Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Patriot Transportation Holding, Inc. Announces Results for the Third Quarter and Fiscal Year 2022 By: ACCESSWIRE August 03, 2022 at 12:45 PM EDT JACKSONVILLE, FL / ACCESSWIRE / August 3, 2022 / Patriot Transportation Holding, Inc. (NASDAQ:PATI):Third Quarter Operating ResultsThe Company reported net income of $771,000, or $.22 per share for the quarter ended June 30, 2022, compared to $323,000, or $.09 per share, in the same quarter last year. Net income in the prior year third quarter included $133,000, or $.04 per share, from gains on real estate sales net of income taxes.Revenue miles were down 535,000, or 9%, over the same quarter last year due to a lower average driver count resulting primarily from the closure of our Nashville location and turnover (down ~25 drivers from the 3rd quarter of last year). Operating revenues for the quarter were $23,501,000, up $2,646,000 from the same quarter last year due to rate increases, higher fuel surcharges and an improved business mix. Operating revenue per mile was up $.86, or 24.2%.Compensation and benefits increased $574,000, mainly due to the recent increases in driver compensation mostly offset by a lower driver count and non-driver personnel reductions. Gross fuel expense increased $1,397,000 due to higher diesel prices. Insurance and losses increased $129,000, primarily due to the negative development of a fiscal year 2020 auto liability claim. Depreciation expense was down $299,000 in the quarter. Gain on the sale of assets was $163,000 versus $46,000 in the same quarter last year.As a result, operating profit this quarter was $913,000 compared to $452,000 in the same quarter last year. Excluding the gain on sale of land, the adjusted operating profit was $269,000 in last year's third quarter.First Nine Months Operating Results for Fiscal year 2022The Company reported net income of $6,720,000, or $1.85 per share, compared to $585,000, or $.17 per share, in the same period last year. The first nine months' net income included $6,281,000, or $1.73 per share, from gains on real estate sales net of income taxes. Net income in the prior year nine months included $1,170,000, or $.34 per share, from gains on real estate sales net of income taxes.Revenue miles were down 2,207,000, or 12%, over the same period last year due to a lower average driver count (down ~49 drivers from the first nine months of last year). Operating revenues for the period were $65,000,000, up $4,189,000 from the same period last year. Operating revenue per mile was up $.72, or 21.7% due to rate increases, higher fuel surcharges and an improved business mix.Compensation and benefits increased $882,000, mainly due to the increased driver compensation package offset by a lower driver count and non-driver personnel reductions. Gross fuel expense increased $2,713,000 as a result of higher diesel prices. Insurance and losses increased $462,000, primarily as a result of a maximum limit COVID claim ($372,500) and the negative workers' compensation adjustment from a prior year claim ($380,000). Depreciation expense was down $832,000 in the period. SG&A expense was higher by $384,000 mainly due to a one-time transaction bonus following the sale of the Tampa property for certain members of the management team ($312,000 in SG&A and $82,000 in Corporate for a total of $394,000) and higher legal fees. Gain on the sale of land was $8,330,000 due to the sale of our former terminal location in Tampa, FL compared to $1,614,000 in the same period last year due to the sale of our former terminal location in Pensacola, FL and the sale and partial leaseback of our terminal in Chattanooga, TN. Gain on the sale of assets was $642,000 versus a loss of ($153,000) in the same period last year.As a result, operating profit this period was $8,815,000 compared to $822,000 in the same period last year. Operating ratio was 86.4 in the first nine months versus 98.6 the same period last year. Excluding the gain on sale of terminal sites and the one-time transaction bonus, adjusted operating profit for the first nine months was $879,000 as compared to an adjusted operating loss of ($792,000) in the same period last year. The COVID medical claim and the prior year workers' compensation claim resulted in a total charge of $752,500 in the first nine months of fiscal 2022.Summary and OutlookSince announcing the first significant pay increase back in April of 2021, our driver count has stabilized and we have been