Business Segments

3 Months Ended

Jun. 30, 2011

Business Segments

(3) 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. Reclassifications to prior period amounts have been made to be comparable to the current presentation.

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

	Three Months ended		Nine Months ended
	June 30,		June 30,
	2011	2010	2011	2010
Revenues:
Transportation	$26,182	23,064	72,209	66,803
Mining royalty land	1,180	1,247	3,193	3,243
Developed property rentals	4,585	4,047	13,398	13,322
	$31,947	28,358	88,800	83,368
Operating profit:
Transportation	$ 2,834	3,062	7,603	7,123
Mining royalty land	999	1,021	2,626	2,628
Developed property rentals	1,547	1,237	4,172	4,085
Corporate expenses:
Allocated to transportation	(390)	(347)	(1,169)	(1,040)
Allocated to mining land	(153)	(142)	(458)	(425)
Allocated to developed property	(229)	(212)	(686)	(637)
Unallocated	(167)	(138)	(1,275)	(1,144)
	(939)	(839)	(3,588)	(3,246)
	$ 4,441	4,481	10,813	10,590
Interest expense:
Mining royalty land	$     9	9	27	30
Developed property rentals	780	957	2,506	2,958
	$   789	966	2,533	2,988
Capital expenditures:
Transportation	$ 1,501	790	4,660	6,433
Mining royalty land	-	25	-	41
Developed property rentals:
Capitalized interest	345	243	928	700
Internal labor	190	83	450	201
Real estate taxes	303	288	875	867
Other costs (a)	2,517	256	6,112	1,075
	$ 4,856	1,685	13,025	9,317
(a)Net of 1031 exchange of $4,941 for the 9 months ending June 30, 2011
Depreciation, depletion and
amortization:
Transportation	$ 1,582	1,536	4,680	4,605
Mining royalty land	29	30	80	77
Developed property rentals	1,300	1,257	3,917	3,805
Other	54	48	449	160
	$ 2,965	2,871	9,126	8,647

	June 30,	September 30,
	2011	2010
Identifiable net assets
Transportation	$      38,819	43,100
Discontinued Transportation Operations	131	542
Mining royalty land	28,295	28,651
Developed property rentals	173,423	164,601
Cash items	22,760	17,151
Unallocated corporate assets	3,049	3,667
	$     266,477	257,712