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 Fourth Quarter and Fiscal Year 2023 By: ACCESSWIRE December 06, 2023 at 12:35 PM EST JACKSONVILLE, FL / ACCESSWIRE / December 6, 2023 / Patriot Transportation Holding, Inc. (NASDAQ:PATI) Fourth Quarter Operating Results The Company reported net income of $526,000, or $.15 per share for the quarter ended September 30, 2023, compared to $470,000, or $.13 per share in the same quarter last year. Revenue miles were up 402,000, or 7.7%, over the same quarter last year. Operating revenues for the quarter were $24,217,000, up $1,335,000 from the same quarter last year due to higher miles, rate increases, and an improved business mix. Operating revenue per mile was down $.08, or 1.8% due mainly to lower fuel surcharges as diesel prices have declined since the same quarter last year. Compensation and benefits increased $895,000, mainly due to the increase in owner operators. Fuel expense decreased $515,000 due to lower diesel prices in the quarter. Insurance and losses decreased $81,000 due to lower risk insurance claims offset by increased health insurance claims. Sales, general & administrative increased $499,000 due mainly to bonus accruals. Corporate expenses included $368,000 of costs related to the pending merger. Gain on sale of equipment was $274,000 versus $97,000 in the same quarter last year. As a result, operating profit this quarter was $579,000 compared to $484,000 in the same quarter last year. Operating Results for Fiscal year 2023 The Company reported net income of $2,673,000, or $.74 per share for the fiscal year ended September 30, 2023, compared to $7,190,000, or $1.98 per share in the same period last year. Net income in the fiscal year ended September 30, 2022 included $6,281,000, or $1.73 per share, from one-time gains on real estate net of income taxes. Revenue miles were up 579,000, or 2.7%, over the same period last year. Operating revenues for the period were $94,785,000, up $6,903,000 from the same period last year due to an increase in miles, rate increases and an improved business mix. Operating revenue per mile was up $.20, or 4.8%. Compensation and benefits increased $5,587,000, mainly due to the increases in driver compensation, a $331,000 increase in training pay versus the same period last year and increases in owner operators. Fuel expense decreased $1,317,000 due to lower diesel prices. Insurance and losses decreased $1,103,000 due to lower risk and health insurance claims. Depreciation expense was down $127,000 in the period. Sales, general & administrative increased $1,286,000 due mainly to bonus accruals, increased travel and higher 401(k) match. Corporate expenses were up $204,000 due to $368,000 of costs related to the pending merger. Gain on sale of equipment was $1,047,000 versus $739,000 in the same period last year. As a result, operating profit this period was $3,282,000 compared to $9,299,000 in the same period last year. Prior year gain on the sale of land was $8,330,000 due to the sale of our former terminal location in Tampa, FL. Operating ratio was 96.5 versus 89.4 in the same period last year. Conference Call The Company will not hold an earnings conference call due to the execution of a definitive merger agreement, pursuant to which affiliates of United Petroleum Transports, Inc. propose to acquire all of the outstanding shares of Patriot common stock for $16.26 per share in cash. 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 satisfaction of the conditions precedent to complete the proposed merger, disruptions of current plans and operations caused by the announcement and pendency of the merger, and the response of customers, suppliers, drivers and regulators to the announcement and pendency of the merger as well as 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; impact of COVID-19; 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 TWELVE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2023 2022 2023 2022 Operating revenues $ 24,217 22,882 94,785 87,882 Cost of operations: Compensation and benefits 10,981 10,086 43,493 37,906 Fuel expenses 2,930 3,445 11,971 13,288 Repairs & tires 1,712 1,597 6,102 5,760 Other operating 825 834 3,125 3,027 Insurance and losses 1,784 1,865 7,064 8,167 Depreciation expense 1,477 1,291 5,410 5,537 Rents, tags & utilities 618 618 2,578 2,650 Sales, general & administrative 2,860 2,361 10,592 9,306 Corporate expenses 725 398 2,215 2,011 Gain on sale of terminal sites - - - (8,330 ) Gain on disposition of PP&E (274 ) (97 ) (1,047 ) (739 ) Total cost of operations 23,638 22,398 91,503 78,583 Total operating profit 579 484 3,282 9,299 Interest income and other 96 45 324 62 Interest expense (5 ) (5 ) (18 ) (18 ) Income before income taxes 670 524 3,588 9,343 Provision for income taxes 144 54 915 2,153 Net income $ 526 470 2,673 7,190 Loss on retiree health, net (11 ) (13 ) (11 ) (13 ) Unrealized investment gains (losses), net - 2 5 (5 ) Comprehensive income $ 515 459 2,667 7,172 Earnings per common share: Net income - Basic $ 0.15 0.13 0.76 2.08 Diluted $ 0.15 0.13 0.74 1.98 Number of shares (in thousands) used in computing: -basic earnings per common share 3,526 3,484 3,515 3,459 -diluted earnings per common share 3,624 3,510 3,594 3,623 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) September 30, September 30, Assets 2023 2022 Current assets: Cash and cash equivalents $ 6,429 8,302 Accounts receivable (net of allowance for doubtful accounts of $63 and $68, respectively) 6,126 5,296 Federal and state taxes receivable 511 - Inventory of parts and supplies 898 1,006 Prepaid tires on equipment 1,674 1,486 Prepaid taxes and licenses 380 378 Prepaid insurance 3,369 3,927 Prepaid expenses, other 83 163 Total current assets 19,470 20,558 Property and equipment, at cost 77,048 72,816 Less accumulated depreciation 50,708 52,567 Net property and equipment 26,340 20,249 Operating lease right-of-use assets 2,735 2,424 Goodwill 3,637 3,637 Intangible assets, net 359 556 Other assets, net 126 142 Total assets $ 52,667 47,566 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 2,614 1,964 Federal and state taxes payable - 594 Accrued payroll and benefits 4,490 3,208 Accrued insurance 918 1,053 Accrued liabilities, other 382 1,010 Operating lease liabilities, current portion 653 884 Total current liabilities 9,057 8,713 Operating lease liabilities, less current portion 2,459 1,705 Deferred income taxes 4,715 3,631 Accrued insurance 1,276 1,476 Other liabilities 829 854 Total liabilities 18,336 16,379 Commitments and contingencies Shareholders' Equity: Preferred stock, 5,000,000 shares authorized, of which 250,000 shares are designated Series A Junior Participating Preferred Stock; $0.01 par value; None issued and outstanding - - Common stock, $.10 par value; (25,000,000 shares authorized; 3,526,489 and 3,484,004 shares issued and outstanding, respectively) 353 348 Capital in excess of par value 40,430 39,958 Accumulated deficit (6,517 ) (9,190 ) Accumulated other comprehensive income, net 65 71 Total shareholders' equity 34,331 31,187 Total liabilities and shareholders' equity $ 52,667 47,566 SOURCE: Patriot Transportation Holding, Inc. 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Patriot Transportation Holding, Inc. Announces Results for the Fourth Quarter and Fiscal Year 2023 By: ACCESSWIRE December 06, 2023 at 12:35 PM EST JACKSONVILLE, FL / ACCESSWIRE / December 6, 2023 / Patriot Transportation Holding, Inc. (NASDAQ:PATI) Fourth Quarter Operating Results The Company reported net income of $526,000, or $.15 per share for the quarter ended September 30, 2023, compared to $470,000, or $.13 per share in the same quarter last year. Revenue miles were up 402,000, or 7.7%, over the same quarter last year. Operating revenues for the quarter were $24,217,000, up $1,335,000 from the same quarter last year due to higher miles, rate increases, and an improved business mix. Operating revenue per mile was down $.08, or 1.8% due mainly to lower fuel surcharges as diesel prices have declined since the same quarter last year. Compensation and benefits increased $895,000, mainly due to the increase in owner operators. Fuel expense decreased $515,000 due to lower diesel prices in the quarter. Insurance and losses decreased $81,000 due to lower risk insurance claims offset by increased health insurance claims. Sales, general & administrative increased $499,000 due mainly to bonus accruals. Corporate expenses included $368,000 of costs related to the pending merger. Gain on sale of equipment was $274,000 versus $97,000 in the same quarter last year. As a result, operating profit this quarter was $579,000 compared to $484,000 in the same quarter last year. Operating