EXHIBIT 99
The unaudited pro forma consolidated financial statements of FRP Holdings,
Inc. ("FRP") that follow have been derived from FRP's historical consolidated
financial statements and are being presented to give effect to the separation
of Patriot Transportation Holding, Inc. into an independent, publicly traded
company as if the separation had occurred on the first day of the periods
presented. The separation occurred on January 30, 2015. The unaudited pro
forma condensed consolidated financial statements are for illustrative
purposes only, and do not reflect what FRP's actual financial position and
results of operations would have been had the separation occurred on the
dates indicated and are not necessarily indicative of FRP's future financial
position and results of operations.
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2014
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Pro Forma
FRP Holdings, Transportation Forma FRP Holdings,
Inc. Holding, Inc. Adjustments Inc.
------------------------------------------------------
Assets
Current assets:
Cash and cash
equivalents $ 895 $ - $ 895
Cash held in escrow 26 0 26
Accounts receivable
(net of allowance for
doubtful accounts of $148) 8,082 (7,282) 800
Deferred income taxes 0 0 107 107
Discontinued Operation
- Spin-off
Inventory of parts
and supplies 888 (888) 0
Prepaid tires on equipment 2,063 (2,063) 0
Prepaid taxes and licenses 1,677 (559) 1,118
Prepaid insurance 632 (518) 114
Prepaid expenses, other 81 (76) 5
Real estate held for sale,
at cost 4,609 4,609
------------------------------------------------------
Total current assets 18,953 (11,386) 107 7,674
------------------------------------------------------
Property and equipment, at cost:
Land 104,478 (2,660) 101,818
Buildings 177,099 (5,525) 171,574
Equipment 93,855 (90,275) 3,580
------------------------------------------------------
375,432 (98,460) 0 276,972
Less accumulated depreciation 125,715 (56,184) 69,531
------------------------------------------------------
249,717 (42,276) 0 207,441
Real estate held for investment,
at cost 7,304 0 7,304
Investment in joint ventures 18,640 0 18,640
Goodwill 3,431 (3,431) 0
Intangibles, net 4,773 (3,704) 1,069
Other assets, net 9,592 (32) 9,560
------------------------------------------------------
Total assets $ 312,410 $ (60,829) $ 107 $ 251,688
======================================================
Liabilities and Equity:
Current liabilities:
Accounts payable $ 5,367 $ (3,069) $ 2,298
Bank overdraft 408 (408) 0
Federal and state taxes payable 309 (119) 190
Discontinued Operation
- Spin-off
Deferred income taxes 239 (346) 107 0
Accrued payroll and benefits 3,950 (3,716) 234
Accrued insurance 1,100 (1,100) 0
Environmental remediation 1,614 0 1,614
Accrued liabilities, other 1,251 (302) 949
Long-term debt due
within one year 4,537 0 4,537
------------------------------------------------------
Total current liabilities 18,775 (9,060) 107 9,822
------------------------------------------------------
Long-term debt 56,452 (6,551) 49,901
Deferred income taxes 23,072 (9,170) 13,902
Accrued insurance 1,393 (1,393) 0
Other liabilities 3,093 (831) 2,262
Commitments and
contingencies (Note 7) ------------------------------------------------------
Total liabilities 102,785 (27,005) 107 75,887
------------------------------------------------------
Shareholders equity:
Common stock issued
and outstanding 972 972
Capital in excess of par 48,407 48,407
Retained earnings 160,206 (33,771) 126,435
Accumulated other
comprehensive income, net 40 (53) (13)
------------------------------------------------------
Total shareholders'
equity 209,625 (33,824) 0 175,801
------------------------------------------------------
Total liabilities and
shareholders' equity $ 312,410 $ (60,829) $ 107 $ 251,688
======================================================
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED DECEMBER 31, 2014
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Pro Forma
FRP Holdings, Transportation Forma FRP Holdings,
Inc. Holding, Inc. Adjustments Inc.
