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Business Segments
 12 Months Ended
Sep. 30, 2012
Segment Reporting [Abstract]  
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):

 

          
   2012  2011  2010
Revenues:               
 Transportation  $103,476    97,801    89,637 
 Mining royalty land   4,483    4,261    4,510 
 Developed property rentals   19,555    18,044    17,191 
   $127,514    120,106    111,338 
                
Operating profit:               
 Transportation  $9,107    9,602    9,716 
 Mining royalty land   3,905    3,507    3,696 
 Developed property rentals   5,497    5,874    5,126 
 Corporate expenses:               
  Allocated to transportation   (1,631)   (1,574)   (1,480)
  Allocated to mining land   (674)   (650)   (588)
  Allocated to developed property   (1,012)   (975)   (883)
  Unallocated   (1,091)   (1,415)   (1,084)
    (4,408)   (4,614)   (4,035)
   $14,101    14,369    14,503 
                
Interest expense:               
 Mining royalty land  $40    37    39 
 Developed property rentals   2,598    3,309    3,889 
   $2,638    3,346    3,928 
                
Capital expenditures:               
 Transportation  $10,459    6,743    6,568 
 Mining royalty land   11,039    —      59 
 Developed property rentals:               
  Capitalized interest   1,646    1,232    952 
  Internal labor   609    603    281 
  Real estate taxes (a)   (1,209)   1,212    1,157 
  Other costs (b)   11,804    8,082    1,686 
   $34,348    17,872    10,703 
(a) Includes a $2,311 adjustment related to a receivable on previously capitalized real estate taxes on the Anacostia property for fiscal 2012.
(b) Net of 1031 exchange of $4,941 for fiscal 2011.
                
Depreciation, depletion and               
amortization:               
 Transportation  $6,750    6,269    6,143 
 Mining royalty land   112    111    103 
 Developed property rentals    5,729    5,222    5,053 
 Other    403    608    208 
   $12,994    12,210    11,507 
                
Identifiable net assets at September 30:               
    2012    2011    2010 
  Transportation  $42,642    39,001    43,100 
  Discontinued Transportation Operations   —      114    542 
  Mining royalty land   39,695    28,295    28,651 
  Developed property rentals   184,358    175,618    164,601 
  Cash items   6,713    21,026    17,151 
  Unallocated corporate assets   2,297    2,336    3,667 
    275,705    266,390    257,712