Business Segments

12 Months Ended

Sep. 30, 2014

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):

		2014		2013		2012
Revenues:
Transportation	$	129,162		112,120		103,476
Mining royalty land		5,349		5,302		4,483
Developed property rentals		25,629		22,352		19,555
	$	160,140		139,774		127,514
Operating profit:
Transportation	$	8,027		11,119		9,107
Mining royalty land		4,736		4,739		3,905
Developed property rentals		10,228		9,427		5,497
Corporate expenses:
Allocated to transportation		(1,721	)	(1,765	)	(1,631	)
Allocated to mining land		(755	)	(731	)	(674	)
Allocated to developed property		(1,133	)	(1,094	)	(1,012	)
Unallocated		(1,614	)	(1,261	)	(1,091	)
		(5,223	)	(4,851	)	(4,408	)
	$	17,768		20,434		14,101
Interest expense:
Mining royalty land	$	44		59		40
Developed property rentals		1,431		2,461		2,598
	$	1,475		2,520		2,638
Capital expenditures:
Transportation (a)	$	13,028		15,612		10,459
Mining royalty land		—		—		11,039
Developed property rentals:
Capitalized interest		1,763		1,863		1,646
Internal labor		469		418		609
Real estate taxes (b)		112		904		(1,209	)
Other costs		16,939		19,751		11,804
	$	32,311		38,548		34,348
(a)Includes $3,397 related to the Pipeline Transportation, Inc.    acquisition during fiscal 2014. (b)Includes a $2,311 receivable on previously capitalized real estate
taxes on the Anacostia property for fiscal 2012.
Depreciation, depletion and
amortization:
Transportation	$	8,813		7,401		6,750
Mining royalty land		124		105		112
Developed property rentals		6,721		6,141		5,729
Other		481		418		403
	$	16,139		14,065		12,994
Identifiable net assets at September 30:
Transportation	$	59,465		49,410		42,642
Mining royalty land		39,368		40,008		39,695
Developed property rentals		211,556		195,476		184,358
Cash items		1,013		502		6,713
Unallocated corporate assets		1,669		1,697		2,297
		313,071		287,093		275,705