10-Q/A

	FORM 10-Q/A
	(Amendment No. 1)


	UNITED STATES
	SECURITIES AND EXCHANGE COMMISSION
	WASHINGTON, D.C.  20549
(Mark one)

[X]	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
	OF THE SECURITIES EXCHANGE ACT OF 1934

For quarterly period ended June 30, 2011

						or

[ ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
	SECURITIES EXCHANGE ACT OF 1934

Commission File Number 33-26115

	     PATRIOT TRANSPORTATION HOLDING, INC.
	(Exact name of registrant as specified in its charter)

              Florida                         59-2924957
   (State or other jurisdiction of          (I.R.S. Employer
    incorporation or organization)        Identification No.)


	501 Riverside Ave., Suite 500, Jacksonville, Florida 32202
	(Address of principal executive offices) (Zip Code)


	904/396-5733
	(Registrant's telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.  Yes  X  No___

Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any,
every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter)
during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files).
Yes[ ]	No[ ]

Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, or a non-accelerated
filer. See definition of "accelerated filer and large
accelerated filer" in Rule 12b-2 of the Exchange Act.
Large accelerated filer[ ] Accelerated filer[X] Non-
accelerated filer[ ]

Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Exchange Act).
YES[ ] NO[X]

Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable
date.

On June 30, 2011 there were 9,300,623 shares of
Common Stock,
$.10 par value per share, outstanding (adjusted for 3-for-1 stock split).




Explanatory Note
     The purpose of this Amendment No. 1 to the Patriot Transportation Holding,
Inc.'s Quarterly Report on Form 10-Q for the period ended June 30, 2011, filed
with the Securities and Exchange Commission on August 3, 2011 (the "Form 10-
Q"), is solely to furnish Exhibit 101 to the Form 10-Q. Exhibit 101 provides
the financial statements and related notes from the Form 10-Q formatted in XBRL
(Extensible Business Reporting Language) that were not included with the Form
10-Q..

	No other changes have been made to the Form 10-Q. This Amendment No. 1
to the Form 10-Q speaks as of the original filing date of the Form 10-Q, does
not reflect events that may have occurred subsequent to the original filing
date, and does not modify or update in any way disclosures made in the original
Form 10-Q.



                           SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.

August 3, 2011             PATRIOT TRANSPORTATION HOLDING, INC.


                           Thompson S. Baker II
                           Thompson S. Baker II
                           President and Chief Executive
                            Officer


                           John D. Milton, Jr.
                           John D. Milton
                           Executive Vice President, Treasurer,
                            Secretary and Chief
                            Financial Officer


                           John D. Klopfenstein
                           John D. Klopfenstein
                           Controller and Chief
                            Accounting Officer





      PATRIOT TRANSPORTATION HOLDING, INC.
FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2011
EXHIBIT INDEX



 (14)*   		Financial Code of Ethical Conduct between the Company,
			Chief Executive Officers and Financial Managers, as
			revised on January 28, 2004, which is available on the
			Company's website at www.patriottrans.com.

(31)(a)*		Certification of Thompson S. Baker II.
(31)(b)*		Certification of John D. Milton, Jr.
(31)(c)*		Certification of John D. Klopfenstein.

(32)*   		Certification of Chief Executive Officer, Chief
			Financial Officer, and Chief Accounting Officer under
			Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS**		XBRL Instance Document
101.XSD**		XBRL Taxonomy Extension Schema
101.CAL**		XBRL Taxonomy Extension Calculation Linkbase
101.DEF**		XBRL Taxonomy Extension Definition Linkbase
101.LAB**		XBRL Taxonomy Extension Label Linkbase
101.PRE**		XBRL Taxonomy Extension Presentation Linkbase

*	Filed as an Exhibit to our original report on Form 10-Q for the
 	quarter ended June 30, 2011, filed August 3, 2011.