holding steady at +/- 355 revenue producing drivers. During the first quarter of 2022 we announced additional driver pay increases in all of our markets, with the majority effective February 4, 2022. Driver turnover has fallen to 77% through the first nine months of this year versus 100% in last fiscal year. We continue to see steady activity on driver applications and the average number of drivers in training. In July, we announced additional driver pay increases effective August 5, 2022 in about half of our markets. These increases require drivers to meet certain criteria each month in order to qualify, including minimum average log hours worked and zero unexcused absences to help drive productivity.We continue to successfully negotiate additional rate increases with our customers as we adjust driver pay. These additional rate increases will fully offset the additional driver pay. We continue to focus on diversifying our product mix with more water and dry bulk drivers.Our balance sheet remained solid with $9.9 million of cash and cash equivalents as of June 30, 2022, with no outstanding debt. We replaced 10 tractors in the first half of this fiscal year with plans to buy an additional 20 replacement tractors and a handful of trailers in Q4 putting our current planned capital expenditures at ~$6,000,000 for fiscal year 2022.Impact of the COVID-19 PandemicThe COVID-19 pandemic continues to have some impact on demand for oil and petroleum products in certain markets but that impact was far less in this quarter than had been experienced since the beginning of the pandemic. As an essential business, we have continued to operate throughout the pandemic in accordance with CDC guidance and orders issued by state and local authorities.Conference CallThe Company will host a conference call on August 3, 2022 at 3:00 PM (EDT). Analysts, shareholders and other interested parties may access the teleconference live by calling 1-888-506-0062 domestic or international at 1-973-528-0011. Computer audio live streaming is available at https://www.webcaster4.com/Webcast/Page/2058/45955. An audio replay will be available for sixty (60) days following the conference call by dialing toll free 1-877-481-4010 domestic or international 1-919-882-2331 then enter pass code 45955. An audio archive can also be accessed at https://www.webcaster4.com/Webcast/Page/2058/45955.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 the impact of the COVID-19 pandemic on our revenues, operations and financial condition; general economic conditions; competitive factors; political, economic, regulatory and climatic conditions; driver availability and cost; the impact of future regulations regarding the transportation industry; freight demand for petroleum product and levels of construction activity in the Company's markets; fuel costs; risk insurance markets; 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 business. The Company's transportation business is conducted through Florida Rock & Tank Lines, Inc. which is a Southeastern transportation company engaged in the hauling of liquid and dry bulk commodities.PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(In thousands)(Unaudited) THREE MONTHS ENDED NINE MONTHS ENDED JUNE 30, JUNE 30, 2022 2021 2022 2021 Operating revenues $23,501 20,855 65,000 60,811 Cost of operations: Compensation and benefits 9,774 9,200 27,820 26,938 Fuel expenses 3,965 2,568 9,843 7,130 Repairs & tires 1,502 1,316 4,163 4,033 Other operating 739 734 2,193 2,302 Insurance and losses 1,918 1,789 6,302 5,840 Depreciation expense 1,363 1,662 4,246 5,078 Rents, tags & utilities 651 653 2,032 2,052 Sales, general & administrative 2,328 2,284 6,945 6,561 Corporate expenses 511 426 1,613 1,516 Gain on sale of terminal sites - (183) (8,330) (1,614)(Gain) loss on disposition of PP&E (163) (46) (642) 153 Total cost of operations 22,588 20,403 56,185 59,989 Total operating profit 913 452 8,815 822 Interest income and other 13 1 17 4 Interest expense (4) (8) (13) (23) Income before income taxes 922 445 8,819 803 Provision for income taxes 151 122 2,099 218 Net income $771 323 $6,720 585 Unrealized investment losses, net (4) - (7) - Comprehensive income $767 323 $6,713 585 Earnings per common share: Net income - Basic $0.22 0.09 1.95 0.17 Diluted $0.22 0.09 1.85 0.17 Number of shares (in thousands) used in computing: -basic earnings per common share 3,483 3,402 3,453 3,391 -diluted earnings per common share 3,504 3,420 3,628 3,401 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited June 30, September 30, Assets 2022 2021 Current assets: Cash and cash equivalents $9,949 10,899 Accounts receivable (net of allowance fordoubtful accounts of $66 and $86, respectively) 5,504 4,930 Inventory of parts and supplies 1,228 871 Prepaid tires on equipment 1,400 1,317 Prepaid taxes and licenses 111 448 Prepaid insurance 3,100 4,614 Prepaid expenses, other 202 299 Total current assets 21,494 23,378 Property and equipment, at cost 73,602 77,181 Less accumulated depreciation 53,968 54,497 Net property and equipment 19,634 22,684 Operating lease right-of-use assets 2,660 1,949 Goodwill 3,637 3,637 Intangible assets, net 606 756 Other assets, net 146 156 Total assets $48,177 52,560 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $2,539 1,858 Federal and state taxes payable 1,675 263 Accrued payroll and benefits 2,878 2,939 Accrued insurance 1,198 1,105 Accrued liabilities, other 980 1,742 Operating lease liabilities, current portion 928 928 Total current liabilities 10,198 8,835 Operating lease liabilities, less current portion 1,928 1,131 Deferred income taxes 2,976 4,062 Accrued insurance 1,537 1,537 Other liabilities 862 879 Total liabilities 17,501 16,444 Commitments and contingencies Shareholders' Equity: Preferred stock, 5,000,000 shares authorized, of which250,000 shares are designated Series A JuniorParticipating Preferred Stock; $0.01 par value;None issued and outstanding - - Common stock, $.10 par value; (25,000,000 sharesauthorized; 3,484,004 and 3,415,643 shares issuedand outstanding, respectively) 348 342 Capital in excess of par value 39,906 39,257 Accumulated deficit (9,660) (3,572)Accumulated other comprehensive income, net 82 89 Total shareholders' equity 30,676 36,116 Total liabilities and shareholders' equity $48,177 52,560 Non-GAAP Financial MeasuresTo supplement the financial results presented in accordance with GAAP, Patriot presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Patriot uses these non-GAAP financial measures to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. These measures are not, and should not be viewed as, substitutes for GAAP financial measures.Adjusted Operating ProfitAdjusted operating profit excludes the impact of the gain on sale of terminal sites and the one-time transaction bonus related to the sale. Adjusted operating profit is presented to provide additional perspective on underlying trends in Patriot's core operating results. A reconciliation between operating profit and adjusted operating profit is as follows: Three months ended Nine months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Operating profit $913 452 8,815 822 Adjustments: Gain on sale of terminal sites - (183) (8,330) (1,614)One-time transaction bonus - - 394 - Adjusted operating profit (loss) $913 269 879 (792)Contact:Matt McNultyChief Financial Officer904/858-9100SOURCE: Patriot Transportation Holding, Inc.View source version on accesswire.com: https://www.accesswire.com/710728/Patriot-Transportation-Holding-Inc-Announces-Results-for-the-Third-Quarter-and-Fiscal-Year-2022 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Patriot Transportation Holding, Inc. Announces Results for the Third Quarter and Fiscal Year 2022 By: ACCESSWIRE August 03, 2022 at 12:45 PM EDT JACKSONVILLE, FL / ACCESSWIRE / August 3, 2022 / Patriot Transportation Holding, Inc. (NASDAQ:PATI):Third Quarter Operating ResultsThe Company reported net income of $771,000, or $.22 per share for the quarter ended June 30, 2022, compared to $323,000, or $.09 per share, in the same quarter last year. Net income in the prior year third quarter included $133,000, or $.04 per share, from gains on real estate sales net of income taxes.Revenue miles were down 535,000, or 9%, over the same quarter last year due to a lower average driver count resulting primarily from the closure of our Nashville location and turnover (down ~25 drivers from the 3rd quarter of last year). Operating revenues for the quarter were $23,501,000, up $2,646,000 from the same quarter last year due to rate increases, higher fuel surcharges and an improved business mix. Operating revenue per mile was up $.86, or 24.2%.Compensation and benefits increased $574,000, mainly due to the recent increases in driver compensation mostly offset by a lower driver count and non-driver personnel reductions. Gross fuel expense increased $1,397,000 due to higher diesel prices. Insurance and losses increased $129,000, primarily due to the negative development of a fiscal year 