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<SEC-DOCUMENT>0000844059-06-000009.txt : 20061213
<SEC-HEADER>0000844059-06-000009.hdr.sgml : 20061213
<ACCEPTANCE-DATETIME>20061213124025
ACCESSION NUMBER: 0000844059-06-000009
CONFORMED SUBMISSION TYPE: 10-K
PUBLIC DOCUMENT COUNT: 13
CONFORMED PERIOD OF REPORT: 20060930
FILED AS OF DATE: 20061213
DATE AS OF CHANGE: 20061213
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: PATRIOT TRANSPORTATION HOLDING INC
CENTRAL INDEX KEY: 0000844059
STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING & COURIER SERVICES (NO AIR) [4210]
IRS NUMBER: 592924957
STATE OF INCORPORATION: FL
FISCAL YEAR END: 0930
FILING VALUES:
FORM TYPE: 10-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-17554
FILM NUMBER: 061273574
BUSINESS ADDRESS:
STREET 1: 1801 ART MUSEUM DRIVE
CITY: JACKSONVILLE
STATE: FL
ZIP: 32207
BUSINESS PHONE: 9043965733
MAIL ADDRESS:
STREET 1: 1801 ART MUSEUM DRIVE
CITY: JACKSONVILLE
STATE: FL
ZIP: 32207
FORMER COMPANY:
FORMER CONFORMED NAME: FRP PROPERTIES INC
DATE OF NAME CHANGE: 19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>patr10k06.txt
<DESCRIPTION>PATRIOT 2006 FORM 10-K
<TEXT>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 2006
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 33-26115
PATRIOT TRANSPORTATION HOLDING, INC.
(Exact name of registrant as specified in its charter)
FLORIDA 59-2924957
State or other jurisdiction of (I.R.S. Employer
incorporation or organization Identification No.)
1801 Art Museum Drive, Jacksonville, Florida 32207
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 904/396-5733
Securities registered pursuant to Section 12(b) of the Act:
Common Stock $.10 par value
(Title of class)
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act. Yes No X
Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or 15(d) of the Act. Yes No X
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes X No
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [ ]
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, or a non-accelerated filer. See
definitions of "accelerated filer and large accelerated filer" in Rule
12b-2 of the Exchange Act. (Check one):
Large accelerated filer[ ] Accelerated filer[X] Non-accelerated filer[ ]
Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Act). Yes No X
The number of shares of the registrant's stock outstanding as of November
14, 2006 was 3,011,629. The aggregate market value of the shares of
Common Stock held by non-affiliates of the registrant as of March 31,
2006, the last day of business of our most recently completed second
fiscal quarter, was $87,908,972. Solely for purposes of this calculation,
the registrant has assumed that all directors, officers and ten percent
(10%) shareholders of the Company are affiliates of the registrant.
Documents Incorporated by Reference
Portions of the Patriot Transportation Holding, Inc. 2006 Annual Report to
Shareholders are incorporated by reference in Parts I and II.
Portions of the Patriot Transportation Holding, Inc. Proxy Statement
which will be filed with the Securities and Exchange Commission not
later than December 31, 2006 are incorporated by reference in Part III.
PART I
Item 1. BUSINESS.
Patriot Transportation Holding, Inc., which was incorporated in
Florida in 1988, and its subsidiaries (the "Company") are engaged
in the transportation and real estate businesses.
The Company has two business segments: transportation and real
estate. Industry segment information is presented in Notes 2 and
11 to the consolidated financial statements included in the
accompanying 2006 Annual Report to Shareholders and is
incorporated herein by reference.
The Company's transportation business is conducted through two
wholly owned subsidiaries, Florida Rock & Tank Lines, Inc. ("Tank
Lines"), and SunBelt Transport, Inc. ("SunBelt"). Tank Lines is a
Southeastern U.S. based transportation company concentrating in
the hauling of primarily petroleum related bulk liquids and dry
bulk commodities by tank trailers. SunBelt serves the flatbed
portion of the trucking industry primarily in the Southeastern
U.S., hauling primarily construction materials.
The Company's real estate activities are conducted through two
wholly owned subsidiaries. Florida Rock Properties, Inc.
("Properties") and FRP Development Corp. ("Development").
Properties owns real estate of which a substantial portion is
under mining royalty agreements or leased to Florida Rock
Industries, Inc. ("FRI"), a related party. FRI accounted for
approximately 30% of the Company's real estate revenues for fiscal
2006. Properties also owns certain other real estate for
investment. Development owns, manages and develops commercial
warehouse/office rental properties near Baltimore, Maryland.
Substantially all of the real estate operations are conducted
within the Southeastern and Mid-Atlantic United States.
Revenues from royalties and from a portion of the trucking
operations are subject to factors affecting the level of general
construction activity. A decrease in the level of general
construction activity in any of the Company's market areas may
have an adverse effect on such revenues and income derived
therefrom.
Transportation. During fiscal 2006, Tank Lines operated from
terminals in Jacksonville, Orlando, Panama City, Pensacola, Tampa
and White Springs, Florida; Albany, Atlanta, Augusta, Bainbridge,
Columbus, Dalton, Macon and Savannah, Georgia; Knoxville,
Tennessee; Montgomery, Alabama; and Wilmington, North Carolina.
Tank Lines has from two to six major tank truck competitors in
each of its markets.
SunBelt's flatbed fleet is based in Jacksonville and Tampa,
Florida; Atlanta and Savannah, Georgia; South Pittsburg,
Tennessee; Mobile, Alabama; and Selma, North Carolina, and hauls
primarily building and construction materials in the Southeastern
U.S. There are at least ten major competitors in SunBelt's market
area and numerous small competitors in the various states served.
During fiscal 2006, the transportation group purchased 198 new
tractors and 89 new trailers and had commitments to purchase an
additional 60 tractors and 4 trailers at September 30, 2006.
Starting in January 2007, more stringent engine emissions
standards mandated by the Environmental Protection Agency will
become effective for all newly manufactured trucks. The Company
expects that the engines produced under the 2007 standards will be
less fuel-efficient and have a higher cost than the current
engines. The Company accelerated its normal tractor replacement
cycle so that the fiscal 2007 capital expenditure plan only
includes the 60 tractors on order at September 30, 2006 to be
received before January 1, 2007. The fiscal 2007 plan also
includes 20 new trailers. The fleet modernization program has
resulted in reduced maintenance expenses, improved operating
efficiencies and enhanced driver recruitment and retention. At
September 30, 2006, the Company owned and operated a fleet of 680
tractors and 997 trailers.
The transportation segment primarily serves customers in the
petroleum and building and construction industries. Petroleum
customers accounted for approximately 66% and building and
construction customers accounted for approximately 34% of
transportation segment revenues for the year ended September 30,
2006.
The Company hauls construction aggregates, diesel fuel and cement
for FRI. Revenues from services provided to FRI accounted for 1.6%
of the transportation segment's revenues.
Price, service, and location are the major factors which affect
competition in the transportation segment within a given market.
During fiscal 2006, the transportation segment's ten largest
customers accounted for approximately 47.3% of the transportation
segment's revenue. One of these customers accounted for 11.6% of
the transportation segment's revenue. The loss of any one of these
customers could have a material adverse effect on the Company's
revenues and income.
Real Estate. The Company's real estate and property development
activities are conducted through wholly owned subsidiaries.
The Company owns real estate in Florida, Georgia, Virginia,
Maryland, Delaware and Washington, D.C. The real estate owned
falls generally into one of three categories: (i) land and/or
buildings leased under rental agreements or being developed for
rental; (ii) construction aggregates properties with stone or sand
and gravel deposits, substantially all of which are leased to FRI
in exchange for either a percentage of the revenues generated by
the material mined and sold, or minimum royalties; and, (iii) land
that is being held for future appreciation or development.
The Company's real estate strategy of developing high quality,
flexible warehouse/office space continues to be successful as
average occupancy for the fiscal year for buildings in service for
more than 12 months was 91.7%. At September 30, 2006, 93.3% of the
total warehouse/office portfolio of approximately 2.4 million
square feet was leased.
Price, location, rental space availability, flexibility of design,
and property management services are the major factors that affect
competition in the flexible warehouse/office rental market. The
Company experiences considerable competition in all of its
markets.
Real estate revenues in fiscal 2006 were divided approximately 69%
from rentals on developed properties and 31% from mining
royalties. FRI accounted for approximately 30% of total real
estate revenues. Tenants of flexible warehouse/office properties
are not concentrated in any one particular industry.
During 2004, a subsidiary of the Company sold several parcels of
property to FRI, a related party. The properties were located in
Lake City, FL, Springfield, VA, and Miami, FL and the combined
sales price was $29,628,000. See Notes 2 and 3 to the consolidated
financial statements for more information.
Environmental Matters. While the Company is affected by
environmental regulations, such regulations are not expected to
have a major effect on the Company's capital expenditures or
operating results. Starting in January 2007, more stringent
engine emissions standards mandated by the Environmental
Protection Agency will become effective for all newly manufactured
trucks. The Company expects that the engines produced under the
2007 standards will be less fuel-efficient and have a higher cost
than the current engines.
Seasonality. The Company's business is subject to limited
seasonality due to the cyclical nature of business of our
customers, with revenues generally declining slightly during
winter months.
Employees. The Company employed 955 people in its transportation
group, 21 people in its real estate group and 5 people in its
corporate offices at September 30, 2006.
Company Website. The Company's website may be accessed at
www.patriottrans.com. All of our filings with the Securities and
Exchange Commission can be accessed through our website promptly
after filing. This includes annual reports on Form 10-K,
quarterly reports on Form 10-Q, current reports filed or furnished
on Form 8-K and all related amendments.
EXECUTIVE OFFICERS OF THE REGISTRANT
Name Age Office Position Since
Edward L. Baker 71 Chairman of the Board May 3, 1989
John E. Anderson 61 President & Chief Feb. 17, 1989
Executive Officer
David H.
deVilliers, Jr. 55 Vice President of the Feb. 28, 1994
Company and President
of the Company's Real
Estate Group
Ray M. VanLandingham 63 Vice President, Dec. 6, 2000
Treasurer, Secretary
and Chief Financial
Officer
John D. Klopfenstein 43 Controller and Chief Feb. 16, 2005
Accounting Officer
Terry S. Phipps 42 President of SunBelt April 5, 2004
Transport, Inc.
Robert E. Sandlin 45 President of Florida March 1, 2003
Rock & Tank Lines, Inc.
All of the above officers have been employed in their respective
positions for the past five years except as follows: John D.
Klopfenstein served as Director, Business Development and Planning
of the Company, from June 2003 to February 2005, and as Manager,
Corporate Development of the Company, from July 1996 to May 2003;
Terry S. Phipps was a Vice President of SunBelt from May 2003 to
April 2004, and was employed with Coastal Transport, Inc. from
1990 to May 2003; and Robert E. Sandlin was a Vice President of
Florida Rock & Tank Lines from 1993 until March 2003.
John D. Baker II, who is the brother of Edward L. Baker, and
Thompson S. Baker II, who is the son of Edward L. Baker, are
directors of the Company.
All executive officers of the Company are elected by the Board
of Directors annually and serve until their resignation or
removal.
Item 1A. RISK FACTORS.
Our future results may be affected by a number of factors over
which we have little or no control. The following issues,
uncertainties, and risks, among others, should be considered in
evaluating our business and outlook. Also, note that additional
risks not currently identified or known to us could also
negatively impact our business or financial results.
Because certain shareholders have effective control of nearly a
majority of our common stock, investors likely will not be able
to affect the outcome of any shareholder vote.
As of December 1, 2006, three of our directors, Edward L. Baker,
John D. Baker II and Thompson S. Baker II, beneficially own
approximately 45% of the outstanding shares of our common stock.
As a result, these individuals effectively may have the ability
to direct the election of all members of our Board of Directors
and to exercise a controlling influence over our business and
affairs, including any determinations with respect to mergers or
other business combinations involving us, our acquisition or
disposition of assets, our borrowing of monies, our issuance of
any additional securities, our repurchase of common stock and our
payment of dividends. Because their interests may differ from
other shareholder's interests, actions taken by them with respect
to us may not be favorable to all shareholders.
Our charter, bylaws and shareholder rights agreement contain
anti-takeover provisions that may hinder a takeover or negatively
affect our stock price.
Our articles of incorporation, bylaws and shareholder rights
agreement contain several provisions that may make it more
difficult and expensive for a third party to acquire control of
us without the approval of our board of directors. Our articles
of incorporation and bylaws contain provisions dividing our board
of directors into four classes of directors serving four-year
terms and providing that directors may only be removed for cause.
Our articles of incorporation also provide that our shareholders
can take action only at a duly called annual or special meeting
of shareholders and require a supermajority vote to approve
certain matters. In addition, our board of directors is
authorized to issue additional shares of common stock or
preferred stock and to determine the rights and preferences of
any shares of preferred stock to be issued. Our shareholder
rights plan is designed to guard against coercive or unfair
tactics to gain control of us. The rights will cause substantial
dilution to any person or group who attempts to acquire a
significant amount of common stock without approval of our board
of directors. Because we can redeem the rights, the rights will
not interfere with a merger or other business combination
approved by our board.
We may be adversely impacted by rising fuels costs and limited
availability of fuel.
The market price for fuel, which recently rose to its highest
price in over a decade, can be extremely volatile and can be
affected by a number of economic and political factors. Rising
fuel prices adversely impact us in two ways. Our transportation
business requires large amounts of diesel fuel to operate our
tractors. Historically, we have been able to recover increases
in fuel prices from customers through fuel surcharges, but our
earnings will be reduced if we are not able to fully offset fuel
price increases with surcharges in the future. In addition,
increased fuel prices often reduce the consumer demand for the
petroleum products hauled by our tank lines subsidiary, adversely
impacting revenues. Continued disruptions in the political
climate in key oil producing regions in the world could limit the
availability of fuel in the United States, increasing our fuel
costs and possibly reducing revenues in our transportation
business. Our operations may also be adversely affected by any
limit on the availability of fuel.
Our business may be adversely affected by seasonal factors and
harsh weather conditions.
Our business is subject to seasonal trends common in the refined
petroleum products delivery industry. We typically face increased
demand for fuels delivery services in Florida during the spring
months. Our real estate group and our flatbed trucking
subsidiary are adversely affected by reduced construction
activity during periods of inclement weather. These factors can
cause our operating results to fluctuate from quarter to quarter.
An occurrence of unusually harsh or long-lasting inclement
weather such as hurricanes, tornadoes and heavy snowfalls could
have an adverse effect on our operations and profitability.
Our revenues depend in part on construction sector activity
levels, which tend to be cyclical.
One of our transportation subsidiaries hauls construction
materials. Our real estate group receives part of its revenues
from royalties on construction aggregates mined on our
properties. Thus, our results depend in part on residential,
commercial and infrastructure construction activity and spending
levels. The construction industry in our markets tends to be
cyclical. Construction activity and spending levels vary across
our markets and are influenced by interest rates, inflation,
consumer spending habits, demographic shifts, environmental laws
and regulations, employment levels and the availability of funds
for public infrastructure projects. Economic downturns may lead
to recessions in the construction industry, either in individual
markets or nationally.
We face great difficulty in recruiting and retaining qualified
drivers.
In recent years the transportation industry has had great
difficulty attracting and retaining qualified drivers (including
independent contractors), and competition for drivers is
increasingly intense. To compete for drivers, we may be forced
to increase driver compensation. We cannot be certain that we
could pass along the increased compensation costs to our
customers. If we are unable to continue to attract drivers and
contract with independent contractors, we could be required to
suffer downtime and lost revenue miles.
New tractors are more expensive and less fuel efficient.
New tractors are more expensive, primarily due to higher
commodity prices, better pricing power among equipment
manufacturers, and government regulations applicable to newly
manufactured tractors and diesel engines. Revised EPA regulations
decrease the amount of permitted air emissions that can be
released by tractor engines and affect tractors produced after
the effective date of the regulations. Compliance with these
regulations has increased the cost of our new tractors and
lowered fuel mileage. This will increase our capital expenses and
our operating expenses. These adverse effects combined with the
uncertainty as to the reliability of the vehicles equipped with
the newly designed diesel engines and the residual values that
will be realized from the disposition of these vehicles could
increase our costs or otherwise adversely affect our business or
operations.
We have significant ongoing capital requirements.
Our transportation business requires substantial ongoing capital
investment, particularly for tractors, trailers, terminals and
technology. For the past few years, we have depended on cash
from operations and our credit facilities to fund our revenue
equipment. We expect to continue to pay for projected capital
expenditures with cash flows from operations and borrowings under
our line of credit. If we are unable to generate sufficient cash
from operations and obtain financing on favorable terms in the
future, we may have to limit our growth, enter into less
favorable financing arrangements, or operate our revenue
equipment for longer periods, any of which could have a material
adverse effect on our profitability.
The loss of one of our major transportation customers could have
a materially adverse effect on our business.
A significant portion of our revenue is generated from our major
customers. For 2006, our top 10 customers, based on revenue,
accounted for approximately 47% of our revenue. A reduction in
or termination of our services by one or more of our major
customers could have a materially adverse effect on our business
and operating results.
The trucking industry is extremely competitive and fragmented.
The trucking industry is extremely competitive and fragmented. No
single truckload carrier has a significant market share. We
compete with many other truckload carriers of varying sizes,
customers' private fleets, and, to a lesser extent, with
railroads which may limit our growth opportunities and reduce
profitability. Some of our competitors periodically reduce their
freight rates to gain business, especially during times of
reduced growth rates in the economy, which may limit our ability
to maintain or increase freight rates or maintain our profit
margins. Many customers reduce the number of carriers they use
by selecting so-called "core carriers" as approved transportation
service providers, and in some instances we may not be selected.
Historically, competition has created downward pressure on the
truckload industry's pricing structure.
Our operations are subject to various environmental laws and
regulations, the violation of which could result in substantial
fines or penalties.
We are subject to various environmental laws and regulations
dealing with the handling of hazardous materials, fuel storage
tanks, air emissions from our vehicles and facilities, and engine
idling. Our operations involve the risks of fuel spillage or
seepage, environmental damage, and hazardous waste disposal,
among others. We also maintain bulk fuel storage and fuel islands
at several of our facilities. Although we have instituted
programs to monitor and control environmental risks and promote
compliance with applicable environmental laws and regulations, if
we are involved in a spill or other accident involving hazardous
substances or if we are found to be in violation of applicable
laws or regulations, we could be subject to liabilities,
including substantial fines or penalties or civil and criminal
liability, any of which could have a materially adverse effect on
our business and operating results.
Uninsured losses could significantly reduce our earnings.
We self-insure for a portion of our claims exposure resulting
from workers' compensation, auto liability, general liability,
cargo and property damage claims, as well as employees' health
insurance. We also are responsible for our legal expenses
relating to such claims. We maintain insurance above the amounts
for which we self-insure with licensed insurance carriers.
Although we believe the aggregate insurance limits should be
sufficient to cover reasonably expected claims, it is possible
that one or more claims could exceed our aggregate coverage
limits. Also, there are some types of losses such as from
hurricanes, terrorism, wars, or earthquakes where insurance is
limited and/or not economically justifiable. If an uninsured
loss occurs, we could lose both the invested capital and
anticipated revenues. We reserve currently for anticipated losses
and expenses. We periodically evaluate and adjust our claims
reserves to reflect our experience. However, ultimate results
may differ from our estimates, which could result in losses over
our reserved amounts.
Rising insurance costs could significantly reduce our earnings.
Insurance carriers have raised premiums for many businesses,
including trucking companies. As a result, our insurance and
claims expense could increase, or we could raise our self-insured
retention when our policies are renewed. If we are unable to
pass along this cost increase to customers, our earnings may be
significantly reduced.
Compliance with new or future transportation regulations may
significantly reduce earnings.
Our transportation operations are regulated and licensed by
various U.S. agencies. While the costs of compliance with
existing regulations generally is reflected in our prior results,
new regulations (such as the new tractor air emissions
regulations) and future laws and regulations may be more
stringent and require changes in our operating practices,
influence the demand for transportation services, or require us
to incur significant additional costs. Higher costs incurred by
us could adversely affect our results of operations.
We may be unable to renew leases or relet space as leases expire.
When a lease expires, a tenant may elect not to renew it. We may
not be able to relet the property on similar terms. The terms of
renewal or re-lease (including the cost of required renovations
and/or concessions to tenants) may be less favorable than the
prior lease. If we are unable to relet all or a substantial
portion of our properties, or if the rental rates upon such
reletting are significantly lower than expected rates, our cash
generated before debt repayments and capital expenditures may be
adversely affected. As of September 30, 2006, leases at our
properties representing approximately 16% and 13% of the total
square footage of our current portfolio were scheduled to expire
in fiscal 2007 and fiscal 2008, respectively.
The bankruptcy or insolvency of significant tenants with long-
term leases may adversely affect income produced by our
properties.
We have six buildings in our business parks that are single-
tenant occupied representing 34% of Developed property rentals
under long-term leases. We have three other tenants with leases
in excess of five years. Should tenants default on their
obligations, our cash flow would be adversely affected and we may
not be able to find another tenant to occupy the space under
similar terms or have to make expenditures to retrofit and/or
divide the space. In addition we may have to expense a
significant amount of deferred rent revenue generated from
straight-lining revenues. The bankruptcy or insolvency of a major
tenant may also adversely affect the income produced by a
property. If any of our tenants becomes a debtor in a case under
the U.S. Bankruptcy Code, we cannot evict that tenant solely
because of its bankruptcy. The bankruptcy court may authorize
the tenant to reject and terminate its lease with us. Our claim
against such a tenant for unpaid future rent would be subject to
a statutory limitation that might be substantially less than the
remaining rent actually owed to us under the tenant's lease. Any
shortfall in rent payments could adversely affect our cash flow.
Poor Economic Conditions in Baltimore Could Adversely Affect Our
Business.
All of our office/warehouse properties are located in the
Baltimore and Washington, D.C. areas. As a result of our
geographic concentration, we depend upon the local conditions in
these markets, including local real estate conditions. We are,
therefore, subject to increased exposure (positive or negative)
to economic and other competitive factors specific to markets in
confined geographic areas. Our operations may also be affected
if too many competing properties are built in these markets. An
economic downturn in these markets could adversely affect our
operation. We cannot assure you that these markets will continue
to grow or will continue to provide favorable demand for our
office/warehouse product.
Our inability to obtain necessary approvals for property
development could adversely affect our profitability.
We may be unable to obtain, or incur delays in obtaining,
necessary zoning, land-use, building, occupancy and other
required governmental permits and authorizations, which could
result in increased costs or abandonment of these projects.
Before we can develop a property, we must obtain a variety of
approvals from local and state governments with respect to such
matters as zoning, density, parking, subdivision, site planning
and environmental issues. Legislation could impose moratoriums on
new real estate development and/or land-use conversions from
mining to development. These factors may reduce our profit or
growth.
Real estate investments are not as liquid as other types of
assets.
The illiquid nature of real estate investments may limit our
ability to react promptly to changes in economic or other
conditions. In addition, significant expenditures associated with
real estate investments, such as mortgage payments, real estate
taxes and maintenance costs, are generally not reduced when
circumstances cause a reduction in income from the investments.
Thus, the illiquid nature of our real estate investments could
adversely affect our profitability under certain economic
conditions.
Our Debt Service Obligation May Have Adverse Consequences on Our
Business Operations.
We use debt to finance our operations, including acquisitions of
properties. Our use of debt may have adverse consequences,
including the following:
? Our cash flow from operations may not be sufficient to
meet required payments of principal and interest.
? We may be forced to dispose of one or more of our
properties, possibly on disadvantageous terms, to make
payments on our debt.
? We may default on our debt obligations, and the lenders
or mortgages may foreclose on our properties that
secure those loans.
? A foreclosure on one of our properties could create
taxable income without any accompanying cash proceeds
to pay the tax.
? A default under a mortgage loan that has cross default
provisions may cause us to automatically default on
another loan.
? We may not be able to refinance or extend our existing
debt.
? The terms of any refinancing or extension may not be as
favorable as the terms of our existing debt.
? We may be subject to a significant increase in the
variable interest rates on our unsecured line of credit
or unsecured term loan, which could adversely impact
our operations.
As of September 30, 2006, we had outstanding mortgage
indebtedness of $50,672,000, secured by developed real estate
properties having a carrying value of $56,933,000, and
outstanding debt under our unsecured revolver of $12,452,000.
Our Unsecured Revolving Credit Agreement Restricts Our Ability to
Engage in Some Business Activities.
Our unsecured revolving credit agreement contains customary
negative covenants and other financial and operating covenants
that, among other things:
? restrict our ability to incur additional indebtedness;
? restrict our ability to make certain investments;
? restrict our ability to merge with another company;
? restrict our ability to pay dividends;
? require us to maintain financial coverage ratios; and
? require us to maintain a pool of unencumbered assets
approved by the lenders.
These restrictions could cause us to default on our unsecured
line of credit or negatively affect our operations.
Our real estate segment faces competition from numerous sources.
The ownership of flexible warehouse/office space is highly
fragmented. We compete with numerous developers, owners and
operators of real estate, many of which own properties similar to
ours in the same submarkets in which our properties are located.
If our competitors offer space at rental rates below current
market rates, or below the rental rates we currently charge our
tenants, we may lose potential tenants and we may be pressured to
reduce our rental rates below those we currently charge in order
to retain tenants when our tenants' leases expire. As a result,
our financial condition, results of operations, cash flow and
ability to satisfy our debt service obligations could be
materially adversely affected.
Construction costs may be more costly than anticipated.
Our business plan includes a number of construction projects.
The construction costs of these projects may exceed original
estimates and possibly make the completion of a property
uneconomical. Building material commodity shortages, construction
delays/stoppages and/or rapidly escalating construction costs may
out-pace market rents, adversely affecting profits. The market
environment and existing lease commitments may not allow us to
raise rents to cover these higher costs.
Item 2. PROPERTIES.
The Company's principal properties are located in Florida,
Georgia, Virginia, Washington, D.C., Delaware and Maryland.
Real Estate Segment Properties. Principal properties held by
the Real Estate segment are discussed below under the captions
Developed Properties, Future Planned Development, Construction
Aggregates Properties, and Other Properties.
At September 30, 2006 certain developed real estate properties
having a carrying value of $56,933,000 were pledged on long-
term non-recourse notes with an outstanding principal balance
totaling $50,672,000. In addition, certain other properties
having a carrying value at September 30, 2006 of $103,000 were
encumbered by $1,300,000 of industrial revenue bonds that are
the liability of FRI. FRI has agreed to pay such debt when due
(or sooner if FRI cancels its lease of such property), and
further has agreed to indemnify and hold harmless the Company
on account of such debt.
Developed Properties. At September 30, 2006, the Company owned
10 developed parcels of land containing 219 usable acres in the
Mid-Atlantic region of the United States as follows:
1) Hillside Business Park in Anne Arundel County, Maryland
consists of 49 usable acres near the Baltimore-Washington
International Airport. Infrastructure work on the site is
substantially completed and four buildings with a total of
504,740 square feet are completed. Of the four existing
buildings, three are 100% leased/occupied and the fourth,
completed in September 2006 is 55% leased. Upon occupancy of the
55% tenant in November 2006, this park will be 92% occupied. The
Company plans to develop the final building with a minimum of
40,000 square feet.
2) Lakeside Business Park in Harford County, Maryland consists
of 83 usable acres. Seven warehouse/office buildings, totaling
671,241 square feet, have been constructed and are 100% leased.
A 73,200 square foot building is under construction with
completion scheduled for the summer of 2007. The remaining 26
acres are available for future development and have the
potential to offer an additional 343,000 square feet of
comparable product.
3) 6920 Tudsbury Road in Baltimore County, Maryland contains
5.3 acres with 86,100 square feet of warehouse/office space
that is 100% leased.
4) 8620 Dorsey Run Road in Howard County, Maryland contains 5.8
acres with 85,100 square feet of warehouse/office space that is
100% leased.
5) Rossville Business Center in Baltimore County, Maryland
contains approximately 10 acres with 190,517 square feet of
warehouse/office space and is 100% leased.
6) 34 Loveton Circle in suburban Baltimore County, Maryland
contains 8.5 acres with 29,921 square feet of office space,
which is 100% leased. The Company occupies 23% of the space and
23% is leased to FRI.
7) Oregon Business Center in Anne Arundel County, Maryland
contains approximately 17 acres with 195,615 square feet of
warehouse/office space, which is 85% leased.
8) Arundel Business Center in Howard County, Maryland contains
approximately 11 acres with 162,796 square feet of
warehouse/office space, which is 86% leased.
9) 100-400 Interchange Boulevard in New Castle County, Delaware
contains approximately 17 acres with 303,006 square feet of
warehouse/office space, which is 92% leased. The remaining 8.8
acres are available for future development and have the potential
to offer an additional 88,000 square feet of comparable product.
10) 1187 Azalea Garden Road in Norfolk, Virginia contains
approximately 12 acres with 188,093 square feet of
warehouse/office space, which is 100% leased.
Future Planned Developments. At September 30, 2006 the Company
owned the following future development parcels:
1) Windlass Run Business Park, formerly referred as Bird River,
located in southeastern Baltimore County, Maryland, is a 179-acre
tract of land that will have direct access to Maryland State Road
43 which was completed in October 2006 and will connect I-95 with
Martin State Airport. This property is currently zoned for
residential and commercial use with 104 developable acres. The
Company plans to develop and lease approximately 515,000 square
feet of multiple warehouse/office buildings on the 42 developable
acres zoned for commercial use. Land development efforts will
commence in the spring of 2007. Meanwhile plans are being
pursued to obtain residential zoning upgrade and eventual
maximization of the remaining 62 acres.
2) Patriot Business Park, located in Prince William County,
Virginia, is a 101-acre tract of land which is immediately
adjacent to the Prince William Parkway providing access to I-66.
The Company plans to develop and lease approximately 1,000,000
square feet of multiple warehouse/office buildings on the
property. Land development efforts are expected to commence in
the spring of 2008.
3) Brooksville Quarry, LLC. On October 4, 2006, a subsidiary of
the Company (FRP) entered into a Joint Venture Agreement with
Florida Rock Industries, Inc. (FRI) to develop approximately
4,400 acres of land near Brooksville, Florida. Under the terms
of the joint venture, FRP has contributed its fee interest in
approximately 3,500 acres that it leased to FRI under a long-term
mining lease. FRI will continue to mine the property and pay
royalties to FRP for as long as mining does not interfere with
the development of the property.
The joint venture will be jointly controlled by FRI and FRP.
Each party has a mandatory obligation to fund additional capital
contributions of up to $2 million. Distributions will be made on
a 50-50 basis.
The property does not yet have the necessary entitlements for
real estate development. Approval to develop real property in
Florida entails an extensive entitlements process involving
multiple and overlapping regulatory jurisdictions and the outcome
is inherently uncertain. The Company currently expects that the
entitlement process may take several years to complete.
4) Anacostia River. The Company owns a 5.8 acre parcel of
undeveloped real estate in Washington D.C. that fronts the
Anacostia River and is adjacent to the construction site for
the new Washington Nationals Baseball Stadium which is
scheduled for completion in 2008. The Company also owns a
nearby 2.1 acre tract on the same bank of the Anacostia River.
Currently, these properties are leased to Florida Rock
Industries, Inc., on a month-to-month basis.
The Company has been pursuing development efforts with respect
to the 5.8-acre parcel for several years. The Company
previously obtained a Planned Unit Development (PUD) Zoning
approval for development of the property and has been working
to obtain approval of a modified PUD that would allow up to
625,000 square feet of commercial development and up to 440,000
square feet of residential development. Consideration of a
proposed action by the Zoning Commission is anticipated at
their scheduled public meeting on January 8, 2007. The Company
remains optimistic that its zoning application will be approved
while at the same time recognizing that there is inherent
uncertainty in any zoning approval process.
5) Commonwealth Avenue in Jacksonville, Florida is a 50-acre, rail
accessible site near the western beltway of Interstate-295 capable
of supporting approximately 500,000 square feet of eventual
warehouse/office build-out.
Construction Aggregates Properties. The following table
summarizes the Company's principal construction aggregates
locations and estimated reserves at September 30, 2006,
substantially all of which are leased to FRI.
Tons of
Tons Sold Estimated
in Year Reserves
Ended at
9/30/06 9/30/06 Approximate
(000's) (000's) Acres Owned
The Company owns ten
locations currently being
mined in Grandin, Gulf Hammock,
Keuka, Newberry and Airgrove/
Lake County, Florida;
Columbus, Macon, Forest Park
and Tyrone, Georgia;
and Manassas, Virginia. 11,054(1) 428,129 12,994
The Company owns three locations
not currently being mined in
Ft. Myers, Marion County,
Astatula/Lake County - 32,891 2,881
(1) Tons sold in year ended 9/30/06 include Brooksville tons of
284,000. Tons of estimated reserves and acres owned do not
include Brooksville as the property was transferred October 4,
2006 to a joint venture with FRI for development.
Other Properties. In addition to the development, mining and
rental sites, the Company owns approximately 2,201 acres of
investment and other real estate. This includes a 1,844-acre
timberland site located in Caroline County, Virginia.
The Company owns an office building with approximately 69,000
square feet situated on approximately 6 acres in Jacksonville,
Florida, which is leased to FRI.
