Patriot Transportation Holding, Inc.

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PATRIOT TRANSPORTATION HOLDING, INC. ANNOUNCES OPERATING RESULTS FOR FIRST QUARTER FISCAL YEAR 2001

Jacksonville, Florida; February 7, 2001 -- Patriot Transportation Holding, Inc. (NASDAQ-PATR) reported improved operating results for first quarter of fiscal 2001 compared to the same quarter last year.

Operating Results. Consolidated revenues for the first fiscal quarter ending December 31, 2000, increased 52% to $30,700,000 from $20,150,000 last year. Transportation revenues increased 42% to $24,940,000 from $17,523,000 last year as a result of a 30% increase in miles hauled and a modest increase in pricing over the same quarter last year. Three-fourths of the increase in miles hauled resulted from growth at the Company’s new third-party agent/owner-operator subsidiary, Patriot Transportation, Inc., which started operations in December, 1999. Most of the balance of the increase in miles hauled came from growth in the tank line operations which also benefited from modest price increases. Real estate revenues for the first quarter of fiscal 2001 were $5,760,000, an increase of $3,133,000 from the same quarter last year primarily as a result of property sales of $2,607,000. The Company did not have any property sales during the first quarter of fiscal 2000.

Consolidated gross profit increased by $3,401,000 to $7,008,000 for the first fiscal quarter of 2001 due to gross profit from property sales of $2,034,000, an increase in the Transportation Group’s gross profit and an increase in the real estate operations. The Transportation Group’s gross profit for the first quarter of fiscal 2001 was $3,048,000, an increase of 42% over the same quarter last year. This increase was primarily attributed to the increased miles and improved gross margins and fuel surcharges in the tank line business along with gross profits generated by the new third-party transportation subsidiary. The Real Estate Group’s gross profit excluding property sales increased 32% from the same quarter last year to $1,926,000 as a result of increased royalties from the mining properties and increased rentals from additional developed properties.

Administrative expense for the quarter increased to $2,542,000 from $1,962,000 in the same quarter last year. This increase is primarily due to additional administrative support for the start-up of the new transportation subsidiary which began operations at the end of the first quarter last year. Costs have also increased as the Company has begun establishing its own in-house information technology resources. Administrative expense as a percent of consolidated revenues, excluding property sales, was 9% compared to 9.7% in the same quarter last year.

Interest expense increased 23.9% to $923,000 from $745,000 last year due to the higher average interest rates and more debt outstanding during the quarter compared to the same quarter last fiscal year.

Net income increased to $2,129,498 or $.66 per diluted share from $550,000 or $.16 per diluted share last year.

Summary and Outlook. A deteriorating economy will accentuate challenges already faced by the U.S. domestic trucking industry. While labor markets loosen somewhat and driver hiring becomes less of an obstacle, freight demand is slowing markedly, risk insurance markets remain challenging and fuel pricing continues as a critical issue. Corresponding softening within the national manufacturing and distribution sectors could result in decreased demand for flexible warehouse office capacities. While the Company’s growth objectives remain unchanged for both Transportation and Real Estate, a slowing national economic picture could result in reduced progress until firming occurs.

Patriot Transportation Holding, Inc. is engaged in the transportation and real estate businesses. The Company’s transportation business is conducted through three wholly owned subsidiaries. Florida Rock & Tank Lines, Inc. is a Southeastern transportation company concentrating in the hauling by motor carrier of liquid and dry bulk commodities. SunBelt Transport, Inc. serves the flatbed portion of the trucking industry in the Southeast and Mid-Atlantic States, hauling primarily construction materials. Patriot Transportation, Inc. hauls a variety of cargo, primarily in the United States, through independent sales agents and owner/operators. The Company’s Real Estate Group, through subsidiaries, acquires, constructs, leases, operates and manages land and buildings to generate both current cash flows and long-term capital appreciation.

Patriot Transportation Holding, Inc.
Summary of Consolidated Revenues and Earnings - Unaudited
(Amounts in thousands except per share amounts)

For The First Quarter Ended December 31

2000

1999

Revenues
Gross Profit
Income before income taxes
Net income

Earnings per common share:
  -Basic
  -Diluted

Weighted average shares outstanding:
  -Basic
  -Diluted

$30,700
$7,008
$3,548
$2,129

$.66
$.66

3,205
3,205

$20,150
$3,607
$902
$550

$.16
$.16

3,366
3,387

Investors are cautioned that 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 business conditions, competitive factors, political, economic, regulatory, climatic, pricing, energy costs and technological contingencies. Additional information regarding these and other risk factors and uncertainties may be found in the Company's filings with the Securities and Exchange Commission.