Discontinued operations

9 Months Ended

Jun. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations

(14) Discontinued operations.

Effective January 30, 2015, we spun off our transportation assets into a new, publicly traded entity, Patriot Transportation Holding, Inc. The Company has accounted for the Patriot operations as discontinued operations for all periods presented. Shareholders’ equity was reduced by $34,241,000 due to this distribution on January 30, 2015. Comprehensive income of $40,000 was included in that amount.

The results of operations associated with discontinued operations for the three month and nine month periods ended June 30, 2015 and 2014 were as follows (in thousands):

	Three Months ended					Nine Months ended
	June 30,					June 30,
	2015		2014			2015			2014
Revenue	$	—		33,569			41,800			97,060
Cost of operations		—		30,702			38,195			90,920
Operating profit		—		2,867			3,605			6,140
Interest expense		—		(28	)		(33	)		(86	)
Income before income taxes		—		2,839			3,572			6,054
Provision for income taxes		—		1,108			1,393			2,362
Income from discontinued Operations	$	—		1,731			2,179			3,692

The components of the balance sheet at September 30, 2014 are as follows (in thousands):

Property and  equipment, net	$	42,174
Accounts receivable, net		7,119
Deferred costs		11,809
Other assets		32
Assets of discontinued operation	$	61,134

Line of credit	$	7,282
Accounts payable and accrued liabilities		11,489
Deferred compensation		717
Deferred income taxes		8,924
Liabilities of discontinued operation	$	28,412