Patriot Sells Flatbed Unit Sunbelt Transport

Patriot Transportation Holding lost $402,000 in its fiscal third quarter and the company said it sold flatbed carrier unit Sunbelt Transport.

The company lost 13 cents a share, compared with earning $2.8 million, or 89 cents, a year ago.

Income from continuing operations was 70 cents per share, down 14.2% from 83 cents for the same period last year.

Patriot’s revenue fell 17.7% to $28.1 million for the fiscal quarter ended June 30.

The unidentified purchaser of Sunbelt paid $1 million cash and agreed to pay Patriot $130,000 a month for 60 months for SunBelt’s tractors, trailers and inventory.

Patriot operates tank carrier Florida Rock & Tank Lines and a real estate business.