,210 | |
Accrued liabilities, other | |
| 1,679 | | |
| 1,281 | |
Operating lease liabilities, current portion | |
| 1,065 | | |
| 1,065 | |
Total current liabilities | |
| 9,036 | | |
| 9,675 | |
| |
| | | |
| | |
Operating lease liabilities, less current portion | |
| 1,253 | | |
| 2,073 | |
Deferred income taxes | |
| 3,604 | | |
| 5,087 | |
Accrued insurance | |
| 1,886 | | |
| 1,886 | |
Other liabilities | |
| 885 | | |
| 900 | |
Total liabilities | |
| 16,664 | | |
| 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 | |
| — | | |
| — | |
Common stock, $0.10 par value; (25,000,000 shares authorized; 3,402,146 and 3,377,279 shares issued and outstanding, respectively) | |
| 340 | | |
| 338 | |
Capital in excess of par value | |
| 39,072 | | |
| 38,670 | |
(Accumulated deficit) Retained earnings | |
| (3,612 | ) | |
| 5,935 | |
Accumulated other comprehensive income, net | |
| 105 | | |
| 105 | |
Total shareholders’ equity | |
| 35,905 | | |
| 45,048 | |
Total liabilities and shareholders’ equity | |
$ | 52,569 | | |
| 64,669 | |
See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands)
(Unaudited)
| |
| |
| |
| |
|
| |
THREE MONTHS ENDED | |
NINE MONTHS ENDED |
| |
JUNE 30, | |
JUNE 30, |
| |
2021 | |
2020 | |
2021 | |
2020 |
Revenues: | |
| |
| |
| |
|
Transportation revenues | |
$ | 18,746 | | |
| 18,032 | | |
$ | 56,187 | | |
| 62,191 | |
Fuel surcharges | |
| 2,109 | | |
| 979 | | |
| 4,624 | | |
| 5,156 | |
Total revenues | |
| 20,855 | | |
| 19,011 | | |
| 60,811 | | |
| 67,347 | |
| |
| | | |
| | | |
| | | |
| | |
Cost of operations: | |
| | | |
| | | |
| | | |
| | |
Compensation and benefits | |
| 9,200 | | |
| 8,575 | | |
| 26,938 | | |
| 29,954 | |
Fuel expenses | |
| 2,568 | | |
| 1,738 | | |
| 7,130 | | |
| 8,147 | |
Repairs & tires | |
| 1,316 | | |
| 1,182 | | |
| 4,033 | | |
| 4,504 | |
Other operating | |
| 734 | | |
| 768 | | |
| 2,302 | | |
| 2,699 | |
Insurance and losses | |
| 1,789 | | |
| 1,443 | | |
| 5,840 | | |
| 6,767 | |
Depreciation expense | |
| 1,662 | | |
| 1,815 | | |
| 5,078 | | |
| 5,604 | |
Rents, tags & utilities | |
| 653 | | |
| 719 | | |
| 2,052 | | |
| 2,222 | |
Sales, general & administrative | |
| 2,284 | | |
| 1,839 | | |
| 6,561 | | |
| 6,929 | |
Corporate expenses | |
| 426 | | |
| 362 | | |
| 1,516 | | |
| 1,713 | |
Gain on sale of terminal sites | |
| (183 | ) | |
| — | | |
| (1,614 | ) | |
| — | |
Loss (gain) on disposition of PP&E | |
| (46 | ) | |
| (224 | ) | |
| 153 | | |
| (674 | ) |
Total cost of operations | |
| 20,403 | | |
| 18,217 | | |
| 59,989 | | |
| 67,865 | |
| |
| | | |
| | | |
| | | |
| | |
Total operating profit (loss) | |
| 452 | | |
| 794 | | |
| 822 | | |
| (518 | ) |
| |
| | | |
| | | |
| | | |
| | |
Interest income and other | |
| 1 | | |
| 4 | | |
| 4 | | |
| 131 | |
Interest expense | |
| (8 | ) | |
| (8 | ) | |
| (23 | ) | |
| (23 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision for (benefit from) income taxes | |
| 122 | | |
| 217 | | |
| 218 | | |
| (118 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 323 | | |
| 573 | | |
$ | 585 | | |
| (292 | ) |
| |
| | | |
| | | |
| | | |
| | |
Reclassification adjust for net investment gains realized in net income | |
| — | | |
| — | | |
| — | | |
| (5 | ) |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive income (loss) | |
$ | 323 | | |
| 573 | | |
$ | 585 | | |
| (297 | ) |
| |
| | | |
| | | |
| | | |
| | |
Earnings per common share: | |
| | | |
| | | |
| | | |
| | |
Net Income (loss) - | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.09 | | |
| 0.17 | | |
$ | 0.17 | | |
| (0.09 | ) |
Diluted | |
$ | 0.09 | | |
| 0.17 | | |
$ | 0.17 | | |
| (0.09 | ) |
| |
| | | |
| | | |
| | | |
| | |
Number of shares (in thousands) used in computing: | |
| | | |
| | | |
| | | |
| | |
-basic earnings per common share | |
| 3,402 | | |
| 3,377 | | |
| 3,391 | | |
| 3,366 | |
-diluted earnings per common share | |
| 3,420 | | |
| 3,377 | | |
| 3,401 | | |
| 3,366 | |
| |
| | | |
| | | |
| | | |
| | |
See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED
JUNE 30, 2021 AND 2020
(In thousands)
(Unaudited)
| |
| |
|
| |
Nine months ended June 30, |
| |
2021 | |
2020 |
Cash flows from operating activities: | |
| | | |
| | |
Net income (loss) | |
$ | 585 | | |
| (292 | ) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 6,259 | | |
| 6,880 | |
Non-cash gain of acquisition-related contingent consideration | |
| (16 | ) | |
| (150 | ) |
Deferred income taxes | |
| (1,483 | ) | |
| (957 | ) |
Gain on asset dispositions | |
| (1,476 | ) | |
| (674 | ) |
Stock-based compensation | |
| 404 | | |
| 514 | |
Net changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (303 | ) | |
| 1,400 | |
Inventory of parts and supplies | |
| 10 | | |
| 148 | |
Prepaid expenses | |
| 1,000 | | |
| 1,926 | |
Other assets | |
| 41 | | |
| 136 | |
Accounts payable and accrued liabilities | |
| (1,064 | ) | |
| (2,003 | ) |
Income taxes payable and receivable | |
| 425 | | |
| 703 | |
Operating lease assets and liabilities, net | |
| (820 | ) | |
| (870 | ) |
Long-term insurance liabilities and other long-term liabilities | |
| (15 | ) | |
| 28 | |
Net cash provided by operating activities | |
| 3,547 | | |
| 6,789 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of property and equipment | |
| (739 | ) | |
| (4,537 | ) |
Business acquisition | |
| — | | |
| (1,000 | ) |
Cash held in escrow | |
| (581 | ) | |
| — | |
Proceeds from the sale of property, plant and equipment | |
| 2,529 | | |
| 1,735 | |
Net cash provided by (used in) investing activities | |
| 1,209 | | |
| (3,802 | ) |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Dividends paid | |
| (10,132 | ) | |
| (10,557 | ) |
Net cash used in financing activities | |
| (10,132 | ) | |
| (10,557 | ) |
| |
| | | |
| | |
Net decrease in cash and cash equivalents | |
| (5,376 | ) | |
| (7,570 | ) |
Cash and cash equivalents at beginning of period | |
| 15,962 | | |
| 21,216 | |
Cash and cash equivalents at end of the period | |
$ | 10,586 | | |
| 13,646 | |
See notes to consolidated financial statements.
PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’
EQUITY
THREE AND NINE
MONTHS ENDED JUNE 30, 2021 AND 2020
(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 September 30, 2019 |
|
|
3,351,329 |
|
|
$ |
335 |
|
|
$ |
38,099 |
|
|
$ |
16,235 |
|
|
|
$ |
128 |
|
|
$ |
54,797 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
179 |
|
|
|
— |
|
|
|
|
— |
|
|
|
179 |
|
Director grant |
|
|
25,950 |
|
|
|
3 |
|
|
|
332 |
|
|
|
— |
|
|
|
|
— |
|
|
|
335 |
|
Cash dividends declared ($3.15 per share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,557 |
) |
|
|
|
— |
|
|
|
(10,557 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(292 |
) |
|
|
|
— |
|
|
|
(292 |
) |
Reclassification adjustment of realized gain, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
(5 |
) |
|
|
(5 |
) |
Balance as of June 30, 2020 |
|
|
3,377,279 |
|
|
$ |
338 |
|
|
$ |
38,610 |
|
|
$ |
5,386 |
|
|
|
$ |
123 |
|
|
$ |
44,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2020 |
|
|
3,377,279 |
|
|
$ |
338 |
|
|
$ |
38,670 |
|
|
$ |
5,935 |
|
|
|
$ |
105 |
|
|
$ |
45,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
185 |
|
|
|
— |
|
|
|
|
— |
|
|
|
185 |
|
Director grant |
|
|
24,867 |
|
|
|
2 |
|
|
|
217 |
|
|
|
— |
|
|
|
|
— |
|
|
|
219 |
|
Cash dividends declared ($3.00 per share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,132 |
) |
|
|
|
— |
|
|
|
(10,132 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
585 |
|
|
|
|
— |
|
|
|
585 |
|
Balance as of June 30, 2021 |
|
|
3,402,146 |
|
|
$ |
340 |
|
|
$ |
39,072 |
|
|
$ |
(3,612 |
) |
|
|
$ |
105 |
|
|
$ |
35,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2020 |
|
|
3,377,279 |
|
|
$ |
338 |
|
|
$ |
38,550 |
|
|
$ |
4,813 |
|
|
|
$ |
123 |
|
|
$ |
43,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
60 |
|
|
|
— |
|
|
|
|
— |
|
|
|
60 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
573 |
|
|
|
|
— |
|
|
|
573 |
|
Balance as of June 30, 2020 |
|
|
3,377,279 |
|
|
$ |
338 |
|
|
$ |
38,610 |
|
|
$ |
5,386 |
|
|
|
$ |
123 |
|
|
$ |
44,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of March 31, 2021 |
|
|
3,402,146 |
|
|
$ |
340 |
|
|
$ |
39,009 |
|
|
$ |
(3,935 |
) |
|
|
$ |
105 |
|
|
$ |
35,519 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
63 |
|
|
|
— |
|
|
|
|
— |
|
|
|
63 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
323 |
|
|
|
|
— |
|
|
|
323 |
|
Balance as of June 30, 2021 |
|
|
3,402,146 |
|
|
$ |
340 |
|
|
$ |
39,072 |
|
|
$ |
(3,612 |
) |
|
|
$ |
105 |
|
|
$ |
35,905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PATRIOT TRANSPORTATION HOLDING, INC.
AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL
STATEMENTS
JUNE 30, 2021
(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. In June, 2021, we employed 349 revenue-producing
drivers who operated our fleet of 306 Company tractors, 21 owner operators and 419 trailers from our 18 terminals and 6 satellite locations
in Florida, Georgia, Alabama, and Tennessee.
Basis of Presentation
These statements have been prepared in accordance
with accounting principles generally accepted in the United States of America for interim financial information and the instructions to
Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States
of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring
accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the
nine months ended June 30, 2021 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, 2021.
The consolidated statements of income reflect charges
and/or allocation to FRP Holdings, Inc. for these services of $256,000 and $290,000 for the three months ended June 30, 2021 and 2020,
and $947,000 and $993,000 for the nine months ended June 30, 2021 and 2020, respectively. These charges to FRP are reflected as a reduction
to the Company’s corporate expenses.
We employ an allocation method to allocate
said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations,
but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis.
(4) Long-Term debt. The Company had no long-term
debt outstanding at June 30, 2021 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. The applicable unused fee for the first
nine months of the fiscal year was 0.086%. As of June 30, 2021, 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 borrowing
rate would have been 1.10025% on June 30, 2021. This credit agreement contains certain conditions, affirmative financial covenants and
negative covenants including a minimum tangible net worth. The Company was in compliance with all of its loan covenants as of June 30,
2021.
On July 6, 2021, Patriot Transportation Holding, Inc.
(the “Company”) entered into the 2021 Amended and Restated Credit Agreement (the “The Amended and Restated
Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”). The Amended and Restated Credit Agreement
modifies the Company's prior Credit Agreement with Wells Fargo, dated January 30, 2015, as amended by that certain First Amendment dated
December 28, 2018. The Amended and Restated Credit Agreement establishes a five-year revolving credit facility with a maximum facility
amount of $15 million, with a separate sublimit for standby letters of credit. The credit facility limit may be increased to $25 million
upon request by the Company, subject to the lender's discretion and the satisfaction of certain conditions. The interest rate under the
Amended and Restated Credit Agreement is 1.10% over the Secured Overnight Financing Rate (“SOFR”). A commitment fee of 0.12%
per annum is payable quarterly on the unused portion of the commitment. The Amended and Restated Credit Agreement contains certain conditions,
affirmative financial covenants and negative covenants including a minimum tangible net worth of $25 million.
(5) Earnings per share. Basic
earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per
common share are based on the weighted average number of common shares and potential dilution of securities that
could share in earnings. The differences between basic
and diluted shares used for the calculation are the effect of employee and director stock options.
The following details the computations of the basic
and diluted Earnings per common share (dollars and shares in thousands, except per share amounts):
| |
| |
| |
| |
|
| |
Three Months ended | |
Nine months ended |
| |
June 30, | |
June 30, |
| |
2021 | |
2020 | |
2021 | |
2020 |
Weighted average common shares outstanding during the period – shares used for basic earnings per common share | |
| 3,402 | | |
| 3,377 | | |
| 3,391 | | |
| 3,366 | |
| |
| | | |
| | | |
| | | |
| | |
Common shares issuable under share based payment plans which are potentially dilutive | |
| 18 | | |
| — | | |
| 10 | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Common shares used for diluted earnings per common share | |
| 3,420 | | |
| 3,377 | | |
| 3,401 | | |
| 3,366 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 323 | | |
| 573 | | |
| 585 | | |
| (292 | ) |
| |
| | | |
| | | |
| | | |
| | |
Earnings (loss) per common share: | |
| | | |
| | | |
| | | |
| | |
-basic | |
$ | 0.09 | | |
| 0.17 | | |
| 0.17 | | |
| (0.09 | ) |
-diluted | |
$ | 0.09 | | |
| 0.17 | | |
| 0.17 | | |
| (0.09 | ) |
For the three and nine months ended June 30, 2021,
424,908 and 500,950 shares attributable to outstanding stock options, respectively, were excluded from the calculation of diluted earnings
per share because their inclusion would have been anti-dilutive. For the three and nine months ended June 30, 2020, 400,722 shares attributable
to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been
anti-dilutive.
(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 69,820 at June 30, 2021.
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 June 30, 2021 and 2020 was $365,000 and $320,000, respectively.
The Company recorded the following Stock compensation
expense in its consolidated statements of income (in thousands):
| |
| |
| |
| |
|
| |
Three Months ended | |
Nine months ended |
| |
June 30, | |
June 30, |
| |
2021 | |
2020 | |
2021 | |
2020 |
Stock option grants | |
$ | 63 | | |
| 60 | | |
| 185 | | |
| 179 | |
Annual director stock award | |
| — | | |
| — | | |
| 219 | | |
| 335 | |
Stock-based compensation | |
$ | 63 | | |
| 60 | | |
| 404 | | |
| 514 | |
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 September 30, 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 June 30, 2021 (a) | |
| 617,502 | | |
$ | 10.76 | | |
| 6.6 | | |
$ | 1,976 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at June 30, 2021 | |
| 317,208 | | |
$ | 11.97 | | |
| 4.9 | | |
$ | 1,195 | |
| |
| | | |
| | | |
| | | |
| | |
Vested during nine months ended June 30, 2021 | |
| 77,845 | | |
| | | |
| | | |
$ | 242 | |
The aggregate intrinsic value of exercisable Company
options was $125,000 and the aggregate intrinsic value of all outstanding in-the-money options was $679,000 based on the Company’s
market closing price of $11.31 on June 30, 2021 less exercise prices.
