FRP PROPERTIES ANNOUNCES RESULTS
FRP PROPERTIES ANNOUNCES RESULTS JACKSONVILLE, Fla., Aug. 5 /PRNewswire/ -- FRP Properties, Inc.
(NASDAQ: FRPP) announced today that the third quarter, ended June 30, 1992, was one of modest progress given the weak economic backdrop.
In the third quarter of fiscal 1992, consolidated net revenues were $10,954,000, essentially level with $10,982,000 in the same quarter last year. Gross profit decreased 10.3 percent to $2,319,000 from $2,586,000. In the transportation business, although revenues were level, gross profit decreased due to higher fuel, depreciation and certain other operating expenses. Real estate revenues and gross profit decreased 4 percent and 6 percent, respectively, as compared to last year due primarily to the absence of $76,000 of one-time timber sales that occurred in the third quarter last year. Interest expense decreased approximately $132,000 to $264,000 principally as the result of reduced interest rates. Net income decreased 9.4 percent to $672,000 or $.16 per share from $742,000 or $.18 per share in the same period last year. In the first nine months, ended June 30, 1992, revenues were essentially level at $32,153,000 as compared to $32,094,000. Gross profit was $7,055,000 as compared to $7,049,000. Interest expense decreased approximately $435,000 due primarily to lower interest rates. Net income for the nine months increased 14.9 percent to $2,005,000 from $1,745,000, and earnings per share increased to $.47 from $.41. The company's office development at Loveton Center was fully leased- up during the third quarter, and the marketing program to lease-up the remaining space at the Oregon Avenue warehouse complex continues. The company commenced construction of 96,000 square feet of flexible warehouse space at the Rossville Business Center. It is scheduled for completion during 1992. The company has been successful in preleasing approximately 26 percent of the space. The segment of the transportation business serving the construction industry has not shown any meaningful signs of recovery. The petroleum hauling segment remains soft in the Florida market. The liquid hauling segment continues to fluctuate from month to month with the sporadic but gradually improving economy in the southeast. There continues to be spotty indications of a gradual economic recovery. Management currently expects the fourth quarter of the year to be behind the results of the same period last year which were favorably impacted by unusually low insurance costs. The long-term outlook for the transportation markets served by the Transportation Group and for the 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 except per share amounts) FOR THE THIRD QUARTER ENDED JUNE 30, 1992 AND 1991 1992 1991 Revenues $10,954 $10,982 Gross profit $ 2,319 $ 2,586 Income before income taxes $ 1,102 $ 1,217 Net income $ 672 $ 742 Earnings per common share $ .16 $ .18 Number of shares (A) 4,223,045 4,259,798 FOR THE NINE MONTHS ENDED JUNE 30, 1992 AND 1991 1992 1991 Revenues $32,153 $32,094 Gross profit $ 7,055 $ 7,049 Income before income taxes $ 3,287 $ 2,861 Net income $ 2,005 $ 1,745 Earnings per common share $ .47 $ .41 Number of shares (A) 4,242,421 4,279,864 (A) -- Weighted average number of shares used in computing earnings per share. -0- 8/5/92 /CONTACT: Ruggles Carlson, assistant treasurer of FRP Properties, Inc., 904-355-1781/ (FRPP) CO: FRP Properties, Inc. ST: Florida IN: TRN SU: ERN
JB-AW -- FL007 -- 7217 08/05/92 15:45 EDT
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|Date:||Aug 5, 1992|
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