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Patriot Transportation Holding, Inc. (NASDAQ: PATI) operates as a regional tank truck carrier. The company conducts its business through its wholly-owned subsidiary, Florida Rock & Tank Lines, Inc. Patriot specializes in the transportation of petroleum products, dry bulk commodities, and liquid chemicals across the southeastern United States. The company operates terminals located in Florida, Georgia, Alabama, South Carolina, North Carolina, and Tennessee.
As of September 30, 2016, Patriot managed a fleet of 468 tractors and 561 tank trailers from 21 terminals and nine satellite locations. They haul liquid petroleum products such as gas and diesel fuel from large-scale storage facilities to retail outlets like convenience stores, truck stops, and fuel depots. Their dry bulk commodities include cement, lime, and various industrial powder products. The company also provides delivery services for liquid chemicals from distribution or manufacturing facilities to end users.
Patriot recently announced its fiscal 2023 third quarter earnings, revealing a net income of $526,000, or $.15 per share. The company experienced an increase in revenue miles by 7.7% and operating revenues of $24.2 million, up $1.3 million from the same quarter last year. This boost was attributed to higher miles, rate increases, and an improved business mix.
In significant corporate news, Patriot is set to be acquired by United Petroleum Transports, Inc. (UPT) for $16.26 per share in cash, valuing the transaction at approximately $65.9 million. This merger aims to create a top five bulk tank carrier by revenue in the southern United States, with combined revenues exceeding $200 million. The combined entity will operate over 1,000 drivers across 11 states with more than 30 terminals.
Patriot's commitment to safety and quality customer service has been a significant factor in its enduring market presence. The company operates with one of the most modern tank fleets in the industry, including over 300 tractors and 400 trailers. Florida Rock serves as a premier bulk tank carrier, especially known for its petroleum-related product hauling services.
Looking forward, Patriot will continue to operate under the Florida Rock & Tank Lines brand post-merger, leveraging the combined strength, high-quality employees, and a large customer base to strategically grow the business further. This merger underscores Patriot's strategic intention to expand its network and capitalize on new and existing market opportunities.
Patriot Transportation Holding, Inc. (NASDAQ:PATI) will host a conference call on December 6, 2022 at 3:00 PM EST to announce its fourth quarter results for fiscal year 2022. Interested parties can join via phone or stream the event online. Conducted through its subsidiary Florida Rock & Tank Lines, Inc., the company specializes in transportation of liquid and dry bulk commodities. An audio replay will be available for 60 days post-call. For more details, visit www.patriottrans.com.
Patriot Transportation Holding, Inc. (NASDAQ:PATI) reported a net income of $771,000 ($0.22 per share) for Q3 2022, up from $323,000 ($0.09 per share) a year earlier. Operating revenues rose $2.65 million to $23.5 million, driven by rate increases and higher fuel surcharges, despite a 9% decline in revenue miles due to a lower driver count. For the first nine months, net income reached $6.72 million ($1.85 per share) compared to $585,000 ($0.17 per share) last year. The company maintains a solid balance sheet with $9.9 million in cash and no debt.
Patriot Transportation Holding, Inc. (NASDAQ:PATI) will announce its fiscal 2022 third quarter earnings results on August 3, 2022. A conference call is scheduled for the same day at 3:00 PM EST, where analysts and shareholders can participate. The call can be accessed via telephone or through live streaming on their website. Patriot Transportation operates through its subsidiary Florida Rock & Tank Lines, Inc., focusing on transporting liquid and dry bulk commodities in the southeastern U.S.
Patriot Transportation reported a net loss of $490,000 or $.14 per share for Q2 2022, down from a net income of $484,000 or $.14 per share in Q2 2021. Revenue miles dropped 11% due to a driver shortage, although operating revenues rose $20,928,000, up $1,200,000 year-over-year. Increased operating costs included $275,000 in compensation and $696,000 in fuel expenses. For the first six months, net income surged to $5,949,000 from $262,000, driven by real estate gains. The company maintains a solid balance sheet with $6.8 million in cash.
Patriot Transportation Holding, Inc. (NASDAQ: PATI) is set to release its fiscal 2022 second quarter earnings results on May 10, 2022. The company will hold a conference call at 3:00 PM EST for analysts and shareholders to discuss these results. Interested parties can join the teleconference or access it via live streaming. Patriot Transportation focuses on transporting liquid and dry bulk commodities throughout the southeastern United States through its subsidiary, Florida Rock & Tank Lines, Inc.
Patriot Transportation Holding (NASDAQ:PATI) reported a strong first quarter for fiscal 2022, with a net income of $6.44 million or $1.74 per share, reversing a loss of $(222,000) in the previous year. Revenue miles declined by 15% due to driver turnover but were offset by improved freight rates, leading to a 20.1% increase in operating revenue per mile. Despite rising fuel costs, gross fuel expenses increased by $620,000, and the company continues to navigate supply chain challenges while focusing on driver retention and service quality improvements.
Patriot Transportation Holding, Inc. (NASDAQ:PATI) will release its 2022 first quarter earnings results on February 2, 2022, followed by a conference call at 3:00 PM EST. Interested parties can join by dialing 1-888-506-0062 domestically or 1-973-528-0011 internationally. A virtual Annual Shareholder's meeting is also scheduled for the same day at 11 AM EST, accessible through the company's website or via Zoom. The company operates primarily through its subsidiary, Florida Rock & Tank Lines, Inc., engaging in transportation of liquid and dry bulk commodities in the southeastern US.
Patriot Transportation reported a net income of $40,000 (or $0.01 per share) for Q4 2021, down from $549,000 (or $0.16 per share) year-over-year. Total revenues dropped to $20,457,000, a decrease of $909,000, primarily due to losing a customer account and a reduction in drivers—down ~100 drivers. Despite a 12.2% increase in transportation revenue per mile and a stronger fuel surcharge revenue of $2,213,000, the operating profit fell to $58,000 from $761,000 in Q4 2020. For FY 2021, net income increased to $625,000, aided by gains from real estate sales.
Patriot Transportation will host a conference call on December 2, 2021, at 3:00 PM EST to announce results for the fourth quarter of fiscal year 2021. Interested parties can join by calling 888-481-4010 or 973-528-0011, or via live streaming on the company's website. An audio replay will be available for 60 days afterwards. The company operates through Florida Rock & Tank Lines, specializing in hauling liquid and dry bulk commodities.
Patriot Transportation Holding has declared a special cash dividend of $3.75 per share, totaling approximately $12.8 million. This one-time dividend is scheduled for payment on November 15, 2021, for shareholders of record as of November 8, 2021. Following the dividend distribution, the company's balance sheet will reflect about $6 million in cash and no debt, underscoring its strong financial position.
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