Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Dec. 31, 2014 | |
Document And Entity Information | |
Entity Registrant Name | NEW PATRIOT TRANSPORTATION HOLDING, INC. |
Entity Central Index Key | 1616741 |
Document Type | 10-Q |
Document Period End Date | 31-Dec-14 |
Amendment Flag | FALSE |
Current Fiscal Year End Date | -21 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | No |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 100 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2015 |
Combined_Balance_Sheets
Combined Balance Sheets (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $0 | $0 |
Accounts receivable, net of allowance for doubtful accounts of $148 and $155, respectively | 7,282 | 7,119 |
Inventory of parts and supplies | 888 | 895 |
Prepaid tires on equipment | 2,063 | 2,048 |
Prepaid taxes and licenses | 559 | 754 |
Prepaid insurance | 518 | 789 |
Prepaid expenses, other | 76 | 80 |
Total current assets | 11,386 | 11,685 |
Property, plant and equipment, at cost | 98,460 | 97,071 |
Less accumulated depreciation and depletion | 56,184 | 54,897 |
Net property, plant and equipment | 42,276 | 42,174 |
Goodwill | 3,431 | 3,431 |
Intangible assets, net | 3,704 | 3,812 |
Other assets | 32 | 32 |
Total assets | 60,829 | 61,134 |
Current liabilities: | ||
Accounts payable | 3,069 | 3,288 |
Bank overdraft | 408 | 933 |
Federal and state income taxes payable | 119 | 129 |
Deferred income taxes | 346 | 345 |
Accrued payroll and benefits | 3,716 | 3,937 |
Accrued insurance | 1,100 | 1,186 |
Accrued liabilities, other | 302 | 518 |
Total current liabilities | 9,060 | 10,336 |
Long-term debt | 6,551 | 7,282 |
Deferred income taxes | 9,170 | 8,579 |
Accrued insurance | 1,393 | 1,393 |
Other liabilities | 831 | 822 |
Commitments and contingencies (Note 6) | ||
Total liabilities | 27,005 | 28,412 |
Net investment: | ||
Net investment by Parent | 33,771 | 32,669 |
Accumulated other comprehensive income, net | 53 | 53 |
Total net investment | 33,824 | 32,722 |
Total liabilties and net investment | $60,829 | $61,134 |
Combined_Balance_Sheets_Parent
Combined Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable allowance for doubtful accounts | $148 | $155 |
Combined_Statements_of_Income
Combined Statements of Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Revenues: | ||
Transportation | $27,292 | $26,490 |
Fuel surcharges | 4,425 | 5,101 |
Total revenues | 31,717 | 31,591 |
Cost of operations: | ||
Compensation & benefits | 11,983 | 11,596 |
Fuel expenses | 6,005 | 7,283 |
Operating & repairs | 2,951 | 3,149 |
Insurance and losses | 2,839 | 2,475 |
Depreciation expense | 2,108 | 1,968 |
Rents, tags & utilities | 941 | 771 |
Sales, general & administrative | 2,322 | 2,386 |
Corporate expenses | 919 | 711 |
Gain on equipment sales | -184 | 15 |
Total cost of operations | 29,884 | 30,354 |
Total operating profit | 1,833 | 1,237 |
Interest income and other | 0 | 0 |
Interest expense | -26 | -23 |
Income before income taxes | 1,807 | 1,214 |
Provision for income taxes | 705 | 474 |
Net income | 1,102 | 740 |
Comprehensive Income | $1,102 | $740 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||
Net income | $1,102 | $740 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,383 | 2,148 |
Deferred income taxes | 592 | 58 |
(Gain) loss on sale of equipment and property | -184 | 16 |
Stock-based compensation | 85 | 84 |
Net changes in operating assets and liabilities: | ||
Accounts receivable | -163 | -2,194 |
Inventory of parts and supplies | 8 | 10 |
Prepaid expenses and other current assets | 454 | 376 |
Other assets | 0 | 65 |
Accounts payable and accrued liabilities | -742 | -489 |
Income taxes payable and receivable | -10 | 187 |
Long-term insurance liabilities and other long-term liabilities | 9 | 4 |
Net cash provided by operating activities | 3,534 | 1,005 |
Cash flows from investing activities: | ||
Purchase of property and equipment | -2,463 | -5,334 |
Business acquisition | 0 | -10,023 |
Proceeds from the sale of property, plant and equipment | 270 | 173 |
Net cash used in investing activities | -2,193 | -15,184 |
Cash flows from financing activities: | ||
(Decrease) Increase in bank overdrafts | -525 | 522 |
Proceeds from borrowing on revolving credit facility | 11,825 | 14,702 |
Payments on revolving credit facility | -12,556 | -961 |
Net distributions to Parent | -85 | -84 |
Net cash (used in) provided by financing activities | -1,341 | 14,179 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at beginning of year | 0 | 0 |
Cash and cash equivalents at end of the year | $0 | $0 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 3 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | (1) Description of Business and Basis of Presentation. |
Description of Business | |
