FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Mark one)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For Quarter Ended March 31, 2000.
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-17554
PATRIOT TRANSPORTATION HOLDING, INC.
Formerly Known as FRP Properties, Inc.
(Exact name of registrant as specified in its charter)
Florida 59-2924957
(State or other jurisdiction of (I.R.S. Employer)
incorporation or organization) Identification No.)
1801 Art Museum Drive, Jacksonville, Florida 32207
(Address of principal executive offices)
(Zip Code)
904/396-5733
(Registrant's telephone number, including area code)
(FRP Properties, Inc.)
(155 East 21st Street, Jacksonville, Florida 32206)
(904/355-1781)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of May 1, 2000: 3,348,151 shares of $.10 par value common
stock.
<PAGE>
PATRIOT TRANSPORTATION HOLDINGS, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(In thousands)
(Unaudited)
March 31, September 30,
2000 1999
ASSETS
Current assets:
Cash and cash equivalents $ 376 2,593
Accounts receivable:
Affiliates 465 399
Other 10,439 8,336
Less allowance for doubtful accounts (290) (284)
Inventory of parts and supplies 634 503
Prepaid expenses and other 2,644 2,614
Total current assets 14,268 14,161
Other assets:
Real estate held for investment, at cost 5,674 5,674
Goodwill 1,187 1,207
Other 2,269 2,244
Total other assets 9,130 9,125
Property, plant and equipment, at cost 181,169 172,747
Less accumulated depreciation and
depletion (58,982) (57,378)
Net property, plant and equipment 122,187 115,369
$145,585 138,655
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term note payable to bank $ 7,500 3,000
Accounts payable:
Affiliates 288 166
Other 2,447 5,399
Federal and state income taxes 611 499
Accrued liabilities 4,229 3,866
Long-term debt due within one year 749 625
Total current liabilities 15,824 13,555
Long-term debt 42,498 37,936
Deferred income taxes 8,744 8,820
Accrued insurance reserves 4,658 4,644
Other liabilities 1,009 1,008
Stockholders' equity:
Preferred stock, no par value;
5,000,000 shares authorized - -
Common stock, $.10 par value;
25,000,000 shares authorized,
3,338,151 shares issued
(3,375,817 at September 30, 1999) 334 338
Capital in excess of par value 14,774 15,660
Retained earnings 57,744 56,694
Total stockholders' equity 72,852 72,692
$145,585 138,655
See accompanying notes.
<PAGE>
PATRIOT TRANSPORTATION HOLDING, INC.
CONSOLIDATED CONDENSED STATEMENT OF INCOME
(In thousands except per share amounts)
(Unaudited)
THREE MONTHS SIX MONTHS
ENDED MARCH 31, ENDED MARCH 31,
2000 1999 2000 1999
Revenues:
Affiliates $ 1,767 1,789 3,383 3,556
Non-affiliates 19,799 19,227 38,333 36,491
21,566 21,016 41,716 40,047
Cost of operations 17,747 15,477 34,290 30,115
Gross profit 3,819 5,539 7,426 9,932
Selling, general and
administrative expense:
Affiliates 79 420 286 840
Non-affiliates 2,085 1,251 3,840 2,925
2,164 1,671 4,126 3,765
Operating profit 1,655 3,868 3,300 6,167
Interest expense (849) (534) (1,594) (1,093)
Interest income 13 2 15 5
Other income, net (1) 16 (1) 16
Income before income taxes 818 3,352 1,720 5,095
Provision for income taxes 319 1,307 671 1,987
Net income $ 499 2,045 1,049 3,108
Basic earnings per
common share $ .15 .59 .31 .90
Diluted earnings per
common share $ .15 .59 .31 .89
Number of shares used in computing:
Basic earnings per share 3,340 3,455 3,371 3,459
Diluted earnings per share 3,361 3,483 3,393 3,487
See accompanying notes.
