Patriot Transportation Holding said its net income improved 2.3 percent to $1.44 million, or 46 cents a share, during the second quarter of fiscal 2010.
This compares to net income of $1.4 million, or 45 cents a share, during the year-ago period.

The company said transportation segment results were impacted by lower vehicle accident costs mostly offset by reduced miles driven and lower equipment sale gains.

The company's consolidated revenues were down 1 percent to $27.5 million from the same quarter last year.

At the beginning of the year, Patriot announced that the transportation group had been unsuccessful in renewing certain contracts with significant customers. The company said revenue miles were down 5.7 percent in the most recent quarter, mostly due to the loss of this business.

"Transportation segment results for the second quarter improved over the same quarter last year even though revenue miles were down 5.7 percent versus the prior year's quarter," the company said in a statement. "The company continues to succeed in replacing customers from the non-renewed contracts announced Jan. 6, 2010 and anticipates recovering from new customers substantially all the lost revenue miles over the next few quarters, albeit at lower margins."