Patriot Sells SunBelt Amid Fiscal Third Quarter Losses

August 14, 2009

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Along with its fiscal third quarter report, Patriot Transportation Holding announced it has sold SunBelt Transport, one of its flatbed trucking companies, to an undisclosed buyer
. The deal, which closed Thursday, involved buying SunBelt's tractors, trailers and inventories for $1 million in cash and 60 monthly payments of $130,000 each.

The company also reported its fiscal third quarter results, which included a net loss of $402,000, versus net profit of $2.77 million during the same quarter of 2008. The company's income from continuing operations fell 14.2 percent to $2.2 million, or 70 cents a share, compared with $2.58 million, or 83 cents a share, during the fiscal third quarter of 2008.

Revenue also decreased during the quarter to $28.1 million, down 17.7 percent from the year-ago quarter, when revenue was $34.1 million. Transportation segment revenues fell to $22.6 million in the period, compared with $28.06 million for the same period of last year.

"The flatbed and dry bulk tank portions of the transportation segment continue to face poor freight demand from the housing and commercial construction downturns," the company said in a release.

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