On December 30, 2014, the board of directors of FRP Holdings, Inc. ("FRP") approved a plan to separate its real estate and transportation businesses into two independent publicly traded companies through the tax-free spin-off (the Spin-off") of a newly-formed company named Patriot Transportation Holding, Inc., formerly known as New Patriot Transportation Holding, Inc. (the "Company" or "Patriot"). The Company filed a registration statement on Form 10 with the U.S. Securities and Exchange Commission ("SEC") that was declared effective on January 12, 2015. The Spin-off was completed on January 30, 2015 when FRP distributed all of the outstanding stock of the Company to FRP's shareholders as of the record date of January 9, 2015. FRP’s shareholders received one share of Patriot (stock symbol PATI) for every three shares owned of FRP resulting in 3,242,523 of Patriot outstanding. However, as these shares were not outstanding as of December 31, 2014 they are not reflected in the financial statements. | |
The Company’s business is conducted through its subsidiary, Florida Rock & Tank Lines, Inc. (“Tank Lines”) which is a Southeastern tank truck motor carrier specializing in hauling petroleum products, chemicals and dry bulk commodities. | |
Unless otherwise stated or the context otherwise indicates, all references in these combined financial statements to “us,” “our”, “we”, “Transportation” or the “Company” mean Patriot. We retained the name of Patriot Transportation Holding, Inc. post spin-off. | |
Basis of Presentation | |
The combined financial statements reflect the combined historical results of operations, financial position and cash flows and certain assets, liabilities and operating expenses of the Company and its subsidiaries on a stand-alone basis, as if such companies and accounts had been combined for all periods presented. These financial statements were derived from FRP's consolidated financial statements and accounting records. All significant intercompany transactions and accounts within the combined financial statements have been eliminated. The combined statements of income also include expense allocations for certain corporate functions historically performed by FRP, including allocations of general corporate expenses related to executive oversight, accounting, treasury, tax, legal, procurement and information technology. The allocations are based primarily on specific identification, headcount or computer utilization. | |
We believe the assumptions underlying the combined financial statements, including the assumptions regarding allocating general corporate expenses from FRP, are reasonable. However, these combined financial statements did not include all of the actual expenses that would have been incurred had we operated as a stand-alone company during the periods presented and may not reflect the combined results of operations, financial position and cash flows had we been operated as a stand-alone company during the periods presented. Actual costs that would have been incurred if we had operated as a stand-alone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. | |
These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the three months ended December 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2015. The accompanying combined financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the audited financial statements and notes for year ended September 30, 2014 included in the Company’s Information Statement dated January 12, 2015 as filed as an exhibit to the Company's registration statement on Form 10. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards | 3 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Standards | (2) Recently Issued Accounting Standards. In January 2015, the FASB issued ASU 2015-01, "Income Statement—Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items." This new guidance is effective for annual periods beginning on or after December 15, 2015 and interim periods within those years, with early adoption permitted. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-Term Debt | (3) Long-Term debt. Long-term debt is summarized as follows (in thousands): | |||||||
December 31, | September 30, | |||||||
2014 | 2014 | |||||||
Revolving credit (uncollateralized) | $ | 6,551 | 7,282 | |||||
Until the completion of the Spin-off, the Company was permitted to borrow under FRP's credit agreement with Wells Fargo Bank, N.A. (the "FRP Credit Agreement"). As of December 31, 2014, $6,551,000 was borrowed under the FRP Credit Agreement related to the Company and $3,278,000 was outstanding under letters of credit issued relating to the Company. As of December 31, 2014, $31,676,000 was available for additional borrowing by FRP, and FRP was in compliance with all of its loan covenants. See Note 10 for a discussion of the Company's credit facilities after the Spin-off. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 3 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Stock-Based Compensation Plans | (4) Stock-Based Compensation Plans. | |||||||||||||||
