FRP PROPERTIES ANNOUNCES RESULTS
FRP PROPERTIES ANNOUNCES RESULTS JACKSONVILLE, Fla., May 6 /PRNewswire/ -- FRP Properties, Inc.
(NSDAQ: FRPP) announced that the results for the second quarter and six months ended March 31, 1992, continued to show improvement for the year.
For the second quarter of fiscal 1992, ended March 31, 1992, consolidated revenues increased 1.7 percent to $10,602,000 from $10,429,000 in the second quarter of last year. Gross profit also increased 1.7 percent to $2,302,000 as compared to $2,264,000. Transportation revenues were essentially level with last year while profits were down due to higher depreciation costs associated with the continuing fleet modernization and increased net fuel cost. Real Estate revenues and profits increased as compared to last year due to the further lease-up of the properties that the company has developed. Interest expense was down 35.9 percent to $289,000 from $451,000 in the same quarter last year. The reduction in interest expense was due primarily to lower interest rates, but also to a modest reduction in debt. Net income for the second quarter increased 22.2 percent to $595,000 from $487,000. Earnings per share were $.14 as compared to $.11. In the first six months, ended March 31, 1992, revenues were $21,199,000 as compared to $21,112,000. Gross profit increased 6.1 percent to $4,736,000 from $4,463,000. Net income increased 32.9 percent to $1,333,000 from $1,003,000 with a corresponding increase in earnings per share to $.31 from $.23. The marketing program to lease-up the remaining space at Oregon Avenue and Loveton Center continues. During the second quarter, the Transportation Group put 35 new tractors and 31 new trailers in service. This new equipment provides additional capacity and further modernizes the fleet. However, it also resulted in increased depreciation expense during the second quarter which will be continuing. During the second quarter, the company repurchased 20,400 shares of its common stock in the open market. The company had level revenues and increased net income for the second quarter and the first six months of this year as compared to last year. The segment of the transportation business serving the construction industry has not shown any signs of recovery. The petroleum and liquid hauling segments continue to fluctuate with the economy in the southeast which has yet to show any consistent strength. There continue to be spotty indications of an economic recovery. Management currently expects the second half of the year to be approximately level with results for the second half of last year. Last year's second half results were favorably impacted by unusually low insurance costs in the fourth quarter due to the much improved safety performance in the transportation segment. The long-term outlook for the markets served by the Transportation Group and for the real estate assets held and being developed by the company remains favorable. 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 expect per share amounts) Second quarter ended March 31 1992 1991 Revenues $10,602 $10,429 Gross profit $ 2,302 $ 2,264 Income bef. inc. taxes $ 975 $ 798 Net income $ 595 $ 487 Earnings per common share $ .14 $ .11 Number of shares (A) 4,244,792 4,259,419 Six Months ended March 31 1992 1991 Revenues $21,199 $21,112 Gross profit $ 4,736 $ 4,463 Income bef. inc. taxes $ 2,185 $ 1,644 Net income $ 1,333 $ 1,003 Earnings per common share $ .31 $ .23 Number of shares (A) 4,250,994 4,290,786 (A) Weighted average number of shares used in computing earnings per share. -0- 5/6/92 /CONTACT: Ruggles Carlson, assistant treasurer of FRP Properities, Inc., 904-355-1781/ (FRPP) CO: FRP Properties ST: Florida IN: CST TRN SU: ERN
JB-AH-AW -- FL007 -- 7238 05/06/92 15:52 EDT
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|Date:||May 6, 1992|
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