UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
-----------------------
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 4, 2015
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FRP HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
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FLORIDA 0-17554 47-2449198
-------------- ---------- ---------------
(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation
200 W. Forsyth Street, 7th Floor, Jacksonville, FL
Jacksonville, Florida 32202
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (904) 396-5733
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
[] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
CURRENT REPORT ON FORM 8-K
FRP HOLDINGS, INC.
FEBRUARY 4, 2015
ITEM 2.02. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 4, 2015, FRP Holdings, Inc. (the "Company") issued a
press release announcing its earnings for the first quarter ended
December 31, 2014. A copy of the press release is furnished as Exhibit 99.
The information in this report (including the exhibit) shall not
be deemed to be "filed" for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise
subject to the liability of that section, and shall not be incorporated
by reference into any registration statement or other document filed
under the Securities Act of 1933, as amended, or the Exchange Act,
except as shall be expressly set forth by specific reference in such
filing.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
99 Press Release dated February 4, 2015.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FRP HOLDINGS, INC.
Date: February 4, 2015 By: /s/ John D. Milton, Jr.
-------------------------------------------
John D. Milton, Jr.
Executive Vice President
and Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
99 Press Release dated February 4, 2015, issued by FRP Holdings, Inc.
FRP HOLDINGS, INC./NEWS
Contact: John D. Milton, Jr.
Chief Financial Officer 904/396-5733
FRP HOLDINGS, INC. ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED
DECEMBER 31, 2014
Jacksonville, Florida; February 4, 2015 - FRP Holdings, Inc. (NASDAQ-FRPH)
reported net income of $2,793,000 or $.29 per diluted share in the first
quarter of fiscal 2015, an increase of $452,000 or 19.3% compared to net
income of $2,341,000 or $.24 per diluted share in the same period last year.
First Quarter Operating Results. For the first quarter of fiscal 2015,
consolidated revenues were $40,019,000, an increase of $1,199,000 or 3.1% over
the same quarter last year. Consolidated operating profit was $5,098,000 in
the first quarter of fiscal 2015, an increase of $974,000 or 23.6% compared to
$4,124,000 in the same period last year.
Transportation segment revenues increased .4% over the first quarter of fiscal
2014 as revenue miles, loads and average haul length were essentially flat
quarter over quarter. Revenue per mile increased 0.4% over the same period
last year due to improved rates mostly offset by lower fuel surcharge revenue
as a result of the falling price of diesel fuel.
Operating profit in the transportation segment increased $604,000 or 41.5%
primarily due to the net impact of lower fuel costs and improved revenue per
mile, partly offset by spin-off costs and higher health claims.
Mining royalty land segment revenues for the first quarter of fiscal 2015 were
$1,344,000, an increase of $76,000 or 6.0% over the same quarter last year due
to increased tons mined. Operating profit in the mining royalty land segment
decreased $20,000 or 2.1% due primarily to an increase in allocated spin-off
corporate expenses mitigated by an increase in tons mined.
Developed property rentals segment revenues for the first quarter of fiscal
2015 were $6,958,000, an increase of $997,000 or 16.7% primarily due to
revenue on the 125,550 square foot build to suit building completed and
occupied during the second quarter of fiscal 2014, the 129,850 square foot
build to suit building completed and occupied in November 2014 and revenue
on the 2 buildings added June 2014 related to the purchase of Kelso Business
Park. Occupancy at December 31, 2014 was 92.8% as compared to 89.2% at
December 31, 2013. As a result of the increased buildings-in-service platform
average square feet occupied during the quarter increased 341,780 or 11.6%
versus the same quarter last year.
Operating profit in the Developed property rentals segment increased $354,000
or 17.0% due to the 125,550 square foot build to suit building completed and
occupied during the second quarter 2014, the 129,850 square foot build to
suit building completed and occupied in first quarter 2015 and lower
professional fees offset by higher property taxes and allocated spin-off
corporate expenses.
