Patriot Transportation Holding said its net income increased during its second fiscal quarter to over $1.42 million, up from $750,000 in the same period last year. However, for the first half of fiscal 2002, Patriot's net income fell 3.8% to $2.76 million, down from $2.82 million at the same point in fiscal 2001.
For its second quarter, Patriot said overall revenues decreased 26.7% over the same period last year, with revenues from its transportation division falling 30.8%, mostly as a result of closing its third-party agent/owner-operator subsidiary, Patriot Transportation, in September of last year. That subsidiary had revenues of $7.23 million in the second quarter of fiscal 2001.
For the first half, Patriot's total revenues dropped 25.1% over the same period last year. Its transportation revenues also dropped 26% for the first half of fiscal 2002, with miles hauled falling 5.2% for the first half of its fiscal year.
Jacksonville, FL-based Patriot said the remaining decrease in transportation revenue came from a 7.2% decline in miles hauled compared to the same quarter last year. The decline was primarily a result of lower demand for petroleum products and decreased travel resulting from Sept. 11, partially offset by modest price increases.