Patriot posts lower 1Q net income, higher transportation revenues

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Patriot Transportation

Patriot Transportation Holding on Wednesday, Feb. 1, reported net income of $2.124 million in the first quarter of fiscal 2012, a decrease of $4.271 million or 66.8 percent compared to net income of $6.395 million in the same period last year. Income from discontinued operations favorably impacted the first quarter of fiscal 2011 due to an after-tax gain of $4.926 million from the exchange of property.

Transportation segment revenues were $24.841 million, an increase of $1.85 million. Revenue miles were up 1.8 percent due to business growth and a longer average haul length. Operating profit for the segment decreased $545,000 or 27.4 percent primarily due to increased health insurance claims, vehicle repairs, tire prices and the cost of growth initiatives. The Jacksonville, Fla.-based company said it continues to succeed in adding drivers and customers and anticipates increasing segment miles during fiscal 2012.