FRP PROPERTIES ANNOUNCES RESULTS
FRP PROPERTIES ANNOUNCES RESULTS JACKSONVILLE, Fla., Dec. 4 /PRNewswire/ -- FRP Properties, Inc.
(NASDAQ: FRPP) announced improved fourth quarter and full year results.
Fourth Quarter Results. Revenues were essentially level at $10,681,000 as compared with $10,859,000 in the fourth quarter last year, while gross profit increased 26 percent to $2,595,000 from $2,056,000. Net income increased 78 percent to $844,000 from $475,000. Earnings per share increased to $.20 from $.11. Transportation revenues were level with the same quarter last year. However, profits increased due to lower insurance costs as a result of improved loss experience due in part to the intensified safety program. Real estate revenues declined as reduced royalty income from mining properties was only partially offset by increased rental revenues. Consequently, Real Estate's profits declined due to both lower royalty revenues and lower margins on property rental as compared with mining royalties. Fiscal 1991 Results. Revenues for fiscal 1991 were $42,775,000 as compared to $41,624,000 in fiscal 1990. Gross profit increased 5 percent to $9,644,000 from $9,212,000. Net income increased 19 percent to $2,589,000 from $2,175,000 in fiscal 1990. Earnings per share increased 24 percent to $.61 from $.49 last year. FRP Properties, Inc. is engaged in the transportation and real estate businesses. Its subsidiary, Florida Rock & Tank Lines, Inc., is a southeastern transportation company concentrating in the hauling by motor carrier of liquid and dry bulk commodities as well as construction aggregates. The company's real estate subsidiaries own revenue producing and investment properties and are engaged in real estate management and property development activities. FRP PROPERTIES, INC. Summary of Consolidated Revenues and Earnings (Dollars in thousands except per share amounts) FOR THE FOURTH QUARTER ENDED SEPT. 30, 1991 AND 1990 1991 1990 Revenues $10,681 $10,859 Gross profit $ 2,595 $ 2,056 Income before income taxes $ 1,383 $ 767 Net income $ 844 $ 475 Earnings per common share $.20 $.11 Number of shares(A) 4,255,220 4,400,554 FOR THE YEAR ENDED SEPT. 30, 1991 AND 1990 1991 1990 Revenues $42,775 $41,624 Gross Profit $ 9,644 $ 9,212 Income before income taxes $ 4,244 $ 3,553 Net income $ 2,589 $ 2,175 Earnings per common share $.61 $.49 Number of shares(A) 4,279,226 4,448,901 (A) -- Weighted average number of shares used in computing earnings per share. -0- 12/4/91 /CONTACT: Ruggles Carlson of FRP Properties, Inc., 904-355-1781/ (FRPP) CO: FRP Properties, Inc. ST: Florida IN: TRN MNG SU: ERN
SS-MR -- FL012 -- 9317 12/04/91 15:19 EST
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|Date:||Dec 4, 1991|
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