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 Second Quarter and First Six Months of Fiscal 2023 By: ACCESSWIRE May 09, 2023 at 10:20 AM EDT JACKSONVILLE, FL / ACCESSWIRE / May 9, 2023 / Patriot Transportation Holding, Inc. (NASDAQ:PATI) Second Quarter Operating Results The Company reported net income of $475,000, or $.13 per share for the quarter ended March 31, 2023, compared to a net loss of ($490,000), or ($.14) per share in the same quarter prior year. Revenue miles were up 97,000, or 1.8%, over the same quarter last year. Operating revenues for the quarter were $23,465,000, up $2,537,000 from the same quarter last year due to rate increases, higher fuel surcharges and an improved business mix. Operating revenue per mile was up $.40, or 10.2%. Compensation and benefits increased $2,081,000, mainly due to the increases in driver compensation, a $211,000 increase in training pay versus the same quarter last year and an increase in owner operators. Fuel expense decreased $162,000 due to lower diesel prices in the quarter. Insurance and losses decreased $930,000 due to lower health and risk insurance claims (the second quarter last year included two large claims that combined for $752,500 in expense in that quarter). Depreciation expense was down $107,000 in the quarter. Sales, general & administrative increased $544,000 due mainly to bonus accruals, increased travel and higher 401k match. Gain on sale of equipment was $275,000 versus $119,000 in the same quarter last year. As a result, operating profit this quarter was $584,000 compared to an operating loss of ($639,000) in last year's 2nd quarter. First Six Months Operating Results for Fiscal year 2023 The Company reported net income of $960,000, or $.27 per share for the six months ended March 31, 2023, compared to $5,949,000, or $1.63 per share in the same period last year. Net income in the prior year first six months included $6,281,000, or $1.72 per share, from gains on real estate net of income taxes. Revenue miles were down 202,000, or 1.9%, over the same period last year. Operating revenues for the period were $46,315,000, up $4,816,000 from the same period last year due to rate increases, higher fuel surcharges and an improved business mix. Operating revenue per mile was up $.53, or 13.8%. Compensation and benefits increased $3,202,000, mainly due to the increases in driver compensation, a $296,000 increase in training pay versus the same period last year and increases in owner operators. Fuel expense increased $440,000 due to higher diesel prices in Q1 partially offset by declining diesel prices in Q2. Insurance and losses decreased $756,000 due to lower health and risk insurance claims. Depreciation expense was down $310,000 in the period. Sales, general & administrative increased $406,000 due mainly to bonus accruals, increased travel and higher 401k match. Gain on sale of equipment was $341,000 versus $479,000 in the same period last year. As a result, operating profit this period was $1,204,000 compared to $7,902,000 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 97.4 in the first six months versus 81.0 in the same period last year. Summary and Outlook While the driver market is still challenging, we are off to a solid start in fiscal 2023. Total revenue, revenue per mile and driver count have all increased since the same period last year. Since the start of our fiscal year we have increased our average driver count by ~30 drivers which resulted in the Company beating revenue miles versus the same quarter last year for the first time in several years. April of 2021 was when we made our first significant driver pay increase (15%) and focused on improving in many areas to help us retain our drivers. Since that time, our driver pay is up 25-35% across all markets and our turnover rate YTD has improved to 79% versus 105% in fiscal year 2021. While the training cost has increased significantly, the added driver capacity is welcome and has allowed us to continue to add some quality new business with both existing and new customers in a few markets and we are working to continue that trend. Our balance sheet remained stable with $6.9 million of cash as of March 31, 2023, with no outstanding debt. Through the first six months we have purchased 21 new tractors. For the remainder of fiscal 2023 we are planning to replace 52 additional 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 May 9, 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/2058/48279. 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 48279. An audio archive can also be accessed at https://www.webcaster4.com/Webcast/Page/2058/48279. 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 SIX MONTHS ENDED MARCH 31, MARCH 31, 2023 2022 2023 2022 Operating revenues $ 23,465 20,928 46,315 41,499 Cost of operations: Compensation and benefits 11,043 8,962 21,248 18,046 Fuel expenses 2,998 3,160 6,318 5,878 Repairs & tires 1,387 1,445 2,741 2,661 Other operating 819 710 1,508 1,454 Insurance and losses 1,644 2,574 3,628 4,384 Depreciation expense 1,299 1,406 2,573 2,883 Rents, tags & utilities 643 708 1,291 1,381 Sales, general & administrative 2,696 2,152 5,023 4,617 Corporate expenses 627 569 1,122 1,102 Gain on sale of terminal sites - - - (8,330 ) Gain on disposition of PP&E (275 ) (119 ) (341 ) (479 ) Total cost of operations 22,881 21,567 45,111 33,597 Total operating profit (loss) 584 (639 ) 1,204 7,902 Interest income and other 76 3 141 4 Interest expense (5 ) (4 ) (9 ) (9 ) Income (loss) before income taxes 655 (640 ) 1,336 7,897 Provision for (benefit from) income taxes 180 (150 ) 376 1,948 Net income (loss) $ 475 (490 ) $ 960 5,949 Unrealized investment gains (losses), net 2 (3 ) 6 (3 ) Comprehensive income (loss) $ 477 (493 ) $ 966 5,946 Earnings per common share: Net income (loss) - Basic $ 0.14 (0.14 ) 0.27 1.73 Diluted $ 0.13 (0.14 ) 0.27 1.63 Number of shares (in thousands) used in computing: -basic earnings per common share 3,518 3,458 3,504 3,439 -diluted earnings per common share 3,557 3,458 3,545 3,658 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) March 31, September 30, Assets 2023 2022 Current assets: Cash and cash equivalents $ 6,941 8,302 Accounts receivable (net of allowance for doubtful accounts of $62 and $68, respectively) 6,118 5,296 Inventory of parts and supplies 1,007 1,006 Prepaid tires on equipment 1,576 1,486 Prepaid taxes and licenses 241 378 Prepaid insurance 3,538 3,927 Prepaid expenses, other 186 163 Total current assets 19,607 20,558 Property and equipment, at cost 74,360 72,816 Less accumulated depreciation 52,860 52,567 Net property and equipment 21,500 20,249 Operating lease right-of-use assets 3,200 2,424 Goodwill 3,637 3,637 Intangible assets, net 457 556 Other assets, net 134 142 Total assets $ 48,535 47,566 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 2,173 1,964 Federal and state taxes payable 33 594 Accrued payroll and benefits 3,238 3,208 Accrued insurance 601 1,053 Accrued liabilities, other 227 1,010 Operating lease liabilities, current portion 802 884 Total current liabilities 7,074 8,713 Operating lease liabilities, less current portion 2,769 1,705 Deferred income taxes 3,824 3,631 Accrued insurance 1,476 1,476 Other liabilities 841 854 Total liabilities 15,984 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 40,351 39,958 Accumulated deficit (8,230 ) (9,190 ) Accumulated other comprehensive income, net 77 71 Total shareholders' equity 32,551 31,187 Total liabilities and shareholders' equity $ 48,535 47,566 Contact:Matt McNultyChief Financial Officer904/858-9100 SOURCE: Patriot Transportation Holding, Inc. 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Patriot Transportation Holding, Inc. Announces Results for the Second Quarter and First Six Months of Fiscal 2023 By: ACCESSWIRE May 09, 2023 at 10:20 AM EDT JACKSONVILLE, FL / ACCESSWIRE / May 9, 2023 / Patriot Transportation Holding, Inc. (NASDAQ:PATI) Second Quarter Operating Results The Company reported net income of $475,000, or $.13 per share for the quarter ended March 31, 2023, compared to a net loss of ($490,000), or ($.14) per share in the same quarter prior year. Revenue miles were up 97,000, or 1.8%, over the same quarter last year. Operating revenues for the quarter were $23,465,000, up $2,537,000 from the same quarter last year due to rate increases, higher fuel surcharges and an improved business mix. Operating revenue per mile was up $.40, or 10.2%. Compensation and benefits increased $2,081,000, mainly due to the increases in driver compensation, a $211,000 increase in training pay versus the same quarter last year and an increase in owner operators. Fuel expense decreased $162,000 due to lower diesel prices in the quarter. Insurance and losses decreased $930,000 due to lower health and risk insurance claims (the second quarter last year included two large claims that combined for $752,500 in expense in that quarter). Depreciation expense was down $107,000 in the quarter. Sales, general & administrative increased $544,000 due mainly to bonus accruals, increased travel and higher 401k match. Gain on sale of equipment was $275,000 versus $119,000 in the same quarter last year. As a result, operating profit this quarter was $584,000 compared to an operating