Cover
Cover - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Dec. 11, 2023 | Mar. 31, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Sep. 30, 2023 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity File Number | 001-36605 | ||
Entity Registrant Name | PATRIOT TRANSPORTATION HOLDING, INC. | ||
Entity Central Index Key | 0001616741 | ||
Entity Tax Identification Number | 47-2482414 | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Address, Address Line One | 200 W. Forsyth St | ||
Entity Address, Address Line Two | 7th Floor | ||
Entity Address, City or Town | Jacksonville | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32202 | ||
City Area Code | 904 | ||
Local Phone Number | 396-5733 | ||
Title of 12(b) Security | Common Stock, $.10 par value | ||
Trading Symbol | PATI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 20,484,376 | ||
Entity Common Stock, Shares Outstanding | 3,553,571 | ||
Document Financial Statement Error Correction [Flag] | false |
Auditor Information
Auditor Information | 12 Months Ended |
Sep. 30, 2023 | |
Cover [Abstract] | |
ICFR Auditor Attestation Flag | false |
Auditor Name | Hancock Askew & Co., LLP |
Auditor Location | Jacksonville, Florida |
Auditor Firm ID | 794 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 6,429 | $ 8,302 |
Accounts receivable (net of allowance for doubtful accounts of $63 and $68, respectively) | 6,126 | 5,296 |
Federal and state taxes receivable | 511 | |
Inventory of parts and supplies | 898 | 1,006 |
Prepaid tires on equipment | 1,674 | 1,486 |
Prepaid taxes and licenses | 380 | 378 |
Prepaid insurance | 3,369 | 3,927 |
Prepaid expenses, other | 83 | 163 |
Total current assets | 19,470 | 20,558 |
Property, plant and equipment, at cost: | ||
Land | 1,911 | 1,911 |
Buildings | 5,452 | 4,897 |
Equipment | 69,685 | 66,008 |
Property, plant and equipment, gross | 77,048 | 72,816 |
Less accumulated depreciation | 50,708 | 52,567 |
Property, plant and equipment, net | 26,340 | 20,249 |
Operating lease right-of-use assets | 2,735 | 2,424 |
Goodwill | 3,637 | 3,637 |
Intangible assets, net | 359 | 556 |
Other assets, net | 126 | 142 |
Total assets | 52,667 | 47,566 |
Current liabilities: | ||
Accounts payable | 2,614 | 1,964 |
Federal and state taxes payable | 594 | |
Accrued payroll and benefits | 4,490 | 3,208 |
Accrued insurance | 918 | 1,053 |
Accrued liabilities, other | 382 | 1,010 |
Operating lease liabilities, current portion | 653 | 884 |
Total current liabilities | 9,057 | 8,713 |
Operating lease liabilities, less current portion | 2,459 | 1,705 |
Deferred income taxes | 4,715 | 3,631 |
Accrued insurance | 1,276 | 1,476 |
Other liabilities | 829 | 854 |
Commitments and contingencies (Note 11) | ||
Shareholders' equity: | ||
Preferred stock, 5,000,000 shares authorized, of which 250,000 shares are designated Series A Junior Participating Preferred Stock; $0.01 par value; none issued and outstanding | 0 | 0 |
Common stock, $.10 par value; (25,000,000 shares authorized; 3,526,489 and 3,484,004 shares issued and outstanding, respectively) | 353 | 348 |
Capital in excess of par value | 40,430 | 39,958 |
Accumulated deficit | (6,517) | (9,190) |
Accumulated other comprehensive income, net | 65 | 71 |
Total shareholders' equity | 34,331 | 31,187 |
Total liabilities and shareholders' equity | $ 52,667 | $ 47,566 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 63 | $ 68 |
Preferred stock shares authorized | 5,000,000 | 5,000,000 |
Series A Junior Participating Preferred stock | 250,000 | 250,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares outstanding | 3,526,489 | 3,484,004 |
Common stock, shares issued | 3,526,489 | 3,484,004 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | |||
Operating revenues | $ 94,785 | $ 87,882 | $ 81,268 |
Cost of operations: | |||
Compensation and benefits | 43,493 | 37,906 | 36,198 |
Fuel expenses | 11,971 | 13,288 | 9,630 |
Repairs & tires | 6,102 | 5,760 | 5,402 |
Other operating | 3,125 | 3,027 | 3,270 |
Insurance and losses | 7,064 | 8,167 | 7,261 |
Depreciation expense | 5,410 | 5,537 | 6,654 |
Rents, tags & utilities | 2,578 | 2,650 | 2,708 |
Sales, general & administrative | 10,592 | 9,306 | 8,764 |
Corporate expenses | 2,215 | 2,011 | 1,936 |
Gain on sale of terminal sites | 0 | (8,330) | (1,614) |
Loss (gain) on disposition of PP&E | (1,047) | (739) | 179 |
Total cost of operations | 91,503 | 78,583 | 80,388 |
Total operating profit | 3,282 | 9,299 | 880 |
Interest income and other | 324 | 62 | 5 |
Interest expense | (18) | (18) | (27) |
Income before income taxes | 3,588 | 9,343 | 858 |
Provision for income taxes | 915 | 2,153 | 233 |
Net income | $ 2,673 | $ 7,190 | $ 625 |
Earnings per common share: | |||
Basic | $ 0.76 | $ 2.08 | $ 0.18 |
Diluted | $ 0.74 | $ 1.98 | $ 0.18 |
Number of shares (in thousands) used in computing: | |||
-basic earnings per common share | 3,515 | 3,459 | 3,395 |
-diluted earnings per common share | 3,594 | 3,623 | 3,408 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | |||
Net income | $ 2,673 | $ 7,190 | $ 625 |
Unrealized investment gains (losses), net | 5 | (5) | 0 |
Loss on retiree health, net | (11) | (13) | (16) |
Comprehensive income | $ 2,667 | $ 7,172 | $ 609 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Sep. 30, 2020 | $ 338 | $ 38,670 | $ 5,935 | $ 105 | $ 45,048 |
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2020 | 3,377,279 | ||||
Stock-based compensation | $ 0 | 248 | 0 | 0 | 248 |
Exercise of stock options | $ 1 | 123 | 0 | 0 | 124 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 13,497 | ||||
Shares granted to Directors | $ 3 | 216 | 0 | 0 | 219 |
Stock Issued During Period, Shares, Issued for Services | 24,867 | ||||
Cash dividends ($3.75 per share) | $ 0 | 0 | (10,132) | 0 | (10,132) |
Net income | 0 | 0 | 625 | 0 | 625 |
Loss on retiree health, net | 0 | 0 | 0 | (16) | (16) |
Unrealized investment gains, net | 0 | ||||
Expired stock options | 0 | ||||
Ending balance, value at Sep. 30, 2021 | $ 342 | 39,257 | (3,572) | 89 | 36,116 |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2021 | 3,415,643 | ||||
Stock-based compensation | $ 0 | 212 | 0 | 0 | 212 |
Exercise of stock options | $ 4 | 311 | 0 | 0 | 315 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 46,377 | ||||
Shares granted to Directors | $ 2 | 178 | 0 | 0 | 180 |
Stock Issued During Period, Shares, Issued for Services | 21,984 | ||||
Cash dividends ($3.75 per share) | $ 0 | 0 | (12,808) | 0 | (12,808) |
Net income | 0 | 0 | 7,190 | 0 | 7,190 |
Loss on retiree health, net | 0 | 0 | 0 | (13) | (13) |
Unrealized investment gains, net | 0 | 0 | 0 | (5) | (5) |
Expired stock options | 0 | ||||