The unrecognized compensation expense of Patriot options
granted as of June 30, 2021 was $630,000, which is expected to be recognized over a weighted-average period of 3.3 years.
(7) Fair Value Measurements. Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair
value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means
the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those
that are unobservable and significant to the overall fair value measurement.
At June 30, 2021 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 nine months of fiscal 2021, the Company’s ten largest customers accounted for approximately 59.7% of our revenue and one
of these customers accounted for 21.7% of our revenue. Accounts receivable from the ten largest customers was $3,262,000 and $3,121,000
at June 30, 2021 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 nine months
ended June 30, 2021 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 and analysis of our financial
condition and results of operations should be read in conjunction with the accompanying unaudited consolidated financial statements and
related notes in Item 1 and with the audited consolidated financial statements and the related notes included in our annual report on
Form 10-K. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity
and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements
are subject to risks and uncertainties, including the risks and uncertainties described in “Forward-Looking Statements” below
and “Risk Factors” on page 6 of our annual report on Form 10-K. Our actual results may differ materially from those contained
in or implied by any forward-looking statements. We assume no obligation to revise or publicly release any revision to any forward-looking
statements contained in this quarterly report on Form 10-Q, unless required by law.
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. In June, 2021, we employed 349 revenue-producing drivers who operated
our fleet of 306 company tractors, 21 owner operators and 419 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 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.
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.
To measure our performance, management focuses primarily
on transportation revenue growth, revenue miles, transportation revenue per mile, 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 |
Nine months 2021 vs. 2020 |
Total Revenue |
Down 9.7% |
Transportation Revenue |
Down 9.7% |
Revenue Miles |
Down 15.0% |
Transportation Revenue Per Mile |
Up 6.2% |
PAFR (incidents per 1M miles) goal of 2.1 |
Down to 1.68 from 1.86 |
Operating Ratio |
98.6% vs. 100.8% |
Driver Turnover Rate |
100.4% vs. 74.1% |
Avg. Driver Count incl. owner operators |
Down 22.4% |
Third Quarter Highlights
| · | Transportation revenue per mile was up $.27, or 9.2%, due to an improved
business mix and rate increases. |
| · | This quarter’s net income included $133,000, or $.04 per share, from
gains on real estate sales, net of taxes. |
Comparative Results of Operations
for the Three Months ended June 30, 2021 and 2020
| |
Three months ended June 30 |
(dollars in thousands) | |
2021 | |
% | |
2020 | |
% |
| |
| |
| |
| |
|
Revenue miles (in thousands) | |
| 5,869 | | |
| | | |
| 6,172 | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Transportation revenue | |
$ | 18,746 | | |
| 89.9 | % | |
| 18,032 | | |
| 94.9 | % |
Fuel surcharges | |
| 2,109 | | |
| 10.1 | % | |
| 979 | | |
| 5.1 | % |
Total Revenues | |
| 20,855 | | |
| 100.0 | % | |
| 19,011 | | |
| 100.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Cost of operations: | |
| | | |
| | | |
| | | |
| | |
Compensation and benefits | |
| 9,200 | | |
| 44.1 | % | |
| 8,575 | | |
| 45.1 | % |
Fuel expenses | |
| 2,568 | | |
| 12.3 | % | |
| 1,738 | | |
| 9.1 | % |
Repairs & tires | |
| 1,316 | | |
| 6.3 | % | |
| 1,182 | | |
| 6.2 | % |
Other operating | |
| 734 | | |
| 3.5 | % | |
| 768 | | |
| 4.0 | % |
Insurance and losses | |
| 1,789 | | |
| 8.6 | % | |
| 1,443 | | |
| 7.6 | % |
Depreciation expense | |
| 1,662 | | |
| 8.0 | % | |
| 1,815 | | |
| 9.6 | % |
Rents, tags & utilities | |
| 653 | | |
| 3.1 | % | |
| 719 | | |
| 3.8 | % |
Sales, general & administrative | |
| 2,284 | | |
| 11.0 | % | |
| 1,839 | | |
| 9.7 | % |
Corporate expenses | |
| 426 | | |
| 2.0 | % | |
| 362 | | |
| 1.9 | % |
Gain on sale of land | |
| (183 | ) | |
| -0.9 | % | |
| — | | |
| 0.0 | % |
Loss (gain) on disposition of PP&E | |
| (46 | ) | |
| -0.2 | % | |
| (224 | ) | |
| -1.2 | % |
Total cost of operations | |
| 20,403 | | |
| 97.8 | % | |
| 28,217 | | |
| 95.8 | % |
| |
| | | |
| | | |
| | | |
| | |
Total operating profit | |
$ | 452 | | |
| 2.2 | % | |
| 794 | | |
| 4.2 | % |
The Company reported net income of $323,000, or $.09
per share for the quarter ended June 30, 2021, compared to $573,000, or $.17 per share, in the same quarter last year. This quarter’s
net income included $133,000, or $.04 per share, from gains on real estate sales net of income taxes.
Total revenues for the quarter were $20,855,000, up
$1,844,000 from the same quarter last year. Last year’s quarter was negatively impacted by COVID-19 (~$3.5M) while this year’s
quarter was negatively impacted by the reduction of one customer account starting February, 2021 (~$2.3M per quarter) and the continued
reduction in driver count due to turnover and the driver shortage (down ~100 drivers from the 3rd quarter of last year). Transportation
revenues (excluding fuel surcharges) were $18,746,000, up $714,000 or 4%. Revenue miles were down 303,000, or 5%, over the same quarter
last year. Transportation revenue per mile was up $.27, or 9.2%, due to an improved business mix and rate increases. Fuel surcharge revenue
was $2,109,000, up $1,130,000 from the same quarter last year.
Compensation and benefits increased $625,000, mainly
due to our increased driver compensation package (approximately 15% effective April 29, 2021) which was offset by a $233,000 reduction
in support wages. Gross fuel expense increased $830,000 as a result of higher cost per gallon. Insurance and losses increased $346,000,
primarily from higher health care claims (claims were very low due to COVID-19 in last year’s quarter). Depreciation expense was
down $153,000 in the quarter as we continue to reduce our fleet size to meet our business levels. SG&A expense was higher by $445,000
resulting from increased travel $98,000, a $150,000 one time gain related to the Danfair acquisition included in last year’s quarter
and $125,000 of 401k match expense compared to $0 in the same quarter last year when we used forfeitures to pay the match. This fiscal
year we used the 401k forfeitures to pay the match in the 2nd quarter and will continue to do that going forward as long as
we have the forfeitures available. Corporate expense was higher by $64,000 due to several smaller items. Gain on sale of terminal sites
was $183,000 due to the sale and partial leaseback of our terminal located in Chattanooga, TN. Gain on disposition of assets was $46,000
versus $224,000 in the same quarter last year
As a result, operating profit this quarter was $452,000
compared to $794,000 in the same quarter last year. Operating ratio was 97.8 this quarter versus 95.8 the same quarter last year.
