Restatement

6 Months Ended

Mar. 31, 2015

Equity [Abstract]

Restatement

(2) Restatement. FRP Holdings, Inc. is filing this Amendment No. 1 on Form 10-Q/A to our Form 10-Q for the quarter ended March 31, 2015 to restate our previously issued financial statements to reflect the classification of corporate overhead expenses in the three and six month periods ending March 31, 2014. The reclassification consisted of additional corporate expenses that should have been reclassified from discontinued operations to continuing operations for the prior year comparative periods. This reclassification was made necessary by the completion of a spin-off during the quarter ending March 31, 2015. The Company’s filings with the SEC prior to the Form 10Q for the quarter ending March 31, 2015 were not affected by this reclassification.

The following table sets forth the effects of the restatement on certain line items in our previously reported financial statements (in thousands except per share amounts):

	THREE MONTHS ENDED						SIX MONTHS ENDED
	MARCH 31,						MARCH 31,
	2014						2014
				(previously						(previously
	(restated)			reported)			(restated)			reported)
Total Revenues	$	8,007			8,007			15,236			15,236
Cost of operations:
Depreciation, depletion and		1,693			1,693			3,299			3,299
amortization
Operating expenses		1,487			1,487			2,395			2,395
Property taxes		879			879			1,719			1,719
Management company indirect		403			403			784			784
Corporate expenses		1,723			1,076			3,041			2,394
Total cost of operations		6,185			5,538			11,238			10,591
Total operating profit		1,822			2,469			3,998			4,645
Interest income		—			—			1			1
Interest expense		(310	)		(310	)		(599	)		(599	)
Equity in loss of joint ventures		(31	)		(31	)		(63	)		(63	)
Gain on investment land sold		22			22			78			78
Income from continuing operations before income taxes		1,503			2,150			3,415			4,062
Provision for income taxes		586			838			1,332			1,584
Income from continuing operations		917			1,312			2,083			2,478
Gain from discontinued transportation operations, net of taxes		787			392			1,961			1,566
Net income	$	1,704			1,704			4,044			4,044
Earnings per common share:
Income from continuing    operations-
Basic		0.10			0.14			0.22			0.26
Diluted		0.10			0.14			0.22			0.26
Discontinued operations-
Basic		0.08			0.04			0.20			0.16
Diluted		0.08			0.04			0.20			0.16
Net Income-
Basic		0.18			0.18			0.42			0.42
Diluted		0.18			0.18			0.42			0.42

	SIX MONTHS ENDED MARCH 31, 2014
				(previously
	(restated)			reported)
Cash flows from operating activities:
Net income	$	4,044		$	4,044
Adjustments to reconcile net income to net cash
provided by operating activities:
Income from discontinued operations, net		(1,961	)		(1,566	)
Depreciation, depletion and amortization		3,384			3,384
Deferred income taxes		372			372
Equity in loss of joint ventures		63			63
Loss (Gain) on sale of equipment and property		(74	)		(74	)
Stock-based compensation		960			960
Net changes in operating assets and liabilities:
Accounts receivable		1,516			1,516
Deferred costs and other assets		(102	)		(102	)
Accounts payable and accrued liabilities		(2,139	)		(2,139	)
Income taxes payable and receivable		(1,379	)		(1,379	)
Other long-term liabilities		50			50
Net cash provided by operating activities of  continuing operations		4,734			5,129
Net cash provided by operating activities of  discontinued operations		4,050			3,655
Net cash provided by operating activities		8,784			8,784