This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Patriot Transportation Holding, Inc. Announces Results For The First Quarter Of Fiscal Year 2010

JACKSONVILLE, Fla., Feb. 3 /PRNewswire-FirstCall/ -- Patriot Transportation Holding, Inc. (Nasdaq: PATR) reported income from continuing operations of $1,312,000 or $.42 per diluted share in the first quarter of fiscal 2010, a decrease of 32.5% compared to $1,943,000 or $.63 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 $27,500,000, a decrease of $3,344,000 or 10.8% over the same quarter last year.

Transportation segment revenues were $22,081,000 in the first quarter of 2010, a decrease of $2,901,000 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 $1,355,000.  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 $.15 or 5.6% over the same quarter in fiscal 2009.

Real Estate segment revenues for the first quarter of fiscal 2010 were $5,419,000, a decrease of $443,000 or 7.6% over the same quarter last year.  Lease revenue from developed properties decreased $143,000 or 3.4% due to reduced occupancy.  Royalties and rent decreased $300,000 or 18.3% due to decreased demand for mined tons and a $161,000 decrease in revenues from timber sales.

Consolidated gross profit was $6,092,000 in the first quarter of fiscal 2010, a decrease of $1,232,000 or 16.8% compared to $7,324,000 in the same period last year.  Gross profit in the transportation segment decreased $788,000 or 17.0% due to reduced miles driven and lower fuel surcharges.  Gross profit in the real estate segment decreased $444,000 or 16.6% due to decreased demand for tons mined and reduced occupancy of developed properties.

Selling, general and administrative expenses decreased $243,000 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 $24,000 versus a loss of $196,000 for the same period last year.  Diluted earnings on discontinued operations for the first quarter of fiscal 2010 was $.01 compared to a diluted loss of $.07 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 $10,012,000 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.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs