Long-term Debt

12 Months Ended

Sep. 30, 2012

Debt Disclosure [Abstract]

Long-term Debt

(4) Long-term Debt

The Company believes it is in compliance with all of our loan covenants as of September 30, 2012.

The fair market value of the Company’s long-term debt is estimated based on quoted market prices of similar issues having the same remaining maturities, redemption terms and credit ratings. Notes payable to banks are stated at cost, which approximates their value due to the short-term maturities of those financial instruments. Based on these criteria, the fair market value of long-term debt, including current portion, was as follows at September 30, 2012, 2011 and 2010:

	2012		2011		2010
Unsecured senior note - 7.9%, due serially with annual payments of $355,000 beginning on September 1, 2006 through 2016 and $795,000 due in 2017	$	2,215,000	$	2,570,000	$	2,925,000
Note payable - 6.5% with monthly installments through 2013		4,584,321		5,050,408		5,487,679
Note payable - variable rate with 4.5% floor with monthly
installments through May 2015		826,573		928,249		1,018,363
M&T Bank - new truck loan		—		2,995		9,786
M&T Bank - excavator & radio equipment		—		6,066		17,285
M&T Bank - backhoe & skidsteer loader		—		21,835		46,493
Community Bank - used trucks (5) loan		—		—		19,980
M&T Bank - used truck loan		4,660		6,854		8,902
M&T Bank - used truck loan		1,670		8,124		14,196
M&T Bank - vehicles loan		26,702		54,220		80,127
Note Payable - 5.76% with monthly installments through
November 2015		1,599,241		1,747,565		—
M&T Bank - used truck loan		4,944		9,252		—
Note Payable - variable rate with 4.25% floor, monthly
installments through November 2016		1,847,090		2,000,000		—
M&T Bank - new trucks loan		50,455		74,296		—
M&T Bank - vehicles loan		29,018		—		—
Note Payable - variable rate with 3.75% floor, monthly
installments through November 2017		2,450,000		—		—
Note Payable - 4.46% with monthly installments through
July 2017, then refinanced at new rate		248,703		—		—
Note Payable - 4.46% with monthly installments through
July 2017, then refinanced at new rate		248,703		—		—
Total long-term debt	$	14,137,080	$	12,479,864	$	9,627,811
Less current installments		1,571,553		1,300,063		971,417
Long-term debt less current installments	$	12,565,527	$	11,179,801	$	8,656,394

The aggregate maturities of long-term debt for each of the five years subsequent to September 30, 2012 are as follows:

2013	$	1,571,553
2014	$	1,639,460
2015	$	1,683,780
2016	$	1,743,828
2017 and thereafter	$	7,498,459

The estimated interest payments on the above debts are as follows:        

2013	$	762,155
2014	$	681,192
2015	$	491,713
2016	$	401,370
2017	$	307,237