Patriot posts 4Q, full-year results; president/CEO to retire

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Patriot Transportation Holding on Wednesday, Dec. 5, reported financial results for its fiscal fourth quarter and full year, both ended Sept. 30. Patriot also announced that John E. Anderson has decided to retire as president and chief executive officer effective Feb. 6.

The Jacksonville, Fla.-based company reported net income for the fourth quarter of fiscal 2007 of $2.32 million, a decrease of $309,000 or 11.7 percent compared to $2.63 million for the same period last year. Net income for fiscal year ended Sept. 30 was $9.5 million, an increase of $1.42 million or 17.7 percent compared to $8.08 million for the same period last year.

For the fourth quarter of fiscal 2007, consolidated revenues were $39.37 million, an increase of $592,000 or 1.5 percent over the same quarter last year. Transportation segment revenues were $33.52 million in the fourth quarter of 2007, an increase of $351,000 over the same quarter last year.

For the fiscal year 2007, consolidated revenues were $154.28 million, an increase of $6.90 million or 4.7 percent over the same period last year. Transportation segment revenues were $131.94 million in fiscal year 2007, an increase of $5.69 million or 4.5 percent over 2006.

The company says its transportation segment faces ongoing challenges from high diesel fuel expenses. Patriot’s flatbed subsidiary, SunBelt, continues to face negative construction materials industry trends and significant profitability challenges due to poor freight demand, utilization disruption, pricing softness and sharply higher diesel fuel expenses, net of surcharges. This downturn will continue into 2008, the company said.

Anderson, 62, will continue to serve as a director of the company. At a meeting held on Wednesday, Dec. 5, Patriot’s board of directors named John D. Baker II to succeed Anderson in both positions.

“On behalf of the board of directors, I want to thank John Anderson for his outstanding leadership, numerous accomplishments and unwavering dedication to the company over the past 19 years,” sais Edward L. Baker, board chairman. “John has been instrumental in building the company’s transportation and real estate businesses and positioning the company for continued success.”

Anderson has served as Patriot’s president and CEO since 1989. He also served as a director of the company from 1989 to 2004 and from 2005 to the present.

Baker, 59, has served as a director of Patriot since 1986. Baker served as president and CEO of Florida Rock Industries from February 1996 until its merger with Vulcan Materials Co. on Nov. 16. Baker also serves on the boards of directors of Wachovia Corp. and Vulcan Materials Co.