8-K

                               UNITED STATES
                    SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C.  20549

                                  FORM 8-K

                               CURRENT REPORT

   Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

    Date of Report (Date of earliest event reported):  November 29, 2018

                   PATRIOT TRANSPORTATION HOLDING, INC.
          (Exact name of registrant as specified in its charter)

	       FLORIDA		 001-36605	    47-2482414
	   ----------------	-----------	-------------------
	   (State or other	(Commission	(I.R.S. Employer
	   jurisdiction         File Number)	Identification No.)
	   of incorporation

200 W. Forsyth Street, 7th Floor
Jacksonville, Florida					  32202
---------------------------------------------		----------
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code:  (904) 858-9100

---------------------------------------------------------------------------
       (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 (see General Instruction A.2. below):

[] 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))

Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (s. 230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (s. 240.12b-2
of this chapter).
                                                Emerging growth company [_]

If an emerging growth company, indicate by check mark if the registrant has
elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section
13(a) of the Exchange Act. [_]




                         CURRENT REPORT ON FORM 8-K

                    PATRIOT TRANSPORTATION HOLDING, INC.

                            December 3, 2018


ITEM 2.02. DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

	On November 29, 2018, Patriot Transportation Holding, Inc. (the
"Company") held an earnings conference call to discuss the Company's
results for the fourth quarter and fiscal year 2018, a transcript of which
is furnished herewith as Exhibit 99 and is incorporated herein by reference.

	The information in this report (including the exhibit) shall not be
deemed to be "filed" for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the
liability of that section, and shall not be incorporated by reference into
any registration statement or other document filed under the Securities Act
of 1933, as amended, or the Exchange Act, except as shall be expressly set
forth by specific reference in such filing.

ITEM 9.01.  FINANCIAL STATEMENTS AND EXHIBITS

        (d)     Exhibits.

        99      Conference Call Transcript dated November 29, 2018




                                 SIGNATURES

	Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Current Report to be signed on its behalf
by the undersigned thereunto duly authorized.


				PATRIOT TRANSPORTATION HOLDING, INC.



Date:  December 3, 2018		By:  /s/ Matt McNulty
      				-------------------------------------------
				Matt McNulty
                                Chief Financial Officer





                               EXHIBIT INDEX

Exhibit No.

99	Transcript of Conference Call held on November 29, 2018,
	by Patriot Transportation Holding, Inc.

EX-99

                                   Matt McNulty

                       Patriot Transportation Holding, Inc.

                                 November 29, 2018

                                    9:00 AM CT


Operator:	This is a recording for the Matt McNulty teleconference, for

Patriot Transportation Holding, Inc. for Thursday, November 29, 2018 at

9:00 AM Central, 10:00 AM Eastern Time. Excuse me, everyone, we now have all

speakers in conference. Please be aware that each of your lines is in a listen

only mode. At the conclusion of today's presentation, we will open the floor

for questions. At that time, instructions will be given as to the procedure to

follow if you would like to ask a question. I would now like to turn the

conference over to Rob Sandlin. Mr. Sandlin, please begin.


Rob Sandlin:	Thank you. Good morning, 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 John Milton, our

Executive Vice President and General Counsel, Matt McNulty, our Chief

Financial Officer and John Klopfenstein, our Chief Accounting Officer.

Before we get into our results, let me caution you that any statement made

during this call that relates to the future, are by their nature, subject to

risks and uncertainties that 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 and with the Securities and Exchange

Commission. First, for our fourth quarter results. Total revenue for the

quarter increased $871,000 to $28,781,000, while our  transportation revenue

decreased by $367,000 on 215,000 more miles. As a reminder, the second quarter

of last year was impacted by the loss of two large customers. Compared to the

business we added during this year's second and third quarter, the lost





business in 2017 had a shorter average haul length and higher revenue per

mile. As a result, our average haul length has increased by 6.8 percent, at an

average revenue per mile, 10 cents lower than last year's quarter. Hurricane

Florence negatively impacted our revenues during this quarter by an estimated

$126,000, mainly in our Wilmington, North Carolina terminal. Compensation and

benefits decreased $334,000 or 6 cents per mile due to the longer haul length

which has a lower driver pay per mile, lower training pay and a reduction of

our personnel costs. Management continues to focus on rightsizing our fleet,

which decreased depreciation expense by $265,000 during the quarter and

increased our gain on sales by $192,000. Insurance and losses increased

dramatically quarter over quarter, up $670,000, mainly due to higher health

claims. As a result, operating profit was $241,000, compared to $265,000 in

last year's quarter. Our operating ratio was 99.2 versus 99.1. Onto the

year-to-date results. Company revenue for the year increased $1,900,000 to

$114,065,000, while our miles declined by 76,000 compared to last year.

