Patriot reported net income of $1.34 million in the first fiscal quarter of 2002, down from income of $2.12 million in its first fiscal quarter of 2001. Consolidated revenues for Patriot's first fiscal quarter declined 23.5% to $23.4 million from $30.7million the same fiscal 2001 first quarter.
The transportation segment's revenues for the first quarter decreased 20.7% to $19.7 million from $24.9 million in the same quarter last year primarily as a result of the closing of the company's third-party agent/owner-operator subsidiary, Patriot Transportation, in September of 2001.
Patriot's transportation division is comprised of Florida Rock & Tank Lines, a liquid and dry bulk commodities carrier, and SunBelt Transport, a flatbed carrier operating in the Southeast, Midwest and Mid-Atlantic States, hauling primarily construction materials.