Ending balance, value at Sep. 30, 2022 | $ 348 | 39,958 | (9,190) | 71 | $ 31,187 |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2022 | 3,484,004 | 3,484,004 | |||
Stock-based compensation | $ 0 | 163 | 0 | 0 | $ 163 |
Exercise of stock options | $ 2 | 125 | 0 | 0 | 127 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 17,285 | ||||
Shares granted to Directors | $ 3 | 194 | 0 | 0 | 197 |
Stock Issued During Period, Shares, Issued for Services | 25,200 | ||||
Net income | $ 0 | 0 | 2,673 | 0 | 2,673 |
Loss on retiree health, net | 0 | 0 | 0 | (11) | (11) |
Unrealized investment gains, net | 0 | 0 | 0 | 5 | 5 |
Expired stock options | 0 | (10) | 0 | 0 | (10) |
Ending balance, value at Sep. 30, 2023 | $ 353 | $ 40,430 | $ (6,517) | $ 65 | $ 34,331 |
Common Stock, Shares, Outstanding, Ending Balance at Sep. 30, 2023 | 3,526,489 | 3,526,489 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 3.75 | $ 3 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 2,673 | $ 7,190 | $ 625 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 6,027 | 6,106 | 7,202 |
Non-cash lease expense | 925 | 960 | 1,015 |
Non-cash gain of acquisition-related contingent consideration | 0 | 0 | (16) |
Deferred income taxes | 1,084 | (431) | (1,025) |
Gain on asset dispositions | (1,057) | (9,130) | (1,472) |
Stock-based compensation | 360 | 392 | 467 |
Net changes in operating assets and liabilities: | |||
Accounts receivable | (830) | (366) | 75 |
Inventory of parts and supplies | 108 | (135) | 32 |
Prepaid expenses | 448 | 724 | (2,007) |
Other assets | 8 | (6) | 28 |
Accounts payable and accrued liabilities | 1,169 | (409) | (682) |
Income taxes payable and receivable | (1,105) | 331 | (21) |
Operating lease liabilities | (713) | (905) | (1,079) |
Long-term insurance liabilities and other long-term liabilities | (225) | (86) | (370) |
Net cash provided by operating activities | 8,872 | 4,235 | 2,772 |
Cash flows from investing activities: | |||
Purchase of property and equipment | (12,088) | (5,248) | (910) |
Proceeds from the sale of property, plant and equipment | 1,226 | 10,909 | 3,083 |
Net cash provided by (used in) investing activities | (10,862) | 5,661 | 2,173 |
Cash flows from financing activities: | |||
Dividends paid | 0 | (12,808) | (10,132) |
Expired stock options | (10) | 0 | 0 |
Proceeds from exercised stock options | 127 | 315 | 124 |
Net cash provided by (used in) financing activities | 117 | (12,493) | (10,008) |
Net increase (decrease) in cash and cash equivalents | (1,873) | (2,597) | (5,063) |
Cash and cash equivalents at beginning of year | 8,302 | 10,899 | 15,962 |
Cash and cash equivalents at end of the year | 6,429 | 8,302 | 10,899 |
Supplemental disclosures of cash flow information: | |||
Interest | 16 | 16 | 25 |
Income taxes | 934 | 2,248 | 1,273 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 1,236 | $ 1,453 | $ 0 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Accounting Policies | 1. Accounting Policies DESCRIPTION OF BUSINESS 86 14 one PRINCIPLES OF CONSOLIDATION CASH AND CASH EQUIVALENTS INVENTORY TIRES ON EQUIPMENT REVENUE AND EXPENSE RECOGNITION The Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers” on October 1, 2018. Management has identified that a legally enforceable contract with its customers is executed by both parties at the point of pickup of the shipper’s product, as evidenced by the bill of lading. Although the Company may have master agreements with its customers, these master agreements only establish terms. There is no financial obligation to the shipper until the Company takes possession of the load and there are no significant performance obligations after delivery. Revenue is recognized for each individual load and the amount of revenue in progress at the end of each quarter is insignificant. There is no significant amount of judgment or uncertainty in recording revenue. Our revenues are primarily based on a set rate per volume of product hauled to arrive at a desired rate per mile traveled. The rate also incorporates the cost of fuel at an assumed price plus fuel surcharges to address the fluctuation in fuel prices. Over time, the fuel surcharge tables in the industry have become so numerous and varied, both by carriers and customers, that they have simply become a part of the overall rating structure to arrive at that desired price per mile by market. We consider fuel surcharge revenue to be revenue from services rather than other revenues. As a result, the Company determined there is no reason to report fuel surcharges as a separate revenue line item and fuel surcharges are reported as part of Operating revenues. Prior periods have been revised for consistency. ACCOUNTS RECEIVABLE balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years. PROPERTY AND EQUIPMENT Estimated useful lives Estimated useful lives Years Building and improvements 7-39 Revenue equipment 7-10 Other equipment 3-10 The Company recorded depreciation expenses for 2023, 2022 and 2021 of $ 5,828,000 5,904,000 7,014,000 IMPAIRMENT OF LONG-LIVED ASSETS GOODWILL one one INSURANCE $250,000 to $500,000 250,000 84,500 250,000 INCOME TAXES based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company’s policy to recognize as additional income tax expense the items of interest and penalties directly related to income taxes. STOCK BASED COMPENSATION PENSION PLAN EARNINGS PER COMMON SHARE USE OF ESTIMATES Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives and salvage values of our vehicles and equipment, impairment of tangible and intangible assets, provisions for uncollectible accounts receivable, estimates of exposures related to our insurance claims plans, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected. ENVIRONMENTAL COMPREHENSIVE INCOME RECENTLY ISSUED ACCOUNTING STANDARDS |
Related Party Agreements
Related Party Agreements | 12 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Agreements | 2. Related Party Agreements The Company provides FRP Holdings, Inc. (FRP) certain services including the services of certain shared executive officers. FRP may be considered a related party due to common significant shareholder ownership and shared common officers. A written agreement exists outlining the terms of such services and the boards of the respective companies amended and extended this agreement for one year effective April 1, 2023. The consolidated statements of income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $ 910,000 923,000 1,207,000 We employ an allocation method to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations, but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis. |
Debt
