The parent company of bulk tanker carrier Florida Rock & Tank Lines filed papers a few days ago to spin off the trucking business into a new holding company that is separate from its real estate ventures.
Florida-based Patriot Transportation Holding Inc. said in papers filed with the Securities and Exchange Commission that it plans to form New Patriot Transportation Holding to oversee the carrier.
In May, Patriot announced the plan, saying the separation will result in two independent, publicly-traded companies by means of a tax-free spin-off of the transportation business to Patriot shareholders with the spin-off the real estate company to opreate under the name FRP Holdings, Inc.
Earlier this month Patriot reported net income of $3.5 million in its most recent quarter, a 16.1% increase from a year earlier. Revenue during the period was $41.2 million, a 15.5% gain.
Patriot Transportation Holding was formed in 1986 with the spin-off from Florida Rock Industries, Inc. of its real estate holdings and trucking businesses. Florida Rock & Tank Lines operates 420 tractors and has 20 terminal locations spread throughout the southeastern states of Florida, Georgia, North Carolina, South Carolina, Alabama and Tennessee, according to the Patriot website.