Business Segments

9 Months Ended

Jun. 30, 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					Nine Months ended
	June 30,					June 30,
		2013		2012			2013		2012
Revenues:
Transportation	$	28,794		26,907		$	82,609		77,197
Mining royalty land		1,299		1,101			3,874		3,103
Developed property rentals		5,615		5,022			16,150		14,415
	$	35,708		33,030		$	102,633		94,715
Operating profit:
Transportation	$	3,513		2,682		$	8,109		6,706
Mining royalty land		1,156		958			3,457		2,671
Developed property rentals		2,451		2,150			6,960		5,531
Corporate expenses:
Allocated to transportation		(406	)	(396	)		(1,284	)	(1,187	)
Allocated to mining land		(176	)	(164	)		(528	)	(491	)
Allocated to developed property		(264	)	(245	)		(792	)	(736	)
Unallocated		(204	)	(94	)		(1,136	)	(945	)
		(1,050	)	(899	)		(3,740	)	(3,359	)
	$	6,070		4,891		$	14,786		11,549
Interest expense:
Mining royalty land	$	15		10		$	38		29
Developed property rentals		1,122		527			2,107		2,106
	$	1,137		537		$	2,145		2,135
Capital expenditures:
Transportation	$	3,311		1,202		$	10,672		6,605
Mining royalty land		—		11,039			—		11,039
Developed property rentals:
Capitalized interest		367		533			1,375		1,111
Internal labor		106		173			324		431
Real estate taxes (a)		254		243			761		(1,454	)
Other costs		9,978		2,916			13,816		5,573
	$	14,016		16,106		$	26,948		23,305

(a)Includes $2,250 receivable on previously capitalized real estate taxes on the Anacostia property for the nine months ended June 30, 2012.

Depreciation, depletion and
amortization:
Transportation	$	1,865	1,690	$	5,445	5,018
Mining royalty land		27	27		75	86
Developed property rentals		1,629	1,382		4,532	4,096
Other		103	97		310	302
	$	3,624	3,196	$	10,362	9,502

		June 30,	September 30,
Identifiable net assets		2013		2012
Transportation	$	46,690		42,642
Mining royalty land		39,492		39,695
Developed property rentals		194,744		184,358
Cash items		742		6,713
Unallocated corporate assets		1,849		2,297
	$	283,517		275,705