Patriot Transportation Holding, Inc. Announces Thompson S. Baker II Named President And CEO; John D. Baker Named Executive Chairman Of The Board; Release Date For Results Of The Third Quarter Ended June 30, 2010 And Earnings Conference Call
JACKSONVILLE, Fla., July 29 /PRNewswire-FirstCall/ -- Patriot Transportation Holding, Inc. (Nasdaq: PATR) today announced that Thompson S. Baker II has accepted an offer to become President and CEO of the Company effective October 1, 2010. John D. Baker II will elevate to the position of Executive Chairman of the Board and current Chairman, Edward L. Baker will become Chairman Emeritus. Thompson S. Baker II has been a member of the Company's Board since 1994. Prior to the merger of Florida Rock Industries, Inc. into Vulcan Materials Company, Tom served as President of both the Florida Rock Industries, Inc. Aggregate and Cement Divisions where he led both divisions to record revenue and profits growth for several years between 2003 and 2006. Tom also served as the principal leader of Florida Rock's strategic "Good-To-Great" initiative during 2005 and 2006 which took that company to new performance levels in the areas of Growth, Operations and People. Since the Vulcan-Florida Rock merger in November of 2007, Tom has served as the President of the Florida Rock Division of Vulcan with principal responsibility for integrating the assets of both companies servicing the Florida market for construction materials. Commenting on Tom's appointment as President and CEO of Patriot, current President and CEO John D. Baker II stated: "The Board and I are thrilled at this opportunity to bring Tom's managerial and leadership talents to the Patriot Team. His coming to Patriot now reunites the same top three officers at Patriot that previously successfully led Florida Rock in the early and mid-2000's. I look forward to handing Tom the day-to-day leadership responsibilities, but I will remain heavily focused on this Company's strategic direction and initiatives. While my brother Ted has earned his Emeritus status, I am certain that he will continue to mentor Tom and myself as all three of us remain members of the Board of Directors." Patriot Transportation Holding, Inc. plans to release its third quarter earnings during the morning of Wednesday, August 4, 2010, and to host a conference call later that same day beginning at 2:00 p.m. EDT. Conference Call. The Company will also host a conference call at 2:00 p.m. EDT on Wednesday, August 4, 2010. Analysts, stockholders and other interested parties may access the teleconference live by calling 1-888-207-9992 (security code 24672) within the United States. International callers may dial 1-334-323-7225 (security code 24672). Computer audio is available via the Internet through the Conference America, Inc. website at http://188.8.131.52/Conference_America or via the Company's website at http://www.patriottrans.com If using the Company's website, click on the Investor Relations tab, then select Patriot Transportation Holding, Inc. Conference Stream, next select the appropriate link for the current conference. An audio replay will be available for sixty days following the conference call. To listen to the audio replay, dial toll free 888-207-9992, international callers dial 334-323-7226. The passcode of the audio replay is 85829503. Replay options: "1" begins playback, "4" rewind 30 seconds, "5" pause, "6" fast forward 30 seconds, "0" instructions, and "9" exits recording. There may be a 30-40 minute delay until the archive is available following the conclusion of the conference call. 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 two wholly owned subsidiaries. Florida Rock & Tank Lines, Inc. is a Southeastern transportation company concentrating in the hauling by motor carrier of liquid and dry bulk commodities. SunBelt Transport, Inc. serves the flatbed portion of the trucking industry in the Southeastern states, hauling primarily construction materials. 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. SOURCE Patriot Transportation Holding, Inc.