Transportation Segment Properties. The Company has 21 sites for
its trucking terminals in Alabama, Florida, Georgia, North
Carolina, and Tennessee. The Company owns 13 of these sites and
leases 8.
Item 3. LEGAL PROCEEDINGS.
Note 14 to the Consolidated Financial Statements included in
the accompanying 2006 Annual Report to Shareholders is
incorporated herein by reference.
Item 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
No reportable events.
PART II
Item 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED
STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY
SECURITIES.
There were approximately 634 holders of record of Patriot
Transportation Holding, Inc. common stock, $.10 par value, as
of September 30, 2006. The Company's common stock is traded on
the Nasdaq Stock Market (Symbol PATR). Information concerning
stock prices is included under the caption "Quarterly Results"
on page 6 of the Company's 2006 Annual Report to Shareholders,
and such information is incorporated herein by reference. The
Company has not paid a cash dividend in the past and it is the
present policy of the Board of Directors not to pay cash
dividends. Information concerning restrictions on the payment
of cash dividends is included in Note 4 to the consolidated
financial statements included in the accompanying 2006 Annual
Report to Shareholders and such information is incorporated
herein by reference. Information regarding securities
authorized for issuance under equity compensation plans is
included in Item 12 of Part III of this Annual Report on Form
10-K and such information is incorporated herein by reference.
Purchases of Equity Securities by the Issuer and Affiliated
Purchasers
(c)
Total
Number of
Shares (d)
Purchased Approximate
(a) As Part of Dollar Value of
Total (b) Publicly Shares that May
Number of Average Announced Yet Be Purchased
Shares Price Paid Plans or Under the Plans
Period Purchased per Share Programs or Programs (1)
July 1
through
July 31 0 $ 0 0 $ 3,490,000
August 1
through
August 31 0 $ 0 0 $ 3,490,000
September 1
through
September 30 0 $ 0 0 $ 3,490,000
Total 0 $ 0 0
(1) In December, 2003, the Board of Directors authorized management
to expend up to $6,000,000 to repurchase shares of the Company's
common stock from time to time as opportunities arise.
Item 6. SELECTED FINANCIAL DATA.
Information required in response to this Item 6 is included
under the caption "Five Year Summary" on page 6 of the
Company's 2006 Annual Report to Shareholders and such
information is incorporated herein by reference.
Item 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATION.
Information required in response to Item 7 is included under
the caption "Management Analysis" on pages 7 through 11 of the
Company's 2006 Annual Report to Shareholders and such
information is incorporated herein by reference.
Item 7.A QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK.
The Company is exposed to market risk from changes in interest
rates. For its cash and cash equivalents, a change in interest
rates affects the amount of interest income that can be earned.
For its debt instruments with variable interest rates, changes
in interest rates affect the amount of interest expense
incurred. The Company prepared a sensitivity analysis of its
variable rate borrowings to determine the impact of
hypothetical changes in interest rates on the Company's results
of operations and cash flows. The interest-rate analysis
assumed a 50 basis point adverse change in interest rates on
all borrowings under the credit agreement. However, the
interest-rate analysis did not consider the effects of the
reduced level of economic activity that could exist in such an
environment. Based on this analysis, management has concluded
that a 50 basis point adverse move in interest rates on the
Company's outstanding borrowings under the credit agreement
would have an immaterial impact on the Company's results of
operations and cash flows.
The following table provides information about the Company's
long-term debt (dollars in thousands):
There Fair
Liabilities: 2007 2008 2009 2010 2011 after Total Value
Scheduled
maturities of
long-term debt:
Fixed Rate $ 2,576 $2,761 $2,959 $3,172 $3,400 $35,804 $50,672 $51,895
Average
interest rate 6.8% 6.9% 6.9% 6.9% 6.9% 6.9%
Variable Rate $12,452
Average
Interest rate 6.3%
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
Information required in response to this Item 8 is included
under the caption "Quarterly Results" on page 6 and on pages 12
through 22 of the Company's 2006 Annual Report to Shareholders.
Such information is incorporated herein by reference.
Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE.
On June 21, 2006, the Audit Committee of the Board of Directors
of Patriot Transportation Holding, Inc. (the "Company"),
dismissed PricewaterhouseCoopers LLP ("PWC") as the Company's
independent registered certified public accounting firm,
effective immediately. The Audit Committee also engaged
Hancock Askew & Co. ("Hancock Askew") to serve as the Company's
principal public accountants effective immediately.
PWC's reports on the consolidated financial statements of the
Company as of and for the fiscal years ended September 30, 2005
and 2004 did not contain any adverse opinion or disclaimer of
opinion, nor were they qualified or modified as to uncertainty,
audit scope, or accounting principle.
During the fiscal years ended September 30, 2005 and 2004 and
through June 21, 2006 there were no disagreements with PWC on
any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which
disagreements, if not resolved to PWC's satisfaction, would
have caused them to make reference thereto in their reports on
the financial statements for such years; and there were no
reportable events as described in Item 304(a)(1)(v) of
Regulation S-K.
During the fiscal years ended September 30, 2005 and 2004 and
through June 21, 2006, the Company did not consult Hancock
Askew with respect to the application of accounting principles
to a specified transaction, either completed or proposed, or
the type of audit opinion that might be rendered on the
Company's consolidated financial statements, or any other
matters or reportable events as set forth in Items 304(a)(2)(i)
and (ii) of Regulation S-K.
Item 9A. CONTROLS AND PROCEDURES.
The Company maintains disclosure controls and procedures that
are designed to ensure that information required to be
disclosed in the Company's reports under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), is
recorded, processed, summarized and reported within the time
periods specified in the SEC's rules and forms, and that such
information is accumulated and communicated to management,
including the Company's Chief Executive Officer ("CEO"), Chief
Financial Officer ("CFO"), and Chief Accounting Officer
("CAO"), as appropriate, to allow timely decisions regarding
required disclosure.
The Company also maintains a system of internal accounting
controls over financial reporting that are designed to provide
reasonable assurance to the Company's management and Board of
Directors regarding the preparation and fair presentation of
published financial statements.
All control systems, no matter how well designed, have inherent
limitations. Therefore, even those systems determined to be
effective can provide only reasonable assurance of achieving
the desired control objectives.
As of September 30, 2006, the Company, under the supervision
and with the participation of the Company's management,
including the CEO, CFO and CAO, carried out an evaluation of
the effectiveness of the design and operation of the Company's
disclosure controls and procedures. Based on this evaluation,
the Company's CEO, CFO and CAO concluded that the Company's
disclosure controls and procedures are effective in alerting
them in a timely manner to material information required to be
included in periodic SEC filings.
There have been no changes in the Company's internal controls
over financial reporting during the fourth quarter that have
materially affected, or are reasonably likely to materially
affect, the Company's internal control over financial
reporting.
Management's report on internal control over financial
reporting is included on page 23 of the Company's 2006 Annual
Report to Shareholders. Such information is incorporated
herein by reference.
PART III
Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.
Information regarding the Company's executive officers is set
forth under the caption "Executive Officers of the Registrant"
in Part I of this Form 10-K. Information concerning directors
(including the disclosure regarding audit committee financial
experts), required in response to this Item 10, is included
under the captions "Election of Directors", "Board Structure
and Committee Membership - Audit Committee" and "Section 16(a)
Beneficial Ownership Reporting Compliance" in the Company's
Proxy Statement and such information is incorporated herein by
reference. The Proxy Statement will be filed with the
Securities and Exchange Commission not later than December 31,
2006.
The Company has adopted a Financial Code of Ethical Conduct
applicable to its principal executive officers, principal
financial officers and principal accounting officers. A copy of
this Financial Code of Ethical Conduct is filed as Exhibit 14
to this Form 10-K. The Financial Code of Ethical Conduct is
available on our web site at www.patriottrans.com under the
heading Investor Relations - Corporate Governance.
Item 11. EXECUTIVE COMPENSATION.
Information required in response to this Item 11 is included
under the captions "Executive Compensation," "Compensation
Committee Report," "Board Structure and Committee Membership -
Compensation Committee," and "Shareholder Return Performance"
in the Company's Proxy Statement and such information is
incorporated herein by reference. The Proxy Statement will be
filed with the Securities and Exchange Commission not later
than December 31, 2006.
Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
Information required in response to this Item 12 is included
under the captions "Common Stock Ownership of Certain
Beneficial Owners" and "Common Stock Ownership by Directors and
Executive Officers" in the Company's Proxy Statement and such
information is incorporated herein by reference. The Proxy
Statement will be filed with the Securities and Exchange
Commission not later than December 31, 2006.
Equity Compensation Plan Information
Number of
Securities
remaining
available
for
Number of future
Securities Weighted issuance
to be Average under equity
issued upon exercise compensation
exercise of price of plans
outstanding outstanding (excluding
options, options, securities
warrants warrants reflected in
and rights and rights column (a))
Plan Category (a) (b) (c)
Equity compensation
plans approved by
security holders 304,746 $31.03 279,900
Equity compensation
plans not approved
by security holders 0 0 0
Total 304,746 $31.03 279,900
Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.
Information required in response to this Item 13 is included
under the caption "Related Party Transactions" in the Company's
Proxy Statement and such information is incorporated herein by
reference. The Proxy Statement will be filed with the Securities
and Exchange Commission not later than December 31, 2006.
Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.
Information required in response to this Item 14 is included
under the captions "Independent Auditor" and "Ratification of
Independent Registered Certified Public Accounting Firm" in the
Company's Proxy Statement and such information is incorporated
herein by reference. The Proxy Statement will be filed with the
Securities and Exchange Commission not later than December 31,
2006.
PART IV
Item 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
(a) (1) and (2) Financial Statements and Financial Statement
Schedules.
The response to this item is submitted as a separate
section. See Index to Financial Statements and
Financial Statement Schedules on page 29 of this Form
10-K.
(3) Exhibits.
The response to this item is submitted as a separate
section. See Exhibit Index on pages 26 through 28 of
this Form 10-K.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Patriot Transportation Holding, Inc.
Date: December 7, 2006 By JOHN E. ANDERSON
John E. Anderson
President and Chief Executive
Officer (Principal Executive Officer)
By RAY M. VAN LANDINGHAM
Ray M. Van Landingham
Vice President, Treasurer, Secretary
and Chief Financial Officer (Principal
Financial Officer)
By JOHN D. KLOPFENSTEIN
John D. Klopfenstein
Controller and Chief Accounting
Officer(Principal Accounting Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities indicated on December 7, 2006.
JOHN E. ANDERSON LUKE E. FICHTHORN III
John E. Anderson Luke E. Fichthorn III
Director, President, and Chief Director
Executive Officer
(Principal Executive Officer)
CHARLES E. COMMANDER III______
Charles E. Commander III
RAY M. VAN LANDINGHAM Director
Ray M. Van Landingham
Vice President, Treasurer,
Secretary and Chief Financial ROBERT H. PAUL III
Officer(Principal Financial Officer) Robert H. Paul III
Director
JOHN D. KLOPFENSTEIN ____________
John D. Klopfenstein H. W. SHAD III_____
Controller and Chief Accounting H. W. Shad III
Officer (Principal Accounting Officer) Director
EDWARD L. BAKER__________________ ___________________ ____
Edward L. Baker Martin E. Stein, Jr.
Chairman of the Board Director
JOHN D. BAKER II_________________ JAMES H. WINSTON _________
John D. Baker II James H. Winston
Director Director
THOMPSON S. BAKER II_____________
Thompson S. Baker II
Director
PATRIOT TRANSPORTATION HOLDING, INC.
FORM 10-K FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2006
EXHIBIT INDEX
[Item 14(a)(3)]
(3)(a)(1) Articles of Incorporation of Patriot Transportation Holding,
Inc., incorporated by reference to the corresponding exhibit
filed with Form S-4 dated December 13, 1988. File No. 33-
26115.
(3)(a)(2) Amendment to the Articles of Incorporation of Patriot
Transportation Holding, Inc. filed with the Secretary of
State of Florida on February 19, 1991 incorporated by
reference to the corresponding exhibit filed with Form 10-K
for the fiscal year ended September 30, 1993. File No. 33-
26115.
(3)(a)(3) Amendments to the Articles of Incorporation of Patriot
Transportation Holding, Inc. filed with the Secretary of
State of Florida on February 7, 1995, incorporated by
reference to an appendix to the Company's Proxy Statement
dated December 15, 1994. File No. 33-26115.
(3)(a)(4) Amendment to the Articles of Incorporation of Patriot
Transportation Holding, Inc., filed with the Florida
Secretary of State on May 6, 1999 incorporated by reference
to a form of such amendment filed as Exhibit 4 to the
Company's Form 8-K dated May 5, 1999. File No. 33-26115.
(3)(a)(5) Amendment to the Articles of Incorporation of Patriot
Transportation Holding, Inc. filed with the Secretary of
State of Florida on February 21, 2000, incorporated
by reference to the corresponding exhibit
filed with Form 10-Q for the quarter ended
March 31, 2000. File No. 33-26115.
(3)(b)(1) Amended and Restated Bylaws of Patriot Transportation
Holding, Inc. adopted August 3, 2005, incorporated by
reference to Exhibit 3.1 to the Company's Form 8-K dated
August 3, 2005. File No. 33-26115.
(4)(a) Articles III, VII and XII of the Articles of Incorporation
of Patriot Transportation Holding, Inc, incorporated by
reference to an exhibit filed with Form S-4 dated December
13, 1988. And amended Article III, incorporated by
reference to an exhibit filed with Form 10-K for the fiscal
year ended September 30, 1993. And Articles XIII and XIV,
incorporated by reference to an appendix filed with the
Company's Proxy Statement dated December 15, 1994. File
No. 33-26115.
(4)(b) Specimen stock certificate of Patriot Transportation
Holding, Inc, incorporated by reference to an exhibit filed
with Form S-4 dated December 13, 1988. File No. 33-26115.
(4)(c) Rights Agreement, dated as May 5, 1999 between the Company
and First Union National Bank, incorporated by reference to
Exhibit 4 to the Company's Form 8-K dated May 5, 1999.
File No. 33-26115.
(10)(a) Various lease backs and mining royalty agreements with
Florida Rock Industries, Inc., none of which are presently
believed to be material individually, except for the Mining
Lease Agreement dated September 1, 1986, between Florida
Rock Industries Inc. and Florida Rock Properties, Inc.,
successor by merger to Grandin Land, Inc. (see Exhibit
(10)(c)), but all of which may be material in the aggregate,
incorporated by reference to an exhibit filed with Form S-4
dated December 13, 1988. File No. 33-26115.
(10)(b) License Agreement, dated June 30, 1986, from Florida Rock
Industries, Inc. to Florida Rock & Tank Lines, Inc. to use
"Florida Rock" in corporate names, incorporated by
reference to an exhibit filed with Form S-4 dated December
13, 1988. File No. 33-26115.
(10)(c) Mining Lease Agreement, dated September 1, 1986, between
Florida Rock Industries, Inc. and Florida Rock Properties,
Inc., successor by merger to Grandin Land, Inc.,
incorporated by reference to an exhibit previously filed
with Form S-4 dated December 13, 1988. File No. 33-26115.
(10)(d) Summary of Medical Reimbursement Plan of Patriot
Transportation Holding, Inc., incorporated by reference to
an exhibit filed with Form 10-K for the fiscal year ended
September 30, 1993. File No. 33-26115.
(10)(e) Summary of Management Incentive Compensation Plans,
incorporated by reference to an exhibit filed with Form 10-K
for the fiscal year ended September 30, 1994. File No. 33-
26115.
(10)(f) Management Security Agreements between the Company and
certain officers, incorporated by reference to a form of
agreement previously filed (as Exhibit (10)(I)) with Form
S-4 dated December 13, 1988. File No. 33-26115.
(10)(g)(1) Patriot Transportation Holding, Inc. 1995 Stock Option Plan,
incorporated by reference to an appendix to the Company's
Proxy Statement dated December 15, 1994. File No. 33-26115.
(10)(g)(2) Patriot Transportation Holding, Inc. 2000 Stock Option Plan,
incorporated by reference to an appendix to the Company's
Proxy Statement dated December 15, 1999. File No. 33-26115.
(10)(g)(3) Patriot Transportation Holding, Inc. 2006 Stock Incentive
Plan, incorporated by reference to an appendix to the
Company's Proxy Statement dated December 29, 2005. File No.
33-26115.
(10)(h) Amended and Restated Revolving Credit Agreement dated
November 10, 2004 among Patriot Transportation Holding, Inc.
as Borrower, the Lenders from time to time party hereto and
Wachovia Bank, National Association as Administrative Agent,
incorporated by reference to the Company's Form 8-K dated
November 16, 2004. File No. 33-26115.
(10)(i) The Company and its consolidated subsidiaries have other
long-term debt agreements, none of which exceed 10% of the
total consolidated assets of the Company and its
subsidiaries, and the Company agrees to furnish copies of
such agreements and constituent documents to the Commission
upon request.
(10)(j) Letter of Credit Facility between Patriot Transportation
Holding, Inc. and SunTrust Bank, N.A. dated February 16,
2005, incorporated by reference to the Company's Form 8-K
dated February 16, 2005. File No. 33-26115.
(10)(k) Joint Venture Agreement between Florida Rock Industries,
Inc. and Florida Rock Properties, filed herewith.
(13) The Company's 2006 Annual Report to shareholders, portions
of which are incorporated by reference in this Form 10-K.
Those portions of the 2006 Annual Report to Shareholders
which are not incorporated by reference shall not be deemed
to be filed as part of this Form 10-K.
(14) Financial Code of Ethical Conduct between the Company, Chief
Executive Officers and Financial Managers, adopted December
4, 2002, incorporated by reference to an exhibit filed
with Form 10-K for the year ended September 30, 2003. File
No. 33-26115.
(21) Subsidiaries of Registrant at September 30, 2006: Florida
Rock & Tank Lines, Inc. (a Florida corporation); Florida
Rock Properties, Inc. (a Florida corporation); FRP
Development Corp. (a Maryland corporation); FRP Maryland,
Inc. (a Maryland corporation); 34 Loveton Center LLC (a
Maryland limited liability company); FRTL, Inc. (a Florida
corporation); SunBelt Transport, Inc. (a Florida
Corporation); Oz LLC(a Maryland limited liability company);
1502 Quarry, LLC(a Maryland limited liability company); FRP
Lakeside LLC #1 (a Maryland limited company); FRP Lakeside
LLC #2 (a Maryland limited liability company); FRP Lakeside
LLC #3 (a Maryland limited liability company); FRP Lakeside
LLC #4 (a Maryland limited liability company); FRP Lakeside
LLC #5 (a Maryland limited liability company); FRP Hillside
LLC (a Maryland limited liability company); FRP Hillside LLC
#2 (a Maryland limited liability company); FRP Hillside LLC
#3 (a Maryland limited liability company); FRP Windsor LLC
(a Maryland limited liability company); FRP Dorsey LLC (a
Maryland limited liability company); FRP Bird River LLC (a
Maryland limited liability company); FRP Interchange LLC (a
Maryland limited liability company); FRP Azalea LLC (a
Maryland limited liability company); FRP Manassas LLC (a
Maryland limited liability company).
(23)(a) Consent of Hancock Askew & Co., Inc., Independent Registered
Certified Public Accounting Firm, appears on page 30 of this
Form 10-K.
(23)(b) Consent of PricewaterhouseCoopers LLP, Independent
Registered Certified Public Accounting Firm, appears on page
30 of this Form 10-K.
(31)(a) Certification of John E. Anderson.
(31)(b) Certification of Ray M. Van Landingham.
(31)(c) Certification of John D. Klopfenstein.
(32) Certification of Chief Executive Officer, Chief Financial
Officer, and Chief Accounting Officer under Section 906 of
the Sarbanes-Oxley Act of 2002.
PATRIOT TRANSPORTATION HOLDING, INC.
INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES
(Item 15(a) (1) and 2))
Page
Consolidated Financial Statements:
Consolidated balance sheets at September 30, 2006
and 2005 13(a)
For the years ended September 30, 2006, 2005 and 2004:
Consolidated statements of income 12(a)
Consolidated statements of cash flows 14(a)
Consolidated statements of shareholders' equity 15(a)
Notes to consolidated financial statements 15-23(a)
Reports of Independent Registered Certified Public
Accounting Firms 24-25(a)
Selected quarterly financial data (unaudited) 6(a)
Consents of Independent Registered Certified Public
Accounting Firms 30(b)
Reports of Independent Registered Certified Public
Accounting Firms on Financial Statement Schedules 31(b)
Consolidated Financial Statement Schedules:
II - Valuation and qualifying accounts 32(b)
III - Real estate and accumulated depreciation and
depletion 33-34(b)
(a) Refers to the page number in the Company's 2006 Annual
Report to Shareholders. Such information is incorporated
by reference in Item 8 of this Form 10-K.
(b) Refers to the page number in this Form 10-K.
All other schedules have been omitted, as they are not required
under the related instructions, are inapplicable, or because the
information required is included in the consolidated financial
statements.
Exhibit 23
CONSENTS OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRMS
We hereby consent to the incorporation by reference in the
Registration Statements on Form S-8 (Nos. 333-18878, 333-55132, 333-
125099 and 333-131475) of Patriot Transportation Holding, Inc. of our
report dated December 1, 2006 relating to the consolidated financial
statements and the effectiveness of Patriot Transportation Holding,
Inc's internal controls over financial reporting as of and for the
year ended September 30, 2006, which appears in the Annual Report to
Shareholders, which is incorporated by reference. We also consent to
the incorporation by reference of our report dated December 1, 2006,
relating to the financial statement schedules, which appear in this
Form 10-K.
Our report dated December 1, 2006 on the consolidated financial
statements includes an explanatory paragraph stating that, as
discussed in Note 8 to the consolidated financial statements, the
Company adopted Statement of Financial Accounting Standards No. 123
(Revised 2004), Share-based Payment, effective October 1, 2005 for
accounting for share-based payments.
Hancock Askew & Co., LLP
Savannah, Georgia
December 7, 2006
____________________
We hereby consent to the incorporation by reference in the
Registration Statements on Form S-8 (Nos. 333-18878, 333-55132, 333-
125099 and 333-131475) of Patriot Transportation Holding, Inc. of our
report dated December 22, 2005 relating to the financial statements,
which appears in the Annual Report to Shareholders, which is
incorporated in this Annual Report on Form 10-K. We also consent to
the incorporation by reference of our report dated December 22, 2005,
relating to the financial statement schedules, which appear in this
Form 10-K.
PricewaterhouseCoopers LLP
Jacksonville, Florida
December 11, 2006
____________________
REPORTS OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRM
ON FINANCIAL STATEMENT SCHEDULES
To the Board of Directors of
Patriot Transportation Holding, Inc.:
Our audit of the consolidated financial statements referred to in
our report dated December 1, 2006 appearing in the 2006 Annual
Report to Shareholders of Patriot Transportation Holding, Inc.
(which report and consolidated financial statements are incorporated
by reference in this Annual Report on Form 10-K) also included an
audit of the financial statement schedules listed in Item 15(a)(2)
of this Form 10-K. These financial statement schedules are the
responsibility of the Company's management. Our responsibility is
to express an opinion on these financial statement schedules based
on our audit. In our opinion, these financial statement schedules
present fairly, in all material respects, the information set forth
therein when read in conjunction with the related consolidated
financial statements.
Hancock Askew & Co., LLP
Savannah, Georgia
December 1, 2006
____________________
To the Board of Directors of
Patriot Transportation Holding, Inc.:
Our audits of the consolidated financial statements referred to in
our report dated December 22, 2005 appearing in the 2005 Annual
Report to Shareholders of Patriot Transportation Holding, Inc.
(which report and consolidated financial statements are incorporated
by reference in this Annual Report on Form 10-K) also included an
audit of the financial statement schedules listed in Item 15(a)(2)
of this Form 10-K. In our opinion, these financial statement
schedules present fairly, in all material respects, the information
set forth therein when read in conjunction with the related
consolidated financial statements.
PricewaterhouseCoopers LLP
Jacksonville, Florida
December 22, 2005
PATRIOT TRANSPORTATION HOLDING, INC.
SCHEDULE II (CONSOLIDATED) - VALUATION
AND QUALIFYING ACCOUNTS
YEARS ENDED SEPTEMBER 30, 2006, 2005 AND 2004
ADDITIONS ADDITIONS
BALANCE CHARGED TO CHARGED TO BALANCE
AT BEGIN. COST AND OTHER AT END
OF YEAR EXPENSES ACCOUNTS DEDUCTIONS OF YEAR
Year Ended
September 30, 2006:
Allowance for
doubtful accounts $ 525,255 $ (39,910)$ - $ 126,118(a) $ 359,227
Accrued risk
insurance $7,576,789 $ 2,381,943 $ - $ 1,750,162(b) $8,208,570
Accrued health
insurance 1,196,162 3,100,234 - 3,103,457(b) 1,192,939
Totals -
insurance $8,772,951 $ 5,482,177 $ 0 $ 4,853,619 $9,401,509
Year Ended
September 30, 2005:
Allowance for
doubtful accounts $ 638,320 $ 177,000 $ - $ 290,065(a) $ 525,255
Accrued risk
insurance $6,653,657 $ 3,710,925 $ - $ 2,787,793(b) $7,576,789
Accrued health
insurance 1,205,334 2,938,379 - 2,947,551(b) 1,196,162
Totals -
insurance $7,858,991 $ 6,649,304 $ 0 $ 5,735,344 $8,772,951
Year Ended
September 30, 2004:
Allowance for
doubtful accounts $ 565,744 $ 168,000 $ - $ 95,423(a) $ 638,320
Accrued risk
insurance $6,779,345 $ 3,562,400 $ - $ 3,688,088(b) $6,653,657
Accrued health
insurance 1,256,845 3,075,521 - 3,127,032(b) 1,205,334
Totals -
insurance $8,036,190 $ 6,637,921 $ 0 $ 6,815,120 $7,858,991
(a) Accounts written off less recoveries
(b) Payments
<TABLE>
PATRIOT TRANSPORTATION HOLDING, INC.
SCHEDULE III (CONSOLIDATED)-REAL ESTATE & ACCUMULATED DEPRECIATION AND
DEPLETION (dollars in thousands)
SEPTEMBER 30, 2006
<CAPTION>
Cost capi- Gross amount Year Deprecia-
Encumb- Initial talized at which Accumulated Of Date tion Life
County rances cost to subsequent carried at Depreciation Constr- Acquired Computed
Company to acqui- end of period tion on:
sition (a)
<S> <C> <C> <C> <C> <C> <C> <C>
Construction Aggregates
Alachua, FL $ 1,442 $ 0 $ 1,442 $ 102 n/a 4/86 unit
Clayton, GA 369 0 369 5 n/a 4/86 unit
Fayette, GA 685 0 685 57 n/a 4/86 unit
Hernando, FL (b) 3,115 410 3,525 976 n/a 4/86 unit
Lake, FL 1,485 0 1,485 1,099 n/a 4/86 unit
Lee, FL 4,690 6 4,696 6 n/a 4/86 unit
Levy, FL 1,281 104 1,385 515 n/a 4/86 unit
Marion, FL 1,180 0 1,180 600 n/a 4/86 unit
Monroe, GA 792 0 792 256 n/a 4/86 unit
Muscogee, GA 369 0 369 175 n/a 4/86 unit
Polk, FL 121 0 121 75 n/a 4/86 unit
Prince Wil. VA 298 0 298 298 n/a 4/86 unit
Putnam, FL 15,002 49 15,051 3,686 n/a 4/86 unit
0 30,829 569 31,398 7,850
Other Rental Property
Wash D.C. 2,957 7,731 10,688 1,935 n/a 4/86 15 yr.
Wash D.C. 3,811 0 3,811 0 n/a 10/97
Putnam, FL 326 50 376 347 n/a 4/86 5 yr.
Spalding, GA 20 0 20 0 n/a 4/86
0 7,114 7,781 14,895 2,282
Commercial Property
Baltimore, MD 0 439 3,710 4,149 1,763 1990 10/89 31.5 yr.
Baltimore, MD 1,766 950 6,359 7,309 2,749 1994 12/91 31.5 yr.
Baltimore, MD 2,300 690 2,837 3,527 655 2000 7/99 31.5 yr.
Baltimore, MD 0 5,634 3,132 8,766 0 2003 12/02 31.5 yr.
Duval, FL 0 2,416 529 2,945 2,577 n/a 4/86 25 yr.
Harford, MD 2,374 31 3,826 3,857 1,067 1998 8/95 31.5 yr.
Harford, MD 4,055 50 5,552 5,602 1,166 1999 8/95 31.5 yr.
Harford, MD 5,660 85 6,665 6,750 1,507 2001 8/95 31.5 yr.
Harford, MD 0 92 1,506 1,598 0 n/a 8/95 31.5 yr.
Harford, MD 4,158 88 7,199 7,287 1,115 n/a 8/95 31.5 yr.
Harford, MD 3,222 155 5,013 5,168 1,017 2001 8/95 31.5 yr.
Howard, MD 3,568 2,859 3,865 6,724 2,448 1996 9/88 31.5 yr.
Howard, MD 2,078 2,473 920 3,393 606 2000 3/00 31.5 yr.
Anne Arun, MD 2,741 715 6,710 7,425 3,822 1989 9/88 31.5 yr.
Anne Arun, MD 7,325 950 13,055 14,005 1,322 n/a 5/98 31.5 yr.
Anne Arun, MD 11,425 1,525 10,762 12,287 397 2001 8/04 31.5 yr.
Anne Arun, MD 0 1,307 4,830 6,137 14 2006 1/03 31.5 yr.
Norfolk, VA 0 7,512 0 7,512 445 1971 10/04 31.5 yr.
Prince Wil. VA 0 10,200 32 10,232 0 n/a 12/05 31.5 yr.
Newcastle Co. DE 0 11,559 1,006 12,565 832 n/a 4/04 31.5 yr.
50,672 49,730 87,508 137,238 23,502
Investment Property 1,092 112 1,204 37 n/a 4/86 n/a
GRAND
TOTALS $50,672 $88,765 $95,970 $184,735 $33,671
(a) The aggregate cost for Federal income tax purposes is $167,825.
(b) This property was contributed on October 4, 2006 to the Brooksville Quarry, LLC, a 50% owned joint venture.
</TABLE>
PATRIOT TRANSPORTATION HOLDING, INC.
SCHEDULE III (CONSOLIDATED) - REAL ESTATE AND
ACCUMULATED DEPRECIATION AND DEPLETION
YEARS ENDED SEPTEMBER 30, 2006, 2005 AND 2004
(In thousands)
2006 2005 2004
Gross Carrying Cost of Real Estate:
Balance at beginning of period $164,233 146,995 145,803
Additions during period:
Amounts capitalized 20,502 17,330 17,510
Deductions during period:
Cost of real estate sold - 92 16,318
Other (abandonments) - - -
Balance at close of period $184,735 164,233 146,995
Accumulated Depreciation & Depletion:
Balance at beginning of period $ 29,816 26,328 33,497
Additions during period:
Charged to cost & expense 3,855 3,580 3,229
Deductions during period:
Real estate sold - 92 10,398
Balance at close of period $33,671 29,816 26,328
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>2
<FILENAME>grandin.txt
<DESCRIPTION>GRANDIN LEASE
<TEXT>
Prepared by and return to:
Sharon Roberts Henderson, Esq.
McGuireWoods LLP
50 North Laura St., Suite 3300
Jacksonville, Florida 32202
AMENDMENT TO MINING LEASE AGREEMENT
-----------------------------------
(Grandin)
This Amendment to Mining Lease Agreement is entered
into by and between FLORIDA ROCK PROPERTIES, INC. ("FRP") as
Landlord, and FLORIDA ROCK INDUSTRIES, INC. ("FRI"), as
Tenant, this 4th day of October, 2006.
RECITALS:
---------
FRI, as Tenant, entered into that certain Mining Lease
Agreement with Grandin Land, Inc., as Landlord, dated
September 1, 1986, recorded in Official Records Book 0539,
page 1908, of the public records of Putnam County, Florida
(the "Lease"). FRP is successor by merger to Grandin Land
Sales, Inc., and is the Landlord under the Lease, as set
forth in Assumption Agreement recorded in Official Records
Book 539, page 1931, of the public records of Putnam County,
Florida.
FRI and FRP desire to amend the Lease as set forth
below.
NOW THEREFORE, in consideration of $10.00 and other
good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the undersigned agree as
follows:
1. The foregoing Recitals are true and correct.
2. Landlord and Tenant hereby agree to modify, amend and
restate in its entirety the first full paragraph of Section
II(b) of Exhibit "D" attached to the Lease, as follows:
(b) Releases. Tenant will release mined out and
reclaimed land and lakes to Landlord for development
when in the Tenant's discretion, development by
Landlord will not impair the then current or planned
future mining activities.
3. Tenant agrees that when mining is complete and no
further mining or operational use of the land is anticipated
by Tenant, Tenant shall reclaim the land in compliance with
either the reclamation standards of the State of Florida or
the reclamation standards of the county where the Leased
Lands are located, whichever is stricter. Whereever any
portions of the Leased Lands are grandfathered so that
<PAGE>
reclamation is not required, Tenant shall nevertheless
reclaim the lands in accordance with reclamation standards
of the State of Florida as if the same were legally
applicable, where no further mining or operational use of
the lands is anticipated. Reclamation will include sloping
banks and planting trees, but Landlord acknowledges that
reclamation will not restore the land to its original
condition. Within three (3) years from the date hereof,
Tenant shall begin its reclamation of areas where mining is
now complete, and no further mining or operational use of
the land is anticipated by Tenant.
4. Landlord and Tenant acknowledge that the Lease
continues in full force and effect in accordance with its
terms, as modified herein. In the event of any
inconsistency between the provisions of this Amendment and
the provisions of the Lease as it existed prior to this
Amendment, the terms of this Amendment shall prevail and be
deemed to modify inconsistent terms of the Lease as it
previously existed.
[Signatures on Following Pages]
<PAGE>
IN WITNESS WHEREOF, the undersigned have entered into
this Amendment as of the date set forth above.
Signed, sealed and delivered FLORIDA ROCK PROPERTIES, INC.
in the presence of:
____________________________ /s/ John E. Anderson
Print:______________________ By:_________________________
Print: John E. Anderson
Its: Chairman
____________________________
Print:_____________________
STATE OF FLORIDA
COUNTY OF DUVAL
The foregoing instrument was acknowledged before me
this ____ day of October, 2006, by ______________________,
as _____________ of Florida Rock Properties, Inc., a Florida
corporation, on behalf of the corporation. He/She ( ) is
personally known to me or ( ) has produced a valid
Florida Driver's License as identification.
______________________________
Print:________________________
Notary Public, State of Florida
My commission expires:_________
Serial No. ___________________
(Notarial Seal)
<PAGE>
Signed, sealed and delivered FLORIDA ROCK INDUSTRIES, INC.
in the presence of:
____________________________ /s/ John D. Milton, Jr.
Print: ______________________ By: _________________________
Print: John D. Milton, Jr.
Its: Executive Vice President
____________________________
Print:______________________
STATE OF FLORIDA
COUNTY OF DUVAL
The foregoing instrument was acknowledged before me
this ____ day of October, 2006, by ______________________,
as ______________ of Florida Rock Industries, Inc., a
Florida corporation, on behalf of the corporation. He/She (
) is personally known to me or ( ) has produced a valid
Florida Driver's License as identification.
______________________________
Print: _______________________
Notary Public, State of Florida
My commission expires:_________
Serial No. ____________________
(Notarial Seal)
<PAGE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>3
<FILENAME>astatula.txt
<DESCRIPTION>ASTATULA LEASE
<TEXT>
Prepared by and return to:
Sharon Roberts Henderson, Esq.
McGuireWoods LLP
50 North Laura St., Suite 3300
Jacksonville, Florida 32202
AMENDMENT TO MINING LEASE AGREEMENT
-----------------------------------
(Astatula)
This Amendment to Mining Lease Agreement is entered
into by and between FLORIDA ROCK PROPERTIES, INC. ("FRP"),
as Landlord, and FLORIDA ROCK INDUSTRIES, INC. ("FRI"), as
Tenant, this 4th day of October, 2006.
RECITALS:
---------
FRI, as Tenant, entered into that certain Mining Lease
Agreement with FRP, as Landlord, dated April 1, 1986,
recorded in Official Records Book 881, page 1458, of the
public records of Lake County, Florida, as modified by
unrecorded First Modification to Mining Lease Agreement
dated April 1, 2001 (collectively, the "Lease").
FRI and FRP desire to amend the Lease as set forth
below.
NOW THEREFORE, in consideration of $10.00 and other
good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the undersigned agree as
follows:
1. Recitals. The foregoing Recitals are true and
correct.
2. Extension of Term. The term of the Lease is hereby
extended for an additional term beginning April 1, 2006, and
expiring on the earlier of the following dates (unless
sooner terminated in accordance with the terms of the
Lease):
(i) March 31, 2031; or
(ii) When FRI has determined in its reasonable
discretion that no economically mineable
reserves of Construction Materials remain on
lands owned or leased by FRI adjacent to the
Leased Lands.
3. Minimum Royalty. Paragraph (a) of Exhibit C
attached to the Lease, setting forth the minimum royalty to
the paid by Tenant for use and possession of the Leased
Lands, shall be modified, amended and restated in its
entirety as set forth on Exhibit A attached to this
Amendment. All portions of Exhibit C to the Lease which are
not
<PAGE>
specifically amended hereby shall remain in full force
and effect. Provided however, that this Amendment shall be
recorded in the public records of the county where the
Leased Lands are located as a short form memorandum without
attaching thereto a copy of said Exhibit A.
4. Reclamation. Tenant agrees that when mining is
complete and no further mining or operational use of the
land is anticipated by Tenant, Tenant shall reclaim the land
in compliance with either the reclamation standards of the
State of Florida or the reclamation standards of the county
where the Leased Lands are located, whichever is stricter.
Wherever any portions of the Leased Lands are grandfathered
so that reclamation is not required, Tenant shall
nevertheless reclaim the lands in accordance with
reclamation standards of the State of Florida, as if the
same were legally applicable, when no further mining or
operational use of the lands is anticipated. Within three
(3) years of the date hereof, Tenant shall begin such
reclamation of that part of the Leased Lands where no
further mining or operational use is anticipated by Tenant.
5. Full Force and Effect. Landlord and Tenant
acknowledge that the Lease continues in full force and
effect in accordance with its terms, as modified herein. In
the event of any inconsistency between the provisions of
this Amendment and the provisions of the Lease as it existed
prior to this Amendment, the terms of this Amendment shall
prevail and be deemed to modify all inconsistent terms of
the Lease as it previously existed.
[Signatures on Following Pages]
<PAGE>
IN WITNESS WHEREOF, the undersigned have entered into
this Amendment as of the date set forth above.
Signed, sealed and delivered FLORIDA ROCK PROPERTIES, INC.
in the presence of:
____________________________ /s/ John E. Anderson
Print:_______________________ By: __________________________
Print: John E. Anderson
Its: Chairman
____________________________
Print:_______________________
STATE OF FLORIDA
COUNTY OF DUVAL
The foregoing instrument was acknowledged before me
this ____ day of October, 2006, by ______________________,
as ___________ of Florida Rock Properties, Inc., a Florida
corporation, on behalf of the corporation. He/She ( ) is
personally known to me or ( ) has produced a valid
Florida Driver's License as identification.
______________________________
Print: _______________________
Notary Public, State of Florida
My commission expires:__________
Serial No. _____________________
(Notarial Seal)
<PAGE>
Signed, sealed and delivered FLORIDA ROCK INDUSTRIES, INC.
in the presence of:
____________________________ /s/ John D. Milton, Jr.
Print:______________________ By: __________________________
Print: John D. Milton, Jr.
Its: Executive Vice President
____________________________
Print:______________________
STATE OF FLORIDA
COUNTY OF DUVAL
The foregoing instrument was acknowledged before me
this ____ day of October, 2006, by ______________________,
as _____________ of Florida Rock Industries, Inc., a Florida
corporation, on behalf of the corporation. He/She ( ) is
personally known to me or ( ) has produced a valid
Florida Driver's License as identification.
_____________________________
Print:_______________________
Notary Public, State of Florida
My commission expires:__________
Serial No. _____________________
(Notarial Seal)
<PAGE>
EXHIBIT A
Royalty Schedule
Forming a Part of Paragraph 3 of the Amendment to Mining
Lease Agreement
Paragraph (a) of Exhibit C to the Lease is hereby amended
and restated in its entirety as follows:
(a) The sum of EIGHT THOUSAND THREE HUNDRED THIRTY-THREE
and 33/100 Dollars ($8,333.33) per month as a minimum
royalty shall be paid by Tenant to Landlord during each
month from the effective date hereof through September 30,
2010. Beginning on October 1, 2010, and on each 5th
anniversary thereof during the term of this Lease (each such
date being referred to herein as a "Minimum Royalty
Adjustment Date"), the minimum monthly royalty payment shall
be adjusted proportionately with any changes in the Producer
Price Index for Construction Sand, Gravel and Crushed Stone
(Commodity Code 13-21) (1982=100) (the "PPI"), as published
by the U. S. Department of Labor during the preceding five
year period of the Lease term. For the adjustment on
October 1, 2010, the calendar year 2005 shall be used as the
base year. For each subsequent adjustment after October 1,
2010, the base year for the PPI adjustment shall be the last
calendar year of the five year period which immediately
preceded the five year period that ended on the day
immediately preceding the Minimum Royalty Adjustment Date.
The minimum royalty payment as adjusted on each Minimum Rent
Adjustment Date shall then become the minimum monthly
royalty payment for each month of the next five years of the
term, until the next Minimum Royalty Adjustment Date, when
the minimum royalty is again adjusted as provided herein.
Notwithstanding any of the above provisions, the minimum
monthly royalty shall never be less than $8,333.33 per
month. If the index required for the calculation of the
royalty adjustment is not available at the time the
adjustment is to become effective, Tenant shall continue to
pay the minimum royalty in effect for the preceding month,
until the adjustment can be computed, at which time Landlord
shall advise Tenant and Tenant shall pay the additional
amount that would have been required, had the adjusted
royalty figure been available on the Minimum Royalty
Adjustment Date. The payment of each month's minimum
royalty shall be made within twenty (20) days following the
beginning of the calendar month of the Lease term. All
minimum royalties paid by Tenant may be recovered by Tenant
as provided in the subsequent provisions of this Exhibit C;
provided, however, such minimum royalties may only be
recovered during Tenant's fiscal year in which such payments
are made.
<PAGE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>4
<FILENAME>marionsand.txt
<DESCRIPTION>MARION SAND LEASE
<TEXT>
Prepared by and return to:
Sharon Roberts Henderson, Esq.
McGuireWoods LLP
50 North Laura St., Suite 3300
Jacksonville, Florida 32202
AMENDMENT TO MINING LEASE AGREEMENT
-----------------------------------
(Marion Sand)
This Amendment to Mining Lease Agreement is entered
into by and between FLORIDA ROCK PROPERTIES, INC. ("FRP") as
Landlord, and FLORIDA ROCK INDUSTRIES, INC. ("FRI"), as
Tenant, this 4th day of October, 2006.
RECITALS:
---------
FRI, as Tenant, entered into that certain Mining Lease
Agreement with FRP, as Landlord, dated April 1, 1986,
recorded in Official Records Book 1358, page 0384, of the
public records of Marion County, Florida, as modified by
unrecorded First Amendment to Mining Lease Agreement dated
April 1, 1991 (collectively, the "Lease"). FRI has
previously exercised two options to extend the term of the
Lease to March 31, 2008.
FRI and FRP desire to amend the Lease as set forth
below.
NOW THEREFORE, in consideration of $10.00 and other
good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the undersigned agree as
follows:
1. Recitals. The foregoing Recitals are true and
correct.
2. Extension of Term. The term of the Lease is hereby
extended for an additional term beginning April 1, 2008, and
expiring on the earlier of the following dates (unless
sooner terminated in accordance with the terms of the
Lease):
(i) March 31, 2031; or
(ii) When FRI has determined in its reasonable
discretion that no economically mineable
reserves of Construction Materials remain on
lands owned or leased by FRI adjacent to the
Leased Lands.
3. Minimum Royalty. Paragraph (a) of Exhibit C
attached to the Lease, setting forth the minimum royalty to
the paid by Tenant for use and possession of the Leased
Lands, shall be modified, amended and restated in its
entirety as set forth on Exhibit A
<PAGE>
attached to this Amendment. All portions of Exhibit C to
the Lease which are not specifically amended hereby shall
remain in full force and effect. Provided however, that
this Amendment shall be recorded in the public records of
the county where the Leased Lands are located as a short
form memorandum without attaching thereto a copy of said
Exhibit A.
4. Reclamation. Tenant agrees that when mining is
complete and no further mining or operational use of the
land is anticipated by Tenant, Tenant shall reclaim the land
in compliance with either the reclamation standards of the
State of Florida or the reclamation standards of the county
where the Leased Lands are located, whichever is stricter.
Wherever any portions of the Leased Lands are grandfathered
so that reclamation is not required, Tenant shall
nevertheless reclaim the lands in accordance with
reclamation standards of the State of Florida, as if the
same were legally applicable, when no further mining or
operational use of the lands is anticipated. Within three
(3) years of the date hereof, Tenant shall begin such
reclamation of that part of the Leased Lands where no
further mining or operational use is anticipated by Tenant.
5. Full Force and Effect. Landlord and Tenant
acknowledge that the Lease continues in full force and
effect in accordance with its terms, as modified herein. In
the event of any inconsistency between the provisions of
this Amendment and the provisions of the Lease as it existed
prior to this Amendment, the terms of this Amendment shall
prevail and be deemed to modify all inconsistent terms of
the Lease as it previously existed.
[Signatures on Following Pages]
<PAGE>
IN WITNESS WHEREOF, the undersigned have entered into
this Amendment as of the date set forth above.
Signed, sealed and delivered FLORIDA ROCK PROPERTIES, INC.
in the presence of:
_________________________ /s/ John E. Anderson
Print:___________________ By: ________________________________
Print:John E. Anderson
Its: Chairman
____________________________
Print:_____________________
STATE OF FLORIDA
COUNTY OF DUVAL
The foregoing instrument was acknowledged before me
this ____ day of October, 2006, by ______________________,
as _______________ of Florida Rock Properties, Inc., a
Florida corporation, on behalf of the corporation. He/She (
) is personally known to me or ( ) has produced a valid
Florida Driver's License as identification.
_____________________________
Print:_______________________
Notary Public, State of Florida
My commission expires:_________
Serial No. ____________________
(Notarial Seal)
<PAGE>
Signed, sealed and delivered FLORIDA ROCK INDUSTRIES, INC.
in the presence of:
____________________________ /s/ John D. Milton, Jr.
Print: _____________________ By: _________________________
Print: John D. Milton, Jr.
Its: Executive Vice President
____________________________
Print:______________________
STATE OF FLORIDA
COUNTY OF DUVAL
The foregoing instrument was acknowledged before me
this ____ day of October, 2006, by ______________________,
as _______________ of Florida Rock Industries, Inc., a
Florida corporation, on behalf of the corporation. He/She (
) is personally known to me or ( ) has produced a valid
Florida Driver's License as identification.
______________________________
Print:________________________
Notary Public, State of Florida
My commission expires:_________
Serial No. ____________________
(Notarial Seal)
<PAGE>
EXHIBIT A
Royalty Schedule
Forming a Part of Paragraph 3 of the Amendment of Mining
Lease Agreement
Paragraph (a) of Exhibit C to the Lease is hereby amended
and restated in its entirety as follows:
(a) The sum of EIGHT THOUSAND THREE HUNDRED THIRTY-THREE
and 33/100 Dollars ($8,333.33) per month as a minimum
royalty shall be paid by Tenant to Landlord during each
month from the effective date hereof through September 30,
2010. Beginning on October 1, 2010, and on each 5th
anniversary thereof during the term of this Lease (each such
date being referred to herein as a "Minimum Royalty
Adjustment Date"), the minimum monthly royalty payment shall
be adjusted proportionately with any changes in the Producer
Price Index for Construction Sand, Gravel and Crushed Stone
(Commodity Code 13-21) (1982=100) (the "PPI"), as published
by the U. S. Department of Labor during the preceding five
year period of the Lease term. For the adjustment on
October 1, 2010, the calendar year 2005 shall be used as the
base year. For each subsequent adjustment after October 1,
2010, the base year for the PPI adjustment shall be the last
calendar year of the five year period which immediately
preceded the five year period that ended on the day
immediately preceding the Minimum Royalty Adjustment Date.
The minimum royalty payment as adjusted on each Minimum Rent
Adjustment Date shall then become the minimum monthly
royalty payment for each month of the next five years of the
term, until the next Minimum Royalty Adjustment Date, when
the minimum royalty is again adjusted as provided herein.
Notwithstanding any of the above provisions, the minimum
monthly royalty shall never be less than $8,333.33 per
month. If the index required for the calculation of the
royalty adjustment is not available at the time the
adjustment is to become effective, Tenant shall continue to
pay the minimum royalty in effect for the preceding month,
until the adjustment can be computed, at which time Landlord
shall advise Tenant and Tenant shall pay the additional
amount that would have been required, had the adjusted
royalty figure been available on the Minimum Royalty
Adjustment Date. The payment of each month's minimum
royalty shall be made within twenty (20) days following the
beginning of the calendar month of the lease term. All
minimum royalties paid by Tenant may be recovered by Tenant
as provided in the subsequent provisions of this Exhibit C;
provided, however, such minimum royalties may only be
recovered during Tenant's fiscal year in which such payments
are made.
<PAGE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>5
<FILENAME>buildinglease.txt
<DESCRIPTION>BUILDING LEASE
<TEXT>
Prepared by and return to:
Sharon Roberts Henderson, Esq.
McGuireWoods LLP
50 North Laura St., Suite 3300
Jacksonville, Florida 32202
AMENDMENT TO BUILDING LEASE
---------------------------
(155 East 21st Street, Jacksonville, Florida)
This Amendment to Building Lease is entered into by and
between FLORIDA ROCK PROPERTIES, INC. ("FRP") as Landlord,
and FLORIDA ROCK INDUSTRIES, INC. ("FRI"), as Tenant, this
4th day of October, 2006.
RECITALS:
---------
FRI, as Tenant, entered into that certain Building
Lease with FRP, as Landlord, dated April 1, 1986, recorded
in Official Records Book 6152, page 914, as modified by
Building Lease Modification Agreement dated December 3, 1986
recorded in Official Records Book 6254, page 2075, all in
the public records of Duval County, Florida and as further
modified by unrecorded Addenda dated July 1, 1987; October
1, 1989; April 1, 1991; August 20, 1992; September 1, 1992;
October 1, 1993 and April 1, 1996 (collectively, the
"Lease").
FRI and FRP desire to further amend the Lease as set
forth below.
NOW THEREFORE, in consideration of $10.00 and other
good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the undersigned agree as
follows:
1. Recitals. The foregoing Recitals are true and correct.
2. Extension of Term. The term of the Lease commenced on
April 1, 1986, and is hereby extended for an additional ten
(10) years. The term of the Lease will expire at midnight
on March 31, 2026, unless sooner terminated as provided
therein.
3. Base Rent During Extended Term. Beginning on April 1,
2016, and continuing on the first day of each consecutive
month thereafter through March 31, 2026, the monthly Base
Rent for the Demised Premises for each month shall be the
same as the monthly Base Rent which was due for the month
beginning March 1, 2016. All sales tax due on the Base Rent
shall be paid to Landlord with each installment thereof.
4. Assignment. Tenant shall not assign its interest
under the Lease without the prior written consent of
Landlord, whose consent shall not be unreasonably withheld
or delayed. Landlord agrees that it shall not withhold its
consent to assignment of the Tenant's interest in the Lease
to a proposed assignee whose financial resources make it
reasonably capable of performing the obligations of Tenant
under the Lease. Subject to
<PAGE>
the rights of Tenant as set
forth in Section 5 below, Landlord shall have the right to
assign its interest in the Lease to a party who purchases
fee simple interest in the Demised Premises.
5. Option.
Landlord hereby grants to Tenant a right of first
refusal to purchase the Demised Premises pursuant to and on
the terms set forth as follows:
5.1 If Landlord receives a bona fide offer from a
third party to buy the Demised Premises and Landlord desires
to accept the offer, Landlord will first make a written
offer to sell the Demised Premises to Tenant (the "Offer
Notice") on the same terms as the third party offer (which
Offer Notice shall include a copy of the third party offer,
if such offer was made in writing, or otherwise shall
include detailed description of the terms of the offer.)
Tenant will have thirty (30) days after receipt of such
Offer Notice within which to accept such offer by written
notice to Landlord. If Tenant accepts such offer as set
forth in the Offer Notice, Tenant shall be obligated to
purchase the Demised Premises in accordance with terms of
the offer. If Tenant fails to accept such offer within the
time period provided for acceptance by Tenant, Landlord
shall thereafter be free to sell the Demised Premises to any
party within one year of the Offer Notice, to any person or
entity, provided the purchase price accepted from such third
party is not less than the purchase price at which the
Demised Premises were offered to Tenant, and the terms other
than the purchase price are not materially more favorable to
a buyer than the terms offered to Tenant.
5.2 Notwithstanding anything to the contrary set forth
herein, Tenant shall have no right to exercise its right of
first refusal if Tenant is in default under this Lease
beyond any notice and cure period provided herein.
5.3 Tenant shall not have a right of first refusal to
purchase the Demised Premises in the event of a foreclosure
sale by, or a conveyance in lieu of foreclosure to, any
mortgagee having a lien upon the Demised Premises, but
Tenant shall have the right to bid at any foreclosure sale.
5.4 If Tenant declines to exercise this right of first
refusal and Landlord thereafter sells the Demised Premises
as permitted by Section 5.1, Tenant's right of first refusal
shall terminate effective upon such sale of the Demised
Premises.
6. Lease in Full Force and Effect. Landlord and
Tenant acknowledge that the Lease continues in full force
and effect in accordance with its terms, as modified herein.
In the event of any inconsistency between the provisions of
this Amendment and the provisions of the Lease as it existed
prior to this Amendment, the terms of this Amendment shall
prevail and be deemed to modify inconsistent terms of the
Lease as it previously existed.
[Signatures on Following Pages]
<PAGE>
IN WITNESS WHEREOF, the undersigned have entered into
this Amendment as of the date set forth above.
Signed, sealed and delivered FLORIDA ROCK PROPERTIES, INC.
in the presence of:
____________________________ /s/ John E. Anderson
Print:_______________________ By:________________________________
Print: John E. Anderson
Its: Chairman
____________________________
Print:______________________
STATE OF FLORIDA
COUNTY OF DUVAL
The foregoing instrument was acknowledged before me
this ____ day of October, 2006, by ______________________,
as ___________ of Florida Rock Properties, Inc., a Florida
corporation, on behalf of the corporation. He/She ( ) is
personally known to me or ( ) has produced a valid
Florida Driver's License as identification.
_______________________________
Print:_________________________
Notary Public, State of Florida
My commission expires:___________
Serial No._______________________
(Notarial Seal)
<PAGE>
Signed, sealed and delivered FLORIDA ROCK INDUSTRIES, INC.
in the presence of:
____________________________ /s/ John D. Milton, Jr.
Print: _____________________ By: ________________________________
Print: John D. Milton, Jr.
Its: Executive Vice President
____________________________
Print:_____________________
STATE OF FLORIDA
COUNTY OF DUVAL
The foregoing instrument was acknowledged before me
this ____ day of October, 2006, by ______________________,
as ___________ of Florida Rock Industries, Inc., a Florida
corporation, on behalf of the corporation. He/She ( ) is
personally known to me or ( ) has produced a valid
Florida Driver's License as identification.
______________________________
Print: _______________________
Notary Public, State of Florida
My commission expires:_________
Serial No. ____________________
(Notarial Seal)
<PAGE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>6
<FILENAME>brooksvillejv.txt
<DESCRIPTION>BROOKSVILLE JOINT VENTURE
<TEXT>
JOINT VENTURE AGREEMENT
BETWEEN
FLORIDA ROCK INDUSTRIES, INC.
AND
FLORIDA ROCK PROPERTIES, INC.
(a subsidiary of Patriot Transportation Holding, Inc.)
DATED AS OF OCTOBER 4, 2006
<PAGE>
TABLE OF CONTENTS Page
SECTION 1 FORMATION OF JOINT VENTURE 1
1.1 Formation 1
1.2 Members and Percentage Interests 2
1.3 Purpose 2
1.4 Principal Office 2
1.5 Unified Agreement 2
SECTION 2 CAPITAL CONTRIBUTIONS TO JOINT VENTURE 2
2.1 Initial Capital Contributions 2
2.2 Method of Making Initial Capital Contributions 3
2.3 Capital Accounts 3
2.4 No Right to Interest on Capital Contributions or to
Withdraw or Withdraw One's Capital Contributions 4
2.5 Additional Capital Contributions or Loans 4
SECTION 3 ADDITIONAL TRANSACTIONS 5
3.1 Rivenbark Property Acquisition Expenses 5
3.2 Brooksville Mining 5
3.3 Additional Property 5
SECTION 4 GOVERNANCE 5
4.1 Management Committee 5
4.2 Appointment and Tenure of the Committee Members 6
4.3 Meetings of the Management Committee 6
4.4 Business Plan 6
4.5 Officers of the Company 7
4.6 Approval Rights of FRP and FRK 7
4.7 Other Activities of Members and Committee Members 8
4.8 Salaries of Committee Members 8
SECTION 5 BUYOUT EVENTS AND TRANSFERS 8
5.1 Put and Call Buy-Sell 8
5.2 Right of First Refusal 9
5.3 Power of Attorney 10
SECTION 6 DISTRIBUTIONS 10
6.1 General 10
6.2 Liquidating Distributions 10
6.3 Limitations of Distributions 10
6.4 Return of Capital 10
SECTION 7 ALLOCATIONS 10
7.1 Allocations of Profits and Losses Among the Members 10
7.2 Special Allocations 11
7.3 Curative Allocations 12
7.4 Other Allocation Rules 12
7.5 Section 704(c) Allocations 13
<PAGE>
TABLE OF CONTENTS
(continued) Page
SECTION 8 FEDERAL AND STATE TAX MATTERS 13
8.1 Tax Year and Accounting Matters 13
8.2 Tax Elections 13
8.3 Tax Matters Partner 14
SECTION 9 INDEMNIFICATION 14
9.1 Indemnification 14
9.2 Advances 14
SECTION 10 DISSOLUTION OF THE COMPANY 15
10.1 Events of Dissolution 15
10.2 Liquidating Distributions 15
SECTION 11 MISCELLANEOUS PROVISIONS 15
11.1 Representations and Warranties of Members 15
11.2 Amendment 16
11.3 Construction 16
11.4 Severability 16
11.5 Burden and Benefit Upon Successors 16
11.6 Further Assurances 16
11.7 Notices 16
11.8 Waiver 16
11.9 Company Property 17
11.10 Counterparts 17
11.11 No Third Party Beneficiary 17
11.12 Governing Law 17
11.13 Survival 17
11.14 Counsel Fees 17
11.15 Entire Agreement 17
11.16 No Agency Relationship 17
11.17 Dispute Resolution 17
List of Schedules and Exhibits Section Reference
- ------------------------------ -----------------
Schedule 1 --Definitions Preamble (Page 1)
Schedule 2 - Description of Brooksville Property Page 1
Schedule 3 - Permitted Encumbrances Schedule 1 (Page
S1-6)
Schedule 4.1 - Initial Management Committee Members Section 4.1
Exhibit A - Certificate and Plan of Merger Section 2.2(c)
<PAGE>
JOINT VENTURE AGREEMENT
This Joint Venture Agreement (this "Agreement") is made and
entered into effective as of the 4th day of October, 2006 (the
"Effective Date") by and among Florida Rock Industries, Inc., a
Florida corporation ("FRK"), and Florida Rock Properties, Inc.
("FRP"), a Florida corporation and wholly owned subsidiary of Patriot
Transportation Holding, Inc. ("Patriot"). FRK and FRP are
collectively referred to herein as "Party" or "Parties." Capitalized
terms used in this Agreement shall have the meanings specified in
Schedule 1 to this Agreement.
BACKGROUND
A. FRP owns 3,443 acres of land located in the Brooksville, Florida
area (the "FRP Property"). FRK has a leasehold interest in the FRP
Property pursuant to a long term lease between FRP and FRK pursuant
to which FRI potentially has the right, upon exercising renewal
options, to use and mine the FRP Property for up to the next 86 years
(the "FRK Brooksville Leasehold Interest").
B. FRK owns 553 acres of land located adjacent to the FRP Property
(the "FRK Property"). FRK also owns an additional 288 acre parcel
that it recently acquired through its wholly owned subsidiary, FRK
Brittle Road LLC (the "Rivenbark Property"). The FRP Property, the
FRK Property and the Rivenbark Property are collectively referred to
herein as the "Brooksville Property." The Brooksville Property is
more specifically described in Schedule 2.
C. FRK and FRP have determined, based on their analysis of various
factors, that the Brooksville Property is more valuable as
development property than as mining property.
D. At present, however, FRP cannot develop the FRP Property or sell
the FRP Property to a third party for development due to the FRK
Brooksville Leasehold Interest; likewise, FRK cannot develop the FRP
Property under the terms of the existing lease.
E. Accordingly, the independent directors of FRK and Patriot have
determined that it is in the best interests of each Party to enter
into this Agreement to establish a joint venture (the "Joint
Venture") to pursue the development and/or sale of the Brooksville
Property.
F. In connection with entering into this Agreement, the Parties
have agreed to amend certain lease agreements between FRK and FRP
relating to properties other than the Brooksville Property.
AGREEMENT
In consideration of the foregoing recitals which are hereby
incorporated as a part of this Agreement, the mutual covenants and
agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties, intending to be legally bound, hereby
agree as follows:
SECTION 1
FORMATION OF JOINT VENTURE
1.1 Formation. The Parties hereby agree to form, organize and
capitalize a new limited liability company (the "Company") under the
provisions of the Florida Limited Liability Company Act (the "Act")
and in accordance with the terms of this Agreement. The business of
the Joint Venture shall be conducted through the Company. The name of
the Company shall be Brooksville Quarry, LLC.
<PAGE>
1.2 Members and Percentage Interests. FRK and FRP each shall
have a 50% Membership Interest in the Company.
1.3 Purpose. The purpose of the Company is (a) to develop and/or
sell the Brooksville Property (the "Project") and to conduct such
other lawful activities as are reasonably necessary or useful to the
furtherance of the Project, and (b) to conduct any other lawful
business of the Joint Venture as the Board may determine from time to
time. The Company shall have all powers of a limited liability
company under the Act and the power to do all things necessary or
convenient to operate its business and accomplish its purpose.
1.4 Principal Office. The initial principal office of the Company
shall be 155 East 21st Street, Jacksonville, Florida 32206. The
Company may relocate the principal office and have such additional
offices as the Board may deem advisable.
1.5 Unified Agreement. This Agreement sets forth the terms of the
Joint Venture and serves as the Operating Agreement of the Company.
SECTION 2
CAPITAL CONTRIBUTIONS TO JOINT VENTURE
2.1 Initial Capital Contributions. Concurrently with the execution
of this Agreement, each Member shall make the Capital Contributions
described below (the "Initial Capital Contributions") to the Company
in exchange for a 50% Membership Interest in the Company:
Member Initial Capital Percentage
------ Contribution Interest
------------ --------
Florida Rock the FRK Property 50%
Industries, Inc.
the FRK Brooksville
Leasehold Interest
the Rivenbark Property
Florida Rock the FRP Property 50%
Properties, Inc. (subject to reserved
right to royalties as
described in Section
3.2)
50% of the Rivenbark
Acquisition Costs
Each such asset to be contributed shall be contributed free and
clear of any liens and encumbrances whatsoever, except for Permitted
Encumbrances. For purposes of calculating Capital Accounts, each
Member shall be credited with an initial Capital Contribution based
on the fair market value of the assets contributed as determined
after the closing.
<PAGE>
2.2 Method of Making Initial Capital Contributions.
(a) FRK shall contribute its entire fee interest in the FRK
Property and the FRK Brooksville Leasehold Interest to a newly formed,
wholly owned, single member limited liability company organized under
the Act ("FRK Newco"), which company shall also hold the fee interest
in the Rivenbark Property.
(b) FRP shall contribute its entire fee interest in the FRP
Property and an amount equal to fifty percent (50%) of the costs incurred
by FRK and FRK Newco in the acquisition of the Rivenbark Property
("Rivenbark Acquisition Expenses") to a newly formed, wholly owned,
single member limited liability company organized under the Act ("FRP
Newco").
(c) Following the transactions described in Sections 2.2(a)
and 2.2(b), FRK Newco shall be merged with and into FRP Newco in a merger
(the "Merger") in which FRP Newco is the surviving entity (the
"Surviving Entity"), pursuant to the Certificate and Plan of Merger
attached hereto as Exhibit A. The Surviving Entity also is referred
to in this Agreement as the "Company."
(d) As a result of the Merger, (i) the Articles of Organization
of FRP Newco shall be amended to change the name of the Surviving Entity
to Brooksville Quarry, LLC, (ii) this Agreement shall become the
Operating Agreement of the Surviving Entity, (iii) all assets,
properties, rights and privileges of FRK Newco and FRP Newco shall
become the assets, properties, rights and privileges of the Surviving
Entity, (iv) the membership interests of FRK in FRK Newco shall be
converted into a 50% Membership Interest in the Surviving Entity, (v)
all of the membership interests of FRP in FRP Newco shall become a
50% Membership Interest in the Surviving Entity, and (vi) all of the
managers and officers of FRP Newco, if any, shall be removed and
replaced by the Committee Members and officers designated pursuant to
this Agreement.
2.3 Capital Accounts. A single and separate Capital Account shall
be established for each Member, which shall initially be set at zero
and to which amounts will thereafter be credited or debited from time
to time in accordance with the following provisions:
(a) Each Member's Capital Account shall be credited by (i) such
Member's Initial Capital Contributions in the amount determined
pursuant to Section 2.1, (ii) such Members additional Capital
Contributions, (iii) the amount of Profits allocated to such Member
pursuant to Section 7.1 and any items in the nature of income or gain
specially allocated to such Member pursuant to Sections 7.2 and 7.3,
and (iv) the amount of any liabilities of the Company assumed by such
Member or secured by Property distributed to such Member.
