Business Segments

6 Months Ended

Mar. 31, 2014

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					Six Months ended
	March 31,					March 31,
		2014		2013			2014		2013
Revenues:
Transportation	$	31,900		27,176		$	63,491		53,815
Mining royalty land		1,226		1,244			2,494		2,575
Developed property rentals		6,781		5,448			12,742		10,535
	$	39,907		33,868		$	78,727		66,925
Operating profit:
Transportation	$	1,324		2,328		$	3,272		4,596
Mining royalty land		1,068		1,102			2,196		2,301
Developed property rentals		2,477		2,394			4,843		4,509
Corporate expenses:
Allocated to transportation		(427	)	(407	)		(919	)	(878	)
Allocated to mining land		(189	)	(176	)		(378	)	(352	)
Allocated to developed property		(283	)	(264	)		(566	)	(528	)
Unallocated		(824	)	(669	)		(1,178	)	(932	)
		(1,723	)	(1,516	)		(3,041	)	(2,690	)
	$	3,146		4,308		$	7,270		8,716
Interest expense:
Mining royalty land	$	39		12		$	65		23
Developed property rentals		307		568			592		985
	$	346		580		$	657		1,008
Capital expenditures:
Transportation (a)	$	410		574		$	9,141		7,361
Mining royalty land		—		—			—		—
Developed property rentals:
Capitalized interest		477		417			993		1,008
Internal labor		100		108			195		218
Real estate taxes		16		256			40		507
Other costs		436		626			3,570		3,838
	$	1,439		1,981		$	13,939		12,932

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

acquisition during the six month period ended March 31,2014.

Depreciation, depletion and
amortization:
Transportation	$	2,294	1,827	$	4,324	3,580
Mining royalty land		28	23		56	48
Developed property rentals		1,723	1,515		3,322	2,903
Other		123	102		241	207
	$	4,168	3,467	$	7,943	6,738

		March 31,	September 30,
Identifiable net assets		2014		2013
Transportation	$	60,985		49,410
Mining royalty land		39,214		40,008
Developed property rentals		195,393		195,476
Cash items		1,132		502
Unallocated corporate assets		3,181		1,697
	$	299,905		287,093