Patriot posts lower 3Q transportation segment operating profit

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Patriot Transportation

Patriot Transportation Holding on Wednesday, Aug. 1, reported net income of $2.684 million in the third quarter of fiscal 2012, an increase of $305,000 or 12.8 percent compared to $2.379 million in the same period last year.

Net income for the first nine months of fiscal 2012 was $6.451 million, a decrease of $4 million or 38.3% compared to net income of $10.457 million for the same period last year. Income from discontinued operations favorably impacted net income in fiscal 2011, according to the Jacksonville, Fla.-based company.

For the third quarter of fiscal 2012, consolidated revenues were $33 million, an increase of $1.083 million or 3.4 percent over the same quarter last year. Transportation segment revenues were $26.907 million, an increase of $725,000 due to business growth, rate increases, lower fuel costs and changes to certain customer rates to incorporate fuel surcharges into base rates.

Operating profit in the transportation segment decreased $158,000 or 6.5 percent primarily due to increased health insurance and worker’s compensation claim costs along with higher vehicle repairs, increased tire prices and cost of growth initiatives partially offset by increased gains on equipment sales and incremental profits on increased revenues.

For the first nine months of fiscal 2012, consolidated revenues were $94.715 million, an increase of $5.915 million or 6.7 percent over the same period last year. Transportation segment revenues were $77.197 million, an increase of $4.988 million. Operating profit in the transportation segment decreased $915,000 or 14.2 percent.