**	Filed herewith.

XML



Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data	Jun. 30, 2011	Sep. 30, 2010
Accounts receivable allowance for doubtful accounts	$ 128	$ 83
Preferred stock, par value	$ 0	$ 0
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	9,300,623	9,278,088

XML



Statements of Operations (USD $) In Thousands, except Share data	3 Months Ended		9 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Transportation	$ 26,182	$ 23,064	$ 72,209	$ 66,803
Mining royalty land	1,180	1,247	3,193	3,243
Developed property rentals	4,585	4,047	13,398	13,322
Total revenues	31,947	28,358	88,800	83,368
Cost of operations:
Transportation	23,738	20,349	65,775	60,720
Cost of Operations Mining royalty land	334	368	1,025	1,040
Cost of Operations Developed property rentals	3,267	3,022	9,912	9,874
Unallocated corporate	167	138	1,275	1,144
Total cost of operations	27,506	23,877	77,987	72,778
Operating profit:
Operating profit Transportation	2,444	2,715	6,434	6,083
Operating profit Mining royalty land	846	879	2,168	2,203
Operating profit Developed property rentals	1,318	1,025	3,486	3,448
Unallocated corporate	(167)	(138)	(1,275)	(1,144)
Total operating profit	4,441	4,481	10,813	10,590
Interest income and other	70	106	271	340
Equity in loss of joint venture	(14)	0	(16)	(2)
Interest expense	(789)	(966)	(2,533)	(2,988)
Income before income taxes	3,708	3,621	8,535	7,940
Provision for income taxes	(1,349)	(1,121)	(3,203)	(2,780)
Income from continuing operations	2,359	2,500	5,332	5,160
Income (loss) from discontinued operations	20	99	5,125	217
Net income	$ 2,379	$ 2,599	$ 10,457	$ 5,377
Basic earnings per common share
Continuing operations	$ 0.25	$ 0.27	$ 0.57	$ 0.56
Discontinued operations	$ 0.01	$ 0.01	$ 0.56	$ 0.03
Net income	$ 0.26	$ 0.28	$ 1.13	$ 0.59
Diluted earnings per common share
Continuing operations	$ 0.25	$ 0.27	$ 0.56	$ 0.55
Discontinued operations	$ 0.00	$ 0.01	$ 0.55	$ 0.02
Net income	$ 0.25	$ 0.28	$ 1.11	$ 0.57
Number of shares (in thousands) used in computing:
-basic earnings per common share	9,291	9,184	9,279	9,171
-diluted earnings per common share	9,443	9,426	9,453	9,421

XML



Document and Entity Information	3 Months Ended
	Jun. 30, 2011
Entity Registrant Name	PATRIOT TRANSPORTATION HOLDING INC
Entity Central Index Key	0000844059
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
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?	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	9,300,623
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2011

XML



Stock-Based Compensation Plans

3 Months Ended

Jun. 30, 2011

Stock-Based Compensation Plans

(7) Stock-Based Compensation Plans. As more fully described in Note 7 to the Company’s notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended September 30, 2010, the Company’s stock-based compensation plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, and stock awards. The number of common shares available for future issuance was 644,250 at June 30, 2011.

The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands):

	THREE MONTHS		NINE MONTHS
	ENDED JUNE 30,		ENDED JUNE 30,
	2011	2010	2011	2010
Stock option grants	$   79	68	290	335
Restricted stock awards granted in 2006	-	-	-	48
Annual director stock award	-	-	334	354
	$   79	68	624	737

A summary of changes in outstanding options is presented below (in thousands, except share and per share amounts):

		Weighted	Weighted	Weighted
	Number	Average	Average	Average
	of	Exercise	Remaining	Grant Date
Options	Shares	Price	Term (yrs)	Fair Value
Outstanding at
October 1, 2010	633,900	$ 14.00	4.1	$  4,206
Granted	29,160	$ 25.60		$    293
Exercied	54,035	$  9.95		$    274
Forfeited	-	$   -		$    -
Outstanding at
June 30, 2011	609,025	$ 14.92	3.8	$  4,225
Exercisable at
June 30, 2011	522,397	$ 12.93	3.0	$  3,254
Vested during
nine months ended
June 30, 2011	23,442			$    248

The aggregate intrinsic value of exercisable in-the-money options was $5,223,000 and the aggregate intrinsic value of all outstanding in-the-money options was $5,223,000 based on the market closing price of $22.37 on June 30, 2011 less exercise prices. Gains of $869,000 were realized by option holders during the nine months ended June 30, 2011. The realized tax benefit from options exercised for the nine months ended June 30, 2011 was $333,000. Total compensation cost of options granted but not yet vested as of June 30, 2011 was $777,000, which is expected to be recognized over a weighted-average period of 2.5 years.

