Patriot Transportation Holding Inc., a Jacksonville, Fla.-based transportation business, reported net income of $1,308,000 or $.41 per diluted share for the fourth quarter of fiscal year 2002, compared to a net loss of $1,333,000 or $.42 per diluted share
for the same quarter last year.
Net income for the full fiscal year 2002 was $5,655,000 or $1.79 diluted share, compared to $2,703,000 or $.86 per diluted share for fiscal 2001. The company closed an unprofitable transportation subsidiary in the fourth quarter of fiscal 2001.
Consolidated revenues for the fourth quarter of fiscal 2002 were $25,573,000, a decrease of $1,941,000 or 7.1% over the same period last year. The transportation segment's revenues for the fourth quarter of fiscal 2002 were $21,681,000 a decrease of $2,281,000 or 9.5% due mostly to the closing of the company's third-party agent/owner-operator subsidiary in September 2001. This subsidiary had revenues of $4,321,000 in the fourth quarter of fiscal 2001. The revenues of the transportation segment's continuing operations increased $2,040,000 or 10.4% in the fourth quarter of 2002 as compared to the same quarter of 2001. Approximately 80% of this increase was due to additional miles hauled with the balance due to modest price increases. The increase in miles hauled was primarily a result of new business generated from the May 30, 2002 acquisition of the operating assets of Infinger Transportation Inc., a southeastern U.S. tank truck company. This was partially offset by lower demand for petroleum products caused by decreased tourism and air travel since the Sept. 11, 2001 tragedy.
Transportation business results, in addition to being impacted by uncertainties surrounding the national economy, will also be affected by industry consolidation among both shippers and carriers. Shipper consolidation may bring more intense competitive bidding for hauling contracts.