Business Segments

3 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

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.

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

	Three Months ended
	December 31,
		2013		2012
Revenues:
Transportation	$	31,591		26,639
Mining royalty land		1,268		1,331
Developed property rentals		5,961		5,087
	$	38,820		33,057
Operating profit:
Transportation	$	1,948		2,268
Mining royalty land		1,128		1,199
Developed property rentals		2,366		2,115
Corporate expenses:
Allocated to transportation		(492	)	(471	)
Allocated to mining land		(189	)	(176	)
Allocated to developed property		(283	)	(264	)
Unallocated		(354	)	(263	)
		(1,318	)	(1,174	)
	$	4,124		4,408
Interest expense:
Mining royalty land	$	26		11
Developed property rentals		285		417
	$	311		428
Capital expenditures:
Transportation (a)	$	8,731		6,787
Mining royalty land		—		—
Developed property rentals:
Capitalized interest		516		591
Internal labor		95		110
Real estate taxes		24		251
Other costs		3,134		3,212
	$	12,500		10,951

(a) Includes $3,397 related to the Pipeline Transportation, Inc.

acquisition during the three month period ended December 31,2013.

Depreciation, depletion and
amortization:
Transportation	$	2,030	1,753
Mining royalty land		28	25
Developed property rentals		1,599	1,388
Other		118	105
	$	3,775	3,271

		December 31,	September 30,
Identifiable net assets		2013		2013
Transportation	$	64,038		49,410
Mining royalty land		39,914		40,008
Developed property rentals		197,174		195,476
Cash items		579		502
Unallocated corporate assets		1,964		1,697
	$	303,669		287,093