Comparative Results of Operations
for the Nine Months ended June 30, 2021 and 2020
| |
Nine months ended June 30 |
(dollars in thousands) | |
2021 | |
% | |
2020 | |
% |
| |
| |
| |
| |
|
Revenue miles (in thousands) | |
| 18,312 | | |
| | | |
| 21,542 | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Revenues: | |
| | | |
| | | |
| | | |
| | |
Transportation revenue | |
$ | 56,187 | | |
| 92.4 | % | |
| 62,191 | | |
| 92.3 | % |
Fuel surcharges | |
| 4,624 | | |
| 7.6 | % | |
| 5,156 | | |
| 7.7 | % |
Total Revenues | |
| 60,811 | | |
| 100.0 | % | |
| 67,347 | | |
| 100.0 | % |
| |
| | | |
| | | |
| | | |
| | |
Cost of operations: | |
| | | |
| | | |
| | | |
| | |
Compensation and benefits | |
| 26,938 | | |
| 44.3 | % | |
| 29,954 | | |
| 44.5 | % |
Fuel expenses | |
| 7,130 | | |
| 11.7 | % | |
| 8,147 | | |
| 12.1 | % |
Repairs & tires | |
| 4,033 | | |
| 6.6 | % | |
| 4,504 | | |
| 6.7 | % |
Other operating | |
| 2,302 | | |
| 3.8 | % | |
| 2,699 | | |
| 4.0 | % |
Insurance and losses | |
| 5,840 | | |
| 9.6 | % | |
| 6,767 | | |
| 10.0 | % |
Depreciation expense | |
| 5,078 | | |
| 8.3 | % | |
| 5,604 | | |
| 8.3 | % |
Rents, tags & utilities | |
| 2,052 | | |
| 3.4 | % | |
| 2,222 | | |
| 3.3 | % |
Sales, general & administrative | |
| 6,561 | | |
| 10.8 | % | |
| 6,929 | | |
| 10.3 | % |
Corporate expenses | |
| 1,516 | | |
| 2.5 | % | |
| 1,713 | | |
| 2.6 | % |
Gain on sale of land | |
| (1,614 | ) | |
| -2.7 | % | |
| — | | |
| 0.0 | % |
Loss (gain) on disposition of PP&E | |
| 153 | | |
| 0.3 | % | |
| (674 | ) | |
| -1.0 | % |
Total cost of operations | |
| 59,989 | | |
| 98.6 | % | |
| 67,865 | | |
| 100.8 | % |
| |
| | | |
| | | |
| | | |
| | |
Total operating profit (loss) | |
$ | 822 | | |
| 1.4 | % | |
| (518 | ) | |
| -0.8 | % |
The Company reported net income of $585,000, or $.17
per share, compared to a net loss of ($292,000), or ($.09) per share, in the same period last year. The first nine months’ net income
included $1,170,000, or $.34 per share, from gains on real estate sales net of income taxes.
Total revenues for the period were $60,811,000, down
$6,536,000 from the same period last year, of which $4,308,000 resulted from the downsizing of one customer account beginning February,
2021 and the remainder of the revenue variance was primarily attributable to the declining driver count. The driver shortage is an industry
wide event that saw driver counts decline during COVID-19 and, now that demand has returned, there are not enough viable applicants to
fill the void. Transportation revenues (excluding fuel surcharges) were $56,187,000, down $6,004,000 or 9.7%. Revenue miles were down
3,230,000 miles, or 15%, over the same period last year. Transportation revenue per mile was up $.18, or 6.2%, due to an improved business
mix and rate increases. Fuel surcharge revenue was $4,624,000, down $532,000 from the same period last year.
Compensation and benefits decreased $3,016,000, 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 $1,017,000 as a result of lower company miles. Repairs and tire expense decreased $471,000 due to lower miles this
quarter. Insurance and losses decreased $927,000, primarily from lower health care claims somewhat offset by the single tractor rollover
accident last quarter. Depreciation expense was down $526,000 as we continue to reduce our fleet size to meet our business levels. SG&A
expense was lower by $368,000 resulting primarily from permanent cost reductions. Corporate expenses were down $197,000 due mainly to
lower compensation expense, legal and audit fees. Gain on sale of land was $1,614,000 due to the sale of our former terminal location
in Pensacola, FL and the sale and partial leaseback of our terminal in
Chattanooga, TN. Loss on disposition of assets was
$153,000 primarily due to the write off of the equipment involved in the single tractor rollover accident versus a gain of $674,000 in
the same period last year.
As a result, operating profit was $822,000 compared
to an operating loss of ($518,000) in the same period last year. Excluding the gain on sale of terminal sites and the negative impacts
of the rollover accident, operating loss for the nine months was ($325,500). Operating ratio was 98.6 in the first nine months versus
100.8 the same period last year.
Liquidity and Capital Resources.
The Company maintains its operating accounts with Wells Fargo Bank, N.A. and these accounts directly sweep overnight against the Wells
Fargo revolver. As of June 30, 2021, 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):
| |
Nine months |
| |
Ended June 30, |
| |
2021 | |
2020 |
Total cash provided by (used for): | |
| | | |
| | |
Operating activities | |
$ | 3,547 | | |
| 6,789 | |
Investing activities | |
| 1,209 | | |
| (3,802 | ) |
Financing activities | |
| (10,132 | ) | |
| (10,557 | ) |
Decrease in cash and cash equivalents | |
$ | (5,376 | ) | |
| (7,570 | ) |
| |
| | | |
| | |
Outstanding debt at the beginning of the period | |
| — | | |
| — | |
Outstanding debt at the end of the period | |
| — | | |
| — | |
Operating Activities - Net cash provided by
operating activities (as set forth in the cash flow statement) was $3,547,000 for the nine months ended June 30, 2021, compared to $6,789,000
in the same period last year. The total of net income plus depreciation and amortization and less gains on sales of property and equipment
decreased $546,000 versus the same period last year. These changes are described above under "Comparative Results of Operations."
The net decrease in current assets was $2,767,000 more in the same period last year due to the larger decrease in revenues during that
period. These changes comprise the majority of the decrease in net cash provided by operating activities.
Investing Activities – Investing activities
include the purchase of property and equipment, any business acquisitions and proceeds from sales of property and equipment upon retirement.
For the nine months ended June 30, 2021, cash provided by investing activities was $1,209,000 which included the proceeds from retirements
net of the purchase of plant, property and equipment. For the nine months ended June 30, 2020, we spent $3,802,000 on investing activities
which included $2,802,000 for the purchase of plant, property and equipment net of proceeds from retirements and $1,000,000 for the acquisition
of Danfair Transport.
Financing Activities – Financing activities
primarily include net changes to our outstanding revolving debt and proceeds from the sale of shares of common stock through employee
equity
incentive plans. For
the nine months ended June 30, 2021, cash used in financing activities was $10,132,000 due to dividends paid. For the nine months ended
June 30, 2020, cash used in financing activities was $10,557,000 due to dividends paid. We had no outstanding long-term debt on June 30,
2021 or June 30, 2020.
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 applicable unused fee for the first
nine months of the fiscal year was 0.086%. The credit agreement contains certain conditions and financial
covenants, including a minimum tangible net worth. As of June 30, 2021, the tangible net worth covenant would have limited our ability
to pay dividends or repurchase stock with borrowed funds to a maximum of $2.6 million combined.
On July 6, 2021, Patriot Transportation Holding, Inc.
(the “Company”) entered into the 2021 Amended and Restated Credit Agreement (the “The Amended and Restated
Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”). The Amended and Restated Credit Agreement
modifies the Company's prior Credit Agreement with Wells Fargo, dated January 30, 2015, as amended by that certain First Amendment dated
December 28, 2018. The Amended and Restated Credit Agreement establishes a five-year revolving credit facility with a maximum facility
amount of $15 million, with a separate sublimit for standby letters of credit. The credit facility limit may be increased to $25 million
upon request by the Company, subject to the lender's discretion and the satisfaction of certain conditions. The interest rate under the
Amended and Restated Credit Agreement is 1.10% over the Secured Overnight Financing Rate (“SOFR”). A commitment fee of 0.12%
per annum is payable quarterly on the unused portion of the commitment. The Amended and Restated Credit Agreement contains certain conditions,
affirmative financial covenants and negative covenants including a minimum tangible net worth of $25 million. If this
credit agreement had been effective as of June 30, 2021, the tangible net worth covenant would have limited our ability to pay dividends
or repurchase stock with borrowed funds to a maximum of $6.4 million combined.
Cash Requirements - The Company currently expects
its fiscal 2021 capital expenditures to be approximately $1 million which we expect to be fully funded by our cash generated from our
operations. The amount of capital expenditures through June 30, 2021 were $739,000.
