However, while profitable, Patriot's revenue stream is down sharply from last year. Though its net income increased during its second fiscal quarter of 2002 to more than $1.42 million compared to $750,000 in the same period last year 2001, overall revenues decreased 26.7%.
Revenues from its transportation division fell 30.8% in its second fiscal quarter, mostly as a result of closing its third-party agent/owner-operator subsidiary, Patriot Transportation, last September. That subsidiary had revenues of $7.23 million in the second quarter of fiscal 2001.
Jacksonville, FL-based Patriot is a holding company for several trucking companies, including Florida Rock & Tank Lines, a liquid and dry bulk carrier, and SunBelt Transport, a flatbed carrier that hauls primarily construction materials.
