Patriot posts slightly lower 3Q net income

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Patriot Transportation

Patriot Transportation Holding Inc. last week reported net income of $2.379 million for the third quarter of fiscal 2011, a decrease of $220,000 or 8.5 percent compared to $2.599 million in the same period last year. Net income for the first nine months of fiscal 2011 was $10.457 million, an increase of $5.08 million or 94.5 percent compared to net income of $5.377 million for the same period last year.

The Jacksonville, Fla.-based company said that for the third quarter of fiscal 2011, transportation segment revenues were $26.182 million, an increase of $3.118 million. Revenue miles were up 5.4 percent due to business growth and a longer average haul length. Fuel surcharge revenue increased $1.905 million; excluding fuel surcharges, revenue per mile increased 0.9 percent. Operating profit decreased $271,000 or 10.0 percent primarily due to a $353,000 smaller reduction to the actuarial projections of risk insurance claims and lower gains on equipment sales partially offset by increased miles.

For the first nine months of fiscal 2011, transportation segment revenues were $72.209 million, an increase of $5.406 million. Revenue miles were up 4.7 percent due to business growth and a longer average haul length. Fuel surcharge revenue increased $3.938 million; excluding fuel surcharges, revenue per mile decreased 2.1 percent due to a longer average haul length. Operating profit increased $351,000 or 5.8 percent primarily due to lower health benefit claims.