Impact of the COVID-19 Pandemic. The COVID-19
pandemic continues to have some impact on demand for oil and petroleum products in certain markets but, mainly due to the rollout of the
vaccine, that impact was far less in this quarter than had been experienced since the beginning of the pandemic. 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. Heading into the 3rd
quarter we determined that the driver shortage and high turnover was unsustainable and that a driver pay increase was imperative if we
were going to
reverse the tide. On April 29th, we implemented
a significant driver pay increase (15%+). We went to all of our customers and proposed a rate increase to completely offset the impacts
of the pay increase and all but one very small account accepted the rate increase. Many other customers who were due for a rate increase
also accepted an added increase on top of that required to cover the driver pay. Most of these increases were implemented during the month
of May with some starting in June and will be fully flowing through in the 4th quarter. We still have rate increase negotiations
on-going with some additional customers, including our largest account, most of which will be implemented across the fourth quarter. We
fully expect to continue pushing prices in the coming year in order to improve operating profit.
The impact of the driver pay increase has been beneficial,
specifically on retention where we have seen an ~50% reduction in voluntary turnover following the announcement. While we have seen an
uptick on the application and hiring side it has not yet been as significant as the retention piece but we continue to press forward through
targeted advertisements and using our drivers to promote the compensation package with referral bonuses. Overall, the net result thus
far is that we are maintaining our driver count fairly level since April, versus losing ~10-12 drivers per month previously, and we hope
to see driver growth as the hiring side picks up and we get drivers trained and producing revenue.
Our balance sheet reflects $10.6 million of cash and
cash equivalents as of June 30, 2021, and no outstanding debt. We do not anticipate replacing any equipment until the first quarter of
fiscal year 2022 putting our current planned capital expenditures at ~$1,000,000 for fiscal year 2021 and then returning to a more normalized
capex spend (~$6M) in FY 2022. The Tampa property remains under contract with an outside closing date of September 19, 2021 at a sales
price of $9,500,000.
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 June 30, 2021 was 1.0% over LIBOR. The applicable margin for such borrowings
will be increased in the event that our debt to capitalization ratio as calculated under the credit agreement exceeds a target level.
Commodity Price Risk - The price and availability
of diesel fuel are subject to fluctuations due to changes in the level of global oil production, seasonality, weather, global politics
and other market factors. Historically, we have been able to recover a significant portion of fuel price increases from our customers
in the form of fuel surcharges. The typical fuel surcharge table provides some margin contribution at higher diesel fuel prices but also
results in some margin erosion at the lower diesel fuel prices. The price and availability of diesel fuel can be unpredictable as well
as the extent to which fuel surcharges can be collected to offset such increases.
ITEM 4. CONTROLS AND PROCEDURES
The Company maintains disclosure controls and procedures
that are designed to ensure that information required to be disclosed in the Company’s reports under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified
in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including the Company’s
Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions
regarding required disclosure.
The Company also maintains a system of internal accounting
controls over financial reporting that are designed to provide reasonable assurance to the Company’s management and Board of Directors
regarding the preparation and fair presentation of published financial statements.
All control systems, no matter how well designed,
have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving
the desired control objectives.
As of June 30, 2021, 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) |
|
April 1 through April 30 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 1 through May 31 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 1 through June 30 |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
$ |
5,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
— |
|
|
$ |
— |
|
|
|
— |
|
|
|
|
|
| (1) | On February 4, 2015, the Board of Directors authorized management to expend up
to $5,000,000 to repurchase shares of the Company’s common stock from time to time as opportunities arise. To date, the Company
has not repurchased any common stock of the Company. |
Item 6. EXHIBITS
| (a) | Exhibits. The response to this item is submitted as a separate Section entitled
"Exhibit Index", on page 25. |
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: August 13, 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 JUNE 30, 2021
EXHIBIT INDEX
|
|
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: August 13, 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: August 13, 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: August 13, 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: August 13, 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.
v3.21.2
Cover - shares
|
9 Months Ended |
|
Jun. 30, 2021 |
Aug. 13, 2021 |
Cover [Abstract] |
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Document Type |
10-Q
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Document Period End Date |
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|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2021
|
|
Current Fiscal Year End Date |
--09-30
|
|
Entity File Number |
001-36605
|
|
Entity Registrant Name |
PATRIOT TRANSPORTATION HOLDING, INC.
|
|
Entity Central Index Key |
0001616741
|
|
Entity Tax Identification Number |
47-2482414
|
|
Entity Incorporation, State or Country Code |
FL
|
|
Entity Address, Address Line One |
200 W. Forsyth St.
|
|
Entity Address, Address Line Two |
7th Floor
|
|
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Jacksonville
|
|
Entity Address, State or Province |
FL
|
|
Entity Address, Postal Zip Code |
32202
|
|
City Area Code |
904
|
|
Local Phone Number |
396-5733
|
|
Title of 12(b) Security |
Common Stock, $.10 par value
|
|
Trading Symbol |
PATI
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
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v3.21.2
Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
Current assets: |
|
|
Cash and cash equivalents |
$ 10,586
|
$ 15,962
|
Cash held in escrow |
581
|
0
|
Accounts receivable (net of allowance for doubtful accounts of $78 and $87, respectively) |
5,308
|
5,005
|
Inventory of parts and supplies |
893
|
903
|
Prepaid tires on equipment |
1,369
|
1,414
|
Prepaid taxes and licenses |
120
|
522
|
Prepaid insurance |
1,856
|
2,444
|
Prepaid expenses, other |
326
|
291
|
Total current assets |
21,039
|
26,541
|
Property and equipment, at cost |
80,122
|
83,204
|
Less accumulated depreciation |
55,388
|
52,805
|
Net property and equipment |
24,734
|
30,399
|
Operating lease right-of-use assets |
2,193
|
2,964
|
Goodwill |
3,637
|
3,637
|
Intangible assets, net |
806
|
957
|
Other assets, net |
160
|
171
|
Total assets |
52,569
|
64,669
|
Current liabilities: |
|
|
Accounts payable |
1,861
|
2,679
|
Federal and state taxes payable |
709
|
284
|
Accrued payroll and benefits |
2,764
|
3,156
|
Accrued insurance |
958
|
1,210
|
Accrued liabilities, other |
1,679
|
1,281
|
Operating lease liabilities, current portion |
1,065
|
1,065
|
Total current liabilities |
9,036
|
9,675
|
Operating lease liabilities, less current portion |
1,253
|
2,073
|
Deferred income taxes |
3,604
|
5,087
|
Accrued insurance |
1,886
|
1,886
|
Other liabilities |
885
|
900
|
Total liabilities |
16,664
|
19,621
|
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, $0.10 par value; (25,000,000 shares authorized; 3,402,146 and 3,377,279 shares issued and outstanding, respectively) |
340
|
338
|