Results for Fiscal year 2023 The Company reported net income of $2,673,000, or $.74 per share for the fiscal year ended September 30, 2023, compared to $7,190,000, or $1.98 per share in the same period last year. Net income in the fiscal year ended September 30, 2022 included $6,281,000, or $1.73 per share, from one-time gains on real estate net of income taxes. Revenue miles were up 579,000, or 2.7%, over the same period last year. Operating revenues for the period were $94,785,000, up $6,903,000 from the same period last year due to an increase in miles, rate increases and an improved business mix. Operating revenue per mile was up $.20, or 4.8%. Compensation and benefits increased $5,587,000, mainly due to the increases in driver compensation, a $331,000 increase in training pay versus the same period last year and increases in owner operators. Fuel expense decreased $1,317,000 due to lower diesel prices. Insurance and losses decreased $1,103,000 due to lower risk and health insurance claims. Depreciation expense was down $127,000 in the period. Sales, general & administrative increased $1,286,000 due mainly to bonus accruals, increased travel and higher 401(k) match. Corporate expenses were up $204,000 due to $368,000 of costs related to the pending merger. Gain on sale of equipment was $1,047,000 versus $739,000 in the same period last year. As a result, operating profit this period was $3,282,000 compared to $9,299,000 in the same period last year. Prior year gain on the sale of land was $8,330,000 due to the sale of our former terminal location in Tampa, FL. Operating ratio was 96.5 versus 89.4 in the same period last year. Conference Call The Company will not hold an earnings conference call due to the execution of a definitive merger agreement, pursuant to which affiliates of United Petroleum Transports, Inc. propose to acquire all of the outstanding shares of Patriot common stock for $16.26 per share in cash. 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 satisfaction of the conditions precedent to complete the proposed merger, disruptions of current plans and operations caused by the announcement and pendency of the merger, and the response of customers, suppliers, drivers and regulators to the announcement and pendency of the merger as well as 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; impact of COVID-19; 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 TWELVE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2023 2022 2023 2022 Operating revenues $ 24,217 22,882 94,785 87,882 Cost of operations: Compensation and benefits 10,981 10,086 43,493 37,906 Fuel expenses 2,930 3,445 11,971 13,288 Repairs & tires 1,712 1,597 6,102 5,760 Other operating 825 834 3,125 3,027 Insurance and losses 1,784 1,865 7,064 8,167 Depreciation expense 1,477 1,291 5,410 5,537 Rents, tags & utilities 618 618 2,578 2,650 Sales, general & administrative 2,860 2,361 10,592 9,306 Corporate expenses 725 398 2,215 2,011 Gain on sale of terminal sites - - - (8,330 ) Gain on disposition of PP&E (274 ) (97 ) (1,047 ) (739 ) Total cost of operations 23,638 22,398 91,503 78,583 Total operating profit 579 484 3,282 9,299 Interest income and other 96 45 324 62 Interest expense (5 ) (5 ) (18 ) (18 ) Income before income taxes 670 524 3,588 9,343 Provision for income taxes 144 54 915 2,153 Net income $ 526 470 2,673 7,190 Loss on retiree health, net (11 ) (13 ) (11 ) (13 ) Unrealized investment gains (losses), net - 2 5 (5 ) Comprehensive income $ 515 459 2,667 7,172 Earnings per common share: Net income - Basic $ 0.15 0.13 0.76 2.08 Diluted $ 0.15 0.13 0.74 1.98 Number of shares (in thousands) used in computing: -basic earnings per common share 3,526 3,484 3,515 3,459 -diluted earnings per common share 3,624 3,510 3,594 3,623 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) September 30, September 30, Assets 2023 2022 Current assets: Cash and cash equivalents $ 6,429 8,302 Accounts receivable (net of allowance for doubtful accounts of $63 and $68, respectively) 6,126 5,296 Federal and state taxes receivable 511 - Inventory of parts and supplies 898 1,006 Prepaid tires on equipment 1,674 1,486 Prepaid taxes and licenses 380 378 Prepaid insurance 3,369 3,927 Prepaid expenses, other 83 163 Total current assets 19,470 20,558 Property and equipment, at cost 77,048 72,816 Less accumulated depreciation 