EXHIBIT 99
PATRIOT TRANSPORTATION HOLDING,
INC./NEWS
Contact: John D. Milton, Jr.
Chief Financial Officer
904/396-5733
--------------------------------------------------
PATRIOT TRANSPORTATION HOLDING, INC. ANNOUNCES
RESULTS FOR THE SECOND QUARTER AND FIRST SIX
MONTHS OF FISCAL YEAR 2013.
Jacksonville, Florida; May 01, 2013 -
Patriot Transportation Holding, Inc. (NASDAQ-PATR)
reported net income of $2,271,000 or $.24 per
diluted share in the second quarter of fiscal
2013, an increase of $628,000 or 38.2% compared
to net income of $1,643,000 or $.17 per diluted
share in the same period last year. Net income
for the first six months of fiscal 2013 was
$5,394,000 or $.56 per diluted share, an increase
of $1,627,000 or 43.2% compared to net income of
$3,767,000 or $.40 per diluted share for the same
period last year.
Second Quarter Operating Results. For the second
quarter of fiscal 2013, consolidated revenues
were $33,868,000, an increase of $2,542,000 or
8.1% over the same quarter last year.
Transportation segment revenues were $27,176,000
in the second quarter of 2013, an increase of
$1,727,000 over the same quarter last year.
Revenue miles in the current quarter were up 5.4%
compared to the second quarter of fiscal 2012 due
to business growth and a longer average haul length.
Revenue per mile increased 1.4% over the same
quarter last year due to rate increases and higher
fuel surcharges partially offset by a longer
average haul length. Fuel surcharge revenue
decreased $77,000 due to changes to certain
customer rates to incorporate fuel surcharges
into base rates. The average price paid per
gallon of diesel fuel decreased by $.01 over
the same quarter in fiscal 2012. There is a time
lag between changes in fuel prices and surcharges
and often fuel costs change more rapidly than the
market indexes used to determine fuel surcharges.
Excluding fuel surcharges, revenue per mile
increased 3.3% over the same quarter last year.
Mining royalty land segment revenues for the
second quarter of fiscal 2013 were $1,244,000,
an increase of $219,000 or 21.4% over the same
quarter last year due to royalties on a new
property purchased in May 2012 along with a shift
in production at one location increasing the share
of mining on property owned by the Company
partially offset by lower timber sales.
Developed property rentals segment revenues for
the second quarter of fiscal 2013 were $5,448,000,
an increase of $596,000 or 12.3% due to higher
occupancy and revenue on the 117,600 square foot
build to suit building completed and occupied
during the period. Occupancy at March 31, 2013
was 88.5% as compared to 86.0% at March 31, 2012.
Continued
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200 W. Forsyth St., 7th Floor /
Jacksonville, Florida 32202 / (904) 396-5733
Consolidated operating profit was $4,308,000 in
the second quarter of fiscal 2013, an increase of
$864,000 or 25.1% compared to $3,444,000 in the
same period last year. Operating profit in the
transportation segment increased $131,000 or 7.3%
due to incremental profits on increased revenue
mostly offset by higher accident costs and health
insurance claims. Operating profit in the mining
royalty land segment increased $224,000 or 31.9%
due to royalties on a new property purchased in
May 2012 along with a shift in production at one
location increasing the share of mining on
property owned by the Company partially offset by
increased corporate expense allocation and lower
timber sales. Operating profit in the Developed
property rentals segment increased $619,000 or
41.0% due to higher occupancy, the 117,600 square
foot build to suit building completed and occupied
during the period, and lower professional fees.
Consolidated operating profit includes corporate
expenses not allocated to any segment in the
amount of $669,000 in the second quarter of fiscal
2013, an increase of $110,000 compared to the
same period last year.
Interest expense decreased $214,000 over the same
quarter last year due to higher capitalized
interest and declining mortgage principal balance.
The amount of interest capitalized on real estate
projects under development was $133,000 higher
than the same quarter in fiscal 2012 primarily
due to resumed development of Patriot Business
Park in April 2012.
Six Months Operating Results. For the first six
months of fiscal 2013, consolidated revenues were
$66,925,000, an increase of $5,240,000 or 8.5%
over the same period last year.
Transportation segment revenues were $53,815,000
in the first six months of 2013, an increase of
$3,525,000 over the same period last year. Revenue
miles in the first six months of fiscal 2013 were
up 4.4% compared to the first six months of fiscal
2012 due to business growth and a slightly longer
average haul length. Revenue per mile increased
2.7% over the same period last year due to rate
increases and higher fuel surcharges.
