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 First Quarter of Fiscal Year 2023 By: ACCESSWIRE February 02, 2023 at 12:55 PM EST JACKSONVILLE, FL / ACCESSWIRE / February 2, 2023 / Patriot Transportation Holding, Inc. (NASDAQ:PATI) First Quarter Operating Results The Company reported net income of $485,000, or $.14 per share for the quarter ended December 31, 2022, compared to $6,439,000, or $1.74 per share, in the same quarter last year which included $6,281,000, or $1.70 per share, from after tax gains on real estate sales. Revenue miles were down 299,000, or 5.5%, over the same quarter last year due to a lower average driver count partially resulting from the closure of our Nashville location. Operating revenues for the quarter were $22,850,000, up $2,279,000 from the same quarter last year due to rate increases, higher fuel surcharges and an improved business mix. Operating revenue per mile was up $.66, or 17.5%. Compensation and benefits increased $1,121,000, mainly due to the increases in driver compensation offset by a lower driver count and non-driver personnel reductions. Fuel expense increased $602,000 due to higher diesel prices. Insurance and losses increased $174,000. Depreciation expense was down $203,000 in the quarter. In this quarter the gain on sale of terminal sites was $0 versus $8,330,000 from the sale of Tampa in last year's 1st quarter. Gain on sale of assets was $66,000 versus $360,000 in the same quarter last year. As a result, operating profit this quarter was $620,000 compared to $8,541,000 in last year's 1st quarter. Summary and Outlook The goal in FY 2022 remained on increasing revenues to allow us to raise driver pay, improve our retention and increase our margins, all of which were accomplished. We were able to add some quality new business with both existing and new customers in a few markets throughout the first quarter and hope to see that trend continue in 2023. Inflation continues to challenge us and we continue to successfully negotiate additional rate increases with most of our customers on our existing book of business and will seek to replace business where the rate negotiations do not allow us to cover our higher expenses. Our balance sheet remained stable with $7.8 million of cash and cash equivalents as of December 31, 2022, with no outstanding debt. We replaced 9 tractors during the quarter. For the remainder of fiscal 2023 we are planning to replace 64 tractors (29 are replacing lease units) and ~10 trailers and anticipate a total capital expenditure of ~$12 million in fiscal 2023. Conference Call The Company will host a conference call on February 2, 2023 at 3:00 PM (EST). 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/2058/47500. 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 47500. An audio archive can also be accessed at https://www.webcaster4.com/Webcast/Page/2058/47500. 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. Contact: Matt McNultyChief Financial Officer904/858-9100 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(In thousands)(Unaudited THREE MONTHS ENDED DECEMBER 31, 2022 2021 Operating revenues $ 22,850 20,571 Cost of operations: Compensation and benefits 10,205 9,084 Fuel expenses 3,320 2,718 Repairs & tires 1,354 1,216 Other operating 689 744 Insurance and losses 1,984 1,810 Depreciation expense 1,274 1,477 Rents, tags & utilities 648 673 Sales, general & administrative 2,327 2,465 Corporate expenses 495 533 Gain on sale of terminal sites - (8,330 ) Gain on disposition of PP&E (66 ) (360 ) Total cost of operations 22,230 12,030 Total operating income 620 8,541 Interest income and other 65 1 Interest expense (4 ) (5 ) Income before income taxes 681 8,537 Provision for income taxes 196 2,098 Net income $ 485 6,439 Earnings per common share: Net income- Basic 0.14 1.88 Diluted 0.14 1.74 Number of shares (in thousands) used in computing: -basic earnings per common share 3,490 3,419 -diluted earnings per common share 3,532 3,701 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) December 31, September 30, Assets 2022 2022 Current assets: Cash and cash equivalents $ 7,808 8,302 Accounts receivable (net of allowance for doubtful accounts of $71 and $68, respectively) 5,737 5,296 Inventory of parts and supplies 1,037 1,006 