Continued
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200 W. Forsyth St., 7th Fl. / Jacksonville, Florida 32202 / (904) 396-5733
Interest expense increased $161,000 over the same quarter last year due to
lower capitalized interest partially offset by a declining mortgage principal
balance. The amount of interest capitalized on real estate projects under
development was $195,000 lower than the same quarter last year
Summary and Outlook. With the successful completion of the spin-off of our
transportation segment on January 30, 2015, we are focused on building
shareholder value through our real estate holdings. We have attached pro
forma financial statements showing FRP excluding the spin-off.
Developed property rentals occupancy was 92.8% at December 31, 2014 and 89.2%
at December 31, 2013. Occupancy at December 31, 2014 and 2013 included 82,807
square feet or 2.3% and 13,450 square feet or .4% respectively for temporary
leases under a less than full market lease rate. The Company's third build to
suit lease at Patriot Business Park for a 129,850 square foot building was
completed in November 2014. Total completed developed square footage
increased 9.9% from December 31, 2013 to 3,602,159 at December 31, 2014.
In addition to the completed buildings, we own land in four separate distinct
submarkets that we believe ultimately could support up to 16 buildings
totaling 1,277,056 square feet. The net book value of these properties at
December 31, 2014 was $19,239,000.
The Company commenced construction of the first phase of the four phase
Anacostia development in October 2014 with lease up scheduled in 2016 and
2017.
Conference Call. The Company will also host a conference call on Wednesday
afternoon, February 4, 2015 at 3:00 p.m. (EST). Analysts, stockholders and
other interested parties may access the teleconference live by calling
1-800-853-3895 (pass code 35864) within the United States. International
callers may dial 1-334-323-7224 (pass code 35864). Computer audio live
streaming is available via the Internet through Conference America, Inc.'s
website at http://64.202.98.81/conferenceamerica or via the Company's
website at www.frpholdings.com. You may also click on this link for the live
streaming http://stream.conferenceamerica.com/live. For the archived audio
via the internet, click on the following link
http://wm.yourcall.com/archivestream/pth020415.wma. If using the Company's
website, click on the Investor Relations tab, the select the earnings
conference stream. An audio replay will be available for sixty days
following the conference call. To listen to the audio replay, dial toll free
877-919-4059, international callers dial 334-323-0140. The passcode of the
audio replay is 42828539. Replay options: "1" begins playback, "4" rewind
30 seconds, "5" pause, "6" fast forward 30 seconds, "0" instructions, and
"9" exits recording. There may be a 30-40 minute delay until the archive is
available following the conclusion of the conference call.
Investors are cautioned that any statements in this press release which relate
to the future are, by their nature, subject to risks and uncertainties that
could cause actual results and events to differ materially from those
indicated in such forward-looking statements. These include general economic
conditions; competitive factors; political, economic, regulatory and climatic
conditions; levels of construction activity in the Company's markets; demand
for flexible warehouse/office facilities; ability to obtain zoning and
entitlements necessary for property development; interest rates; levels of
mining activity; pricing; energy costs and technological changes. Additional
information regarding these and other risk factors and uncertainties may be
found in the Company's filings with the Securities and Exchange Commission.
FRP Holdings, Inc. (FRP) is engaged in the real estate business though its
subsidiaries FRP Development Corp. and Florida Rock Properties, Inc. FRP
acquires, constructs, leases, operates and manages land and buildings to
generate both current cash flows and long-term capital appreciation. FRP
also owns real estate which is leased under mining royalty agreements or
held for investment.
