JACKSONVILLE, Fla., Nov. 30 /PRNewswire-FirstCall/ -- Patriot
Transportation Holding, Inc. (NASDAQ:PATR) reported income from
continuing operations of $2,056,000 or $.66 per diluted share in
the fourth quarter of fiscal 2009, a decrease of 36.1% compared to
$3,216,000 or $1.03 per diluted share in the same period last year.
Income from continuing operations for fiscal year ended September
30, 2009 was $7,908,000 or $2.53 per diluted share, a decrease of
11.3% compared to $8,919,000 or $2.85 per diluted share for the
same period last year. During fiscal 2009 reduced miles driven in
the transportation segment were more than offset by reduced vehicle
accident costs, increased revenue per mile, higher gains on
equipment sales and cost management. The real estate segment's
fiscal 2009 results were impacted by lower royalty revenues,
increased depreciation and maintenance expense for new buildings
that are not leased, and severance costs but were assisted by
increased capitalization of property taxes and interest expense.
Income from continuing operations for fiscal 2008 benefited from a
gain on condemnation of land of $1,916,000, net of income taxes but
was adversely impacted by the accrual of retirement benefits of
$1,541,000, net of income tax benefits, for the Company's former
President and CEO, whose retirement was effective February 6, 2008.
Fourth Quarter Operating Results. For the fourth quarter of fiscal
2009, consolidated revenues were $27,842,000, a decrease of
$6,941,000 or 20.0% over the same quarter last year. Transportation
segment revenues were $22,312,000 in the fourth quarter of 2009, a
decrease of $6,360,000 over the same quarter last year. Revenue
miles in the current quarter were down 12.4% compared to the fourth
quarter of 2008 due in part to the economic environment. Excluding
fuel surcharges, revenue per mile increased 4.2% over the same
quarter last year. The average price paid per gallon of diesel fuel
decreased by $1.73 or 42.2% over the same quarter in fiscal 2008.
Fuel surcharge revenue decreased $4,360,000. Real Estate segment
revenues for the fourth quarter of fiscal 2009 were $5,530,000, a
decrease of $581,000 or 9.5% over the same quarter last year. Lease
revenue from developed properties decreased $157,000 or 3.7%, due
to reduced occupancy. Royalties and land rent decreased $424,000 or
22.3% due to decreased demand for mined tons and a $145,000
decrease in revenue from timber sales. Consolidated gross profit
was $7,893,000 in the fourth quarter of fiscal 2009, a decrease of
$207,000 or 2.6% compared to $8,100,000 in the same period last
year. Gross profit in the transportation segment increased $433,000
or 8.4% due to reduced vehicle accident costs and cost management
that offset the reduced miles driven. Gross profit in the real
estate segment decreased $640,000 or 21.7% from the fourth quarter
2008, due to decreased demand for tons mined, reduced occupancy of
developed properties, increased cost from new buildings placed in
service and severance costs partially offset by higher
capitalization of real estate taxes. Selling, general and
administrative expenses for the fourth quarter of fiscal 2009
increased $575,000 over the same quarter last year. The fourth
quarter of fiscal 2009 includes $900,000 for the impairment to
estimated fair value of the corporate aircraft. The Company's
decision to discontinue its use required adjustment to the lower
values of the current economic environment. Interest expense net of
interest income was $525,000 higher than the same quarter last year
primarily due to lower capitalized interest relating to
construction activity. During the fourth quarter of fiscal 2008 the
Company recorded an additional gain from condemnation of land of
$604,000 related to final agreement with the Virginia Department of
Transportation on the value of 28 acres taken on December 13, 2007.
In August 2009 the Company sold its flatbed trucking company,
SunBelt Transport, Inc. The after tax loss from this discontinued
operation for the fourth quarter of fiscal 2009 was $1,057,000
compared to $53,000 for the same period last year. Diluted loss on
discontinued operations for the fourth quarter of fiscal 2009 was
$.34 compared to $.01 in the same quarter last year. Fiscal Year
2009 Operating Results. For the fiscal year 2009, consolidated
revenues were $114,553,000, a decrease of $15,347,000 or 11.8% over
the same period last year. Transportation revenues were
$91,420,000, a decrease of $13,667,000 or 13.0%. Revenue miles in
the current year were down 7.0% principally due to lower demand for
products hauled resulting from the economic environment. Excluding
fuel surcharges, revenue per mile increased 4.3%. Real estate
revenues decreased $1,680,000 or 6.8% in 2009 to $23,133,000. Lease
revenue from developed properties decreased $306,000 or 1.8%.