Debt | 12 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 3. Debt The Company had no On July 6, 2021, Patriot Transportation Holding, Inc. (the “ Company The Amended and Restated Credit Agreement Wells Fargo five-year 15 million 25 million 1.10 0.12 no 1,754,000 13,246,000 1 6.42 This credit agreement contains certain conditions, affirmative financial covenants and negative covenants including a minimum tangible net worth of $ 25 million 5,332,000 |
Leases
Leases | 12 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Leases | 4. Leases The Company leases certain assets under operating leases, which primarily consist of real estate leases for the corporate office and some of our terminal locations. Certain operating leases provide for renewal options, which can vary by lease and are typically offered at their fair rental value. The Company has not made any residual value guarantees related to its operating leases. Operating leases with an initial term of more than 12 months are included in our Consolidated Balance Sheets as discounted liabilities and corresponding right-of-use assets consisting of the following (in thousands): Discounted liabilities and corresponding right-of-use assets Asset (Liability) Balance As of September 30, 2023 2022 Right-of-use assets $ 2,735 2,424 Lease liabilities, current $ (653 ) (884 ) Lease liabilities, long-term $ (2,459 ) (1,705 ) As the Company’s operating leases do not provide an implicit rate, the Company utilized its incremental borrowing rate determined by obtaining a quote from their lender and applied to the individual leases. The assumptions underlying the calculation of the Company’s right-of-use assets and lease liabilities are disclosed below. Operating lease assumptions September 30, 2023 Weighted-average Weighted-average Remaining lease term Discount rate Revenue equipment and other leases .1 years 3.50 % Real estate leases 2.6 years 4.40 % Future minimum annual lease payments Fiscal Year Total 2024 $ 773 2025 562 2026 508 2027 497 2028 449 Thereafter 741 Total future minimum lease payments $ 3,530 Less: Imputed interest (418 ) Present value of operating lease liabilities $ 3,112 Aggregate expense under operating leases was $1,074,000, $1,062,000 and $1,097,000 for 2023, 2022 and 2021, respectively. Certain operating leases include rent escalation provisions, which are recognized as expense on a straight-line basis. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 5. Earnings Per Share Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options. The following details the computations of the basic and diluted Earnings per common share Years Ended September 30 2023 2022 2021 Common shares: Weighted average common shares outstanding during the period – shares used for basic earnings per common share 3,515 3,459 3,395 Common shares issuable under share based payment plans which are potentially dilutive 79 164 13 Common shares used for diluted earnings per common share 3,594 3,623 3,408 Net income $ 2,673 7,190 625 Earnings per common share: Basic $ .76 2.08 .18 Diluted $ .74 1.98 .18 For 2023 and 2022, 160,483 58,884 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | 6. Stock-Based Compensation Plans Participation in FRP Plans Prior to the Company’s spin-off from FRP Holdings, Inc. (FRP) in January 2015, the Company's directors, officers and key employees previously were eligible to participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options for shares of common stock were granted to directors, officers and key employees. Post Spin-Off Patriot Incentive Stock Plan As part of the spin-off transaction, the Board of Directors of the Company adopted the Patriot Transportation Holding, Inc. Incentive Stock Plan. (“Patriot Plan”) in January 2015. In exchange for all outstanding FRP options held on January 30, 2015, existing Company directors, officers and key employees holding option grants in the FRP Stock Option Plan(s) were issued new grants in the Patriot and FRP Plans based upon the relative value of Patriot and FRP immediately following the completion of the spin-off with the same remaining terms. All related compensation expense has been allocated to the Company (rather than FRP) and included in corporate expenses. The number of common shares available for future issuance in the Patriot Plan was 10,611 On November 15, 2021, the Company paid an extraordinary dividend of $ 3.75 On December 30, 2020, the Company paid an extraordinary dividend of $ 3.00 Patriot utilizes the Black-Scholes valuation model for estimating fair value of stock compensation for options awarded to officers and employees. Each grant is evaluated based upon assumptions at the time of grant or modification. The revised assumptions due to the revaluation are dividend yield of 0 38 53 .54 1.4 1.8 6.0 The dividend yield of 0 In December 2016, the Company approved and issued a long-term performance incentive to an officer in the form of stock appreciation rights. As adjusted for the extraordinary dividend the Company granted 257,009 8.66 8.66 500,000 9.1-year 431,000 402,000 The annual director stock grant was 25,200 7.82 18,900 8.24 3,084 8.00 24,867 8.80 The Company recorded the following Stock compensation expense Years Ended September 30 2023 2022 2021 Stock option grants $ 163 212 248 Annual director stock award 197 180 219 Stock based compensation $ 360 392 467 A summary of Company stock options is presented below (in thousands, except share and per share amounts): Summary of stock options Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Outstanding at October 1, 2020 (a) 400,722 $ 14.96 6.6 $ 1,749 Dividend Adjustment 148,067 Granted 78,345 10.00 275 Exercised (13,497 ) 9.17 (45 ) Forfeited (9,632 ) 13.88 (48 ) Outstanding at September 30, 2021 (b) 604,005 $ 10.80 6.5 $ 1,931 Dividend Adjustment 288,099 Exercised (46,377 ) 6.81 (88 ) Forfeited (67,975 ) 6.19 (112 ) Outstanding at September 30, 2022 (c) 777,752 $ 7.44 5.3 $ 1,731 Expired (10,174 ) 7.31 (22 ) Exercised (17,285 ) 7.31 (50 ) Outstanding at September 30, 2023 750,293 $ 7.44 4.4 $ 1,659 Exercisable at September 30, 2023 599,867 $ 7.77 3.9 $ 1,413 Vested during twelve months ended September 30, 2023 92,797 $ 171 (a) The Company stock option intrinsic values were adjusted as of January 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. (b) The Company stock option intrinsic values were adjusted as of December 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. (c) The Company stock option intrinsic values were adjusted as of November 15, 2021, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. The following table summarizes information concerning stock options outstanding at September 30, 2023: