Business Segments

3 Months Ended

Dec. 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. Reclassifications to prior period amounts have been made to be comparable to the current presentation.

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

	Three Months ended
	December 31,
		2014		2013
Revenues:
Transportation	$	31,717		31,591
Mining royalty land		1,344		1,268
Developed property rentals		6,958		5,961
	$	40,019		38,820
Operating profit:
Transportation	$	2,752		1,948
Mining royalty land		1,200		1,128
Developed property rentals		2,858		2,366
Corporate expenses:
Allocated to transportation		(692	)	(492	)
Allocated to mining land		(281	)	(189	)
Allocated to developed property		(421	)	(283	)
Unallocated		(318	)	(354	)
		(1,712	)	(1,318	)
	$	5,098		4,124
Interest expense:
Mining royalty land	$	40		26
Developed property rentals		432		285
	$	472		311
Capital expenditures:
Transportation (a)	$	2,463		8,731
Mining royalty land		—		—
Developed property rentals:
Capitalized interest		321		516
Internal labor		99		95
Real estate taxes		27		24
Other costs		1,291		3,134
	$	4,201		12,500

(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	$	2,261	2,030
Mining royalty land		31	28
Developed property rentals		1,834	1,599
Other		122	118
	$	4,248	3,775

		December 31,	September 30,
Identifiable net assets		2014		2014
Transportation	$	59,230		59,465
Mining royalty land		39,272		39,368
Developed property rentals		211,412		211,556
Cash items		895		1,013
Unallocated corporate assets		1,601		1,669
	$	312,410		313,071