Patriot Transportation Holding, Inc.

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PATRIOT TRANSPORTATION HOLDING, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS FOR FY 2000

Jacksonville, Florida; December 11, 2000 - Patriot Transportation Holding, Inc. (NASDAQ-PATR) reported lower financial results for the fourth quarter and fiscal year ending September 30, 2000.

Fourth Quarter Operating Results. Consolidated revenues for the fourth quarter increased 26.1% to $27,888,000 from $22,118,000 in the same quarter last year. Transportation revenues climbed 32.5% to $22,919,000 from $17,298,000 last year due mainly to growth at Patriot Transportation, Inc., the Company's new third-party agent/owner-operator subsidiary, and modest increases in miles hauled and prices at the tank truck and flatbed carriers. Real estate revenues for the quarter increased 3.1% to $4,969,000 compared to $4,821,000 last year. Revenues from development activities increased 16.2% to $1,504,000 from $1,294,000. Revenues from property and timber sales were $1,946,000 compared to $2,035,000 last year.

Gross profit declined 27.3% from $5,680,000 in the fourth quarter last year to $4,128,000 this year. Transportation gross profit declined to $717,000 from $1,869,000 last year primarily as a result of increased fuel costs and approximately $600,000 in unanticipated health claims expense. Fourth quarter real estate gross profit excluding gains from timber and property sales increased 6.0% to $2,038,000 from $1,923,000 a year ago due to increased rentals from development activities. Gross profit from timber and property sales decreased 27.3% to $1,373,000 from $1,888,000 last year.

Selling, general and administrative expense for the quarter increased to $2,939,000 from $1,937,000 last year. As a percent of consolidated revenue these costs increased to 10.5% from 8.8% a year ago. The primary causes of this increase were unusual bad debt losses of $560,000 and $221,000 of administrative support costs for Patriot Transportation, Inc., which was not in operation last year.

Interest expense for the quarter increased $240,000 from $660,000 last year to $900,000 this year due to higher borrowings and higher interest rates.

As a result of the above, consolidated net income for the quarter fell to $130,000 from $1,906,000 last year. Net income per diluted share was $.04 compared to $.56 per share for the same quarter last year.

Fiscal Year 2000 Operating Results. Consolidated revenues for the year ending September 30, 2000 climbed 14.4% to $93,862,000 from $82,019,000 last year. Transportation revenues increased $13,104,000 due mainly to growth at Patriot Transportation, Inc. and modest increases in miles hauled and prices in the tank line and flatbed carriers. Real estate revenues for the full year declined 8.4% to $13,710,000 from $14,971,000 last year. Revenues from development activities increased 20.3% to $5,424,000 from $4,507,000. Revenues from property and timber sales for the full year were $2,288,000 compared to $4,420,000 last year.

Gross profit for the year declined 18.8% to $16,239,000 from $19,994,000 last year. Transportation gross profit declined to $7,892,000 from $9,652,000 last year as a result of increased labor costs due to driver shortages, rapidly increasing fuel prices, and increased health claims and insurance expense. Real estate gross profit declined to $8,347,000 from $10,342,000 due to less property and timber sales partially offset by growth in development activities.

Selling, general and administrative expenses increased $1,785,000 due to bad debt losses, legal expense, and administrative costs to support the new third-party agent/owner-operator business.

Interest expense increased by $1,081,000 due to higher borrowings, primarily in real estate, and higher interest rates.

As a result of the above, full-year net income decreased from $6,157,000 last year to $2,044,000. Net income per diluted share dropped from $1.78 a year ago to $.61 at September 30, 2000.

Summary and Outlook. Transportation labor, fuel and now risk insurance pressures are expected to remain key factors. More comprehensive fuel price surcharges are now in place at Florida Rock & Tank Lines and SunBelt Transport. Assertive steps are underway at both carriers to significantly boost permanent freight rates. The Transportation and Real Estate Groups are now well on their way to implementing new information systems specific to their core businesses. Patriot Transportation, Inc., the Company's new third party agent/owner-operator startup, should see its expansion momentum continue. The Real Estate Group's developed building portfolio stands at over 1.1 million square feet at year-end and is 95% leased. Real estate development growth should continue on the assumption of continued strength in the domestic economy.

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 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 asset management activities.

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

Three Months Ended
September 30

Nine Months Ended
September 30

Revenues
Gross Profit
Income before income taxes
Net income

Earnings per common share:
  -Basic
  -Diluted

Weighted average shares outstanding:
  -Basic
  -Diluted

2000

$27,888
$4,128
$297
$130

$.04
$.04

3,357
3,358

1999

$22,118
$5,680
$3,124
$1,906

$.56
$.56

3,426
3,450

2000

$93,862
$16,239
$3,435
$2,044

$.61
$.61

3,334
3,348

1999

$82,019
$19,994
$10,093
$6,157

$1.79
$1.78

3,444
3,468

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.