JACKSONVILLE, FL / ACCESSWIRE / August 3, 2022 / Patriot Transportation Holding, Inc. (NASDAQ:PATI):
Third Quarter Working Outcomes
The Firm reported web earnings of $771,000, or $.22 per share for the quarter ended June 30, 2022, in comparison with $323,000, or $.09 per share, in the identical quarter final 12 months. Internet earnings within the prior 12 months third quarter included $133,000, or $.04 per share, from good points on actual property gross sales web of earnings taxes.
Income miles had been down 535,000, or 9%, over the identical quarter final 12 months because of a decrease common driver rely ensuing primarily from the closure of our Nashville location and turnover (down ~25 drivers from the third quarter of final 12 months). Working revenues for the quarter had been $23,501,000, up $2,646,000 from the identical quarter final 12 months because of charge will increase, larger gas surcharges and an improved enterprise combine. Working income per mile was up $.86, or 24.2%.
Compensation and advantages elevated $574,000, primarily as a result of latest will increase in driver compensation largely offset by a decrease driver rely and non-driver personnel reductions. Gross gas expense elevated $1,397,000 because of larger diesel costs. Insurance coverage and losses elevated $129,000, primarily as a result of unfavourable improvement of a fiscal 12 months 2020 auto legal responsibility declare. Depreciation expense was down $299,000 within the quarter. Acquire on the sale of property was $163,000 versus $46,000 in the identical quarter final 12 months.
Because of this, working revenue this quarter was $913,000 in comparison with $452,000 in the identical quarter final 12 months. Excluding the achieve on sale of land, the adjusted working revenue was $269,000 in final 12 months’s third quarter.
First 9 Months Working Outcomes for Fiscal 12 months 2022
The Firm reported web earnings of $6,720,000, or $1.85 per share, in comparison with $585,000, or $.17 per share, in the identical interval final 12 months. The primary 9 months’ web earnings included $6,281,000, or $1.73 per share, from good points on actual property gross sales web of earnings taxes. Internet earnings within the prior 12 months 9 months included $1,170,000, or $.34 per share, from good points on actual property gross sales web of earnings taxes.
Income miles had been down 2,207,000, or 12%, over the identical interval final 12 months because of a decrease common driver rely (down ~49 drivers from the primary 9 months of final 12 months). Working revenues for the interval had been $65,000,000, up $4,189,000 from the identical interval final 12 months. Working income per mile was up $.72, or 21.7% because of charge will increase, larger gas surcharges and an improved enterprise combine.
Compensation and advantages elevated $882,000, primarily as a result of elevated driver compensation package deal offset by a decrease driver rely and non-driver personnel reductions. Gross gas expense elevated $2,713,000 on account of larger diesel costs. Insurance coverage and losses elevated $462,000, primarily on account of a most restrict COVID declare ($372,500) and the unfavourable staff’ compensation adjustment from a previous 12 months declare ($380,000). Depreciation expense was down $832,000 within the interval. SG&A expense was larger by $384,000 primarily because of a one-time transaction bonus following the sale of the Tampa property for sure members of the administration workforce ($312,000 in SG&A and $82,000 in Company for a complete of $394,000) and better authorized charges. Acquire on the sale of land was $8,330,000 as a result of sale of our former terminal location in Tampa, FL in comparison with $1,614,000 in the identical interval final 12 months as a result of sale of our former terminal location in Pensacola, FL and the sale and partial leaseback of our terminal in Chattanooga, TN. Acquire on the sale of property was $642,000 versus a lack of ($153,000) in the identical interval final 12 months.
Because of this, working revenue this era was $8,815,000 in comparison with $822,000 in the identical interval final 12 months. Working ratio was 86.4 within the first 9 months versus 98.6 the identical interval final 12 months. Excluding the achieve on sale of terminal websites and the one-time transaction bonus, adjusted working revenue for the primary 9 months was $879,000 as in comparison with an adjusted working lack of ($792,000) in the identical interval final 12 months. The COVID medical declare and the prior 12 months staff’ compensation declare resulted in a complete cost of $752,500 within the first 9 months of fiscal 2022.