50,708 52,567 Net property and equipment 26,340 20,249 Operating lease right-of-use assets 2,735 2,424 Goodwill 3,637 3,637 Intangible assets, net 359 556 Other assets, net 126 142 Total assets $ 52,667 47,566 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 2,614 1,964 Federal and state taxes payable - 594 Accrued payroll and benefits 4,490 3,208 Accrued insurance 918 1,053 Accrued liabilities, other 382 1,010 Operating lease liabilities, current portion 653 884 Total current liabilities 9,057 8,713 Operating lease liabilities, less current portion 2,459 1,705 Deferred income taxes 4,715 3,631 Accrued insurance 1,276 1,476 Other liabilities 829 854 Total liabilities 18,336 16,379 Commitments and contingencies Shareholders' Equity: Preferred stock, 5,000,000 shares authorized, of which 250,000 shares are designated Series A Junior Participating Preferred Stock; $0.01 par value; None issued and outstanding - - Common stock, $.10 par value; (25,000,000 shares authorized; 3,526,489 and 3,484,004 shares issued and outstanding, respectively) 353 348 Capital in excess of par value 40,430 39,958 Accumulated deficit (6,517 ) (9,190 ) Accumulated other comprehensive income, net 65 71 Total shareholders' equity 34,331 31,187 Total liabilities and shareholders' equity $ 52,667 47,566 SOURCE: Patriot Transportation Holding, Inc. View source version on accesswire.com: https://www.accesswire.com/813932/patriot-transportation-holding-inc-announces-results-for-the-fourth-quarter-and-fiscal-year-2023
JACKSONVILLE, FL / ACCESSWIRE / December 6, 2023 / Patriot Transportation Holding, Inc. (NASDAQ:PATI) Fourth Quarter Operating Results The Company reported net income of $526,000, or $.15 per share for the quarter ended September 30, 2023, compared to $470,000, or $.13 per share in the same quarter last year. Revenue miles were up 402,000, or 7.7%, over the same quarter last year. Operating revenues for the quarter were $24,217,000, up $1,335,000 from the same quarter last year due to higher miles, rate increases, and an improved business mix. Operating revenue per mile was down $.08, or 1.8% due mainly to lower fuel surcharges as diesel prices have declined since the same quarter last year. Compensation and benefits increased $895,000, mainly due to the increase in owner operators. Fuel expense decreased $515,000 due to lower diesel prices in the quarter. Insurance and losses decreased $81,000 due to lower risk insurance claims offset by increased health insurance claims. Sales, general & administrative increased $499,000 due mainly to bonus accruals. Corporate expenses included $368,000 of costs related to the pending merger. Gain on sale of equipment was $274,000 versus $97,000 in the same quarter last year. As a result, operating profit this quarter was $579,000 compared to $484,000 in the same quarter last year. Operating Results for Fiscal year 2023 The Company reported net income of $2,673,000, or $.74 per share for the fiscal year ended September 30, 2023, compared to $7,190,000, or $1.98 per share in the same period last year. Net income in the fiscal year ended September 30, 2022 included $6,281,000, or $1.73 per share, from one-time gains on real estate net of income taxes. Revenue miles were up 579,000, or 2.7%, over the same period last year. Operating revenues for the period were $94,785,000, up $6,903,000 from the same period last year due to an increase in miles, rate increases and an improved business mix. Operating revenue per mile was up $.20, or 4.8%. Compensation and benefits increased $5,587,000, mainly due to the increases in driver compensation, a $331,000 increase in training pay versus the same period last year and increases in owner operators. Fuel expense decreased $1,317,000 due to lower diesel prices. Insurance and losses decreased $1,103,000 due to lower risk and health insurance claims. Depreciation expense was down $127,000 in the period. Sales, general & administrative increased $1,286,000 due mainly to bonus accruals, increased travel and higher 401(k) match. Corporate expenses were up $204,000 due to $368,000 of costs related to the pending merger. Gain on sale of equipment was $1,047,000 versus $739,000 in the same period last year. As a result, operating profit this period was $3,282,000 compared to $9,299,000 in the same period last year. Prior year gain on the sale of land was $8,330,000 due to the sale of our former terminal location in Tampa, FL. Operating ratio was 96.5 versus 89.4 in the same period last year. Conference Call The Company will not hold an earnings conference call due to the execution of a definitive merger agreement, pursuant to which affiliates of United Petroleum Transports, Inc. propose to acquire all of the outstanding shares of Patriot common stock for $16.26 per share in cash. 