2020 auto liability claim. Depreciation expense was down $299,000 in the quarter. Gain on the sale of assets was $163,000 versus $46,000 in the same quarter last year.As a result, operating profit this quarter was $913,000 compared to $452,000 in the same quarter last year. Excluding the gain on sale of land, the adjusted operating profit was $269,000 in last year's third quarter.First Nine Months Operating Results for Fiscal year 2022The Company reported net income of $6,720,000, or $1.85 per share, compared to $585,000, or $.17 per share, in the same period last year. The first nine months' net income included $6,281,000, or $1.73 per share, from gains on real estate sales net of income taxes. Net income in the prior year nine months included $1,170,000, or $.34 per share, from gains on real estate sales net of income taxes.Revenue miles were down 2,207,000, or 12%, over the same period last year due to a lower average driver count (down ~49 drivers from the first nine months of last year). Operating revenues for the period were $65,000,000, up $4,189,000 from the same period last year. Operating revenue per mile was up $.72, or 21.7% due to rate increases, higher fuel surcharges and an improved business mix.Compensation and benefits increased $882,000, mainly due to the increased driver compensation package offset by a lower driver count and non-driver personnel reductions. Gross fuel expense increased $2,713,000 as a result of higher diesel prices. Insurance and losses increased $462,000, primarily as a result of a maximum limit COVID claim ($372,500) and the negative workers' compensation adjustment from a prior year claim ($380,000). Depreciation expense was down $832,000 in the period. SG&A expense was higher by $384,000 mainly due to a one-time transaction bonus following the sale of the Tampa property for certain members of the management team ($312,000 in SG&A and $82,000 in Corporate for a total of $394,000) and higher legal fees. Gain on the sale of land was $8,330,000 due to the sale of our former terminal location in Tampa, FL compared to $1,614,000 in the same period last year due to the sale of our former terminal location in Pensacola, FL and the sale and partial leaseback of our terminal in Chattanooga, TN. Gain on the sale of assets was $642,000 versus a loss of ($153,000) in the same period last year.As a result, operating profit this period was $8,815,000 compared to $822,000 in the same period last year. Operating ratio was 86.4 in the first nine months versus 98.6 the same period last year. Excluding the gain on sale of terminal sites and the one-time transaction bonus, adjusted operating profit for the first nine months was $879,000 as compared to an adjusted operating loss of ($792,000) in the same period last year. The COVID medical claim and the prior year workers' compensation claim resulted in a total charge of $752,500 in the first nine months of fiscal 2022.Summary and OutlookSince announcing the first significant pay increase back in April of 2021, our driver count has stabilized and we have been holding steady at +/- 355 revenue producing drivers. During the first quarter of 2022 we announced additional driver pay increases in all of our markets, with the majority effective February 4, 2022. Driver turnover has fallen to 77% through the first nine months of this year versus 100% in last fiscal year. We continue to see steady activity on driver applications and the average number of drivers in training. In July, we announced additional driver pay increases effective August 5, 2022 in about half of our markets. These increases require drivers to meet certain criteria each month in order to qualify, including minimum average log hours worked and zero unexcused absences to help drive productivity.We continue to successfully negotiate additional rate increases with our customers as we adjust driver pay. These additional rate increases will fully offset the additional driver pay. We continue to focus on diversifying our product mix with more water and dry bulk drivers.Our balance sheet remained solid with $9.9 million of cash and cash equivalents as of June 30, 2022, with no outstanding debt. We replaced 10 tractors in the first half of this fiscal year with plans to buy an additional 20 replacement tractors and a handful of trailers in Q4 putting our current planned capital expenditures at ~$6,000,000 for fiscal year 2022.Impact of the COVID-19 PandemicThe COVID-19 pandemic continues to have some impact on demand for oil