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Business Segments
 6 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
Business Segments

(4) 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.

 

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

 

  Three Months ended Six Months ended
  March 31, March 31,
  2012 2011 2012 2011
Revenues:        
 Transportation  $25,449   23,036   50,290   46,027
 Mining royalty land    1,025      918    2,002    2,013
 Developed property rentals    4,852    4,636    9,393    8,813
   $31,326   28,590   61,685   56,853
         
Operating profit:        
 Transportation  $ 2,186    2,392    4,024    4,769
 Mining royalty land      865      718    1,713    1,627
 Developed property rentals    1,757    1,365    3,381    2,625
 Corporate expenses:        
  Allocated to transportation     (396)     (390)     (791)     (779)
  Allocated to mining land     (163)     (152)     (327)     (305)
  Allocated to developed property     (246)     (228)     (491)     (457)
  Unallocated     (559)     (521)     (851)   (1,108)
    (1,364)   (1,291)   (2,460)   (2,649)
   $ 3,444    3,184    6,658    6,372
         
Interest expense:        
 Mining royalty land  $     9        9       19       18
 Developed property rentals      785      829    1,579    1,726
   $   794      838    1,598    1,744
         
Capital expenditures:        
 Transportation  $   614    1,363    5,403    3,159
 Mining royalty land      -        -        -        -  
 Developed property rentals:        
  Capitalized interest      284      316      578      583
  Internal labor      117      149      258      260
  Real estate taxes (a)      (90)      269   (1,697)      572
  Other costs (b)      939    1,557    2,657    3,595
   $ 1,864    3,654    7,199    8,169
  (a)Includes $2,250 receivable on previously capitalized real estate taxes
     on the Anacostia property for the six months ended March 31, 2012
  (b)Net of 1031 exchange of $4,941 for the 3  and 6 months ending  
     March 31, 2011        
         
Depreciation, depletion and        
amortization:        
 Transportation  $ 1,720    1,563    3,328    3,098
 Mining royalty land       27       26       59       51
 Developed property rentals     1,373    1,316    2,714    2,617
 Other       103       48      205      395
   $ 3,223    2,953    6,306    6,161

 

  March 31, September 30,
  2012 2011
Identifiable net assets    
  Transportation $      39,947        39,001
  Discontinued Transportation Operations           107           114
  Mining royalty land        28,215        28,295
  Developed property rentals       176,847       175,618
  Cash items        20,037        21,026
  Unallocated corporate assets         3,390         2,336
  $     268,543       266,390