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FRP PROPERTIES ANNOUNCES SECOND QUARTER EARNINGS

 JACKSONVILLE, Fla., May 6 /PRNewswire/ -- FRP Properties, Inc. (NASDAQ: FRPP) today announced second quarter earnings were down from the previous year, while the company continued its progress on all major fronts in spite of a chronically sluggish economy.
 For the second quarter of fiscal 1993, ended March 31, 1993, consolidated revenues increased 6 percent to $11,263,000 from $10,602,000 in the second quarter of last year. Gross profit decreased 6 percent to $2,162,000 as compared to $2,302,000.
 Transportation revenues increased approximately 7 percent over last year due to an increase in the miles hauled and the average revenue per mile and the growth of SunBelt Transport, Inc., which was started in the first quarter. Profits were down due to the start-up costs of SunBelt and higher fuel and operating costs. Real estate revenues increased slightly due principally to increased rents. However, profits decreased due to increased depreciation and operating costs from the new Rossville project going into operation during the second quarter and higher depletion from a changed mix in the mining royalties.
 Interest expense was down to $237,000 from $289,000 last year in the same quarter. The reduction in interest expense is due primarily to lower interest rates. Net income for the second quarter decreased 19 percent to $481,000 from $595,000. Earnings per share were $.12 as compared to $.14.
 In the first six months ended March 31, 1993, revenues were $22,191,000 as compared to $21,199,000. Gross profit increased to $4,799,000 from $4,736,000. Net income was $1,340,000 as compared to $1,333,000 with corresponding earnings per share of $.32 and $.31.
 The Real Estate Group put the 96,800 square feet of warehouse/office space at Rossville Business Center in the Baltimore area into service during the second quarter. The project was 50 percent pre-leased. Energetic marketing activity continues for the remaining space to be leased.
 Regarding the other flexible/office warehouse space, 87 percent is now leased compared to 82 percent at the end of the first quarter. Efforts continue to lease-up the remaining available space.
 SunBelt Transport, Inc., serving the flatbed portion of the trucking industry in the southeast, completed its first full quarter of operation. SunBelt continues to make good progress.
 At the stockholders meeting on Feb. 4, 1993, the stockholders elected Martin E. Stein Jr. for a term expiring in 1994; James H. Winston for a term expiring in 1995; Robert H. Paul III for a term expiring in 1996; and John E. Anderson, Thompson S. Baker and Albert D. Ernest Jr. for terms expiring in 1997.
 Although the decline in profitability during the se disappointing, management continues to view the balance of fiscal 1993 with guarded optimism. The industrial real estate market served by the Development Group in the Baltimore area continues to gradually improve, and when combined with our quality space in good market locations should lead to a further lease-up of existing properties. The economic areas served by the Transportation Group seem to be exhibiting gradual improvement which should result in improved revenues as compared to last year. The reorganized management team in Florida Rock & Tank Lines continues to make real progress in positioning that subsidiary for sustained, efficient, strategic growth.
 The outlook for the year remains modestly encouraging assuming the economy continues its gradual recovery.
 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. A new subsidiary, SunBelt Transport, Inc., is now servicing the flatbed portion of the southeastern trucking industry. 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 SECOND QUARTER
 ENDED MARCH 31,
 1993 1992
 Revenues $11,263 $10,602
 Gross profit $ 2,162 $ 2,302
 Income before
 income taxes $ 787 $ 975
 Net income $ 481 $ 595
 Earnings per
 common share $.12 $.14
 Number of
 shares(A) 4,193,535 4,244,792
 FOR THE SIX MONTHS
 ENDED MARCH 31,
 1993 1992
 Revenues $22,191 $21,199
 Gross profit $ 4,799 $ 4,736
 Income before
 income taxes $ 2,196 $ 2,185
 Net income $ 1,340 $ 1,333
 Earnings per
 common share $.32 $.31
 Number of
 shares (A) 4,196,582 4,250,994
 (A) -- Weighted average number of shares used in computing earnings per share.
 -0- 5/6/93
 /CONTACT: Ruggles Carlson, assistant treasurer of FRP Properties, Inc., 904-355-1781/
 (FRPP)


CO: FRP Properties, Inc. ST: Florida IN: TRN SU: ERN

AW-SS -- FL010 -- 5535 05/06/93 14:17 EDT
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Date:May 6, 1993
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