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Patriot Transportation 4Q Profit Falls 68 Pct

JACKSONVILLE, Fla. (AP) ¿ Patriot Transportation Holding Inc., a trucking and real estate holding company, reported Monday that its fiscal fourth-quarter profit fell more than 68 percent as its revenue tumbled 20 percent.

The company recorded net income of $999,000, or 32 cents per share, compared with a profit of $3.2 million, or $1.02 per share, in the same period a year ago. Revenue fell to $27.8 million from $34.8 million.

For the full year, profit totaled $3.8 million, or $1.20 per share, compared with $8 million, or $2.55 per share, for fiscal 2008. Revenue fell to $114.6 million from $129.9 million.

The company said the transportation segment was able to offset the effect of reduced demand for hauled products with reduced vehicle accident costs, higher gains on equipment sales, increased revenue per mile and cost management.

Going forward, Patriot said gross profit from the leasing of developed buildings is expected to weaken from existing levels as the company's three new buildings brought into service in the past 12 months continue to contribute no revenue.

Shares of Patriot added 55 cents to $91.86 in afternoon trading.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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