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 satisfaction of the conditions precedent to complete the proposed merger, disruptions of current plans and operations caused by the announcement and pendency of the merger, and the response of customers, suppliers, drivers and regulators to the announcement and pendency of the merger as well as 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; impact of COVID-19; 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 TWELVE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, 2023 2022 2023 2022 Operating revenues $ 24,217 22,882 94,785 87,882 Cost of operations: Compensation and benefits 10,981 10,086 43,493 37,906 Fuel expenses 2,930 3,445 11,971 13,288 Repairs & tires 1,712 1,597 6,102 5,760 Other operating 825 834 3,125 3,027 Insurance and losses 1,784 1,865 7,064 8,167 Depreciation expense 1,477 1,291 5,410 5,537 Rents, tags & utilities 618 618 2,578 2,650 Sales, general & administrative 2,860 2,361 10,592 9,306 Corporate expenses 725 398 2,215 2,011 Gain on sale of terminal sites - - - (8,330 ) Gain on disposition of PP&E (274 ) (97 ) (1,047 ) (739 ) Total cost of operations 23,638 22,398 91,503 78,583 Total operating profit 579 484 3,282 9,299 Interest income and other 96 45 324 62 Interest expense (5 ) (5 ) (18 ) (18 ) Income before income taxes 670 524 3,588 9,343 Provision for income taxes 144 54 915 2,153 Net income $ 526 470 2,673 7,190 Loss on retiree health, net (11 ) (13 ) (11 ) (13 ) Unrealized investment gains (losses), net - 2 5 (5 ) Comprehensive income $ 515 459 2,667 7,172 Earnings per common share: Net income - Basic $ 0.15 0.13 0.76 2.08 Diluted $ 0.15 0.13 0.74 1.98 Number of shares (in thousands) used in computing: -basic earnings per common share 3,526 3,484 3,515 3,459 -diluted earnings per common share 3,624 3,510 3,594 3,623 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) September 30, September 30, Assets 2023 2022 Current assets: Cash and cash equivalents $ 6,429 8,302 Accounts receivable (net of allowance for doubtful accounts of $63 and $68, respectively) 6,126 5,296 Federal and state taxes receivable 511 - Inventory of parts and supplies 898 1,006 Prepaid tires on equipment 1,674 1,486 Prepaid taxes and licenses 380 378 Prepaid insurance 3,369 3,927 Prepaid expenses, other 83 163 Total current assets 19,470 20,558 Property and equipment, at cost 77,048 72,816 Less accumulated depreciation 50,708 52,567 Net property and equipment 26,340 20,249 Operating lease right-of-use assets 2,735 2,424 Goodwill 3,637 3,637 Intangible assets, net 359 556 Other assets, net 126 142 Total assets $ 52,667 47,566 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 2,614 1,964 Federal and state taxes payable - 594 Accrued payroll and benefits 4,490 3,208 Accrued insurance 918 1,053 Accrued liabilities, other 382 1,010 Operating lease liabilities, current portion 653 884 Total current liabilities 9,057 8,713 Operating lease liabilities, less current portion 2,459 1,705 Deferred income taxes 4,715 3,631 Accrued insurance 1,276 1,476 Other liabilities 829 854 Total liabilities 18,336 16,379 Commitments and contingencies Shareholders' Equity: Preferred stock, 5,000,000 shares authorized, of which 250,000 shares are designated Series A Junior Participating Preferred Stock; $0.01 par value; None issued and outstanding - - Common stock, $.10 par value; (25,000,000 shares authorized; 3,526,489 and 3,484,004 shares issued and outstanding, respectively) 353 348 Capital in excess of par value 40,430 39,958 Accumulated deficit (6,517 ) (9,190 ) Accumulated other comprehensive income, net 65 71 Total shareholders' equity 34,331 31,187 Total liabilities and shareholders' equity $ 52,667 47,566 SOURCE: Patriot Transportation Holding, Inc. View source version on accesswire.com: https://www.accesswire.com/813932/patriot-transportation-holding-inc-announces-results-for-the-fourth-quarter-and-fiscal-year-2023