Continued
FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share amounts)
(Unaudited)
THREE MONTHS ENDED
DECEMBER 31,
2014 2013
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Revenues:
Transportation $ 31,717 31,591
Mining royalty land 1,344 1,268
Developed property rentals 6,958 5,961
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Total revenues 40,019 38,820
Cost of operations:
Transportation 29,657 30,135
Mining royalty land 425 329
Developed property rentals 4,521 3,878
Unallocated corporate 318 354
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Total cost of operations 34,921 34,696
Operating profit:
Transportation 2,060 1,456
Mining royalty land 919 939
Developed property rentals 2,437 2,083
Unallocated corporate (318) (354)
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Total operating profit 5,098 4,124
(Loss) Gain on investment land sold (17) 56
Interest income and other - 1
Equity in loss of joint ventures (30) (32)
Interest expense (472) (311)
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Income before income taxes 4,579 3,838
Provision for income taxes (1,786) (1,497)
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Net income $ 2,793 2,341
======= =======
Comprehensive Income $ 2,793 2,341
======= =======
Earnings per common share:
Basic 0.29 0.24
Diluted 0.29 0.24
Number of shares (in thousands)
used in computing:
-basic earnings per common share 9,711 9,568
-diluted earnings per common share 9,771 9,674
The unaudited pro forma consolidated financial statements of FRP Holdings,
Inc. ("FRP") that follow have been derived from FRP's historical consolidated
financial statements and are being presented to give effect to the separation
of Patriot Transportation Holding, Inc. into an independent, publicly traded
company as if the separation had occurred on the first day of the periods
presented. The separation occurred on January 30, 2015. These pro forma
financial statements are not a measure of FRP's financial performance under
U.S. generally accepted accounting principles ("GAAP"). Management believes
that these non-GAAP financial measures provide management and investors a
tool for analyzing our ongoing operations. The unaudited pro forma condensed
consolidated financial statements are for illustrative purposes only, and do
not reflect what FRP's actual financial position and results of operations
would have been had the separation occurred on the dates indicated and are
not necessarily indicative of FRP's future financial position and results of
operations. A reconciliation of non-GAAP financial measures to the most
directly comparable GAAP financial measures is presented below.
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED DECEMBER 31, 2014
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Forma
FRP Holdings, Transportation FRP Holdings,
Inc. Holding, Inc. Inc.
--------------------------------------------------
Revenues:
Transportation 31,717 (31,717) -
Mining royalty land 1,344 0 1,344
Developed property rentals 6,958 0 6,958
--------------------------------------------------
Total revenues 40,019 (31,717) 8,302
Cost of operations:
Transportation 29,657 (29,657) 0
Mining royalty land 425 0 461
Developed property rentals 4,521 0 4,576
Unallocated corporate 318 (227) 0
--------------------------------------------------
Total cost of operations 34,921 (29,884) 5,037
Operating profit:
Transportation 2,060 (2,060) 0
Mining royalty land 919 0 883
Developed property rentals 2,437 0 2,382
Unallocated corporate (318) 227 0
--------------------------------------------------
Total operating profit 5,098 (1,833) 3,265
Gain on investment land sold (17) 0 (17)
Interest income and other 0 0 0
Equity in loss of joint ventures (30) 0 (30)
Interest expense (472) 26 (446)
--------------------------------------------------
Income before income taxes 4,579 (1,807) 2,772
Provision for income taxes 1,786 (705) 1,081
Net income 2,793 (1,102) 1,691
Earnings per common share:
Basic 0.29 0.17
Diluted 0.29 0.17
Number of weighted average shares
(in thousands) used in computing:
-basic earnings per common share 9,711 9,711
-diluted earnings per common share 9,771 9,771
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED DECEMBER 31, 2013
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Forma
FRP Holdings, Transportation FRP Holdings,
Inc. Holding, Inc. Inc.
--------------------------------------------------
Revenues:
Transportation 31,591 (31,591) -
Mining royalty land 1,268 0 1,268
Developed property rentals 5,961 0 5,961
--------------------------------------------------
Total revenues 38,820 (31,591) 7,229
Cost of operations:
Transportation 30,135 (30,135) 0
Mining royalty land 329 0 383
Developed property rentals 3,878 0 3,959
Unallocated corporate 354 (219) 0
--------------------------------------------------
Total cost of operations 34,696 (30,354) 4,342
Operating profit:
Transportation 1,456 (1,456) 0
Mining royalty land 939 0 885
Developed property rentals 2,083 0 2,002
Unallocated corporate (354) 219 0
--------------------------------------------------
Total operating profit 4,124 (1,237) 2,887
Gain on investment land sold 56 0 56
Interest income and other 1 0 1
Equity in loss of joint ventures (32) 0 (32)
Interest expense (311) 23 (288)
--------------------------------------------------
Income before income taxes 3,838 (1,214) 2,624
Provision for income taxes 1,497 (474) 1,023
Net income 2,341 (740) 1,601
Earnings per common share:
Basic 0.24 0.17
Diluted 0.24 0.17
Number of weighted average shares
(in thousands) used in computing:
-basic earnings per common share 9,568 9,568
-diluted earnings per common share 9,674 9,674
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2014
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Forma
FRP Holdings, Transportation FRP Holdings,
Inc. Holding, Inc. Inc.