Summary of stock options outstanding Shares Weighted Weighted Range of Exercise Under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $5.14 – $6.94 134,285 5.99 6.7 $6.95 - $9.38 16,141 7.52 5.2 150,426 $ 6.15 6.5 Years Exercisable: $5.14 - $6.94 219,800 6.49 5.7 $6.95 - $9.38 321,183 8.10 3.3 $9.39 - $12.68 58,884 10.72 .7 599,867 $ 7.77 3.9 Years Total (a) 750,293 $ 7.44 4.4 Years (a) The Company stock option intrinsic values were adjusted as of November 15, 2021, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. The aggregate intrinsic value of exercisable Company options was $ 537,000 843,000 8.18 September 29, 2023 less exercise prices. The realized tax benefit from option exercises during fiscal 2023 was $ 4,000 191,000 1.8 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes The Provision for or benefit from income taxes 2023 2022 2021 Current: Federal $ (248 ) 2,365 955 State 77 213 297 (171 ) 2,578 1,252 Deferred 1,086 (425 ) (1,019 ) Total $ 915 2,153 233 A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands): Income tax reconciliation 2023 2022 2021 Amount computed at statutory Federal rate $ 752 1,957 179 State income tax (net of Federal income tax benefit) 196 320 38 Other, net (33 ) (124 ) 16 Provision for income taxes $ 915 2,153 233 In this reconciliation, the category “Other, net” consists of changes in permanent tax differences related to non-deductible expenses, goodwill tax amortization, interest and penalties, and adjustments to prior year estimates. The types of temporary differences and their related tax effects that give rise to Deferred tax assets and deferred tax liabilities 2023 2022 Deferred tax liabilities: Property and equipment $ 5,269 4,190 Prepaid expenses 990 1,044 Gross deferred tax liabilities 6,259 5,234 Deferred tax assets: Insurance liabilities 466 551 Employee benefits and other 1,078 1,052 Gross deferred tax assets 1,544 1,603 Net deferred tax liability $ 4,715 3,631 The Company has no unrecognized tax benefits. Tax returns in the U.S. and various states are subject to audit by taxing authorities. As of September 30, 2023, the earliest tax year that remains open for audit in the United States is 2018. We do not have any material unpaid assessments. |
Accrued Insurance
Accrued Insurance | 12 Months Ended |
Sep. 30, 2023 | |
Accrued Insurance | |
Accrued Insurance | 8. Accrued Insurance The Company has established an accrued liability for the estimated cost in connection with its portion of its risk and health insurance losses incurred and reported. Payments made under a captive agreement for each year’s risk loss fund are scheduled in advance using actuarial methodology. Captive insurance assets available to us to settle risk insurance liabilities are not reported on our balance sheet as we do not control or consolidate the captive. The Accrued insurance liability 2023 2022 Accrued insurance, current portion $ 918 1,053 Prepaid insurance claims (1,868 ) (2,285 ) Accrued insurance, non-current 1,276 1,476 Total accrued (prepaid) insurance reported on the Company’s balance sheet $ 326 244 Captive agreement assets 2,327 3,672 Gross insurance liability estimate $ 2,653 3,916 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefits | 9. Employee Benefits The Company and certain subsidiaries and related entities (FRP) have a savings/profit sharing plan for the benefit of qualified employees. The savings feature of the plan incorporates the provisions of Section 401(k) of the Internal Revenue Code under which an eligible employee may elect to save a portion (within limits) of their compensation on a tax deferred basis. Patriot contributes to a participant’s account an amount equal to 50 487,000 447,000 482,000 The Company has a Management Security Plan (MSP) for certain key employees. The accruals for future benefits are based upon the remaining years to retirement of the participating employees and other actuarial assumptions. The expense for fiscal 2023, 2022 and 2021 was $ 13,000 15,000 17,000 363,000 416,000 The Company provides certain health benefits for retired employees. Employees may become eligible for those benefits if they were employed by the Company prior to December 10, 1992, meet the service requirements and reach retirement age while working for Patriot. The plan is contributory and unfunded. The Company accrues its allocated estimated cost of retiree health benefits over the years that the employees render service. The accrued postretirement benefit obligation for this plan related to the Company as of September 30, 2023 and 2022 was $ 283,000 267,000 (2,000) (5,000) (8,000) 4.0 4.0 3.0 5.0 4.0 3.0 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 10. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs are those that are unobservable and significant to the overall fair value measurement. At September 30, 2023 and September 30, 2022, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and other financial instruments approximate their fair value based upon the short-term nature of these items. |
Contingent Liabilities
Contingent Liabilities | 12 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities | 11. Contingent Liabilities The Company is involved in litigation on a number of matters and is subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. There is a reasonable possibility that the Company’s estimate of vehicle and workers’ compensation liability may be understated or overstated but the possible range cannot be estimated. The liability at any point in time depends upon the relative ages and amounts of the individual open claims. In the opinion of management none of these matters are expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Concentrations
Concentrations | 12 Months Ended |
Sep. 30, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations | 12. Concentrations Market: Customers 60.0 16.9 3,434,000 2,861,000 Deposits |
Unusual or Infrequent Items Imp
Unusual or Infrequent Items Impacting Results | 12 Months Ended |