PATRIOT TRANSPORTATION HOLDING INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
SIX MONTHS ENDED MARCH 31, 2000 AND 1999
(In thousands)
(Unaudited)
2000 1999
Cash flows from operating activities:
Net income $1,049 3,108
Adjustments to reconcile net income to net cash
provided from operating activities:
Depreciation, depletion and amortization 5,464 4,780
Net changes in operating assets and liabilities:
Accounts receivable (2,188) 8
Inventory of parts and supplies (131) (19)
Prepaid expenses (31) 221
Accounts payable and accrued liabilities (2,451) (114)
Increase(decrease) in deferred income taxes 20 1,386
Net change in insurance reserve and other
liabilities 15 51
Gain on disposition of real estate, property,
plant and equipment (563) (1,670)
Other, net (5) 21
Net cash provided from operating activities 1,179 7,772
Cash flows from investing activities:
Purchase of property, plant and equipment (12,870) (9,680)
Additions to other assets (289) (204)
Proceeds from sale of real estate held for investment,
property, plant and equipment, and other assets 1,466 2,313
Net cash used in investing activities (11,693) (7,571)
Cash flows from financing activities:
Proceeds from long-term debt 5,000 -
Net increase in short-term debt 4,500 6,800
Repayment of long-term debt (314) (5,256)
Repurchase of Company stock (889) (312)
Exercise of stock options - -
Net cash provided from financing activities 8,297 1,232
Net increase (decrease) in cash and cash equivalents (2,217) 1,433
Cash and cash equivalents at beginning of year 2,593 663
Cash and cash equivalents at end of the period $ 376 2,096
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest expense, net of amount capitalized $1,544 1,113
Income taxes $ 635 1,830
Non cash investing activities:
Additions to property, plant and equipment from exchanges $ 254 327
See accompanying notes.
PATRIOT TRANSPORTATION HOLDING, INC.
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2000
(Unaudited)
(1) Basis of Presentation. The accompanying consolidated
condensed financial statements include the accounts of the
Company and its subsidiaries. These statements have been
prepared in accordance with generally accepted accounting
principles for interim financial information and the instructions
to Form 10-Q and do not include all the information and footnotes
required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation of the results for the interim
periods have been included. Operating results for the three and
six months ended March 31, 2000 are not necessarily indicative of
the results that may be expected for the fiscal year ended
September 30, 2000. The accompanying consolidated financial
statements and the information included under the heading
"Management's Discussion and Analysis" should be read in
conjunction with the consolidated financial statements and
related notes of Patriot Transportation Holding, Inc. for the
year ended September 30, 1999.
(2) Industry Segments. The Company has identified two business
segments each of which is managed separately along product lines.
All the company's operations are in the Southeastern and mid-Atlantic states.
The transportation segment hauls liquid and dry commodities by
motor carrier. The real estate segment owns real estate of
which a substantial portion is under mining royalty agreements or
leased. They also hold certain other real estate for investment
and are developing commercial and industrial properties.
Operating results and certain other financial data for the
Company's business segments are as follows (in thousands):
<PAGE>
Three Months ended Six Months ended
March 31, March 31,
2000 1999 2000 1999
Revenues:
Transportation $ 18,407 16,247 35,930 32,692
Real estate 3,159 4,769 5,786 7,355
$ 21,566 21,016 41,716 40,047
Operating profit(a)
Transportation $ 407 1,017 968 2,443
Real estate 1,709 3,123 3,164 4,641
Corporate expenses (461) (272) (832) (917)
Operating profit $ 1,655 3,868 3,300 6,167
Identifiable assets, at
quarter end
Transportation 54,781 46,376
Real estate 89,883 80,253
Cash items 376 2,096
Unallocated corporate
assets 545 540
145,585 129,265
(a) Operating profit is earnings before interest expense,
other income, interest income and income taxes.
(3) Spin-off of Real Estate Business. On December 1, 1999, the
Board of Directors approved a reorganization of the Company which
would result in spinning off to its shareholders a new company
which would include the real estate business, while retaining the
transportation business in Patriot Transportation Holding, Inc.
The Company has obtained a tax ruling from the Internal Revenue
Service that confirms that the proposed transaction will be
tax-free to shareholders. Although the Company is fully
committed to completing the spin-off through a distribution to
shareholders in a timely manor, such a distribution is subject to
a number of conditions and there can be no assurances to when it
will occur. For information concerning the selected information
concerning the real estate business, see Note 2.
