JACKSONVILLE, Fla., Feb. 3 /PRNewswire-FirstCall/ -- Patriot
Transportation Holding, Inc. (NASDAQ:PATR) reported income from
continuing operations of $1,312,000 or $.42 per diluted share in
the first quarter of fiscal 2010, a decrease of 32.5% compared to
$1,943,000 or $.63 per diluted share in the same period last year.
Transportation segment results were lower due to reduced miles
driven and lower fuel surcharges. The real estate segment's results
were impacted by lower royalty revenues and lower developed
property occupancy. First Quarter Operating Results. For the first
quarter of fiscal 2010, consolidated revenues were $27,500,000, a
decrease of $3,344,000 or 10.8% over the same quarter last year.
Transportation segment revenues were $22,081,000 in the first
quarter of 2010, a decrease of $2,901,000 over the same quarter
last year. Revenue miles were down 9.2% compared to the first
quarter of 2009 due to lower demand and a competitive climate. Fuel
surcharge revenue decreased $1,355,000. Excluding fuel surcharges,
revenue per mile increased 2.1% over the same quarter last year.
The average price paid per gallon of diesel fuel decreased by $.15
or 5.6% over the same quarter in fiscal 2009. Real Estate segment
revenues for the first quarter of fiscal 2010 were $5,419,000, a
decrease of $443,000 or 7.6% over the same quarter last year. Lease
revenue from developed properties decreased $143,000 or 3.4% due to
reduced occupancy. Royalties and rent decreased $300,000 or 18.3%
due to decreased demand for mined tons and a $161,000 decrease in
revenues from timber sales. Consolidated gross profit was
$6,092,000 in the first quarter of fiscal 2010, a decrease of
$1,232,000 or 16.8% compared to $7,324,000 in the same period last
year. Gross profit in the transportation segment decreased $788,000
or 17.0% due to reduced miles driven and lower fuel surcharges.
Gross profit in the real estate segment decreased $444,000 or 16.6%
due to decreased demand for tons mined and reduced occupancy of
developed properties. Selling, general and administrative expenses
decreased $243,000 or 7.4% over the same quarter last year due to
lower staffing and reduced company aircraft expenses partly offset
by increased stock compensation expense and professional services.
The after tax income from discontinued operations for the first
quarter of fiscal 2010 was $24,000 versus a loss of $196,000 for
the same period last year. Diluted earnings on discontinued
operations for the first quarter of fiscal 2010 was $.01 compared
to a diluted loss of $.07 in the first quarter of fiscal 2009.
Summary and Outlook. Transportation segment results were lower due
to reduced miles driven and lower fuel surcharges. The Company
announced on January 6, 2010 that the transportation group has been
unsuccessful in renewing certain contracts with significant
customers recently. For the fiscal year ending September 30, 2009
the revenue from these customers was $10,012,000 or approximately
11.0% of transportation group revenue. Gross profit from the
leasing of developed buildings has weakened from previous levels
and may weaken further as our three newer buildings brought into
service in the past fifteen months continue to contribute no
revenue (but now add their fair share of depreciation and
maintenance expense) and expiring leases, if renewed, will likely
entail rent concessions from the existing levels. Prospective
tenants for vacant space are significantly fewer than in the past
few years, competition for their contracts are more intense and
rental rates continue to decline from existing levels. The Company
is not presently engaged in the construction of any new buildings.