--------------------------------------------------
Assets
--------------------------------------------------
Total current assets 18,953 (11,386) 7,674
--------------------------------------------------
Property and equipment, at cost:
Land 104,478 (2,660) 101,818
Buildings 177,099 (5,525) 171,574
Equipment 93,855 (90,275) 3,580
--------------------------------------------------
375,432 (98,460) 276,972
Less accumulated depreciation 125,715 (56,184) 69,531
--------------------------------------------------
249,717 (42,276) 207,441
Real estate held for investment,
at cost 7,304 0 7,304
Investment in joint ventures 18,640 0 18,640
Goodwill 3,431 (3,431) 0
Intangibles, net 4,773 (3,704) 1,069
Other assets, net 9,592 (32) 9,560
--------------------------------------------------
Total assets 312,410 (60,829) 251,688
==================================================
Liabilities and Equity:
--------------------------------------------------
Total current liabilities 18,775 (9,060) 9,822
--------------------------------------------------
Long-term debt 56,452 (6,551) 49,901
Deferred income taxes 23,072 (9,170) 13,902
Accrued insurance 1,393 (1,393) 0
Other liabilities 3,093 (831) 2,262
Commitments and contingencies
--------------------------------------------------
Total liabilities 102,785 (27,005) 75,887
--------------------------------------------------
Shareholders equity:
Common stock issued
and outstanding 972 972
Capital in excess of par 48,407 48,407
Retained earnings 160,206 (33,771) 126,435
Accumulated other
comprehensive income, net 40 (53) (13)
--------------------------------------------------
Total shareholders' equity 209,625 (33,824) 175,801
--------------------------------------------------
Total liabilities and
shareholders' equity 312,410 (60,829) 251,688
==================================================
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEAR ENDED SEPTEMBER 30, 2014
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Forma
FRP Holdings, Transportation FRP Holdings,
Inc. Holding, Inc. Inc.
--------------------------------------------------
Revenues:
Transportation 129,162 (129,162) -
Mining royalty land 5,349 0 5,349
Developed property rentals 25,629 0 25,629
--------------------------------------------------
Total revenues 160,140 (129,162) 30,978
Cost of operations:
Transportation 122,856 (122,856) 0
Mining royalty land 1,368 0 1,628
Developed property rentals 16,534 0 16,925
Unallocated corporate 1,614 (963) 0
--------------------------------------------------
Total cost of operations 142,372 (123,819) 18,553
Operating profit:
Transportation 6,306 (6,306) 0
Mining royalty land 3,981 0 3,721
Developed property rentals 9,095 0 8,704
Unallocated corporate (1,614) 963 0
--------------------------------------------------
Total operating profit 17,768 (5,343) 12,425
Gain on investment land sold 476 0 476
Interest income and other 30 (7) 23
Equity in loss of joint ventures (128) 0 (128)
Interest expense (1,475) 109 (1,366)
--------------------------------------------------
Income before income taxes 16,671 (5,241) 11,430
Provision for income taxes 6,652 (2,044) 4,608
Net income 10,019 (3,197) 6,822
Earnings per common share:
Basic 1.04 0.71
Diluted 1.03 0.70
Number of weighted average shares
(in thousands) used in computing:
-basic earnings per common share 9,629 9,629
-diluted earnings per common share 9,710 9,710
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED DECEMBER 31, 2014
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Pro Forma Discontinued Restated For
FRP Holdings, Transportation Forma FRP Holdings, Operations Spin-off FRP
Inc. Holding, Inc. Adjustments Inc. Reconciliation Holdings, Inc.