Prepaid tires on equipment 1,555 1,486 Prepaid taxes and licenses 287 378 Prepaid insurance 3,538 3,927 Prepaid expenses, other 148 163 Total current assets 20,110 20,558 Property and equipment, at cost 74,183 72,816 Less accumulated depreciation 53,215 52,567 Net property and equipment 20,968 20,249 Operating lease right-of-use assets 3,422 2,424 Goodwill 3,637 3,637 Intangible assets, net 506 556 Other assets, net 139 142 Total assets $ 48,782 47,566 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 2,057 1,964 Federal and state taxes payable 791 594 Accrued payroll and benefits 3,047 3,208 Accrued insurance 986 1,053 Accrued liabilities, other 300 1,010 Operating lease liabilities, current portion 890 884 Total current liabilities 8,071 8,713 Operating lease liabilities, less current portion 2,918 1,705 Deferred income taxes 3,631 3,631 Accrued insurance 1,476 1,476 Other liabilities 848 854 Total liabilities 16,944 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; 3,501,289 and 3,484,004 shares issued and outstanding, respectively) 350 348 Capital in excess of par value 40,118 39,958 Accumulated deficit (8,705 ) (9,190 ) Accumulated other comprehensive income, net 75 71 Total shareholders' equity 31,838 31,187 Total liabilities and shareholders' equity $ 48,782 47,566 SORUCE: Patriot Transportation Holding, Inc. 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Patriot Transportation Holding, Inc. Announces Results for the First Quarter of Fiscal Year 2023 By: ACCESSWIRE February 02, 2023 at 12:55 PM EST JACKSONVILLE, FL / ACCESSWIRE / February 2, 2023 / Patriot Transportation Holding, Inc. (NASDAQ:PATI) First Quarter Operating Results The Company reported net income of $485,000, or $.14 per share for the quarter ended December 31, 2022, compared to $6,439,000, or $1.74 per share, in the same quarter last year which included $6,281,000, or $1.70 per share, from after tax gains on real estate sales. Revenue miles were down 299,000, or 5.5%, over the same quarter last year due to a lower average driver count partially resulting from the closure of our Nashville location. Operating revenues for the quarter were $22,850,000, up $2,279,000 from the same quarter last year due to rate increases, higher fuel surcharges and an improved business mix. Operating revenue per mile was up $.66, or 17.5%. Compensation and benefits increased $1,121,000, mainly due to the increases in driver compensation offset by a lower driver count and non-driver personnel reductions. Fuel expense increased $602,000 due to higher diesel prices. Insurance and losses increased $174,000. Depreciation expense was down $203,000 in the quarter. In this quarter the gain on sale of terminal sites was $0 versus $8,330,000 from the sale of Tampa in last year's 1st quarter. Gain on sale of assets was $66,000 versus $360,000 in the same quarter last year. As a result, operating profit this quarter was $620,000 compared to $8,541,000 in last year's 1st quarter. Summary and Outlook The goal in FY 2022 remained on increasing revenues to allow us to raise driver pay, improve our retention and increase our margins, all of which were accomplished. We were able to add some quality new business with both existing and new customers in a few markets throughout the first quarter and hope to see that trend continue in 2023. Inflation continues to challenge us and we continue to successfully negotiate additional rate increases with most of our customers on our existing book of business and will seek to replace business where the rate negotiations do not allow us to cover our higher expenses. Our balance sheet remained stable with $7.8 million of cash and cash equivalents as of December 31, 2022, with no outstanding debt. We replaced 9 tractors during the quarter. For the remainder of fiscal 2023 we are planning to replace 64 tractors (29 are replacing lease units) and ~10 trailers and anticipate a total capital expenditure of ~$12 million in fiscal 2023. Conference Call The Company will host a conference call on February 2, 2023 at 3:00 PM (EST). 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/2058/47500. 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 47500. An audio archive can also be accessed at https://www.webcaster4.com/Webcast/Page/2058/47500. 