Business Segments

3 Months Ended

Dec. 31, 2011

Notes to Financial Statements

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):

	Three Months ended
	December 31,
	2011	2010
Revenues:
Transportation	$24,841	22,991
Mining royalty land	977	1,095
Developed property rentals	4,541	4,177
	$30,359	28,263
Operating profit:
Transportation	$ 1,838	2,377
Mining royalty land	848	909
Developed property rentals	1,624	1,260
Corporate expenses:
Allocated to transportation	(395)	(389)
Allocated to mining land	(164)	(153)
Allocated to developed property	(245)	(229)
Unallocated	(292)	(587)
	(1,096)	(1,358)
	$ 3,214	3,188
Interest expense:
Mining royalty land	$    10	9
Developed property rentals	794	897
	$   804	906
Capital expenditures:
Transportation	$ 4,789	1,796
Mining royalty land	-	-
Developed property rentals:
Capitalized interest	294	267
Internal labor	141	111
Real estate taxes (a)	(1,607)	303
Other costs (b)	1,718	2,038
	$ 5,335	4,515
(a)Includes $2,043 receivable on previously capitalized real estate taxes
on the Anacostia property
(b)Net of 1031 exchange of $4,941 for the 3 months ending December 31, 2010
Depreciation, depletion and
amortization:
Transportation	$ 1,608	1,535
Mining royalty land	32	25
Developed property rentals	1,341	1,301
Other	102	347
	$ 3,083	3,208

	December 31,	September 30,
	2011	2011
Identifiable net assets
Transportation	$      41,555	39,001
Discontinued Transportation Operations	108	114
Mining royalty land	28,189	28,295
Developed property rentals	176,854	175,618
Cash items	19,050	21,026
Unallocated corporate assets	2,100	2,336
	$     267,856	266,390