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Spin-off
 12 Months Ended
Dec. 31, 2017
Notes to Financial Statements  
Spin-off

4.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 fiscal 2015 were as follows (in thousands):

 

          Year ended  
          September 30,  
          2015  
Revenue         $  41,800  
               
Cost of operations           38,195  
Operating profit           3,605  
Interest expense           (33 )
Income before income taxes           3,572  
Provision for income taxes           1,393  
Income from discontinued operations          $ 2,179