and petroleum products in certain markets but that impact was far less in this quarter than had been experienced since the beginning of the pandemic. As an essential business, we have continued to operate throughout the pandemic in accordance with CDC guidance and orders issued by state and local authorities.Conference CallThe Company will host a conference call on August 3, 2022 at 3:00 PM (EDT). Analysts, shareholders and other interested parties may access the teleconference live by calling 1-888-506-0062 domestic or international at 1-973-528-0011. Computer audio live streaming is available at https://www.webcaster4.com/Webcast/Page/2058/45955. An audio replay will be available for sixty (60) days following the conference call by dialing toll free 1-877-481-4010 domestic or international 1-919-882-2331 then enter pass code 45955. An audio archive can also be accessed at https://www.webcaster4.com/Webcast/Page/2058/45955.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 the impact of the COVID-19 pandemic on our revenues, operations and financial condition; general economic conditions; competitive factors; political, economic, regulatory and climatic conditions; driver availability and cost; the impact of future regulations regarding the transportation industry; freight demand for petroleum product and levels of construction activity in the Company's markets; fuel costs; risk insurance markets; 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 business. The Company's transportation business is conducted through Florida Rock & Tank Lines, Inc. which is a Southeastern transportation company engaged in the hauling of liquid and dry bulk commodities.PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(In thousands)(Unaudited) THREE MONTHS ENDED NINE MONTHS ENDED JUNE 30, JUNE 30, 2022 2021 2022 2021 Operating revenues $23,501 20,855 65,000 60,811 Cost of operations: Compensation and benefits 9,774 9,200 27,820 26,938 Fuel expenses 3,965 2,568 9,843 7,130 Repairs & tires 1,502 1,316 4,163 4,033 Other operating 739 734 2,193 2,302 Insurance and losses 1,918 1,789 6,302 5,840 Depreciation expense 1,363 1,662 4,246 5,078 Rents, tags & utilities 651 653 2,032 2,052 Sales, general & administrative 2,328 2,284 6,945 6,561 Corporate expenses 511 426 1,613 1,516 Gain on sale of terminal sites - (183) (8,330) (1,614)(Gain) loss on disposition of PP&E (163) (46) (642) 153 Total cost of operations 22,588 20,403 56,185 59,989 Total operating profit 913 452 8,815 822 Interest income and other 13 1 17 4 Interest expense (4) (8) (13) (23) Income before income taxes 922 445 8,819 803 Provision for income taxes 151 122 2,099 218 Net income $771 323 $6,720 585 Unrealized investment losses, net (4) - (7) - Comprehensive income $767 323 $6,713 585 Earnings per common share: Net income - Basic $0.22 0.09 1.95 0.17 Diluted $0.22 0.09 1.85 0.17 Number of shares (in thousands) used in computing: -basic earnings per common share 3,483 3,402 3,453 3,391 -diluted earnings per common share 3,504 3,420 3,628 3,401 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited June 30, September 30, Assets 2022 2021 Current assets: Cash and cash equivalents $9,949 10,899 Accounts receivable (net of allowance fordoubtful accounts of $66 and $86, respectively) 5,504 4,930 Inventory of parts and supplies 1,228 871 Prepaid tires on equipment 1,400 1,317 Prepaid taxes and licenses 111 448 Prepaid insurance 3,100 4,614 Prepaid expenses, other 202 299 Total current assets 21,494 23,378 Property and equipment, at cost 73,602 77,181 Less accumulated depreciation 53,968 54,497 Net property and equipment 19,634 22,684 Operating lease right-of-use assets 2,660 1,949 Goodwill 3,637 3,637 Intangible assets, net 606 756 Other assets, net 146 156 Total assets $48,177 52,560 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $2,539 1,858 Federal and state taxes payable 1,675 263 Accrued payroll and benefits 2,878 2,939 Accrued insurance 1,198 1,105 Accrued liabilities, other 980 1,742 Operating lease liabilities, current portion 928 928 Total current liabilities 10,198 8,835 Operating lease liabilities, less current portion 1,928 1,131 Deferred income taxes 2,976 4,062 Accrued insurance 1,537 1,537 Other liabilities 862 879 Total liabilities 17,501 16,444 Commitments and contingencies Shareholders' Equity: Preferred stock, 5,000,000 shares authorized, of which250,000 shares are designated Series A JuniorParticipating Preferred Stock; $0.01 par value;None issued and outstanding - - Common