Participation in FRP Plans | ||||||||||||||||
As of December 31, 2014, the Company had no outstanding equity-based awards. Until completion of the Spin-off, the Company's directors, officers and key employees were eligible to participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options for shares of common stock were granted to directors, officers and key employees. All compensation expense related to these plans for full-time employees of the Company has been fully allocated to the Company. For employees whose services cover both the Company and FRP, the Company records share-based compensation based on the estimated percentage of time spent by each management member providing services to the Company applied to the total share-based compensation of each employee. The Company recorded the following stock compensation expense in its combined statements of income (in thousands): | ||||||||||||||||
Three Months ended | ||||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Stock option grants | $ | 85 | 84 | |||||||||||||
Annual director stock award | — | — | ||||||||||||||
$ | 85 | 84 | ||||||||||||||
FRP Stock Option Information | ||||||||||||||||
A summary of changes in outstanding FRP stock options is presented below (in thousands, except share and per share amounts): | ||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||
Number | Average | Average | Average | |||||||||||||
of | Exercise | Remaining | Grant Date | |||||||||||||
Options | Shares | Price | Term (yrs) | Fair Value | ||||||||||||
Outstanding at | ||||||||||||||||
October 1, 2014 | 247,830 | $ | 25.94 | 5.1 | $ | 2,663 | ||||||||||
Granted | 31,215 | $ | 35.89 | $ | 442 | |||||||||||
Forfeited | (3,000 | ) | $ | 14.97 | $ | (23 | ) | |||||||||
Exercised | (8,100 | ) | $ | 18.12 | $ | (71 | ) | |||||||||
Outstanding at | ||||||||||||||||
December 31, 2014 | 267,945 | $ | 27.46 | 5.6 | $ | 3,011 | ||||||||||
Exercisable at | ||||||||||||||||
December 31, 2014 | 205,193 | $ | 25.8 | 4.7 | $ | 2,096 | ||||||||||
Vested during | ||||||||||||||||
three months ended | ||||||||||||||||
December 31, 2014 | 26,721 | $ | 309 | |||||||||||||
The aggregate intrinsic value of exercisable FRP options was $2,777,000 and the aggregate intrinsic value of all outstanding in-the-money options was $3,207,000 based on the FRP market closing price of $39.21 on December 31, 2014 less exercise prices. Gains of $158,000 were realized by option holders of during the three months ended December 31, 2014. The realized tax benefit from options exercised for the three months ended December 31, 2014 was $61,000. The unrecognized compensation cost to FRP of options granted but not yet vested as of December 31, 2014 was $893,000, which is expected to be recognized over a weighted-average period of 3.9 years. | ||||||||||||||||
Treatment of FRP Stock Options in the Spin-off | ||||||||||||||||
In the Spin-off, all of the outstanding FRP stock options described above generally will be replaced with (i) an option to purchase shares of common stock of FRP and (ii) an option to purchase shares of common stock of Patriot. The exercise price and number of shares subject to each stock option will be adjusted in order to preserve the intrinsic value of the original FRP stock option as measured immediately before the Spin-off. The intrinsic value of the replacement options generally will be allocated between the adjusted FRP options and the newly issued Patriot stock options based on the relative market capitalizations of FRP and Patriot at the time of, or immediately after the Spin-off. These adjustments may result in some additional compensation expense. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (5) Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs that are unobservable and significant to the overall fair value measurement. |
As of December 31, 2014 the Company had no assets or liabilities measured at fair value on a recurring basis or non-recurring basis. The fair value of all financial instruments approximates the carrying value due to the short-term nature of such instruments. We believe the fair value of the allocated outstanding debt obligations approximate their carrying value as the related debt agreements reflect present market terms and as certain debt obligations contain certain interest rates that reset periodically based on current market indices. |
Contingent_liabilities
Contingent liabilities | 3 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent liabilities | (6) Contingent liabilities. The Company is involved in litigation on a number of matters and are subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. There is a reasonable possibility that the Company’s estimate of vehicle and workers’ compensation liability may be understated or overstated but the possible range cannot be estimated. The liability at any point in time depends upon the relative ages and amounts of the individual open claims. In the opinion of management, none of these matters are expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows. |