Royalties and rent decreased $1,374,000 or 17.6% due to reduced
demand for mined tons. Consolidated gross profit was $29,324,000 in
2009 compared to $30,049,000 in 2008, a decrease of 2.4%. Gross
profit in the transportation segment increased $1,353,000 or 7.6%
due to reduced vehicle accident costs, higher gains on equipment
sales, increased revenue per mile, and cost management offsetting
the reduced miles driven. Gross profit in the real estate segment
decreased $2,078,000 or 16.9% due to reduced demand for mined tons,
expenses related to new building additions and severance costs.
Selling, general and administrative expenses for 2009 decreased
$1,824,000 to $13,196,000. Fiscal 2009 includes $900,000 for the
impairment to estimated fair value of the corporate aircraft. The
Company's decision to discontinue its use required adjustment to
the lower values of the current economic environment. Fiscal 2008
included $2,503,000 accrual of retirement benefits for the
Company's previous President and Chief Executive Officer. Interest
expense net of interest and other income was $276,000 lower in 2009
than 2008 primarily due to higher construction activity capitalized
interest. Gain from condemnation of land was $3,111,000 in fiscal
2008 resulting from the taking by the Virginia Department of
Transportation ("VDOT") of 28 acres on December 13, 2007. The
Prince William County Property was purchased in December 2005 and
the cost of the 28 acres taken by VDOT was $3,282,000. The after
tax loss from discontinued operations was $4,155,000 or $1.33 per
diluted share in fiscal 2009 compared to $951,000 or $.30 per
diluted share in fiscal 2008. Fiscal 2009 includes a loss on the
sale of $2,316,000 after tax or $.74 per diluted share. Summary and
Outlook. The transportation segment was able to offset reduced
demand for hauled products with reduced vehicle accident costs,
higher gains on equipment sales, increased revenue per mile, and
cost management. Gross profit from the leasing of developed
buildings is expected to weaken from existing levels as our three
new buildings brought into service in the past twelve months
continue to contribute no revenue (but now add their fair share of
depreciation and maintenance expense) and expiring leases, if
renewed, will 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 Fiscal Year Ended Ended September 30
September 30 ------------ ------------ 2009 2008 2009 2008 ----
---- ---- ---- Revenues $27,842 34,783 $114,553 129,900 Gross
profit $7,893 8,100 $29,324 30,049 Income before taxes $3,371 5,274
$12,730 14,443 Income from continuing operations $2,056 3,216
$7,908 8,919 Income (loss) from discontinued operations ($1,057)
(53) ($4,155) (951) Net income (loss) $999 3,163 $3,753 7,968
Earnings per common share: Income from continuing operations Basic
$0.67 1.06 $2.60 2.94 Diluted $0.66 1.03 $2.53 2.85 Loss from
discontinued operations Basic ($0.34) (0.02) ($1.37) (0.31) Diluted
($0.34) (0.01) ($1.33) (0.30) Net income (loss) Basic $.33 1.04
$1.23 2.63 Diluted $.32 1.02 $1.20 2.55 Weighted average common
shares outstanding: Basic 3,050 3,028 3,041 3,033 Diluted 3,128
3,114 3,117 3,126 PATRIOT TRANSPORTATION HOLDING, INC. Condensed
Balance Sheets (unaudited) (Amounts in thousands) September 30
September 30 2009 2008 ------------ ------------ Cash and cash
equivalents $15,803 $7,778 Accounts receivable, net 5,286 9,834
Notes receivable, current 1,158 - Assets of discontinued operations
1,519 17,297 Other current assets 6,117 6,943 Property, plant and
equipment, net 199,013 197,823 Investment in Brooksville Joint
Venture 6,858 6,395 Notes receivable, non-current 5,647 - Other
non-current assets 15,453 15,970 ------ ------ Total Assets
$256,854 $262,040 ======== ======== Current liabilities $18,707
$20,803 Liabilities of discontinued operations 3.660 7,808
Long-term debt (excluding current maturities) 71,860 76,153
Deferred income taxes 15,679 15,227 Other non-current liabilities
4,540 4,694 Shareholders' equity 142,408 137,355 ------- -------
Total Liabilities and Shareholders' Equity $256,854 $262,040
======== ======== 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 Fiscal Year Ended Ended
September 30 September 30 ------------ ------------ 2009 2008 2009
2008 ---- ---- ---- ---- Transportation Revenues $22,312 28,672
$91,420 105,087 Real Estate Revenues 5,530 6,111 23,133 24,813
----- ----- ------ ------ Total Revenues $27,842 34,783 $114,553
129,900 ======= ====== ======== ======= Transportation Operating
Profit $3,686 3,081 $10,924 9,479 Real Estate Operating Profit
2,305 2,945 10,210 12,288 Corporate Expenses (1,739) (992) (5,006)
(6,738) ------ ---- ------ ------ Total Operating Profit $4,252
5,034 $16,128 15,029 ====== ===== ======= ====== DATASOURCE:
Patriot Transportation Holding, Inc. CONTACT: John D. Milton, Jr.,
Chief Financial Officer, +1-904-396-5733
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