------------------------------------------------------
Revenues:
Transportation 31,717 (31,717) 0 0
Mining royalty land 1,344 0 0 1,344
Developed property rentals 6,958 0 0 6,958
------------------------------------------------------
Total revenues 40,019 (31,717) 0 8,302
Cost of operations:
Transportation 29,657 (29,657) 0 0
Mining royalty land 425 0 36 461
Developed property rentals 4,521 0 55 4,576
Unallocated corporate 318 (227) (91) 0
------------------------------------------------------
Total cost of operations 34,921 (29,884) 0 5,037
Operating profit:
Transportation 2,060 (2,060) 0 0
Mining royalty land 919 0 (36) 883
Developed property rentals 2,437 0 (55) 2,382
Unallocated corporate (318) 227 91 0
------------------------------------------------------
Total operating profit 5,098 (1,833) 0 3,265
Gain on termination of
sale contract 0 0 0 0
Gain on investment land sold (17) 0 0 (17)
Interest income and other 0 0 0 0
Equity in loss of joint
ventures (30) 0 0 (30)
Interest expense (472) 26 0 (446)
------------------------------------------------------
Income before income taxes 4,579 (1,807) 0 2,772
Provision for income taxes 1,786 (705) 0 1,081
------------------------------------------------------
Net Income 2,793 (1,102) 0 1,691
Earnings per common share:
Basic 0.29 0.17
Diluted 0.29 0.17
Number of weighted average shares
(in thousands) used in computing:
-basic earnings per
common share 9,711 9,711
-diluted earnings per
common share 9,771 9,771
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED DECEMBER 31, 2013
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Pro Forma
FRP Holdings, Transportation Forma FRP Holdings,
Inc. Holding, Inc. Adjustments Inc.
------------------------------------------------------
Revenues:
Transportation 31,591 (31,591) 0 0
Mining royalty land 1,268 0 0 1,268
Developed property rentals 5,961 0 0 5,961
------------------------------------------------------
Total revenues 38,820 (31,591) 0 7,229
Cost of operations:
Transportation 30,135 (30,135) 0 0
Mining royalty land 329 0 54 383
Developed property rentals 3,878 0 81 3,959
Unallocated corporate 354 (219) (135) 0
------------------------------------------------------
Total cost of operations 34,696 (30,354) 0 4,342
Operating profit:
Transportation 1,456 (1,456) 0 0
Mining royalty land 939 0 (54) 885
Developed property rentals 2,083 0 (81) 2,002
Unallocated corporate (354) 219 135 0
------------------------------------------------------
Total operating profit 4,124 (1,237) 0 2,887
Gain on termination of
sale contract 0 0 0 0
Gain on investment land sold 56 0 0 56
Interest income and other 1 0 0 1
Equity in loss of joint ventures (32) 0 0 (32)
Interest expense (311) 23 0 (288)
------------------------------------------------------
Income before income taxes 3,838 (1,214) 0 2,624
Provision for income taxes 1,497 (474) 0 1,023
------------------------------------------------------
Net income 2,341 (740) 0 1,601
Earnings per common share:
Basic 0.24 0.17
Diluted 0.24 0.17
Number of weighted average shares
(in thousands) used in computing:
-basic earnings per
common share 9,568 9,568
-diluted earnings
per common share 9,674 9,674
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEAR ENDED SEPTEMBER 30, 2014
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Pro Forma
FRP Holdings, Transportation Forma FRP Holdings,
Inc. Holding, Inc. Adjustments Inc.
------------------------------------------------------
Revenues:
Transportation 129,162 (129,162) 0 0
Mining royalty land 5,349 0 0 5,349
Developed property rentals 25,629 0 0 25,629
------------------------------------------------------
Total revenues 160,140 (129,162) 0 30,978
Cost of operations:
Transportation 122,856 (122,856) 0 0
Mining royalty land 1,368 0 260 1,628
Developed property rentals 16,534 0 391 16,925
Unallocated corporate 1,614 (963) (651) 0
------------------------------------------------------
Total cost of operations 142,372 (123,819) 0 18,553
Operating profit:
Transportation 6,306 (6,306) 0 0
Mining royalty land 3,981 0 (260) 3,721
Developed property rentals 9,095 0 (391) 8,704
Unallocated corporate (1,614) 963 651 0
------------------------------------------------------
Total operating profit 17,768 (5,343) 0 12,425
Gain on termination of
sale contract 0 0 0 0
Gain on investment land sold 476 0 0 476
Interest income and other 30 (7) 0 23
Equity in loss of joint ventures (128) 0 0 (128)
Interest expense (1,475) 109 0 (1,366)
------------------------------------------------------
Income before income taxes 16,671 (5,241) 0 11,430
Provision for income taxes 6,652 (2,044) 0 4,608
------------------------------------------------------
Net income 10,019 (3,197) 0 6,822
Earnings per common share:
Basic 1.04 0.71
Diluted 1.03 0.70
Number of weighted average shares
(in thousands) used in computing:
-basic earnings per
common share 9,629 9,629
-diluted earnings per
common share 9,710 9,710
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEAR ENDED SEPTEMBER 30, 2013
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Pro Forma
FRP Holdings, Transportation Forma FRP Holdings,
Inc. Holding, Inc. Adjustments Inc.