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. Contact: Matt McNultyChief Financial Officer904/858-9100 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(In thousands)(Unaudited THREE MONTHS ENDED DECEMBER 31, 2022 2021 Operating revenues $ 22,850 20,571 Cost of operations: Compensation and benefits 10,205 9,084 Fuel expenses 3,320 2,718 Repairs & tires 1,354 1,216 Other operating 689 744 Insurance and losses 1,984 1,810 Depreciation expense 1,274 1,477 Rents, tags & utilities 648 673 Sales, general & administrative 2,327 2,465 Corporate expenses 495 533 Gain on sale of terminal sites - (8,330 ) Gain on disposition of PP&E (66 ) (360 ) Total cost of operations 22,230 12,030 Total operating income 620 8,541 Interest income and other 65 1 Interest expense (4 ) (5 ) Income before income taxes 681 8,537 Provision for income taxes 196 2,098 Net income $ 485 6,439 Earnings per common share: Net income- Basic 0.14 1.88 Diluted 0.14 1.74 Number of shares (in thousands) used in computing: -basic earnings per common share 3,490 3,419 -diluted earnings per common share 3,532 3,701 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) December 31, September 30, Assets 2022 2022 Current assets: Cash and cash equivalents $ 7,808 8,302 Accounts receivable (net of allowance for doubtful accounts of $71 and $68, respectively) 5,737 5,296 Inventory of parts and supplies 1,037 1,006 Prepaid tires on equipment 1,555 1,486 Prepaid taxes and licenses 287 378 Prepaid insurance 3,538 3,927 Prepaid expenses, other 148 163 Total current assets 20,110 20,558 Property and equipment, at cost 74,183 72,816 Less accumulated depreciation 53,215 52,567 Net property and equipment 20,968 20,249 Operating lease right-of-use assets 3,422 2,424 Goodwill 3,637 3,637 Intangible assets, net 506 556 Other assets, net 139 142 Total assets $ 48,782 47,566 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 2,057 1,964 Federal and state taxes payable 791 594 Accrued payroll and benefits 3,047 3,208 Accrued insurance 986 1,053 Accrued liabilities, other 300 1,010 Operating lease liabilities, current portion 890 884 Total current liabilities 8,071 8,713 Operating lease liabilities, less current portion 2,918 1,705 Deferred income taxes 3,631 3,631 Accrued insurance 1,476 1,476 Other liabilities 848 854 Total liabilities 16,944 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; 3,501,289 and 3,484,004 shares issued and outstanding, respectively) 350 348 Capital in excess of par value 40,118 39,958 Accumulated deficit (8,705 ) (9,190 ) Accumulated other comprehensive income, net 75 71 Total shareholders' equity 31,838 31,187 Total liabilities and shareholders' equity $ 48,782 47,566 SORUCE: Patriot Transportation Holding, Inc. View source version on accesswire.com: https://www.accesswire.com/737903/Patriot-Transportation-Holding-Inc-Announces-Results-for-the-First-Quarter-of-Fiscal-Year-2023
JACKSONVILLE, FL / ACCESSWIRE / February 2, 2023 / Patriot Transportation Holding, Inc. (NASDAQ:PATI) First Quarter Operating Results The Company reported net income of $485,000, or $.14 per share for the quarter ended December 31, 2022, compared to $6,439,000, or $1.74 per share, in the same quarter last year which included $6,281,000, or $1.70 per share, from after tax gains on real estate sales. Revenue miles were down 299,000, or 5.5%, over the same quarter last year due to a lower average driver count partially resulting from the closure of our Nashville location. Operating revenues for the quarter were $22,850,000, up $2,279,000 from the same quarter last year due to rate increases, higher fuel surcharges and an improved business mix. Operating revenue per mile was up $.66, or 17.5%. Compensation and benefits increased $1,121,000, mainly due to the increases in driver compensation offset by a lower driver count and non-driver personnel reductions. Fuel expense increased $602,000 due to higher diesel prices. Insurance and losses increased $174,000. Depreciation expense was down $203,000 in the quarter. In this quarter the gain on sale of terminal sites was $0 versus $8,330,000 from the sale of Tampa in last year's 1st quarter. Gain on sale of assets was $66,000 versus $360,000 in the same quarter last year. As a result, operating profit this quarter