Abstract and Outlook
Since saying the primary important pay improve again in April of 2021, our driver rely has stabilized and we’ve been holding regular at +/- 355 income producing drivers. Throughout the first quarter of 2022 we introduced further driver pay will increase in all of our markets, with the bulk efficient February 4, 2022. Driver turnover has fallen to 77% by means of the primary 9 months of this 12 months versus 100% in final fiscal 12 months. We proceed to see regular exercise on driver functions and the typical variety of drivers in coaching. In July, we introduced further driver pay will increase efficient August 5, 2022 in about half of our markets. These will increase require drivers to fulfill sure standards every month with a view to qualify, together with minimal common log hours labored and 0 unexcused absences to assist drive productiveness.
We proceed to efficiently negotiate further charge will increase with our prospects as we alter driver pay. These further charge will increase will absolutely offset the extra driver pay. We proceed to give attention to diversifying our product combine with extra water and dry bulk drivers.
Our stability sheet remained stable with $9.9 million of money and money equivalents as of June 30, 2022, with no excellent debt. We changed 10 tractors within the first half of this fiscal 12 months with plans to purchase an extra 20 substitute tractors and a handful of trailers in This autumn placing our present deliberate capital expenditures at ~$6,000,000 for fiscal 12 months 2022.
Influence of the COVID-19 Pandemic
The COVID-19 pandemic continues to have some influence on demand for oil and petroleum merchandise in sure markets however that influence was far much less on this quarter than had been skilled because the starting of the pandemic. As a necessary enterprise, we’ve continued to function all through the pandemic in accordance with CDC steerage and orders issued by state and native authorities.
Convention Name
The Firm will host a convention name on August 3, 2022 at 3:00 PM (EDT). Analysts, shareholders and different events might entry the teleconference reside by calling 1-888-506-0062 home or worldwide at 1-973-528-0011. Pc audio reside streaming is out there at https://www.webcaster4.com/Webcast/Web page/2058/45955. An audio replay might be out there for sixty (60) days following the convention name by dialing toll free 1-877-481-4010 home or worldwide 1-919-882-2331 then enter cross code 45955. An audio archive will also be accessed at https://www.webcaster4.com/Webcast/Web page/2058/45955.
Traders are cautioned that any statements on this press launch which relate to the longer term are, by their nature, topic to dangers and uncertainties that would trigger precise outcomes and occasions to vary materially from these indicated in such forward-looking statements. These embody the influence of the COVID-19 pandemic on our revenues, operations and monetary situation; common financial circumstances; aggressive elements; political, financial, regulatory and weather conditions; driver availability and value; the influence of future rules concerning the transportation trade; freight demand for petroleum product and ranges of building exercise within the Firm’s markets; gas prices; danger insurance coverage markets; pricing; power prices and technological modifications. Further data concerning these and different danger elements and uncertainties could also be discovered within the Firm’s filings with the Securities and Alternate Fee.
Patriot Transportation Holding, Inc. is engaged within the transportation enterprise. The Firm’s transportation enterprise is carried out by means of Florida Rock & Tank Traces, Inc. which is a Southeastern transportation firm engaged within the hauling of liquid and dry bulk commodities.
PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In 1000’s)
(Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
JUNE 30, JUNE 30,
2022 2021 2022 2021
Working revenues
$23,501 20,855 65,000 60,811
Value of operations:
Compensation and advantages
9,774 9,200 27,820 26,938
Gasoline bills
3,965 2,568 9,843 7,130
Repairs & tires
1,502 1,316 4,163 4,033
Different working
739 734 2,193 2,302
Insurance coverage and losses
1,918 1,789 6,302 5,840
Depreciation expense
1,363 1,662 4,246 5,078
Rents, tags & utilities
651 653 2,032 2,052
Gross sales, common & administrative
2,328 2,284 6,945 6,561
Company bills
511 426 1,613 1,516
Acquire on sale of terminal websites
– (183) (8,330) (1,614)
(Acquire) loss on disposition of PP&E
(163) (46) (642) 153
Complete price of operations
22,588 20,403 56,185 59,989
Complete working revenue
913 452 8,815 822
Curiosity earnings and different
13 1 17 4
Curiosity expense
(4) (8) (13) (23)
Earnings earlier than earnings taxes
922 445 8,819 803
Provision for earnings taxes
151 122 2,099 218
Internet earnings
$771 323 $6,720 585
Unrealized funding losses, web
(4) – (7) –
Complete earnings
$767 323 $6,713 585
Earnings per frequent share:
Internet earnings –
Fundamental
$0.22 0.09 1.95 0.17
Diluted
$0.22 0.09 1.85 0.17 Variety of shares (in 1000’s) utilized in computing:
-basic earnings per frequent share
3,483 3,402 3,453 3,391
-diluted earnings per frequent share
3,504 3,420 3,628 3,401
PATRIOT TRANSPORTATION HOLDING, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In 1000’s)
(Unaudited
June 30, September 30,
Belongings
2022 2021
Present property:
Money and money equivalents
$9,949 10,899
Accounts receivable (web of allowance for
uncertain accounts of $66 and $86, respectively)
5,504 4,930
Stock of components and provides
1,228 871
Pay as you go tires on tools
1,400 1,317
Pay as you go taxes and licenses
111 448
Pay as you go insurance coverage
3,100 4,614
Pay as you go bills, different
202 299
Complete present property
21,494 23,378
Property and tools, at price
73,602 77,181
Much less collected depreciation
53,968 54,497
Internet property and tools
19,634 22,684
Working lease right-of-use property
2,660 1,949
Goodwill
3,637 3,637
Intangible property, web
606 756
Different property, web
146 156
Complete property
$48,177 52,560
Liabilities and Shareholders’ Fairness
Present liabilities:
Accounts payable
$2,539 1,858
Federal and state taxes payable
1,675 263
Accrued payroll and advantages
2,878 2,939
Accrued insurance coverage
1,198 1,105
Accrued liabilities, different
980 1,742
Working lease liabilities, present portion
928 928
Complete present liabilities
10,198 8,835
Working lease liabilities, much less present portion
1,928 1,131
Deferred earnings taxes
2,976 4,062
Accrued insurance coverage
1,537 1,537
Different liabilities
862 879
Complete liabilities
17,501 16,444
Commitments and contingencies
Shareholders’ Fairness:
250,000 shares are designated Sequence A Junior
None issued and excellent
– –
Frequent inventory, $.10 par worth; (25,000,000 shares
licensed; 3,484,004 and three,415,643 shares issued
and excellent, respectively)
348 342
Capital in extra of par worth
39,906 39,257
Collected deficit
(9,660) (3,572)
Collected different complete earnings, web
82 89
Complete shareholders’ fairness
30,676 36,116
Complete liabilities and shareholders’ fairness
$48,177 52,560
Non-GAAP Monetary Measures
To complement the monetary outcomes introduced in accordance with GAAP, Patriot presents sure non-GAAP monetary measures inside the which means of Regulation G promulgated by the Securities and Alternate Fee. Patriot makes use of these non-GAAP monetary measures to investigate its persevering with operations and to watch, assess, and establish significant traits in its working and monetary efficiency. These measures are usually not, and shouldn’t be seen as, substitutes for GAAP monetary measures.
Adjusted Working Revenue
Adjusted working revenue excludes the influence of the achieve on sale of terminal websites and the one-time transaction bonus associated to the sale. Adjusted working revenue is introduced to offer further perspective on underlying traits in Patriot’s core working outcomes. A reconciliation between working revenue and adjusted working revenue is as follows:
Three months ended 9 months ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021
Working revenue
$913 452 8,815 822
Changes:
Acquire on sale of terminal websites
– (183) (8,330) (1,614)
One-time transaction bonus
– – 394 –
Adjusted working revenue (loss)
$913 269 879 (792)
Contact:
Matt McNulty
Chief Monetary Officer
904/858-9100
SOURCE: Patriot Transportation Holding, Inc.
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