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Jan 12, 2010 2:49 PM

Patriot Transportation Holding Inc announced that its transportation group has been unsuccessful in renewing certain contracts with significant customers recently. The holding company operates tank truck carrier Florida Rock & Tank Lines Inc based in Jacksonville FL.

For the fiscal year ending September 30, 2009 the revenue from these customers was $10,012,000 or approximately 11.0% of transportation group revenue. The customers were lost to competing carriers due to lower pricing. The transportation company will provide transitional services to the customers.

While Florida Rock & Tank Lines continues to face an intensely competitive environment, management is committed to securing replacement business at rates that produce satisfactory returns for our shareholders, according to company officials.