stock, $.10 par value; (25,000,000 sharesauthorized; 3,484,004 and 3,415,643 shares issuedand outstanding, respectively) 348 342 Capital in excess of par value 39,906 39,257 Accumulated deficit (9,660) (3,572)Accumulated other comprehensive income, net 82 89 Total shareholders' equity 30,676 36,116 Total liabilities and shareholders' equity $48,177 52,560 Non-GAAP Financial MeasuresTo supplement the financial results presented in accordance with GAAP, Patriot presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Patriot uses these non-GAAP financial measures to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. These measures are not, and should not be viewed as, substitutes for GAAP financial measures.Adjusted Operating ProfitAdjusted operating profit excludes the impact of the gain on sale of terminal sites and the one-time transaction bonus related to the sale. Adjusted operating profit is presented to provide additional perspective on underlying trends in Patriot's core operating results. A reconciliation between operating profit and adjusted operating profit is as follows: Three months ended Nine months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Operating profit $913 452 8,815 822 Adjustments: Gain on sale of terminal sites - (183) (8,330) (1,614)One-time transaction bonus - - 394 - Adjusted operating profit (loss) $913 269 879 (792)Contact:Matt McNultyChief Financial Officer904/858-9100SOURCE: Patriot Transportation Holding, Inc.View source version on accesswire.com: https://www.accesswire.com/710728/Patriot-Transportation-Holding-Inc-Announces-Results-for-the-Third-Quarter-and-Fiscal-Year-2022
JACKSONVILLE, FL / ACCESSWIRE / August 3, 2022 / Patriot Transportation Holding, Inc. (NASDAQ:PATI):Third Quarter Operating ResultsThe Company reported net income of $771,000, or $.22 per share for the quarter ended June 30, 2022, compared to $323,000, or $.09 per share, in the same quarter last year. Net income in the prior year third quarter included $133,000, or $.04 per share, from gains on real estate sales net of income taxes.Revenue miles were down 535,000, or 9%, over the same quarter last year due to a lower average driver count resulting primarily from the closure of our Nashville location and turnover (down ~25 drivers from the 3rd quarter of last year). Operating revenues for the quarter were $23,501,000, up $2,646,000 from the same quarter last year due to rate increases, higher fuel surcharges and an improved business mix. Operating revenue per mile was up $.86, or 24.2%.Compensation and benefits increased $574,000, mainly due to the recent increases in driver compensation mostly offset by a lower driver count and non-driver personnel reductions. Gross fuel expense increased $1,397,000 due to higher diesel prices. Insurance and losses increased $129,000, primarily due to the negative development of a fiscal year 2020 auto liability claim. Depreciation expense was down $299,000 in the quarter. Gain on the sale of assets was $163,000 versus $46,000 in the same quarter last year.As a result, operating profit this quarter was $913,000 compared to $452,000 in the same quarter last year. Excluding the gain on sale of land, the adjusted operating profit was $269,000 in last year's third quarter.First Nine Months Operating Results for Fiscal year 2022The Company reported net income of $6,720,000, or $1.85 per share, compared to $585,000, or $.17 per share, in the same period last year. The first nine months' net income included $6,281,000, or $1.73 per share, from gains on real estate sales net of income taxes. Net income in the prior year nine months included $1,170,000, or $.34 per share, from gains on real estate sales net of income taxes.Revenue miles were down 2,207,000, or 12%, over the same period last year due to a lower average driver count (down ~49 drivers from the first nine months of last year). Operating revenues for the period were $65,000,000, up $4,189,000 from the same period last year. Operating revenue per mile was up $.72, or 21.7% due to rate increases, higher fuel surcharges and an improved business mix.Compensation and benefits increased $882,000, mainly due to the increased driver compensation package offset by a lower driver count and non-driver personnel reductions. Gross fuel expense increased $2,713,000 as a result of higher diesel prices. Insurance and losses increased $462,000, primarily as a result of a maximum limit COVID claim ($372,500) and the negative workers' compensation adjustment from a prior