Patriot says 2Q net income up 16.7%

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Patriot Transportation

Patriot Transportation Holding on Wednesday, May 4, reported net income of $1.683 million in its second fiscal quarter of 2011, an increase of $241,000 or 16.7 percent compared to net income of $1.442 million in the same 2010 period. Net income for the first six months of fiscal 2011 was $8.078 million, an increase of $5.3 million or 190.8 percent compared to net income of $2.778 million.

For the second quarter of fiscal 2011, consolidated revenues were $28.59 million, an increase of $1.08 million or 3.9 percent. Transportation segment revenues were $23.036 million, an increase of $1.378 million. Revenue miles were up 2.9 percent due to business growth and a longer average haul length. Fuel surcharge revenue increased $1.28 million; excluding fuel surcharges, revenue per mile decreased 2.5 percent due to a longer average haul length. For the first six months of fiscal 2011, consolidated revenues were $56.853 million, an increase of $1.843 million or 3.4 percent.

Transportation segment revenues were $46.027 million in the first six months of 2011, an increase of $2.288 million over the same period last year. Revenue miles were up 4.3 percent due to business growth and a longer average haul length. Fuel surcharge revenue increased $2.033 million; excluding fuel surcharges, revenue per mile decreased 3.3 percent due to a longer average haul length and lower revenue per mile on certain growth business.

The Jacksonville, Fla.-based company says 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.