For the fourth quarter of fiscal 2009, Patriot Transportation Holding posted income of $2.06 million, or 66 cents a share, down 36.1 percent from the same quarter of 2008, when income was $3.2 million, or $1.03 per share
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The company's consolidated revenues were $27.8 million, a 20 percent drop over the same quarter of last year.
Within the transportation segment, the company saw revenues of $22.3 million in the quarter, down 12.4 percent, or about $6.4 million, from the fourth quarter of fiscal 2008. The company attributes the drop in part to the economic conditions.
According to the company, reduced miles driven in the transportation segment were offset by reduced vehicle accident costs, increased revenue per mile, higher gains on equipment sales and cost management. This resulted in a gross profit gain of $433,000, or 8.4 percent.
Patriot Reports Lower Income in Fiscal Fourth Quarter
For the fourth quarter of fiscal 2009, Patriot Transportation Holding posted income of $2.06 million, or 66 cents a share, down 36.1 percent from the same quarter of 2008, when income was $3.2 million, or $1.03 per shar
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