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FRP PROPERTIES REPORTS RESULTS

 JACKSONVILLE, Fla., Feb. 4 /PRNewswire/ -- FRP Properties, Inc. (NASDAQ: FRPP) today announced that the first quarter was one of further progress.
 For the first quarter of fiscal 1993, ended Dec. 31, 1992, consolidated revenues were $10,928,000 as compared to $10,597,000 in the first quarter of last year. Gross profit increased 8 percent to $2,637,000 from $2,434,000.
 Revenues were up 3 percent as a 5 percent increase in transportation revenues was partially offset by lower real estate revenues due primarily to the reduction in royalties from reduced mining activity, the absence of timber sales and lower outside real estate development fees. The increase in gross profit was due primarily to the increase in transportation revenues which were only partially offset by lower real estate profits.
 Interest expense was down 33 percent to $199,000 due principally to lower interest rates.
 Net income increased 16 percent to $859,000 from $738,000 and earnings per share increased to $.20 from $.17.
 The Real Estate Group completed within budget the construction of 96,800 square feet of flexible warehouse/office space at Rossville Business Center in the Baltimore area. It will be ready for occupancy in the second quarter. The project is 50 percent preleased.
 Eighty-two percent of the other flex space is leased and efforts continue to lease up the available space. General activity in the markets served appears to be improving.
 SunBelt Transport, Inc., the company's new entry into the flatbed portion of the trucking industry, is making good progress. It received its I.C.C. operating authority in November. The delivery of its tractors and trailers are in accordance with schedule. Quality drivers are being hired with the ramp up of operations. SunBelt expects to be fully manned and operational during the second quarter.
 The company had increased revenues and net income in the first quarter.
 The tone of the segment of the real estate market served by the Development Group in the Baltimore area is improving. The areas of the economy served by the Transportation Group appear to be gradually recovering, although markets related to construction are starting from a low base.
 The outlook for the year is 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 FIRST QUARTER ENDED DEC. 31, 1992 AND 1991
 1992 1991
 Revenues $10,928 $10,597
 Gross profit $ 2,637 $ 2,434
 Income before income taxes $ 1,409 $ 1,210
 Net income $ 859 $ 738
 Earnings per common share $.20 $.17
 Number of shares (A) 4,205,750 4,251,599
 (A) -- Weighted average number of shares used in computing earnings per share.
 -0- 2/4/93
 /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 -- 2891 02/04/93 10:40 EST
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Publication:PR Newswire
Date:Feb 4, 1993
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