FRP Holdings, Inc. Announces Results For The First Quarter Ended December 31, 2014
JACKSONVILLE, Fla., Feb. 4, 2015 /PRNewswire/ -- 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.
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.
| FRP HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands except per share amounts) (Unaudited) |
|||||||
| THREE MONTHS ENDED DECEMBER 31, |
|||||||
| 2014 |
2013 |
||||||
| Revenues: |
|||||||
| Transportation |
$ |
31,717 |
31,591 |
||||
| Mining royalty land |
1,344 |
1,268 |
|||||
| Developed property rentals |
6,958 |
5,961 |
|||||
| 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 |
|||||
| 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) |
|||||
| 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) |
|||||
| Income before income taxes |
4,579 |
3,838 |
|||||
| Provision for income taxes |
(1,786) |
(1,497) |
|||||
| 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 Transportation |
Pro Forma |
|
| FRP Holdings, Inc. |
Holding, Inc. |
FRP Holdings, 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 Transportation |
Pro Forma |
|
| FRP Holdings, Inc. |
Holding, Inc. |
FRP Holdings, 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 Transportation |
Pro Forma |
|
| FRP Holdings, Inc. |
Holding, Inc. |
FRP Holdings, 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 Transportation |
Pro Forma |
|
| FRP Holdings, Inc. |
Holding, Inc. |
FRP Holdings, 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 |
Transportation |
Forma |
FRP |
Operations |
Spin-off |
|
| Holdings, Inc. |
Holding, Inc. |
Adjustments |
Holdings, Inc. |
Reconciliation |
FRP 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 |
Transportation |
Forma |
FRP |
Operations |
Spin-off |
|
| Holdings, Inc. |
Holding, Inc. |
Adjustments |
Holdings, Inc. |
Reconciliation |
FRP 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 |
Transportation |
Forma |
FRP |
Operations |
Spin-off |
|
| Holdings, Inc. |
Holding, Inc. |
Adjustments |
Holdings, Inc. |
Reconciliation |
FRP 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 |
Transportation |
Forma |
FRP |
Operations |
Spin-off |
||
| Holdings, Inc. |
Holding, Inc. |
Adjustments |
Holdings, Inc. |
Reconciliation |
FRP 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 |
|
| 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 |
||||
SOURCE FRP Holdings, Inc.
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