Patriot Transportation posts lower 2Q net income, higher revenue

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Patriot Transportation Holding reported net income of $626,000 in the second quarter of fiscal 2008, a decrease of $1,971,000 compared to net income of $2,597,000 in the same period last year. Net income for the first six months of fiscal 2008 was $2,031,000, a decrease of $2,726,000 compared to net income of $4,757,000 for the same period last year.

Net income for the first six months of fiscal 2008 benefited from a gain on condemnation of land of $1,544,000, net of income taxes, but was adversely impacted by the accrual of retirement benefits of $1,541,000, net of income tax benefits, for the company’s previous president and chief executive officer, whose retirement was effective Feb. 6.

The Jacksonville, Fla.-based company said the transportation segment was impacted negatively in the first six months of fiscal 2008 from continuing adverse demand, fuel expense and operating disruptions for the flatbed trucking operations. The first six months of fiscal 2007 benefited from gains on equipment sales and prior period insurance recoveries.

For the second quarter of fiscal 2008, consolidated revenues were $41,088,000, an increase of $2,932,000 or 7.7 percent over the same quarter last year. For the first six months of fiscal 2008, consolidated revenues were $80,288,000, an increase of $5,008,000 or 6.7 percent over the same period last year.