Capital in excess of par value |
39,072
|
38,670
|
(Accumulated deficit) Retained earnings |
(3,612)
|
5,935
|
Accumulated other comprehensive income, net |
105
|
105
|
Total shareholders’ equity |
35,905
|
45,048
|
Total liabilities and shareholders’ equity |
$ 52,569
|
$ 64,669
|
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v3.21.2
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
Statement of Financial Position [Abstract] |
|
|
Allowance for doubtful accounts |
$ 78
|
$ 87
|
Preferred stock, authorized |
5,000,000
|
5,000,000
|
Junior participating preferred stock, shares |
250,000
|
250,000
|
Preferred stock, par value |
$ 0.01
|
$ 0.01
|
Preferred shares, issued |
0
|
0
|
Preferred shares, outstanding |
0
|
0
|
Common stock, par value |
$ 0.10
|
$ 0.10
|
Common stock, authorized |
25,000,000
|
25,000,000
|
Common stock, issued |
3,402,146
|
3,377,279
|
Common stock, outstanding |
3,402,146
|
3,377,279
|
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v3.21.2
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Revenues: |
|
|
|
|
Total revenues |
$ 20,855
|
$ 19,011
|
$ 60,811
|
$ 67,347
|
Cost of operations: |
|
|
|
|
Compensation and benefits |
9,200
|
8,575
|
26,938
|
29,954
|
Fuel expenses |
2,568
|
1,738
|
7,130
|
8,147
|
Repairs & tires |
1,316
|
1,182
|
4,033
|
4,504
|
Other operating |
734
|
768
|
2,302
|
2,699
|
Insurance and losses |
1,789
|
1,443
|
5,840
|
6,767
|
Depreciation expense |
1,662
|
1,815
|
5,078
|
5,604
|
Rents, tags & utilities |
653
|
719
|
2,052
|
2,222
|
Sales, general & administrative |
2,284
|
1,839
|
6,561
|
6,929
|
Corporate expenses |
426
|
362
|
1,516
|
1,713
|
Gain on sale of terminal sites |
(183)
|
0
|
(1,614)
|
0
|
Loss (gain) on disposition of PP&E |
(46)
|
(224)
|
153
|
(674)
|
Total cost of operations |
20,403
|
18,217
|
59,989
|
67,865
|
Total operating profit (loss) |
452
|
794
|
822
|
(518)
|
Interest income and other |
1
|
4
|
4
|
131
|
Interest expense |
(8)
|
(8)
|
(23)
|
(23)
|
Income (loss) before income taxes |
445
|
790
|
803
|
(410)
|
Provision for (benefit from) income taxes |
122
|
217
|
218
|
(118)
|
Net income (loss) |
323
|
573
|
585
|
(292)
|
Reclassification adjust for net investment gains realized in net income |
0
|
0
|
0
|
(5)
|
Comprehensive income (loss) |
$ 323
|
$ 573
|
$ 585
|
$ (297)
|
Earnings per common share: |
|
|
|
|
Basic |
$ 0.09
|
$ 0.17
|
$ 0.17
|
$ (0.09)
|
Diluted |
$ 0.09
|
$ 0.17
|
$ 0.17
|
$ (0.09)
|
Number of shares (in thousands) used in computing: |
|
|
|
|
-basic earnings per common share |
3,402
|
3,377
|
3,391
|
3,366
|
-diluted earnings per common share |
3,420
|
3,377
|
3,401
|
3,366
|
Transportation Excluding Fuel Surcharge [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Fuel surcharges |
$ 18,746
|
$ 18,032
|
$ 56,187
|
$ 62,191
|
Fuel Surcharge [Member] |
|
|
|
|
Revenues: |
|
|
|
|
Fuel surcharges |
$ 2,109
|
$ 979
|
$ 4,624
|
$ 5,156
|
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v3.21.2
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended |
Jun. 30, 2021 |
Jun. 30, 2020 |
Cash flows from operating activities: |
|
|
Net income (loss) |
$ 585
|
$ (292)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
Depreciation and amortization |
6,259
|
6,880
|
Non-cash gain of acquisition-related contingent consideration |
(16)
|
(150)
|
Deferred income taxes |
(1,483)
|
(957)
|
Gain on asset dispositions |
(1,476)
|
(674)
|
Stock-based compensation |
404
|
514
|
Net changes in operating assets and liabilities: |
|
|
Accounts receivable |
(303)
|
1,400
|
Inventory of parts and supplies |
10
|
148
|
Prepaid expenses |
1,000
|
1,926
|
Other assets |
41
|
136
|
Accounts payable and accrued liabilities |
(1,064)
|
(2,003)
|
Income taxes payable and receivable |
425
|
703
|
Operating lease assets and liabilities, net |
(820)
|
(870)
|
Long-term insurance liabilities and other long-term liabilities |
(15)
|
28
|
Net cash provided by operating activities |
3,547
|
6,789
|
Cash flows from investing activities: |
|
|
Purchase of property and equipment |
(739)
|
(4,537)
|
Business acquisition |
0
|
(1,000)
|
Cash held in escrow |
(581)
|
0
|
Proceeds from the sale of property, plant and equipment |
2,529
|
1,735
|
Net cash provided by (used in) investing activities |
1,209
|
(3,802)
|
Cash flows from financing activities: |
|
|
Dividends paid |
(10,132)
|
(10,557)
|
Net cash used in financing activities |
(10,132)
|
(10,557)
|
Net decrease in cash and cash equivalents |
(5,376)
|
(7,570)
|
Cash and cash equivalents at beginning of period |
15,962
|
21,216
|
Cash and cash equivalents at end of the period |
$ 10,586
|
$ 13,646
|
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v3.21.2
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Beginning balance, value at Sep. 30, 2019 |
$ 335
|
$ 38,099
|
$ 16,235
|
$ 128
|
$ 54,797
|
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2019 |
3,351,329
|
|
|
|
|
Stock-based compensation |
$ 0
|
179
|
0
|
0
|
179
|
Director grant |
$ 3
|
332
|
0
|
0
|
335
|
Director grant |
25,950
|
|
|
|
|
Cash dividends declared ($3.00 per share) |
$ 0
|
0
|
(10,557)
|
0
|
(10,557)
|
Net income |
0
|
0
|
(292)
|
0
|
(292)
|
Reclassification adjustment of realized gain, net |
0
|
0
|
0
|
(5)
|
(5)
|
Ending balance, value at Jun. 30, 2020 |
$ 338
|
38,610
|
5,386
|
123
|
44,457
|
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2020 |
3,377,279
|
|
|
|
|
Beginning balance, value at Mar. 31, 2020 |
$ 338
|
38,550
|
4,813
|
123
|
43,824
|
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2020 |
3,377,279
|
|
|
|
|
Stock-based compensation |
$ 0
|
60
|
0
|
0
|
60
|
Net income |
0
|
0
|
573
|
0
|
573
|
Reclassification adjustment of realized gain, net |
|
|
|
|
0
|
Ending balance, value at Jun. 30, 2020 |
$ 338
|
38,610
|
5,386
|
123
|
44,457
|
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2020 |
3,377,279
|
|
|
|
|
Beginning balance, value at Sep. 30, 2020 |
$ 338
|
38,670
|
5,935
|
105
|
$ 45,048
|
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2020 |
3,377,279
|
|
|
|
3,377,279
|
Stock-based compensation |
$ 0
|
185
|
0
|
0
|
$ 185
|
Director grant |
$ 2
|
217
|
0
|
0
|
219
|
Director grant |
24,867
|
|
|
|
|
Cash dividends declared ($3.00 per share) |
$ 0
|
0
|
(10,132)
|
0
|
(10,132)
|
Net income |
0
|
0
|
585
|
0
|
585
|
Reclassification adjustment of realized gain, net |
|
|
|
|
0
|
Ending balance, value at Jun. 30, 2021 |
$ 340
|
39,072
|
(3,612)
|
105
|
$ 35,905
|
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2021 |
3,402,146
|
|
|
|
3,402,146
|
Beginning balance, value at Mar. 31, 2021 |
$ 340
|
39,009
|
(3,935)
|
105
|
$ 35,519
|
Common Stock, Shares, Outstanding, Beginning Balance at Mar. 31, 2021 |
3,402,146
|
|
|
|
|
Stock-based compensation |
$ 0
|
63
|
0
|
0
|
63
|
Net income |
0
|
0
|
323
|
0
|
323
|
Reclassification adjustment of realized gain, net |
|
|
|
|
0
|
Ending balance, value at Jun. 30, 2021 |
$ 340
|
$ 39,072
|
$ (3,612)
|
$ 105
|
$ 35,905
|
Common Stock, Shares, Outstanding, Ending Balance at Jun. 30, 2021 |
3,402,146
|
|
|
|
3,402,146
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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- DefinitionTotal of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.
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- DefinitionAggregate dividends paid during the period for each share of common stock outstanding.
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v3.21.2
Description of Business and Basis of Presentation
|
9 Months Ended |
Jun. 30, 2021 |
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. In June, 2021, we employed 349 revenue-producing
drivers who operated our fleet of 306 Company tractors, 21 owner operators and 419 trailers from our 18 terminals and 6 satellite locations
in Florida, Georgia, Alabama, and Tennessee.
Basis of Presentation
These statements have been prepared in accordance
with accounting principles generally accepted in the United States of America for interim financial information and the instructions to
Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States
of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring
accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the
nine months ended June 30, 2021 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 change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.