was $620,000 compared to $8,541,000 in last year's 1st quarter. Summary and Outlook The goal in FY 2022 remained on increasing revenues to allow us to raise driver pay, improve our retention and increase our margins, all of which were accomplished. We were able to add some quality new business with both existing and new customers in a few markets throughout the first quarter and hope to see that trend continue in 2023. Inflation continues to challenge us and we continue to successfully negotiate additional rate increases with most of our customers on our existing book of business and will seek to replace business where the rate negotiations do not allow us to cover our higher expenses. Our balance sheet remained stable with $7.8 million of cash and cash equivalents as of December 31, 2022, with no outstanding debt. We replaced 9 tractors during the quarter. For the remainder of fiscal 2023 we are planning to replace 64 tractors (29 are replacing lease units) and ~10 trailers and anticipate a total capital expenditure of ~$12 million in fiscal 2023. Conference Call The Company will host a conference call on February 2, 2023 at 3:00 PM (EST). 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/2058/47500. 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 47500. An audio archive can also be accessed at https://www.webcaster4.com/Webcast/Page/2058/47500. 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. Contact: Matt McNultyChief Financial Officer904/858-9100 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(In thousands)(Unaudited THREE MONTHS ENDED DECEMBER 31, 2022 2021 Operating revenues $ 22,850 20,571 Cost of operations: Compensation and benefits 10,205 9,084 Fuel expenses 3,320 2,718 Repairs & tires 1,354 1,216 Other operating 689 744 Insurance and losses 1,984 1,810 Depreciation expense 1,274 1,477 Rents, tags & utilities 648 673 Sales, general & administrative 2,327 2,465 Corporate expenses 495 533 Gain on sale of terminal sites - (8,330 ) Gain on disposition of PP&E (66 ) (360 ) Total cost of operations 22,230 12,030 Total operating income 620 8,541 Interest income and other 65 1 Interest expense (4 ) (5 ) Income before income taxes 681 8,537 Provision for income taxes 196 2,098 Net income $ 485 6,439 Earnings per common share: Net income- Basic 0.14 1.88 Diluted 0.14 1.74 Number of shares (in thousands) used in computing: -basic earnings per common share 3,490 3,419 -diluted earnings per common share 3,532 3,701 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) December 31, September 30, Assets 2022 2022 Current assets: Cash and cash equivalents $ 7,808 8,302 Accounts receivable (net of allowance for doubtful accounts of $71 and $68, respectively) 5,737 5,296 Inventory of parts and supplies 1,037 1,006 Prepaid tires on equipment 1,555 1,486 Prepaid taxes and licenses 287 378 Prepaid insurance 3,538 3,927 Prepaid expenses, other 148 163 Total current assets 20,110 20,558 Property and equipment, at cost 74,183 72,816 Less accumulated depreciation 53,215 52,567 Net property and equipment 20,968 20,249 Operating lease right-of-use assets 3,422 2,424 Goodwill 3,637 3,637 Intangible assets, net 506 556 Other assets, net 139 142 Total assets $ 48,782 47,566 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 2,057 1,964 Federal and state taxes payable 791 594 Accrued payroll and benefits 3,047 3,208 Accrued insurance 986 1,053 Accrued liabilities, other 300 1,010 Operating lease liabilities, current portion 890 884 Total current liabilities 8,071 8,713 Operating lease liabilities, less current portion 2,918 1,705 Deferred income taxes 3,631 3,631 Accrued insurance 1,476 1,476 Other liabilities 848 854 Total liabilities 16,944 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; 3,501,289 and 3,484,004 shares issued and outstanding, respectively) 350 348 Capital in excess of par value 40,118 39,958 Accumulated deficit (8,705 ) (9,190 ) Accumulated other comprehensive income, net 75 71 Total shareholders' equity 31,838 31,187 Total liabilities and shareholders' equity $ 48,782 47,566 SORUCE: Patriot Transportation Holding, Inc. View source version on accesswire.com: https://www.accesswire.com/737903/Patriot-Transportation-Holding-Inc-Announces-Results-for-the-First-Quarter-of-Fiscal-Year-2023