------------------------------------------------------------------------------------
Revenues:
Transportation $ 31,717 $ (31,717) $ - $ - $ - $ -
Mining royalty land 1,344 0 0 1,344 0 1,344
Developed property rentals 6,958 0 0 6,958 0 6,958
------------------------------------------------------------------------------------
Total revenues 40,019 (31,717) 0 8,302 0 8,302
Cost of operations:
Transportation 29,657 (29,657) 0 0 0 0
Mining royalty land 425 0 36 461 0 461
Developed property rentals 4,521 0 55 4,576 0 4,576
Unallocated corporate 318 (227) (91) 0 919 919
------------------------------------------------------------------------------------
Total cost of operations 34,921 (29,884) 0 5,037 919 5,956
Operating profit:
Transportation 2,060 (2,060) 0 0 0 0
Mining royalty land 919 0 (36) 883 0 883
Developed property rentals 2,437 0 (55) 2,382 0 2,382
Unallocated corporate (318) 227 91 0 (919) (919)
------------------------------------------------------------------------------------
Total operating profit 5,098 (1,833) 0 3,265 (919) 2,346
Gain on termination of
sale contract 0 0 0 0 0 0
Gain on investment land sold (17) 0 0 (17) 0 (17)
Interest income and other 0 0 0 0 0 0
Equity in loss of joint
ventures (30) 0 0 (30) 0 (30)
Interest expense (472) 26 0 (446) 0 (446)
------------------------------------------------------------------------------------
Income before income taxes 4,579 (1,807) 0 2,772 (919) 1,853
Provision for income taxes 1,786 (705) 0 1,081 (358) 723
------------------------------------------------------------------------------------
Income from continuing
operations 2,793 (1,102) 0 1,691 (561) 1,130
Gain from discontinued
operations, net 0 0 0 0 1,663 1,663
------------------------------------------------------------------------------------
Net income $ 2,793 $ (1,102) $ - $ 1,691 $ 1,102 $ 2,793
Earnings per common share:
Income from
continuing operations -
Basic 0.29 0.17 0.12
Diluted 0.29 0.17 0.12
Discontinued operations -
Basic 0.00 0.00 0.17
Diluted 0.00 0.00 0.17
Net Income -
Basic 0.29 0.17 0.29
Diluted 0.29 0.17 0.29
Number of weighted average shares
(in thousands) used in computing:
-basic earnings per
common share 9,711 9,711 9,711
-diluted earnings per
common share 9,771 9,771 9,771
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE MONTHS ENDED DECEMBER 31, 2013
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Pro Forma Discontinued Restated For
FRP Holdings, Transportation Forma FRP Holdings, Operations Spin-off FRP
Inc. Holding, Inc. Adjustments Inc. Reconciliation Holdings, Inc.
