Patriot Transportation Holding Inc. reported net income of $1,898,000 or $0.62 per diluted share in the first quarter of fiscal 2006, an increase of $214,000 or 12.7 percent compared to $1,684,000 and $0.56 per diluted share in
the same period last year.
For the first quarter of fiscal 2006, consolidated revenues were $35,423,000, an increase of $4,004,000 or 12.7 percent over the same quarter last year.
Transportation segment revenues were $30,300,000 in the first quarter of 2006, an increase of $3,265,000 over the same quarter last year. Fuel surcharges accounted for $1,978,000 of the increase, resulting from higher diesel fuel costs during the quarter compared to the same quarter last year. Excluding fuel surcharges, revenue per mile increased 6.9 percent, reflecting better pricing for company services. Revenue miles in the current quarter were down 1.6 percent compared to the first quarter of 2005 due to an industry-wide, tight driver availability.
Gross profit in the transportation segment increased $745,000 or 21.7 percent, primarily due to improved pricing as compared to the same quarter last year.