Investors are cautioned that any statements in this press release
which relate to the future are, by their nature, subject to risks
and uncertainties that could cause actual results and events to
differ materially from those indicated in such forward-looking
statements. These include general economic conditions; competitive
factors; political, economic, regulatory and climatic conditions;
driver availability and cost; the impact of future regulations
regarding the transportation industry; freight demand for petroleum
product and levels of construction activity in the Company's
markets; fuel costs; risk insurance markets; demand for flexible
warehouse/office facilities; ability to obtain zoning and
entitlements necessary for property development; interest rates;
levels of mining activity; pricing; energy costs and technological
changes. Additional information regarding these and other risk
factors and uncertainties may be found in the Company's filings
with the Securities and Exchange Commission. Patriot Transportation
Holding, Inc. is engaged in the transportation and real estate
businesses. The Company's transportation business is conducted
through Florida Rock & Tank Lines, Inc. which is a Southeastern
transportation company concentrating in the hauling by motor
carrier of liquid and dry bulk commodities. The Company's real
estate group, comprised of FRP Development Corp. and Florida Rock
Properties, Inc., acquires, constructs, leases, operates and
manages land and buildings to generate both current cash flows and
long-term capital appreciation. The real estate group also owns
real estate which is leased under mining royalty agreements or held
for investment. PATRIOT TRANSPORTATION HOLDING, INC. Summary of
Consolidated Revenues and Earnings (unaudited) (In thousands except
per share amounts) Three Months Ended December 31 ----------- 2009
2008 Revenues $27,500 30,844 Gross profit $6,092 7,324 Income
before taxes $2,130 3,185 Income from continuing operations $1,312
1,943 Income (loss) from discontinued operations $24 (196) Net
income $1,336 1,747 Earnings per common share: Income from
continuing operations Basic $0.43 0.64 Diluted $0.42 0.63 Income
(loss) from discontinued operations Basic $0.01 (0.06) Diluted
$0.01 (0.07) Net income Basic $.44 0.58 Diluted $.43 0.56 Weighted
average common shares outstanding: Basic 3,051 3,033 Diluted 3,137
3,108 PATRIOT TRANSPORTATION HOLDING, INC. Condensed Balance Sheets
(unaudited) (Amounts in thousands) December 31 September 30 2009
2009 ---- ---- Cash and cash equivalents $12,280 $15,803 Accounts
receivable, net 5,912 5,286 Notes receivable, current 1,177 1,158
Assets of discontinued operations 1,497 1,519 Other current assets
4,895 6,117 Property, plant and equipment, net 199,674 199,013
Investment in Brooksville Joint Venture 7,090 6,858 Notes
receivable, non-current 5,339 5,647 Other non-current assets 15,344
15,453 ------ ------ Total Assets $253,208 $256,854 ========
======== Current liabilities $14,866 $18,707 Liabilities of
discontinued operations 3.375 3,660 Long-term debt (excluding
current maturities) 70,741 71,860 Deferred income taxes 15,679
15,679 Other non-current liabilities 4,430 4,540 Shareholders'
equity 144,117 142,408 ------- Total Liabilities and Shareholders'
Equity $253,208 $256,854 ======== ======== PATRIOT TRANSPORTATION
HOLDING, INC. Business Segments (unaudited) (Amounts in thousands)
The Company has identified two business segments, Transportation
and Real Estate, each of which is managed separately along product
lines. All of the Company's operations are located in the
Southeastern and Mid-Atlantic states. Operating results for the
Company's business segments are as follows: Three Months Ended
December 31 ----------- 2009 2008 ---- ---- Transportation Revenues
$22,081 24,982 Real Estate Revenues 5,419 5,862 ----- ----- Total
Revenues $27,500 30,844 ======= ==== Transportation Operating
Profit $1,855 2,393 Real Estate Operating Profit 2,241 2,685
Corporate Expenses (1,054) (1,047) ------ ------ Total Operating
Profit $3,042 4,031 ====== ===== The Company will also host an
earnings conference call at 10:00 a.m. E.S.T. on Thursday, February
4, 2010. Analysts, stockholders and other interested parties may
access the teleconference live by calling 1-866-710-0179 (security
code 64272) within the United States. International callers may
dial 1-334-323-7225 (security code 64272). Computer audio is
available via the Internet through the Conference America, Inc.
website at http://209.208.69.70/Conference_America or via the
Company's website at http://www.patriottrans.com/ If using the
Company's website, click on the Investor Relations tab, then select
Patriot Transportation Holding, Inc. Conference Stream, next select
the appropriate link for the current conference. An audio replay
will be available for sixty days following the conference call. To
listen to the audio replay, dial toll free 877-919-4059,
international callers dial 334-323-7226. The passcode of the audio
replay is 78245370. Replay options: "1" begins playback, "4" rewind
30 seconds, "5" pause, "6" fast forward 30 seconds, "0"
instructions, and "9" exits recording. There may be a 30-40 minute
delay until the archive is available following the conclusion of
the conference call. DATASOURCE: Patriot Transportation Holding,
Inc. CONTACT: John D. Milton, Jr., Chief Financial Officer, Patriot
Transportation Holding, Inc., +1-904-396-5733 Web Site:
http://www.patriottrans.com/
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