(b) Each Member's Capital Account shall be debited by (i) the
aggregate amount of money and the Gross Asset Value of any Property
distributed to such Member, (ii) the amount of Losses allocated to
such Member pursuant to Section 7.1 and any items in the nature of
expenses or losses specially allocated to such Member pursuant to
Sections 7.2 and 7.3, and (iii) the amount of any liabilities of such
Member assumed by the Company or secured by Property contributed by
such Member to the Company.
(c) In determining the amount of any liability for purposes of
Section 2.3(a) and 2.3(b) above, there shall be taken into account
the provisions of Code Section 752(c) and any other applicable
provisions of the Code and Treasury Regulations, including, without
limitation, Treasury Regulation Section 1.704-1(b)(2)(iv)(c).
<PAGE>
(d) If all or any portion of a Member's Membership Interest is
transferred, the transferee shall succeed to the Capital Account of
the assignor or transferor to the extent it relates to the
transferred Membership Interest.
(e) The foregoing provisions and other provisions of this
Agreement relating to the determination and maintenance of Capital
Accounts are intended to comply with Treasury Regulation Section
1.704-1(b), and shall be interpreted and applied in a manner consistent
with such Treasury Regulation. The Management Committee may modify or
adjust the manner in which the Capital Accounts, or any items of debits
or credits thereto, are computed in order to comply with such Treasury
Regulation, provided that such modifications or adjustments are not
likely to have a material effect on the amounts distributable to any
Member pursuant to Section 10.2 upon the dissolution of the Company.
2.4 No Right to Interest on Capital Contributions or to Withdraw or
Withdraw One's Capital Contributions. Except as otherwise provided
or contemplated herein, no Member shall (a) be paid interest on any
Capital Contributions, (b) have the right to resign, withdraw, or be
repaid all or any part of that Member's Capital Contributions, or (c)
have the right to receive, as a Distribution or return of capital,
any property of the Company other than cash or cash equivalents. No
Member shall be entitled to any Distribution, whether upon the
resignation or withdrawal of such Member from the Company or
otherwise, except as expressly provided in this Agreement.
2.5 Additional Capital Contributions or Loans.
(a) Funding Notices. The Company's Management Committee may
determine from time to time that the Company requires additional
funding from the Members in order to implement the Company's Business
Plan. In such case, the Management Committee will cause the Company
to give written notice (the "Funding Notice") to the Members stating
(i) the aggregate amount of additional funds required from the
Members (the "Additional Funding Amount"), (ii) each Member's Pro
Rata share of the Additional Funding Amount, (iii) whether the
Additional Funding Amount will be treated as Capital Contributions or
as loans from the Members to the Company, (iv) if the Additional
Funding Amount will be treated as loans, the terms of the loans, and
(v) the date or dates by which the Additional Funding Amount is to be
provided by the Members to the Company. Notwithstanding the
foregoing, without the approval of the Members, the Management
Committee shall not issue Funding Notices requiring the Members to
fund aggregate Additional Funding Amounts in excess of $2 million per
Member, exclusive of Initial Capital Contributions.
(b) Funding by Members. Each of the Members shall be obligated
to fund its Pro Rata share of the Additional Funding Amount in
immediately available funds in accordance with the terms of the
Funding Notice.
(c) Failure to Fund. If one Member (the "Funding Member")
funds its Pro Rata share of the Additional Funding Amount but the
other Member (the "Defaulting Member") fails to fund its Pro Rata share
by the date specified in the Funding Notice, the Company will give
written notice of non-payment to the Defaulting Member with a copy to
the Funding Member (the "Non-Payment Notice"). If the Defaulting
Member fails to cure such non-payment within thirty (30) days after
receipt of the Non-Payment Notice (a "Funding Default"), then the
Funding Member may elect to fund the amount not funded by the
Defaulting Member. In such event, the amount funded by the Funding
Member on behalf of the Defaulting Member (the "Funding Advance")
shall be deemed to be a loan by the Funding Member to the Defaulting
Member, repayable upon demand and bearing interest at the Interest
Rate. In addition, the Funding Default shall be deemed to be a
Triggering Event for purposes of Section 5.2. Each Member hereby
acknowledges that the Membership Interests are issued subject to, and
hereby affirms the
<PAGE>
grant, to the other Member of a first priority
security interest in, such Member's Membership Interest for the
purpose of securing such Member's obligation to repay to the other
Member any Funding Advances made by the other Member and hereby
acknowledges that the other Member shall have all of the rights of a
secured party under the Uniform Commercial Code (the "UCC") enacted
in the state of Florida, including the right to bid for and purchase
such Member's Membership Interest at any sale conducted pursuant to
the UCC following such Member's default.
SECTION 3
ADDITIONAL TRANSACTIONS
3.1 Rivenbark Property Acquisition Expenses. Upon execution of
this Agreement, the Company shall reimburse to FRK fifty percent (50%)
of the Rivenbark Acquisition Expenses.
3.2 Brooksville Mining. Following the Merger, (i) FRK shall be
entitled to continue to conduct mining activities and to operate its
calcium products plant on the Brooksville Property (with respect to
the FRP Property, on and subject to all of the same terms as the
lease between FRK and FRP existing prior to the Merger (the "Prior
Mining Lease") except as described herein); (ii) at such time as such
operations physically interfere with development of the Brooksville
Property, the mining activities and calcium products plant shall be
relocated at FRK's expense to the area known as the McCall Pit (167
acres in the Northwest corner of the Brooksville Property); (iii) FRK
will be permitted to operate at the McCall Pit for a minimum of
fifteen (15) years, subject to two five year renewal options at FRK's
option; (iv) real estate taxes on the Brooksville Property for the
period after the effective date of the Merger shall be paid by the
Company; and (v) to the extent FRK mines on the FRP Property, FRK
will pay per ton royalties to the Company at the same rate as under
the Prior Mining Lease, but without any obligation to pay minimum
royalties. The Company shall distribute all such royalties to FRP
and shall specially allocate all such royalty income and associated
depletion deductions to FRP.
3.3 Additional Property. From time to time, based on analysis of
various factors, FRK and FRP may decide to contribute additional
properties to the Joint Venture for development. Upon agreement of
FRK and FRP, such additional properties (collectively, the
"Additional Property") shall be contributed to the Joint Venture.
The Committee Members shall develop a development plan and a business
plan for any such Additional Property, and such Additional Property
shall be developed and/or sold pursuant to the terms hereof.
Following contribution to the Joint Venture, such Additional Property
shall be deemed included within the term "Joint Venture Property."
SECTION 4
GOVERNANCE
4.1 Management Committee.
(a) The Company shall be managed by a management committee (the
"Management Committee"), which shall be comprised of four individuals
(the "Committee Members") designated as provided in Section 4.2. The
initial Committee Members, who shall serve until their successors are
selected, are listed on Schedule 4.1.
(b) Subject to the approval rights reserved to the Members (FRP
and FRK) specified in Section 4.6 and any other limitations expressly
contained in this Agreement, the Management Committee shall have
exclusive authority and full discretion with respect to the
management of the Company.
<PAGE>
4.2 Appointment and Tenure of the Committee Members. The Committee
Members shall be appointed by the Members as follows:
(a) FRK shall have the sole right to appoint two (2) Committee
Members; and
(b) FRP shall have the sole right to appoint two (2) Committee
Members.
In the event that any Committee Member resigns, is removed, or
otherwise fails to serve as a Committee Member, the Member(s) who
appointed such Committee Member, whether FRK or FRP, or FRK and FRP
jointly, shall be entitled to appoint a Committee Member to fill such
vacancy. The Committee Member shall serve in such office until such
Committee Member is removed in accordance with this Section 4.2, or
until the earlier resignation or death of such Committee Member. Any
Committee Member may be removed at any time with or without cause by
the Member that appointed that Committee Member, or, in the case of
the jointly appointed Committee Member, by either Member.
4.3 Meetings of the Management Committee.
(a) Each Committee Member shall have one vote. The Management
Committee may act only by (i) majority vote of the Committee Members
in attendance at a duly called meeting of the Management Committee at
which a quorum is present in person or by proxy or (ii) by unanimous
written consent of all of the Committee Members. Committee Members
may grant their proxy to any other Committee Member to vote on their
behalf.
(b) The Management Committee shall elect a Chairman who shall
preside at meetings of the Management Committee. The Chairman shall
establish and announce the schedule and location for regular meetings
of the Management Committee, which shall be no less frequently than
quarterly. Regular meetings may be held as scheduled by the Chairman
without any additional notice of the time, place or purpose of the
meeting.
(c) The Management Committee may hold special meetings upon
the call of any Committee Member. Except as to a Committee Member who
waives notice in writing (before or after a meeting), prior notice of
the date, time and place of the meeting and the purpose for which such
meeting has been called shall be given to each Committee Member at
least three Business Days prior to such meeting. A Committee
Member's attendance at or participation in a meeting waives any
required notice to such Committee Member of the meeting unless such
Committee Member, at the beginning of the meeting or promptly upon
arrival at the meeting, objects to holding the meeting or transacting
business at the meeting and does not thereafter vote for or assent to
action taken at the meeting.
(d) All of the Committee Members must be present, in person
or by proxy, in order to establish a quorum at a meeting of the Management
Committee.
(e) Committee Members may participate in a meeting of the
Management Committee by means of conference telephone or similar
communications equipment by means of which all persons participating in
the meeting can hear each other, and such participation shall constitute
presence in person at such meeting.
4.4 Business Plan. The Management Committee shall prepare and
approve a Business Plan in advance for each Fiscal Year, which shall
be subject to the approval of the Members. If at any time after the
Company's first Fiscal Year the Members and Management Committee do
not approve the Business Plan prior to the beginning of the next
Fiscal Year, the previously approved Business Plan shall continue
<PAGE>
to govern (but with a 5% increase in all budgeted amounts) until
approval by the Members and Management Committee of the new Business
Plan.
4.5 Officers of the Company.
(a) The Company shall have such officers as may be designated
from time to time by the Management Committee, who shall, unless and until
removed from office, act as agents of the Company, have such powers
as are usually exercised by comparably designated officers of a
Florida corporation and have the power to bind the Company through
the exercise of such powers, subject to the limitations imposed by
this Agreement and any other limitations imposed by the Management
Committee. The officers shall operate within the scope of the
approved Business Plan, and any material deviations from the approved
Business Plan shall require prior approval of the Members provided,
however, that deviations in individual line items of the operating
and capital expense budgets shall not require prior approval from the
Members provided that the overall deviations do not exceed 10% for
the applicable Fiscal Year. The Management Committee shall determine
the compensation, if any, for the officers appointed by it.
(b) The Management Committee shall designate which officers
are to report directly to it.
(c) The Management Committee may remove any officer at any
time with or without cause; provided, however, that such removal
shall not affect the rights of the Company or of such officer under
any written agreement between the Company and such officer except in
accordance with the terms of such written agreement (if any).
(d) An officer may resign as an officer at any time by written
notice to the Management Committee. The resignation shall become
effective when the Company receives the notice unless a later
effective date is specified in the notice.
(e) The officers of the Company shall not have the authority to
commence any litigation on behalf of the Company without the prior
approval of the Management Committee.
4.6 Approval Rights of FRP and FRK. Notwithstanding anything in
this Agreement to the contrary, the following actions by the Company
shall require the affirmative, unanimous vote of the Members:
(a) any capital calls in excess of the amount specified in
Section 2.5(a);
(b) the selection or replacement of a third party
developer;
(c) Entry into any agreement with any Affiliate;
(d) The adoption of a plan of merger or consolidation
involving the Company;
(e) The sale, lease, exchange, pledge or other disposition
of a significant portion (greater than 20% in value) of the assets of
the Company in a single or series of related transactions;
(f) Any transaction causing the Company to incur any
indebtedness except to the extent authorized in the Business Plan
approved by the Members;
<PAGE>
(g) The admission of any new Member or the creation of any
new class of Membership Interests;
(h) The amendment of the Articles of Organization of the
Company or of this Agreement;
(i) Causing the Company to be merged, combined or
consolidated with any other entity;
(j) Adopting overall financial policies for the Company
including, without limitation, adopting or changing significant tax
or accounting principles or policies except as authorized in the
Business Plan approved by the Members;
(k) Assuming, guaranteeing, endorsing or otherwise
becoming liable for the obligations of any other Person except as
authorized in the Business Plan approved by the Members;
(l) Dissolving the Company; and
(m) Declaring bankruptcy of the Company, making an
assignment for the benefit of its creditors, seeking the appointment
of a trustee, receiver or liquidator of the assets of the Company, or
any similar action.
For purposes of this Agreement, any matter that requires the
affirmative vote of the Members shall be deemed to require the
affirmative vote of all of the Members (i.e. both FRK and FRP).
4.7 Other Activities of Members and Committee Members. The Members
and the Committee Members currently may be engaged in other business
ventures which are similar to the anticipated business of the
Company. Unless otherwise prohibited or restricted by any separate
agreement, the conduct of such ventures by any Member or Committee
Member or the commencement of business ventures similar to the
business of the Company by any Member or Committee Member at a later
time shall not constitute a breach of the duty of loyalty owed by
such Member or Committee Member to the Company or its Members under
the Act. Nothing in this Agreement shall be deemed to create any
right in any Member to participate in any other business ventures of
the other Members.
4.8 Salaries of Committee Members. Each Committee Member shall
receive compensation as may be determined by the Members from time to
time and shall be entitled to reimbursement of reasonable and
necessary business expenses advanced on behalf of the Company.
SECTION 5
BUYOUT EVENTS AND TRANSFERS
5.1 Put and Call Buy-Sell.
(a) Upon the occurrence of a Triggering Event, any Eligible Member
(the "Offeror") may elect, within the 120 day period following the
occurrence of the Triggering Event, to give written notice (the
"Buy/Sell Notice") to the other Member (the "Offeree") designating a
buy/sell price (the "Buy/Sell Price") and payment terms and stating
that the Buy/Sell Notice is delivered pursuant to this Section 5.1.
The Buy/Sell Notice shall constitute both (i) an offer by the Offeror
to sell the Offeror's Membership Interest to Offeree at the Buy/Sell
Price, and (ii) an offer by the Offeror to buy the Offeree's
Membership Interest at the Buy/Sell Price (in each case, free and
clear of all liens
<PAGE>
and encumbrances on such Membership Interest).
(b) The Buy/Sell Notice shall be irrevocable for a period of thirty
(30) days following the date of the Buy/Sell Notice (the "Irrevocable
Period"), and the Offeree may, by written notice to Offeror during
such Irrevocable Period, either accept the Offeror's offer to sell,
or accept the Offeror's offer to buy (but may not accept both), and
upon acceptance, the Offeror and the Offeree shall be required to
sell or to buy, as applicable. After receipt of a proper Buy/Sell
Notice, no other Buy/Sell Notice may be issued by either Member.
(c) If the Offeree fails to accept either offer within the
Irrevocable Period, the Offeree shall be deemed to have accepted the
Offeror's offer to buy the Offeree's Membership Interests to Offeror
at the Buy/Sell Price.
(d) Unless otherwise agreed by Offeror and Offeree, the closing of
such purchase and sale pursuant to this Section 5.1 shall take place
at the principal office of the Company on the fortieth (40th)
business day after the end of the Irrevocable Period. All such
closing, the Member required to buy (the "Buy/Sell Buyer") the
Membership Interest of the other Member (the "Buy/Sell Seller") shall
pay the Buy/Sell Price to the Buy/Sell Seller in accordance with the
terms of the Buy/Sell Notice. At such closing, the Buy/Sell Buyer (i)
shall cause the Company to pay any indebtedness owed by the Company
to the Buy/Sell Seller and (ii) shall cause the Buy/Sell Seller to be
released from liability under any guarantees executed by the Buy/Sell
Seller of the Company's indebtedness. The Buy/Sell Seller shall be
obligated to deliver to Buy/Sell Buyer a properly executed assignment
of its entire Membership Interest, free and clear of all liens and
encumbrances on such Membership Interest, but if the Buy/Sell Seller
fails to do so the Buy/Sell Buyer may execute such assignment on
behalf of the Buy/Sell Seller pursuant to the power of attorney
described in Section 5.3 below.
5.2 Right of First Refusal.
(a) FRK may Transfer its Membership Interest at any time to
a wholly-owned direct or indirect subsidiary of FRK, and FRP may transfer
its Membership Interest at any time to a wholly-owned direct or indirect
subsidiary of Patriot, and in either case the subsidiary shall be
admitted as a Member of the Company (any transfer pursuant to this
sentence as referred to as a "Permitted Transfer"). All Transfers by
a Member other than pursuant to Sections 5.1, 5.2 or this 5.3(a)
shall require compliance with this Section 5.3.
(b) Prior to making any Transfer of any portion of its Membership
Interest other than a Permitted Transfer, the Member desiring to make
the Transfer (for purposes of this Section 5.3, the "Selling Member")
shall give written notice (the "First Refusal Notice") to the other
Member (the "Non-Selling Member"). The First Refusal Notice shall
contain a full description of the purchase price (including the cash
equivalent value of any property to be received by the Selling Member
in the Transfer) and the terms and conditions of the proposed
disposition (including the identity of the proposed transferee). The
First Refusal Notice shall constitute an offer by the Selling Member
to sell all, but not less than all, of its Membership Interest to the
Non-Selling Member in accordance with the terms set forth in the
First Refusal Notice and the other provisions hereof.
(c) The Non-Selling Member shall have the right to purchase
all, but not less than all, of such Selling Member's Membership Interest
in the Company by giving written notice to the Selling Member at any
time before the expiration of thirty (30) days after the date the
First Refusal Notice is received (the "First Refusal Exercise
Period"). Such notice of acceptance must specify a closing date for
the purchase, which date shall be not later than sixty (60) days
after the date notice of acceptance is given.
<PAGE>
(d) If the Non-Selling Member does not agree to purchase all of
the Membership Interests offered by the Selling Member prior to the end
of the First Refusal Exercise Period, the Selling Member, for a
period of sixty (60) days immediately thereafter, shall be entitled
to sell all of its Membership Interest to the third party designated
in the First Refusal Notice on terms not more favorable to the buyer
than to those set forth in the First Refusal Notice; provided,
however, that any the purchaser shall not be admitted as a Member of
the Company until the purchaser executes a counterpart of this
Agreement agreeing to be bound by all of the terms of this Agreement
and to comply with all of the requirements imposed on Members
hereunder.
(e) The purchase price of any Membership Interest in the Company
transferred pursuant to this Agreement shall be paid at the closing
in immediately available funds (or in accordance with other terms
specified in the First Refusal Notice) against delivery of as
assignment of the Selling Member's Membership Interest free and clear
of all pledges, liens, and encumbrances.
5.3 Power of Attorney. Each Member hereby irrevocably designates
and appoints the purchasing Member as such Member's lawful attorney-
in-fact to execute any documents and to take whatever actions are
necessary to transfer ownership of such Member's Membership Interest
upon the books of the Company upon the purchase of such Member's
Membership Interest pursuant to Sections 5.1 or 5.2 hereof, as
applicable. Any transfer of such Membership Interest on the books of
the Company pursuant to this provision shall be deemed to be an
effective transfer of the Membership Interest provided that the
purchasing Member has tendered the purchase price to the other Member
in accordance with Sections 5.1 or 5.2, as applicable.
SECTION 6
DISTRIBUTIONS
6.1 General. Except as otherwise provided in this Agreement, the
Company shall make Distributions to the Members at such times and in
such amounts as the Management Committee may determine from time to
time. All Distributions to Members shall be made to the Members Pro
Rata in accordance with their respective Percentage Interests, except
as provided in Sections 6.2 and 10.2 hereof
6.2 Liquidating Distributions. Upon the dissolution and winding up
of the Company, the provisions relating to Distributions provided in
Section 10.2 rather than this Section 6 shall apply.
6.3 Limitations on Distributions. Notwithstanding any provision to
the contrary contained in this Agreement, the Company shall not be
required to make a Distribution to the extent any such distribution
would violate the Act or other applicable law.
6.4 Return of Capital. Except as expressly required by the Act, no
Member shall be required to return to the Company, or be liable for
the amount of, any Distribution received from the Company.
SECTION 7
ALLOCATIONS
7.1 Allocations of Profits and Losses Among the Members. After
giving effect to the special allocations set forth in Sections 3.2,
7.2 and 7.3, the Company shall allocate its Profits and Losses
between the Members Pro Rata in accordance with the Members'
respective Percentage Interests.
<PAGE>
7.2 Special Allocations. The following special allocations shall be
made in the following order:
(a) Company Minimum Gain Chargeback. Except as otherwise
provided in Treasury Regulation Section 1.704-2(f), notwithstanding
any other provision of this Section 7, if there is a net decrease in
Company Minimum Gain during any Company Allocation Year, each Member
shall be specially allocated items of Company income and gain for
such Allocation Year (and, if necessary, subsequent Allocation Years) in
an amount equal to such Member's share of the net decrease in Company
Minimum Gain, determined in accordance with Treasury Regulation
Section 1.704-2(g). Allocations pursuant to the previous sentence
shall be made in proportion to the respective amounts required to be
allocated to each Member pursuant thereto. The items to be so
allocated shall be determined in accordance with Treasury Regulations
Sections 1.704-2(f)(6) and 1.704-2(j)(2). This Section 7.2(a) is
intended to comply with the minimum gain chargeback requirement in
Treasury Regulation Section 1.704-2(f) and shall be interpreted
consistently therewith.
(b) Member Minimum Gain Chargeback. Except as otherwise
provided in Treasury Regulation Section 1.704-1(i)(4), notwithstanding
any other provision of this Section 7, if there is a net decrease
in Member Nonrecourse Debt Minimum Gain attributable to a Member
Nonrecourse Debt during any Company Allocation Year, each Member who
has a share of the Member Nonrecourse Debt Minimum Gain attributable
to such Member Nonrecourse Debt, determined in accordance with
Treasury Regulation Section 1.704-2(i)(5), shall be specially allocated
items of Company income and gain for such Allocation Year (and, if
necessary, subsequent Allocation Years) in an amount equal to such
Member's share of the net decrease in Member Nonrecourse Debt Minimum
Gain attributable to such Member Nonrecourse Debt, determined in
accordance with Treasury Regulation Section 1.704-2(i)(4).
Allocations pursuant to the previous sentence shall be made in
proportion to the respective amounts required to be allocated to each
Member pursuant thereto. The items to be so allocated shall be
determined in accordance with Treasury Regulations Sections
1.704-2(i)(4) and 1.704-2(j)(2). This Section 7.2(b) is intended to
comply with the minimum gain chargeback requirement in Treasury
Regulation Section 1.704-2(i)(4) and shall be interpreted
consistently therewith.
(c) Qualified Income Offset. In the event any Member unexpectedly
receives any adjustments, allocations, or distributions described in
Treasury Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5), or (6),
items of Company income and gain shall be specially allocated to each
such Member in an amount and manner sufficient to eliminate, to the
extent required by the Treasury Regulations, such Member's Capital
Account Deficit as quickly as possible, provided that an allocation
pursuant to this Section 7.3(c) shall be made if and only to the
extent that the Member would have a Capital Account Deficit after all
other allocations provided for in this Section 7 have been
tentatively made as if this Section 7.3(c) were not in the Agreement.
This Section 7.2(c) is intended to comply with the "qualified income
offset" provision in Treasury Regulation Section
1.704-1(i)(b)(2)(ii)(d) and shall be interpreted consistently
therewith.
(d) Nonrecourse Deductions. Nonrecourse Deductions for any
Allocation Year shall be specially allocated among the Members Pro
Rata in accordance with their respective Percentage Interests.
(e) Member Nonrecourse Deductions. Any Member Nonrecourse
Deductions for any Allocation Year shall be specially allocated to the
Member who bears the economic risk of loss with respect to the Member
Nonrecourse Debt to which such Member Nonrecourse Deductions are
attributable in accordance with Treasury Regulations Section
1.704-2(i)(1).
<PAGE>
(f) Code Section 754 Adjustment. To the extent an adjustment
to the adjusted tax basis of any Company asset pursuant to Section 734(b)
or Section 743(b) of the Code is required, pursuant to Treasury
Regulation Section 1.704-1(b)(2)(iv)(m)(2) or Section
1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining
Capital Accounts as the result of a distribution to a Member in
complete liquidation of his interest in the Company, the amount of
such adjustment to the Capital Accounts shall be treated as an item
of gain (if the adjustment increases the basis of the asset) or loss
(if the adjustment decreases such basis) and such gain or loss shall
be specially allocated to the Members in accordance with their
interests in the Company in the event Treasury Regulation Section
1.704-1(b)(2)(iv)(m)(2) applies, or to the Member to whom such
distribution was made in the event Treasury Regulation Section
1.704-1(b)(2)(iv)(m)(4) applies.
7.3 Curative Allocations. The allocations set forth in Sections
7.2(a), 7.2(b), 7.2(c), 7.2(d), 7.2(e), and 7.2(f) (the "Regulatory
Allocations") are intended to comply with certain requirements of the
Treasury Regulations. It is the intent of the Members that, to the
extent possible, all Regulatory Allocations shall be offset either
with other Regulatory Allocations or with special allocations of
other items of Company income, gain, loss, or deduction pursuant to
this Section 7.3. Therefore, notwithstanding any other provision of
this Section 7 (other than the Regulatory Allocations), the
Management Committee shall make such offsetting special allocations
of Company income, gain, loss, or deduction in whatever manner it
determines appropriate so that, after such offsetting allocations are
made, each Member's Capital Account balance is, to the extent
possible, equal to the Capital Account balance such Member would have
had if the Regulatory Allocations were not part of the Agreement and
all Company items were allocated pursuant to Section 7.1. In
exercising its discretion under this Section 7.3, the Management
Committee shall take into account future Regulatory Allocations
contained in Sections 7.2(a) and 7.2(b) that, although not yet made,
are likely to offset other Regulatory Allocations previously made
under Sections 7.2(d) and 7.2(e).
7.4 Other Allocation Rules.
(a) Profits, Losses, and any other items of income, gain, loss, or
deduction shall be allocated to the Members pursuant to this Section
7 as of the last day of each Fiscal Year, provided that Profits,
Losses, and such other items shall also be allocated at such times as
the Gross Asset Values of Company assets are adjusted pursuant to
subparagraph (ii) of the definition of "Gross Asset Value" in
Schedule 1.
(b) The Members are aware of the income tax consequences of the
allocations made by this Section 7 and hereby agree to be bound by
the provisions of this Section 7 in reporting their shares of Company
income and loss for income tax purposes.
(c) For purposes of determining the Profits, Losses, or any other
items allocable to any period, Profits, Losses, and any such other
items shall be determined on a daily, monthly, or other basis, as
determined by the Management Committee using any permissible method
under Section 706 of the Code and the Treasury Regulations
thereunder.
(d) Solely for purposes of determining a Member's proportionate
share of the "excess nonrecourse liabilities" of the Company, within
the meaning of Treasury Regulation Section 1.752-3(a)(3), the
Members' interests in Company profits are in proportion to their
Percentage Interests.
<PAGE>
7.5 Section 704(c) Allocations.
(a) Except as otherwise provided in this Section 7.5, each
item of income, gain, loss and deduction of the Company for federal
income tax purposes shall be allocated among the Members in the same
manner as such items are allocated for book purposes under this Section 7.
(b) In accordance with Section 704(c) of the Code and the Treasury
Regulations thereunder, income, gain, loss, and deduction with
respect to any property contributed to the capital of the Company
shall, solely for tax purposes, be allocated among the Members so as
to take account of any variation between the adjusted basis of such
property to the Company for federal income tax purposes and its
initial Gross Asset Value (computed in accordance with subparagraph
(a) of the definition of "Gross Asset Value" in Schedule 1).
(c) Any elections or other decisions relating to such allocations
shall be made by the Management Committee in any manner that
reasonably reflects the purpose and intention of this Agreement,
provided that the Company shall elect to apply the "traditional"
allocation method described in Treasury Regulation Section 1.704-
3(b) (or any successor Treasury Regulation), and provided, further,
that any items of loss or deduction attributable to property
contributed by a Member shall, to the extent of an amount equal to
the excess of (A) the federal income tax basis of such property at
the time of its contribution over (B) the Gross Asset Value of such
property at such time, be allocated in its entirety to the such
contributing Member and the tax basis of such property for purposes
of computing the amounts of all items allocated to any other Member
(including a transferee of the contributing Member) shall be equal to
its Gross Asset Value upon its contribution to the Company.
Allocations pursuant to this Section 7.5(d) are solely for purposes
of federal, state, and local taxes and shall not affect, or in any
way be taken into account in computing, any Member's Capital Account
or share of Profits, Losses, other items, or distributions pursuant
to any provisions of this Agreement.
(d) Except as otherwise provided in this Agreement, all items of
Company income, gain, loss, deduction, and any other allocations not
otherwise provided for shall be divided among the Members in the same
proportions as they share Profits or Losses, as the case may be, for
the Allocation Year.
SECTION 8
FEDERAL AND STATE TAX MATTERS
8.1 Tax Year and Accounting Matters. The fiscal year of the Company
(the "Fiscal Year") shall begin on October 1 and end on September 30
of the following calendar year. The Company shall adopt such methods
of accounting and file its tax returns on the methods of accounting
determined by the Management Committee.
8.2 Tax Elections.
(a) The Members agree that the Company shall be classified as a
"partnership" for income tax purposes, and the Members and the
Management Committee shall take any and all action necessary to
effectuate partnership tax treatment.
(b) The Management Committee is authorized to make any and all
elections for federal, state, and local tax purposes including,
without limitation, any election, if permitted by
<PAGE>
applicable law: (i)
to make the election provided for a 6231(a)(1)(B)(ii) of the Code;
and (ii) to adjust the basis of Company assets pursuant to Sections
754, 734(b), and 743(b) of the Code (or any comparable provisions of
state or local law) in connection with Transfers of Membership
Interests and Company distributions.
(c) In connection with any Transfer of a Membership Interest, the
Management Committee shall cause the Company, at the written request
of the transferor or the transferee and at the time and in the manner
provided in Treasury Regulation Section 1.754-1(b), to make an
election to adjust the basis of the Company's assets in the manner
provided in Sections 734(b) and 743(b) of the Code and the transferee
shall pay all costs incurred by the Company in connection therewith,
including, without limitation, reasonable attorneys' and accountants'
fees.
8.3 Tax Matters Partner. FRK shall be the "Tax Matters Partner" of
the Company, as that term is used in Subchapter C of Chapter 63 of
Subtitle F of the Code, and the Members will take such actions as may
be necessary, appropriate, or convenient to effect the designation of
FRK as such Tax Matters Partner. Subject to any limitations imposed
by the Management Committee the Tax Matters Partner shall have full
and unlimited discretion (acting in a fiduciary capacity on behalf of
the Company) to perform or to fail to perform any actions or to make
any decisions which under the Code may be made by a Tax Matters
Partner; provided, however, that the Tax Matters Partner shall keep
the Management Committee reasonably informed as to any such actions.
Notwithstanding the foregoing, the Tax Matters Partner shall obtain
the consent of the Members prior to (i) filing a petition for
judicial review of a proposed tax assessment, (ii) filing a petition
for an administrative adjustment, or (iii) entering into any
settlement agreement with a taxing authority that would bind,
directly or indirectly, any other Member.
SECTION 9
INDEMNIFICATION
9.1 Indemnification. Subject to the limitations imposed by the Act
or otherwise imposed by law, the Company shall indemnify and hold
harmless each Person ("Indemnified Person") who was or is made a
party (or is threatened to be made a party) to any threatened,
pending or completed action, suit or proceeding, whether civil,
criminal, administrative, arbitrative or investigative ("Proceeding")
by reason of the fact that such Indemnified Person is or was a
Member, Committee Member or officer of the Company against judgments,
penalties, fines, settlements and reasonable costs and expenses
(including, without limitation, attorneys' fees) actually incurred by
such Indemnified Person in connection with such Proceeding if such
Indemnified Person acted in good faith and in a manner he, she, or it
reasonably believed to be in, or not opposed to, the best interest of
the Company and, with respect to any criminal action or proceeding,
had no reasonable cause to believe his, her, or its conduct was
unlawful. The Company shall make an indemnification only upon a
determination by the Management Committee or the Members that
indemnification is proper. The Company shall not be liable to make
any payment of amounts otherwise indemnifiable hereunder if and to
the extent that Indemnified Person has received such payment under
any insurance policy maintained by the Company.
9.2 Advances. The Company may pay or reimburse the Indemnified
Person for the reasonable expenses incurred in advance of the final
disposition of the Proceeding and without any determination as to the
Indemnified Person's ultimate entitlement to indemnification;
provided, however, that the payment of such expenses incurred in
advance of the final disposition of a Proceeding shall be made only
upon delivery to the Company of a written affirmation by such
Indemnified Person of his, her, or its good faith belief that he,
she, or it has met the standard of conduct necessary for
<PAGE>
indemnification hereunder and a written undertaking, by or on behalf
of such Indemnified Person, to repay all amounts so advanced if it
shall ultimately be determined that such Indemnified Person is not
entitled to be indemnified under the provisions hereof.
