Patriot posts higher 1Q net income on lower revenue

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Patriot Transportation Holding Inc. on Wednesday, Feb. 4, reported net income of $1.75 million in the first quarter of fiscal 2009, an increase of $342,000 or 24.3 percent compared to net income of $1.41 million in the same period last year. Consolidated revenues were $37.9 million, a decrease of $1.27 million or 3.2 percent.

The Jacksonville, Fla.-based company said increased revenue per mile and lower fuel expenses in the transportation segment offset continued reduced demand for flatbed trucking services. Net income for the first quarter of fiscal 2008 was impacted adversely by the accrual of retirement benefits of $1.46 million, net of income tax benefits, for the company’s former president and chief executive officer, John E. Anderson, whose retirement was effective Feb. 6, 2008.

Transportation segment revenues were $32 million, a decrease of $849,000. Revenue miles in the current quarter were down 12.1 percent due to reduced loads in the flatbed portion of the transportation segment. Decreased construction material freight demand from the downturn in housing and commercial construction pushed revenues miles down in the flatbed operation. Excluding fuel surcharges, revenue per mile increased 11.4 percent. Fuel surcharge revenue decreased $161,000.