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Business Segments
 3 Months Ended
Dec. 31, 2012
Segment Reporting [Abstract]  
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):

Business Segments  Three Months ended
(in thousands)  December 31,
   2012  2011
Revenues:          
 Transportation  $26,639    24,841 
 Mining royalty land   1,331    977 
 Developed property rentals   5,087    4,541 
   $33,057    30,359 
           
Operating profit:          
 Transportation  $2,268    1,838 
 Mining royalty land   1,199    848 
 Developed property rentals   2,115    1,624 
 Corporate expenses:          
 Allocated to transportation   (471)   (395)
 Allocated to mining land   (176)   (164)
 Allocated to developed property   (264)   (245)
 Unallocated   (263)   (292)
    (1,174)   (1,096)
   $4,408    3,214 
           
Interest expense:          
 Mining royalty land  $11    10 
 Developed property rentals   417    794 
   $428    804 
           
Capital expenditures:          
 Transportation  $6,787    4,789 
 Mining royalty land   -    - 
 Developed property rentals:          
 Capitalized interest   591    294 
 Internal labor   110    141 
 Real estate taxes (a)   251    (1,607)
 Other costs   3,212    1,718 
   $10,951    5,335 
(a) Includes $ 31 and $2,043 receivable on previously capitalized real
estate taxes on the Anacostia property for the three months December
31, 2012 and December 31, 2011, respectively.          
           
Depreciation, depletion and          
amortization:          
 Transportation  $1,753    1,608 
 Mining royalty land   25    32 
 Developed property rentals   1,388    1,341 
 Other   105    102 
   $3,271    3,083 

 

   December 31,    September 30, 
    2012    2012 
Identifiable net assets          
 Transportation  $47,293    42,642 
 Mining royalty land   39,436    39,695 
 Developed property rentals   186,692    184,358 
 Cash items   1,440    6,713 
 Unallocated corporate assets   1,833    2,297 
   $276,694    275,705