SECTION 10
DISSOLUTION OF THE COMPANY
10.1 Events of Dissolution. The Company shall be dissolved and its
affairs wound up upon the first to occur of the following events
("Dissolution Event"):
(a) The written consent of all the Members; or
(b) The entry of an order of dissolution by a court of competent
jurisdiction in accordance with the Act.
10.2 Liquidating Distributions. Upon the occurrence of a Dissolution
Event, the Company shall continue solely for the purposes of winding
up its affairs in an orderly manner, liquidating its assets and
satisfying the claims of its creditors and the Members. Under such
circumstances, the Management Committee shall not take any action
that is inconsistent with, or not necessary or appropriate for, the
winding up of the Company's affairs. To the extent not inconsistent
with the foregoing, all covenants and obligations in this Agreement
shall remain in full force and effect until such time as all of the
Company's assets have been Distributed or otherwise applied in the
manner provided in this Section 10.2. The Management Committee (or
liquidator, as the case may be) shall take full account of the
Company's liabilities and assets, cause the Company's assets to be
liquidated as promptly as is consistent with obtaining a fair value
therefor, and cause the proceeds therefrom, after payment of all
costs and expenses of liquidation, to be applied and Distributed in
the following order and priority:
(a) First, to creditors of the Company, including Members who are
creditors, to the extent permitted by law in satisfaction of
liabilities of the Company, whether by payment or establishment of
reserves;
(b) Second, to the Members, in accordance with positive Capital
Account balances (taking into account all contributions, adjustments,
and allocations made during the year in which the liquidation occurs,
including, without limitation, those specified in Section 7 hereof)
by the later of the close of the Fiscal Year of liquidation of the
Member's interest or within ninety (90) days after liquidation.
SECTION 11
MISCELLANEOUS PROVISIONS
11.1 Representations and Warranties of Members. Each Member
represents and warrants to the Company and to each other Member as
follows:
(a) Such Member is duly organized, validly existing and in good
standing under the laws of the state of Florida.
(b) Such Member has the requisite corporate or similar power and
full authority and capacity to enter into this Agreement and to incur
and perform its obligations under this Agreement.
<PAGE>
(c) The execution, delivery, and performance by the Member of this
Agreement has been authorized by all necessary corporate action.
(d) Upon the execution and delivery of this Agreement, this
Agreement shall constitute a legal, valid, and binding obligation of
such Member, enforceable against such Member in accordance with its
terms.
11.2 Amendment. This Agreement may not be amended, modified,
altered, or changed in any respect whatsoever except in a written
instrument duly executed by all of the Members.
11.3 Construction. Whenever the context may require, any noun or
pronoun used herein shall include the corresponding masculine,
feminine, or neuter forms. The singular form of nouns, pronouns, and
verbs shall include the plural and vice versa.
11.4 Severability. Each provision of this Agreement shall be
considered severable and if for any reason any provision or
provisions hereof are determined to be invalid and contrary to
existing or future law, such invalidity shall not impair the
operation of or affect those portions of this Agreement which are
valid, and this Agreement shall remain in full force and effect and
shall be construed and enforced in all respects as if such invalid or
unenforceable provision or provisions had been omitted.
11.5 Burden and Benefit Upon Successors. Except as expressly
otherwise provided herein, this Agreement is binding upon, and inures
to the benefit of, the parties hereto and their respective heirs,
executors, administrators, personal and legal representatives,
successors, and assigns.
11.6 Further Assurances. Each Member hereby agrees that it shall
hereafter execute and deliver such further instruments, provide all
information, and take or forbear such further acts and things as may
be reasonably required or useful to carry out the intent and purpose
of this Agreement and as are not inconsistent with the terms hereof.
11.7 Notices. All notices required or permitted to be given
hereunder shall be in writing and shall be either hand-delivered,
sent by recognized overnight delivery service, by facsimile, or by
U.S. mail (registered or certified, return receipt requested) to the
Members or the Company (as applicable) at the addresses set forth
below, or to such other address as any Member may designate by giving
written notice to the Company in accordance with this Section 11.7:
Florida Rock Industries, Inc.
Attn: John D. Baker II
155 E. 21st Street
Jacksonville, Florida 32206
Facsimile No. (904) 355-0817
Florida Rock Properties, Inc.
Attn: John E. Anderson
1801 Art Museum Drive
Jacksonville, Florida 32207
Facsimile No. (904) 396-2715
Notices shall be deemed to be effective upon actual receipt by the
addressee.
11.8 Waiver. No consent or waiver, express or implied, by any Party
hereto to or of any breach or default by any other Party hereto in
the performance of its obligations hereunder shall be
<PAGE>
deemed or
construed to be a consent or waiver to or of any other breach or
default in the performance by such Party of the same or any other
obligations of such Party hereunder. Failure on the part of any
Party to complain of any act or failure to act of another Party or to
declare another Party in default, irrespective of how long such
failure continues, shall not constitute a waiver by such Party of its
rights hereunder.
11.9 Company Property. All legal title to Company property shall be
held in the name of the Company.
11.10 Counterparts. This Agreement may be signed in any number
of counterparts, including by facsimile or other electronic means,
each of which shall be an original, but all of which together shall
constitute one instrument. Each counterpart may consist of a number
of copies each signed by less than all, but together signed by all,
the Parties hereto.
11.11 No Third Party Beneficiary. This Agreement constitutes an
agreement among the Parties hereto, and none of the agreements,
covenants, representations, or warranties contained herein is for the
benefit of any third party not a Party to this Agreement. Without
limiting the generality of the foregoing, none of the provisions of
this Agreement shall be for the benefit of or enforceable by
creditors of the Company.
11.12 Governing Law. This Agreement and all questions with
respect to the rights and obligations of the Members, the
construction, enforcement, and interpretation hereof, and the
formation, administration, and dissolution of the Company, shall be
governed by the provisions of the Act and other applicable laws of
the State of Florida.
11.13 Survival. All representations and warranties made by each
Member shall be deemed to survive indefinitely.
11.14 Counsel Fees. If any Party finds it necessary to retain
counsel to enforce this Agreement, the substantially prevailing party
in a dispute shall be entitled to its reasonable counsel fees and
costs joint and severally from the other parties to such dispute.
11.15 Entire Agreement. This Agreement, including the exhibits
or other documents or schedules attached hereto or incorporated
herein by reference, constitutes the entire agreement of the Parties
with respect its subject matter. This Agreement supersedes all prior
agreements and oral understandings between the Members with respect
to such matters.
11.16 No Agency Relationship. The Members acknowledge and agree
that there is no agency relationship between them, that a Member
shall have no agency or vicarious liability for the acts or omissions
of another Member, and that the Company shall not be construed as a
partnership for any purpose other than federal and state tax
purposes.
11.17 Dispute Resolution.
(a) In the event of a Deadlock, the Members will make diligent, good
faith attempts to resolve the Deadlock. No Member may deliver a
Buy/Sell Notice under Section 5.1(a) based solely upon the occurrence
of a Deadlock unless the chief executive officer of such Member first
(i) delivers a letter to the chief executive officer of the other
Member explaining in reasonable detail the nature of the Deadlock and
the basis for the Member's position on the issue in dispute, (ii)
offers in such letter to meet with the chief executive officer of the
other Member at a mutually convenient time and location
<PAGE>
within ten
(10) days after the date of the letter to attempt to resolve the
dispute, and (iii) if such other chief executive officer agrees to
such a meeting, meets in an effort to resolve the disputed issue. If
those officers cannot resolve the Deadlock within thirty (30)
calendar days after the date of such letter, the Member following
such procedure may deliver a Buy/Sell Notice.
(b) Any other dispute regarding this Agreement shall be resolved by
binding arbitration before one arbitrator selected by mutual
agreement of the Members. If the Members are unable to agree on a
single arbitrator, the arbitrator shall be appointed by the American
Arbitration Association in accordance with the Commercial Arbitration
Rules. The arbitrator will hold a hearing within 60 days following
his/her designation, and will render a resolution of the matter
submitted within 30 days after the hearing. The Members will conduct
the arbitration pursuant to the Commercial Arbitration Rules of the
American Arbitration Association or such other additional procedures
agreed to by the Members; provided, however, that the Members will
have the right to engage in reasonable discovery of documents
involved in the dispute. The Members will hold all arbitration
hearings in Jacksonville, Florida.
* * * * *
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.
SIGNATURES APPEAR ON THE FOLLOWING PAGE.]
<PAGE>
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first above written.
FLORIDA ROCK PROPERTIES, INC., a FLORIDA ROCK INDUSTRIES, INC., a
Florida corporation Florida corporation
By: ___________________________ By:___________________________
Print Name: ___________________ Print Name:___________________
Title:_________________________ Title:________________________
<PAGE>
SCHEDULE 1
DEFINITIONS
Act shall mean the Florida Limited Liability Company Act,
Florida Statutes 608.401 et seq. as amended from time to time, or
any corresponding provision or provisions of succeeding law.
Additional Funding Amount shall have the meaning ascribed to
such term in Section 2.5(a).
Adjusted Capital Account Deficit means, with respect to a
Member, the deficit balance, if any, in such Member's Capital Account
as of the end of the applicable Fiscal Year, after giving effect to
the following adjustments.
(a) Crediting to such Capital Account any amounts (i)
described in section 1.704-1(b)(2)(ii)(c) of the Treasury Regulations
which such Member is obligated to contribute to the Company pursuant
to this Agreement or applicable law or (ii) which such Member is
deemed obligated to restore pursuant to the penultimate sentences of
Treasury Regulations Sections 1.704-2(g)(1) or 1.704-2(i)(5); and
(b) Debiting to such Capital Account the items described
in Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), and
1.704-1(b)(2)(ii)(d)(6) of the Treasury Regulations.
The foregoing definition of Adjusted Capital Account Deficit, is
intended to comply with the allocation rules of the alternate test
for economic effect contained in Section 1.704-1(b)(2)(ii)(d) of the
Treasury Regulations and shall be interpreted in a manner that is
consistent with such intent.
Affiliate, with respect to any specified Person, shall mean (i)
any Person directly or indirectly Controlling or under common Control
with the specified Person; (ii) any director, officer, partner,
member, or trustee of the specified Person; (iii) any Person
directly, indirectly, or beneficially owning or controlling 50% or
more of any class of voting interest of the specified Person; and
(iv) any ancestor, spouse, or family member (parent, sibling, or
descendant), whether by blood or marriage, of the specified Person,
or any trust for the primary benefit of such persons.
Agreement shall mean this Joint Venture Agreement and all
annexes, schedules and exhibits attached hereto and made a part
hereof, originally executed and as amended from time to time in
writing.
Bankruptcy means:
(a) The entry of an order for relief with respect to a Member in
proceedings under the Bankruptcy Code.
(b) The filing of an application by a Member for, or its consent to,
the appointment of a trustee, receiver, or custodian of its assets;
(c) The making by a Member of a general assignment for the benefit
of creditors;
(d) The entry of an order, judgment or decree by any court of
competent jurisdiction appointing a trustee, receiver or custodian of
the assets of a Member unless the proceedings and the person
appointed are dismissed within ninety (90) days;
<PAGE>
(e) The failure by a Member generally to pay its debts as the debts
become due within the meaning of section 303(h)(1) of the Bankruptcy
Code, or a Member's admission in writing of its inability to pay its
debts as they become due; or
(f) A Member's Membership Interest's becoming subject to the
enforcement of any rights of a creditor of a Member, whether arising
out of an attempted charge upon that Member's Membership Interest by
judicial process or otherwise, if that Member fails to effectuate the
release of those enforcement rights, whether by legal process,
bonding, or otherwise, within ninety (90) days after actual notice of
that creditor's action.
Bankruptcy Code means the United States Bankruptcy Code, as
amended or superseded from time to time.
Brooksville Property shall have the meaning ascribed to such
term in page 1.
Business Plan means the operating and capital expense budget and
business plan of the Company for each Fiscal Year, including, without
limitation, (i) the development plan for the Brooksville Property,
(ii) a projected annual income statement, (iii) a projected balance
sheet as of the end of the Fiscal Year, (iv) a schedule of projected
operating cash flow (including itemized operating revenues and
Project costs and expenses) for such Fiscal Year, (v) a development
schedule identifying projected development periods as well as times
for completion of the various stages of the Project and costs
attributable to each stage, (vi) a description of any proposed
construction and capital expenditures, including projected dates for
commencement and completion of the foregoing, (vii) a marketing plan,
and (ix) a detailed description of such other information, plans,
maps, contracts, agreements, or other matters necessary in order to
inform the Members of all matters relevant to the development,
operation, management and sale of the Project or any portion thereof.
Buy/Sell Buyer shall have the meaning ascribed to such term in
Section 5.1.
Buy/Sell Notice shall have the meaning ascribed to such term in
Section 5.1.
Buy/Sell Price shall have the meaning ascribed to such term in
Section 5.1.
Buy/Sell Seller shall have the meaning ascribed to such term in
Section 5.1.
Capital Account shall mean the Capital Account maintained for
each Member, computed as set forth in Section 2.3 hereof.
Capital Contributions means, with respect to a Member, the
amount of money and the initial Gross Asset Value (as determined by
the Management Committee or as otherwise provided in this Agreement)
of property other than money contributed from time to time by such
Member to the capital of the Company in respect of such Members
Interest (net of the amount of any liabilities of the Member that, in
connection with such contribution, the Company is considered to
assume or take subject to under the last sentence of Treasury
Regulation Section 1.704-1(b)(2)(iv)(c) and, without duplication,
under Section 752 of the Code).
Change in Control means, with respect to a Member, any of the
following events: (i) the acquisition by any person, entity or
"group" (within the meaning of Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act")), of
beneficial ownership (within the
<PAGE>
meaning of Rule 13d-3 promulgated
under the Exchange Act) of securities representing fifty percent
(50%) or more of the combined voting power of all outstanding
securities of the Member entitled to vote generally in the election
of directors (excluding any acquisition or holding by (A) the Member;
(B) the directors of the Member as of the date of this Agreement (the
"Incumbent Board"), and (C) persons who as of the date of this
Agreement are deemed to be Affiliates of Edward L. Baker or John D.
Baker II); or (ii) individuals who constitute the Incumbent Board
cease for any reason to constitute at least a majority of the board
of directors of the Member, provided that any person becoming a
director subsequent to the date hereof whose election, or nomination
for the election by the Company's shareholders, was approved by a
vote of at least a majority of the directors comprising the Incumbent
Board shall be considered as though such person were an original
member of the Incumbent Board; or (iii) a merger, consolidation or
similar transaction or series of related transactions that result in
the beneficial owners of the Member immediately prior to such
transactions (or, in the case of a series of related transactions,
immediately prior to the first such related transaction) no longer
owning securities representing a majority of the combined voting
power of all outstanding securities of the Member entitled to vote
generally in the election of directors.
Code shall mean the Internal Revenue Code of 1986, as amended,
or any corresponding provision or provisions of succeeding law.
References to "Code Sections" are references to Sections of the Code.
Committee Members shall have the meaning ascribed to such term
in Section 4.1.
Company has the meaning ascribed to such term in Section 1.1.
Company Minimum Gain has the meaning ascribed to the term
"partnership minimum gain" as set forth in Treasury Regulation
Sections 1.704-2(b)(2) and 1.704-2(d).
Control means the ability, whether by the ownership of shares or
other equity interest, by contract or otherwise, to elect a majority
of the directors of a corporation, independently to select the
managing partner of a partnership or manager of a limited liability
company, or otherwise to have the power independently to remove and
then select a majority of those persons exercising governing
authority over an entity.
Deadlock means the occurrence of a deadlock among the Members
(if action or approval of the Members is required) or a deadlock
among the Committee Members (if no Member approval or action is
required) with respect to the vote or consent to take any action that
will fundamentally change the Company including, without limitation,
(a) approval of the Business Plan, (b) a material change in the
nature of the business of the Company; (c) any sale or disposal of
all or substantially all of the assets of the Company; (d) any
transaction between the Company and any Affiliate; (e) any
transaction by the Company to merge or consolidate with another
Person or any transaction which involves the issuance of any equity
security of the Company to any other Person.
Defaulting Member shall have the meaning ascribed to such term
in Section 2.5(c).
Depreciation means, for each Fiscal Year or portion thereof, an
amount equal to the depreciation, amortization, or other cost
recovery deduction allowable with respect to an asset for such
period, except that if the Gross Asset Value of an asset differs from
its adjusted basis for federal income tax purposes at the beginning
of such Fiscal Year or allocation period, Depreciation shall be an
amount that bears the same ratio to such beginning Gross Asset Value
as the federal income tax depreciation, amortization, or
<PAGE>
other cost
recovery deduction for such Fiscal Year or period bears to such
beginning adjusted tax basis, provided, however, that if the adjusted
basis for federal income tax purposes of an asset at the beginning of
such Fiscal Year or allocation period is zero, Depreciation shall be
determined with reference to such beginning Gross Asset Value using
any reasonable method selected by the Management Committee.
Dissolution Event shall have the meaning ascribed to such term
in Section 10.1.
Distributions means, with respect to a Member, the amount of
money and the Gross Asset Value (as determined by the Management
Committee or as otherwise provided in this Agreement) of property
other than money (net of the amount of (a) any liabilities of the
Company that, in conjunction with such Distributions such Member is
considered to assume under the last sentence of Treasury Regulation
Section 1.704-1(b)(2)(iv)(c) and, without duplication, (b) any
liabilities secured by the distributed property to which such Member
is considered to take the property subject under Section 752 of the
Code) distributed to such Member by the Company on account of that
Members Membership Interest or in redemption or liquidation of all or
any portion of such Members Membership Interest. Payments to a
Member (i) pursuant to a loan by such Member to the Company or other
transactions in which such Member is acting other than in its
capacity as "partner" within the meaning of Section 707(a) of the
Code or (ii) which are guaranteed payments within the meaning of
Section 707(c) of the Code shall not be treated as Distributions and
shall not reduce that Member's Capital Account.
Distribute means to make one or more Distributions.
Eligible Member shall mean a Member as to which none of the
following events has occurred: a Change in Control, an Event of
Bankruptcy, a Funding Default and a Prohibited Transfer.
Fair Market Value shall have the meaning ascribed to such term
in Section 5.2.
First Refusal Exercise Period shall have the meaning ascribed to
such term in Section 5.3.
First Refusal Notice shall have the meaning ascribed to such
term in Section 5.3.
Fiscal Year means the fiscal year of the Company as set forth in
Section 8.1.
Funding Default shall have the meaning ascribed to such term in
Section 2.5(c).
Funding Notice shall have the meaning ascribed to such term in
Section 2.5(a).
FRK shall have the meaning ascribed to such term in page 1.
FRK Newco shall have the meaning ascribed to in Section 2.2(a).
FRP shall have the meaning ascribed to such term in page 1.
FRP Newco shall have the meaning ascribed to in Section 2.2(a).
Gross Asset Value means, with respect to any Company asset, the
asset's adjusted basis for federal income tax purposes, except as
follows:
<PAGE>
(a) The initial Gross Asset Value of any asset contributed
by a Member to the Company shall be the gross fair market value of
such asset, as determined by the contributing Member and the
Management Committee;
(b) The Gross Asset Values of all Company assets shall be
adjusted to equal their respective gross fair market values, as
determined by the Management Committee, as of the following times:
(A) the acquisition of an additional interest in the Company by any
new or existing Member in exchange for more than a de minimis Capital
Contribution; (B) the distribution by the Company to a Member of more
than a de minimis amount of property as consideration for an interest
in the Company; (C) the liquidation of the Company within the meaning
of Treasury Regulation Section 1.704-1(b)(2)(ii)(g); and (D) in
connection with the grant of an interest in the Company (other than a
de minimis interest) as consideration for the provision of services
to or for the benefit of the Company by an existing Member acting in
a Member capacity, or by a new Member acting in a member capacity in
anticipation of being a Member; provided, however, that adjustments
pursuant to clauses (A), (B), and (D) above shall be made only if the
Management Committee reasonably determines that such adjustments are
necessary or appropriate to reflect the relative economic interests
of the Members in the Company;
(c) The Gross Asset Value of any Company asset distributed
to any Member shall be adjusted to equal the gross fair market value
of such asset on the date of distribution as determined by the
distributee and the Management Committee; and
(d) The Gross Asset Values of Company assets shall be
increased (or decreased) to reflect any adjustments to the adjusted
basis of such assets pursuant to Section 734(b) of the Code, but only
to the extent that such adjustments are taken into account in
determining Capital Accounts pursuant to Treasury Regulation Section
1.704-1(b)(2)(iv)(m) and subparagraph (f) of the definition of
"Profits" and "Losses" in this Schedule 1 or Section 7.2(g),
provided, however, that Gross Asset Values shall not be adjusted
pursuant to this subparagraph (d) to the extent the Management
Committee determines that an adjustment pursuant to subparagraph (b)
hereof is necessary or appropriate in connection with a transaction
that would otherwise result in an adjustment pursuant to this
subparagraph (d).
(e) If the Gross Asset Value of an asset has been
determined or adjusted pursuant to subparagraphs (a), (b), or (d),
such Gross Asset Value shall thereafter be adjusted by the
Depreciation taken into account with respect to such asset for
purposes of computing Profits and Losses.
(f) In the event the Gross Asset Value of any Company
asset is adjusted pursuant to subparagraph (b) of this definition of
"Gross Asset Value," subsequent allocations of income, gain, loss,
and deduction with respect to such asset shall take account of any
variation between the adjusted basis of such asset for federal income
tax purposes and its Gross Asset Value in the same manner as under
Section 704(c) of the Code and the Treasury Regulations thereunder.
Indemnified Person shall have the meaning ascribed to such term
in Section 9.1.
Initial Capital Contributions has the meaning ascribed to such
term in Section 2.1.
Interest Rate shall mean an interest rate equal to the default
rate under the Defaulting Member's principal revolving credit
facility at the time of a Funding Default.
Irrevocable Period shall have the meaning ascribed to such term
in Section 5.1.
<PAGE>
Joint Venture shall have the meaning ascribed to such term in
page 1.
Losses has the meaning set forth in the definition of "Profits"
and "Losses."
Management Committee shall have the meaning ascribed to such
term in Section 4.1.
Member(s) shall mean any Person that is or becomes a member of
the Company in accordance with this Agreement and as that term is
defined by the Act.
Membership Interest shall mean a Member's interest in the
capital of, and share of the Profits and Losses of, the Company, the
right to receive Distributions, voting rights and management rights
granted under this Agreement and all other rights granted to a Member
under this Agreement or the Act.
Member Nonrecourse Debt has the meaning ascribed to the term
"partner nonrecourse debt" in Treasury Regulation Section
1.704-2(b)(4).
Member Nonrecourse Debt Minimum Gain" means the amount ascribed
to the term "partner nonrecourse debt minimum gain" in Treasury
Regulation Section 1.704-2(i)(2), as determined in accordance with
Treasury Regulation Section 1.704-2(i)(3).
Member Nonrecourse Deductions has the meaning ascribed to the
term "partner nonrecourse deductions" in Treasury Regulations Section
1.704-2(i)(1) and 1.704-2(i)(2).
Merger shall have the meaning ascribed to such term in Section
2.2(c).
Nonrecourse Deductions has the meaning set forth in Treasury
Regulation Sections 1.704-2(b)(1) and 1.704-2(c).
Nonrecourse Liability has the meaning set forth in Treasury
Regulation Section 1.704-2(b)(3).
Non-Defaulting Member shall have the meaning ascribed to such
term in Section 2.5(c).
Non-Selling Member shall have the meaning ascribed to such term
in Section 5.3.
Non-Withdrawing Member shall have the meaning ascribed to such
term in Section 5.2.
Offer shall have the meaning ascribed to such term in Section
5.1.
Offeree shall have the meaning ascribed to such term in Section
5.1.
Offeror shall have the meaning ascribed to such term in Section
5.1.
Patriot shall have the meaning ascribed to such term in page 1.
Percentage Interests shall mean, with respect to each Member,
the percentage interest for such Member set forth opposite the name
of the Member in Section 2.1 hereof.
Permitted Encumbrances shall mean the encumbrances listed in
Schedule 3 attached hereto.
Permitted Transfer shall have the meaning ascribed to such term
in Section 5.2(a).
<PAGE>
Person shall mean any individual, partnership, corporation,
association, trust, limited liability company, or other legal entity,
whether foreign or domestic and its heirs, executors, administrators,
legal representatives, successors, and assigns.
Proceeding shall have the meaning ascribed to such term in
Section 9.1.
Profits and Losses means, for each Fiscal Year or allocable
portion thereof, an amount equal to the Company's taxable income or
loss for such year, determined in accordance with Section 703(a) of
the Code (for this purposes, all items of income, gain, loss, or
deduction required to be stated separately pursuant to Code Section
703(a)(1) shall be included in taxable income or loss), with the
following adjustments:
(a) Any income of the Company that is exempt from federal
income tax and not otherwise taken into account in computing Profits
or Losses pursuant to this definition of "Profits" and "Losses" shall
be added to such taxable income or loss;
(b) Any expenditures of the Company described in Section
705(a)(2)(B) of the Code, or treated as Code Section 705(a)(2)(B)
expenditures pursuant to Treasury Regulation Section
1.704-1(b)(2)(iv)(i), and not otherwise taken into account in
computing Profits or Losses pursuant to this definition of "Profits"
and "Losses" shall be subtracted from such taxable income or loss;
(c) In the event the Gross Asset Value of any Company
asset is adjusted pursuant to subparagraphs (b) or (c) of the
definition of "Gross Asset Value," the amount of such adjustment
shall be taken into account as gain or loss from the disposition of
such asset for purposes of computing Profits or Losses;
(d) Gain or loss resulting from any disposition of Company
assets with respect to which gain or loss is recognized for federal
income tax purposes shall be computed by reference to the Gross Asset
Value of such disposed asset, notwithstanding that the adjusted tax
basis of such asset differs from its Gross Asset Value;
(e) In lieu of the depreciation, amortization, and other
cost recovery deductions taken into account in computing such taxable
income or loss, there shall be taken into account Depreciation for
such Fiscal Year, computed in accordance with the definition of
"Depreciation";
(f) To the extent an adjustment to the adjusted tax basis
of any Company asset pursuant to Section 734(b) of the Code is
required pursuant to Treasury Regulation Section
1.704-1(b)(2)(iv)(m)(4) to be taken into account in determining
Capital Accounts as a result of a distribution other than in
liquidation of a Member's interest in the Company, the amount of such
adjustment shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment
decreases the basis of the asset) from the disposition of the asset
and shall be taken into account for purposes of computing Profits or
Losses; and
(g) Notwithstanding any other provision of this definition
of "Profits" and "Losses," any items that are specially allocated
pursuant to Section 7.2 or Section 7.3 shall not be taken into
account in computing Profits or Losses. However, the amounts of the
items of Company income, gain, loss, or deduction available to be
specially allocated pursuant to Sections 7.3 and 7.3 shall be
determined by applying rules analogous to those set forth in
subparagraphs (a) through (f) hereof.
<PAGE>
Prohibited Transfer shall mean a Transfer by a Member of its
Membership Interest in violation of the terms of this Agreement,
including Section 5.2 hereof.
Project shall have the meaning as is set forth in Section 1.3.
Pro Rata means an amount in proportion to the Members'
respective Membership Interests in the Company.
Purchase Notice shall have the meaning ascribed to such term in
Section 5.2.
Regulatory Allocations shall have the meaning ascribed to such
term in Section 7.3.
Rivenbark Acquisition Expenses shall mean the costs incurred (by
FRK or FRK Newco) to acquire the Rivenbark Property, including the
purchase price, closing costs, attorneys' fees and other out-of-
pocket expenses.
Rivenbark Property shall have the meaning ascribed to such term
in page 1.
Selling Member shall have the meaning ascribed to such term in
Section 5.3.
Surviving Entity shall have the meaning ascribed to such term in
Section 2.2(a).
Tax Matters Partner shall have the meaning ascribed to such term
in Section 8.3.
Transfer and Transferred means the sale, assignment, transfer,
pledge, encumbrance, or other disposition, by operation of law or
otherwise, of Membership Interests or any part thereof; provided,
however, that a transfer of a Membership Interest pursuant to Section
5.2(a) hereof shall not constitute a "Transfer" for purposes of any
other Section of this Agreement.
Treasury Regulations shall mean the regulations of the United
States Treasury Department, as amended, and any successor provisions
thereto.
Triggering Event shall mean the occurrence of any of the
following events: a Deadlock that is not resolved pursuant to Section
11.17(a) hereof, a Change in Control of a Member, an Event of
Bankruptcy with respect to a Member, a Funding Default by a Member or
a Prohibited Transfer by a Member.
Withdrawing Member shall have the meaning ascribed to such term
in Section 5.2.
<PAGE>
SCHEDULE 2
DESCRIPTION OF BROOKSVILLE PROPERTY
-----------------------------------
sCHEDULE oMITTED FROM FILING
<PAGE>
SCHEDULE 3
PERMITTED ENCUMBRANCES
SCHEDULED OMITTED FROM FILING
<PAGE>
SCHEDULE 4.1
INITIAL
MANAGEMENT COMMITTEE MEMBERS
SCHEDULE OMITTED FROM FILING
<PAGE>
EXHIBIT A
CERTIFICATE AND PLAN OF MERGER
SCHEDULE OMITTED FROM FILING
<PAGE>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13
<SEQUENCE>7
<FILENAME>ex13annual.txt
<DESCRIPTION>PATRIOT 2006 ANNUAL REPORT
<TEXT>
Annual Report 2006
CONSOLIDATED FINANCIAL HIGHLIGHTS
Years ended September 30
(Dollars in thousands except per share amounts)
%
2006 2005 Change
Revenues $147,374 131,036 12.5
Gross profit $ 29,152 24,993 16.6
Operating profit $ 17,055 15,191 12.3
Income before income taxes $ 13,249 11,945 10.9
Net income $ 8,078 7,609 6.2
Per common share:
Basic $ 2.71 2.58 5.0
Diluted $ 2.62 2.50 4.8
Total Assets $219,215 193,715 13.2
Total Debt $ 63,124 50,900 24.0
Shareholders' Equity $118,052 107,901 9.4
Common Shares Outstanding 3,012 2,965 1.6
Book Value Per Common Share $ 39.20 36.39 7.7
BUSINESS. The Company is engaged in the transportation and real estate
businesses. The Company's transportation business is conducted through two
wholly owned subsidiaries. Florida Rock & Tank Lines, Inc. (Tank Lines) is
a Southeastern U.S. based transportation company concentrating in the
hauling of primarily petroleum products but also other liquid and dry bulk
commodities by tank trucks. SunBelt Transport, Inc. (SunBelt) serves the
flatbed portion of the trucking industry in the Southeastern U.S., hauling
primarily construction materials. The Company's real estate group,
comprised of FRP Development Corp. and Florida Rock Properties, Inc.,
acquires, constructs, leases, operates and manages land and buildings to
generate both current cash flows and long-term capital appreciation. The
real estate group also owns real estate which is leased under mining
royalty agreements or held for investment.
OBJECTIVES. The Company's dual objectives are to continue building a
substantial transportation company and a real estate company providing
sound long-term growth, cash generation and asset appreciation.
TRANSPORTATION
Internal growth is accomplished by a dedicated and competent work
force emphasizing superior service to customers in existing markets,
developing new transportation services for customers in current
market areas and expanding into new market areas.
External growth is designed to broaden the Company's geographic
market area and delivery services by acquiring related businesses.
REAL ESTATE
The growth plan is based on the acquisition, development and management of
commercial warehouse/office rental properties located in appropriate sub-
markets in order to provide long-term positive cash flows and capital
appreciation.
TO OUR SHAREHOLDERS
Fiscal 2006 represented another positive chapter of Patriot progress.
Good results were achieved in both transportation and real estate,
though tempered somewhat at the beginning of the fourth quarter from a
plunging residential construction market.
Consolidated revenues increased 12.5% over last fiscal year to
$147,374,000. Operating profit climbed 12.3%, and income from
continuing operations advanced 6.2% to $8,078,000. Diluted earnings
per common share for fiscal 2006 were $2.62, and book value per common
share increased 7.7% from the previous year to $39.20.
The Company continued to maintain a strong balance sheet. Patriot
completed Fiscal 2006 with a consolidated debt to equity ratio of
about 53%. The Transportation Group carried no debt at year-end, and
approximately 80% of total debt (all real estate-related) was long-
term, fixed-rate non-recourse. Total debt to total consolidated
capital employed was 32% at fiscal year-end.
Transportation Group
Just as in 2005 the Transportation Group began the year with a clear
focus on safety, pricing, manning and utilization.
The Group translates "safety" to mean "accident prevention", and its
key performance metric remains Preventable Accident Frequency Ratio
("AFR"), or incidents per million miles traveled. The companion AFR
for workers compensation lost-time injuries is also employed. AFR's
at both subsidiaries, Florida Rock & Tank Lines, Inc, and SunBelt
Transport, Inc. declined significantly over the prior year.
Substantial portions of the annual cash incentive compensation at all
levels, including CEO of Patriot Transportation Holding, Inc., will
remain linked to targeted AFR performance. AFR goals for Fiscal 2007
at both subsidiaries reflect continuing improvement compared to 2006.
Appropriate increases for freight rates, including fuel surcharges,
were consistently pursued and implemented at both companies. Spiking
diesel fuel prices set even higher records during 2006, and the Group
was able to substantially neutralize most of this expense threat.
Florida Rock & Tank Lines, Inc. continued to address consolidation
among its customer base, especially including petroleum jobbers and
convenience store/retail gasoline distribution. Tank Lines made
substantial progress leveraging its top-quality customer service
reputation with effective regional organization focus and equipment
capacity allocation. As fuel prices across the country hit new highs
during the year, driving mileage responded and gasoline demand
moderated. Such pullbacks led to occasional retail market softness
and slackened hauling across Tank Lines' system. Notwithstanding
periods of weaker demand, tanker revenues remained mostly constrained
as the result of driver recruitment/retention challenges.
On the other hand, freight demand, utilization disruptions and
corresponding pricing softness seemingly went into free-fall for the
Company's flatbed subsidiary, SunBelt Transport, as work resumed
following the Fourth of July holiday. Hauling demand had remained
excellent for the first three fiscal quarters.
The culprit was the sudden, severe contraction in residential
construction in the wake of the national housing bubble collapse.
During the Company's third fiscal quarter, the nation's annualized
rate of single-family housing starts fell over 40%. By the end of
fiscal 2006, the median price of a new, single-family home had
suffered its worst year-over-year decline in more than 35 years.
Earlier in the year SunBelt had opened two new satellite terminals in
Mobile, Alabama and Selma, North Carolina. These new locations served
to anchor and augment efficient freight traffic lanes serving
generally low-cost building materials manufacturers. Excellent
customer service, well-situated operating locations and attendant
flexibilities for truck positioning all are helping SunBelt counter
the headwinds from a sharp market contraction. Simply being able to
locate, service and price freight is acting as a powerful tool for
driver recruitment/retention, another competitive plus.
Consistent driver manning remained challenging throughout 2006 for
both subsidiaries. Driver recruitment and retention will continue a
critical limiting factor for the national trucking industry, and
Patriot's companies are no exception. Both subsidiaries maintain
quite competitive pay and benefits packages while providing safe,
continually updated tractors with safety-related on-board technology.
Our drivers represent our primary sales force, and Patriot believes
great service and concern for the customer first spring from an
atmosphere inside the Company of trust, respect and support for the
individual.
Notwithstanding end-of-year flatbed challenges and diminished national
gasoline consumption, both companies saw equipment utilization
improve. Annual revenue per tractor and per driver increased over the
prior year. Significant replacement and expansion tractor capacity
was received and employed by the Group during 2006.
Credit for such a successful year belongs to the quality and
dedication of the men and women who comprise Florida Rock & Tank Lines
and SunBelt Transport. Deliberate priority on developing superior
organizations to effectively lead, adapt and compete will remain the
mission of each company's senior leadership. The fruits of their
labors will continue providing a foundation for success.
Real Estate Group
Patriot's real estate business completed another busy year.
Beginning the first quarter the Group purchased a 101-acre expansion
site adjacent to the Prince William Parkway near Manassas, Virginia.
Following horizontal development work and related jurisdictional
permitting, the site should accommodate a future build-out of
approximately 1.0 million square feet of office/warehouse product.
This new park, Patriot Business Park, is located with excellent access
to Dulles International Airport and Interstates 66 and 95. Land
development should begin during the spring of 2008.
Feasibility studies and value engineering remain on-going for
Commonwealth Avenue, Jacksonville, Florida. Commonwealth is a 50-
acre, rail-served site very near Jacksonville's western beltway,
Interstate 295. The property should be able to accommodate about
500,000 square feet of warehouse/office build-out.
Patriot announced on August 2 the formation of a 50-50 joint venture
between a subsidiary and Florida Rock Industries, Inc. to develop
approximately 4,400 acres of land near Brooksville, Florida (north of
Tampa). Most of this property had been the focus of a long-term
mining lease with Florida Rock Industries, Inc. However, managements
at both companies believe their respective companies will eventually
realize greater value from real estate development than from mining.
The property will need appropriate regulatory entitlements for real
estate development to occur, and it is likely this entitlement process
could take several years.
Another important event occurred on October 23, 2006. Maryland State
Road 43 ("White Marsh Boulevard") was formally opened, connecting
White Marsh/Interstate 95 to Martin State Airport/Eastern Boulevard.
The Real Estate Group's Windlass Run Business Park, a 179-acre
property near Bird River in southeastern Baltimore County, will have
direct access to the new Route 43. The site is zoned for both
residential and commercial use for 104 developable acres. Plans call
for a commercial build-out of about 515,000 square feet of
warehouse/office product on the 42 developable acres zoned commercial.
Meanwhile plans are being pursued to obtain residential zoning upgrade
to permit optimal development of the remaining 62 developable acres.
Amidst these expansion efforts, progress continued for the group's
existing warehouse/office portfolio. The most recent expansion, 7020
Dorsey Road, was completed and placed in service during the fourth
quarter. This newest addition, comprising 84,760 square feet, is
located in the Group's Hillside Business Park within two miles to the
Baltimore-Washington International Thurgood Marshall Airport. The
building is now 55% leased and increases the Group's total developed
portfolio by about 4% to 2,417,000 square feet, which was 93.3%
occupied at year-end.
Regarding existing business parks, a new building, 2204 Lakeside
Boulevard, is now under construction. This new building will comprise
73,200 square feet. About 342,990 square feet of build-out still
remains at the Group's Lakeside Business Park. Another 40,000 square
feet of build-out is left at Hillside Business Park.
Finally, planning and zoning-related efforts affecting the Group's 5.8
acre undeveloped site in Washington, D.C. along the Anacostia River
have progressed rapidly as construction continues for the new
Washington Nationals Baseball Stadium. The new stadium is located
across the street from Patriot's site and is scheduled to open for
play in 2008.
The Real Estate Group has been steadfastly pursuing a modified Planned
Unit Development ("PUD") zoning for the site that would allow up to
440,000 square feet of residential development and 625,000 square feet
of commercial build-out. The Stadium's proximity to the Patriot
tract, together with construction actively underway on the Stadium
site, should serve as positive catalysts for eventual urban planning
to crystallize for the immediate area, not to mention the greater
Anacostia waterfront. The Company also owns a nearby 2.1 acre
undeveloped site also on the same side and fronting the Anacostia
River.
Conclusion
We at Patriot remain encouraged and excited by progress achieved
across our businesses during 2006.
While keeping a careful eye on developing regional and national
economic fall-out from the housing contraction, we intend to continue
prospecting actively for attractive growth opportunities.
We again express our thanks to the great folks who make Patriot go, to
our customers and to our shareholders for your loyal support.
Respectfully yours,
Edward L. Baker
Chairman
John E. Anderson
President & Chief Executive Officer
OPERATING PROPERTIES
Transportation. During fiscal 2006, the Company's transportation group
operated through two wholly owned subsidiaries. Florida Rock & Tank
Lines, Inc. (Tank Lines) is engaged in hauling petroleum and other
liquid and dry bulk commodities in tank trucks. SunBelt Transport, Inc.
(SunBelt) is engaged primarily in hauling building and construction
materials on flatbed trailers.
Tank Lines operates from terminals in Jacksonville, Orlando, Panama
City, Pensacola, Tampa and White Springs, Florida; Albany, Atlanta,
Augusta, Bainbridge, Columbus, Dalton, Macon and Savannah, Georgia;
Knoxville, Tennessee; Montgomery, Alabama; and Wilmington, North
Carolina. SunBelt's flatbed fleet is based in Jacksonville and Tampa,
Florida; Atlanta and Savannah, Georgia; South Pittsburg, Tennessee;
Mobile, Alabama; and Selma, North Carolina and operates primarily in
the Southeastern U.S.
At September 30, 2006, the transportation group owned and operated a
fleet of 680 trucks and 997 trailers.
During fiscal 2006, the transportation group purchased 198 new tractors
and 89 new trailers and had commitments to purchase an additional 60
tractors and 4 trailers at September 30, 2006. Starting in January
2007, more stringent engine emissions standards mandated by the
Environmental Protection Agency become effective for all newly
manufactured trucks. The Company expects that the engines produced
under the 2007 standards will be less fuel-efficient and have a higher
cost than the current engines. The company accelerated its normal
tractor replacement cycle so that the fiscal 2007 capital expenditure
plan only includes the 60 tractors on order at September 30, 2006 to be
received before January 1, 2007. The fiscal 2007 plan also includes 20
new trailers. The fleet modernization program has resulted in reduced
maintenance expenses, improved operating efficiencies and enhanced
driver recruitment and retention.
Real Estate. The real estate group operates the Company's real estate
and property development activities through subsidiaries.
The Company owns real estate in Florida, Georgia, Virginia, Maryland,
Delaware and Washington, D.C. The real estate owned generally falls
into one of three categories: (i) land and/or buildings leased under
rental agreements or being developed for rental; (ii) land with
construction aggregates deposits, substantially all of which is leased
to Florida Rock Industries, Inc. (FRI) under mining royalty
agreements, whereby the Company is paid a percentage of the revenues
generated or annual minimums; and, (iii) land held for future
appreciation or development.
At September 30, 2006, the Company owned 10 parcels of land containing
219 usable acres in the Mid-Atlantic region of the United States as
follows:
1) Hillside Business Park in Anne Arundel County, Maryland consists of 49
usable acres near the Baltimore-Washington International Airport.
Infrastructure work on the site is substantially completed and four
buildings with a total of 504,740 square feet are completed. Of the four
existing buildings, three are 100% leased/occupied and the fourth,
completed in September 2006 is 55% leased. Upon occupancy of the 55%
tenant in November 2006, this park will be 92% occupied. The Company
plans to develop the final building with a minimum of 40,000 square feet.
2) Lakeside Business Park in Harford County, Maryland consists of 83
usable acres. Seven warehouse/office buildings, totaling 671,241 square
feet, have been constructed and are 100% leased. A 73,200 square foot
building is under construction with completion scheduled for the summer
of 2007. The remaining 26 acres are available for future development
and will have the potential to offer an additional 343,000 square feet
of comparable product.
3) 6920 Tudsbury Road in Baltimore County, Maryland contains 5.3 acres
with 86,100 square feet of warehouse/office space that is 100% leased.
4) 8620 Dorsey Run Road in Howard County, Maryland contains 5.8 acres
with 85,100 square feet of warehouse/office space that is 100% leased.
5) Rossville Business Center in Baltimore County, Maryland contains
approximately 10 acres with 190,517 square feet of warehouse/office
space and is 100% leased.
6) 34 Loveton Circle in suburban Baltimore County, Maryland contains
8.5 acres with 29,921 square feet of office space, which is 100%
leased. The Company occupies 23% of the space and 23% is leased to FRI.
7) Oregon Business Center in Anne Arundel County, Maryland contains
approximately 17 acres with 195,615 square feet of warehouse/office
space, which is 85% leased.
8) Arundel Business Center in Howard County, Maryland contains
approximately 11 acres with 162,796 square feet of warehouse/office
space, which is 86% leased.
9) 100-400 Interchange Boulevard in New Castle County, Delaware contains
approximately 17 acres with 303,006 square feet of warehouse/office
space, which is 92% leased. The remaining 8.8 acres are available for
future development and have the potential to offer an additional 88,000
square feet of comparable product.
10) 1187 Azalea Garden Road in Norfolk, Virginia contains approximately
12 acres with 188,093 square feet of warehouse/office space, which is
100% leased.
Future Planned Developments. At September 30, 2006 the Company owned the
following future development parcels:
1) Windlass Run Business Park, formerly referred to as Bird River,
located in southeastern Baltimore County, Maryland, is a 179-acre tract
of land that will have direct access to Maryland State Road 43 which was
completed in October 2006 and will connect I-95 with Martin State
Airport. This property is currently zoned for residential and commercial
use with 104 developable acres. The Company plans to develop and lease
approximately 515,000 square feet of multiple warehouse/office buildings
on the 42 developable acres zoned for commercial use. Land development
efforts will commence in the spring of 2007. Meanwhile plans are being
pursued to obtain residential zoning upgrade and eventual maximization of
the remaining 62 acres.
As previously reported, a subsidiary of the Company entered into an
agreement to develop and sell to a homebuilder a minimum of 292
residential lots on the residential portion of the future Windlass Run
Business Park. The agreement was subject to a number of contingencies,
including a zoning upgrade followed by an approval by Baltimore County of
a Planned Unit Development (PUD) by July 1, 2006 allowing the development
of a minimum of 292 residential lots. The Company was unable to obtain
the necessary approval by July 1, 2006 and, therefore, has terminated the
agreement with the homebuilder. The Company continues to pursue the
zoning upgrade and to explore development strategies that will ultimately
maximize the market value of this residential property.
2) Patriot Business Park, located in Prince William County, Virginia, is
a 101-acre tract of land which is immediately adjacent to the Prince
William Parkway providing access to I-66. The Company plans to develop
and lease approximately 1,000,000 square feet of multiple
warehouse/office buildings on the property. Land development efforts
will commence in the spring of 2008.
3) Brooksville Quarry LLC. On October 4, 2006, a subsidiary of the
Company (FRP) entered into a Joint Venture Agreement with Florida Rock
Industries, Inc. (FRI) to develop approximately 4,400 acres of land near
Brooksville, Florida. Under the terms of the joint venture, FRP has
contributed its fee interest in approximately 3,500 acres that it leased
to FRI under a long-term mining lease. FRI will continue to mine the
property and pay royalties to FRP for as long as mining does not
interfere with the development of the property.
FRP also reimbursed FRI approximately $3 million for one-half of the
acquisition costs of a 288-acre contiguous parcel recently acquired by
FRI from a third party. The 288-acre parcel was contributed to the Joint
Venture. FRI contributed 553 acres that it owns as well as its leasehold
interest in the 3,500 acres that it leased from FRP.
The joint venture will be jointly controlled by FRI and FRP. Each party
has a mandatory obligation to fund additional capital contributions of up
to $2 million. Distributions will be made on a 50-50 basis.
The property does not yet have the necessary entitlements for real estate
development. Approval to develop real property in Florida entails an
extensive entitlements process involving multiple and overlapping
regulatory jurisdictions and the outcome is inherently uncertain. The
Company currently expects that the entitlement process may take several
years to complete.
4) Anacosta River. The Company owns a 5.8 acre parcel of undeveloped real
estate in Washington D.C. that fronts the Anacostia River and is one
block from the construction site for the new Washington Nationals
Baseball Stadium which is scheduled for completion in 2008. The Company
also owns a nearby 2.1 acre tract on the same bank of the Anacostia
River. Currently, these properties are leased to Florida Rock
Industries, Inc., on a month-to-month basis.
The Company has been pursuing development efforts with respect to the
5.8-acre parcel for several years. The Company previously obtained a
Planned Unit Development (PUD) Zoning approval for development of the
property and has been working to obtain approval of a modified PUD that
would allow up to 625,000 square feet of commercial development and up to
440,000 square feet of residential development. Consideration of a
proposed action by the Zoning Commission is anticipated at their
scheduled public meeting on January 8, 2007. The Company remains
optimistic that its zoning application will be approved while at the same
time recognizing that there is inherent uncertainty in any zoning
approval process.
5) Commonwealth Avenue in Jacksonville, Florida is a 50-acre, rail
accessible site near the western beltway of Interstate-295 capable of
supporting approximately 500,000 square feet of eventual warehouse/office
build-out.
Five Year Summary-Years ended September 30
(Amounts in thousands except per share amounts)
2006 2005 2004 2003 2002
Summary of Operations:
Revenues $147,374 131,036 115,789 102,561 95,898
Gross profit $ 29,152 24,993 22,482 17,590 20,008
Operating profit $ 17,055 15,191 13,430 9,437 11,879
Interest expense $ 3,955 3,276 3,907 3,497 3,164
Income from continuing
operations $ 8,078 7,609 6,096 3,627 5,332
Per Common Share:
Basic $ 2.71 2.58 2.08 1.19 1.70
Diluted $ 2.62 2.50 2.05 1.18 1.68
Discontinued
operations $ - - 14,644 1,023 516
Net income $ 8,078 7,609 20,740 4,650 5,848
Per Common Share:
Basic $ 2.71 2.58 7.08 1.53 1.86
Diluted $ 2.62 2.50 6.97 1.51 1.85
Financial Summary:
Current assets $ 17,412 19,569 30,066 13,965 11,490
Current liabilities $ 18,192 16,221 23,099 11,220 11,972
Property and
equipment, net $192,073 164,936 149,011 139,379 138,367
Total assets $219,215 193,715 186,821 166,643 156,769
Long-term debt $ 60,548 48,468 41,185 57,816 47,290
Shareholders' equity $118,052 107,901 98,972 78,914 79,970
Net Book Value
Per common Share $ 39.20 36.39 33.79 26.91 25.31
Other Data:
Weighted average common
shares - basic 2,980 2,950 2,931 3,033 3,143
Weighted average common
shares - diluted 3,087 3,039 2,976 3,066 3,165
Number of employees 981 925 908 845 861
Shareholders of record 634 679 702 745 767
Quarterly Results (unaudited)
(Dollars in thousands except per share amounts)
First Second Third Fourth
2006 2005 2006 2005 2006 2005 2006 2005
Revenues $35,423 31,419 35,561 32,059 37,611 33,106 38,779 34,452
Gross profit $ 6,782 5,962 6,837 5,714 7,340 6,852 8,193 6,465
Net income $ 1,898 1,684 1,705 1,573 1,844 2,140 2,631 2,212
Earnings per common share:
Basic $ .64 .57 .57 .53 .62 .72 .88 .75
Diluted $ .62 .56 .56 .52 .59 .70 .85 .72
Market price per common share(a):
High $70.58 44.99 70.71 53.92 93.98 52.76 85.45 68.70
Low $65.92 32.15 62.64 42.46 67.74 42.70 63.07 52.45
(a) All prices represent high and low daily closing prices as
reported by NASDAQ.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS.
Executive Overview
Patriot Transportation Holding, Inc. (the Company) is a holding
company engaged in the transportation and real estate businesses
through wholly owned subsidiaries.
The Company's transportation business operates through two
subsidiaries: Florida Rock & Tank Lines, Inc. (Tank Lines) is engaged
in hauling primarily petroleum related bulk liquids and dry bulk
commodities in tank trailers. SunBelt Transport, Inc. (SunBelt) is
engaged in hauling primarily building and construction materials on
flatbed trailers.
The Company's real estate business is operated through two
subsidiaries: Florida Rock Properties, Inc. and FRP Development Corp.
The Company owns real estate in Florida, Georgia, Virginia, Maryland,
Delaware and Washington, D.C. The real estate owned generally falls
into one of three categories: (i) land and/or buildings leased under
rental agreements or being developed for rental; (ii) land with
construction aggregates deposits, substantially all of which is
leased to Florida Rock Industries, Inc. under mining royalty
agreements; and, (iii) land held for future appreciation or
development.
The Company is a related party to Florida Rock Industries, Inc. (FRI)
because four of the Company's directors are also directors of FRI and
such directors own approximately 25.6% of the stock of FRI and 45.9%
of the stock of the Company. The Company derived 5.6% of its
consolidated revenue from FRI in fiscal 2006.
Net income was $8,078,000 or $2.62 per diluted share in fiscal 2006,
an increase of 6.2% compared to $7,609,000 or $2.50 per diluted share
in fiscal 2005. This increase was generated primarily from the
revenue growth in both the transportation segment and developed
properties while fixed expenses remained steady.
Transportation. The Company generates transportation revenue by
providing over the road hauling services for customers primarily in
the petroleum products (Tank Lines) and building construction
materials industry (SunBelt). The majority of our petroleum products
customers are major oil companies and convenience store chains, who
sell gasoline or diesel fuel directly to the retail market. Our
customers in the building construction industries are generally the
manufacturer of the products who contract with us to deliver goods to
their customers or within their distribution systems.
Our customers generally pay for services based on miles driven. We
also bill for other services that may include stop-offs, pump-offs,
and load tarping. Additionally, we may bill customers a fuel
surcharge that relates to the fluctuations in diesel fuel costs.
Miles hauled and rates per mile are the primary factors impacting
transportation revenue. Generally, changes in miles or rates will
affect revenue. Given the large increases in diesel fuel costs over
the past 30 months, fuel surcharges have become a critical factor
affecting overall transportation revenue.
On long-haul trips we generally bill for miles driven while under
load. We calculate and monitor weekly a loaded mile factor, which is
the ratio of loaded miles to total miles. A decrease in the loaded
mile factor will have a negative effect on operating profit. SunBelt
is acutely affected by the loaded mile factors, as the majority of
its trips are medium-haul (approximately 350 miles). Tank Lines, on
the other hand, primarily engages in short-haul (approximately 95
miles) out-and-back deliveries and generally is paid for round trip
miles.
Operating safely, efficient equipment utilization, appropriate
freight rates, and driver retention are the most critical factors in
maintaining profitable operations. Statistics related to these
factors are monitored weekly and monthly. Operating expenses are
generally split evenly between variable (driver pay, fuel, and
maintenance) and fixed costs (overhead, insurance and depreciation).
As a result, increases in revenue will generally improve our
operating ratios.
The Company's transportation segment faces on-going challenges from
tight driver availability and high diesel fuel expenses. Particular
concerns focus on threats to profitability for its flatbed subsidiary
as the result of poor freight demand, utilization disruption and
pricing softness primarily resulting from the effects of the regional
and national housing contraction.
Real Estate. The Company owns real estate in Florida, Georgia,
Virginia, Maryland, Delaware, and Washington, D.C. The real estate
owned generally falls into one of three categories: (i) land and/or
buildings leased under rental agreements or being developed for
rental; (ii) land with construction aggregates deposits; and (iii)
land held for future appreciation or development.
Revenue from land and/or buildings under rental agreements is
generated primarily from leasing our portfolio of flex
office/warehouse buildings. Our flex office/warehouse product is a
functional warehouse with the ability to configure portions as office
space as required by our tenants. We lease space to tenants who
generally sign multiple year agreements. Growth is achieved by
increasing occupancy and lease rates in existing buildings and by
developing or acquiring new warehouses. We attempt to develop or
purchase properties in areas that have high growth potential and are
accessible to major interstates or other distribution lanes.
The following table shows the total developed square footage and occupancy
rates of our flex office/warehouse parks at September 30, 2006:
Total
Development Location Sq. feet % Occupied
Hillside (1) Anne Arundel Co., MD 504,740 83.2%
Lakeside Harford Co., MD 671,241 100.0%
Tudsbury Baltimore Co., MD 86,100 100.0%
Dorsey Run Howard Co., MD 85,100 100.0%
Rossville Baltimore Co., MD 190,517 100.0%
Loveton Baltimore Co., MD 29,921 100.0%
Oregon Anne Arundel Co., MD 195,615 85.1%
Arundel Howard Co., MD 162,796 85.7%
Interchange New Castle Co., DE 303,006 91.9%
Azalea Garden Norfolk, VA 188,093 100.0%
2,417,129 93.3%
(1) An agreement has been executed to lease 46,650 square feet to
commence on or around November 15, 2006.
In addition to the completed buildings, land is available to
construct additional buildings at Hillside Business Park (40,000
square feet), Lakeside Business Park (416,200 square feet of which
73,200 square feet was under construction on September 30, 2006) and
Interchange (88,000 square feet).
We also own a portfolio of mineable land, substantially all of which
is leased to FRI under long-term mining royalty agreements, whereby
we are paid a percentage of the revenues generated from mined product
sold or annual minimum rents. The mines primarily consist of
construction aggregates, such as stone and sand and calcium deposits.
Properties held for future development include:
Windlass Run Business Park, formerly referred as Bird River, located
in southeastern Baltimore County, Maryland, is a 179-acre tract of
land that will have direct access to Maryland State Road 43 which was
completed in October 2006 and will connect I-95 with Martin State
Airport. This property is currently zoned for residential and
commercial use with 104 developable acres. The Company plans to
develop and lease approximately 515,000 square feet of multiple
warehouse/office buildings on the 42 developable acres zoned for
commercial use. Land development efforts will commence in the spring
of 2007.
The Company owns a 5.8 acre parcel of undeveloped real estate in the
southeast quadrant of Washington, D.C. that fronts the Anacostia River
and a nearby 2.1 acre tract on the same bank of the Anacostia River.
Currently, these properties are leased to FRI on a month-to-month basis.
For several years, the Real Estate Group has been pursuing development
efforts with respect to the 5.8-acre parcel. The Company previously
obtained Planned Unit Development (PUD) Zoning approval for development
of the property and has been working to obtain approval of a modified
PUD that would allow up to 625,000 square feet of commercial development
and up to 440,000 square feet of residential development. If the
modified PUD is approved, the Company would have up to two years to
commence development in accordance with the modified PUD.
The development of this property will be impacted, at least to some
degree, by the proposed construction on nearby property of a new
baseball stadium for the Washington Nationals baseball team scheduled
for completion in early 2008. The Company will monitor ongoing
developments relating to the stadium while continuing to pursue its
existing plans to develop the property.
Commonwealth Avenue is a 50-acre, rail accessible site in
Jacksonville, Florida near the western beltway of Interstate-295
capable of supporting approximately 500,000 square feet of
warehouse/office build-out.
COMPARATIVE RESULTS OF OPERATIONS
Transportation
Fiscal Years ended September 30
(dollars in thousands) ___2006 % _2005 % 2004 %
Transportation revenue $108,800 86% 101,934 90% 94,786 95%
Fuel surcharges 17,452 14% 10,890 10% 4,638 5%
Revenues 126,252 100% 112,824 100% 99,424 100%
Compensation and benefits 48,281 38% 44,185 39% 40,779 41%
Fuel expenses 27,444 22% 21,555 19% 14,779 15%
Insurance and losses 11,107 9% 11,925 11% 11,462 12%
Depreciation expense 8,563 7% 7,920 7% 7,875 8%
Other, net 13,338 10% 12,499 11% 11,317 11%
Cost of operations 108,733 86% 98,084 87% 86,212 87%
Gross profit $ 17,519 14% 14,740 13% 13,212 13%
The Transportation group's goals for 2006 were to operate safely,
improve freight rates and fuel surcharges, recruit and retain
qualified drivers and maximize equipment utilization.
Revenues 2006 vs 2005 - Transportation segment revenues were
$126,252,000, an increase of $13,428,000 or 11.9% over 2005. The
average price paid per gallon of diesel fuel increased $0.45 over
2005 and as a result fuel surcharge revenue increased $6,562,000.
Excluding fuel surcharges, revenue per mile increased 5.0%,
reflecting better pricing for our services. Revenue miles in the
current year were up 1.5% compared to 2005 and were constrained by
low driver availability.
Revenues 2005 vs 2004 - Transportation segment revenues were
$112,824,000, an increase of $13,400,000 or 13.5% over 2004. The
average price paid per gallon of diesel fuel increased $0.55 over
2004 and as a result fuel surcharge revenue increased $6,252,000.
Excluding fuel surcharges, revenue per mile increased 5.1%,
reflecting better pricing for our services. Revenue miles in the
current year were up 2.3% compared to 2004 and were constrained by
low driver availability.
Expenses 2006 vs 2005 - Transportation's cost of operations increased
$10,649,000 to $108,733,000 in 2006, compared to $98,084,000 in 2005.
The primary factors for the increase were increased miles and higher
diesel fuel costs. Average diesel fuel cost per gallon increased
21.9% in 2006 compared to 2005. Compensation and benefits were
higher as a result of increased revenue miles, higher driver pay, and
vacation expense not previously accrued. Insurance and losses for
the year decreased $818,000 primarily due to lower than expected
development of prior year claims. As a percent of revenue cost of
operations decreased slightly.
Expenses 2005 vs 2004 - Transportation's cost of operations increased
$11,872,000 to $98,084,000 in 2005, compared to $86,212,000 in 2004.
The primary factors for the increase were increased miles, higher
diesel fuel costs and an increase in risk insurance costs. Average
diesel fuel cost per gallon increased 36.2% in 2005 compared to 2004.
Compensation and benefits were higher as a result of increased
revenue miles and higher driver pay. As a percent of revenue cost of
operations remained constant.
Real Estate
Fiscal Years ended September 30
(dollars in thousands) ___2006 % 2005 % 2004 %
Royalties and rent $ 6,643 31% 6,143 34% 5,822 36%
Developed property rentals 14,479 69% 12,069 66% 10,543 64%
Total revenue 21,122 100% 18,212 100% 16,365 100%
Mining and land rent expenses 1,633 8% 1,378 8% 1,887 12%
Developed property management 7,856 37% 6,581 36% 5,208 32%
Cost of operations 9,489 45% 7,959 44% 7,095 43%
Gross profit $ 11,633 55% 10,253 56% 9,270 57%
Revenues 2006 vs 2005 - Real Estate revenues increased $2,910,000 or
16.0% in 2006 to $21,122,000. Lease revenues from developed
properties increased $2,410,000 or 20.0% due to an increase in
occupied square footage along with higher rental rates on new leases.
Royalties from mining operations increased as a result of increased
royalties per ton.
Revenues 2005 vs 2004 - Real Estate revenues increased $1,847,000 or
11.3% in 2005 to $18,212,000. Lease revenues from developed
properties increased $1,526,000 or 14.5% due to an increase in
occupied square feet resulting from the completion of a pre-leased
74,600 square foot building in January 2005, the purchase of a fully
leased 188,000 square foot building in October 2004, and the
completion of a pre-leased 145,180 square foot building in July 2005.
Royalties from mining operations increased 5.5% during 2005 as a
result of increased royalties per ton.
Expenses 2006 vs 2005 - Real Estate segment expenses increased to
$9,489,000 in 2006, compared to $7,959,000 in 2005. Expenses related
to development activities increased as a result of new building
additions, increased staffing and professional fees to facilitate
continuing portfolio expansion.
Expenses 2005 vs 2004 - Real Estate segment expenses increased
slightly to $7,959,000 in 2005, compared to $7,095,000 in 2004.
Expenses related to development activities increased as a result of
the new building additions.
Consolidated Results
Gross Profit - Consolidated gross profit was $29,152,000 in 2006
compared to $24,993,000 in 2005, an increase of 16.6%. Consolidated
gross profit was $24,993,000 in 2005 compared to $22,482,000 in 2004,
an increase of 11.2%.
Selling, general and administrative expense - Selling, general and
administrative expenses for 2006 increased $2,295,000 to $12,097,000
or 23.4%. The increase included $968,000 from stock compensation
expense as required by SFAS 123R (see Note 8 to the Consolidated
Financial Statements), $336,000 of audit fees and Sarbanes-Oxley
compliance work and $269,000 of vacation expense not previously
accrued (see Note 12 to the Consolidated Financial Statements). SG&A
expense was 8.2% of revenue for fiscal 2006 compared to 7.5% for
fiscal 2005.
Selling, general and administrative expenses for 2005 increased
$750,000 or 8.3% to $9,802,000 or 7.5% of consolidated revenues. The
increase was due to professional fees, management incentive
compensation, and additional staffing.
Interest expense - Interest expense for 2006 increased $679,000 to
$3,955,000 due to increased long-term debt and higher borrowings
under the revolving credit agreement supporting recent capital
additions in real estate and new truck purchases. Interest expense
decreased $631,000 in 2005 from 2004 due to prepayment in 2004 of
high rate long-term debt and lower average borrowings under the
revolving credit agreement.
Income taxes - Income tax expense increased $835,000 to $5,171,000
compared to $4,336,000 in 2005. This is due to higher earnings
before taxes and an increase in the effective tax rate to 39.0%
versus 36.3% last year. Income tax expense increased $457,000 to
$4,336,000 in 2005 compared to $3,879,000 in 2004 due to higher
earnings in 2005 partially offset by a decrease in the effective tax
rate to 36.3% in 2005 versus 39.0% in 2004. The decrease in the
effective tax rate in 2005 over 2004 was due to a $203,000 reduction
in state income tax reserves from the expiration of certain
contingencies.
Income from continuing operations - Income from continuing operations
was $8,078,000 or $2.62 per diluted share in fiscal 2006, an increase
of 6.2% compared to $7,609,000 or $2.50 per diluted share in fiscal
2005. Income from continuing operations increased 24.8% in 2005 from
$6,096,000 or $2.05 per diluted share in fiscal 2004.
Discontinued Operations - The Company had three sales of real estate
in 2004 which have been accounted for as discontinued operations, in
accordance with SFAS 144. The income from the operations and gains on
sale of these components have been reflected in the consolidated
income statement as income from discontinued operations, net of
income taxes. The after-tax gain from the sale of the properties in
2004 was $14,456,000. The after-tax net income from the operations of
the sold properties was $188,000 for 2004.
Net income - Net income increased to $8,078,000 in fiscal 2006 from
$7,609,000 in 2005 as a result of revenue growth in both the
transportation segment and developed properties while fixed expenses
remained steady. Fiscal 2005 net income was down from $20,740,000 in
2004 as a result of the gains from property sales in 2004 classified
as discontinued operations. Diluted earnings per share increased to
$2.62 in fiscal 2006 from $2.50 in 2005, and were $6.97 in 2004.
