Patriot to Split Off Real Estate Business

Patriot Transportation Holding said it intends to split its real estate business from its transportation business.

The separation will result in two independent, publically traded companies, but the deal is subject to final approval from the board of directors, the Jacksonville, Florida-based company said May 7.

The split is expected to be completed in the next 12 months. Patriot said it anticipates the real estate company to be named FRP Holdings Inc. and the transportation segment to retain the name Patriot Transportation Holding.

The company also reported its fiscal second-quarter net income declined to $1.7 million, or 18 cents a share, from $2.3 million, or 42 cents, a year earlier.  

Revenue rose 17.8% to $39.9 million, and transportation revenue increased $4.7 million to $31.9 million.

The operating profit for the company’s transportation segment declined to $897,000 from $1.9 million.

Revenue per mile increased 19.7% from the same time last year because of its pipeline acquisition in November 2013, the company said in a statement.