Sep. 30, 2023 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items Impacting Results | 13. Unusual or Infrequent Items Impacting Results Second quarter 2021 net income included $ 1,037,000 .31 133,000 .04 First quarter 2022 net income included $ 6,281,000 1.70 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 14. Goodwill and Intangible Assets The Changes in gross carrying amounts of goodwill Goodwill October 1, 2020 $ 3,637 No activity — September 30, 2021 3,637 No activity — September 30, 2022 $ 3,637 No activity — September 30, 2023 $ 3,637 The Company assesses goodwill for impairment on an annual basis in the fourth quarter, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company reviews intangible assets, including customer value, trade name and non-compete agreements, for impairment, whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of long-lived assets is measured by a comparison of the carrying amount of the asset group to the future undiscounted net cash flows expected to be generated by those assets. If such assets are considered to be impaired, the impairment charge recognized is the amount by which the carrying amounts of the assets exceeds the fair value of the assets. The gross amounts and accumulated amortization (including impairment) of Identifiable intangible assets September 30, 2023 September 30, 2022 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: Customer value 4,440 4,081 4,440 3,885 Trade name 72 72 72 72 Non-compete 74 74 74 73 $ 4,586 $ 4,227 $ 4,586 $ 4,030 Amortization expense for intangible assets for fiscal 2023, 2022 and 2021 was $ 197,000 200,000 200,000 Estimated amortization expense Amount 2024 $ 133 2025 44 2026 44 2027 44 2028 44 Total $ 309 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events 16.26 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
DESCRIPTION OF BUSINESS | DESCRIPTION OF BUSINESS 86 14 one |
PRINCIPLES OF CONSOLIDATION | PRINCIPLES OF CONSOLIDATION |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS |
INVENTORY | INVENTORY |
TIRES ON EQUIPMENT | TIRES ON EQUIPMENT |
REVENUE AND EXPENSE RECOGNITION | REVENUE AND EXPENSE RECOGNITION The Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers” on October 1, 2018. Management has identified that a legally enforceable contract with its customers is executed by both parties at the point of pickup of the shipper’s product, as evidenced by the bill of lading. Although the Company may have master agreements with its customers, these master agreements only establish terms. There is no financial obligation to the shipper until the Company takes possession of the load and there are no significant performance obligations after delivery. Revenue is recognized for each individual load and the amount of revenue in progress at the end of each quarter is insignificant. There is no significant amount of judgment or uncertainty in recording revenue. Our revenues are primarily based on a set rate per volume of product hauled to arrive at a desired rate per mile traveled. The rate also incorporates the cost of fuel at an assumed price plus fuel surcharges to address the fluctuation in fuel prices. Over time, the fuel surcharge tables in the industry have become so numerous and varied, both by carriers and customers, that they have simply become a part of the overall rating structure to arrive at that desired price per mile by market. We consider fuel surcharge revenue to be revenue from services rather than other revenues. As a result, the Company determined there is no reason to report fuel surcharges as a separate revenue line item and fuel surcharges are reported as part of Operating revenues. Prior periods have been revised for consistency. |
ACCOUNTS RECEIVABLE | ACCOUNTS RECEIVABLE balances written off are charged against the allowance for doubtful accounts. The Company has not experienced any significant credit-related losses in the past three years. |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT Estimated useful lives Estimated useful lives Years Building and improvements 7-39 Revenue equipment 7-10 Other equipment 3-10 The Company recorded depreciation expenses for 2023, 2022 and 2021 of $ 5,828,000 5,904,000 7,014,000 |
IMPAIRMENT OF LONG-LIVED ASSETS | IMPAIRMENT OF LONG-LIVED ASSETS |
GOODWILL | GOODWILL one one |
INSURANCE | INSURANCE $250,000 to $500,000 250,000 84,500 250,000 |
INCOME TAXES | INCOME TAXES based on factors including, but not limited to, changes in facts or circumstances, changes in tax law and expiration of statutes of limitations, effectively settled issues under audit, and audit activity. Such a change in recognition or measurement would result in the recognition of a tax benefit or an additional charge to the tax provision. It is the Company’s policy to recognize as additional income tax expense the items of interest and penalties directly related to income taxes. |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION |
PENSION PLAN | PENSION PLAN |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE |
USE OF ESTIMATES | USE OF ESTIMATES Certain accounting policies and estimates are of more significance in the financial statement preparation process than others. The most critical accounting policies and estimates include the economic useful lives and salvage values of our vehicles and equipment, impairment of tangible and intangible assets, provisions for uncollectible accounts receivable, estimates of exposures related to our insurance claims plans, and estimates for taxes. To the extent that actual, final outcomes are different than these estimates, or that additional facts and circumstances result in a revision to these estimates, earnings during that accounting period will be affected. |
ENVIRONMENTAL | ENVIRONMENTAL |
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDS |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Estimated useful lives | Estimated useful lives Years Building and improvements 7-39 Revenue equipment 7-10 Other equipment 3-10 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Discounted liabilities and corresponding right-of-use assets | Discounted liabilities and corresponding right-of-use assets Asset (Liability) Balance As of September 30, 2023 2022 Right-of-use assets $ 2,735 2,424 Lease liabilities, current $ (653 ) (884 ) Lease liabilities, long-term $ (2,459 ) (1,705 ) |
Operating lease assumptions | Operating lease assumptions September 30, 2023 Weighted-average Weighted-average Remaining lease term Discount rate Revenue equipment and other leases .1 years 3.50 % Real estate leases 2.6 years 4.40 % |
Future minimum annual lease payments | Future minimum annual lease payments Fiscal Year Total 2024 $ 773 2025 562 2026 508 2027 497 2028 449 Thereafter 741 Total future minimum lease payments $ 3,530 Less: Imputed interest (418 ) Present value of operating lease liabilities $ 3,112 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per common share | The following details the computations of the basic and diluted Earnings per common share Years Ended September 30 2023 2022 2021 Common shares: Weighted average common shares outstanding during the period – shares used for basic earnings per common share 3,515 3,459 3,395 Common shares issuable under share based payment plans which are potentially dilutive 79 164 13 Common shares used for diluted earnings per common share 3,594 3,623 3,408 Net income $ 2,673 7,190 625 Earnings per common share: Basic $ .76 2.08 .18 Diluted $ .74 1.98 .18 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock compensation expense | The Company recorded the following Stock compensation expense Years Ended September 30 2023 2022 2021 Stock option grants $ 163 212 248 Annual director stock award 197 180 219 Stock based compensation $ 360 392 467 |
