Attached files
EXHIBIT 99.9
PATRIOT TRANSPORTATION HOLDING, INC./NEWS
Contact: John D. Milton, Jr.
Chief Financial Officer 904/858-9164
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PATRIOT TRANSPORTATION HOLDING, INC. ANNOUNCES
RESULTS FOR THE FIRST QUARTER ENDED DECEMBER 31,
2012.
Jacksonville, Florida; February 6, 2013 - Patriot
Transportation Holding, Inc. (NASDAQ-PATR) reported
net income of $3,123,000 or $.33 per diluted share
in the first quarter of fiscal 2013, an increase
of $999,000 or 47.0% compared to net income of
$2,124,000 or $.23 per diluted share in the same
period last year.
First Quarter Operating Results. For the first
quarter of fiscal 2013, consolidated revenues
were $33,057,000, an increase of $2,698,000 or
8.9% over the same quarter last year.
Transportation segment revenues were $26,639,000
in the first quarter of 2013, an increase of
$1,798,000 over the same quarter last year.
Revenue miles in the current quarter were up 3.4%
compared to the first quarter of fiscal 2012 due
to business growth. Revenue per mile increased
3.8% over the same quarter last year due to rate
increases and higher fuel surcharges. Fuel
surcharge revenue increased $123,000 due to
higher fuel costs partially offset by changes to
certain customer rates to incorporate fuel
surcharges into base rates. The average price
paid per gallon of diesel fuel increased by $.17
or 4.7% over the same quarter in fiscal 2012.
There is a time lag between changes in fuel
prices and surcharges and often fuel costs change
more rapidly than the market indexes used to
determine fuel surcharges. Excluding fuel
surcharges, revenue per mile increased 4.6% over
the same quarter last year.
Mining royalty land segment revenues for the
first quarter of fiscal 2013 were $1,331,000, an
increase of $354,000 or 36.2% over the same
quarter last year due to new property royalties
and higher tons mined.
Developed property rentals segment revenues for
the first quarter of fiscal 2013 were $5,087,000,
an increase of $546,000 or 12.0% due to higher
occupancy. Occupancy at December 31, 2012 was
86.2% as compared to 82.8% at December 31, 2011.
Consolidated operating profit was $4,408,000 in
the first quarter of fiscal 2013, an increase of
$1,194,000 or 37.1% compared to $3,214,000 in the
same period last year. Operating profit in the
transportation segment increased $354,000 or
24.5% due to incremental profits on increased
revenue, higher gains on equipment sales and
lower than expected health insurance claims
partially offset by increased vehicle repairs
costs, increased site maintenance, and increased
sales, general and administrative expenses.
Operating profit in the mining royalty land
segment increased $339,000 or 49.6% due to new
property royalties partially offset by increased
corporate expense allocation. Operating profit
in the Developed property rentals segment increased
$472,000 or 34.2% due to higher occupancy and
lower professional fees partially offset by higher
health insurance claims allocation. Consolidated
operating profit includes corporate expenses not
allocated to any segment in the amount of $263,000
in the first quarter of fiscal 2013, a decrease of
$29,000 compared to the same period last year.
Continued
200 W. Forsyth St., 7th Fl./Jacksonville, Florida
32202/(904) 858-9164
Gain on investment land sold for the first quarter
of fiscal 2013 included a gain on the sale of the
developed property rentals Commonwealth property
of $1,116,000 before income taxes. The book value
of the property was $723,000.
Interest expense decreased $376,000 over the same
quarter last year due to higher capitalized interest
and declining mortgage principal balance. The
amount of interest capitalized on real estate
projects under development was $297,000 higher
than the same quarter in fiscal 2012 primarily due
to resumed development of Patriot Business Park
in April 2012.
Summary and Outlook. Transportation segment
miles for this year were 3.4% higher than last
year. The Company continues to succeed in adding
drivers and customers and anticipates increasing
segment miles during fiscal 2013.
Developed property rentals occupancy has increased
from 82.8% to 86.2% over December 31, 2011 as the
market for new tenants has improved and traffic
for vacant space has increased. Occupancy at
December 31, 2012 and 2011 included 25,660 square
feet or .9% and 104,226 square feet or 3.4%
respectively for temporary storage under a less
than full market lease rate. The Company resumed
development of Patriot Business Park effective
April 1, 2012 due to two recent developments. On
February 15, 2012, the Company signed an agreement
to sell 15.18 acres of land at the site for a
purchase price of $4,774,577 which would result in
a profit on the sale if completed. The Company
also entered into a build to suit lease signed
April 2, 2012, for a 117,600 square foot building
which is substantially completed and occupancy
is anticipated during the quarter ending March
31, 2013.
Conference Call. The Company will also host a
conference call at 2:00 p.m. (EST) on February 6,
2013. Analysts, stockholders and other interested
parties may access the teleconference live by
calling 1-800-353-6469 (pass code 97452) within
the United States. International callers may dial
1-334-323-7225 (pass code 97452). Computer audio
is available via the Internet through the Conference
America, Inc. website at http://64.202.98.81/
conferenceamerica 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 877-919-4059, international callers
dial 334-323-7226. The passcode of the audio
replay is 90016571. 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 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.
Continued
PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
(In thousands except per share amounts)
Three Months
Ended
December 31
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2012 2011
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Revenues:
Transportation $26,639 24,841
Mining royalty land 1,331 977
Developed property rentals 5,087 4,541
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Total revenues 33,057 30,359
Operating profit:
Transportation 1,797 1,443
Mining royalty land 1,023 684
Developed property rentals 1,851 1,379
Unallocated corporate (263) (292)
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Total operating profit 4,408 3,214
Gain on termination of sale contract - 1,039
Gain on investment land sold 1,116 -
Interest income and other 32 9
Equity in loss of joint venture (8) (7)
Interest expense (428) (804)
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Income before income taxes 5,120 3,451
Provision for income taxes (1,997) (1,326)
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Income from continuing operations 3,123 2,125
Loss from discontinued
operations, net - (1)
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Net income $ 3,123 2,124
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Comprehensive income $ 3,123 2,124
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Earnings per common share:
Income from continuing operations -
Basic $ .33 .23
Diluted $ .33 .23
Discontinued operations -
Basic $ - -
Diluted $ - -
Net income - basic $ .33 .23
Net income - diluted $ .33 .23
Number of shares (in thousands)
used in computing:
-basic earnings per common
share 9,452 9,290
-diluted earnings per common
share 9,549 9,422