Flatbed and bulk carrier Patriot Transportation Holding said it lost an undisclosed major customer that represents 6.2% of its revenues, a loss that will affect its operating income for the third quarter. However, by year's end, Patriot said it believes that revenues generated by Infinger Transportation, which it bought in May, will offset the revenue loss.
However, while profitable, Patriot's revenue stream is down sharply from last year. Though its net income increased during its second fiscal quarter of 2002 to more than $1.42 million compared to $750,000 in the same period last year 2001, overall revenues decreased 26.7%.
Revenues from its transportation division fell 30.8% in its second fiscal quarter, mostly as a result of closing its third-party agent/owner-operator subsidiary, Patriot Transportation, last September. That subsidiary had revenues of $7.23 million in the second quarter of fiscal 2001.
Jacksonville, FL-based Patriot is a holding company for several trucking companies, including Florida Rock & Tank Lines, a liquid and dry bulk carrier, and SunBelt Transport, a flatbed carrier that hauls primarily construction materials.