------------------------------------------------------
Revenues:
Transportation 112,120 (112,120) 0 0
Mining royalty land 5,302 0 0 5,302
Developed property rentals 22,352 0 0 22,352
------------------------------------------------------
Total revenues 139,774 (112,120) 0 27,654
Cost of operations:
Transportation 102,766 (102,766) 0 0
Mining royalty land 1,294 0 191 1,485
Developed property rentals 14,019 0 286 14,305
Unallocated corporate 1,261 (784) (477) 0
------------------------------------------------------
Total cost of operations 119,340 (103,550) 0 15,790
Operating profit:
Transportation 9,354 (9,354) 0 0
Mining royalty land 4,008 0 (191) 3,817
Developed property rentals 8,333 0 (286) 8,047
Unallocated corporate (1,261) 784 477 0
------------------------------------------------------
Total operating profit 20,434 (8,570) 0 11,864
Gain on termination of
sale contract 0 0 0 0
Gain on investment land sold 7,333 0 0 7,333
Interest income and other 38 0 0 38
Equity in loss of joint ventures (63) 0 0 (63)
Interest expense (2,520) 19 0 (2,501)
------------------------------------------------------
Income before income taxes 25,222 (8,551) 0 16,671
Provision for income taxes 9,837 (3,335) 0 6,502
------------------------------------------------------
Net income 15,385 (5,216) 0 10,169
Earnings per common share:
Basic 1.62 1.07
Diluted 1.60 1.06
Number of weighted average shares
(in thousands) used in computing:
-basic earnings per
common share 9,523 9,523
-diluted earnings per
common share 9,605 9,605
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEAR ENDED SEPTEMBER 30, 2012
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Pro Forma
FRP Holdings, Transportation Forma FRP Holdings,
Inc. Holding, Inc. Adjustments Inc.
------------------------------------------------------
Revenues:
Transportation 103,476 (103,476) 0 0
Mining royalty land 4,483 0 0 4,483
Developed property rentals 19,555 0 0 19,555
------------------------------------------------------
Total revenues 127,514 (103,476) 0 24,038
Cost of operations:
Transportation 96,000 (96,000) 0 0
Mining royalty land 1,252 0 140 1,392
Developed property rentals 15,070 0 211 15,281
Unallocated corporate 1,091 (740) (351) 0
------------------------------------------------------
Total cost of operations 113,413 (96,740) 0 16,673
Operating profit:
Transportation 7,476 (7,476) 0 0
Mining royalty land 3,231 0 (140) 3,091
Developed property rentals 4,485 0 (211) 4,274
Unallocated corporate (1,091) 740 351 0
------------------------------------------------------
Total operating profit 14,101 (6,736) 0 7,365
Gain on termination of
sale contract 1,039 0 0 1,039
Gain on investment land sold 0 0 0 0
Interest income and other 26 0 0 26
Equity in loss of joint ventures (8) 0 0 (8)
Interest expense (2,638) 27 0 (2,611)
------------------------------------------------------
Income before income taxes 12,520 (6,709) 0 5,811
Provision for income taxes 4,809 (2,617) 0 2,192
------------------------------------------------------
Net income 7,808 (4,189) 0 3,619
Earnings per common share:
Basic 0.83 0.39
Diluted 0.82 0.38
Number of weighted average shares
(in thousands) used in computing:
-basic earnings per
common share 9,360 9,360
-diluted earnings per
common share 9,474 9,474