LIQUIDITY AND CAPITAL RESOURCES
For fiscal 2006, the Company used cash provided by operating
activities of $22,772,000, borrowings of $12,452,000 under its
Revolver, additional long-term debt of $2,084,000 and proceeds of
$1,688,000 from the sales of property and equipment to purchase
$40,601,000 in property and equipment and to make scheduled payments
of $2,312,000 of long-term debt.
For fiscal 2005, the Company used cash provided by operating
activities of $10,535,000, proceeds of $1,377,000 from the sales of
property and equipment, $16,553,000 of cash released from escrow,
$877,000 in stock options exercised and $7,003,000 in additional
long-term borrowings to fund the $28,574,000 purchase of property and
equipment, and the $5,004,000 reduction in revolving debt and
amortization of long-term debt.
During 2004 the Company sold three properties for $29,628,000 in
cash, resulting in before tax gains of $23,652,000. The net proceeds
of $29,471,000 from the sale of these properties were placed in
escrow in anticipation of utilizing the funds to purchase replacement
property in tax deferred exchanges under IRC Section 1031. Due to a
competitive real estate market for suitable exchange properties, not
all of the gains resulting from the property sales could be utilized
under Section 1031. During fiscal 2004, $11,417,000 was used in
qualified exchanges and $3,265,000 was released from escrow for
general use leaving a balance in escrow of $16,553,000 at September
30, 2004. On October 1, 2004, $7,150,000 of the escrowed funds were
used in a qualified exchange and the remaining funds of $9,340,000
were released for general use.
During fiscal 2006 the Company converted a construction loan into a
15-year non-recourse mortgage of $11,800,000 with an interest rate of
6.12%. The construction loan was used to develop a 145,000 square
foot build-to-suit warehouse/office building pursuant to a 15-year
triple net lease.
The Company has a $37,000,000 revolving credit agreement (the
Revolver) of which $24,548,000 was available at fiscal year end. The
Revolver contains restrictive covenants including limitations on
paying cash dividends. Under these restrictions, as of September 30,
2006, $24,260,000 of consolidated retained earnings was available for
payment of dividends.
The Company had $18,887,000 of irrevocable letters of credit
outstanding at September 30, 2006. Most of the letters of credit are
irrevocable for a period of one year and are automatically extended
for additional one-year periods unless notified by the issuing bank
not less than thirty days before the expiration date. Substantially
all of these were issued for workers' compensation and liability
insurance retentions. If these letters of credit are not extended the
Company will have to find alternative methods of collateralizing or
funding these obligations.
The Board of Directors has authorized management to repurchase shares
of the Company's common stock from time to time as opportunities may
arise. No shares were repurchased during fiscal 2006 or fiscal 2005.
During fiscal 2004, the company repurchased 77,533 shares for
approximately $2,510,000 at an average price of $32.37 per share. At
September 30, 2006 the Company had $3,490,000 authorized for
repurchase of shares.
The Company has committed to make an additional capital contribution
of up to $2 million dollars to Brooksville Quarry, LLC in connection
with a joint venture with FRI (see Transactions with Related
Parties).
The Company currently expects its fiscal 2007 capital expenditures to
be approximately $29,000,000 ($21,000,000 for real estate development
expansion and $8,000,000 for transportation segment expansion and
replacement equipment). Depreciation and depletion expense is
expected to be approximately $13,617,000.
The Company expects that cash flows from operating activities,
secured financing on existing and planned real estate projects, and
the funds available under its revolving credit agreement will be
adequate to finance these capital expenditures and its working
capital needs for the next 12 months and the foreseeable future.
OFF-BALANCE SHEET ARRANGEMENTS
Except for the letters of credit described above under "Liquidity and
Capital Resources," the Company does not have any off balance sheet
arrangements that either have, or are reasonably likely to have, a
current or future material effect on its financial condition.
CRITICAL ACCOUNTING POLICIES
Management of the Company considers the following accounting policies
critical to the reported operations of the Company:
Accounts Receivable Valuation. The Company is subject to customer
credit risk including bankruptcies that could affect the collection
of outstanding accounts receivable and straight-lined rents. To
mitigate these risks, the Company performs credit reviews on all new
customers and periodic credit reviews on existing customers. A
detailed analysis of late and slow pay customers is prepared monthly
and reviewed by senior management. The overall collectibility of
outstanding receivables and straight-lined rents is evaluated and
allowances are recorded as appropriate.
Revenue and Expense Recognition. Transportation revenue, including
fuel surcharges, is recognized when there is an agreement in place,
the services have been rendered to customers or delivery has
occurred, the pricing is fixed or determinable and collectibility is
reasonably assured. Transportation expenses are recognized as
incurred.
Real estate rental revenue and mining royalties are generally
recognized when earned under the leases. Rental income from leases
with scheduled increases during their term is recognized on a
straight-line basis over the term of the lease. Reimbursements of
expenses, when provided in the lease, are recognized in the period
that the expenses are incurred.
Sales of real estate are recognized when the collection of the sales
price is reasonably assured and when the Company has fulfilled
substantially all of its obligations, which are typically as of the
closing date.
Property and Equipment. Property and equipment is recorded at cost
less accumulated depreciation. Provision for depreciation of
property, plant and equipment is computed using the straight-line
method based on the following estimated useful lives:
Years
Buildings and improvements 7-39
Revenue equipment 7-10
Other equipment 3-10
Depletion of sand and stone deposits is computed on the basis of
units of production in relation to estimated reserves.
The Company periodically reviews property and equipment and
intangible assets for potential impairment. If this review
indicated that the carrying amount of the asset may not be
recoverable, the Company would estimate the future cash flows
expected with regards to the asset and its eventual disposition.
If the sum of these future cash flows (undiscounted and without
interest charges) is less than the carrying amount of the assets,
the Company would record an impairment loss based on the fair value
of the asset. The Company performs an annual impairment test on
goodwill.
All direct and indirect costs, including interest and real estate
taxes, associated with the development, construction, leasing or
expansion of real estate investments are capitalized as a cost of
the property. Included in indirect costs is an estimate of
internal costs associated with development and rental of real
estate investments. Changes in estimates or assumptions could have
impact on financials.
Risk Insurance. The nature of the Transportation business subjects
the Company to risks arising from workers' compensation, automobile
liability, and general liability claims. The Company retains the
exposure on certain claims of $250,000 to $500,000 and has third
party coverage for amounts exceeding the retention. The Company
expenses during the year an estimate of risk insurance losses.
Periodically, an analysis is performed, using historical and
projected data, to determine exposure for claims incurred and
reported but not yet settled and for claims incurred but not
reported. On an annual basis the Company obtains an independent
actuarial analysis to assist in estimating the losses expected on
such claims. The Company attempts to mitigate losses from insurance
claims by maintaining safe operations and providing mandatory safety
training. Significant changes in assumptions or claims history could
have a material impact on our operations.
CONTRACTUAL OBLIGATIONS
The following table summarizes our contractual obligations as of
September 30, 2006:
Payments due by period
Less than 1-3 3-5 More than
Total 1 year years years 5 years
Mortgages Including Interest $77,278 6,363 11,938 11,938 47,039
Revolving Debt 12,452 - - 12,452 -
Operating Leases 287 287 - - -
Purchase Commitments 8,188 8,188 - - -
Other Long-Term Liabilities 1,003 75 167 158 603
Total obligations $99,208 14,913 12,105 24,548 47,642
INFLATION
Historically, the Company has been able to recover inflationary cost
increases in the transportation group through increased freight rates.
It is expected that over time, justifiable and necessary rate
increases will be obtained. Substantially all of the Company's royalty
agreements are based on a percentage of the sales price of the related
mined items. Minimum royalties and substantially all lease agreements
provide escalation provisions.
FORWARD LOOKING STATEMENTS
Certain matters discussed in this report contain forward-looking
statements that are subject to risks and uncertainties that could
cause actual results to differ materially from these indicated by such
forward-looking statements. These forward-looking statements relate
to, among other things, capital expenditures, liquidity, capital
resources and competition and may be indicated by words or phrases
such as "anticipate," "estimate," "plans," "projects," "continuing,"
"ongoing," "expects," "management believes," "the Company believes,"
"the Company intends" and similar words or phrases. The following
factors and other risk factors discussed in the Company's periodic
reports and filings with the Securities and Exchange Commission are
among the principal factors that could cause actual results to differ
materially from the forward-looking statements: driver availability
and cost; the impact of future regulations regarding the
transportation industry; availability and terms of financing; freight
demand for petroleum products including recessionary and terrorist
impacts on travel in the Company's markets; freight demand for
building and construction materials in the Company's markets; risk
insurance markets; competition; general economic conditions; demand
for flexible warehouse/office facilities in the Baltimore/Washington
area; ability to obtain zoning and entitlements necessary for property
development; interest rates; levels of construction activity in FRI's
markets; fuel costs; and inflation. However, this list is not a
complete statement of all potential risks or uncertainties. These
forward-looking statements are made as of the date hereof based on
management's current expectations, and the Company does not undertake
an obligation to update such statements, whether as a result of new
information, future events or otherwise. Additional information
regarding these and other risk factors may be found in the Company's
Annual Report on Form 10-K and in other filings made from time to time
with the Securities and Exchange Commission.
CONSOLIDATED STATEMENTS OF INCOME - Years ended September 30
(In thousands except per share amounts)
2006 2005 2004
Revenues:
Transportation $126,252 112,824 99,424
Real estate 21,122 18,212 16,365
Total revenues (including revenue from
related parties of $8,321, $6,728, and
$7,623, respectively) 147,374 131,036 115,789
Cost of operations:
Transportation 108,733 98,084 86,212
Real estate 9,489 7,959 7,095
Gross profit 29,152 24,993 22,482
Selling, general and administrative expense
(including expenses paid to related party
of $191, $174, and $372, respectively) 12,097 9,802 9,052
Operating profit 17,055 15,191 13,430
Interest income and other 149 30 452
Interest expense (3,955) (3,276) (3,907)
Income from continuing operations
before income taxes 13,249 11,945 9,975
Provision for income taxes 5,171 4,336 3,879
Income from continuing operations 8,078 7,609 6,096
Discontinued operations (Note 3):
Income from operations, net of tax - - 188
Gain on sale of properties, net of tax - - 14,456
Discontinued operations - - 14,644
Net income $ 8,078 7,609 20,740
Basic earnings per common share:
Income from continuing operations $ 2.71 2.58 2.08
Discontinued operations - - 5.00
Net income $ 2.71 2.58 7.08
Diluted earnings per common share:
Income from continuing operations $ 2.62 2.50 2.05
Discontinued operations - - 4.92
Net income $ 2.62 2.50 6.97
Number of weighted average shares (in thousands) used in computing:
- basic earnings per common share 2,980 2,950 2,931
- diluted earnings per common share 3,087 3,039 2,976
See accompanying notes.
CONSOLIDATED BALANCE SHEETS - As of September 30
(In thousands, except share data)
2006 2005
Assets
Current assets:
Cash and cash equivalents $ 154 2,966
Accounts receivable (including related party of
$546 and $288 and net of allowance for doubtful
accounts of $359 and $525, respectively) 11,761 11,731
Inventory of parts and supplies 854 799
Deferred income taxes 870 392
Prepaid tires on equipment 2,230 1,959
Prepaid taxes and licenses 1,216 1,291
Prepaid insurance 260 259
Prepaid expenses, other 67 172
Total current assets 17,412 19,569
Property and equipment, at cost:
Land 76,239 62,304
Buildings 103,498 97,455
Equipment 89,778 79,167
Construction in progress 8,120 7,799
277,635 246,725
Less accumulated depreciation and depletion 85,562 81,789
192,073 164,936
Real estate held for investment, at cost 1,093 1,093
Goodwill 1,087 1,087
Unrealized rents 2,201 1,608
Other assets 5,349 5,422
Total assets $219,215 193,715
Liabilities and Shareholders' Equity
Current liabilities:
Accounts payable $ 5,670 5,674
Federal and state income taxes payable 20 642
Accrued payroll and benefits 5,160 3,247
Accrued insurance reserves 4,297 3,774
Accrued liabilities, other 469 452
Long-term debt due within one year 2,576 2,432
Total current liabilities 18,192 16,221
Long-term debt 60,548 48,468
Deferred income taxes 14,968 14,394
Accrued insurance reserves 5,104 4,993
Other liabilities 2,351 1,738
Commitments and contingencies (Notes 14 and 15)
Shareholders' equity:
Preferred stock, no par value;
5,000,000 shares authorized; none issued - -
Common stock, $.10 par value;
25,000,000 shares authorized; 3,011,629
and 2,965,075 shares issued and
outstanding, respectively 301 297
Capital in excess of par value 29,169 27,100
Retained earnings 88,582 80,504
Total shareholders' equity 118,052 107,901
Total liabilities and shareholders' equity $219,215 193,715
See accompanying notes.
CONSOLIDATED STATEMENTS OF CASH FLOWS - Years ended September 30
(In thousands)
Cash flows from operating activities: 2006 2005 2004
Net income $ 8,078 7,609 20,740
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation, depletion and amortization 13,510 12,479 12,230
Deferred income taxes 96 (2,421) 4,916
Gain on sale of equipment and real estate (1,172) (757) (24,055)
Tax benefit from stock option exercise - 443 339
Stock-based compensation 968 - -
Net changes in operating assets and liabilities:
Accounts receivable (30) (2,608) (1,791)
Inventory of parts and supplies (55) (157) 28
Prepaid expenses and other current assets (92) (132) (138)
Other assets (1,082) (1,916) (883)
Accounts payable and accrued liabilities 2,449 4,677 (994)
Income taxes payable (622) (6,157) 6,793
Long-term insurance reserves and other
long-term liabilities 724 (525) (135)
Net cash provided by operating activities 22,772 10,535 17,050
Cash flows from investing activities:
Purchase of transportation group property
and equipment (19,806) (11,063) (4,350)
Purchase of real estate group property
and equipment (20,795) (17,511) (17,619)
Cash held in escrow - 16,553 (14,758)
Proceeds from the sale of real estate held for
investment and property and equipment 1,688 1,377 30,600
Net cash used in investing activities (38,913) (10,644) (6,127)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 2,084 7,003 11,213
Net increase (decrease) in revolving debt 12,452 (3,201) (16,799)
Repayment of long-term debt (2,312) (1,803) (4,874)
Excess tax benefits from exercise of
stock options 406 - -
Exercise of employee stock options 699 877 1,489
Repurchase of Company stock - - (2,510)
Net cash provided by (used in)
financing activities 13,329 2,876 (11,481)
Net (decrease) increase in
cash and cash equivalents (2,812) 2,767 (558)
Cash and cash equivalents at beginning of year 2,966 199 757
Cash and cash equivalents at end of year $ 154 2,966 199
Supplemental disclosures of cash flow information:
Cash paid during the year for:
Interest $ 3,916 3,272 3,977
Income taxes $ 5,941 12,472 1,159
See accompanying notes.
CONSOLIDATED STATEMENTS OF SHAREHOLDER'S EQUITY - Years ended September 30
(In thousands, except share amounts)
Capital in
Common Stock Excess of Retained
Shares Amount Par Value Earnings
Balance at October 1, 2003 2,932,708 $293 $24,614 $54,007
Shares purchased and retired (77,533) (7) (651) (1,852)
Exercise of stock options 73,900 7 1,821 -
Net income - - - 20,740
Balance at September 30, 2004 2,929,075 293 25,784 72,895
Exercise of stock options 36,000 4 1,316 -
Net income - - - 7,609
Balance at September 30, 2005 2,965,075 297 27,100 80,504
Exercise of stock options 26,454 3 696 -
Excess tax benefits from
exercise of stock options - - 406 -
Stock option compensation - - 525 -
Shares granted to Directors 4,500 - 286 -
Restricted stock awards 15,960 1 (1) -
Restricted stock forfeitures (360) - - -
Restricted stock expense - - 157 -
Net income - - - 8,078
Balance at September 30, 2006 3,011,629 $301 $29,169 $88,582
See accompanying notes.
NOTES TO CONSOLDIATED FINANCIAL STATEMENTS
1. Accounting Policies.
ORGANIZATION - Patriot Transportation Holding, Inc. (Company) is engaged in
the transportation and real estate businesses. The Company's transportation
business is conducted through two wholly owned subsidiaries. Florida Rock &
Tank Lines, Inc. (Tank Lines) is a Southeastern transportation company
concentrating in the hauling by motor carrier of primarily petroleum related
bulk liquids and dry bulk commodities. SunBelt Transport, Inc. (SunBelt)
serves the flatbed portion of the trucking industry primarily in the
Southeastern U.S., hauling primarily construction materials. The Company's
real estate group, through subsidiaries, acquires, constructs, leases,
operates and manages land and buildings to generate both current cash flows
and long-term capital appreciation. The real estate group also owns real
estate that is leased under mining royalty agreements or held for investment.
CONSOLIDATION - The consolidated financial statements include the accounts of
the Company and its subsidiaries, all of which are wholly owned. All
significant intercompany transactions have been eliminated in consolidation.
CASH AND CASH EQUIVALENTS - The Company considers all highly liquid debt
instruments with maturities of three months or less at time of purchase to be
cash equivalents.
INVENTORY - Inventory of parts and supplies is valued at the lower of cost
(first-in, first-out) or market.
TIRES ON EQUIPMENT - The value of tires on tractors and trailers is accounted
for as a prepaid expense and amortized over the life of the tires as a
function of miles driven.
REVENUE AND EXPENSE RECOGNITION - Transportation revenue, including fuel
surcharges, is recognized when the services have been rendered to customers
or delivery has occurred, the pricing is fixed or determinable and
collectibility is reasonably assured. Transportation expenses are recognized
as incurred.
Real estate rental revenue and mining royalties are generally recognized when
earned under the leases. Rental income from leases with scheduled increases
during their term is recognized on a straight-line basis over the term of the
lease. Reimbursements of expenses, when provided in the lease, are recognized
in the period that the expenses are incurred.
Sales of real estate are recognized when the collection of the sales price is
reasonably assured and when the Company has fulfilled substantially all of
its obligations, which are typically as of the closing date.
Sales are recorded net of discounts and provisions for estimated allowances.
We estimate allowances on an ongoing basis by considering historical and
current trends. We record these costs as a reduction to net revenue. We
estimate the net collectibility of our accounts receivable and establish an
allowance for doubtful accounts based upon this assessment. Specifically, we
analyze the aging of accounts receivable balances, historical bad debts,
customer concentrations, customer credit-worthiness, current economic trends
and changes in customer payment terms.
PROPERTY AND EQUIPMENT - Property and equipment is recorded at cost less
accumulated depreciation. Provision for depreciation of property, plant and
equipment is computed using the straight-line method based on the following
estimated useful lives:
Years
Buildings and improvements 7-39
Revenue equipment 7-10
Other equipment 3-10
Depletion of sand and stone deposits is computed on the basis of units of
production in relation to estimated reserves.
The Company recorded depreciation and depletion expenses for 2006, 2005 and
2004 of $12,948,000, $12,029,000 and $11,712,000, respectively.
The Company periodically reviews property and equipment and intangible
assets for potential impairment. If this review indicated that the
carrying amount of the asset might not be recoverable, the Company would
estimate the future cash flows expected with regards to the asset and its
eventual disposition. If the sum of these future cash flows (undiscounted
and without interest charges) is less than the carrying amount of the
assets, the Company would record an impairment loss based on the fair value
of the asset. The Company performs an annual impairment test on goodwill.
All direct and indirect costs, including interest and real estate taxes,
associated with the development, construction, leasing or expansion of real
estate investments are capitalized as a cost of the property. Included in
indirect costs is an estimate of internal costs associated with development
and rental of real estate investments.
The cost of routine repairs and maintenance to property and equipment is
expensed as incurred.
INSURANCE - The Company has a $250,000 to $500,000 self-insured retention
per occurrence in connection with certain of its workers' compensation,
automobile liability, and general liability insurance programs ("risk
insurance"). The Company is self-insured for its employee health insurance
benefits and carries stop loss coverage of $200,000 per covered participant
per year. The Company accrues monthly the estimated cost in connection with
its portion of its risk and health insurance losses. Claims paid by the
Company are charged against the reserve. Additionally, the Company
maintains a reserve for incurred but not reported claims based on
historical analysis of such claims.
INCOME TAXES - Deferred tax assets and liabilities are recognized based on
differences between financial statement and tax bases of assets and
liabilities using presently enacted tax rates. Deferred income taxes result
from temporary differences between pre-tax income reported in the financial
statements and taxable income.
STOCK BASED COMPENSATION - In December 2004, the Financial Accounting
Standards Board ("FASB") issued SFAS No. 123(R), Share-Based Payments
("SFAS No. 123(R)"), revising SFAS No. 123, Accounting for Stock Based
Compensation; superseding Accounting Principles Board ("APB") Opinion No.
25, Accounting for Stock Issued to Employees and its related implementation
guidance; and amending SFAS No. 95, Statement of Cash Flows. SFAS No.
123(R) requires companies to recognize the grant date fair value of stock
options and other equity-based compensation issued to employees in its
income statement. We adopted this statement effective October 1, 2005. Our
adoption of SFAS No. 123(R) impacted our results of operations by
increasing salaries, wages, and related expenses, increasing additional
paid-in capital, and increasing deferred income taxes. See Footnote 8 for
current year impact to the Company.
EARNINGS PER COMMON SHARE - Basic earnings per common share are based on
the weighted average number of common shares outstanding during the
periods. Diluted earnings per common share are based on the weighted
average number of common shares and potential dilution of securities that
could share in earnings. The only difference between basic and diluted
shares used for the calculation is the effect of employee and director
stock options and restricted stock.
USE OF ESTIMATES - The preparation of financial statements in conformity
with accounting principles generally accepted in the United State requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
ENVIRONMENTAL - Environmental expenditures that benefit future periods are
capitalized. Expenditures that relate to an existing condition caused by
past operations, and which do not contribute to current or future revenue
generation, are expensed. Liabilities are recorded when environmental
assessments and/or remedial efforts are probable, and the costs can be
reasonably estimated. Estimation of such liabilities includes an
assessment of engineering estimates, continually evolving governmental laws
and standards, and potential involvement of other potentially responsible
parties.
NEW ACCOUNTING PRONOUNCEMENTS - In March 2005, the Financial Accounting
Standards Board (FASB) issued FASB Interpretation No. 47, Accounting for
Conditional Asset Retirement Obligations (FIN 47) which clarifies that the
term "conditional asset retirement obligation" as used in FASB Statement No.
143, Accounting for Asset Retirement Obligations (SFAS 143), refers to a
legal obligation to perform an asset retirement activity in which the timing
and/or method of settlement are conditioned on a future event that may or
may not be within the control of the entity. An entity is required to
recognize a liability for the fair value of a conditional asset retirement
obligation if the fair value of the liability can be reasonably estimated.
All underground storage tanks were considered to have indeterminable lives
when the Company adopted SFAS 143. The Company was required to adopt FIN 47
in fiscal 2006 and has recorded an estimated liability of $120,000 and a
corresponding increase to the carrying value of the related long-lived
assets of $120,000 for the future cost of removal of the underground storage
tanks in accordance with the provisions of SFAS No. 143 and will recognize
the cost over the tank's estimated useful life. The cumulative effect of
this accounting change resulted in a one-time pretax charge of $112,000
($68,000 net of deferred tax benefit). This represents $.02 for both
diluted and basic earnings per common share. The Company will depreciate
the balance of $8,000 over the remaining estimated life of the tanks. The
$112,000 cost of this accounting change was included in cost of operations.
In May 2005, the FASB issued Statement No. 154, Accounting Changes and Error
Corrections ("SFAS 154"). This Statement requires retrospective application
for voluntary changes in accounting principles unless it is impracticable to
do so. SFAS 154's retrospective application requirement replaces APB Opinion
No. 20's, Accounting Changes, requirement to recognize most voluntary
changes in accounting principle by including in net income of the period of
the change the cumulative effect of changing to the new accounting
principle. SFAS 154 is effective for accounting changes and corrections of
errors made in fiscal years beginning after December 15, 2005. We do not
expect the adoption of Statement 154 to have a material impact on our
financial statements.
In July 2006, the FASB issued Interpretation No. 48 (FIN 48) "Accounting for
Uncertainty in Income Taxes" which prescribes a recognition threshold and
measurement process for recording in the financial statements uncertain tax
positions taken or expected to be taken in a tax return. Additionally, FIN
48 provides guidance on derecognition, classification, accounting in interim
periods and disclosure requirements for uncertain tax positions. The
accounting provisions of FIN 48 will be effective for the Company beginning
October 1, 2007. The Company is in the process of determining the effect, if
any, the adoption of FIN 48 will have on its financial statements.
In September 2006, the FASB issued Statement No. 157, Fair Value Measurement
(SFAS 157). The Statement defines fair value, establishes a framework for
measuring fair value in generally accepted accounting principles (GAAP), and
expands disclosures about fair value measurements. This Statement is
effective for financial statements issued for fiscal years beginning after
November 15, 2007, and interim periods within those fiscal years. Management
believes that the adoption of SFAS 157 will only require additional
disclosure on the fair value of its goodwill, asset retirement obligations,
and long-term mortgages and as such will not have a material impact on the
consolidated financial results of the Company.
In September 2006, the FASB issued Statement No. 158, Employers' Accounting
for Defined Benefit Pension and Other Postretirement Plans (SFAS 158). The
statement requires employers to recognize on their balance sheets the funded
status of pension and other postretirement benefit plans. In addition,
employers will recognize actuarial gains and losses, prior service cost and
unrecognized transition amounts as a component of accumulated other
comprehensive income. Furthermore, SFAS 158 will also require fiscal year
end measurements of plan assets and benefit obligations, eliminating the use
of earlier measurement dates currently permissible. The disclosure
requirements for SFAS 158 are effective as of the end of the fiscal year
ending after December 15, 2006. The requirement to measure plan assets and
benefit obligations as of the date of the fiscal year end statement of
financial position is effective for fiscal years ending after December 15,
2008. The Company is currently evaluating the impact of SFAS 158, but the
adoption of SFAS 158 is not expected to have a material effect on the
Company's consolidated financial statements.
In September 2006, the Securities and Exchange Commission's Office (SEC)
announced Staff Accounting Bulletin No. 108 (SAB 108). SAB 108 addresses how
to quantify financial statement errors that arose in prior periods for
purposes of assessing their materiality in the current period. It requires
analysis of misstatements using both an income statement (rollover) approach
and a balance sheet (iron curtain) approach in assessing materiality. It
clarifies that immaterial financial statement errors in a prior SEC filing
can be corrected in subsequent filings without the need to amend the prior
filing. In addition, SAB 108 provides transitional relief for correcting
errors that would have been considered immaterial before its issuance. The
Company is in the process of determining the effect, if any, the adoption of
SAB 108 will have on its financial statements.
RECLASSIFICATIONS - Certain reclassifications have been made to 2005 and
2004 financials to conform to the presentation adopted in 2006.
2. Transactions with Related Parties.
As of September 30, 2006, four of the Company's directors were also
directors of Florida Rock Industries, Inc. ("FRI"). Such directors own
approximately 25.6% of the stock of FRI and 45.9% of the stock of the
Company. Accordingly, FRI and the Company are considered related parties.
The Company, through its transportation subsidiaries, hauls commodities by
tank and flatbed trucks for FRI. Charges for these services are based on
prevailing market prices. The real estate subsidiaries lease certain
construction aggregates mining and other properties to FRI.
A summary of revenues derived from FRI follows (in thousands):
2006 2005 2004
Transportation $ 1,976 1,217 1,711
Real estate 6,345 5,511 5,912
$ 8,321 6,728 7,623
Included in the 2004 revenues are $498,000 of Real Estate revenues derived
from FRI that have been reclassified to discontinued operations on the
Consolidated Statements of Income.
The Company outsources certain functions to FRI, including some
administrative, and property management. Charges for services provided by
FRI were $191,000 in 2006, $174,000 in 2005, and $372,000 in 2004.
During 2004, the Company closed on previously announced agreements to sell
several tracts of land to FRI as follows:
Lake City, Florida. On March 30, 2004, a subsidiary sold a parcel of land and
improvements containing approximately 6,321 acres in Suwannee and Columbia
Counties, near Lake City, Florida to a subsidiary of FRI for $13,000,000 in
cash, resulting in a gain of $5,574,000 after income taxes of $3,546,000. The
sales price was approved by the Company's Audit Committee after considering
among other factors, an independent appraisal, and the current use of the
property and consultation with management.
Springfield, Virginia. On May 7, 2004 a subsidiary of the Company sold 108
acres of land located in the northwest quadrant of I-395 and I-495 at Edsall
Road in Springfield, Virginia to FRI for $15,000,000 in cash resulting in a
gain of $7,895,000, after income taxes of $5,023,000. The sales price was
approved by a committee of independent directors of the Company after review
of a development feasibility study and other materials, consultation with
management and advice of independent counsel.
Miami, Florida. Also on May 7, 2004, a subsidiary of the Company sold a 935
acre parcel of property in Miami, Florida to FRI for $1,628,000 in cash,
resulting in a gain of $987,000, after income taxes of $627,000. The property
is principally composed of mined-out lakes, mitigation areas, 145 acres of
mineable land and 32 acres of roads and railroad track rights-of-way. The
terms of the sale were approved by the Company's Audit Committee after
considering, among other factors, the terms of the existing lease agreement
and consultation with management.
See Note 3 for further information regarding the accounting for the sales of
these properties as discontinued operations.
On October 4, 2006, a subsidiary of the Company (FRP) entered into a Joint
Venture Agreement with Florida Rock Industries, Inc. (FRI) to form Brooksville
Quarry, LLC, a real estate joint venture to develop approximately 4,400 acres
of land near Brooksville, Florida. Under the terms of the joint venture, FRP
has contributed its fee interest in approximately 3,500 acres that it leased
to FRI under a long-term mining lease. FRI will continue to mine the property
and pay royalties for the benefit of FRP for as long as mining does not
interfere with the development of the property.
FRP also reimbursed FRI approximately $3 million for one-half of the
acquisition costs of a 288-acre contiguous parcel recently acquired by FRI
from a third party. The 288-acre parcel was contributed to the Joint Venture.
FRI contributed 553 acres that it owns as well as its leasehold interest in
the 3,500 acres that it leased from FRP. The joint venture will be jointly
controlled by FRI and FRP, and they will each have a mandatory obligation to
fund additional capital contributions of up to $2 million. Distributions will
be made on a 50-50 basis.
The property does not yet have the necessary entitlements for real estate
development. Approval to develop real property in Florida entails an
extensive entitlements process involving multiple and overlapping regulatory
jurisdictions and the outcome is inherently uncertain. The Company currently
expects that the entitlement process may take several years to complete.
In connection with the Joint Venture, the independent directors of the Company
also approved certain extensions of lease agreements between FRP and FRI on
FRI's corporate headquarters in Jacksonville, Florida, the Astatula and Marion
Sand mining properties, also in Florida. The Company and FRI also agreed that
a 2,500 acre tract of the Grandin mining property, in Florida, due to be
released will remain subject to the lease and available for future mining.
3. Discontinued Operations.
As discussed in Note 2, during the fiscal year ended September 30, 2004,
the Company sold several tracts of land, which were accounted for as
discontinued operations in accordance with Statement of Financial
Accounting Standards No. 144, "Accounting for the Impairment or Disposal of
Long-Lived Assets" (SFAS 144). Fiscal 2004 has been restated accordingly.
A summary of discontinued operations is as follows (in thousands):
2004
Royalty and rental income $ 498
Operating expenses 190
Income before income taxes 308
Income taxes (120)
Income from discontinued operations $ 188
Gain from sale of
discontinued properties $23,652
Income taxes (9,196)
Net gain from sale of
discontinued properties $14,456
4. Debt.
Debt at September 30 is summarized as follows (in thousands):
2006 2005
Revolving credit (uncollateralized) $12,452 -
Construction loan - 9,716
5.7% to 8.6% mortgage notes,
due in installments through 2020 50,672 41,184
63,124 50,900
Less portion due within one year 2,576 2,432
$60,548 48,468
The aggregate amount of principal payments, excluding the revolving credit,
due subsequent to September 30, 2006 is: 2007 - $2,576,000; 2008 - $2,761,000;
2009 - $2,959,000; 2010 - $3,172,000; 2011 - $3,400,000; 2012 and subsequent
years - $35,804,000.
The Company has a $37,000,000 uncollaterized Revolving Credit Agreement with
four banks, which is scheduled to terminate on December 31, 2009. The Revolver
bears interest at a rate of 1% over the selected LIBOR, which may change
quarterly based on the Company's ratio of Consolidated Total Debt to
Consolidated Total Capital, as defined. A commitment fee of 0.15% per annum is
payable quarterly on the unused portion of the commitment. The commitment fee
may also change quarterly based upon the ratio described above. The Revolver
contains restrictive covenants including limitations on paying cash dividends.
Under these restrictions, as of September 30, 2006, $24,260,000 of
consolidated retained earnings would be available for payment of dividends.
The Company is in compliance with all restrictive covenants as of September
30, 2006.
During fiscal 2006 the Company converted a construction loan into a 15-year
non-recourse mortgage of $11,800,000 with an interest rate of 6.12%. The
construction loan was used to develop a 145,000 square foot build-to-suit
warehouse/office building pursuant to a 15-year triple net lease.
