JACKSONVILLE, Fla., Nov. 16, 2016 (GLOBE NEWSWIRE) -- Patriot Transportation Holding, Inc. (NASDAQ:PATI) Fourth Quarter Results for Fiscal Year 2016. The Company reported net income of $2,088,000, or $.63 per share, compared to net income of $1,585,000, or $.48 per share, in the same quarter last year. This fourth quarter's net income was benefitted by $.24 per share as the result of a gain on the sale of an easement. Total revenues for the quarter were $30,391,000, up $62,000 from $30,329,000 in the same quarter last year. Transportation revenues (excluding fuel surcharges) were up $582,000 to $28,882,000 and fuel surcharge revenues were down $520,000 to $1,509,000. As a result of improved pricing and better utilization of equipment, our transportation revenue per mile increased by 4.2% over the same quarter last year. The Company's gross cost of fuel was down $503,000 over the same quarter last year which was not quite enough to off-set the $520,000 decline in fuel surcharge revenues. Insurance and losses were $435,000 higher than the same quarter last year primarily due to higher self insured health claims. Corporate expense was $288,000 higher than the same quarter last year due mainly to increased bonus and contingent stock compensation accruals required in the fourth quarter. On September 30, 2016, the Company received $1,340,000 for an easement granted to the state of Florida over the Company's 25.2 acre terminal facility in Tampa, Florida resulting in a $1,277,000 gain. The easement prohibits residential development on the site and limits hotel development to a portion of the site. Gains from equipment sales were $177,000 lower than the same quarter last year. Including the gain from easement sale, operating profit this quarter was $3,454,000 compared to $2,633,000 in the same quarter last year. Adjusted operating profit this quarter was $2,177,000, down $456,000 or 17% compared to $2,633,000 in the same quarter last year due mainly to the increased insurance and losses and higher corporate expense this quarter versus the same quarter last year. Our adjusted operating ratio was 92.8% compared to 91.3% in the same quarter last year. These non-GAAP financial measures exclude gain from easement sale realized in the fourth quarter of fiscal 2016. Management believes these adjusted measures better reflect our operating performance during the periods discussed and reflect how management evaluates our operational results. Refer to "Non-GAAP Financial Measures" below in this press release for a more detailed discussion, including reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures.