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Spin-off | 3 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
Spin-off | (13) Spin-off. On January 30, 2015, FRP Holdings, Inc. (Nasdaq GM: FRPH) (the “Company” or “FRP”) completed the spin-off of its transportation business into a new, separately traded public company - Patriot Transportation Holding, Inc. (Nasdaq GM: PATI) (“Patriot”) - resulting in FRP becoming a pure real estate company. As a result, the former transportation segment is reported as a discontinued operation without any corporate overhead allocation. Hence, all corporate overhead attributable to the transportation group through the date of the spin-off is included in “corporate expense” on the Company’s historical consolidated income statements. The results of operations associated with discontinued operations for the three month periods ended December 31, 2015 and 2014 were as follows (in thousands):
| Three Months ended |
| December 31, |
| 2015 |  | 2014 |
Revenue | $ | — |  |  |  | 31,717 |  |
Cost of operations |  | — |  |  |  | 28,965 |  |
Operating profit |  | — |  |  |  | 2,752 |  |
Interest expense |  | — |  |  |  | (26 | ) |
Income before income taxes |  | — |  |  |  | 2,726 |  |
Provision for income taxes |  | — |  |  |  | 1,063 |  |
Income from discontinued operations | $ | — |  |  |  | 1,663 |  |
The following table presents the carrying value of the major categories of assets and liabilities of discontinued operations reflected on the Company’s consolidated balance sheets at September 30, 2014:
Property and equipment, net |  | $ | 42,174 |
Accounts receivable, net |  |  | 7,119 |
Deferred costs |  |  | 11,809 |
Other assets |  |  | 32 |
Assets of discontinued operation |  | $ | 61,134 |
Line of credit |  | $ | 7,282 |
Accounts payable and accrued liabilities |  |  | 11,489 |
Deferred compensation |  |  | 717 |
Deferred income taxes |  |  | 8,924 |
Liabilities of discontinued operation |  | $ | 28,412 |

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