8-K 1 form8k.txt FORM 8-K 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): September 11, 2006 PATRIOT TRANSPORTATION HOLDING, INC. ----------------------------------------------------------------- (Exact name of registrant as specified in its charter) FLORIDA 33-26115 59-2924957 ------------------------ ----------------- -------------------- (State or other (Commission (I.R.S. Employer jurisdiction File Number) Identification No.) of incorporation) 1801 Art Museum Drive 32207 Jacksonville, Florida ------------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (904) 396-5733 ----------------------------------------------------------------- (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 CRF 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. September 11, 2006 ITEM 8.01. OTHER EVENTS. On September 11, 2006, the Company's tank line subsidiary entered into an agreement to sell approximately 25 acres of land located in Hillsborough County, Florida for $12 million. The contract is subject to a number of contingencies, including a 180 day due diligence period which the buyer may extend by up to an additional 180 days subject to certain conditions. If the contract closes in accordance with these terms, the Company would recognize a gain of approximately $11 million before income taxes. The Company estimates that the after-tax gain from the sale would be $6,710,000, or approximately $2.16 per diluted share. The sale would not affect the Company's tank line operations. The property is currently used as a truck terminal, but the Company would relocate the terminal to another site in the area. 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: September 11, 2006 By: /s/ Ray M. Van Landingham ------------------------------------ Ray M. Van Landingham Vice President, Finance and Administration and Chief Financial Officer