XML



Business Segments

3 Months Ended

Jun. 30, 2011

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		Nine Months ended
	June 30,		June 30,
	2011	2010	2011	2010
Revenues:
Transportation	$26,182	23,064	72,209	66,803
Mining royalty land	1,180	1,247	3,193	3,243
Developed property rentals	4,585	4,047	13,398	13,322
	$31,947	28,358	88,800	83,368
Operating profit:
Transportation	$ 2,834	3,062	7,603	7,123
Mining royalty land	999	1,021	2,626	2,628
Developed property rentals	1,547	1,237	4,172	4,085
Corporate expenses:
Allocated to transportation	(390)	(347)	(1,169)	(1,040)
Allocated to mining land	(153)	(142)	(458)	(425)
Allocated to developed property	(229)	(212)	(686)	(637)
Unallocated	(167)	(138)	(1,275)	(1,144)
	(939)	(839)	(3,588)	(3,246)
	$ 4,441	4,481	10,813	10,590
Interest expense:
Mining royalty land	$     9	9	27	30
Developed property rentals	780	957	2,506	2,958
	$   789	966	2,533	2,988
Capital expenditures:
Transportation	$ 1,501	790	4,660	6,433
Mining royalty land	-	25	-	41
Developed property rentals:
Capitalized interest	345	243	928	700
Internal labor	190	83	450	201
Real estate taxes	303	288	875	867
Other costs (a)	2,517	256	6,112	1,075
	$ 4,856	1,685	13,025	9,317
(a)Net of 1031 exchange of $4,941 for the 9 months ending June 30, 2011
Depreciation, depletion and
amortization:
Transportation	$ 1,582	1,536	4,680	4,605
Mining royalty land	29	30	80	77
Developed property rentals	1,300	1,257	3,917	3,805
Other	54	48	449	160
	$ 2,965	2,871	9,126	8,647

	June 30,	September 30,
	2011	2010
Identifiable net assets
Transportation	$      38,819	43,100
Discontinued Transportation Operations	131	542
Mining royalty land	28,295	28,651
Developed property rentals	173,423	164,601
Cash items	22,760	17,151
Unallocated corporate assets	3,049	3,667
	$     266,477	257,712

XML



Concentrations

3 Months Ended

Jun. 30, 2011

Concentrations

(9) Concentrations. The transportation segment primarily serves customers in the industries in the Southeastern U.S. Significant economic disruption or downturn in this geographic region or these industries could have an adverse effect on our financial statements.

During the first nine months of fiscal 2011, the transportation segment’s ten largest customers accounted for approximately 55.4% of the transportation segment’s revenue. One of these customers accounted for 20.2% of the transportation segment’s revenue. The loss of any one of these customers would have an adverse effect on the Company’s revenues and income. Accounts receivable from the transportation segment’s ten largest customers was $3,364,000 and $2,797,000 at June 30, 2011 and September 30, 2010 respectively.

The Company places its cash and cash equivalents with high credit quality institutions. At times such amounts may exceed FDIC limits.

XML



Fair Value Measurements

3 Months Ended

Jun. 30, 2011

Fair Value Measurements

(10) Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs that are unobservable and significant to the overall fair value measurement.

As of June 30, 2011 the Company had no assets or liabilities measured at fair value on a recurring basis and only one asset recorded at fair value on a non-recurring basis as it was deemed to be other-than-temporarily impaired. The fair value of the corporate aircraft of $1,550,000 is based on level 2 inputs for similar assets in the current market. The first quarter of fiscal 2011 includes $300,000 for the impairment to estimated fair value of the corporate aircraft due to indications of a decrease in value versus the previous year end. The Company’s decision to discontinue its regular use requires adjustment to the current estimated value as necessary.

