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PATRIOT
TRANSPORTATION HOLDING, INC. ANNOUNCES RESULTS FOR
THE FIRST QUARTER OF FISCAL YEAR 2005.
Jacksonville,
Florida; January 26, 2005 – Patriot Transportation
Holding, Inc. (NASDAQ-PATR) reported net income increased
25.6% to $1,656,000 or $.55 per diluted common share
for the first quarter of fiscal year 2005, compared
to $1,318,000 or $.44 per diluted common share for
the same quarter last year. Fiscal 2004 first quarter
included $87,000 of income from discontinued operations.
Income from continuing operations increased 34.5%
to $1,656,000 in the first quarter of fiscal 2005
from $1,231,000 in the first quarter of 2004.
First
Quarter Operating Results.
For the first quarter of fiscal 2005, consolidated
revenues were $31,374,000, an increase of $3,690,000
or 13.3% over the same quarter last year.
The
transportation segment’s revenues for the first quarter
of fiscal 2005 were $27,035,000, an increase of $3,264,000
or 13.7% over the same quarter last year. Fuel
surcharges accounted for $1,610,000 of the increase,
resulting from higher diesel fuel costs during the
quarter compared to the same quarter last year. Excluding
fuel surcharges, revenue per mile increased 5.1%,
reflecting stronger pricing for hauling services.
Revenue miles in the current quarter were up 2.0%
compared to the first quarter of 2004.
Real
estate revenues were $4,339,000 for the first quarter
of fiscal 2005, an increase of $426,000 or 10.9% from
the first quarter of fiscal 2004. Lease revenue from
developed properties increased $466,000 or 19.0%,
due to a 25.4% increase in occupied square footage.
The increased space resulted from the purchase of
two completed buildings in March 2004 and the purchase
of one building in early November 2004. These purchases
added 491,000 total square feet and 339,000 of leased
square feet during the first quarter of fiscal 2005.
Royalties from mining operations decreased as a result
of a 7.5% decrease in tons sold as compared to the
same quarter last year.
Consolidated
gross profit for the first quarter of 2005 was $5,917,000,
an increase of $694,000 or 13.3% from the first quarter
of last year. Gross profit in the transportation segment
increased $272,000 or 8.6%, primarily due to the increases
in pricing and volume, offset by increased risk and
health insurance costs as compared to the same quarter
last year. Gross profit in the real estate segment
increased $423,000 or 20.5% from the first quarter
of 2004, primarily due to increased lease revenue
from higher average leased square footage from the
purchase of the buildings discussed above.
Income
from continuing operations was $1,656,000 or $.55
per diluted common share for the first quarter of
fiscal 2005, a 34.5% increase over the first quarter
of last year.
Net
income was $1,656,000 or $.55 per diluted share for
the first quarter of fiscal 2005 compared to $1,318,000
or $.44 per diluted common share for the same quarter
last year. Net income for the first quarter of 2004
included $87,000 of income from discontinued operations,
net of tax.
Summary
and Outlook.
The Company’s real estate and transportation businesses
continue to experience improved market conditions
as the result of a stronger regional and national
economy. Management expects both the real estate
and transportation segments to benefit from favorable
demand within their respective businesses.
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 business conditions; competitive factors;
political, economic, regulatory and climatic conditions;
driver availability and cost; regulations regarding
driver qualifications and hours of service; freight
demand for petroleum products and for building and
construction materials in the Company's markets; risk
insurance markets; demand for flexible warehouse/office
facilities; 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 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 Southeastern states,
hauling primarily construction materials. 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
(In thousands except
per share amounts)
| |
Three Months |
| |
Ended |
| |
December 31, |
| |
2004 |
|
2003 |
| |
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| Revenues |
$31,374
|
|
27,684
|
| Gross
profit |
$5,917
|
|
5,223
|
| Income
before income taxes |
$2,714
|
|
2,019
|
| Income
from continuing operations |
$1,656
|
|
1,231
|
| Income
fromdiscontinued operations |
$ - |
|
87
|
| Net income |
$1,656
|
|
1,318
|
| Earnings per
common share: |
|
|
|
| Income from
continuing operations |
|
|
|
| Basic |
$ 0.56
|
|
0.42
|
| Diluted |
$ 0.55
|
|
0.41
|
| Income fromdiscontinued
operations |
|
|
|
| Basic |
$
- |
|
0.03
|
| Diluted |
$
- |
|
0.03
|
| Net income |
|
|
|
| Basic |
$ 0.56
|
|
0.45
|
| Diluted |
$ 0.55
|
|
0.44
|
| Common shares
used in computing earnings per share: |
|
|
|
| Basic |
2,932 |
|
2,933
|
| Diluted |
3,000 |
|
2,983
|
| PATRIOT TRANSPORTATION HOLDING,
INC. |
| Condensed Balance Sheets (Unaudited) |
| (Amounts in thousands) |
| |
|
December 31 |
|
September 30 |
| |
|
2004 |
|
2004 |
| |
|
|
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|
| Cash and cash
equivalents |
|
$
359 |
|
$
199 |
| Cash held in escrow
(a) |
|
- |
|
16,553 |
| Accounts receivable,
net |
|
8,237 |
|
9,123 |
| Other current
assets |
|
5,707 |
|
4,191 |
| Property, plant
and equipment, net |
|
160,624 |
|
149,011 |
| Other non-current
assets |
|
6,777 |
|
6,317 |
|
Total Assets |
|
$181,704 |
|
$185,394
|
| |
|
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| Current liabilities |
|
$12,604
|
|
$23,099
|
| Long-term debt
(excluding current maturities) |
|
49,988 |
|
41,185 |
| Deferred income
taxes |
|
11,667 |
|
15,767 |
| Other non-current
liabilities |
|
7,301 |
|
7,256 |
| Shareholders’
equity |
|
100,144 |
|
98,087 |
| Total Liabilities
and Shareholders’ Equity |
|
$181,704
|
|
$185,394
|
(a)
Cash
held in escrow consists of proceeds from sales of
real estate held in escrow in anticipation
of
qualified real estate purchases in accordance with
Section 1031 of the Internal Revenue Code.
In November 2004, $7,200,000 was used to purchase qualified
property and the balance was released
from escrow.
Patriot Transportation Holding, Inc.
Business Segments
(Amounts in thousands)
The Company has identified two
business segments, Transportation and Real Estate.
All of the Company’s operations are located in the
Southeastern and Mid-Atlantic states and each is managed
separately along product lines. Operating results
for the Company’s business segments are as follows:
| |
Three months
ended |
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December
31 |
|
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2004 |
|
2003 |
|
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Transportation revenues |
$ 27,035
|
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Real estate revenues |
4,339 |
|
3,913 |
|
|
|
|
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Total revenues |
$
31,374 |
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Transportation operating profit |
$ 1,450 |
|
$ 1,346
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Real estate operating profit |
2,486
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|
2,062
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|
Corporate expenses |
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(404) |
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Total operating profit |
$
3,517 |
|
$
3,004 |
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