JACKSONVILLE, Fla., Nov. 7, 2013 /PRNewswire/ -- Patriot Transportation Holding, Inc., ("Company") (NASDAQ-PATR) today announced the acquisition of the assets of Pipeline Transportation, Inc., effective November 7, 2013. Pipeline's operations have been conducted in the Florida and Alabama markets also served by Florida Rock and Tank Lines, Inc. For the twelve month period ending June 30, 2013, Pipeline had gross revenues of just over $16,500,000.
Rob Sandlin, President of Florida Rock and Tank Lines, Inc., stated that he is excited to welcome the drivers and employees of Pipeline to the Florida Rock and Tank Lines family. Mr. Sandlin emphasized his expectation that this quality operation can be combined with the operations of Florida Rock & Tank Lines, Inc., in a manner that will generate synergistic improvements to the Company's bottom line.
The Company looks forward to discussing this acquisition and its implications for Florida Rock and Tank Lines, Inc., in more detail in its upcoming conference call on 2013 fiscal year earnings expected to occur sometime during the first week of December 2013.
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 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; demand for flexible warehouse/office facilities; ability to obtain zoning and entitlements necessary for property development; interest rates; levels of mining activity; 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 and real estate businesses. The Company's transportation business is conducted through Florida Rock & Tank Lines, Inc. which is a Southeastern transportation company concentrating in the hauling by motor carrier of liquid and dry bulk commodities. The Company's real estate group, comprised of FRP Development Corp. and Florida Rock Properties, Inc., acquires, constructs, leases, operates and manages land and buildings to generate both current cash flows and long-term capital appreciation. The real estate group also owns real estate which is leased under mining royalty agreements or held for investment.
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