loss of ($639,000) in last year's 2nd quarter. First Six Months Operating Results for Fiscal year 2023 The Company reported net income of $960,000, or $.27 per share for the six months ended March 31, 2023, compared to $5,949,000, or $1.63 per share in the same period last year. Net income in the prior year first six months included $6,281,000, or $1.72 per share, from gains on real estate net of income taxes. Revenue miles were down 202,000, or 1.9%, over the same period last year. Operating revenues for the period were $46,315,000, up $4,816,000 from the same period last year due to rate increases, higher fuel surcharges and an improved business mix. Operating revenue per mile was up $.53, or 13.8%. Compensation and benefits increased $3,202,000, mainly due to the increases in driver compensation, a $296,000 increase in training pay versus the same period last year and increases in owner operators. Fuel expense increased $440,000 due to higher diesel prices in Q1 partially offset by declining diesel prices in Q2. Insurance and losses decreased $756,000 due to lower health and risk insurance claims. Depreciation expense was down $310,000 in the period. Sales, general & administrative increased $406,000 due mainly to bonus accruals, increased travel and higher 401k match. Gain on sale of equipment was $341,000 versus $479,000 in the same period last year. As a result, operating profit this period was $1,204,000 compared to $7,902,000 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 97.4 in the first six months versus 81.0 in the same period last year. Summary and Outlook While the driver market is still challenging, we are off to a solid start in fiscal 2023. Total revenue, revenue per mile and driver count have all increased since the same period last year. Since the start of our fiscal year we have increased our average driver count by ~30 drivers which resulted in the Company beating revenue miles versus the same quarter last year for the first time in several years. April of 2021 was when we made our first significant driver pay increase (15%) and focused on improving in many areas to help us retain our drivers. Since that time, our driver pay is up 25-35% across all markets and our turnover rate YTD has improved to 79% versus 105% in fiscal year 2021. While the training cost has increased significantly, the added driver capacity is welcome and has allowed us to continue to add some quality new business with both existing and new customers in a few markets and we are working to continue that trend. Our balance sheet remained stable with $6.9 million of cash as of March 31, 2023, with no outstanding debt. Through the first six months we have purchased 21 new tractors. For the remainder of fiscal 2023 we are planning to replace 52 additional 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 May 9, 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/2058/48279. 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 48279. An audio archive can also be accessed at https://www.webcaster4.com/Webcast/Page/2058/48279. 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 SIX MONTHS ENDED MARCH 31, MARCH 31, 2023 2022 2023 2022 Operating revenues $ 23,465 20,928 46,315 41,499 Cost of operations: Compensation and benefits 11,043 8,962 21,248 18,046 Fuel expenses 2,998 3,160 6,318 5,878 Repairs & tires 1,387 1,445 2,741 2,661 Other operating 819 710 1,508 1,454 Insurance and losses 1,644 2,574 3,628 4,384 Depreciation expense 1,299 1,406 2,573 2,883 Rents, tags & utilities 643 708 1,291 1,381 Sales, general & administrative 2,696 2,152 5,023 4,617 Corporate expenses 627 569 1,122 1,102 Gain on sale of terminal sites - - - (8,330 ) Gain on disposition of PP&E (275 ) (119 ) (341 ) (479 ) Total cost of operations 22,881 21,567 45,111 33,597 Total operating profit (loss) 584 (639 ) 1,204 7,902 Interest income and other 76 3 141 4 Interest expense (5 ) (4 ) (9 ) (9 ) Income (loss) before income taxes 655 (640 ) 1,336 7,897 Provision for (benefit from) income taxes 180 (150 ) 376 1,948 Net income (loss) $ 475 (490 ) $ 960 5,949 Unrealized investment gains (losses), net 2 (3 ) 6 (3 ) Comprehensive income (loss) $ 477 (493 ) $ 966 5,946 Earnings per common share: Net income (loss) - Basic $ 0.14 (0.14 ) 0.27 1.73 Diluted $ 0.13 (0.14 ) 0.27 1.63 Number of shares (in thousands) used in computing: -basic earnings per common share 3,518 3,458 3,504 3,439 -diluted earnings per common share 3,557 3,458 3,545 3,658 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) March 31, September 30, Assets 2023 2022 Current assets: Cash and cash equivalents $ 6,941 8,302 Accounts receivable (net of allowance for doubtful accounts of $62 and $68, respectively) 6,118 5,296 Inventory of parts and supplies 1,007 1,006 Prepaid tires on equipment 1,576 1,486 Prepaid taxes and licenses 241 378 Prepaid insurance 3,538 3,927 Prepaid expenses, other 186 163 Total current assets 19,607 20,558 Property and equipment, at cost 74,360 72,816 Less accumulated depreciation 52,860 52,567 Net property and equipment 21,500 20,249 Operating lease right-of-use assets 3,200 2,424 Goodwill 3,637 3,637 Intangible assets, net 457 556 Other assets, net 134 142 Total assets $ 48,535 47,566 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 2,173 1,964 Federal and state taxes payable 33 594 Accrued payroll and benefits 3,238 3,208 Accrued insurance 601 1,053 Accrued liabilities, other 227 1,010 Operating lease liabilities, current portion 802 884 Total current liabilities 7,074 8,713 Operating lease liabilities, less current portion 2,769 1,705 Deferred income taxes 3,824 3,631 Accrued insurance 1,476 1,476 Other liabilities 841 854 Total liabilities 15,984 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 40,351 39,958 Accumulated deficit (8,230 ) (9,190 ) Accumulated other comprehensive income, net 77 71 Total shareholders' equity 32,551 31,187 Total liabilities and shareholders' equity $ 48,535 47,566 Contact:Matt McNultyChief Financial Officer904/858-9100 SOURCE: Patriot Transportation Holding, Inc. View source version on accesswire.com: https://www.accesswire.com/753721/Patriot-Transportation-Holding-Inc-Announces-Results-for-the-Second-Quarter-and-First-Six-Months-of-Fiscal-2023
JACKSONVILLE, FL / ACCESSWIRE / May 9, 2023 / Patriot Transportation Holding, Inc. (NASDAQ:PATI) Second Quarter Operating Results The Company reported net income of $475,000, or $.13 per share for the quarter ended March 31, 2023, compared to a net loss of ($490,000), or ($.14) per share in the same quarter prior year. Revenue miles were up 97,000, or 1.8%, over the same quarter last year. Operating revenues for the quarter were $23,465,000, up $2,537,000 from the same quarter last year due to rate increases, higher fuel surcharges and an improved business mix. Operating revenue per mile was up $.40, or 10.2%. Compensation and benefits increased $2,081,000, mainly due to the increases in driver compensation, a $211,000 increase in training pay versus the same quarter last year and an increase in owner operators. Fuel expense decreased $162,000 due to lower diesel prices in the quarter. Insurance and losses decreased $930,000 due to lower health and risk insurance claims (the second quarter last year included two large claims that combined for $752,500 in expense in that quarter). Depreciation expense was down $107,000 in the quarter. Sales, general & administrative increased $544,000 due mainly to bonus accruals, increased travel and higher 401k match. Gain on sale of equipment was $275,000 versus $119,000 in the same quarter last year. As a result, operating profit this quarter was $584,000 compared to an operating loss of ($639,000) in last year's 2nd quarter. First Six Months Operating Results for Fiscal year 2023 The Company reported net income of $960,000, or $.27 per share for the six months ended March 31, 2023, compared to $5,949,000, or $1.63 per share in the same period last year. Net income in the prior year first six months included $6,281,000, or $1.72 per share, from gains on real estate net of income taxes. Revenue miles were down 202,000, or 1.9%, over the same period last year. Operating revenues for the period were $46,315,000, up $4,816,000 from the same period last year due to rate increases, higher fuel surcharges and an improved business mix. Operating revenue per mile was up $.53, or 13.8%. Compensation and benefits increased $3,202,000, mainly due to the increases in driver compensation, a $296,000 increase in training pay versus the same period last year and increases in owner operators. Fuel expense increased $440,000 due to higher diesel prices in Q1 partially offset by declining diesel prices in Q2. Insurance and losses decreased $756,000 due to lower health and risk insurance claims. Depreciation expense was down $310,000 in the period. Sales, general & administrative increased $406,000 due mainly to bonus accruals, increased travel and higher 401k match. Gain on sale of equipment was $341,000 versus $479,000 in the same period last year. As a result, operating profit this period was $1,204,000 compared to $7,902,000 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 97.4 in the first six months versus 81.0 in the same period last year. Summary and Outlook While the driver market is still challenging, we are off to a solid start in fiscal 2023. Total revenue, revenue per mile and driver count have all increased since the same period last year. Since the start of our fiscal year we have increased our average driver count by ~30 drivers which resulted in the Company beating revenue miles versus the same quarter last year for the first time in several years. April of 2021 was when we made our first significant driver pay increase (15%) and focused on improving in many areas to help us retain our drivers. Since that time, our driver pay is up 25-35% across all markets and our turnover rate YTD has improved to 79% versus 105% in fiscal year 2021. While the training cost has increased significantly, the added driver capacity is welcome and has allowed us to continue to add some quality new business with both existing and new customers in a few markets and we are working to continue that trend. Our balance sheet remained stable with $6.9 million of cash as of March 31, 2023, with no outstanding debt. Through the first six months we have purchased 21 new tractors. For the remainder of fiscal 2023 we are planning to replace 52 additional 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 May 9, 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/2058/48279. 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 48279. An audio archive can also be accessed at https://www.webcaster4.com/Webcast/Page/2058/48279. 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 SIX MONTHS ENDED MARCH 31, MARCH 31, 2023 2022 2023 2022 Operating revenues $ 23,465 20,928 46,315 41,499 Cost of operations: Compensation and benefits 11,043 8,962 21,248 18,046 Fuel expenses 2,998 3,160 6,318 5,878 Repairs & tires 1,387 1,445 2,741 2,661 Other operating 819 710 1,508 1,454 Insurance and losses 1,644 2,574 3,628 4,384 Depreciation expense 1,299 1,406 2,573 2,883 Rents, tags & utilities 643 708 1,291 1,381 Sales, general & administrative 2,696 2,152 5,023 4,617 Corporate expenses 627 569 1,122 1,102 Gain on sale of terminal sites - - - (8,330 ) Gain on disposition of PP&E (275 ) (119 ) (341 ) (479 ) Total cost of operations 22,881 21,567 45,111 33,597 Total operating profit (loss) 584 (639 ) 1,204 7,902 Interest income and other 76 3 141 4 Interest expense (5 ) (4 ) (9 ) (9 ) Income (loss) before income taxes 655 (640 ) 1,336 7,897 Provision for (benefit from) income taxes 180 (150 ) 376 1,948 Net income (loss) $ 475 (490 ) $ 960 5,949 Unrealized investment gains (losses), net 2 (3 ) 6 (3 ) Comprehensive income (loss) $ 477 (493 ) $ 966 5,946 Earnings per common share: Net income (loss) - Basic $ 0.14 (0.14 ) 0.27 1.73 Diluted $ 0.13 (0.14 ) 0.27 1.63 Number of shares (in thousands) used in computing: -basic earnings per common share 3,518 3,458 3,504 3,439 -diluted earnings per common share 3,557 3,458 3,545 3,658 PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands)(Unaudited) March 31, September 30, Assets 2023 2022 Current assets: Cash and cash equivalents $ 6,941 8,302 Accounts receivable (net of allowance for doubtful accounts of $62 and $68, respectively) 6,118 5,296 Inventory of parts and supplies 1,007 1,006 Prepaid tires on equipment 1,576 1,486 Prepaid taxes and licenses 241 378 Prepaid insurance 3,538 3,927 Prepaid expenses, other 186 163 Total current assets 19,607 20,558 Property and equipment, at cost 74,360 72,816 Less accumulated depreciation 52,860 52,567 Net property and equipment 21,500 20,249 Operating lease right-of-use assets 3,200 2,424 Goodwill 3,637 3,637 Intangible assets, net 457 556 Other assets, net 134 142 Total assets $ 48,535 47,566 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 2,173 1,964 Federal and state taxes payable 33 594 Accrued payroll and benefits 3,238 3,208 Accrued insurance 601 1,053 Accrued liabilities, other 227 1,010 Operating lease liabilities, current portion 802 884 Total current liabilities 7,074 8,713 Operating lease liabilities, less current portion 2,769 1,705 Deferred income taxes 3,824 3,631 Accrued insurance 1,476 1,476 Other liabilities 841 854 Total liabilities 15,984 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 40,351 39,958 Accumulated deficit (8,230 ) (9,190 ) Accumulated other comprehensive income, net 77 71 Total shareholders' equity 32,551 31,187 Total liabilities and shareholders' equity $ 48,535 47,566 Contact:Matt McNultyChief Financial Officer904/858-9100 SOURCE: Patriot Transportation Holding, Inc. View source version on accesswire.com: https://www.accesswire.com/753721/Patriot-Transportation-Holding-Inc-Announces-Results-for-the-Second-Quarter-and-First-Six-Months-of-Fiscal-2023