Business Segments

12 Months Ended

Sep. 30, 2013

Segment Reporting [Abstract]

Business Segments

10. 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):

		2013		2012		2011
Revenues:
Transportation	$	112,120		103,476		97,801
Mining royalty land		5,302		4,483		4,261
Developed property rentals		22,352		19,555		18,044
	$	139,774		127,514		120,106
Operating profit:
Transportation	$	11,119		9,107		9,602
Mining royalty land		4,739		3,905		3,507
Developed property rentals		9,427		5,497		5,874
Corporate expenses:
Allocated to transportation		(1,765	)	(1,631	)	(1,574	)
Allocated to mining land		(731	)	(674	)	(650	)
Allocated to developed property		(1,094	)	(1,012	)	(975	)
Unallocated		(1,261	)	(1,091	)	(1,415	)
		(4,851	)	(4,408	)	(4,614	)
	$	20,434		14,101		14,369
Interest expense:
Mining royalty land	$	59		40		37
Developed property rentals		2,461		2,598		3,309
	$	2,520		2,638		3,346
Capital expenditures:
Transportation	$	15,612		10,459		6,743
Mining royalty land		—		11,039		—
Developed property rentals:
Capitalized interest		1,863		1,646		1,232
Internal labor		418		609		603
Real estate taxes (a)		904		(1,209	)	1,212
Other costs (b)		19,751		11,804		8,082
	$	38,548		34,348		17,872
(a)Includes a $2,311 receivable on previously capitalized real estate
taxes on the Anacostia property for fiscal 2012.
(b)Net of 1031 exchange of $4,941 for fiscal 2011.
Depreciation, depletion and
amortization:
Transportation	$	7,401		6,750		6,269
Mining royalty land		105		112		111
Developed property rentals		6,141		5,729		5,222
Other		418		403		608
	$	14,065		12,994		12,210
Identifiable net assets at September 30:
Transportation	$	49,410		42,642		39,001
Discontinued Transportation operations		—		—		114
Mining royalty land		40,008		39,695		28,295
Developed property rentals		195,476		184,358		175,618
Cash items		502		6,713		21,026
Unallocated corporate assets		1,697		2,297		2,336
		287,093		275,705		266,390