Summary of stock options | A summary of Company stock options is presented below (in thousands, except share and per share amounts): Summary of stock options Weighted Weighted Weighted Number Average Average Average Of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Outstanding at October 1, 2020 (a) 400,722 $ 14.96 6.6 $ 1,749 Dividend Adjustment 148,067 Granted 78,345 10.00 275 Exercised (13,497 ) 9.17 (45 ) Forfeited (9,632 ) 13.88 (48 ) Outstanding at September 30, 2021 (b) 604,005 $ 10.80 6.5 $ 1,931 Dividend Adjustment 288,099 Exercised (46,377 ) 6.81 (88 ) Forfeited (67,975 ) 6.19 (112 ) Outstanding at September 30, 2022 (c) 777,752 $ 7.44 5.3 $ 1,731 Expired (10,174 ) 7.31 (22 ) Exercised (17,285 ) 7.31 (50 ) Outstanding at September 30, 2023 750,293 $ 7.44 4.4 $ 1,659 Exercisable at September 30, 2023 599,867 $ 7.77 3.9 $ 1,413 Vested during twelve months ended September 30, 2023 92,797 $ 171 (a) The Company stock option intrinsic values were adjusted as of January 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. (b) The Company stock option intrinsic values were adjusted as of December 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. (c) The Company stock option intrinsic values were adjusted as of November 15, 2021, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. |
Summary of stock options outstanding | The following table summarizes information concerning stock options outstanding at September 30, 2023: Summary of stock options outstanding Shares Weighted Weighted Range of Exercise Under Average Average Prices per Share Option Exercise Price Remaining Life Non-exercisable: $5.14 – $6.94 134,285 5.99 6.7 $6.95 - $9.38 16,141 7.52 5.2 150,426 $ 6.15 6.5 Years Exercisable: $5.14 - $6.94 219,800 6.49 5.7 $6.95 - $9.38 321,183 8.10 3.3 $9.39 - $12.68 58,884 10.72 .7 599,867 $ 7.77 3.9 Years Total (a) 750,293 $ 7.44 4.4 Years (a) The Company stock option intrinsic values were adjusted as of November 15, 2021, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Provision for or benefit from income taxes | The Provision for or benefit from income taxes 2023 2022 2021 Current: Federal $ (248 ) 2,365 955 State 77 213 297 (171 ) 2,578 1,252 Deferred 1,086 (425 ) (1,019 ) Total $ 915 2,153 233 |
Income tax reconciliation | A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands): Income tax reconciliation 2023 2022 2021 Amount computed at statutory Federal rate $ 752 1,957 179 State income tax (net of Federal income tax benefit) 196 320 38 Other, net (33 ) (124 ) 16 Provision for income taxes $ 915 2,153 233 |
Deferred tax assets and deferred tax liabilities | The types of temporary differences and their related tax effects that give rise to Deferred tax assets and deferred tax liabilities 2023 2022 Deferred tax liabilities: Property and equipment $ 5,269 4,190 Prepaid expenses 990 1,044 Gross deferred tax liabilities 6,259 5,234 Deferred tax assets: Insurance liabilities 466 551 Employee benefits and other 1,078 1,052 Gross deferred tax assets 1,544 1,603 Net deferred tax liability $ 4,715 3,631 |
Accrued Insurance (Tables)
Accrued Insurance (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Accrued Insurance | |
Accrued insurance liability | The Accrued insurance liability 2023 2022 Accrued insurance, current portion $ 918 1,053 Prepaid insurance claims (1,868 ) (2,285 ) Accrued insurance, non-current 1,276 1,476 Total accrued (prepaid) insurance reported on the Company’s balance sheet $ 326 244 Captive agreement assets 2,327 3,672 Gross insurance liability estimate $ 2,653 3,916 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in gross carrying amounts of goodwill | The Changes in gross carrying amounts of goodwill Goodwill October 1, 2020 $ 3,637 No activity — September 30, 2021 3,637 No activity — September 30, 2022 $ 3,637 No activity — September 30, 2023 $ 3,637 |
Identifiable intangible assets | The gross amounts and accumulated amortization (including impairment) of Identifiable intangible assets September 30, 2023 September 30, 2022 Gross Accumulated Gross Accumulated Amount Amortization Amount Amortization Amortizable intangible assets: Customer value 4,440 4,081 4,440 3,885 Trade name 72 72 72 72 Non-compete 74 74 74 73 $ 4,586 $ 4,227 $ 4,586 $ 4,030 |
Estimated amortization expense | Estimated amortization expense Amount 2024 $ 133 2025 44 2026 44 2027 44 2028 44 Total $ 309 |
Estimated useful lives (Details
Estimated useful lives (Details) | 12 Months Ended |
Sep. 30, 2023 | |
Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
[custom:PropertyPlantAndEquipmentEstimatedUsefulLives1] | 7-39 |
Transportation Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
[custom:PropertyPlantAndEquipmentEstimatedUsefulLives1] | 7-10 |
Other Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
[custom:PropertyPlantAndEquipmentEstimatedUsefulLives1] | 3-10 |
Accounting Policies (Details Na
Accounting Policies (Details Narrative) | 12 Months Ended | ||
Sep. 30, 2023 USD ($) Count | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Product Information [Line Items] | |||
Number of segments | Count | 1 | ||
Depreciation expenses | $ | $ 5,828,000 | $ 5,904,000 | $ 7,014,000 |
Operating segments | Count | 1 | ||
Reporting unit | Count | 1 | ||
Self-insured retention | $250,000 to $500,000 | ||
Stop loss coverage | $ | $ 250,000 | ||
Self insured aggregate | $ | $ 84,500 | ||
Petroleum Products [Member] | |||
Product Information [Line Items] | |||
Percent of other than petroleum based business | 86% | ||
Other Products [Member] | |||
Product Information [Line Items] | |||
Percent of other than petroleum based business | 14% |
Related Party Agreements (Detai
Related Party Agreements (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |||
Related party transactions | $ 910,000 | $ 923,000 | $ 1,207,000 |
Debt (Details Narrative)
Debt (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2021 | Sep. 30, 2023 | Sep. 30, 2022 | |
Line of Credit Facility [Line Items] | |||
Outstanding debt | $ 0 | $ 0 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding debt | 0 | ||
Term of credit agreement | 5 years | ||
Maximum facility amount | 15,000,000 | ||
Increase limit | $ 25,000,000 | ||