year claim ($380,000). Depreciation expense was down $832,000 in the period. SG&A expense was higher by $384,000 mainly due to a one-time transaction bonus following the sale of the Tampa property for certain members of the management team ($312,000 in SG&A and $82,000 in Corporate for a total of $394,000) and higher legal fees. Gain on the sale of land was $8,330,000 due to the sale of our former terminal location in Tampa, FL compared to $1,614,000 in the same period last year due to the sale of our former terminal location in Pensacola, FL and the sale and partial leaseback of our terminal in Chattanooga, TN. Gain on the sale of assets was $642,000 versus a loss of ($153,000) in the same period last year.As a result, operating profit this period was $8,815,000 compared to $822,000 in the same period last year. Operating ratio was 86.4 in the first nine months versus 98.6 the same period last year. Excluding the gain on sale of terminal sites and the one-time transaction bonus, adjusted operating profit for the first nine months was $879,000 as compared to an adjusted operating loss of ($792,000) in the same period last year. The COVID medical claim and the prior year workers' compensation claim resulted in a total charge of $752,500 in the first nine months of fiscal 2022.Summary and OutlookSince announcing the first significant pay increase back in April of 2021, our driver count has stabilized and we have been holding steady at +/- 355 revenue producing drivers. During the first quarter of 2022 we announced additional driver pay increases in all of our markets, with the majority effective February 4, 2022. Driver turnover has fallen to 77% through the first nine months of this year versus 100% in last fiscal year. We continue to see steady activity on driver applications and the average number of drivers in training. In July, we announced additional driver pay increases effective August 5, 2022 in about half of our markets. These increases require drivers to meet certain criteria each month in order to qualify, including minimum average log hours worked and zero unexcused absences to help drive productivity.We continue to successfully negotiate additional rate increases with our customers as we adjust driver pay. These additional rate increases will fully offset the additional driver pay. We continue to focus on diversifying our product mix with more water and dry bulk drivers.Our balance sheet remained solid with $9.9 million of cash and cash equivalents as of June 30, 2022, with no outstanding debt. We replaced 10 tractors in the first half of this fiscal year with plans to buy an additional 20 replacement tractors and a handful of trailers in Q4 putting our current planned capital expenditures at ~$6,000,000 for fiscal year 2022.Impact of the COVID-19 PandemicThe COVID-19 pandemic continues to have some impact on demand for oil and petroleum products in certain markets but that impact was far less in this quarter than had been experienced since the beginning of the pandemic. As an essential business, we have continued to operate throughout the pandemic in accordance with CDC guidance and orders issued by state and local authorities.Conference CallThe Company will host a conference call on August 3, 2022 at 3:00 PM (EDT). Analysts, shareholders and other interested parties may access the teleconference live by calling 1-888-506-0062 domestic or international at 1-973-528-0011. Computer audio live streaming is available at https://www.webcaster4.com/Webcast/Page/2058/45955. An audio replay will be available for sixty (60) days following the conference call by dialing toll free 1-877-481-4010 domestic or international 1-919-882-2331 then enter pass code 45955. An audio archive can also be accessed at https://www.webcaster4.com/Webcast/Page/2058/45955.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 the impact of the COVID-19 pandemic on our revenues, operations and financial condition; general economic conditions; competitive factors; political, economic, regulatory and climatic conditions; driver availability and cost; the impact of future regulations regarding the transportation industry; freight demand for petroleum product and levels of construction activity in the Company's markets; fuel costs; risk insurance markets; 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 business. The Company's transportation business is conducted through Florida Rock & Tank Lines, Inc. which is a Southeastern transportation company engaged in the