(4) Name Change Approval. At the annual meeting on February 2,
2000, the shareholders approved a proposal to amend Article I of
the Company's Articles of Incorporation to change the name of the
Company to Patriot Transportation Holding, Inc. The name change
was effective on March 1,2000 upon filing of articles of
amendment to Articles of Incorporation with the State of Florida.
(5) Contingent Liabilities. The Company and its subsidiaries
are subject to legal proceedings and claims arising out of their
businesses that cover a wide range of matters. Additional
information concerning these matters is presented in Note 11 to
the consolidated financial statements included in the Company's
1999 Annual Report to stockholders. Such information is
incorporated herein by reference.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Operating Results
For the second quarter and first half of fiscal 2000,
consolidated revenues increased 2.6% and 4.2%, respectively over
the same period last year. The Transportation segment revenues
for the second quarter and first half increased 13.3% and 9.9%,
respectively due primarily to an increase in miles hauled and a
modest increase in pricing over the same quarter last year. Real
estate revenues decreased 33.8% and 21.3% for the second quarter
and first half, respectively. The real estate revenue decrease
was primarily due to reduced sales of real estate and timber
sales. During the second quarter and first half of fiscal 2000,
the Company had revenues from real estate sales of $315,000 as
compared to real estate and timber sales of $2,157,000 for the
second quarter of 1999 and $2,226,000 for the first half of 1999.
Consolidated gross profit decreased $1,720,000 or 31.1% for the
second quarter and decreased $2,506,000 or 25.2% for the first
half as compared to last year. Gross profit in Transportation
decreased $262,000 for the second quarter and decreased $965,000
for the first half. The decrease in gross profit for the
Transportation Group was primarily attributable to sharply higher
fuel costs, a tight labor market for drivers resulting in
increased costs to hire and retain personnel and higher
depreciation expense resulting from an expanded and upgraded
tractor fleet.
Gross profit in the Real Estate segment decreased $1,458,000 for
the second quarter and decreased $1,541,000 for the first half.
Real estate gross profit was negatively impacted by reduced real
estate and timber sales.
Selling, general and administrative expense increased $493,000
for the second quarter and increased $361,000 for the first half
from the same periods last year. Selling, general and
administrative expense as a percent of sales was 10.0% for the
second quarter as compared to 8.0% last year and 9.9% for the
first half as compared to 9.4% last year. The increase was
primarily attributable to increased administrative expenses
related to formation of a third-party agent/owner-operator
transportation operation and legal and accounting fees associated
with the proposed spin-off of the real estate business.
Interest expense increased $315,000 for the second quarter and
increased $501,000 for the first half due primarily to an
increase in the average debt outstanding and an increase in
average interest rate.
Income tax expense decreased $988,000 for the second quarter and
$1,316,000 for the first half as a result of reduced income
before taxes. Income tax expense as a percentage of income
before income tax expense was 39% for all periods.
Summary and Outlook
Tight labor markets combined with higher fuel costs and the
likelihood of higher interest rates will increase costs for the
transportation business this year. Aggressive steps will be
maintained to raise unit revenues to counteract these increased
expenses. The Company's third-party agent/owner-operator start-up operation
Patriot Transportation, Inc., continues to make progress against its plan.
Financial Condition
The Company continues to maintain its financial condition with
sufficient resources to meet anticipated capital expenditures and
other operating requirements. The Company's revolving credit
facility will convert to a term loan if not modified by November
15, 2000. The Company is currently in process of evaluating
and discussing its long-term credit needs with its bank group and
anticipates it will complete the extension and/or modification of
its credit facility before the revolving credit facility converts
to a term loan.
Other
During fiscal 1999, the transportation segment's ten largest
customers accounted for approximately 33% of transportation's
revenue. The loss of one or more of these customers could have
an adverse effect on the Company's revenue and income.
While the Company is affected by environmental regulations, such
regulations are not expected to have a major effect on the
Company's capital expenditures or operating results. Additional
information concerning environmental matters is presented in Note
11 to the consolidated financial statements included in the
Company's 1999 Annual Report to stockholders. Such information
is incorporated herein by reference.
Forward-Looking Statements. Certain matters discussed in this
report contain forward-looking statements that are subject to
risks and uncertainties that could cause actual results to differ
materially from these indicated by such forward-looking
statements. These forward-looking statements relate to, among
other things, capital expenditures, liquidity, capital resources,
competition and may be indicated by words or phrases such as
"anticipate," "estimate," "plans," "projects," "continuing,"
"ongoing," "expects," "management believes," "the Company
believes," "the Company intends" and similar words or phrases.
The following factors are among the principal factors that could
cause actual results to differ materially from the
forward-looking statements: availability and terms of financing;
competition; levels of construction activity in FRI's markets;
labor market for drivers; fuel costs; and inflation.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS
There are no material changes to the disclosures made in Form
10-K for the fiscal year ended September 30, 1999 on this matter.
PART II OTHER INFORMATION
Item 1. Legal Proceedings
Note 11 to the consolidated financial statements included in the
Company's 1999 Annual Report to stockholders is incorporated
herein by reference.
Item 4. Submission of Matters to a Vote of Security Holders
On February 2, 2000, the Company held its annual shareholders meeting.
At the meeting, the stockholders elected the following directors by the
vote shown.
Term Votes Votes Broker/
Ending For Withheld Non-Votes
John D. Baker II 2004 2,811,774 123,479 -
Luke E. Fichthorn III 2004 2,811,671 123,582 -
James B. Shephard 2003 2,811,674 123,579 -
Robert H. Paul III 2003 2,811,771 123,482 -
The stockholders voted on a proposal to amend Article 1 of the
Articles of Incorporation to change the name of the Company to
Patriot Transportation Holding, Inc. The proposal was approved
by the vote shown:
For Against Withhold Vote
2,905,141 30,112 428,664
The stockholders also voted on a proposal to approve the
Company's 2000 Stock Option Plan. The proposal was approved by
the vote shown:
For Against Withhold Vote Broker Non Vote
1,735,258 895,434 428,664 304,561
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits. The response to this item is submitted as a
separate Section entitled "Exhibit Index", starting on
page 11.
(b) Reports on Form 8-K. During the three months ended
March 31, 2000, no reports on a Form 8-K were filed by
the Company.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.
May 9, 2000 PATRIOT TRANSPORTATION HOLDING, INC.
JAMES J. GILSTRAP
James J. Gilstrap
Treasurer and Chief Financial
Officer
WALLACE A. PATZKE, JR.
Wallace A. Patzke, Jr.
Controller and Chief Accounting
Officer
<PAGE>
PATRIOT TRANSPORTATION HOLDING, INC.
FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2000
EXHIBIT INDEX
(3)(a)(1) Articles of Incorporation of Patriot
Transportation Holding, Inc. Previously
filed with Form S-4 dated December 13,
1988. File No. 33-26115.
(3)(a)(2) Amendment to the Articles of Incorporation
of Patriot Transportation Holding, Inc.
filed with the Secretary of State of
Florida on February 19, 1991. Previously
filed with Form 10-K for the fiscal year
ended September 30, 1993. file No. 33-26115.
(3)(a)(3) Amendments to the Articles of Incorporation
of Patriot Transportation Holding, Inc.
filed with the Secretary of State of
Florida on February 7, 1995. Previously
filed as appendix to the Company's Proxy
Statement dated December 15, 1994.
(3)(a)(4) Amendment to the Articles of Incorporation,
filed with the Florida Secretary of State
on May 6, 1999. A form of such amendment
was previously filed as Exhibit 4 to the
Company's Form 8-K dated May 5, 1999. File
No. 33-26115.
(3)(a)(5) Amendment to the Articles of Incorporation
of Patriot Transportation Holding, Inc.
filed with the Secretary of State of
Florida on February 21, 2000.
(3)(b)(1) Restated Bylaws of Patriot Transportation
Holding, Inc. adopted December 1, 1993.
