Patriot Transportation Holding Inc., a Jacksonville, Fla., real estate and transportation company, reported net income of $6,975,000 for the second quarter of fiscal year 2004,
an increase of $6,353,000 compared to the same quarter a year ago.
Income from continuing operations increased $698,000 or 112.2% over the same quarter last year. Gain from discontinued operations was $5,655,000 versus none during the second quarter of last year.
Net income for the six months ended March 31, 2004 was $8,291,000, an increase of $6,731,000 over the same period last year. Income from continuing operations for the six months ended March 31, 2004 increased 69% to $2,636,000.
The transportation segment's revenues for the second quarter of fiscal 2004 were $24,280,000, an increase of $2,968,000 or 13.9% over the same quarter last year. This increase was a result of a 12.8% increase in miles hauled over the same quarter last year. The increase in miles hauled resulted primarily from a 9.3% increase in miles hauled in the tankline division and a 19.7% increase in miles hauled in the flatbed division, reflecting higher customer demand.
The company's real estate and transportation businesses are both experiencing an improved economic climate as the result of a strengthening regional and national economy.