Interest rate over SOCR | 1.10% | ||
Commitment fee | 0.12% | ||
Letter of credit commitments | $ 1,754,000 | ||
Available for borrowing | $ 13,246,000 | ||
Letter of credit fee | 1% | ||
Applicable interest rate for borrowings | 6.42% | ||
Minimum tangible net worth | $ 25,000,000 | ||
Maximum net worth | $ 5,332,000 |
Discounted liabilities and corr
Discounted liabilities and corresponding right-of-use assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Leases [Abstract] | ||
Right-of-use assets | $ 2,735 | $ 2,424 |
Lease liabilities, current | (653) | (884) |
Lease liabilities, long-term | $ (2,459) | $ (1,705) |
Operating lease assumptions (De
Operating lease assumptions (Details) | Sep. 30, 2023 |
Revenue Equipment And Other [Member] | |
Weighted average remaining lease term | 1 month 6 days |
Weighted average discount rate | 3.50% |
Real Estate [Member] | |
Weighted average remaining lease term | 2 years 7 months 6 days |
Weighted average discount rate | 4.40% |
Future minimum annual lease pay
Future minimum annual lease payments (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 773 |
2025 | 562 |
2026 | 508 |
2027 | 497 |
2028 | 449 |
Thereafter | 741 |
Total future minimum lease payments | 3,530 |
Less: Imputed interest | (418) |
Present value of operating lease liabilities | $ 3,112 |
Earnings per common share (Deta
Earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding during the period – shares used for basic earnings per common share | 3,515 | 3,459 | 3,395 |
Common shares issuable under share based payment plans which are potentially dilutive | 79 | 164 | 13 |
Common shares used for diluted earnings per common share | 3,594 | 3,623 | 3,408 |
Net income | $ 2,673 | $ 7,190 | $ 625 |
Basic | $ 0.76 | $ 2.08 | $ 0.18 |
Diluted | $ 0.74 | $ 1.98 | $ 0.18 |
Earnings Per Share (Details Nar
Earnings Per Share (Details Narrative) - shares | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares | 160,483 | 58,884 |
Stock compensation expense (Det
Stock compensation expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock based compensation | $ 360 | $ 392 | $ 467 |
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock based compensation | 163 | 212 | 248 |
Director Stock Award [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Stock based compensation | $ 197 | $ 180 | $ 219 |
Summary of stock options (Detai
Summary of stock options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | [2] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Shares outstanding | [1] | 750,293 | |||||||
Weighted average exercise price, outstanding | [1] | $ 7.44 | |||||||
Weighted average remaining term | [1] | 4 years 4 months 24 days | |||||||
Option shares exercisable | 599,867 | ||||||||
Weighted average exercise price, exercisable | $ 7.77 | ||||||||
Weighted average remaining term, exercisable | 3 years 10 months 24 days | ||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||||
Shares outstanding | 750,293 | [2] | 777,752 | [3] | 604,005 | [4] | 400,722 | ||
Weighted average exercise price, outstanding | $ 7.44 | [2] | $ 7.44 | [3] | $ 10.80 | [4] | $ 14.96 | ||
Weighted average remaining term | 4 years 4 months 24 days | [3] | 5 years 3 months 18 days | [3] | 6 years 5 months 30 days | [4] | 6 years 7 months 5 days | ||
Weighted average grant date fair value, outstanding | $ 1,659 | [2] | $ 1,731 | [3] | $ 1,931 | [4] | $ 1,749 | ||
Dividend adjustment | 288,099 | 148,067 | |||||||
Option shares granted | 78,345 | ||||||||
Weighted average exercise price, granted | $ 10 | ||||||||
Weighted average grant date fair value, granted | $ 275 | ||||||||
Shares exercised | (17,285) | (46,377) | (13,497) | ||||||
Weighted average exercise price, exercised | $ 7.31 | $ 6.81 | $ 9.17 | ||||||
Weighted average grant date fair value, exercised | $ (50) | $ (88) | $ (45) | ||||||
Option shares forfeited | (67,975) | (9,632) | |||||||
Weighted average exercise price, forfeited | $ 7.31 | $ 6.19 | $ 13.88 | ||||||
Weighted average grant date fair value, forfeited | $ (112) | $ (48) | |||||||
Shares expired | (10,174) | ||||||||
Weighted average grant date fair value, forfeited or expired | $ (22) | ||||||||
Option shares exercisable | 599,867 | ||||||||
Weighted average exercise price, exercisable | $ 7.77 | ||||||||
Weighted average remaining term, exercisable | 3 years 10 months 24 days | ||||||||
Weighted average grant date fair value, exercisable | $ 1,413 | ||||||||
Option shares vested | 92,797 | ||||||||
Weighted average grant date fair value, vested | $ 171 | ||||||||
[1]The Company stock option intrinsic values were adjusted as of November 15, 2021, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted.[2]The Company stock option intrinsic values were adjusted as of January 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted.[3]The Company stock option intrinsic values were adjusted as of November 15, 2021, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted.[4]The Company stock option intrinsic values were adjusted as of December 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. |
Summary of stock options outsta
Summary of stock options outstanding (Details) | 12 Months Ended | |
Sep. 30, 2023 $ / shares shares | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Nonvested weighted average exercise price | $ / shares | $ 6.15 | |
Remaining life, nonvested | 6 years 5 months 30 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares | shares | 150,426 | |
Remaining life | 3 years 10 months 24 days | |
Shares exercisable | shares | 599,867 | |
Weighted average exercise price | $ / shares | $ 7.77 | |
Shares outstanding | shares | 750,293 | [1] |
Weighted average exercise price | $ / shares | $ 7.44 | [1] |
Remaining life | 4 years 4 months 24 days | [1] |
Five Point Fourteen To Six Point Ninety Four [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
[custom:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptionsNonvested-0] | shares | 134,285 | |
Nonvested weighted average exercise price | $ / shares | $ 5.99 | |
Remaining life, nonvested | 6 years 8 months 11 days | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares | 219,800 | |
Weighted average exercise price | $ / shares | $ 6.49 | |
Remaining life | 5 years 8 months 11 days | |
Six Point Ninety Five To Nine Point Thirty Eight [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
[custom:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptionsNonvested-0] | shares | 16,141 | |
Nonvested weighted average exercise price | $ / shares | $ 7.52 | |
Remaining life, nonvested | 5 years 2 months 12 days | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares | 321,183 | |
