$FRPH
FRP Holdings Inc

2024 Q3 Form 10-Q Financial Statement

#000084405924000039 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $10.63M $10.48M $10.70M
YoY Change 0.4% -2.05% 11.09%
Cost Of Revenue $5.105M $6.560M
YoY Change -22.18% 4.88%
Gross Profit $5.372M $4.136M
YoY Change 29.88% 22.62%
Gross Profit Margin 51.27% 38.67%
Selling, General & Admin $2.552M $1.369M
YoY Change 86.41% 4.74%
% of Gross Profit 47.51% 33.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.614M $2.882M
YoY Change -9.3% -1.6%
% of Gross Profit 48.66% 69.68%
Operating Expenses $2.552M $1.369M
YoY Change 86.41% 4.74%
Operating Profit $3.083M $2.820M $2.767M
YoY Change 6.46% 1.92% 33.93%
Interest Expense $155.0K $1.129M
YoY Change -86.27% 52.77%
% of Operating Profit 5.5% 40.8%
Other Income/Expense, Net
YoY Change
Pretax Income $1.806M $2.975M $714.0K
YoY Change 15.33% 316.67% 4.85%
Income Tax $427.0K $916.0K $222.0K
% Of Pretax Income 23.64% 30.79% 31.09%
Net Earnings $1.361M $2.044M $598.0K
YoY Change 8.1% 241.81% -8.98%
Net Earnings / Revenue 12.8% 19.51% 5.59%
Basic Earnings Per Share $0.07 $0.11 $0.06
Diluted Earnings Per Share $0.07 $0.11 $0.06
COMMON SHARES
Basic Shares Outstanding 19.03M shares 19.02M shares 9.514M shares
Diluted Shares Outstanding 18.97M shares 18.95M shares 9.466M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $156.9M $166.5M
YoY Change -5.77% 4.57%
Cash & Equivalents $144.7M $156.9M $166.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.827M $1.472M
Other Receivables $0.00 $0.00
Total Short-Term Assets $158.8M $168.0M
YoY Change -5.51% 4.56%
LONG-TERM ASSETS
Property, Plant & Equipment $406.3M $374.4M $363.6M
YoY Change 11.86% 2.98% 0.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $157.3M $161.4M $152.6M
YoY Change 2.11% 5.77% 9.26%
Other Assets $3.679M $3.443M
YoY Change 6.85% 21.66%
Total Long-Term Assets $553.1M $531.9M
YoY Change 3.99% 3.01%
TOTAL ASSETS
Total Short-Term Assets $158.8M $168.0M
Total Long-Term Assets $553.1M $531.9M
Total Assets $726.9M $711.9M $699.9M
YoY Change 3.67% 1.71% 3.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.303M $3.153M
YoY Change 131.62% -34.52%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.888M $4.212M
YoY Change 134.76% -30.08%
LONG-TERM LIABILITIES
Long-Term Debt $178.8M $178.6M
YoY Change 0.08% 0.08%
Other Long-Term Liabilities $3.685M $4.158M
YoY Change -11.38% 21.72%
Total Long-Term Liabilities $182.5M $182.8M
YoY Change -0.18% 0.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.888M $4.212M
Total Long-Term Liabilities $182.5M $182.8M
Total Liabilities $259.8M $260.7M $254.9M
YoY Change 1.43% 2.28% 1.11%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $68.31M $67.98M $67.03M
YoY Change 1.7% 1.42% 13.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $420.9M $419.1M $409.9M
YoY Change
Total Liabilities & Shareholders Equity $726.9M $711.9M $699.9M
YoY Change 3.67% 1.71% 3.38%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $1.361M $2.044M $598.0K
YoY Change 8.1% 241.81% -8.98%
Depreciation, Depletion And Amortization $2.614M $2.882M
YoY Change -9.3% -1.6%
Cash From Operating Activities $12.18M $8.166M
YoY Change 49.11% 8.98%
INVESTING ACTIVITIES
Capital Expenditures $6.313M $979.0K
YoY Change 544.84% -92.89%
Acquisitions
YoY Change
Other Investing Activities -$681.0K -$12.20M
YoY Change -94.42% -992.9%
Cash From Investing Activities -$6.994M -$13.18M
YoY Change -46.92% 6.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -737.0K -1.752M
YoY Change -57.93% 407.83%
NET CHANGE
Cash From Operating Activities 12.18M 8.166M
Cash From Investing Activities -6.994M -13.18M
Cash From Financing Activities -737.0K -1.752M
Net Change In Cash 4.445M -6.762M
YoY Change -165.73% 28.53%
FREE CASH FLOW
Cash From Operating Activities $12.18M $8.166M
Capital Expenditures $6.313M $979.0K
Free Cash Flow $5.863M $7.187M
YoY Change -18.42% -214.41%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Contingent Liabilities. <div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Company may be involved in litigation on a number of matters and is subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. In the opinion of management, none of these matters are expected </span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Company is subject to numerous environmental laws and regulations. The Company believes that the ultimate disposition of currently known environmental matters will not have a material effect on its financial position, liquidity, or operations. The Company can give no assurance that previous environmental studies with respect to its properties have revealed all potential environmental contaminants; that any previous owner, occupant or tenant did not create any material environmental condition not known to the Company; that the current environmental condition of the properties will not be affected by tenants and occupants, by the condition of nearby properties, or by unrelated third parties; and that changes in applicable environmental laws and regulations or their interpretation will not result in additional environmental liability to the Company.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">As of June 30, 2024, there was $548,000 outstanding under letters of credit. The letters of credit were issued to guarantee certain obligations to state agencies related to real estate development.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Company and MidAtlantic Realty Partners (MRP) provided a guaranty for the interest carry cost of $110 million loan on the Bryant Street Partnerships issued in December 2023. The Company and MRP have a side agreement limiting the Company’s guarantee to its proportionate ownership. The value of the guarantee was calculated at $1.5 million based on the present value of our assumption of 0.8% interest savings over the anticipated 36-month term. This amount is included as part of the Company’s investment basis and is amortized to expense over the 36</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:400;line-height:120%">months. The Company will evaluate the guarantee liability based upon the success of the project and assuming no payments are made under the guarantee, the Company will have a gain for $1.5 million when the loan is paid in full.</span></div>
CY2024Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
548000 usd
CY2024Q2 frph Number Of Tenants
NumberOfTenants
5 tenant
CY2024Q2 us-gaap Us Government Securities At Carrying Value
USGovernmentSecuritiesAtCarryingValue
136493000 usd
CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
3000 usd
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
180070000 usd
CY2024Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
141880000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
180070000 usd
CY2023Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
145678000 usd
CY2024Q2 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
161391000 usd
CY2024Q2 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
5264000 usd

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