Business Segments

9 Months Ended

Jun. 30, 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					Nine Months ended
	June 30,					June 30,
		2014		2013			2014		2013
Revenues:
Transportation	$	33,569		28,794		$	97,060		82,609
Mining royalty land		1,395		1,299			3,889		3,874
Developed property rentals		6,284		5,615			19,026		16,150
	$	41,248		35,708		$	119,975		102,633
Operating profit:
Transportation	$	2,867		3,513		$	6,139		8,109
Mining royalty land		1,241		1,156			3,437		3,457
Developed property rentals		2,675		2,451			7,518		6,960
Corporate expenses:
Allocated to transportation		(422	)	(406	)		(1,341	)	(1,284	)
Allocated to mining land		(188	)	(176	)		(566	)	(528	)
Allocated to developed property		(284	)	(264	)		(850	)	(792	)
Unallocated		(159	)	(204	)		(1,337	)	(1,136	)
		(1,053	)	(1,050	)		(4,094	)	(3,740	)
	$	5,730		6,070		$	13,000		14,786
Interest expense:
Mining royalty land	$	32		15		$	97		38
Developed property rentals		406		1,122			998		2,107
	$	438		1,137		$	1,095		2,145
Capital expenditures:
Transportation (a)	$	2,732		3,311		$	11,873		10,672
Mining royalty land		—		—			—		—
Developed property rentals:
Capitalized interest		360		367			1,353		1,375
Internal labor		146		106			341		324
Real estate taxes		46		254			86		761
Other costs		8,784		9,978			12,354		13,816
	$	12,068		14,016		$	26,007		26,948

(a) Includes $3,397 related to the Pipeline Transportation, Inc. acquisition during the nine month period ended June 30, 2014.

Depreciation, depletion and
amortization:
Transportation	$	2,225	1,865	$	6,549	5,445
Mining royalty land		36	27		92	75
Developed property rentals		1,691	1,629		5,013	4,532
Other		120	103		361	310
	$	4,072	3,624	$	12,015	10,362

		June 30,	September 30,
Identifiable net assets		2014		2013
Transportation	$	60,820		49,410
Mining royalty land		39,301		40,008
Developed property rentals		201,619		195,476
Cash items		614		502
Unallocated corporate assets		2,009		1,697
	$	304,363		287,093