Weighted average exercise price | $ / shares | $ 8.10 | |
Remaining life | 3 years 3 months 19 days | |
Nine Point Thirty Nine To Twelve Point Sixty Eight [Member] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | shares | 58,884 | |
Weighted average exercise price | $ / shares | $ 10.72 | |
Remaining life | 8 months 12 days | |
[1]The Company stock option intrinsic values were adjusted as of November 15, 2021, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 29, 2023 | Nov. 15, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Common shares available for future issuance | 10,611 | |||||
Extraordinary dividend paid | $ 3.75 | $ 3 | ||||
Dividend yield | 0% | |||||
Minimum expected volatility | 38% | |||||
Expected maximum volatility | 53% | |||||
Risk free interest rate minimum | 0.54% | |||||
Risk free interest rate maximum | 1.40% | |||||
Expected life minimum | 1 year 9 months 18 days | |||||
Expected life maximum | 6 years | |||||
Market closing price | $ 8.18 | |||||
Realized tax benefit from option exercises | $ 4,000 | |||||
Stock Appreciation Rights (SARs) [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Stock appreciation rights | 257,009 | |||||
Market closing price | $ 8.66 | |||||
Minimum cash award | $ 500,000 | |||||
Vesting period | 9 years 1 month 3 days | |||||
Accrued deferred compensation liability | $ 431,000 | $ 402,000 | ||||
Director Stock Award [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Director grant | 25,200 | 18,900 | 24,867 | |||
Director grant price | $ 7.82 | $ 8.24 | $ 8.80 | |||
Additional Director Stock Award [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Director grant | 3,084 | |||||
Director grant price | $ 8 | |||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Aggregate intrinsic value, exercisable options | $ 537,000 | |||||
Aggregate intrinsic value, outstanding in-the-money options | 843,000 | |||||
Unrecognized compensation | $ 191,000 | |||||
Weighted average period | 1 year 9 months 18 days | |||||
Dividend Paid [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Extraordinary dividend paid | $ 3.75 | $ 3 |
Provision for or benefit from i
Provision for or benefit from income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ (248) | $ 2,365 | $ 955 |
State | 77 | 213 | 297 |
(171) | 2,578 | 1,252 | |
Deferred | 1,086 | (425) | (1,019) |
Total | $ 915 | $ 2,153 | $ 233 |
Income tax reconciliation (Deta
Income tax reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |||
Federal rate | $ 752 | $ 1,957 | $ 179 |
State income tax (net of Federal income tax benefit) | 196 | 320 | 38 |
Other, net | (33) | (124) | 16 |
Provision for income taxes | $ 915 | $ 2,153 | $ 233 |
Deferred tax assets and deferre
Deferred tax assets and deferred tax liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Income Tax Disclosure [Abstract] | ||
Property and equipment | $ 5,269 | $ 4,190 |
Prepaid expenses | 990 | 1,044 |
Gross deferred tax liabilities | 6,259 | 5,234 |
Insurance liabilities | 466 | 551 |
Employee benefits and other | 1,078 | 1,052 |
Gross deferred tax assets | 1,544 | 1,603 |
Net deferred tax liability | $ 4,715 | $ 3,631 |
Accrued insurance liability (De
Accrued insurance liability (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Accrued Insurance | ||
Accrued insurance, current portion | $ 918 | $ 1,053 |
Prepaid insurance claims | (1,868) | (2,285) |
Accrued insurance, non-current | 1,276 | 1,476 |
Total accrued (prepaid) insurance reported on the Company’s balance sheet | 326 | 244 |
Captive agreement assets | 2,327 | 3,672 |
Gross insurance liability estimate | $ 2,653 | $ 3,916 |
Employee Benefits (Details Narr
Employee Benefits (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |||
Patriot 401k contribution | 50% | ||
Company contribution expense | $ 487,000 | $ 447,000 | $ 482,000 |
MSP expense | 13,000 | 15,000 | 17,000 |
Accrued benefit liability | 363,000 | 416,000 | |
Accrued post retirement benefit obligation | 283,000 | 267,000 | |
Net periodic postretirement benefit credit or cost | $ (2,000) | $ (5,000) | $ (8,000) |
Discount rate | 4% | 4% | 3% |
APBO discount rate | 5% | 4% | 3% |
Concentrations (Details Narrati
Concentrations (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Top Ten Customers [Member] | ||
Concentration Risk [Line Items] | ||
Top customer revenue percentage | 60% | |
Top Customers [Member] | ||
Concentration Risk [Line Items] | ||
Top customer revenue percentage | 16.90% | |
Top Ten Custpmers [Member] | ||
Concentration Risk [Line Items] | ||
AR ten largest customers | $ 3,434,000 | $ 2,861,000 |
Unusual or Infrequent Items I_2
Unusual or Infrequent Items Impacting Results (Details Narrative) - USD ($) | 3 Months Ended | |||
Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Oct. 18, 2021 | |
Tampa Terminal [Member] | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Unusual or infrequent net income | $ 1.70 | |||
After tax gain on sale of Tampa terminal | $ 6,281,000 | |||
Pensacola Terminal [Member] | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Unusual or infrequent net income | $ 1,037,000 | |||
Unusual or infrequent net income | $ 0.31 | |||
Chattanooga Terminal [Member] | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Unusual or infrequent net income | $ 133,000 | |||
Unusual or infrequent net income | $ 0.04 |
Changes in gross carrying amoun
Changes in gross carrying amounts of goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 3,637 | $ 3,637 | $ 3,637 | $ 3,637 |
Goodwill, Acquired During Period | $ 0 | $ 0 | $ 0 |
Identifiable intangible assets
Identifiable intangible assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Sep. 30, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets gross | $ 4,586 | $ 4,586 |
Accumulated amortization | 4,227 | 4,030 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets gross | 4,440 | 4,440 |
Accumulated amortization | 4,081 | 3,885 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets gross | 72 | 72 |
Accumulated amortization | 72 | 72 |
Noncompete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets gross | 74 | 74 |
Accumulated amortization | $ 74 | $ 73 |
Estimated amortization expense
Estimated amortization expense (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 133 |
2025 | 44 |
2026 | 44 |
2027 | 44 |
2028 | 44 |
Total | $ 309 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense for intangible assets | $ 197,000 | $ 200,000 | $ 200,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - $ / shares | Nov. 01, 2023 | Sep. 29, 2023 |
Subsequent Event [Line Items] | ||
Share Price | $ 8.18 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Share Price | $ 16.26 |