Fuel surcharge revenue increased $46,000 due to
higher fuel costs partially offset by changes to
certain customer rates to incorporate fuel
surcharges into base rates. The average price
paid per gallon of diesel fuel increased by $.08
or 2.2% over the same period in fiscal 2012.
There is a time lag between changes in fuel
prices and surcharges and often fuel costs change
more rapidly than the market indexes used to
determine fuel surcharges. Excluding fuel
surcharges, revenue per mile increased 3.8% over
the same period last year.
Mining royalty land segment revenues for the first
six months of fiscal 2013 were $2,575,000, an
increase of $573,000 or 28.6% over the same period
last year due to royalties on a new property
purchased in May 2012 along with a shift in
production at one location increasing the share of
mining on property owned by the Company partially
offset by lower timber sales.
Developed property rentals segment revenues for the
first six months of fiscal 2013 were $10,535,000,
an increase of $1,142,000 or 12.2% due to higher
occupancy and revenue on a 117,600 square foot
build to suit building completed and occupied
during the period. Occupancy at March 31, 2013
was 88.5% as compared to 86.0% at March 31, 2012.
Continued
Consolidated operating profit was $8,716,000 in
the first six months of fiscal 2013, an increase
of $2,058,000 or 30.9% compared to $6,658,000 in
the same period last year. Operating profit in
the transportation segment increased $485,000 or
15.0% due to incremental profits on increased
revenue and higher gains on equipment sales
partially offset by higher accident costs,
increased vehicle repair costs, increased site
maintenance, and increased sales, general and
administrative expenses. Operating profit in
the mining royalty land segment increased $563,000
or 40.6% due to royalties on a new property
purchased in May 2012 along with a shift in
production at one location increasing the share
of mining on property owned by the Company
partially offset by increased corporate expense
allocation and lower timber sales. Operating
profit in the Developed property rentals segment
increased $1,091,000 or 37.8% due to higher
occupancy, the 117,600 square foot build to suit
building completed and occupied during the period
and lower professional fees partially offset by
higher health insurance claims allocation.
Consolidated operating profit includes corporate
expenses not allocated to any segment in the
amount of $932,000 in the first six months of
fiscal 2013, an increase of $81,000 compared to
the same period last year.
Gain on investment land sold for the first six
months of fiscal 2013 included a gain on the
sale of the developed property rentals
Commonwealth property of $1,116,000 before
income taxes. The book value of the property
was $723,000.
The first six months of fiscal 2012 includes
a gain of $1,039,000 on the receipt of
non-refundable deposits related to the
termination of an agreement to sell the Company's
Windlass Run Residential property.
Interest expense decreased $590,000 over the same
period last year due to higher capitalized
interest and declining mortgage principal balance.
The amount of interest capitalized on real estate
projects under development was $430,000 higher
than the same period in fiscal 2012 primarily due
to resumed development of Patriot Business Park
in April 2012.
Summary and Outlook. Transportation segment miles
for this year were 4.4% higher than last year.
The Company continues to succeed in adding drivers
and customers and anticipates increasing segment
miles during fiscal 2013.
Developed property rentals occupancy has increased
from 86.0% to 88.5% over March 31, 2012 as the
market for new tenants has improved and traffic
for vacant space has increased. Occupancy at
March 31, 2013 and 2012 included 25,660 square
feet or .9% and 104,226 square feet or 3.6%
respectively for temporary storage under a less
than full market lease rate. The Company resumed
development of Patriot Business Park in April 2012
due to two developments. On February 15, 2012, the
Company signed an agreement to sell 15.18 acres of
land at the site for a purchase price of $4,774,577
which would result in a profit on the sale if
completed. The Company also entered into a build
to suit lease signed April 2, 2012, for a 117,600
square foot building which was completed and
occupied during the quarter ending March 31, 2013.
Continued
Conference Call. The Company will host a
conference call at 2:00 p.m. (EDT) on May 1, 2013.
Analysts, stockholders and other interested
parties may access the teleconference live by
calling 1-800-311-9408 (pass code 14834) within
the United States. International callers may dial
1-334-323-7224 (pass code 14834). Computer audio
is available via the Internet through the
Conference America, Inc. website at
http://64.202.98.81/conferenceamerica or via the
Company's website at http://www.patriottrans.com.
