Patriot Transportation Holding said its net income declined in the first quarter of fiscal 2003, dropping to $938,000 on revenues of just over $24 million compared to net income of $1.34 million on revenues of $23.49 million in the first quarter of fiscal 2002.
Patriot's primary trucking subsidiaries include liquid and dry bulk carrier Florida Rock & Tank Lines and flatbed carrier SunBelt Transport.
Revenues from Patriot's transportation subsidiaries increased by 4.5% or $888,000 in its first fiscal quarter, primarily as a result of a 3.9% increase in revenue per mile. Miles hauled, however, remained virtually unchanged from last year, Jacksonville, FL-based Patriot said.
However, gross transportation profits decreased by $642,000 or 21.6% as a result of a 14.1% increase in depreciation expense resulting primarily from the acquisition of Infinger Transportation in May 2002, as well as sharply higher expenses related to risk and health insurance.
Yet Patriot noted that new business generated from the Infinger acquisition compensated for the loss of a major customer in the fourth quarter of fiscal 2002 and a 5.3% decline in miles hauled by the company's flatbed division due to lower demand and driver shortages.