The fair value of note receivable (see Note 11) approximates the unpaid principal balance based upon the interest rate and credit risk of the note. The fair value of all other financial instruments with the exception of mortgage notes (see Note 4) approximates the carrying value due to the short-term nature of such instruments.

XML



Contingent Liabilities

3 Months Ended

Jun. 30, 2011

Contingent Liabilities

(8) Contingent liabilities. Certain of the Company’s subsidiaries are involved in litigation on a number of matters and are subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. There is a reasonable possibility that the Company’s estimate of vehicle and workers’ compensation liability for the transportation group or discontinued operations may be understated or overstated but the possible range can not be estimated. The liability at any point in time depends upon the relative ages and amounts of the individual open claims. In the opinion of management none of these matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows.

XML



Basis of Presentation

3 Months Ended

Jun. 30, 2011

Basis of Presentation

(1) Basis of Presentation. The accompanying consolidated financial statements include the accounts of Patriot Transportation Holding, Inc. and its subsidiaries (the “Company”). Investment in the 50% owned Brooksville Joint Venture is accounted for under the equity method of accounting. These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the nine months ended June 30, 2011 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2011. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the Company's consolidated financial statements and related notes included in the Company’s Form 10-K for the year ended September 30, 2010.

In connection with the presentation adopted in March, 2010 of our real estate operations as two reportable segments, two properties in Washington, D.C. and two properties in Duval County, Florida were reclassified out of the Royalties and rent division and the division was renamed the Mining royalty land segment. Historical results have been reclassified to conform to the new segment presentation.

XML



Long-Term debt

3 Months Ended

Jun. 30, 2011

Long-Term debt

(4) Long-Term debt. Long-term debt is summarized as follows (in thousands):

	June 30,	September 30,
	2011	2010
5.6% to 8.6% mortgage notes
due in installments through 2027	$    68,448	71,860
Less portion due within one year	4,822	4,588
	$    63,626	67,272

The Company has a $37,000,000 uncollateralized Revolving Credit Agreement with three banks, which matures on December 13, 2013. The Revolver bears interest at a rate of 1.00% over the selected LIBOR, which may change quarterly based on the Company’s ratio of Consolidated Total Debt to Consolidated Total Capital, as defined. A commitment fee of 0.15% per annum is payable quarterly on the unused portion of the commitment. The commitment fee may also change quarterly based upon the ratio described above. The Revolver contains limitations on availability and restrictive covenants including limitations on paying cash dividends. Letters of credit in the amount of $11,262,000 were issued under the Revolver. As of June 30, 2011, $25,738,000 was available for borrowing and $50,270,000 of consolidated retained earnings would be available for payment of dividends. The Company was in compliance with all covenants as of June 30, 2011.

The fair values of the Company’s mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At June 30, 2011, the carrying amount and fair value of such other long-term debt was $68,448,000 and $70,819,000, respectively.

XML



Transactions with Vulcan Materials Company

3 Months Ended

Jun. 30, 2011

Transactions with Vulcan Materials Company

(5) Transactions with Vulcan Materials Company. The Company previously may have been considered a related party to Vulcan Materials Company (Vulcan). One director of the Company was employed by Vulcan until September 17, 2010 and is related to two other Company directors. The Company, through its transportation subsidiaries, hauls commodities by tank trucks for Vulcan. Charges for these services are based on prevailing market prices. The real estate subsidiaries lease certain construction aggregates mining and other properties to Vulcan. Revenue from Vulcan for the first nine months of fiscal 2011 was $4,942,000 compared to $4,446,000 for the same period last year.

A subsidiary of the Company (FRP) has a Joint Venture Agreement with Vulcan Materials Company (formerly Florida Rock Industries, Inc.), Brooksville Quarry, LLC, to develop approximately 4,300 acres of land near Brooksville, Florida. Distributions will be made on a 50-50 basis except for royalties and depletion specifically allocated to FRP. Other income for the nine months ended June 30, 2011 and June 30, 2010 includes a loss of $16,000 and $2,000, respectively, representing the Company’s equity in the loss of the joint venture.

