Business Segments

6 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Business Segments

(4) 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.

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

	Three Months ended					Six Months ended
	March 31,					March 31,
		2013		2012			2013		2012
Revenues:
Transportation	$	27,176		25,449		$	53,815		50,290
Mining royalty land		1,244		1,025			2,575		2,002
Developed property rentals		5,448		4,852			10,535		9,393
	$	33,868		31,326		$	66,925		61,685
Operating profit:
Transportation	$	2,328		2,186		$	4,596		4,024
Mining royalty land		1,102		865			2,301		1,713
Developed property rentals		2,394		1,757			4,509		3,381
Corporate expenses:
Allocated to transportation		(407	)	(396	)		(878	)	(791	)
Allocated to mining land		(176	)	(163	)		(352	)	(327	)
Allocated to developed property		(264	)	(246	)		(528	)	(491	)
Unallocated		(669	)	(559	)		(932	)	(851	)
		(1,516	)	(1,364	)		(2,690	)	(2,460	)
	$	4,308		3,444		$	8,716		6,658
Interest expense:
Mining royalty land	$	12		9		$	23		19
Developed property rentals		568		785			985		1,579
	$	580		794		$	1,008		1,598
Capital expenditures:
Transportation	$	574		614		$	7,361		5,403
Mining royalty land		—		—			—		—
Developed property rentals:
Capitalized interest		417		284			1,008		578
Internal labor		108		117			218		258
Real estate taxes (a)		256		(90	)		507		(1,697	)
Other costs		626		939			3,838		2,657
	$	1,981		1,864		$	12,932		7,199

(a)Includes $2,250 receivable on previously capitalized real estate taxes on the Anacostia property for the six months ended March 31, 2012.

Depreciation, depletion and
amortization:
Transportation	$	1,827	1,720	$	3,580	3,328
Mining royalty land		23	27		48	59
Developed property rentals		1,515	1,373		2,903	2,714
Other		102	103		207	205
	$	3,467	3,223	$	6,738	6,306

		March 31,	September 30,
Identifiable net assets		2013		2012
Transportation	$	45,432		42,642
Mining royalty land		39,476		39,695
Developed property rentals		186,495		184,358
Cash items		4,527		6,713
Unallocated corporate assets		2,374		2,297
	$	278,304		275,705