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Patriot Transportation Holding, Inc. (PATI) Q1 2023 Earnings Call Transcript

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Patriot Transportation Holding, Inc. (NASDAQ:PATI) Q1 2023 Earnings Conference Call February 3, 2023 3:00 PM ET

Company Representatives

Rob Sandlin - President, Chief Executive Officer

Matt McNulty - Chief Financial Officer, Chief Operating Officer

John Klopfenstein - Chief Accounting Officer

Conference Call Participants

Christian Olesen - Olesen Value Fund

John Koller - Oppenheimer & Close

John Deysher - Pinnacle


Good afternoon, and welcome to the Patriot Transportation Holdings Incorporated Earnings Call for the First Quarter of 2023. At this time all participants are placed on a listen-only mode and the floor will be open for questions and comments after the presentation.

It is now my pleasure to turn the floor over to your host, Mr. Rob Sandlin, President and CEO of Patriot Transportation. Sir, the floor is yours.

Rob Sandlin

Thank you. Good afternoon and thank you all for being on the call today and for your interest in Patriot Transportation. I am Rob Sandlin, CEO of Patriot Transportation and with me today are Matt McNulty, our Chief Financial Officer and Chief Operating Officer; and John Klopfenstein, our Chief Accounting Officer.

Before we get into our results, let me caution you that any statements made during this call that relate to the future are by their nature subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated by such forward-looking statements. Additional information regarding these and other risk factors and uncertainties may be found in the company's filings with the Securities and Exchange Commission.

Now, for our first quarter results. Today, the company reported a net income of $485,000 or $0.14 per share for the quarter ended December 31, 2022, compared to net income of $6,439,000 or $1.74 per share in the same quarter last year, which included $6,281,000 or a or $1.70 per share from after tax gains on real estate.

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