The non-recourse fully amortizing mortgage notes payable are collateralized
by real estate having a carrying value of approximately $56,933,000 at
September 30, 2006.
Certain properties having a carrying value at September 30, 2006 of
$103,000 are encumbered by $1,300,000 of industrial revenue bonds that are
the liability of FRI. FRI has agreed to pay such debt when due (or sooner
if FRI cancels its lease of such property) and further has agreed to
indemnify and hold harmless the Company.
During fiscal 2006, 2005 and 2004 the Company capitalized interest costs of
$219,000, $305,000 and $10,000, respectively.
The Company had $18,887,000 of irrevocable letters of credit outstanding at
September 30, 2006. Most of the letters of credit are irrevocable for a
period of one year and are automatically extended for additional one-year
periods unless notified by the issuing bank not less than thirty days before
the expiration date. Substantially all of these were issued for workers'
compensation and liability insurance retentions.
5. Leases.
At September 30, 2006, the total carrying value of property owned by the
Company which is leased or held for lease to others is summarized as
follows (in thousands):
Construction aggregates property $ 31,277
Commercial property 152,133
183,410
Less accumulated depreciation and depletion 33,557
$149,853
The minimum future straight-lined rentals due the Company on noncancelable
leases as of September 30, 2006 are as follows: 2007 - $13,808,000; 2008 -
$12,512,000; 2009 - $10,869,000; 2010 - $9,256,000; 2011 - $7,494,000; 2012
and subsequent years $40,401,000.
6. Preferred Shareholder Rights Plan.
On May 5, 1999, the Board of Directors of the Company declared a dividend
of one preferred share purchase right (a "Right") for each outstanding
share of common stock. The dividend was payable on June 2, 1999. Each
Right entitles the registered holder to purchase from the Company one one-
hundredth of a share of Series A Junior Participating Preferred Stock of
the Company, par value $.01 per share (the "Preferred Shares"), at a price
of $96 per one one-hundredth of a Preferred Share, subject to adjustment.
In the event that any Person or group of affiliated or associated Persons
(an "Acquiring Person") acquires beneficial ownership of 15% or more of the
Company's outstanding common stock, each holder of a Right, other than
Rights beneficially owned by the Acquiring Person (which will thereafter be
void), will thereafter have the right to receive upon exercise that number
of Common Shares having a market value of two times the exercise price of
the Right. An Acquiring Person excludes any Person or group of affiliated
or associated Persons who were beneficial owners, individually or
collectively, of 15% or more of the Company's Common Shares on May 4, 1999.
The Rights initially trade together with the Company's common stock and are
not exercisable. However, if an Acquiring Person acquires 15% or more of
the Company's common stock, the Rights may become exercisable and trade
separately in the absence of future board action. The Board of Directors
may, at its option, redeem all Rights for $.01 per right, at any time prior
to the Rights becoming exercisable. The Rights will expire September 30,
2009 unless earlier redeemed, exchanged or amended by the Board.
7. Earnings Per Share.
The following details the computations of the basic and diluted earnings per
common share. (Dollars in thousands, except per share amounts.)
Years Ended September 30
2006 2005 2004
Common shares:
Weighted average common shares
outstanding during the period -
shares used for basic earnings
per common share 2,980 2,950 2,931
Common shares issuable under share
based payment plans which are
potentially dilutive 107 89 45
Common shares used for diluted
earnings per common share 3,087 3,039 2,976
Income from continuing operations $ 8,078 7,609 6,096
Discontinued operations - - 14,644
Net income $ 8,078 7,609 20,740
Basic earnings per common share:
Income from continuing operations $2.71 2.58 2.08
Discontinued operations - - 5.00
Net income $2.71 2.58 7.08
Diluted earnings per common share:
Income from continuing operations $2.62 2.50 2.05
Discontinued operations - - 4.92
Net income $2.62 2.50 6.97
For 2006, 2005 and 2004, all outstanding stock options were included in the
calculation of diluted earnings per share because the exercise prices of the
stock options were lower than the average price of the common shares, and
therefore were dilutive. In 2006, all outstanding restricted stock was
included in the calculation of diluted earnings per share.
8. Stock-Based Compensation Plans.
Effective October 1, 2005, the Company adopted SFAS 123R "Share-Based Payment"
for its stock-based employee compensation plans. Under SFAS 123R, compensation
expense must be measured and recognized for all share-based payments based on
the fair value of the award at the grant date and such costs must be included
in the statement of operations over the requisite service period. Prior to
October 1, 2005 the company followed APB Opinion No. 25, "Accounting for Stock
Issued to Employees".
The Company has elected the modified prospective application transition method
whereby the provisions of the statement will apply going forward only from the
date of adoption to new share based payments, and for the portion of any
previously issued and outstanding stock option awards for which the requisite
service is rendered after the date of adoption. The Company did not restate
prior years for pro forma expense amounts. In addition, compensation expense
must be recognized for any awards modified, repurchased or cancelled after the
date of adoption. The straight-line attribution model is used to measure
compensation expense.
Prior to February 2006, the Company had two Stock Option Plans (the 1995 Stock
Option Plan and the 2000 Stock Option Plan) under which options for shares of
common stock were granted to directors, officers and key employees. The
options awarded under the two plans have similar characteristics. All stock
options are non-qualified and expire ten years from the date of grant. Options
awarded to directors are exercisable immediately and options awarded to
officers and employees become exercisable in cumulative installments of 20% at
the end of each year following the date of grant. When stock options are
exercised the Company issues new shares after receipt of exercise proceeds and
taxes due, if any, from the grantee.
In February 2006, the Shareholders approved the 2006 Stock Incentive Plan which
replaced the 2000 Stock Option Plan. The 2006 plan permits the grant of stock
options, stock appreciation rights, restricted stock awards, restricted stock
units, or stock awards. In February 2006, 15,960 shares of restricted stock
were granted subject to forfeiture restrictions, tied to continued employment,
that lapse 25% annually beginning on January 1, 2007. The number of common
shares available for future issuance was 279,900 at September 30, 2006.
The Company utilized the Black-Scholes valuation model for estimating fair
value of stock compensation for options awarded to officers and employees in
prior periods. Each grant was evaluated based upon assumptions at the time of
grant. The assumptions were no dividend yield, expected volatility between 41%
and 53%, risk-free interest rate of 3.2% to 4.9% and expected life of 6.2 to
7.0 years.
The dividend yield of zero is based on the fact that the Company does not pay
cash dividends and has no present intention to pay cash dividends. Expected
volatility was estimated based on the Company's historical experience over a
period equivalent to the expected life in years. The risk-free interest rate
was based on the U.S. Treasury constant maturity interest rate at the date of
grant with a term consistent with the expected life of the options granted.
The expected life calculation was based on the observed and expected time to
exercise options by the employees.
Under provisions of SFAS 123R, the Company recorded $968,000 of stock
compensation expense in its consolidated statement of income for fiscal 2006.
This consisted of $525,000 for stock options issued in prior years, $286,000
for an annual stock award to non-employee directors, and $157,000 for
restricted stock awards granted in fiscal 2006. Stock compensation expense was
$590,000 net of deferred income tax benefits. This represents $.20 for basic
earnings per common share and $.19 for diluted earnings per common share.
SFAS 123R also amends FASB Statement No. 95, Statement of Cash Flows, to
require that the benefits associated with the tax deduction in excess of
recognized compensation cost be reported as financing cash flows, rather than
as a reduction of taxes paid. This requirement will reduce net operating cash
flows and increase net financing cash flows in periods after the effective
date. Financing cash flows for fiscal 2006 included $406,000 of excess tax
benefits from the exercise of stock options.
A summary of changes in outstanding options is presented below (in thousands,
except per share amounts):
Weighted Weighted Weighted
Number Average Average Average
Of Exercise Remaining Grant Date
Options Shares Price Term (yrs) Fair Value
Outstanding at
September 30, 2003 299,500 $21.85
Granted 51,000 $31.20
Exercised (73,900) $20.15
Forfeited (9,400) $22.23
Outstanding at
September 30, 2004 267,200 $23.99
Granted 116,000 $44.38
Exercised (36,000) $24.38
Forfeited (9,300) $32.52
Outstanding at
October 1, 2005 337,900 $30.72 7.8
Granted 0 $ 0 $ 0
Exercised (26,454) $26.41 $ 359
Forfeited (6,700) $33.53
Outstanding at
September 30, 2006 304,746 $31.03 6.9 $ 4,760
Exerciseable at
September 30, 2006 201,546 $29.76 6.6 $ 3,086
Vested during
Twelve months ended
September 30, 2006 39,000 $ 579
The aggregate intrinsic value of exercisable in-the-money options was
$9,230,000 and the aggregate intrinsic value of all outstanding options was
$13,503,000 based on the market closing price of $75.56 on September 30, 2006
less exercise prices. Gains of $1,404,000 were realized by option holders
during the twelve months ended September 30, 2006. The realized tax benefit
from options exercised for the twelve months ended September 30, 2006 was
$528,000. Total compensation cost of options granted but not yet vested as of
September 30, 2006 was $1,161,000, which is expected to be recognized over a
weighted-average period of 2.2 years.
A summary of changes in restricted stock awards is presented below (in
thousands, except per share amounts):
Weighted Weighted Weighted
Number Average Average Average
Of Grant Remaining Grant Date
Restricted Stock Shares Price Term (yrs) Fair Value
Outstanding at
October 1, 2005 0
Granted 15,960 $63.64 $ 1,016
Vested 0 $ 0
Forfeited (360) $63.54
Outstanding at
September 30, 2006 15,600 $63.64 3.3 $ 993
Total compensation cost of restricted stock granted but not yet vested as of
September 30, 2006 was $706,000 which is expected to be recognized over a
weighted-average period of 3.3 years.
SFAS 123R requires the presentation of pro forma information for the
comparative periods prior to its adoption as if all employee stock options had
been accounted for under the fair value method of the original SFAS 123,
"Accounting for Stock-Based Compensation." The following table illustrates the
effect on net income and earnings per common share if SFAS 123 had been applied
to stock-based employee compensation to the prior-year periods (in thousands,
except per share amounts):
2005 2004
Net income:
As reported $7,609 20,740
Deduct: Total stock-based
employee compensation expense
determined under fair value
based method, net of tax effects 905 626
Pro forma $6,704 20,114
Basic earnings per common share
As reported $2.58 7.08
Pro forma $2.27 6.86
Diluted earnings per common share
As reported $2.50 6.97
Pro forma $2.21 6.76
The following table summarizes information concerning stock options
outstanding at September 30, 2006:
Shares Weighted Weighted
Range of Exercise under Average Average
Prices per Share Option Exercise Price Remaining Life
Non-exercisable:
$22.23 - $43.50 103,200 $33.50 7.3 years
Exercisable:
$15.13 - $22.66 77,396 19.92 5.4
$23.77 - $34.00 81,900 29.68 6.9
$43.50 - $60.40 42,250 47.94 8.4
201,546 $29.76 6.6 years
Total 304,746 $31.03 6.9 years
9. Income Taxes.
The provision for income taxes for continuing operations for fiscal years
ended September 30 consists of the following (in thousands):
2006 2005 2004
Current:
Federal $4,234 5,540 2,720
State 841 1,217 445
5,075 6,757 3,165
Deferred 96 (2,421) 714
Total $5,171 4,336 3,879
A reconciliation between the amount of tax shown above and the amount
computed at the statutory Federal income tax rate follows (in thousands):
2006 2005 2004
Amount computed at statutory
Federal rate $4,528 4,061 3,491
State income taxes (net of Federal
income tax benefit) 553 441 362
Other, net 90 (166) 26
Provision for income taxes $5,171 4,336 3,879
The types of temporary differences and their related tax effects that give
rise to deferred tax assets and deferred tax liabilities at September 30,
are presented below:
2006 2005
Deferred tax liabilities:
Property and equipment $16,279 15,614
Depletion 617 604
Unrealized rents 845 611
Prepaid expenses 1,334 1,206
Gross deferred tax liabilities 19,075 18,035
Deferred tax assets:
Insurance reserves 3,343 3,083
Employee benefits and other 1,634 950
Gross deferred tax assets 4,977 4,033
Net deferred tax liability $14,098 14,002
The accrued liability for uncertain tax positions as of September 30, 2006
and 2005 was $839,000 and $1,180,000 respectively. During Fiscal 2006 the
accrued liability was reduced $341,000 due to the expiration of the
statutes of limitations on certain positions.
10. Employee Benefits.
The Company and certain subsidiaries have a savings/profit sharing plan for
the benefit of qualified employees. The savings feature of the plan
incorporates the provisions of Section 401(k) of the Internal Revenue Code
under which an eligible employee may elect to save a portion (within
limits) of their compensation on a tax deferred basis. The Company
contributes to a participant's account an amount equal to 50% (with certain
limits) of the participant's contribution. Additionally, the Company may
make an annual contribution to the plan as determined by the Board of
Directors, with certain limitations. The plan provides for deferred
vesting with benefits payable upon retirement or earlier termination of
employment. The Company's cost was $698,000 in 2006, $694,000 in 2005 and
$649,000 in 2004.
The Company has a management security plan for certain officers and key
employees. The accruals for future benefits are based upon the remaining
years to retirement of the participating employees and other actuarial
assumptions. Life insurance on the lives of the participants has been
purchased to partially fund this benefit and the Company is the owner and
beneficiary of such policies. The expense for fiscal 2006, 2005 and 2004 was
$347,000, $192,000 and $87,000, respectively. The accrued benefit under this
plan as of September 30, 2006 and 2005 was $1,751,000 and $1,461,000
respectively.
The Company provides certain health benefits for retired employees.
Employees may become eligible for those benefits if they were employed by
the Company prior to December 10, 1992, meet the service requirements and
reach retirement age while working for the Company. The plan is
contributory and unfunded. The Company accrues the estimated cost of
retiree health benefits over the years that the employees render service.
The accrued postretirement benefit obligation for this plan as of September
30, 2006 and 2005 was $503,000 and $536,000, respectively. The net periodic
postretirement benefit cost was $27,000, $10,000 and $2,000 for fiscal
2006, 2005, and 2004, respectively. The discount rate used in determining
the Net Periodic Postretirement Benefit Cost was 5.0% for 2006, 6.0% for
2005 and 5.75% for 2004. The discount rate used in determining the
Accumulated Postretirement Benefit Obligation (APBO) was 6.0% for 2006,
5.0% for 2005 and 6.0% for 2004. No medical trend is applicable because the
Company's share of the cost is frozen.
11. Business Segments.
The Company has identified two business segments, each of which is managed
separately along product lines. The Company's operations are substantially
in the Southeastern and Mid-Atlantic states.
The transportation segment hauls primarily petroleum related bulk liquids,
dry bulk commodities and construction materials by motor carrier. The real
estate segment owns real estate of which a substantial portion is under
mining royalty agreements or leased. The real estate segment also holds
certain other real estate for investment and is developing commercial and
industrial properties.
Operating results and certain other financial data for the Company's business
segments are as follows (in thousands):
2006 2005 2004
Revenues:
Transportation $126,252 112,824 99,424
Real estate 21,122 18,212 16,365
$147,374 131,036 115,789
Operating profit:
Transportation $ 8,875 6,587 5,625
Real estate 11,633 10,253 9,269
Corporate expenses (3,453) (1,649) (1,464)
$ 17,055 15,191 13,430
Capital expenditures:
Transportation $ 19,806 11,063 4,350
Real estate 20,795 17,511 17,619
$ 40,601 28,574 21,969
Depreciation, depletion and
amortization:
Transportation $ 8,769 8,166 8,200
Real estate 4,506 4,086 3,782
Other 235 227 248
$ 13,510 12,479 12,230
Identifiable assets at September 30:
Transportation $ 57,715 47,435 42,479
Real estate 159,134 141,646 126,457
Cash 154 2,966 16,752
Unallocated corporate assets 2,212 1,668 1,133
$219,215 193,715 186,821
12. Accrued Vacation Liability.
In prior years, the Company did not accrue for compensated absences as a
determination had been made that the accrual was not material to the
Company's financial statements. The Company expensed payments of vacation
pay to hourly and salaried employees when paid.
During the third quarter of fiscal 2006, the Company reevaluated the
materiality of such accrual and recorded a liability of $1,055,000 to reflect
the Company's obligation for vacation pay. As of September 30, 2006 the
liability was $1,277,000 which included $173,000 related to a fourth quarter
change in estimate regarding forfeiture rates of unvested vacation. Under
generally accepted accounting principles, compensated absences must be
accrued for both hourly and salaried employees. Under FAS No. 43 "Accounting
for Compensated Absences," the accrual must consist of the vested liability
as well as the portion of the unvested liability that is deemed to be earned.
The Company's policy does not permit vacation to be rolled over from year to
year for salaried employees but permits hourly employees to rollover a
maximum of five days. The impact on the balance sheet of recording this
liability was to increase payroll liability by $1,277,000, to increase the
current portion of deferred tax benefits by $490,000 and to reduce
shareholder's equity by $787,000. These entries did not affect net cash
provided by operations. The impact on the income statement was to increase
transportation cost of operations by $940,000, real estate cost of operations
by $68,000, increase selling, general and administrative expense by $269,000,
decrease the provision for income taxes by $490,000 and to reduce the net
income for 2006 by $787,000.
13. Fair Values of Financial Instruments.
At September 30, 2006 and 2005, the carrying amount reported in the
consolidated balance sheets for cash and cash equivalents, short-term notes
payable and revolving credit approximate their fair value based upon the
short-term nature of these items. The fair values of the Company's other
long-term debt were estimated based on current rates available to the Company
for debt of the same remaining maturities. At September 30, 2006, the
carrying amount and fair value of such other long-term debt was $50,672,000
and $51,895,000, respectively. At September 30, 2005, the carrying amount and
fair value of other long-term debt was $50,900,000 and $52,976,000,
respectively.
14. Contingent Liabilities.
Certain of the Company's subsidiaries are involved in litigation on a number
of matters and are subject to certain claims which arise in the normal course
of business. The Company has retained certain self-insurance risks with
respect to losses for third party liability and property damage. In the
opinion of management none of these matters are expected to have a material
adverse effect on the Company's consolidated financial condition, results of
operations or cash flows.
15. Commitments.
The Company, at September 30, 2006, had entered into various contracts to
develop real estate with remaining commitments totaling $2,824,000, and to
purchase transportation equipment for approximately $5,364,000.
16. Customer Concentration.
The transportation segment primarily serves customers in the petroleum and
building and construction industries. Petroleum customers accounted for
approximately 66% and building and construction customers accounted for
approximately 34% of transportation segment revenues for the year ended
September 30, 2006.
During fiscal 2006, the transportation segment's ten largest customers
accounted for approximately 47.3% of the transportation segment's revenue.
One of these customers accounted for 11.6% of the transportation segment's
revenue. The loss of any one of these customers would have an adverse effect
on the Company's revenues and income.
17. Subsequent Event.
On October 4, 2006, a subsidiary of the Company (FRP) entered into a Joint
Venture Agreement with Florida Rock Industries, Inc. (FRI). See Note 2 to
the Consolidated Financial Statements for further details.
Management's Report on Internal Control Over Financial Reporting
The management of Patriot is responsible for establishing and maintaining
adequate internal control over financial reporting. Patriot's internal
control system was designed to provide reasonable assurance to the Company's
management and Board of Directors regarding the preparation and fair
presentation of published financial statements in accordance with U.S.
generally accepted accounting principles. All internal controls systems, no
matter how well designed have inherent limitations. Therefore, even those
systems determined to be effective can provide only reasonable assurance
with respect to financial statement preparation and presentation. Patriot's
management assessed the effectiveness of the Company's internal control over
financial reporting as of September 30, 2006 based on the criteria set forth
by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO) in Internal Control-Integrated Framework. Based on this assessment,
management believes that, as of September 30, 2006, the Company's internal
control over financial reporting is effective. Management's assessment of
the effectiveness of the Company's internal control over financial reporting
as of September 30, 2006 has been audited by Hancock Askew & Co., LLP, the
Company's independent registered certified public accounting firm, as stated
in their report, which expresses unqualified opinions on management's
assessment and on the effectiveness of the Company's internal control over
financial reporting as of September 30, 2006.
Report of Independent Registered Certified Public Accounting Firm
The Stockholders and Board of Directors
Patriot Transportation Holding, Inc.
We have audited the accompanying consolidated balance sheet of Patriot
Transportation Holding, Inc. as of September 30, 2006, and the related
consolidated statements of operations, stockholders' equity, and cash flows
for the year then ended. These consolidated financial statements are the
responsibility of the Company's management. Our responsibility is to express
an opinion on these consolidated financial statements based on our audit.
We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the consolidated financial position of Patriot
Transportation Holding, Inc. as of September 30, 2006, and the consolidated
results of its operations and its cash flows for the year then ended in
conformity with accounting principles generally accepted in the United States
of America. As discussed in Note 8 to the consolidated financial statements,
the Company adopted Statement of Financial Accounting Standards No. 123
(Revised 2004), Share-based Payment, effective October 1, 2005 for accounting
for share-based payments.
We also have audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the effectiveness of Patriot
Transportation Holding, Inc.'s internal control over financial reporting as of
September 30, 2006, based on criteria established in Internal Control -
Integrated Framework issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO), and our report dated December 1, 2006
expressed an unqualified opinion on management's assessment of internal
control over financial reporting and an unqualified opinion on the
effectiveness of internal control over financial reporting.
Hancock Askew & Co., LLP
December 1, 2006
Savannah, Georgia
Report of Independent Registered Certified Public Accounting Firm
To the Board of Directors and Stockholders
Patriot Transportation Holding, Inc.
We have audited management's assessment, included in Management's Report on
Internal Control Over Financial Reporting, that Patriot Transportation
Holding, Inc. maintained effective internal control over financial reporting
as of September 30, 2006, based on criteria established in Internal Control-
Integrated Framework issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO). Patriot Transportation Holding, Inc.'s
management is responsible for maintaining effective internal control over
financial reporting and for its assessment of the effectiveness of internal
control over financial reporting. Our responsibility is to express an opinion
on management's assessment and an opinion on the effectiveness of the
company's internal control over financial reporting based on our audit.
We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether
effective internal control over financial reporting was maintained in all
material respects. Our audit included obtaining an understanding of internal
control over financial reporting, evaluating management's assessment, testing
and evaluating the design and operating effectiveness of internal control, and
performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our
opinion.
A company's internal control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company's internal
control over financial reporting includes those policies and procedures that
(1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets
of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets that could have a
material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting
may not prevent or detect misstatements. Also, projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may
become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
In our opinion, management's assessment that Patriot Transportation Holding,
Inc. maintained effective internal control over financial reporting as of
September 30, 2006, is fairly stated, in all material respects, based on
criteria established in Internal Control-Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). Also
in our opinion, Patriot Transportation Holding, Inc. maintained, in all
material respects, effective internal control over financial reporting as of
September 30, 2006, based on criteria established in Internal Control-
Integrated Framework issued by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO).
We have also audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), the consolidated balance sheet and
the related consolidated statements of operations, stockholders' equity,
comprehensive income, and cash flows of Patriot Transportation Holding, Inc.,
as of September 30, 2006 and for the year then ended and our report dated
December 1, 2006 expressed an unqualified opinion.
Hancock Askew & Co., LLP
December 1, 2006
Savannah, Georgia
Report of Independent Registered Certified Public Accounting Firm
To the Board of Directors and Shareholders of
Patriot Transportation Holding, Inc.
In our opinion, the accompanying consolidated balance sheet and the related
consolidated statements of income, shareholders' equity and cash flows
present fairly, in all material respects, the financial position of Patriot
Transportation Holding, Inc. and its subsidiaries at September 30, 2005 and
the results of their operations and their cash flows for each of the two
years in the period ended September 30, 2005 in conformity with accounting
principles generally accepted in the United States of America. These
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based
on our audits. We conducted our audits of these statements in accordance
with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
December 22, 2005
Jacksonville, Florida
DIRECTORS AND OFFICERS
Directors
John E. Anderson (1)
President and Chief Executive
Officer of the Company
Edward L. Baker (1)
Chairman of the Board of the Company
and of Florida Rock Industries, Inc.
John D. Baker II (1)
President and Chief Executive
Officer of Florida Rock Industries, Inc.
Thompson S. Baker II
Vice President of
Florida Rock Industries, Inc.
Charles E. Commander III (2)(4)
Partner, Jacksonville office
Foley & Lardner
Luke E. Fichthorn III
Private Investment Banker,
Twain Associates and Chairman of the
Board and Chief Executive Officer of
Bairnco Corporation
Robert H. Paul III (2)(3)(4)
Chairman of the Board of
Southeast-Atlantic Beverage Corporation
H. W. Shad III (2)
Management Consulting and Business Valuations
Mike Shad, P.L.
Martin E. Stein, Jr. (3)(4)
Chairman and Chief Executive Officer of
Regency Centers Corporation
James H. Winston (3)
President of LPMC of Jax, Inc.,
Omega Insurance Company and Citadel
Life & Health Insurance Co.
________________
(1) Member of the Executive Committee
(2) Member of the Audit Committee
(3) Member of the Compensation Committee
(4) Member of the Nominating Committee
Officers
Edward L. Baker
Chairman of the Board
John E. Anderson
President and Chief Executive Officer
David H. deVilliers, Jr.
Vice President
President, FRP Development Corp. and
Florida Rock Properties, Inc.
Ray M. Van Landingham
Vice President, Treasurer, Secretary
and Chief Financial Officer
John D. Klopfenstein
Controller and Chief Accounting Officer
Terry S. Phipps
President, SunBelt Transport, Inc.
Robert E. Sandlin
President, Florida Rock & Tank Lines, Inc.
Patriot Transportation Holding, Inc.
1801 Art Museum Drive, Suite 300
Jacksonville, Florida 32207
Telephone: (904) 396-5733
Annual Meeting
Shareholders are cordially invited to attend the Annual Shareholders Meeting
which will be held at 2 p.m. local time, on Wednesday, February 1, 2006, at
155 East 21st Street, Jacksonville, Florida, 32206.
Transfer Agent
American Stock Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Telephone: 1-800-937-5449
General Counsel
McGuireWoods LLP
Jacksonville, Florida
Independent Registered Certified Public Accounting Firm
Hancock Askew & Co., LLP
Savannah, Georgia
Common Stock Listed
The Nasdaq Stock Market
(Symbol: PATR)
Form 10-K
Shareholders may receive without charge a copy of Patriot Transportation
Holding, Inc.'s annual report on Form 10-K for the fiscal year ended
September 30, 2005 as filed with the Securities and Exchange Commission by
writing to the Treasurer at 1801 Art Museum Drive, Suite 300, Jacksonville,
Florida 32207. The most recent certifications by our Chief Executive
Officer, Chief Financial Officer and Chief Accounting Officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002 are filed as exhibits to our
Form 10-K.
Company Website
The Company's website may be accessed at www.patriottrans.com. All of our
filings with the Securities and Exchange Commission can be accessed through
our website promptly after filing. This includes annual reports on Form 10-
K, quarterly reports on Form 10-Q, current reports filed or furnished on Form
8-K and all related amendments.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>8
<FILENAME>ex23.txt
<DESCRIPTION>AUDITOR CONSENTS
<TEXT>
Exhibit 23
CONSENTS OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTING FIRMS
We hereby consent to the incorporation by reference in the
Registration Statements on Form S-8 (Nos. 333-18878, 333-55132, 333-
125099 and 333-131475) of Patriot Transportation Holding, Inc. of our
report dated December 1, 2006 relating to the consolidated financial
statements and the effectiveness of Patriot Transportation Holding,
Inc's internal controls over financial reporting as of and for the
year ended September 30, 2006, which appears in the Annual Report to
Shareholders, which is incorporated by reference. We also consent to
the incorporation by reference of our report dated December 1, 2006,
relating to the financial statement schedules, which appear in this
Form 10-K.
Our report dated December 1, 2006 on the consolidated financial
statements includes an explanatory paragraph stating that, as
discussed in Note 8 to the consolidated financial statements, the
Company adopted Statement of Financial Accounting Standards No. 123
(Revised 2004), Share-based Payment, effective October 1, 2005 for
accounting for share-based payments.
Hancock Askew & Co., LLP
Savannah, Georgia
December 7, 2006
____________________
We hereby consent to the incorporation by reference in the
Registration Statements on Form S-8 (Nos. 333-18878, 333-55132, 333-
125099 and 333-131475) of Patriot Transportation Holding, Inc. of our
report dated December 22, 2005 relating to the financial statements,
which appears in the Annual Report to Shareholders, which is
incorporated in this Annual Report on Form 10-K. We also consent to
the incorporation by reference of our report dated December 22, 2005,
relating to the financial statement schedules, which appear in this
Form 10-K.
PricewaterhouseCoopers LLP
Jacksonville, Florida
December 11, 2006
____________________
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>9
<FILENAME>ex31a.txt
<DESCRIPTION>CEO CERTIFICATION
<TEXT>
CERTIFICATIONS Exhibit 31(a)
I, John E. Anderson, certify that:
1. I have reviewed this annual report on Form 10-K of Patriot Transportation
Holding, Inc.;
2. Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this annual report;
3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this annual
report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-
15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such
disclosure controls to be designed under our supervision, ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;
b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles;
c) evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosures controls and procedures, as of the end
of the period covered by this report based on such evaluation; and
d) disclosed in this report any changes in the registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal annual that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial report; and
5. The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation of internal control over financial reporting,
to the registrant's auditors and the audit committee of registrant's board
of directors (or persons performing the equivalent functions):
a) all significant deficiencies in the design or operation of internal
control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize
and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
control over financial reporting.
Date: December 7, 2006 /s/John E. Anderson
President and Chief Executive
Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>10
<FILENAME>ex31b.txt
<DESCRIPTION>CFO CERTIFICATION
<TEXT>
CERTIFICATIONS Exhibit 31(b)
I, Ray M. Van Landingham, certify that:
1. I have reviewed this annual report on Form 10-K of Patriot Transportation
Holding, Inc.;
2. Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this annual report;
3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this annual
report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-
15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such
disclosure controls to be designed under our supervision, ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;
b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles;
c) evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosures controls and procedures, as of the end
of the period covered by this report based on such evaluation; and
d) disclosed in this report any changes in the registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal annual that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial report; and
5. The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation of internal control over financial reporting,
to the registrant's auditors and the audit committee of registrant's board
of directors (or persons performing the equivalent functions):
a) all significant deficiencies in the design or operation of internal
control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize
and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
control over financial reporting.
Date: December 7, 2006 /s/Ray M. Van Landingham
Vice President, Treasurer,
Secretary and Chief Financial Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>11
<FILENAME>ex31c.txt
<DESCRIPTION>CAO CERTIFICATION
<TEXT>
CERTIFICATIONS Exhibit 31(c)
I, John D. Klopfenstein, certify that:
1. I have reviewed this annual report on Form 10-K of Patriot Transportation
Holding, Inc.;
2. Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this annual report;
3. Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this annual
report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-
15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such
disclosure controls to be designed under our supervision, ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this report is being
prepared;
b) designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting
principles;
c) evaluated the effectiveness of the registrant's disclosure controls and
procedures and presented in this report our conclusions about the
effectiveness of the disclosures controls and procedures, as of the end
of the period covered by this report based on such evaluation; and
d) disclosed in this report any changes in the registrant's internal
control over financial reporting that occurred during the registrant's
most recent fiscal annual that has materially affected, or is
reasonably likely to materially affect, the registrant's internal
control over financial report; and
5. The registrant's other certifying officers and I have disclosed, based on
our most recent evaluation of internal control over financial reporting,
to the registrant's auditors and the audit committee of registrant's board
of directors (or persons performing the equivalent functions):
a) all significant deficiencies in the design or operation of internal
control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize
and report financial information; and
b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal
control over financial reporting.
Date: December 7, 2006 /s/John D. Klopfenstein
Controller and Chief Accounting
Officer
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>12
<FILENAME>ex32.txt
<DESCRIPTION>SECTION 906 CERTIFICATION
<TEXT>
Exhibit 32
CERTIFICATION UNDER SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the
undersigned certifies that this periodic report fully complies with the
requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934
and that information contained in this periodic report fairly presents, in all
material respects, the financial condition and results of operations of Patriot
Transportation Holding, Inc.
PATRIOT TRANSPORTATION HOLDING, INC.
December 7, 2006 JOHN E. ANDERSON_______________
John E. Anderson
President and Chief Executive Officer
RAY M. VAN LANDINGHAM__________
Ray M. Van Landingham
Vice President, Treasurer, Secretary
and Chief Financial Officer
JOHN D. KLOPFENSTEIN___________
John D. Klopfenstein
Controller and Chief
Accounting Officer
A signed original of this written statement required by Section 906 has been
provided to Patriot Transportation Holding, Inc. and will be retained by
Patriot Transportation Holding, Inc. and furnished to the Securities and
Exchange Commission or its staff upon request.
The foregoing certification accompanies the issuer's Annual Report on Form
10-K and is not filed as provided in SEC Release Nos. 33-8212, 34-4751 and
IC-25967, dated June 30, 2003.
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>13
<FILENAME>patr10k06.pdf
<DESCRIPTION>COMPLIMENTARY PDF VERSION
<TEXT>
<PDF>
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