PATRIOT TRANSPORTATION HOLDING, INC. ANNOUNCES OPERATING RESULTS FOR THE FOURTH QUARTER AND FISCAL YEAR ENDING SEPTEMBER 30, 2001.
Jacksonville, Florida; December 19, 2001 -- Patriot Transportation Holding, Inc. (NASDAQ-PATR) reported a net loss of $1,333,000 or $.42 per diluted share for its fourth quarter ended September 30, 2001, due solely to losses of its third-party agent/owner-operator subsidiary, Patriot Transportation, Inc., which the Company closed in September, 2001. Net income for the fourth quarter of last year was $130,000 or $.04 per diluted share.
Net income for the fiscal year ended September 30, 2001 was $2,703,000 or $.86 per diluted share compared to $2,044,000 or $.61 per diluted share last year.
Fourth Quarter Operating Results. Consolidated revenues for the fourth quarter ending September 30, 2001, were $27,514,000 as compared to $27,888,000 for the same quarter last year. Transportation revenues for the quarter increased to $23,962,000 from $22,920,000 in the same quarter last year and included revenues of $19,641,000 and $18,219,000, respectively, from the Company's continuing tankline and flatbed operations. The improvement in revenues of the tankline and flatbed operations resulted from increases in miles hauled and modest price increases in the Company's tankline and flatbed operations. Real estate revenues, excluding property sales, for the fourth quarter of fiscal 2001 were $3,552,000, an increase of $529,000 over the same quarter last year. This increase was a result of additional rental income from newly developed and existing commercial properties and higher royalties due to increased mining. The Company had no property sales in the fourth quarter of this year as compared to $1,946,000 in the fourth quarter of last year.
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Consolidated gross profit for the fourth quarter of 2001 decreased to $3,994,000 from $4,128,000 for the same quarter last year due to the absence of gross profit from property sales in the fourth quarter of this year compared to $1,373,000 in the fourth quarter of last year. The transportation groups gross profit for the fourth quarter of 2001 was $1,743,000, an increase of $1,025,000 over the same quarter last year. This improvement was due to an increase in miles hauled and improved margins in the tankline and flatbed operations. The improved margins resulted from modest price increases and lower fuel costs in the fourth quarter of 2001. The real estate groups gross profit, excluding property sales, increased $214,000 or 10.5% as a result of the increased royalties and rental income.
The Company incurred a loss before income taxes of $2,221,000 for the fourth quarter of 2001 due to the losses of the closed subsidiary which included asset write-offs and other non-recurring charges of $3,435,000 for 2001. Revenues and losses related to Patriot Transportation, Inc. for the quarters ended September 30 are as follows:
2001 2000
Revenues $ 4,321,000 $4,701,000
Income (Loss) before income taxes $(4,791,000) $(73,000)
Net income (Loss) $(2,875,000) $(44,000)
As a result of the above, the Company reported a net loss of $1,333,000 or $.42 per diluted share for the fourth quarter ended September 30, 2001, versus net income of $130,000 or $.04 per diluted share for the fourth quarter of last year. The weighted average diluted shares outstanding declined 6.4% to 3,143,000 shares for the quarter ended September 30, 2001.
Fiscal Year 2001 Operating Results.
Net interest expense decreased 10% to $846,000 from $940,000 in the same quarter last year due to lower average interest rates partially offset by additional borrowings in the real estate group. Net income increased to $1,157,000 or $.37 per diluted share in the third quarter from $865,000 or $.26 per diluted share in the same quarter last year.
Nine Months Operating Results.
Consolidated revenues for the year ending September 30, 2001 were $121,258,000. Transportation revenues were $103,189,000 of which $80,566,000 were from the Company's continuing tankline and flatbed operations. Real estate revenues, excluding property sales, increased to $14,091,000 from $11,450,000. Property sales were $3,978,000 for 2001 versus $2,260,000 for 2000.
Consolidated gross profit for fiscal 2001 increased to $21,792,000. Transportation's gross profit increased to $10,222,000 due to an increase in miles hauled and improved margins due to price increases in the tankline and flatbed businesses. Real estate gross profit increased to $11,571,000 due to property sales, increased royalties from mining properties and additional rental income from newly developed and existing properties. Gross profit from property sales was $2,886,000 for the year ended September 30, 2001.
Income before income taxes increased to $4,506,000 due to the improved gross profit of the continuing transportation companies and the real estate operations, along with reduced selling, general and administrative expense of the tankline operations. This improvement was adversely impacted by losses of the closed subsidiary which included asset write-offs and other non-recurring charges of $3,435,000 in 2001 related to its shutdown. Revenues and losses related to Patriot Transportation, Inc. for the years ended September 30 are as follows:
2001 2000
Revenues $ 22,623,000 $7,689,000
Income (Loss) before income taxes $ (6,309,000) $ (361,000)
Net income (Loss) $ (3,786,000) $ (261,000)
As a result of the above, the Company reported net income of $2,703,000 or $.86 per diluted share compared to $2,044,000 or $.61 per diluted share for fiscal year 2000. The weighted average diluted shares outstanding decreased 5.7% to 3,158,000 shares for the year ended September 30, 2001.
Summary and Outlook.Real estate momentum still appears favorable and should produce further progress unless dampened by pressures from the current recession. The transportation group will continue its focus on raising permanent freight rates to offset insurance cost impacts while pushing for economies from maximum equipment utilization.
Patriot Transportation Holding, Inc. is engaged in the transportation and real estate businesses. The Companys transportation business is conducted through two 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, Midwest and Mid-Atlantic States, hauling primarily construction materials. The Companys 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)
|
Three Months Ended
September 30 |
Fiscal Year Ended
September 30 |
Revenues
Gross Profit
Income before income taxes
Net income
Earnings per common share:
-Basic
-Diluted
Weighted average shares outstanding:
-Basic
-Diluted |
2001
$27,514
3,994
(2,221)
$(1,333)
$(.42)
$(.42)
3,140
3,143 |
2000
$27,888
4,128
297
$130
$.04
$.04
3,357
3,358 |
2001
$121,258
21,792
4,506
$2,703
$.86
$.86
3,157
3,158 |
2000
$93,862
16,239
3,345
$2,044
$.61
$.61
3,334
3,348 |
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.
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