Long-term Debt

12 Months Ended

Sep. 30, 2011

Long-term Debt, Unclassified [Abstract]

Long-term Debt

(4) Long-term Debt

The Company believes it is in compliance with all of our loan covenants as of September 30, 2011.

The fair market value of the Company’s long-term debt is estimated based on quoted market prices of similar issues having the same remaining maturities, redemption terms and credit ratings. Notes payable to banks are stated at cost, which approximates their value due to the short-term maturities of those financial instruments. Based on these criteria, the fair market value of long-term debt, including current portion, was as follows at September 30, 2011, 2010 and 2009:

	2011		2010	2009
Unsecured senior note - 7.9%, due serially with annual payments of $355,000 beginning on September 1, 2006 through 2016 and $795,000 due in 2017	$2,570,000		$2,925,000	$3,280,000
Term Loan - variable rate 1/2 point below prime, monthly
installments through August 2010	-		-	316,650
Note payable - 6.5% with monthly installments through 2013	5,050,408		5,487,679	5,821,654
Note payable - variable rate with 4.5% floor with monthly
installments through May 2015	928,249		1,018,363	-
M&T Bank - new truck loan	2,995		9,786	16,122
M&T Bank - excavator & radio equipment	6,066		17,285	27,686
M&T Bank - backhoe & skidsteer loader	21,835		46,493	69,353
M&T Bank - used truck loan	-		-	4,499
Community Bank - used trucks (5) loan	-		19,980	45,335
M&T Bank - used truck loan	6,854		8,902	10,813
M&T Bank - used truck loan	8,124		14,196	-
M&T Bank - vehicles loan	54,220		80,127	-
Note Payable - 5.76% with monthly installments through
November 2015	1,747,565		-	-
M&T Bank - used truck loan	9,252		-	-
Note Payable - variable rate with 4.25% floor, monthly
installments through November 2016	2,000,000		-	-
M&T Bank - new trucks loan	48,396		-	-
M&T Bank - used vehicle loan	11,089		-	-
M&T Bank - equipment loan	14,811		-	-
Total long-term debt	$12,479,864		$9,627,811	$9,592,112
Less current installments	945,063		971,417	918,696
Long-term debt less current installments	$11,534,801		$8,656,394	$8,673,416
The aggregate maturities of long-term debt for each of the five years subsequent to September 30, 2011 are as follows:
2012		$945,063
2013		$996,437
2014		$1,018,345
2015		$1,052,491
2016 and thereafter		$8,467,527
The estimated interest payments on the above debts are as follows:
2012		$734,603
2013		$664,666
2014		$578,851
2015		$491,257
2016		$401,223