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FRP PROPERTIES ANNOUNCES THIRD QUARTER RESULTS

 JACKSONVILLE, Fla., Aug. 4 /PRNewswire/ -- FRP Properties, Inc., (NASDAQ: FRPP) today announced that the third quarter, ended June 30, 1993, was one of continuing progress for the company in spite of a tentative national economic recovery.
 In the third quarter of fiscal 1993, consolidated net revenues were $12,124,000 an increase of 10.7 percent over $10,954,000 in the same quarter last year. Gross profit increased 6.3 percent to $2,465,000 from $2,319,000. In the transportation business, revenues increased due to increased activity and the additional volume from the start up of SunBelt Transport. Real estate revenues and profits decreased, as compared to last year, due primarily to lower mining royalties and the front-end costs of the Rossville development while it is being leased up. Interest expense decreased approximately $35,000 from last year as the result of reduced interest rates. Net income increased 3.0 percent to $692,000 or $.17 per share from $672,000 or $.16 per share in the same period last year.
 In the first nine months, ended June 30, 1993, revenues increased 6.7 percent to $34,315,000 from $32,153,000 in the same period last year. Gross profit was $7,264,000 as compared to $7,055,000. Interest expense decreased approximately $184,000 due principally to lower interest rates. Net income for the nine months was $2,032,000 as compared to $2,005,000, and earnings per share increased to $.49 from $.47.
 The Real Estate Group continues its marketing activity for its properties. During the third quarter an additional tenant was secured for the Rossville Business Center resulting in the project now being 76 percent leased. The other flexible office/warehouse space remains 87 percent leased. Efforts continue to lease-up the remaining available space.
 SunBelt Transport, Inc., serving the flatbed portion of the trucking industry in the southeast, demonstrated good progress during its second full quarter of operation.
 The company had increased revenues and net income in the third quarter.
 The industrial real estate market served by the Development Group, in the Baltimore area, continues its improved tone and, when combined with our quality space in good market locations, should lead both to the further lease-up of existing properties and the consideration of the acquisition and/or development of additional properties. The markets served by the Transportation Group continued to exhibit very gradual economic improvement.
 The outlook for the year and the last quarter remains modestly encouraging.
 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 THIRD QUARTER ENDED JUNE 30, 1993 AND 1992
 1993 1992
 Revenues $12,124 $10,954
 Gross profit $ 2,465 $ 2,319
 Income before income taxes $ 1,135 $ 1,102
 Net income $ 692 $ 672
 Earnings per common share $.17 $.16
 Number of shares (A) 4,171,181 4,223,045
 FOR THE NINE MONTHS ENDED JUNE 30, 1993 AND 1992
 1993 1992
 Revenues $34,315 $32,153
 Gross profit $ 7,264 $ 7,055
 Income before income taxes $ 3,331 $ 3,287
 Net income $ 2,032 $ 2,005
 Earnings per common share $.49 $.47
 Number of shares (A) 4,188,640 4,242,421
 (A) -- Weighted average number of shares used in computing earnings per share.
 -0- 8/4/93
 /CONTACT: Ruggles Carlson, assistant treasurer of FRP Properties, 904-355-1781/
 (FRPP)


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

RC-AW -- FL012 -- 9504 08/04/93 16:03 EDT
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Date:Aug 4, 1993
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