PATRIOT TRANSPORTATION HOLDING, INC./NEWS

Contact:  Matt McNulty
          Chief Financial Officer                                 904/858-9100

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          PATRIOT TRANSPORTATION HOLDING, INC. ANNOUNCES RESULTS FOR
                    THE FOURTH QUARTER AND FISCAL YEAR 2017

Patriot Transportation Holding, Inc. (NASDAQ-PATI) Jacksonville, Florida;
November 29, 2017 -

Fourth Quarter Operating Results for Fiscal year 2017.

The Company reported net income of $201,000, or $.06 per share (inclusive of
$38,000, or $.01 per share, due to a reduced tax expense from stock option
exercises in accordance with newly adopted accounting guidance), compared to
net income of $2,088,000, or $.63 per share, in the same quarter last year.
Last year's quarter included $779,000, or $.24 per share, from the gain on
the sale of an easement at our Tampa, FL terminal.

Total revenues for the quarter were $27,910,000, down $2,481,000 from the
same quarter last year. Transportation revenues (excluding fuel surcharges)
were $26,107,000, down $2,775,000. Miles declined by 1,243,000, or 12%, to
9,292,000 versus 10,535,000 in the same quarter last year. The transportation
revenue per mile increased by 2.5% partially offsetting the mileage decline.

The lower revenues in the quarter resulted from the impact of the business
lost during the second quarter with a particular customer in a competitive
bid and the transition of another customer to its privately owned fleet.
We have had some success at replacing this lost business and are focused on
continuing to add business in markets where we can hire drivers.

We also experienced lower revenues in the quarter due to the impacts of
Hurricanes Harvey and Irma as several terminals closed completely during the
storm and for several days following some terminals were operating at less
than full capacity.

Compensation and benefits decreased $415,000 due to fewer miles driven but
were higher on a per mile basis as a result of the recent driver pay increase
and higher training costs. Net fuel expense (i.e. gross fuel expenses less
fuel surcharges) decreased by $444,000 due to fewer miles driven and higher
fuel surcharges.

Insurance and losses were up by $174,000 versus the same quarter last year
due mainly to higher risk claims partially offset by lower health claims.
SG&A was down $244,000 and corporate expenses were down by $153,000 due to
no bonus compensation expense in the current year and lower head counts.



As a result, operating profit this quarter was $265,000 compared to
$3,454,000 in the same quarter last year. Last year included $1,277,000
from the sale of the easement in Tampa, FL. Operating ratio was 99.1 this
quarter versus a 92.8 in the same quarter last year excluding the gain on
the Tampa easement sale.

Results for Fiscal year 2017.

The Company's net income was $1,829,000, or $.55 per share (inclusive of
$427,000, or $.13 per share, due to a reduced tax expense from stock option
exercises in accordance with newly adopted accounting guidance), compared to
net income of $5,705,000, or $1.74 per share, last year. The prior year
included $1,029,000, or $0.31 per share, of net income from the settlement
of a claim with BP over the Deepwater Horizon event and $779,000, or $.24 per
share, of net income from the sale of the easement in Tampa, FL.

Total revenues were $112,165,000, down $8,007,000 or 6.7% from last year.
Transportation revenues (excluding fuel surcharges) were down $10,258,000,
or 8.9%, to $105,334,000. Revenue miles declined by 4,884,000, or 11.4%, to
38,000,000 versus last year mostly attributable to (i) business loss in a
competitive bid due to rates, (ii) privatization of a customer fleet and
(iii) the lower demand for gasoline in the earlier part of the fiscal year
and (iv) Hurricanes Harvey and Irma. Transportation revenue per mile
increased by 2.8% over last year which partially offset the reduced miles.
Fuel surcharge revenues were up $2,251,000 to $6,831,000 due to higher diesel
prices and the positive benefits of renegotiating fuel surcharge tables with
several key customers last year.

Compensation and benefits decreased $2,960,000, or 5.8%, due to fewer miles
driven partially offset by higher driver pay following the pay increase that
went into effect June 30, 2017. Net fuel expense (i.e. gross fuel expenses
less fuel surcharges) decreased by $2,417,000, or 23%, due to fewer miles
driven and higher fuel surcharges.

Insurance and losses were up $370,000 versus last year due mainly to
increased risk and health claims. Depreciation increased $672,000 but was
offset by lower repair and equipment leasing costs as we have continued to
replace leased equipment from a prior acquisition with new equipment. SG&A was
down $222,000 and corporate expenses were down by $235,000 due to no bonus
compensation expense in the current year and lower legal fees.

As a result, operating profit was $2,372,000 compared to $7,790,000 last year.
Last year's quarter included $1,277,000 from the sale of the easement in
Tampa, FL. Operating ratio was 97.9 this year compared to 94.6 last year
excluding the gain on the Tampa easement sale.

Summary and Outlook.

We continue to focus on adding new business to replace the loss of business
that occurred mostly in the 2nd quarter.  We have added significant pieces
of new business throughout the fiscal year but not nearly enough to offset
the losses. The latter part of the fourth quarter was mired in



business interruption due to the impacts of Hurrricanes Harvey and Irma.
However, our team performed very well during these crises and hopefully
garnered goodwill with many of our customers as we worked through those
challenges together.