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v3.21.2
Related Party Agreements
|
9 Months Ended |
Jun. 30, 2021 |
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, 2021.
The consolidated statements of income reflect charges
and/or allocation to FRP Holdings, Inc. for these services of $256,000 and $290,000 for the three months ended June 30, 2021 and 2020,
and $947,000 and $993,000 for the nine months ended June 30, 2021 and 2020, respectively. These charges to FRP are reflected as a reduction
to the Company’s 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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v3.21.2
Long-Term debt
|
9 Months Ended |
Jun. 30, 2021 |
Debt Disclosure [Abstract] |
|
Long-Term debt |
(4) Long-Term debt. The Company had no long-term
debt outstanding at June 30, 2021 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. The applicable unused fee for the first
nine months of the fiscal year was 0.086%. As of June 30, 2021, 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 borrowing
rate would have been 1.10025% on June 30, 2021. This credit agreement contains certain conditions, affirmative financial covenants and
negative covenants including a minimum tangible net worth. The Company was in compliance with all of its loan covenants as of June 30,
2021.
On July 6, 2021, Patriot Transportation Holding, Inc.
(the “Company”) entered into the 2021 Amended and Restated Credit Agreement (the “The Amended and Restated
Credit Agreement”) with Wells Fargo Bank, N.A. (“Wells Fargo”). The Amended and Restated Credit Agreement
modifies the Company's prior Credit Agreement with Wells Fargo, dated January 30, 2015, as amended by that certain First Amendment dated
December 28, 2018. The Amended and Restated Credit Agreement establishes a five-year revolving credit facility with a maximum facility
amount of $15 million, with a separate sublimit for standby letters of credit. The credit facility limit may be increased to $25 million
upon request by the Company, subject to the lender's discretion and the satisfaction of certain conditions. The interest rate under the
Amended and Restated Credit Agreement is 1.10% over the Secured Overnight Financing Rate (“SOFR”). A commitment fee of 0.12%
per annum is payable quarterly on the unused portion of the commitment. The Amended and Restated Credit Agreement contains certain conditions,
affirmative financial covenants and negative covenants including a minimum tangible net worth of $25 million.
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v3.21.2
Earnings per share
|
9 Months Ended |
Jun. 30, 2021 |
Earnings Per Share [Abstract] |
|
Earnings per share |
(5) Earnings per share. Basic
earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per
common share are based on the weighted average number of common shares and potential dilution of securities that
could share in earnings. The differences between basic
and diluted shares used for the calculation are the effect of employee and director stock options.
The following details the computations of the basic
and diluted Earnings per common share (dollars and shares in thousands, except per share amounts):
| |
| |
| |
| |
|
| |
Three Months ended | |
Nine months ended |
| |
June 30, | |
June 30, |
| |
2021 | |
2020 | |
2021 | |
2020 |
Weighted average common shares outstanding during the period – shares used for basic earnings per common share | |
| 3,402 | | |
| 3,377 | | |
| 3,391 | | |
| 3,366 | |
| |
| | | |
| | | |
| | | |
| | |
Common shares issuable under share based payment plans which are potentially dilutive | |
| 18 | | |
| — | | |
| 10 | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Common shares used for diluted earnings per common share | |
| 3,420 | | |
| 3,377 | | |
| 3,401 | | |
| 3,366 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 323 | | |
| 573 | | |
| 585 | | |
| (292 | ) |
| |
| | | |
| | | |
| | | |
| | |
Earnings (loss) per common share: | |
| | | |
| | | |
| | | |
| | |
-basic | |
$ | 0.09 | | |
| 0.17 | | |
| 0.17 | | |
| (0.09 | ) |
-diluted | |
$ | 0.09 | | |
| 0.17 | | |
| 0.17 | | |
| (0.09 | ) |
For the three and nine months ended June 30, 2021,
424,908 and 500,950 shares attributable to outstanding stock options, respectively, were excluded from the calculation of diluted earnings
per share because their inclusion would have been anti-dilutive. For the three and nine months ended June 30, 2020, 400,722 shares attributable
to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been
anti-dilutive.
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v3.21.2
Stock-Based Compensation Plans
|
9 Months Ended |
Jun. 30, 2021 |
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 69,820 at June 30, 2021.
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 June 30, 2021 and 2020 was $365,000 and $320,000, respectively.
The Company recorded the following Stock compensation
expense in its consolidated statements of income (in thousands):
| |
| |
| |
| |
|
| |
Three Months ended | |
Nine months ended |
| |
June 30, | |
June 30, |
| |
2021 | |
2020 | |
2021 | |
2020 |
Stock option grants | |
$ | 63 | | |
| 60 | | |
| 185 | | |
| 179 | |
Annual director stock award | |
| — | | |
| — | | |
| 219 | | |
| 335 | |
Stock-based compensation | |
$ | 63 | | |
| 60 | | |
| 404 | | |
| 514 | |
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 September 30, 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 June 30, 2021 (a) | |
| 617,502 | | |
$ | 10.76 | | |
| 6.6 | | |
$ | 1,976 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at June 30, 2021 | |
| 317,208 | | |
$ | 11.97 | | |
| 4.9 | | |
$ | 1,195 | |
| |
| | | |
| | | |
| | | |
| | |
Vested during nine months ended June 30, 2021 | |
| 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. |
The aggregate intrinsic value of exercisable Company
options was $125,000 and the aggregate intrinsic value of all outstanding in-the-money options was $679,000 based on the Company’s
market closing price of $11.31 on June 30, 2021 less exercise prices.
The unrecognized compensation expense of Patriot options
granted as of June 30, 2021 was $630,000, which is expected to be recognized over a weighted-average period of 3.3 years.
|
X |
- DefinitionTabular disclosure of share-based payment arrangement.
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v3.21.2
Fair Value Measurements
|
9 Months Ended |
Jun. 30, 2021 |
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 June 30, 2021 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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v3.21.2
Contingent liabilities
|
9 Months Ended |
Jun. 30, 2021 |
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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v3.21.2
Concentrations
|
9 Months Ended |
Jun. 30, 2021 |
Risks and Uncertainties [Abstract] |
|
Concentrations |
(9) Concentrations.
Market: The Company
primarily serves customers in the petroleum industry in the Southeastern U.S. Significant economic disruption or downturn in this geographic
region or within these industries could have an adverse effect on our financial statements.
Customers: During
the first nine months of fiscal 2021, the Company’s ten largest customers accounted for approximately 59.7% of our revenue and one
of these customers accounted for 21.7% of our revenue. Accounts receivable from the ten largest customers was $3,262,000 and $3,121,000
at June 30, 2021 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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v3.21.2
Business Acquisition
|
9 Months Ended |
Jun. 30, 2021 |
Business Combination and Asset Acquisition [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 nine months
ended June 30, 2021 the Company recorded a gain of $16,000. During fiscal year 2020 the Company recorded gains of $340,000 on the contingent
consideration.