If using the Company's website, click on the
Investor Relations tab, then select Patriot
Transportation Holding, Inc. Conference Stream,
next select the appropriate link for the current
conference. An audio replay will be available for
sixty days following the conference call. To
listen to the audio replay, dial toll free
877-919-4059, international callers dial
334-323-7226. The passcode of the audio replay is
11162657. Replay options: "1" begins playback,
"4" rewind 30 seconds, "5" pause, "6" fast
forward 30 seconds, "0" instructions, and
"9" exits recording. There may be a 30-40 minute
delay until the archive is available following
the conclusion of the conference call.
Investors are cautioned that any statements in
this press release which relate to the future are,
by their nature, subject to risks and
uncertainties that could cause actual results and
events to differ materially from those indicated
in such forward-looking statements. These include
general economic conditions; competitive factors;
political, economic, regulatory and climatic
conditions; driver availability and cost; the
impact of future regulations regarding the
transportation industry; freight demand for
petroleum product and levels of construction
activity in the Company's markets; fuel costs;
risk insurance markets; demand for flexible
warehouse/office facilities; ability to obtain
zoning and entitlements necessary for property
development; interest rates; levels of mining
activity; pricing; energy costs and technological
changes. Additional information regarding these
and other risk factors and uncertainties may be
found in the Company's filings with the Securities
and Exchange Commission.
Patriot Transportation Holding, Inc. is engaged in
the transportation and real estate businesses.
The Company's transportation business is conducted
through Florida Rock & Tank Lines, Inc. which is a
Southeastern transportation company concentrating
in the hauling by motor carrier of liquid and dry
bulk commodities. The Company's real estate group,
comprised of FRP Development Corp. and Florida Rock
Properties, Inc., acquires, constructs, leases,
operates and manages land and buildings to generate
both current cash flows and long-term capital
appreciation. The real estate group also owns real
estate which is leased under mining royalty
agreements or held for investment.
Continued
PATRIOT TRANSPORTATION HOLDING, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share amounts)
(Unaudited)
THREE MONTHS
SIX MONTHS
ENDED ENDED
MARCH 31
, MARCH 31,
2013
2012
2013
2012
------ ------ ------ ------
Revenues:
Transpor-
tation
$
27,176
25,449
53,815
50,290
Mining
royalty
land
1,244
1,025
2,575
2,002
Developed
property
rentals
5,448
4,852
10,535
9,393
------ ------ ------ ------
Total revenues
33,868
31,326
66,925
61,685
Cost of operations:
Transpor-
tation
25,255
23,659
50,097
47,057
Mining
royalty
land
318
323
626
616
Developed
property
rentals
3,318
3,341
6,554
6,503
Unallocated
corporate
669
559
932
851
------ ------ ------ ------
Total cost of
operations
29,560
27,882
58,209
55,027
Operating profit:
Transpor-
tation
1,921
1,790
3,718
3,233
Mining
royalty
land
926
702
1,949
1,386
Developed
property
rentals
2,130
1,511
3,981
2,890
Unallocated
corporate
(669
)
(559
)
(932
)
(851
)
------ ------ ------ ------
Total operating
profit
4,308
3,444
8,716
6,658
Gain on
termination of
sale contract
-
-
-
1,039
Gain on
investment
land sold
-
-
1,116
-
Interest income
and other
5
12
37
21
Equity in
loss of joint
venture
(11
)
(1
)
(19
)
(8
)
Interest expense
(580
)
(794
)
(1,008
)
(1,598
)
------ ------ ------ ------
Income before
income taxes
3,722
2,661
8,842
6,112
Provision for
income taxes
(1,451
)
(1,022
)
(3,448
)
(2,348
)
------ ------ ------ ------
Income from
continuing
operations
2,271
1,639
5,394
3,764
Income from
discontinued
operations,
net
-
4
-
3
------ ------ ------ ------
Net income
$
2,271
1,643
5,394
3,767
------ ------ ------ ------
Comprehensive
Income
$
2,271
1,643
5,394
3,767
------ ------ ------ ------
Earnings per common share:
Income from continuing
operations -
Basic
0.24
0.18
0.57
0.40
Diluted
0.24
0.17
0.56
0.40
Discontinued
operations
(Note 11) -
Basic
-
-
-
-
Diluted
-
-
- -
Net income -
basic
0.24
0.18
0.57
0.40
Net income -
diluted
0.24
0.17
0.56
0.40
Number of shares
(in thousands)
used in computing:
-basic earnings
per common
share
9,527
9,353
9,481
9,321
-diluted
earnings per
common share
9,599
9,471
9,565
9,446