Concentrations
Concentrations | 3 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentrations | (7) Concentrations. The Company primarily serves customers in the petroleum industry in the Southeastern U.S. Significant economic disruption or downturn in this geographic region or these industries could have an adverse effect on our financial statements. |
During the first three months of fiscal 2015, the Company’s ten largest customers accounted for approximately 60.3% of the revenue. One of these customers accounted for 22.2% of the revenue. The loss of any one of these customers could have a material adverse effect on the Company’s revenues and income. Accounts receivable from the ten largest customers was $4,443,000 and $4,075,000 at December 31, 2014 and September 30, 2014 respectively. | |
The Company places its cash and cash equivalents with high credit quality institutions. At times, such amounts may exceed FDIC limits. |
Pipeline_Business_Acquisition
Pipeline Business Acquisition | 3 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Pipeline Business Acquisition | (8) Pipeline Business Acquisition. FRP acquired certain assets of Pipeline Transportation, Inc. on November 7, 2013 for $10,023,000. Pipeline’s operations have been conducted in the Florida and Alabama markets and are included in the Company’s combined operating results subsequent to the acquisition date. For the twelve month period ending June 30, 2013, Pipeline had gross revenues of just over $16,500,000. | ||||
The Company has accounted for this acquisition in accordance with the provisions of ASC 805, Business Combinations (ASC 805). The Company has allocated the purchase price of the business, through the use of a third party valuations and management estimates, based upon the fair value of the assets acquired and liabilities assumed as follows (in thousands): | |||||
Consideration: | |||||
Fair value of consideration transferred (cash paid) | $ | (10,023 | ) | ||
Acquisition related costs expensed | $ | 75 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Property and equipment | $ | 3,397 | |||
Prepaid tires and other prepaid assets | 276 | ||||
Customer relationships | 4,004 | ||||
Trade name | 72 | ||||
Non-compete agreement | 62 | ||||
Vacation liability assumed | (132 | ) | |||
Total identifiable net assets assumed | $ | 7,679 | |||
Goodwill | 2,344 | ||||
Total | $ | 10,023 | |||
The goodwill recorded resulting from the acquisition is tax deductible. The intangible assets acquired are reflected in the line Other assets, net on the combined balance sheets. In connection with the Pipeline acquisition, the Company assumed certain vehicle leases. As of December 31, 2014 these non-cancellable operating leases will require minimum annual rentals approximating $1,968,000 over the next 2.8 fiscal years. |
Unusual_or_Infrequent_Items_Im
Unusual or Infrequent Items Impacting Quarterly Results | 3 Months Ended |
Dec. 31, 2014 | |
Extraordinary and Unusual Items [Abstract] | |
Unusual or Infrequent Items Impacting Quarterly Results | (9) Unusual or Infrequent Items Impacting Quarterly Results. Operating profit includes an expense of $250,000 in the first quarter of fiscal 2015 for costs incurred related to the planned spin-off of the Company. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | (10) Subsequent Events. |
Spin-off of the Company | |
On January 30, 2015, FRP Holdings, Inc. completed the previously announced tax-free spin-off of the Company. The spin-off resulted in two independent, publicly traded companies, with the transportation business being spun off to shareholders as a newly-formed public company named Patriot Transportation Holding, Inc.. On January 30, 2015, FRP Holdings, Inc. shareholders received one share of the Company for every three shares of FRP Holdings, Inc. held as of the close of business on the record date of January 9, 2015. | |
Agreements with FRP | |
In order to effect the spin-off and govern our relationship with FRP Holdings, Inc. after the spin-off, we entered into a Separation and Distribution Agreement, a Tax Matters Agreement, an Employee Matters Agreement, and a Transition Services Agreement. | |
The Separation and Distribution Agreement governs the spin-off of the transportation business and the transfer of assets and other matters relating to our relationship with FRP Holdings, Inc.. The Separation and Distribution Agreement provides for cross-indemnities between FRP and the Company and establishes procedures for handling indemnification claims. | |
The Tax Matters Agreement governs the respective rights, responsibilities and delegations of FRP and the Company with respect to taxes, tax returns and certain other tax matters. | |
