Those losses, however, are due solely to losses of its third-party agent/owner-operator subsidiary, Patriot Transportation, Inc., which the parent company closed down in September.
For the fourth quarter of 2001, Patriot said overall revenues dipped slightly to $27.5 million, compared to $27.8 million for the same quarter in 2000. However, the carrier noted slight revenue improvements from its tank and flatbed operations, resulting from increases in miles hauled and modest price increases.
Patriot’s year-end numbers were more cheerful. The carrier said net income for its fiscal year, which ended September 30, topped $2.7 million, a jump from the $2 million it earned in 2000.
Patriot is engaged in both transportation and real estate businesses. The company’s transportation business is conducted through two wholly owned subsidiaries: Florida Rock & Tank Lines, a liquid and dry bulk carrier, and SunBelt Transport, a flatbed operation serving the Southeast, Midwest and Mid-Atlantic States.
