Patriot Transportation 1Q net income, revenue both up 12.7%

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Patriot Transportation reported that its net income grew 12.7 percent in the first quarter of fiscal 2006 compared with the same quarter last year. Patriot’s fiscal year runs from Oct. 1 to Sept. 30.

Patriot reported net income for the first quarter of $1,898,000, up from $1,684,000 in the same period last year. Revenues followed the same trend, up 12.7 percent year-over-year — $35.4 million in the recent quarter compared with $31.4 million the year before.

Of Patriot’s two segments, transportation continued to generate the most revenue at $30.3 million, while real estate generated $5.1 million. But percentage growth in the real estate segment, 16.9 percent, was higher than in transportation, 12.1 percent.

Also, almost $2 million of the $3.3 million increase in transportation revenues came from fuel surcharges. Revenue per mile, excluding surcharges, grew 6.9 percent year-over-year, although the number of revenue-miles dropped 1.6 percent. Patriot attributed the decline in revenue-miles to an industrywide tight availability of drivers.