Our transportation revenues, which exclude fuel surcharges, were down

$2,203,000 or 2.1 percent, mainly due to the previously mentioned business

losses in the second and third quarter of fiscal 2017. Compensation and

benefits decreased $99,000 as a result of strategic reduction of personnel

expense and lower driver pay, offset by an increase in owner-operator expense,

as we added owner-operators during this fiscal year. Net fuel expense improved

due to the higher fuel surcharge over this period, and we reduced depreciation

expense $783,000, as we continued to rightsize the fleet. For the year,

insurance and losses were up $1,001,000, driven heavily by two environmental

incidents early in the year and higher health claims of $575,000. SG&A

increased due to severance expense related to our rightsizing, management's

continued work to reorganize our IT Department and higher costs associated

with hiring drivers, that was more than offset by the reduction in corporate

expenses. As a result, operating profit was $2,046,000, compared to

$2,372,000 last year, and our operating ratio was 98.2 compared 97.9 last

year. Now for the summary and outlook. During the second quarter of this

year, we entered into a new three-year agreement with one of our largest





accounts that significantly increased our business levels for this customer.

Business began in February of 2018 and was added incrementally over several

months. Management continues to monitor market conditions including the

capacity shortage caused by a lack of drivers, and will evaluate each

opportunity and its potential impact to our bottom line results prior to

making any pricing decisions. Management continues to make adjustments to the

strategy and operating plan to reduce expenses and rightsize our fleet, as

illustrated by the reduced depreciation expense and improved revenue per

tractor. Health insurance costs were atypically high in Fiscal 2018.

Management has spent a lot of time reviewing and evaluating every aspect of

our health benefits package and will be implementing several changes in

Fiscal 2018 in an effort to control and reduce these health-related expenses.

Another focus is on improving our safety results, which carried some

significant costs in 2018. While we believe that increased driver turnover

has contributed to increased incident frequency, we anticipate improvement

based on feedback from our enhanced driver trainer program introduced during

2018. The shortage of professional truck drivers in the United States has been

well documented. Management spends a good deal of time dealing with these

issues surrounding driver shortage, including advertising, recruiting,

compensation, dispatcher training and productivity, among others. In the

latter part of Fiscal 2018, we implemented a significant change to our hiring

process. We added driver advocate positions and introduced a productivity-based

driver pay, all in an effort to attract and retain drivers. We are encouraged

by the increased number of drivers hired and in training since these

implementations and will continue to monitor our progress for any needed

adjustments to our plan. Recently, we have seen a willingness by our customers

to help pay for these added costs. However, rates must continue to increase

to keep up with these rising costs and to improve the return on investment in

this capital-intensive industry. We continue to work through a number of IT

projects and are making progress. We have nearly completed implementation of

our new automated billing software and plan to complete the conversion of our

servers and systems to a third party cloud services provider, which includes





an upgrade to the next generation of dispatch software. We believe all of

these projects are critical to our future success, as they provide significant

benefits to our drivers, our employees and to our customers. I want to thank

our employees for their dedication to our process and their understanding of

the changes that we are making in support of our strategic plan for the future.

Our people continue to focus every day on safely delivering our customers'

products on time and accurately. I've been impressed with their tireless

dedication, which was highlighted during Hurricanes Florence and Michael.

These storms certainly had a negative impact on our financial results, but

more importantly, on our employees in several of our locations. I can tell

you that our people are accounted for. Many had significant damage to their

homes and their lives disrupted, but they came back to work quickly and are

doing everything they can to help the community and our customers recover

these catastrophic storms. I cannot thank them enough for their loyalty and

dedication. The financial results of 2018 did not meet our expectations.

Management continues to make the necessary adjustments to our plan to improve

the bottom line results. With the addition of business in Fiscal 2018, along

with rightsizing of our fleet and fixed costs, we believe we are making

progress. Our primary goal for our shareholders is to grow profitably while

maintaining a strong balance sheet. While we certainly maintained and improved

our already strong balance sheet, we did not achieve our goal of growing

profitably this year. In order to achieve our goal next year, we are focused

on strategically growing revenues while controlling and reducing several of

our key expenses. Our strategy going forward for revenue growth is to

concentrate our efforts in the markets where we have been successful finding

and retaining quality drivers. With regard to reducing fixed costs, we are

focused on increasing the utilization of our equipment and measuring our

success based on revenues and drivers per tractor. We are consistently

analyzing all costs associated with insurance and SG&A and making

appropriate changes when and where we can. With these focuses in mind, we're

optimistic we will achieve targeted levels of revenue and bottom line





results in Fiscal 2019. Thank you again for your interest in our company,

and we will be happy to entertain any questions at this time.


Operator:	Thank you. At this time, we will open the floor for questions.

If you would like to ask a question, please press the star key, followed by

the one key, on  your touchtone phones now. If at any time you would like to

remove yourself from the questioning queue, you can press star two. Again for

questions, that is star one on your telephone. We will pause for just a

moment. Our first question will come from Tim Chatard with Quantum Capital.


Tim Chatard:	I'm just wondering if you had an update on the Campo real

estate efforts.


Matt McNulty:	Hey Tim. This is Matt McNulty. Yes I do. We're basically

completing the design plans and hope to be submitting those in December. We

should hopefully then have a turnaround from the City of Tampa within 90 days.

It's kind of the normal timeframe. So we're still kind of 90-120 days to have

approved plans, and then we'll remarket the property.


Tim Chatard:	Thanks.


Matt McNulty:	You're welcome.


Operator:	Thank you. As a reminder, that is star one on your phone for

questions. Speakers, it appears that there are no more questions at this time.


Rob Sandlin:	Okay, thank you. And again, thank you for your interest in

Patriot Transportation and have a good day.





Operator:	This now concludes today's teleconference. Please disconnect

your lines and have a great day.

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