The Employee Matters Agreement generally allocates responsibilities to each company for liabilities relating to each Company’s current and former employees and allocated responsibilities under employee benefit plans. | |
The Transition Services Agreement sets forth the terms on which the Company will provide to FRP certain services that were shared prior to the spin-off, including the services of certain shared executive officers, for a period of 18 months after the spin-off. | |
Equity Incentive Plans | |
In the Spin-off, all of the outstanding FRP stock options described above generally will be replaced with (i) an option to purchase shares of common stock of FRP and (ii) an option to purchase shares of common stock of Patriot. The exercise price and number of shares subject to each stock option will be adjusted in order to preserve the intrinsic value of the original FRP stock option as measured immediately before the Spin-off. The intrinsic value of the replacement options generally will be allocated between the adjusted FRP options and the newly issued Patriot stock options based on the relative market capitalizations of FRP and Patriot at the time of, or immediately after the Spin-off. The adjusted stock options are subject to the same vesting conditions and other terms that applied to the original FRP award immediately prior to the spin-off, except as otherwise described above. These adjustments may result in some additional compensation expense. | |
New Credit Facilities | |
In connection with the spin-off, on January 30, 2015, we entered into a new five year credit agreement with Wells Fargo Bank N.A., that replaces FRP’s line of credit with Wells Fargo. The new credit agreement provides a $25 million revolving line of credit with a $10 million sublimit for stand-by letters of credit. The amounts outstanding under the credit agreement bear interest at a rate of 1.0% over LIBOR, which rate may change quarterly based on the Company’s ratio of consolidated total debt to consolidated total capital. A commitment fee of 0.15% per annum is payable quarterly on the unused portion of the commitment, which fee may change quarterly based on the ratio described above. The credit agreement contains certain conditions and financial covenants, including limitations on the payment of cash dividends that are based on the Company’s consolidated retained earnings. In connection with the new credit facilities, the Company assumed and refinanced approximately $5.1 million of indebtedness of FRP that was attributable to Patriot. |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Long-term debt | December 31, | September 30, | ||||||
2014 | 2014 | |||||||
Revolving credit (uncollateralized) | $ | 6,551 | 7,282 |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 3 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Stock Compensation Expense | Three Months ended | |||||||||||||||
December 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Stock option grants | $ | 85 | 84 | |||||||||||||
Annual director stock award | — | — | ||||||||||||||
$ | 85 | 84 | ||||||||||||||
Summary of Stock Activity | Weighted | Weighted | Weighted | |||||||||||||
Number | Average | Average | Average | |||||||||||||
of | Exercise | Remaining | Grant Date | |||||||||||||
Options | Shares | Price | Term (yrs) | Fair Value | ||||||||||||
Outstanding at | ||||||||||||||||
October 1, 2014 | 247,830 | $ | 25.94 | 5.1 | $ | 2,663 | ||||||||||
Granted | 31,215 | $ | 35.89 | $ | 442 | |||||||||||
Forfeited | (3,000 | ) | $ | 14.97 | $ | (23 | ) | |||||||||
Exercised | (8,100 | ) | $ | 18.12 | $ | (71 | ) | |||||||||
Outstanding at | ||||||||||||||||
December 31, 2014 | 267,945 | $ | 27.46 | 5.6 | $ | 3,011 | ||||||||||
Exercisable at | ||||||||||||||||
December 31, 2014 | 205,193 | $ | 25.8 | 4.7 | $ | 2,096 | ||||||||||
Vested during | ||||||||||||||||
three months ended | ||||||||||||||||
December 31, 2014 | 26,721 | $ | 309 |
Pipeline_Business_Acquisition_
Pipeline Business Acquisition (Tables) | 3 Months Ended | ||||
Dec. 31, 2014 | |||||
Business Combinations [Abstract] | |||||
Pipeline aquisition | Consideration: | ||||
Fair value of consideration transferred (cash paid) | $ | (10,023 | ) | ||
Acquisition related costs expensed | $ | 75 | |||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||
Property and equipment | $ | 3,397 | |||
Prepaid tires and other prepaid assets | 276 | ||||
Customer relationships | 4,004 | ||||
Trade name | 72 | ||||
Non-compete agreement | 62 | ||||
Vacation liability assumed | (132 | ) | |||
Total identifiable net assets assumed | $ | 7,679 | |||
Goodwill | 2,344 | ||||
Total | $ | 10,023 |
LongTerm_Debt_Longterm_debt_De
Long-Term Debt - Long-term debt (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Revolving credit (uncollateralized) | $6,551 | $7,282 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans - Stock Compensation Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Stock option grants | $85 | $84 |