XML



Earnings per share

3 Months Ended

Jun. 30, 2011

Earnings per share

(6) Earnings per share. The following details the computations of the basic and diluted earnings per common share (dollars in thousands, except per share amounts):

	THREE MONTHS		NINE MONTHS
	ENDED JUNE 30,		ENDED JUNE 30,
	2011	2010	2011	2010
Weighted average common shares
outstanding during the period
- shares used for basic
earnings per common share	9,291	9,184	9,279	9,171
Common shares issuable under
share based payment plans
which are potentially dilutive	152	242	174	250
Common shares used for diluted
earnings per common share	9,443	9,426	9,453	9,421
Net income	$2,379	2,599	10,457	5,377
Earnings per common share
Basic	$0.26	0.28	1.13	0.59
Diluted	$0.25	0.28	1.11	0.57

For the three and nine months ended June 30, 2011, 140,370 and 132,870 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three and nine months ended June 30 2010, 34,570 and 37,070 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive.

XML



Statements of Cash Flows (USD $) In Thousands	9 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net income	$ 10,457	$ 5,377
Adjustments to reconcile net income to net cash provided by continuing operating activities:
Depreciation, depletion and amortization	9,126	8,647
Deferred income taxes	(813)	(853)
Equity in loss of joint venture	16	2
(Gain) on sale of equipment	(245)	(311)
(Income) from discontinued operations, net	(5,125)	(217)
Stock-based compensation	624	737
Net changes in operating assets and liabilities:
Accounts receivable	(1,848)	(1,189)
Inventory of parts and supplies	(373)	(60)
Prepaid expenses and other current assets	2,997	3,207
Other assets	54	(176)
Accounts payable and accrued liabilities	628	(1,272)
Income taxes payable and receivable	2,917	(1,560)
Long-term insurance liabilities and other long-term liabilities	159	(213)
Net cash provided by operating activities of continuing operations	18,574	12,119
Net cash used in operating activities of discontinued operations	(605)	(946)
Net cash provided by operating activities	17,969	11,173
Cash flows from investing activities:
Purchase of transportation group property and equipment	(4,660)	(6,433)
Investments in mining royalty land segment	0	(41)
Investments in developed property rentals segment	(8,365)	(2,843)
Investment in joint venture	(114)	(445)
Proceeds from the sale of property, plant and equipment	528	809
Proceeds received on note for sale of SunBelt	3,947	881
Net cash used in investing activities	(8,664)	(8,072)
Cash flows from financing activities:
Repayment of long-term debt	(3,412)	(3,193)
Repurchase of Company Stock	(1,145)	0
Excess tax benefits from exercises of stock options and vesting of restricted stock	323	65
Exercise of employee stock options	538	192
Net cash used in financing activities	(3,696)	(2,936)
Net (decrease) in cash and cash equivalents	5,609	165
Cash and cash equivalents at beginning of period	17,151	15,803
Cash and cash equivalents at end of the period	$ 22,760	$ 15,968

XML



Stock Split

3 Months Ended

Jun. 30, 2011

Stock Split

(2) Stock Split. On December 1, 2010, the board of directors declared a 3-for-1 stock split of the Company’s common stock in the form of a stock dividend. The record date for the split was January 3, 2011 and the new shares were issued on January 17, 2011. The total authorized shares remained 25 million and par value of common stock remained unchanged at $0.10 per share. All share and per share information presented has been adjusted to reflect this stock split.

XML



Discontinued operations

3 Months Ended

Jun. 30, 2011

Discontinued operations

(11) Discontinued operations. In August 2009 the Company sold its flatbed trucking company, SunBelt Transport, Inc. ("SunBelt"). Under the agreement, the Buyer purchased all of SunBelt’s tractors and trailers, leased the SunBelt terminal facilities in Jacksonville, Florida for 36 months at a rental of $5,000 per month and leased the terminal facilities in South Pittsburgh, Tennessee for 60 months at a rental of $5,000 per month with an option to purchase the Tennessee facilities at the end of the lease for payment of an additional $100,000. The South Pittsburgh lease was recorded as a sale under bargain purchase accounting. The purchase price received for the tractors and trailers and inventories was a $1 million cash payment and the delivery of a Promissory Note requiring 60 monthly payments of $130,000 each including interest at 7%, secured by the assets of the business conveyed. Proceeds from the sale of equipment of $923,000 and an extra payment of $2,055,000 were partial prepayments to the note in fiscal 2011. The Company retained all pre-closing receivables and liabilities.

