Patriot income up for quarter, down for half

May 3, 2002
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
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.

About the Author

Sean Kilcarr | Editor in Chief

Sean reports and comments on trends affecting the many different strata of the trucking industry -- light and medium duty fleets up through over-the-road truckload, less-than-truckload, and private fleet operations Also be sure to visit Sean's blog Trucks at Work where he offers analysis on a variety of different topics inside the trucking industry.

Sponsored Recommendations

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

Stop Sweating Temperature Excursions

Advanced chemical indicators give you the peace of mind that comes from reliable insights into your supply chains. Compromised shipments can be identified the moment they arrive...

How Electric Vehicles Help You Prolong the Life of Your Fleet

Before adopting electric vehicles for commercial/government fleets, prioritize cost inquiries. Maintenance is essential; understand the upkeep of EV fleets. Here’s what you need...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!