Patriot's Transportation Segment Suffers on Decreased Miles, Fuel Surcharges
For the first quarter of fiscal 2010, Patriot Transportation Holding posted lower results in its transportation segment on reduced miles driven and lower fuel surcharges
For the first quarter of fiscal 2010, Patriot Transportation Holding posted lower results in its transportation segment on reduced miles driven and lower fuel surcharges.
The company's transportation segment had revenues of about $22 million during the quarter, down about $2.9 million from the year-ago quarter.
Revenue miles were down 9.2 percent compared to the first quarter of fiscal 2009 due to lower demand and a competitive climate. Fuel surcharge revenue dropped about $1.4 million.
Overall, the company reported income from continuing operations of $1.3 million, or 42 cents a share, a 32.5 percent drop from the year-ago quarter, when income was $1.9 million, or 63 cents a share.
Consolidated revenues were $27.5 million, down 10.8 percent from the first quarter of fiscal 2009.
Earlier this year, Patriot announced it had lost some of its transportation group customers, who accounted for about $10 million, or 11 percent, of the company's transportation group revenue for the fiscal year ending Sept. 30, 2009.
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