UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 25, 2015
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PATRIOT TRANSPORTATION HOLDING, INC.
(Exact name of registrant as specified in its charter)
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FLORIDA 001-36605 47-2482414
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation
200 W. Forsyth Street, 7th Floor, Jacksonville, FL
Jacksonville, Florida 32202
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (904) 396-5733
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
[] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
CURRENT REPORT ON FORM 8-K
PATRIOT TRANSPORTATION HOLDING, INC.
MARCH 25, 2015
ITEM 2.06 MATERIAL IMPAIRMENTS
On March 23, 2015, Patriot Transportation Holding, Inc.
(the "Company") concluded that it expects to record a non-cash intangible
asset impairment charge of approximately $2.5 million in its consolidated
financial statements for the year ended September 30, 2015, relating to the
Pipeline Transportation acquisition in November 2013. This non-cash impairment
charge will not result in any future cash expenditures or otherwise impact
the Company's liquidity, cash flows, compliance with its debt covenants or
any future operations.
The Company's conclusion that an impairment charge is
necessary is the result of the loss of business at locations previously
served by Pipeline Transportation. The majority of the lost business
resulted from a recently concluded competitive bid process in which the
Company elected not to lower its quoted rates to win the business.
The Company continues to add new business and expects to replace the lost
business with new business at more favorable rates.
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 hereunto duly authorized.
PATRIOT TRANSPORTATION HOLDING, INC.
Date: March 25, 2015 By: /s/ John D. Milton, Jr.
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John D. Milton, Jr.
Executive Vice President
and Chief Financial Officer
