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JACKSONVILLE, FL, October 13, 2019 – Shares of Patriot Transportation Holding Inc. (NASDAQ: PATI) showed no change to $17.91. The company traded total volume of 100 shares as contrast to its average volume of 1.46K shares. The company has a market value of $59.82M and about 3.34M shares outstanding.
Patriot Transportation Holding Inc. (NASDAQ: PATI) reported net income of $289.0K, or $.09 per share, compared to a net loss of ($188.0K), or ($.06) per share, in the same quarter last year.
Total revenues for the quarter were $27.008M, down $971.0K from the same quarter last year. Transportation revenues (excludes fuel surcharges) were $24,537.0K, down $839.0K due to a decrease of 379.0K miles over the same quarter last year. The decrease in miles was due primarily to one of our customers moving into one of our markets with their private fleet and the closure of our Spartanburg satellite location. Despite an average longer haul length, transportation revenue per mile was up $.02 due to increased freight rates. Fuel surcharge revenue was $2,471.0K, down $132.0K from the same quarter last year.
Compensation and benefits decreased $191.0K mainly due to lower company miles and lower payroll taxes partially offset by higher owner operator pay (the average owner operator count increased by 6 versus the same quarter last year). Fuel expenses decreased $300.0K due primarily to lower company miles. Repair and tire expense increased $321.0K due to several high dollar repairs and the expensing of prepaid tires as we purchased more tractors in this quarter versus the same quarter last year. Other operating expenses were up $126.0K due to increased tolls, driver hiring and driver travel expense. Insurance and losses decreased $1,167.0K primarily due to settlement of prior year liability claims for less than the actuarial estimates and lower health claims. Depreciation expense was down $247.0K as a result of downsizing our fleet and placing twenty three full service lease trucks in certain markets where we do not have maintenance shops. Sales, general & administrative costs increased $119.0K due mainly to increased driver recruiting efforts, higher IT expense (on-going system upgrades) and higher payroll expense (to support changes to driver pay). Gain on disposition of assets increased $298.0K to $633.0K this quarter due primarily to a gain of $247.0K on the insurance settlement for hurricane damages and losses sustained at our Panama City, Florida location in this year’s first quarter.
As a result, operating profit this quarter was $293.0K compared to an operating loss of ($292.0K) in the same quarter last year. Operating ratio was 98.9 this quarter versus 101.0 in the same quarter last year.
The Company offered net profit margin of 2.00% while its gross profit margin was 85.00%. ROE was recorded as 4.10% while beta factor was -0.13. The stock, as of recent close, has shown the weekly upbeat performance of 0.06% which was maintained at -9.13% in this year.