------------------------------------------------------------------------------------
Revenues:
Transportation $ 31,591 $ (31,591) $ - $ - $ - $ -
Mining royalty land 1,268 0 0 1,268 0 1,268
Developed property rentals 5,961 0 0 5,961 0 5,961
------------------------------------------------------------------------------------
Total revenues 38,820 (31,591) 0 7,229 0 7,229
Cost of operations:
Transportation 30,135 (30,135) 0 0 0 0
Mining royalty land 329 0 54 383 0 383
Developed property rentals 3,878 0 81 3,959 0 3,959
Unallocated corporate 354 (219) (135) 0 711 711
------------------------------------------------------------------------------------
Total cost of operations 34,696 (30,354) 0 4,342 711 5,053
Operating profit:
Transportation 1,456 (1,456) 0 0 0 0
Mining royalty land 939 0 (54) 885 0 885
Developed property rentals 2,083 0 (81) 2,002 0 2,002
Unallocated corporate (354) 219 135 0 (711) (711)
------------------------------------------------------------------------------------
Total operating profit 4,124 (1,237) 0 2,887 (711) 2,176
Gain on investment land sold 56 0 0 56 0 56
Interest income and other 1 0 0 1 0 1
Equity in loss of joint ventures (32) 0 0 (32) 0 (32)
Interest expense (311) 23 0 (288) 0 (288)
------------------------------------------------------------------------------------
Income before income taxes 3,838 (1,214) 0 2,624 (711) 1,913
Provision for income taxes 1,497 (474) 0 1,023 (277) 746
------------------------------------------------------------------------------------
Income from continuing
operations 2,341 (740) 0 1,601 (434) 1,167
Gain from discontinued
operations, net 0 0 0 0 1,174 1,174
------------------------------------------------------------------------------------
Net income $ 2,341 $ (740) $ - $ 1,601 $ 740 $ 2,341
Earnings per common share:
Income from
continuing operations -
Basic 0.24 0.17 0.12
Diluted 0.24 0.17 0.12
Discontinued operations -
Basic 0.00 0.00 0.12
Diluted 0.00 0.00 0.12
Net Income -
Basic 0.24 0.17 0.24
Diluted 0.24 0.17 0.24
Number of weighted average shares
(in thousands) used in computing:
-basic earnings per
common share 9,568 9,568 9,568
-diluted earnings
per common share 9,674 9,674 9,674
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
AS OF DECEMBER 31, 2014
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Pro Forma Discontinued Restated For
FRP Holdings, Transportation Forma FRP Holdings, Operations Spin-off FRP
Inc. Holding, Inc. Adjustments Inc. Reconciliation Holdings, Inc.
------------------------------------------------------------------------------------
Assets
Current assets:
Cash and cash
equivalents $ 895 $ - $ 895 $ 895
Cash held in escrow 26 0 26 26
Accounts receivable (net
of allowance for doubtful 8,082 (7,282) 800 800
accounts of $148)
Deferred income taxes 0 0 107 107 107
Discontinued Operation
- Spin-off 60,829 60,829
Inventory of parts
and supplies 888 (888) 0 0
Prepaid tires on equipment 2,063 (2,063) 0 0
Prepaid taxes and licenses 1,677 (559) 1,118 1,118
Prepaid insurance 632 (518) 114 114
Prepaid expenses, other 81 (76) 5 5
Real estate held for sale,
at cost 4,609 4,609 4,609
------------------------------------------------------------------------------------
Total current assets 18,953 (11,386) 107 7,674 60,829 68,503
------------------------------------------------------------------------------------
Property and equipment, at cost:
Land 104,478 (2,660) 101,818 101,818
Buildings 177,099 (5,525) 171,574 171,574
Equipment 93,855 (90,275) 3,580 3,580
------------------------------------------------------------------------------------
375,432 (98,460) 0 276,972 0 276,972
Less accumulated depreciation 125,715 (56,184) 69,531 69,531
------------------------------------------------------------------------------------
249,717 (42,276) 0 207,441 0 207,441
Real estate held for investment,
at cost 7,304 0 7,304 7,304
Investment in joint ventures 18,640 0 18,640 18,640
Goodwill 3,431 (3,431) 0 0
Intangibles, net 4,773 (3,704) 1,069 1,069
Other assets, net 9,592 (32) 9,560 9,560
------------------------------------------------------------------------------------
Total assets $ 312,410 $ (60,829) $ 107 $ 251,688 $ 60,829 $ 312,517
====================================================================================
Liabilities and Equity:
Current liabilities:
Accounts payable $ 5,367 $ (3,069) $ 2,298 $ 2,298
