FRP Board Approves Spinoff of Trucking Unit

FRP Holdings Inc., which owns real estate and trucking businesses, said its board has approved the spinoff of the trucking operation to be known as New Patriot.

The Jacksonville, Florida-based company had said it planned to create a stand-alone trucking business, which is being called New Patriot to differentiate the carrier from FRP’s former corporate name of Patriot Transportation Holdings Inc. The corporate name was changed to FRP in December.

Trucking generated 80% of FRP’s $160 million in revenue during the fiscal year ended Sept. 30 but only 40% of the profit before interest and taxes.

The holders of FRP shares will receive one New Patriot share in the form of a dividend for each three FRP Holdings shares as of Jan. 9. The scheduled dividend date is Jan. 31, the statement said.

Regular trading of New Patriot will start on NASDAQ as of Feb. 2 with the symbol PATI, the company statement said. Trading on an “ex-distribution basis” could begin as soon as Jan. 7.