Business Segments

9 Months Ended

Jun. 30, 2012

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		Nine Months ended
	June 30,		June 30,
	2012	2011	2012	2011
Revenues:
Transportation	$26,907	26,182	77,197	72,209
Mining royalty land	1,101	1,180	3,103	3,193
Developed property rentals	5,022	4,585	14,415	13,398
	$33,030	31,947	94,715	88,800
Operating profit:
Transportation	$ 2,682	2,834	6,706	7,603
Mining royalty land	958	999	2,671	2,626
Developed property rentals	2,150	1,547	5,531	4,172
Corporate expenses:
Allocated to transportation	(396)	(390)	(1,187)	(1,169)
Allocated to mining land	(164)	(153)	(491)	(458)
Allocated to developed property	(245)	(229)	(736)	(686)
Unallocated	(94)	(167)	(945)	(1,275)
	(899)	(939)	(3,359)	(3,588)
	$ 4,891	4,441	11,549	10,813
Interest expense:
Mining royalty land	$    10	9	29	27
Developed property rentals	527	780	2,106	2,506
	$   537	789	2,135	2,533
Capital expenditures:
Transportation	$ 1,202	1,501	6,605	4,660
Mining royalty land	11,039	-	11,039	-
Developed property rentals:
Capitalized interest	533	345	1,111	928
Internal labor	173	190	431	450
Real estate taxes (a)	243	303	(1,454)	875
Other costs (b)	2,916	2,517	5,573	6,112
	$16,106	4,856	23,305	13,025
(a)Includes $2,250 adjustment related to a receivable on previously capitalized
real estate taxes on the Anacostia property for the 9 months ended June 30, 2012
(b)Net of 1031 exchange of $4,941 for the 3  and 9 months ending
June 30, 2011
Depreciation, depletion and
amortization:
Transportation	$ 1,690	1,582	5,018	4,680
Mining royalty land	27	29	86	80
Developed property rentals	1,382	1,300	4,096	3,917
Other	97	54	302	449
	$ 3,196	2,965	9,502	9,126

	June 30,	September 30,
	2012	2011
Identifiable net assets
Transportation	$      38,854	39,001
Discontinued Transportation Operations	101	114
Mining royalty land	39,469	28,295
Developed property rentals	179,532	175,618
Cash items	11,838	21,026
Unallocated corporate assets	2,558	2,336
	$     272,352	266,390