Previously filed with Form 10-K for the
fiscal year ended September 30, 1993. File
No. 33-26115.
(3)(b)(2) Amendment to the Bylaws of Patriot
Transportation Holding, Inc. adopted August
3, 1994. Previously filed with Form 10-K
for the fiscal year ended September 30,
1994. File No. 33-26115.
(4)(a) Articles III, VII and XII of the Articles
of Incorporation of Patriot Transportation
Holding, Inc. Previously filed with Form
S-4 dated December 13, 1988. And amended
Article III filed with Form 10-K for the
fiscal year ended September 30, 1993. And
Articles XIII and XIV previously filed as
appendix to the Company's Proxy Statement
dated December 15, 1994. File No. 33-026115.
(4)(b) Specimen stock certificate of Patriot
Transportation Holding, Inc. Previously
filed with Form S-4 dated December 13,
1988. File No. 33-26115.
(4)(c) Credit Agreement dated as of November 15,
1995 among Patriot Transportation Holding,
Inc.; SunTrust Bank, Central Florida,
National Association; Bank of America
Illinois; Barnett Bank of Jacksonville,
N.A.; and First Union National Bank of
Florida. Previously filed with Form 10-Q
for the quarter ended December 31, 1995.
File No. 33-26115.
(4)(c)(1) First Amendment dated as of September 30,
1998 to the Credit Agreement dated as of
November 15, 1995. Previously filed with
Form 10-K for the year ended September 30,
1998. File No. 33-26115.
(4)(d) The Company and its consolidated
subsidiaries have other long-term debt
agreements which do not exceed 10% of the
total consolidated assets of the Company
and its subsidiaries, and the Company
agrees to furnish copies of such agreements
and constituent documents to the Commission
upon request.
(4)(e) Rights Amendment, dated as May 5, 1999
between the Company and First Union
National Bank. Previously filed as
Exhibit 4 to the Company's Form 8-K dated
May 5, 1999. File No. 33-26115.
(10)(a) Post Distribution Agreement, dated May 7,
1986, by and between Florida Rock
Industries, Inc. and Florida Rock & Tank
Lines, Inc. and amendments thereto dated
July 1, 1987 and September 27, 1988.
Previously filed with Form S-4 dated
December 13, 1988. File No. 33-26115.
(10)(b) Tax Sharing Agreement, dated May 7,1986,
between Florida Rock Industries, Inc. and
Florida Rock & Tank Lines, Inc. Previously
filed with Form S-4 dated December 13,
1988. File No. 33-26115.
(10)(c) Various leasebacks and mining royalty
agreements with Florida Rock Industries,
Inc., none of which are presently believed
to be material individually, except for the
Mining Lease Agreement dated September 1,
1986, between Florida Rock Industries Inc.
and Florida Rock Properties, Inc.,
successor by merger to Grandin Land, Inc.
(see Exhibit (10)(e)), but all of which may
be material in the aggregate. Previously
filed with Form S-4 dated December 13,
1988. File No. 33-26115.
(10)(d) License Agreement, dated June 30, 1986,
from Florida Rock Industries, Inc. to
Florida Rock & Tank Lines, Inc. to use
"Florida Rock" in corporate names.
Previously filed with Form S-4 dated
December 13, 1988. File No. 33-26115.
(10)(e) Mining Lease Agreement, dated September 1,
1986, between Florida Rock Industries, Inc.
and Florida Rock Properties, Inc.,
successor by merger to Grandin Land, Inc.
Previously filed with Form S-4 dated
December 13, 1988. File No. 33-26115.
(10)(f) Summary of Medical Reimbursement Plan of
Patriot Transportation Holding, Inc.
Previously filed with Form 10-K for the
fiscal year ended September 30, 1993. File
No. 33-26115.
(10)(g) Split Dollar Agreement dated October 3,
1984, between Edward L. Baker and Florida
Rock Industries, Inc. and assignment of
such agreement, dated January 31, 1986 from
Florida Rock Industries, Inc. to Florida
Rock & Tank Lines, Inc. Previously filed
with Form S-4 dated December 13, 1988.
File No. 33-26115.