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v3.21.2
Description of Business and Basis of Presentation (Policies)
|
9 Months Ended |
Jun. 30, 2021 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis of Presentation
These statements have been prepared in accordance
with accounting principles generally accepted in the United States of America for interim financial information and the instructions to
Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States
of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring
accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the
nine months ended June 30, 2021 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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v3.21.2
Earnings per share (Tables)
|
9 Months Ended |
Jun. 30, 2021 |
Earnings Per Share [Abstract] |
|
Earnings per common share |
The following details the computations of the basic
and diluted Earnings per common share (dollars and shares in thousands, except per share amounts):
| |
| |
| |
| |
|
| |
Three Months ended | |
Nine months ended |
| |
June 30, | |
June 30, |
| |
2021 | |
2020 | |
2021 | |
2020 |
Weighted average common shares outstanding during the period – shares used for basic earnings per common share | |
| 3,402 | | |
| 3,377 | | |
| 3,391 | | |
| 3,366 | |
| |
| | | |
| | | |
| | | |
| | |
Common shares issuable under share based payment plans which are potentially dilutive | |
| 18 | | |
| — | | |
| 10 | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Common shares used for diluted earnings per common share | |
| 3,420 | | |
| 3,377 | | |
| 3,401 | | |
| 3,366 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 323 | | |
| 573 | | |
| 585 | | |
| (292 | ) |
| |
| | | |
| | | |
| | | |
| | |
Earnings (loss) per common share: | |
| | | |
| | | |
| | | |
| | |
-basic | |
$ | 0.09 | | |
| 0.17 | | |
| 0.17 | | |
| (0.09 | ) |
-diluted | |
$ | 0.09 | | |
| 0.17 | | |
| 0.17 | | |
| (0.09 | ) |
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v3.21.2
Stock-Based Compensation Plans (Tables)
|
9 Months Ended |
Jun. 30, 2021 |
Share-based Payment Arrangement [Abstract] |
|
Stock compensation expense |
The Company recorded the following Stock compensation
expense in its consolidated statements of income (in thousands):
| |
| |
| |
| |
|
| |
Three Months ended | |
Nine months ended |
| |
June 30, | |
June 30, |
| |
2021 | |
2020 | |
2021 | |
2020 |
Stock option grants | |
$ | 63 | | |
| 60 | | |
| 185 | | |
| 179 | |
Annual director stock award | |
| — | | |
| — | | |
| 219 | | |
| 335 | |
Stock-based compensation | |
$ | 63 | | |
| 60 | | |
| 404 | | |
| 514 | |
|
Summary |
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 September 30, 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 June 30, 2021 (a) | |
| 617,502 | | |
$ | 10.76 | | |
| 6.6 | | |
$ | 1,976 | |
| |
| | | |
| | | |
| | | |
| | |
Exercisable at June 30, 2021 | |
| 317,208 | | |
$ | 11.97 | | |
| 4.9 | | |
$ | 1,195 | |
| |
| | | |
| | | |
| | | |
| | |
Vested during nine months ended June 30, 2021 | |
| 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. |
|
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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v3.21.2
Business Acquisition (Tables)
|
9 Months Ended |
Jun. 30, 2021 |
Business Combination and Asset Acquisition [Abstract] |
|
Purchase price of the business |
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 | |
|
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v3.21.2
Long-Term debt (Details Narrative) - USD ($)
|
1 Months Ended |
9 Months Ended |
|
|
Jul. 31, 2021 |
Dec. 31, 2018 |
Jun. 30, 2021 |
Jul. 06, 2021 |
Sep. 30, 2020 |
Line of Credit Facility [Line Items] |
|
|
|
|
|
Outstanding debt |
|
|
$ 0
|
|
$ 0
|
Borrowing rate |
|
|
1.10025%
|
|
|
Revolving Credit Facility [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Outstanding debt |
|
|
$ 0
|
|
|
Credit facility term |
|
5 years
|
|
|
|
Revolver maximum capacity |
|
|
35,000,000
|
|
|
Maximum limit |
|
|
$ 50,000,000
|
|
|
Interest rate spread |
|
|
1.00%
|
|
|
Commitment fee |
|
|
0.086%
|
|
|
Letters of credit |
|
|
$ 3,579,000
|
|
|
Revolver available for borrowing |
|
|
$ 31,421,000
|
|
|
Credit Facility Level 1 [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Interest rate spread |
|
|
1.50%
|
|
|
Commitment fee |
|
|
0.144%
|
|
|
Credit Facility Level 2 [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Interest rate spread |
|
|
1.25%
|
|
|
Commitment fee |
|
|
0.1145%
|
|
|
Credit Facility Level 3 [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Interest rate spread |
|
|
1.00%
|
|
|
Commitment fee |
|
|
0.086%
|
|
|
Amended Revolving Credit Facility [Member] |
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
Credit facility term |
5 years
|
|
|
|
|
Revolver maximum capacity |
|
|
|
$ 15,000,000
|
|
Maximum limit |
|
|
|
$ 25,000,000
|
|
Interest rate spread |
1.10%
|
|
|
|
|
Commitment fee |
0.12%
|
|
|
|
|
Minimum tangible net worth |
$ 25,000,000
|
|
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v3.21.2
Earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Earnings Per Share [Abstract] |
|
|
|
|
Weighted average common shares outstanding during the period – shares used for basic earnings per common share |
3,402
|
3,377
|
3,391
|
3,366
|
Common shares issuable under share based payment plans which are potentially dilutive |
18
|
0
|
10
|
0
|
Common shares used for diluted earnings per common share |
3,420
|
3,377
|
3,401
|
3,366
|
Net income (loss) |
$ 323
|
$ 573
|
$ 585
|
$ (292)
|
-basic |
$ 0.09
|
$ 0.17
|
$ 0.17
|
$ (0.09)
|
-diluted |
$ 0.09
|
$ 0.17
|
$ 0.17
|
$ (0.09)
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Summary (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended |
12 Months Ended |
Jun. 30, 2021 |
Sep. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Weighted average remaining term, exercisable |
4 years 10 months 24 days
|
|
|
Share-based Payment Arrangement, Option [Member] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Options outstanding, beginning balance |
400,722
|
|
|
Beginning |
$ 14.96
|
|
|
Weighted average remaining term, ending |
6 years 7 months 6 days
|
[1] |
6 years 7 months 6 days
|
Weighted average grant date fair value options, beginning |
$ 1,749
|
|
|
Stock options, granted |
78,345
|
|
|
Granted |
$ 10.00
|
|
|
Weighted average grant date fair value, granted |
$ 275
|
|
|
Stock options, forfeited |
(9,632)
|
|
|
Forfeited |
$ 13.88
|
|
|
Weighted averge grant date fair value, forfeited |
$ (48)
|
|
|
Stock options adjustment |
148,067
|
|
|
Stock options, ending balance |
617,502
|
[1] |
400,722
|
Ending balance |
$ 10.76
|
[1] |
$ 14.96
|
Weighted average grant date fair value options, ending |
$ 1,976
|
[1] |
$ 1,749
|
Stock options, exercisable |
317,208
|
|
|
Exercisable |
$ 11.97
|
|
|
Weighted average grant date fair value, exercisable |
$ 1,195
|
|
|
Stock options, vested |
77,845
|
|
|
Weighted average grant date fair value, vested |
$ 242
|
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Stock-Based Compensation Plans (Details Narrative) - USD ($)
|
1 Months Ended |
9 Months Ended |
Dec. 31, 2016 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Common shares available |
|
69,820
|
|
Extraordinary dividend paid |
|
$ 3.00
|
$ 3.15
|
Share price |
|
11.31
|
|
Stock Appreciation Rights (SARs) [Member] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Stock Appreciation rights, granted |
174,011
|
|
|
Share price |
|
$ 12.79
|
|
Award |
$ 500,000
|
|
|
Accrued liability |
|
$ 365,000
|
$ 320,000
|
Share-based Payment Arrangement, Option [Member] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Intrinsic value, exercisable |
|
125,000
|
|
Intrinsic value, outstanding |
|
679,000
|
|
Unrecognized compensation |
|
$ 630,000
|
|
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition |
|
3 years 3 months 18 days
|
|
Dividend Paid [Member] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Extraordinary dividend paid |
|
$ 3.00
|
|
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- DefinitionAggregate dividends paid during the period for each share of common stock outstanding.
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v3.21.2
Business Acquisition (Details Narrative) - USD ($)
|
9 Months Ended |
12 Months Ended |
|
|
Jun. 30, 2021 |
Jun. 30, 2020 |
Sep. 30, 2020 |
Dec. 31, 2020 |
Nov. 04, 2019 |
Business Acquisition [Line Items] |
|
|
|
|
|
Contingent consideration gain |
$ 16,000
|
$ 150,000
|
|
|
|
Danfair Transport [Member] |
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
Earned payout liability |
|
|
|
$ 69,000
|
$ 425,000
|
Contingent consideration gain |
$ 16,000
|
|
$ 340,000
|
|
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This regulatory filing also includes additional resources:
patrjunq21.pdf
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