The driver market remains very tight. The average driver count of 614 this
quarter is flat against the 613 average driver count from the prior quarter
signifying some stabilization. We have taken several steps to drive future
growth in our driver count. We implemented a driver pay increase effective
June 30, 2017 increasing base pay by 2.5% and awarding 2 additional vacation
days. In this quarter we implemented a new driver trainer academy which not
only elevates the position of driver trainer within our organization but
incentivizes the trainer with compensation based on retention of the
trainees. In the quarter the driver turnover rate improved 8.6 percentage
points versus the prior quarter. We are focused on maintaining these trends
as we work to grow our driver count and revenues.

Our management team is committed to running the business efficiently,
measuring ourselves on equipment utilization and driver productivity, while
still maintaining a high level of safety and customer satisfaction. We are
currently in the process of selling excess equipment and reducing our
overhead.

Management is committed to investing in our technology in order to set
ourselves apart from our competition and improve efficiencies. We continue
to upgrade our entire network infrastructure to provide more speed and
reliability to the field and our customers and to implement several new
software upgrades which we believe will enhance the employee experience,
improve customer satisfaction and ultimately to reduce expenses and improve
our bottom line results.

During the quarter, as a result of losing its anchor tenant, the Buyer
terminated the contract for the purchase of our Tampa terminal facility ($10M
sales price). We are continuing to actively market the property for sale.

We operate in many of the best markets in the country and are known as a
top rated carrier in both safety and customer satisfaction. We are committed
to focusing on revenue growth, safety, driver retention and customer
satisfaction. We are confident that execution of that focus will enable us
to improve our profitability. We benefit from and plan to maintain a strong
balance sheet as we work to get back to our targeted operating ratio in the
low to mid nineties.



Conference Call.

The Company will host a conference call on November 30, 2017 at 10:00 AM
(EDT). Analysts, shareholders and other interested parties may access the
teleconference live by calling 1-800-311-9404 domestic or international at
1-334-323-7224 then enter pass code 9558. Computer audio live streaming is
available via the Internet through the Company's website at
www.patriottrans.com at the Investor Relations tab or at one of the following
links (whichever is most compatible with your device or player)
http://stream.conferenceamerica.com/pth113017 or
http://stream.conferenceamerica.com/pth113017.m3u. An audio replay will be
available for sixty (60) days following the conference call by dialing toll
free 1-877-919-4059 domestic or international 1-334-323-0140 then enter pass
code 69584360. An audio archive can be accessed via the internet at
http://archive.conferenceamerica.com/archivestream/pth113017.mp3.

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; 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
business. The Company's transportation business is conducted through Florida
Rock & Tank Lines, Inc. which is a Southeastern transportation company engaged
in the hauling of liquid and dry bulk commodities.


            PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF INCOME
                               (In thousands)
                                (Unaudited)

                                 THREE MONTHS ENDED       TWELVE MONTHS ENDED
                                    SEPTEMBER 30,             SEPTEMBER 30
                                 ------------------       -------------------
                                  2017        2016         2017         2016
                                 ------      ------       ------       ------
Revenues:
  Transportation revenues      $ 26,107      28,882    $ 105,334      115,592
  Fuel surcharges                 1,803       1,509        6,831        4,580
                                 ------      ------       ------       ------
Total revenues                   27,910      30,391      112,165      120,172

Cost of operations:
  Compensation and benefits      12,296      12,711       48,109       51,069
  Fuel expenses                   3,681       3,831       14,991       15,157
  Repairs & tires                 1,952       1,971        7,077        7,777
  Other operating                 1,274       1,255        4,418        4,719
  Insurance and losses            2,560       2,386       10,728       10,358
  Depreciation expense            2,334       2,352        9,542        8,870
  Rents, tags & utilities           841         981        3,384        3,834
  Sales, general &
    administrative                2,366       2,610        9,404        9,626
  Corporate expenses                505         658        2,711        2,946
  Gain on property sale               -      (1,277)           -       (1,277)
  Gain on equipment sales          (164)       (541)        (571)        (697)
                                 ------      ------       ------       ------
Total cost of operations         27,645      26,937      109,793      112,382
                                 ------      ------       ------       ------
Total operating profit              265       3,454        2,372        7,790

BP claim settlement                   -           -            -        1,687
Interest income and other             2           2            6            6
Interest expense                     (1)        (32)         (80)        (130)
                                 ------      ------       ------       ------

Income before income taxes          266       2,424        2,298        9,353
Provision for income taxes           65       1,336          469        3,648
                                 ------      ------       ------       ------

Net income                     $    201       2,088    $   1,829        5,705
                                 ======      ======       ======       ======

Comprehensive income           $    201       2,211    $   1,829        5,828
                                 ======      ======       ======       ======
Earnings per common share:
  Net Income -
    Basic                      $   0.06        0.63         0.55         1.74
    Diluted                    $   0.06        0.63         0.55         1.74

Number of shares (in
  thousands) used in computing:
    -basic earnings
     per common share             3,304       3,289        3,299        3,283
    -diluted earnings
     per common share             3,306       3,291        3,302        3,285