Patriot’s 4Q, fiscal year profit both up nearly 100%

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Updated Dec 1, 2010

Patriot Transportation

Patriot Transportation Holding Inc. on Tuesday, Nov. 30, reported net income of $1,994,000 in the fourth quarter of fiscal 2010, an increase of $995,000 or 99.6 percent compared to net income of $999,000 in the same period last year. Net income for the fiscal year ended Sept. 30, 2010, was $7,371,000, an increase of $3,618,000 or 96.4 percent compared to net income of $3,753,000 in fiscal 2009.

For the fourth quarter, transportation segment revenues were $22,834,000, an increase of $522,000 over the same quarter last year. Revenue miles were up 3.8 percent due to growth initiatives. Fuel surcharge revenue increased $801,000. Excluding fuel surcharges, revenue per mile decreased 5.3 percent due to a longer average haul length and lower revenue per mile on certain growth business.

During the fourth quarter of the prior year, the company sold its flatbed trucking company, SunBelt Transport Inc. The after-tax income from discontinued operations for the fourth quarter of fiscal 2010 was $98,000 versus a loss of $1,057,000 for the same period last year.

For the fiscal year 2010, consolidated revenues were $111,338,000, a decrease of $3,215,000 or 2.8 percent over the same period last year. The company announced on Jan. 6, 2010, that the transportation group had been unsuccessful in renewing contracts with customers that represented about 11.0 percent of transportation group revenue in fiscal 2009.

The company successfully replaced the majority of the lost business with new business obtained in the remainder of fiscal 2010. Nevertheless, revenue miles in the current year were down 3.1 percent compared to fiscal 2009 due to the time involved in replacing the lost business along with lower demand and a more competitive economic climate. About 3.3 percent of miles during fiscal 2010 were from services related to the contracts that were not renewed.

Transportation revenues were $89,637,000 in 2010, a decrease of $1,783,000 or 2.0 percent over 2009. Fuel surcharge revenue increased $2,309,000. Excluding fuel surcharges, revenue per mile decreased 2.1 percent due to lower revenue per mile on certain replacement business partially offset by a shorter average haul length in the first six months of fiscal 2010.

The after tax income from discontinued operations was $315,000 in fiscal 2010 as a result of favorable insurance reserve adjustments compared to a loss of $4,155,000 in fiscal 2009. Fiscal 2009 includes a loss on the sale of $2,316,000 after-tax.