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Patriot, C.H. Robinson Announce Earnings

February 6, 2002

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Patriot Transportation Holding and the logistics company C.H. Robinson Worldwide have reported their latest financial results.


Patriot Transportation Holding, Jacksonville, Fla., reported net income of $1.35 million for the first quarter of fiscal year 2002, a decrease of $783,000 when compared to $2.13 million earned in the same quarter last year.
Consolidated revenues for the first quarter fell 23.5% to $23.49 million from $30.7 million in the same quarter last year. The transportation segment's revenues for the first quarter decreased 20.7% to $19.78 million from $24.94 million in the first quarter last year, primarily as a result of the closing of the company's third-party agent/owner-operator subsidiary, Patriot Transportation Inc., in September 2001. This subsidiary had revenues of $4.6 million in the first fiscal quarter of last year. The rest of the decrease in transportation's revenue was due to a 3.3% decline in miles hauled in the continuing operations, which resulted primarily from a lower demand for petroleum products.
Consolidated gross profit dropped $1.94 million to $5.07 million for the first quarter of fiscal 2002. This decrease is attributable to a $2.07 million decrease in gross profit from property sales and a decrease in transportation segment gross profit of $75,000, partially offset by a $200,000 increase in gross profit from rents and royalties within the real estate segment.

Third party logistics provider C.H. Robinson Worldwide, Minneapolis, reported fourth-quarter 2001 net revenues increased 4.3% to $112.1 million from $107.4 million in 2000. Income from operations increased 10.7% to $33.6 million from $30.3 million in 2000. Net income increased 10.5% to $20.6 million from $18.6 million in 2000.
For 2001, net revenues increased 8.9% to $456.6 million from $419.3 million in 2000. Income from operations increased 14.8% to $134.3 million from $117 million in 2000. Net income increased 17.9% to $84 million from $71.2 million in 2000.

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