Patriot Transportation Reports Big Spike in Profits
December 04, 2013
The parent to liquid and dry bulk hauler, Florida Rock & Tank Lines, has reported a huge increase in income for its fiscal fourth quarter and its fiscal year.
Florida-based Patriot Transportation Holding has reported net income of $6.989 million in the fourth quarter of fiscal 2013, an increase of 415% compared to the same period last year.
The company, which also had real estate holdings, says the increase was due in large part to gains from sales of investment properties totaling $6.217 million.
For the full year net income was $15.385 million, an increase of 97% compared fiscal 2012.
For the fourth quarter of fiscal 2013, consolidated revenues were $37.141 million, an increase of 13.2% over the same quarter last year.
Transportation segment revenues were $29.511 million, an increase of $3.232 million over the same quarter last year. Revenue miles were up 13.8% compared to the fourth quarter of fiscal 2012.
For the fiscal year 2013, consolidated revenues were $139.774 million, an increase of 9.6% over the same period last year.
Transportation segment revenues were $112.12 million, an increase of 8.4% over 2012. Revenue miles in fiscal 2013 were up 7.3% compared to 2012 due to business growth and a slightly longer average haul length.
Consolidated operating profit was $20,434 million in fiscal 2013, an increase of 44.9%.
The company's transportation segment acquired certain assets of Pipeline Transportation, Inc. on Nov. 7. Pipeline's operations have been conducted in the Florida and Alabama markets also served by Florida Rock and Tank Lines. For the 12-month period ending June 30, Pipeline had gross revenues of just over $16,5 million.
More details are on the Patriot Transportation Holding website.