The parent of liquid and dry bulk hauler Florida Rock & Tank Lines suffered a small loss in the first quarter of the year.
Patriot Transportation Holding Inc. reported a net loss of $351,000, or 11 cents per diluted share, compared to net income of $279,000, or 9 cents per diluted share, in the same period last year.
According to the Florida-based company this was the result of an “intangible asset impairment charge” of just over $2 million, with an with an after tax impact to net income of $1.265 million, relating to its November 2013 purchase of Pipeline Transportation.
Because of this, Patriot also issued adjusted numbers, which it said better reflect its operating performance. They show adjusted net income for the quarter of $914,000, or 28 cents per diluted share, an improvement of $635,000, or 19 cents per diluted share compared to the same time in 2014.
Unadjusted total revenue was $29.7 million in the most recent quarter compared to $31.9 million a year earlier.
Revenue miles in the quarter were 10.588 million, down from 10.858 million in the prior year quarter.
According to the company, following the purchase of Pipeline, one of its customers began moving business away to competitors based primarily on pricing.
“In line with one of our key strategies, management was not willing to lower our prices to retain business that was not an attractive use of our capital and resources,” Patriot said in a news release.
That loss of business continued and by mid-2014 Patriot said it no longer provided any service to that customer, but noted it has successfully replaced most of the revenue miles.