Annual director stock award | 0 | 0 |
Stock based compensation | $85 | $84 |
StockBased_Compensation_Plans_2
Stock-Based Compensation Plans - Summary of Stock Activity (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 |
Y | Y | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Options outstanding at October 1, 2014 | 247,830 | |
Options granted | 31,215 | |
Options forfeited | 3,000 | |
Options exercised | 8,100 | |
Options outstanding at December 31, 2014 | 267,945 | |
Options outstanding weighted average exercise price-beginning balance | $25.94 | |
Options outstanding weighted average exercise price - Granted | $35.89 | |
Options outstanding weighted average exercise price - forfeited | $14.97 | |
Options outstanding weighted average exercise price - Exercised | $18.12 | |
Options outstanding weighted average exercise price - Ending balance | $27.46 | |
Options outstanding weighted average remaining term | 5.6 | 5.1 |
Options outstanding weighted average grant date fair value - beginning balance | $2,663 | |
Options granted weighted average grant date fair value | 442 | |
Options forfeited weighted average grant date fair value | 23 | |
Options exercised weighted average grant date fair value | 71 | |
Options outstanding weighted average grant date fair value - ending balance | 3,011 | |
Options exercisable at December 31, 2014 | 205,193 | |
Options exerciseable weighted average exercise price | $25.80 | |
Options exerciseable weighted average remaining term | 4.7 | |
Options exerciseable weighted average grant date fair value | 2,096 | |
Options vested during three months ended December 31, 2014 | 26,721 | |
Options vested weighted average grant date fair value | $309 |
Transportation_Business_Acquis
Transportation Business Acquisition - Pipeline aquisition (Details) (Pipeline, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Nov. 07, 2014 |
Pipeline | ||
Fair value of consideration transferred (cash paid) | ($10,023) | |
Acquisition related costs expensed | 75 | |
Property and equipment | 3,397 | |
Prepaid tires and other prepaid assets | 276 | |
Customer relationships | 4,004 | |
Trade name | 72 | |
Non-compete agreement | 62 | |
Vacation liability assumed | -132 | |
Total identifiable net assets assumed | 7,679 | |
Goodwill | 2,344 | |
Total Transportation Acquisition | $10,023 |
LongTerm_Debt_Details_Narrativ
Long-Term Debt (Details Narrative) (USD $) | Jan. 30, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Borrowed under the revolver | $5,100 | $6,551 |
Letters of credit issued | 3,278 | |
Facility amount available for borrowing | $31,676 |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans (Details Narrative) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Y | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Aggregate intrinsic value of exercisable in-the-money options | $2,777 |
Aggregate intrinsic value of outstanding in-the-money options | 3,207 |
Market close price | $39.21 |
Realized tax benefit from options exercised | 61 |
Total unrecognized compensation cost of options granted but not yet vested | 893 |
Weighted average period for compensation to be recognized | 3.9 |
Gains realized by option holders | $158 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details Narrative) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Fair Value Disclosures [Abstract] | |
Assets measured at fair value on a recurring basis | $0 |
Liabilities measured at fair value on a recurring basis | 0 |
Assets measured at fair value on a non-recurring basis | 0 |
Liabilities measured at fair value on a non-recurring basis | $0 |
Concentrations_Details_Narrati
Concentrations (Details Narrative) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 |
Top Ten Customers | ||
Customer revenue concentration | 60.30% | |
Accounts receivable concentration | $4,443 | $4,075 |
Top Customer | ||
Customer revenue concentration | 22.20% |
Pipeline_Business_Acquisition_1
Pipeline Business Acquisition (Details Narrative) (Pipeline, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2014 | Nov. 07, 2014 |
Y | |||
Pipeline | |||
Pipeline Transportation, Inc assets acquired | $10,023 | ||
Pipeline gross revenues | 16,500 | ||
Non-cancellable operating lease remaining period | 2.8 | ||
Operating leases minimum future annual rentals | $1,968 |
Unusual_or_Infrequent_Items_Im1
Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Extraordinary and Unusual Items [Abstract] | |
Spin off costs | $250 |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Jan. 30, 2015 | Dec. 31, 2014 |
Subsequent Events [Abstract] | |||
Credit Agreement term years | 5 | ||
Revolving Credit Agreement | $25,000 | ||
Sublimit for standby letters of credit | 10,000 | ||
Revolver interest over LIBOR | 1% | ||
Commitment fee | 0.15% | ||
Borrowed under the revolver | $5,100 | $6,551 |