XML 37 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
Business Segments
 12 Months Ended
Sep. 30, 2011
Notes to Financial Statements  
Business Segments

10. Business Segments.

 

The Company operates in three reportable business segments. The Company’s operations are substantially in the Southeastern and Mid-Atlantic states.

 

The transportation segment hauls petroleum and other liquids and dry bulk commodities by tank trailers. The Company’s real estate operations consist of two reportable segments. The Mining royalty land segment owns real estate including construction aggregate royalty sites and parcels held for investment. The Developed property rentals segment acquires, constructs, and leases office/warehouse buildings primarily in the Baltimore/Northern Virginia/Washington area and holds real estate for future development or related to its developments.

 

The Company’s transportation and real estate groups operate independently and have minimal shared overhead except for corporate expenses. Corporate expenses are allocated in fixed quarterly amounts based upon budgeted and estimated proportionate cost by segment. Unallocated corporate expenses primarily include stock compensation and corporate aircraft expenses. Reclassifications to prior period amounts have been made to be comparable to the current presentation.

 

Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):

 

  2011 2010 2009
Revenues:      
 Transportation  $ 97,801    89,637    91,420
 Mining royalty land     4,261     4,510     5,067
 Developed property rentals    18,044    17,191    18,066
   $120,106   111,338   114,553
       
Operating profit:      
 Transportation  $  9,602     9,716    11,468
 Mining royalty land     3,507     3,696     4,028
 Developed property rentals     5,874     5,126     6,182
 Corporate expenses:      
  Allocated to transportation    (1,574)    (1,480)    (1,617)
  Allocated to mining land      (650)      (588)      (551)
  Allocated to developed property      (975)      (883)      (826)
  Unallocated    (1,415)    (1,084)    (2,556)
     (4,614)    (4,035)    (5,550)
   $ 14,369    14,503    16,128
       
Interest expense:      
 Mining royalty land  $     37        39        74
 Developed property rentals     3,309     3,889     3,408
   $  3,346     3,928     3,482
       
Capital expenditures:      
 Transportation  $  6,743     6,568     3,298
 Mining royalty land         -        59        14
 Developed property rentals:      
  Capitalized interest     1,232       952     1,707
  Internal labor       603       281       495
  Real estate taxes     1,212     1,157       892
  Other costs (a)     8,082     1,686     7,718
   $ 17,872    10,703    14,124
  (a) Net of 1031 exchange of $4,941 for fiscal 2011.      
       
Depreciation, depletion and      
amortization:      
 Transportation  $  6,269     6,143     6,670
 Mining royalty land       111       103       134
 Developed property rentals      5,222     5,053     5,081
 Other        608       208     1,558
   $ 12,210    11,507    13,443
       
Identifiable net assets at September 30:
  2011 2010 2009
  Transportation  $ 39,001    43,100    43,229
  Discontinued Transportation Operations       114       542     1,519
  Mining royalty land    28,295    28,651    28,088
  Developed property rentals   175,618   164,601   164,373
  Cash items    21,026    17,151    15,803
  Unallocated corporate assets     2,336     3,667     3,842
    266,390   257,712   256,854