Patriot says 1Q net income up 378.8%

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Patriot Transportation Holding Inc. on Wednesday, Feb. 2, reported net income of $6.395 million in the first quarter of fiscal 2011, an increase of $5.059 million or 378.8 percent compared to net income of $1.336 million in the same period last year. The first quarter of fiscal 2011 included an after-tax gain of $4.926 million from the sale of property in Caroline County, Va.

Transportation segment revenues were $22.991 million, an increase of $910,000. Revenue miles were up 5.7 percent due to business growth and a longer average haul length. Fuel surcharge revenue increased $753,000. Excluding fuel surcharges, revenue per mile decreased 4.5 percent due to a longer average haul length and lower revenue per mile on certain replacement business. Operating profit in the transportation segment increased $344,000 or 20.9 percent primarily due to lower health benefit claims.

Transportation segment miles were 5.7 percent higher. The company said it continues to succeed in replacing customers from the nonrenewed contracts announced in January 2010 and basically has recovered from new customers substantially all the lost revenue miles, albeit at lower rates per mile for longer average hauls.