/PRNewswire-FirstCall/ -- Patriot Transportation Holding, Inc. (Nasdaq: PATR) reported income from continuing operations of
per diluted share in the first quarter of fiscal 2010, a decrease of 32.5% compared to
per diluted share in the same period last year.
Transportation segment results were lower due to reduced miles driven and lower fuel surcharges. The real estate segment's results were impacted by lower royalty revenues and lower developed property occupancy.
First Quarter Operating Results
. For the first quarter of fiscal 2010, consolidated revenues were
, a decrease of
or 10.8% over the same quarter last year.
Transportation segment revenues were
in the first quarter of 2010, a decrease of
over the same quarter last year. Revenue miles were down 9.2% compared to the first quarter of 2009 due to lower demand and a competitive climate. Fuel surcharge revenue decreased
. Excluding fuel surcharges, revenue per mile increased 2.1% over the same quarter last year. The average price paid per gallon of diesel fuel decreased by
or 5.6% over the same quarter in fiscal 2009.
Real Estate segment revenues for the first quarter of fiscal 2010 were
, a decrease of
or 7.6% over the same quarter last year. Lease revenue from developed properties decreased
or 3.4% due to reduced occupancy. Royalties and rent decreased
or 18.3% due to decreased demand for mined tons and a
decrease in revenues from timber sales.
Consolidated gross profit was
in the first quarter of fiscal 2010, a decrease of
or 16.8% compared to
in the same period last year. Gross profit in the transportation segment decreased
or 17.0% due to reduced miles driven and lower fuel surcharges. Gross profit in the real estate segment decreased
or 16.6% due to decreased demand for tons mined and reduced occupancy of developed properties.
Selling, general and administrative expenses decreased
or 7.4% over the same quarter last year due to lower staffing and reduced company aircraft expenses partly offset by increased stock compensation expense and professional services.
The after tax income from discontinued operations for the first quarter of fiscal 2010 was
versus a loss of
for the same period last year. Diluted earnings on discontinued operations for the first quarter of fiscal 2010 was
compared to a diluted loss of
in the first quarter of fiscal 2009.
Summary and Outlook
. Transportation segment results were lower due to reduced miles driven and lower fuel surcharges. The Company announced on
January 6, 2010
that the transportation group has been unsuccessful in renewing certain contracts with significant customers recently. For the fiscal year ending
September 30, 2009
the revenue from these customers was
or approximately 11.0% of transportation group revenue.
Gross profit from the leasing of developed buildings has weakened from previous levels and may weaken further as our three newer buildings brought into service in the past fifteen months continue to contribute no revenue (but now add their fair share of depreciation and maintenance expense) and expiring leases, if renewed, will likely entail rent concessions from the existing levels. Prospective tenants for vacant space are significantly fewer than in the past few years, competition for their contracts are more intense and rental rates continue to decline from existing levels. The Company is not presently engaged in the construction of any new buildings.