Discontinued operations

6 Months Ended

Mar. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations

(15) Discontinued operations.

Effective January 30, 2015, we spun off our transportation assets into a new, publicly traded entity, Patriot Transportation Holding, Inc. The Company has accounted for the Patriot operations as discontinued operations for all periods presented. Shareholders’ equity was reduced by $34,241,000 due to this distribution on January 30, 2015. Comprehensive income of $40,000 was included in that amount.

The results of operations associated with discontinued operations for the three month and six month periods ended March 31, 2015 and 2014 were as follows (in thousands):

	Three Months ended						Six Months ended
	March 31,						March 31,
	2015			2014 restated			2015			2014 restated
Revenue	$	10,083			31,900			41,800			63,491
Cost of operations		9,230			30,575			38,195			60,218
Operating profit		853			1,325			3,605			3,273
Interest expense		(7	)		(35	)		(33	)		(58	)
Income before income taxes		846			1,290			3,572			3,215
Provision for income taxes		330			503			1,393			1,254
Income from discontinued operations	$	516			787			2,179			1,961

The components of the balance sheet at September 30, 2014 are as follows (in thousands):

Property and  equipment, net	$	42,174
Accounts receivable, net		7,119
Deferred costs		11,809
Other assets		32
Assets of discontinued operation	$	61,134

Line of credit	$	7,282
Accounts payable and accrued liabilities		11,489
Deferred compensation		717
Deferred income taxes		8,924
Liabilities of discontinued operation	$	28,412