Patriot Transportation Holding, Inc.

Press Releases

Media Kit

Stock Information

PATRIOT TRANSPORTATION HOLDING, INC. ANNOUNCES THIRD QUARTER AND NINE MONTH RESULTS FOR FY 2000

Jacksonville, Florida; August 2, 2000-Patriot Transportation Holding, Inc. (NASDQ-PATR) reported lower financial results for the third fiscal quarter and nine months ending June 30, 2000. Quarterly and year-to-date revenues were favorably impacted primarily by growth at the Company's flatbed subsidiary SunBelt Transport and the startup third party agent/owner-operator subsidiary Patriot Transportation, Inc. However, net income was negatively affected by a challenging transportation environment, higher selling, general and administrative costs, increased interest expense as well as the absence of timber and property sales compared to previous periods.

Operating results. For the third quarter of fiscal 2000, consolidated revenues were up 22.2% to $24,258,000 from $19,854,000 reported in the third quarter last year. Transportation revenues increased approximately 24.9% over last year primarily as a result of increased revenues from Patriot Transportation, Inc. and an increase in miles hauled and a modest price increase over the same quarter last year. Total real estate revenues, excluding timber sales, increased 10.9 % to $2,925,000 from $2,637,000 last year due to higher royalties and rental income.

Gross profit, on a consolidated basis, increased to $4,685,000 for the three months ended June 30, 2000 from $4,382,000 for the same period last year. Gross Profit in Transportation increased 13.9 % from last year primarily as a result of the increase in miles hauled and price improvement. Real estate gross profit, excluding timber gains, increased 4.7 % for the quarter as a result of increased rental income on operating properties. Gross profit recognized on timber sales was $27,500 this quarter compared to $158,000 last year.

Selling, general and administrative expense was $2,333,000 compared to $1,912,000 last year and approximates 9.6% of sales for both years. A majority of the increase was attributed to expenses related to the Company's new subsidiary Patriot Transportation, Inc.

Interest expense during the quarter increased 56.1% to $944,000 from $604,000 last year due to the higher average rate of interest and debt outstanding during the quarter.

Net income decreased to $ 865,000 or $.26 per diluted share as compared to $1,143,000 or $.33 per diluted share for the third quarter last year.

In the first nine months ended June 30, 2000, revenues were $65,974,000 reflecting an increase of 10.1% over last year's revenues of $59,901,000. Gross profit decreased (15.4%) to $12,111,000 from $14,314,000, due principally to the absence of gains on land and timber sales realized last year. Net income decreased to $1,914,000 or $.57 per diluted share from $4,251,000 or $1.22 per diluted share last year.

Spin-off Update. The Board of Directors, at its regularly scheduled meeting on August 2, 2000 approved a resolution to delay the consummation of the previously approved spin-off until some date beyond July 1, 2001, and upon reauthorization by the Board. Management has recommended delaying the spin-off due to the turbulent conditions in the trucking industry and the need to complete an internal information system for its Transportation Group. The Company also wants to provide additional time for its new agent/owner-operator subsidiary, Patriot Transportation, Inc.

Summary and Outlook. A tight labor market combined with higher fuel costs and interest rates will continue to make for a challenging transportation environment. Aggressive steps are being taken to increase unit revenues and to counteract increased expenses within the Transportation Group. The Company's third-party agent/owner-operator startup, Patriot Transportation, Inc., continues to make progress against its plan.

The Company's operating real estate properties are 94% leased and the industrial market in the Baltimore-Washington area remains favorable for development opportunities with low vacancy and steady rent levels. The Real Estate Group continues to actively move forward with its efforts to develop additional properties and secure well-located sites for future development.

Patriot Transportation Holding, Inc. is engaged in the transportation and real estate businesses. Its primary operating transportation subsidiaries are Florida Rock & Tank Lines, Inc., a Southeastern transportation company concentrating in the hauling by motor carrier of liquid and dry bulk commodities; SunBelt Transport, Inc., which serves the flatbed portion of the Southeastern trucking industry and Patriot Transportation, Inc. which concentrates on the third-party agent/owner-operator segment of the industry. The Company's real estate subsidiaries own revenue-producing and investment properties and are engaged in real estate development and property management activities.

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

Three Months Ended
June 30

Nine Months Ended
June 30

Net Sales
Gross Profit
Income before income taxes
Net income

Earnings per common share:
  -Basic
  -Diluted

Weighted average shares outstanding:
  -Basic
  -Diluted

2000

$24,258
$4,685
$1,418
$865

$.26
$.26

3,274
3,285

1999

$19,854
$4,382
$1,874
$1,143

$.33
$.33

3,431
3,453

2000

$65,974
$12,111
$3,138
$1,914

$.57
$.57

3,339
3,357

1999

$59,901
$14,314
$6,969
$4,251

$1.23
$1.22

3,450
3,474

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.