SunBelt has been accounted for as discontinued operations in accordance with ASC Topic 205-20 Presentation of Financial Statements – Discontinued Operations. All periods presented have been restated accordingly.

In December 2010, a subsidiary of the Company, Florida Rock Properties, Inc., sold approximately 1,777 acres of land in Caroline County, Virginia, to the Commonwealth of Virginia, Board of Game and Inland Fisheries. The purchase price for the property was $5,200,000, subject to certain deductions. The Company also donated the $5,402,000 value of minerals and aggregates and recognized a $2,053,000 permanent tax benefit. The Company's book value of the property was $276,000.

A summary of discontinued operations is as follows (in thousands):

	Three Months ended		Nine Months ended
	June 30,		June 30,
	2011	2010	2011	2010
Revenue	$    15	15	45	70
Operating expenses	(18)	(147)	(278)	(283)
Gain on property sale before taxes	-	-	4,665	-
Income before income taxes	$    33	162	4,988	353
Provision for income taxes	(13)	(63)	137	(136)
Income from discontinued operations	$    20	99	5,125	217

The components of the balance sheet are as follows:

	June 30,	September 30,
	2011	2010
Accounts receivable	$         2	8
Deferred income taxes	20	417
Property and equipment, net	109	117
Assets of discontinued operations	$       131	542
Accounts payable	$        16	154
Accrued payroll and benefits	2	2
Accrued liabilities, other	22	61
Insurance liabilities	72	1,110
Liabilities of discontinued operations	$       112	1,327

XML



Consolidated Balance Sheets (USD $) In Thousands	Jun. 30, 2011	Sep. 30, 2010
Current assets:
Cash and cash equivalents	$ 22,760	$ 17,151
Accounts receivable, net of allowance for doubtful accounts of $128 and $83, respectively	7,788	5,940
Federal and state income taxes receivable	0	930
Notes Receivable	1,427	1,238
Inventory of parts and supplies	1,038	665
Deferred income taxes	895	0
Prepaid tires on equipment	1,292	1,246
Prepaid taxes and licenses	218	1,813
Prepaid insurance	697	2,185
Prepaid expenses, other	102	62
Real estate held for sale, at cost	5,808	0
Assets to be disposed of	131	542
Total current assets	42,156	31,772
Property, plant and equipment, at cost	310,480	294,752
Less accumulated depreciation and depletion	103,308	96,636
Net property, plant and equipment	207,172	198,116
Real estate held for investment, at cost	1,040	7,124
Investment in joint venture	7,437	7,344
Goodwill	1,087	1,087
Notes Receivable, less current portion	246	4,382
Unrealized rents	3,479	3,357
Other assets	3,860	4,530
Total assets	266,477	257,712
Current liabilities:
Accounts payable	4,098	3,384
Federal and state income taxes payable	1,645	0
Deferred income taxes	0	174
Accrued payroll and benefits	4,598	5,255
Accrued insurance	3,071	2,373
Accrued liabilities, other	867	994
Long-term debt due within one year	4,822	4,588
Liabilities of discontinued operations	112	1,327
Total current liabilities	19,213	18,095
Long-term debt, less current portion	63,626	67,272
Deferred income taxes	16,421	16,084
Accrued insurance	2,506	2,483
Other liabilities	1,858	1,722
Commitments and contingencies (Note 8)
Shareholders' equity:
Preferred stock, no par value; 5,000,000 shares authorized	0	0
Common stock, $.10 par value; 25,000,000 shares authorized, 9,300,623 and 9,278,088 shares issued	930	928
Capital in excess of par value	38,819	37,511
Retained earnings	123,084	113,597
Accumulated other comprehensive income, net	20	20
Total shareholders' equity	162,853	152,056
Total liabilities and shareholders' equity	$ 266,477	$ 257,712