Bank overdraft 408 (408) 0 0
Federal and state taxes payable 309 (119) 190 190
Discontinued Operation
- Spin-off 27,005 27,005
Deferred income taxes 239 (346) 107 0 0
Accrued payroll and benefits 3,950 (3,716) 234 234
Accrued insurance 1,100 (1,100) 0 0
Environmental remediation 1,614 0 1,614 1,614
Accrued liabilities, other 1,251 (302) 949 949
Long-term debt due
within one year 4,537 0 4,537 4,537
------------------------------------------------------------------------------------
Total current liabilities 18,775 (9,060) 107 9,822 27,005 36,827
------------------------------------------------------------------------------------
Long-term debt 56,452 (6,551) 49,901 49,901
Deferred income taxes 23,072 (9,170) 13,902 13,902
Accrued insurance 1,393 (1,393) 0 0
Other liabilities 3,093 (831) 2,262 2,262
Commitments and
contingencies (Note 7) ------------------------------------------------------------------------------------
Total liabilities 102,785 (27,005) 107 75,887 27,005 102,892
------------------------------------------------------------------------------------
Shareholders equity:
Common stock issued
and outstanding 972 972 972
Capital in excess of par 48,407 48,407 48,407
Retained earnings 160,206 (33,771) 126,435 33,771 160,206
Accumulated other
comprehensive income, net 40 (53) (13) 53 40
------------------------------------------------------------------------------------
Total shareholders'
equity 209,625 (33,824) 0 175,801 33,824 209,625
------------------------------------------------------------------------------------
Total liabilities and
shareholders' equity $ 312,410 $ (60,829) $ 107 $ 251,688 $ 60,829 $ 312,517
====================================================================================
FRP HOLDINGS, INC AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEAR ENDED SEPTEMBER 30, 2014
(Dollars in thousands, except per share amounts)
Historical Patriot Pro Pro Forma Discontinued Restated For
FRP Holdings, Transportation Forma FRP Holdings, Operations Spin-off FRP
Inc. Holding, Inc. Adjustments Inc. Reconciliation Holdings, Inc.
------------------------------------------------------------------------------------
Revenues:
Transportation $ 129,162 $ (129,162) $ - $ - $ - $ -
Mining royalty land 5,349 0 0 5,349 0 5,349
Developed property rentals 25,629 0 0 25,629 0 25,629
------------------------------------------------------------------------------------
Total revenues 160,140 (129,162) 0 30,978 0 30,978
Cost of operations:
Transportation 122,856 (122,856) 0 0 0 0
Mining royalty land 1,368 0 260 1,628 0 1,628
Developed property rentals 16,534 0 391 16,925 0 16,925
Unallocated corporate 1,614 (963) (651) 0 2,685 2,685
------------------------------------------------------------------------------------
Total cost of operations 142,372 (123,819) 0 18,553 2,685 21,238
Operating profit:
Transportation 6,306 (6,306) 0 0 0 0
Mining royalty land 3,981 0 (260) 3,721 0 3,721
Developed property rentals 9,095 0 (391) 8,704 0 8,704
Unallocated corporate (1,614) 963 651 0 (2,685) (2,685)
------------------------------------------------------------------------------------
Total operating profit 17,768 (5,343) 0 12,425 (2,685) 9,740
Gain on investment land sold 476 0 0 476 0 476
Interest income and other 30 (7) 0 23 0 23
Equity in loss of joint ventures (128) 0 0 (128) 0 (128)
Interest expense (1,475) 109 0 (1,366) 0 (1,366)
------------------------------------------------------------------------------------
Income before income taxes 16,671 (5,241) 0 11,430 (2,685) 8,745
Provision for income taxes 6,652 (2,044) 0 4,608 (1,047) 3,561
------------------------------------------------------------------------------------
Income from
continuing operations 10,019 (3,197) 0 6,822 (1,638) 5,184
Gain from discontinued
operations, net 0 0 0 0 4,835 4,835
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Net income $ 10,019 $ (3,197) $ - $ 6,822 $ 3,197 $ 10,019
Earnings per common share:
Income from continuing
operations -
Basic 1.04 0.71 0.54
Diluted 1.03 0.70 0.53
Discontinued operations -
Basic 0.00 0.00 0.50
Diluted 0.00 0.00 0.50
Net Income -
Basic 1.04 0.71 1.04
Diluted 1.03 0.70 1.03
Number of weighted average shares
(in thousands) used in computing:
-basic earnings per
common share 9,629 9,629 9,629
-diluted earnings per
common share 9,710 9,710 9,710
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