XML 19 R10.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Transactions with Vulcan Materials Company
 3 Months Ended
Jun. 30, 2011
Transactions with Vulcan Materials Company

(5) Transactions with Vulcan Materials Company. The Company previously may have been considered a related party to Vulcan Materials Company (Vulcan). One director of the Company was employed by Vulcan until September 17, 2010 and is related to two other Company directors. The Company, through its transportation subsidiaries, hauls commodities by tank trucks for Vulcan. Charges for these services are based on prevailing market prices. The real estate subsidiaries lease certain construction aggregates mining and other properties to Vulcan. Revenue from Vulcan for the first nine months of fiscal 2011 was $4,942,000 compared to $4,446,000 for the same period last year.

 

A subsidiary of the Company (FRP) has a Joint Venture Agreement with Vulcan Materials Company (formerly Florida Rock Industries, Inc.), Brooksville Quarry, LLC, to develop approximately 4,300 acres of land near Brooksville, Florida. Distributions will be made on a 50-50 basis except for royalties and depletion specifically allocated to FRP. Other income for the nine months ended June 30, 2011 and June 30, 2010 includes a loss of $16,000 and $2,000, respectively, representing the Company’s equity in the loss of the joint venture.