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Document and Entity Information - Mar. 31, 2015 - shares
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Document And Entity Information  
Entity Registrant Name FRP HOLDINGS, INC.
Entity Central Index Key 0000844059
Document Type 10-Q/A
Document Period End Date Mar. 31, 2015
Amendment Flag true
Amendment description

Amendment No. 1 Explanatory Note.

 

FRP Holdings, Inc. (the “Company”) is filing this Amendment No. 1 to its Form 10-Q for the quarter ended March 31, 2015, to restate our previously issued financial statements to correct an error in the classification of corporate overhead expenses for the three and six month periods ending March 31, 2014. Refer to Note 2, Restatement, in the notes to the accompanying consolidated financial statements for additional information about the revision.

 

As a result of the spin-off of the transportation group on January 31, 2015, the Company has reported the former transportation segment as a discontinued operation without any allocation of corporate overhead. Hence, all corporate overhead of the transportation group through the date of the spin-off is included in corporate expense on the Company’s consolidated income statement.

 

As originally filed, the Company’s Form 10-Q correctly allocated the corporate overhead expense for the three and six month periods ending March 31, 2015. The financial statements for the three and six month periods ending March 31, 2014, were incorrect, however, in that they did not allocate corporate overhead expense attributable to the transportation group to continuing operations for the full period. Accordingly, income from continuing operations for the three and six month periods of 2014 was overstated by $395,000 and income from discontinued operations was understated by $395,000.

 

The error was a classification error and had no impact on the consolidated results for the periods presented.

 

As previously reported in the Company’s Current Report on Form 8-K filed with the SEC on August 5, 2015, on August 5, 2015, the Audit Committee of the Board of Directors of the Company, after considering the recommendations of management, concluded that the Company’s consolidated financial statements as filed on Form 10-Q for the quarter ending March 31, 2015 should not be relied upon because of the reclassification errors identified therein.
Current Fiscal Year End Date --09-30
Is Entity a Well-known Seasoned Issuer? No
Is Entity a Voluntary Filer? No
Is Entity's Reporting Status Current? No
Entity Filer Category Accelerated Filer
Entity Common Stock, Shares Outstanding 9,770,770
Document Fiscal Period Focus Q2
Document Fiscal Year Focus 2015