Patriot Transportation Holding Inc., the parent of Florida Rock & Tank Lines Inc. and Sunbelt Transportation Inc., said it had a 14.6% decrease in its net income for the third quarter.
The company reported net income of $1,346,000 for the quarter, a decrease of $231,000 when compared to the same quarter last year.
Net income for the first nine months of fiscal 2003 was $2,906,000, a decrease of $1,441,000 or 33.1% from the first nine months of fiscal year 2002.
The company said its net income for the quarter and first nine months was affected by higher risk insurance premiums and claims expenses related to prior years' workers compensation occurrences.
