Entering text into the input field will update the search result below

FRP Holdings Inc. (FRPH) CEO John Baker on Q2 2018 Results - Earnings Call Transcript

Aug. 05, 2018 7:01 PM ETFRP Holdings, Inc. (FRPH)
SA Transcripts profile picture
SA Transcripts

FRP Holdings Inc. (NASDAQ:FRPH) Q2 2018 Results Earnings Conference Call August 2, 2018 2:00 PM ET


David deVilliers - President

John Baker - Executive Chairman & CEO



Excuse me, everyone, we now have John Baker in conference, Executive Chairman and CEO of FRP Holdings, Inc. [Operator Instructions].

I would now like to turn today's call over to Mr. John Baker. Sir, you may begin.

John Baker

Thank you. Welcome, and as she said, my name is John Baker, and I'm Chairman of FRP Holdings. On the line with me today are David deVilliers, our President; John Milton, our CFO; and John Klopfenstein, our CAO. Before we begin, let me remind you that any statements on this conference call which relate to the future or are, by their nature, subject to risk and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include risks, listed from time to time in our SEC filings, including, but not limited to, our annual and quarterly reports.

As you all have seen, we generated a gain of $165,333,000 before taxes from the sale of our warehouses. We have accrued $44,660,000 in taxes, which we will try to [indiscernible] through 1031 in other departments. This leaves us with a net income of $120,465,000 from the sale and $311,000 of cash before tax payments, which we will begin to deploy. As we stated in our press release, the good news is that we believe we sold at peak values, but we certainly don't want to buy and redeploy our money at peak values. The way we're addressing this is to buy and develop property. This is how we have built our company [Technical Difficulty] Baltimore management team through real core confidence. Let me pause and turn the conversation over to David deVilliers. I've asked him to focus on the strategy for your company going

Recommended For You

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.