(10)(h) Summary of Management Incentive
Compensation Plans. Previously filed with
Form 10-K for the fiscal year ended
September 30, 1994. File No. 33-26115.
(10)(I) Management Security Agreements between the
Company and certain officers. Form of
agreement previously filed as Exhibit
(10)(I) with Form S-4 dated December 13,
1988. File No. 33-26115.
(10)(I)(1) Patriot Transportation Holding, Inc. 1989
Employee Stock Option Plan. Previously
filed with Form S-4 Dated December 13,
1988. File No. 33-26115.
(10)(I)(2) Patriot Transportation Holding, Inc. 1995
Employee Stock Option Plan. Previously
filed as an appendix to the Company's Proxy
Statement dated December 15, 1994.
(11) Computation of Earnings Per
Common Share.
(27) Financial Data Schedule
<PAGE>
<PAGE>
Exhibit (11)
PATRIOT TRANSPORTATION HOLDING, INC.
COMPUTATION OF EARNINGS PER COMMON SHARE
(UNAUDITED)
THREE MONTHS SIX MONTHS
ENDED MARCH 31, ENDED MARCH 31,
2000 1999 2000 1999
Net income $ 499,000 2,045,000 1,049,000 3,108,000
Common shares:
Weighted average shares
outstanding during the
period - shares used for
basic earnings per share 3,339,569 3,455,100 3,371,041 3,459,427
Shares issuable under stock
options which are poten-
tially dilutive 21,858 28,302 21,468 27,085
Shares used for diluted earnings
per share 3,361,427 3,483,402 3,392,509 3,486,512
Basic earnings per
common share $.15 .59 .31 .90
Diluted earnings
per common share $.15 .59 .31 .89
<PAGE>
ARTICLES OF AMENDMENT
TO
ARTICLES OF INCORPORATION
OF
FRP PROPERTIES, INC.
The undersigned, on behalf of FRP Properties, Inc., a Florida
corporation, and pursuant to Sections 607.1003 and 607.1006 of the Florida
Business Corporation Act, hereby adopts the following Articles of
Amendment to the Articles of Incorporation of said corporation:
1. The name of the corporation is FRP Properties, Inc. (the
"Corporation").
2. Article I of the Articles of Incorporation of the Corporation is
hereby amended as of the Effective Date (as defined below) to
change the name of the Corporation to Patriot Transportation
Holding, Inc. Accordingly, Article I of the Articles of
Incorporation of the Corporation is amended in its entirety as of
the Effective Date (as defined below) to read as follows:
"ARTICLE I
The name of the corporation is Patriot Transportation Holding, Inc."
3. The foregoing amendment was adopted and approved on February 2,
2000, by the shareholders of the Corporation. The number of votes
cast for the amendment, whether in person or by proxy, was
sufficient for approval.
4. The foregoing amendment shall become effective at 12:01 a.m. on
March 1, 2000 ("Effective Date").
IN WITNESS WHEREOF, the undersigned officer, on behalf of the
Corporation, has executed these Articles of Amendment this 21st day of
February, 2000.
FRP PROPERTIES, INC.,
a Florida corporation
By
John E. Anderson, President
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> OCT-01-1999
<PERIOD-END> MAR-31-1999
<CASH> 376
<SECURITIES> 0
<RECEIVABLES> 10,904
<ALLOWANCES> 290
<INVENTORY> 634
<CURRENT-ASSETS> 14,268
<PP&E> 181,169
<DEPRECIATION> 58,982
<TOTAL-ASSETS> 145,585
<CURRENT-LIABILITIES> 15,824
<BONDS> 42,498
0
0
<COMMON> 334
<OTHER-SE> 72,518
<TOTAL-LIABILITY-AND-EQUITY> 145,585
<SALES> 41,716
<TOTAL-REVENUES> 41,716
<CGS> 34,290
<TOTAL-COSTS> 34,290
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (1,594)
<INCOME-PRETAX> 1,720
<INCOME-TAX> 671
<INCOME-CONTINUING> 1,049
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,049
<EPS-BASIC> .31
<EPS-DILUTED> .31
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