Patriot posts lower 1Q transportation segment revenues

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Patriot Transportation Holding on Wednesday, Feb. 3, reported income from continuing operations of $1.312 million in the first quarter of fiscal 2010, a decrease of 32.5 percent compared to $1.943 million last year. Transportation segment results were lower due to reduced miles driven and lower fuel surcharges.

Transportation segment revenues were $22.081 million, a decrease of $2.901 million. Revenue miles were down 9.2 percent due to lower demand and a competitive climate. Fuel surcharge revenue decreased $1.355 million. Excluding fuel surcharges, revenue per mile increased 2.1 percent.

The Jacksonville, Fla.-based company announced Jan. 6 that the transportation group has been unsuccessful in renewing certain contracts with significant customers recently. For the fiscal year ending Sept. 30, 2009, the revenue from these customers was $10.012 million, or about 11 percent of transportation group revenue.