Patriot Transportation Holding Inc. Reports Operating Results (10-Q)

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Feb 02, 2011
Patriot Transportation Holding Inc. (PATR, Financial) filed Quarterly Report for the period ended 2010-12-31.

Patriot Transpt has a market cap of $259.5 million; its shares were traded at around $28.02 with a P/E ratio of 37.4 and P/S ratio of 2.3. Patriot Transpt had an annual average earning growth of 5.3% over the past 10 years.Mutual Fund and Other Gurus that owns PATR: Chuck Royce of Royce& Associates.

Highlight of Business Operations:

Transportation revenue $ 19,624 85% 19,467 88%

Fuel surcharges 3,367 15% 2,614 12%



Compensation and benefits 8,454 37% 8,319 38%

Fuel expenses 4,746 20% 3,905 18%

Insurance and losses 1,649 7% 2,265 10%

Depreciation expense 1,506 6% 1,523 7%

Other, net 2,250 10% 2,218 10%

Sales, general & administrative 2,009 9% 1,860 8%

Allocated corporate expenses _____389 2% ___347 2%



The Transportation segment's cost of operations was $21,003,000 in the

first quarter of 2011, an increase of $566,000 over the same quarter

last year. The Transportation segment's cost of operations in the

first quarter of 2011 as a percentage of revenue was 91% compared to

93% in the first quarter of 2010. Compensation and benefits increased

$135,000 or 1.6% compared to the same quarter last year primarily due

to the increase in miles driven. Fuel surcharge revenue increased

$753,000 while fuel cost increased by $841,000 leaving a negative

impact to operating profit of $88,000 due to the increase in miles

driven. Insurance and losses decreased $616,000 compared to the same

quarter last year due to lower health claims. Depreciation expense

decreased $17,000 due to fewer trucks in service and existing trailers

becoming fully depreciated. Other expense increased $32,000 primarily

due to lower gains on equipment sales. Selling general and

administrative costs increased $149,000 or 8.0% compared to the same

quarter last year. Allocated corporate expenses increased $42,000.



Property operating expenses 124 11% 109 11%

Depreciation and depletion 25 2% 23 2%

Management Company indirect 37 4% 43 4%

Allocated corporate expense 153 14% 142 15%



Property operating expenses 1,281 31% 1,343 30%

Depreciation and amortization 1,301 31% 1,277 29%

Management Company indirect 335 8% 383 9%

Allocated corporate expense 229 5% 212 5%



Operating Profit - Consolidated operating profit was $3,188,000 in the

first quarter of fiscal 2011, an increase of $146,000 or 4.8% compared

to $3,042,000 in the same period last year. Operating profit in the

transportation segment increased $344,000 or 20.9% primarily due to

lower health benefit claims. Operating profit in the mining royalty

land segment increased $86,000 or 12.8% due to an increase in mined

tons. Operating profit in the Developed property rentals segment

decreased $186,000 or 15.3% due to higher professional fees and

property taxes. Consolidated operating profit includes corporate

expenses not allocated to any segment in the amount of $587,000 in the

first quarter of fiscal 2011, an increase of $98,000 compared to the

same period last year due to adjustment to the fair value of the

corporate aircraft of $300,000 partially offset by lower stock

compensation and professional fees.



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