hauling of liquid and dry bulk commodities.PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(In thousands)(Unaudited) THREE MONTHS ENDED NINE MONTHS ENDED JUNE 30, JUNE 30, 2022 2021 2022 2021 Operating revenues $23,501 20,855 65,000 60,811 Cost of operations: Compensation and benefits 9,774 9,200 27,820 26,938 Fuel expenses 3,965 2,568 9,843 7,130 Repairs & tires 1,502 1,316 4,163 4,033 Other operating 739 734 2,193 2,302 Insurance and losses 1,918 1,789 6,302 5,840 Depreciation expense 1,363 1,662 4,246 5,078 Rents, tags & utilities 651 653 2,032 2,052 Sales, general & administrative 2,328 2,284 6,945 6,561 Corporate expenses 511 426 1,613 1,516 Gain on sale of terminal sites - (183) (8,330) (1,614)(Gain) loss on disposition of PP&E (163) (46) (642) 153 Total cost of operations 22,588 20,403 56,185 59,989 Total operating profit 913 452 8,815 822 Interest income and other 13 1 17 4 Interest expense (4) (8) (13) (23) Income before income taxes 922 445 8,819 803 Provision for income taxes 151 122 2,099 218 Net income $771 323 $6,720 585 Unrealized investment losses, net (4) - (7) - Comprehensive income $767 323 $6,713 585 Earnings per common share: Net income - Basic $0.22 0.09 1.95 0.17 Diluted $0.22 0.09 1.85 0.17 Number of shares (in thousands) used in computing: -basic earnings per common share 3,483 3,402 3,453 3,391 -diluted earnings per common share 3,504 3,420 3,628 3,401 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited June 30, September 30, Assets 2022 2021 Current assets: Cash and cash equivalents $9,949 10,899 Accounts receivable (net of allowance fordoubtful accounts of $66 and $86, respectively) 5,504 4,930 Inventory of parts and supplies 1,228 871 Prepaid tires on equipment 1,400 1,317 Prepaid taxes and licenses 111 448 Prepaid insurance 3,100 4,614 Prepaid expenses, other 202 299 Total current assets 21,494 23,378 Property and equipment, at cost 73,602 77,181 Less accumulated depreciation 53,968 54,497 Net property and equipment 19,634 22,684 Operating lease right-of-use assets 2,660 1,949 Goodwill 3,637 3,637 Intangible assets, net 606 756 Other assets, net 146 156 Total assets $48,177 52,560 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $2,539 1,858 Federal and state taxes payable 1,675 263 Accrued payroll and benefits 2,878 2,939 Accrued insurance 1,198 1,105 Accrued liabilities, other 980 1,742 Operating lease liabilities, current portion 928 928 Total current liabilities 10,198 8,835 Operating lease liabilities, less current portion 1,928 1,131 Deferred income taxes 2,976 4,062 Accrued insurance 1,537 1,537 Other liabilities 862 879 Total liabilities 17,501 16,444 Commitments and contingencies Shareholders' Equity: Preferred stock, 5,000,000 shares authorized, of which250,000 shares are designated Series A JuniorParticipating Preferred Stock; $0.01 par value;None issued and outstanding - - Common stock, $.10 par value; (25,000,000 sharesauthorized; 3,484,004 and 3,415,643 shares issuedand outstanding, respectively) 348 342 Capital in excess of par value 39,906 39,257 Accumulated deficit (9,660) (3,572)Accumulated other comprehensive income, net 82 89 Total shareholders' equity 30,676 36,116 Total liabilities and shareholders' equity $48,177 52,560 Non-GAAP Financial MeasuresTo supplement the financial results presented in accordance with GAAP, Patriot presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. Patriot uses these non-GAAP financial measures to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. These measures are not, and should not be viewed as, substitutes for GAAP financial measures.Adjusted Operating ProfitAdjusted operating profit excludes the impact of the gain on sale of terminal sites and the one-time transaction bonus related to the sale. Adjusted operating profit is presented to provide additional perspective on underlying trends in Patriot's core operating results. A reconciliation between operating profit and adjusted operating profit is as follows: Three months ended Nine months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Operating profit $913 452 8,815 822 Adjustments: Gain on sale of terminal sites - (183) (8,330) (1,614)One-time transaction bonus - - 394 - Adjusted operating profit (loss) $913 269 879 (792)Contact:Matt McNultyChief Financial Officer904/858-9100SOURCE: Patriot Transportation Holding, Inc.View source version on accesswire.com: https://www.accesswire.com/710728/Patriot-Transportation-Holding-Inc-Announces-Results-for-the-Third-Quarter-and-Fiscal-Year-2022