Patriot Transportation Holding (PATI) 10-Q 6 Aug 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - Jun. 30, 2015 - shares	Total
Document And Entity Information
Entity Registrant Name	PATRIOT TRANSPORTATION HOLDING, INC.
Entity Central Index Key	1,616,741
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--09-30
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	3,268,804
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Current assets:
Cash and cash equivalents	$ 0	$ 0
Accounts receivable, net of allowance for doubtful accounts of $144 and $155, respectively	7,772	7,119
Inventory of parts and supplies	920	895
Prepaid tires on equipment	2,086	2,048
Prepaid taxes and licenses	303	754
Prepaid insurance	332	789
Prepaid expenses, other	81	80
Total current assets	11,494	11,685
Property and equipment, at cost	98,695	97,071
Less accumulated depreciation	57,658	54,897
Net property and equipment	41,037	42,174
Goodwill	3,431	3,431
Intangible assets, net	1,532	3,812
Other assets, net	22	32
Total assets	57,516	61,134
Current liabilities:
Accounts payable	3,689	3,288
Bank overdraft	324	933
Federal and state income taxes payable	206	129
Deferred income taxes	23	345
Accrued payroll and benefits	4,985	3,937
Accrued insurance	1,067	1,186
Accrued liabilities, other	383	518
Total current liabilities	10,677	10,336
Long-term debt	1,430	7,282
Deferred income taxes	7,897	8,579
Accrued insurance	1,317	1,393
Other liabilities	778	822
Total liabilities	$ 22,099	$ 28,412
Commitments and contingencies (Note 8)
Shareholders' Equity/Net investment:
Preferred stock, 5,000,000 shares authorized, of which 250,000 shares are disignated Series A Junior Participating Preferred Stock; $0.01 par value; none issued and outstanding	$ 0	$ 0
Common stock, $.10 par value; (25,000,000 shares authorized; 3,268,804 shares issued and outstanding at June 30, 2015	327	0
Capital in excess of par value	34,803	0
Net investment by Parent	0	32,669
Retained earnings	234	0
Accumulated other comprehensive income, net	53	53
Total shareholders' equity/net investment	35,417	32,722
Total liabilties and shareholders' equity/net investment	$ 57,516	$ 61,134

Consolidated and Combined Bala3

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Statement of Financial Position [Abstract]
Accounts receivable allowance for doubtful accounts	$ 144	$ 155
Preferred stock, par value	$ .01	$ 0
Preferred stock, shares authorized	5,000,000	0
Series A Junior Participating Preferred Stock	250,000	0
Preferred stock, shares issued	0	0
Common stock, par value	$ .10	$ 0
Common stock, shares authorized	25,000,000	0
Common stock, shares issued	3,268,804	0

Consolidated and Combined State

Consolidated and Combined Statements of Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Revenues:
Transportation revenues	$ 28,609	$ 28,124	$ 82,994		$ 81,414
Fuel surcharges	2,490	5,445	9,559		15,646
Total revenues	31,099	33,569	92,553		97,060
Cost of operations:
Compensation and benefits	12,552	12,290	36,308		35,702
Fuel expenses	5,095	7,535	15,961		22,465
Repairs & tires	2,019	1,929	5,739		5,806
Other operating	1,090	1,316	3,215		4,042
Insurance and losses	2,681	2,709	8,298		7,747
Depreciation expense	2,098	2,068	6,330		6,099
Rents, tags & utilities	987	973	2,882		2,750
Sales, general & administrative	2,143	2,095	6,779		6,614
Corporate expenses	782	528	2,833		2,072
Intangible asset impairment	0	0	2,074	[1]	0
Gain on equipment sales	(21)	(213)	(819)		(304)
Total cost of operations	29,426	31,230	89,600		92,993
Total operating profit	1,673	2,339	2,953		4,067
Interest expense	(29)	(28)	(78)		(86)
Income before income taxes	1,644	2,311	2,875		3,981
Provision for income taxes	641	901	1,121		1,553
Net income	1,003	1,410	1,754		2,428
Comprehensive Income	$ 1,003	$ 1,410	$ 1,754		$ 2,428
Earnings per common share:
Net income - basic	$ 0.31	$ 0.43	$ .54		$ .75
Net income - diluted	$ .31	$ .43	$ .54		$ .75
Number of shares (in thousands) used in computing:
-basic earnings per common share	3,268	3,243	3,265		3,243
-diluted earnings per common share	3,276	3,243	3,273		3,243
[1]	The Company recorded a non-cash, impairment charge related to the customer relationship intangible asset recorded resulting from the Pipeline acquisition of $2,074 during the second quarter of fiscal 2015.

Consolidated and Combined Stat5

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2015		Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 1,754		$ 2,428
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	7,103		6,910
Intangible asset impairment	2,074	[1]	0
Deferred income taxes	(1,004)		(338)
Gain on sale of equipment and property	(838)		(304)
Stock-based compensation	552		526
Net changes in operating assets and liabilities:
Accounts receivable	(653)		(1,392)
Inventory of parts and supplies	(25)		(22)
Prepaid expenses and other current assets	869		1,031
Other assets	(54)		(5)
Accounts payable and accrued liabilities	1,195		(585)	[2]
Income taxes payable and receivable	77		(173)
Long-term insurance liabilities and other long-term liabilities	(120)		(123)
Net cash provided by operating activities	10,930		7,953
Cash flows from investing activities:
Purchase of property and equipment	(5,929)		(8,476)
Business acquisition	0		(10,023)
Proceeds from the sale of property, plant and equipment	1,071		944
Net cash used in investing activities	(4,858)		(17,555)
Cash flows from financing activities:
Decrease in bank overdrafts	(609)		0
Proceeds from borrowing on revolving credit facility	33,646		23,528
Payments on revolving credit facility	(39,498)		(13,300)
Excess tax benefits from exercise of stock options	349		0
Proceeds from exercised stock options	141		0
Net distributions to Parent	(101)		(526)
Net cash (used in) provided by financing activities	(6,072)		9,702
Net increase (decrease) in cash and cash equivalents	0		100
Cash and cash equivalents at beginning of year	0		0
Cash and cash equivalents at end of the period	$ 0		$ 100
[1]	The Company recorded a non-cash, impairment charge related to the customer relationship intangible asset recorded resulting from the Pipeline acquisition of $2,074 during the second quarter of fiscal 2015.
[2]	The Company recorded non-cash transactions for vacation liability of the Pipeline business acquisition of $132 in the first nine months of fiscal 2014.

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	(1) Description of Business and Basis of Presentation Description of Business Spin-off Transaction Unless otherwise stated or the context otherwise indicates, all references in these consolidated and combined financial statements to “us,” “our”, “we”, “Transportation” or the “Company” mean Patriot subsequent to the Spin-off. Company’s Business Basis of Presentation Patriot Transportation Holding, Inc. was incorporated on August 5, 2014. In connection with its organization, Patriot issued 100 shares of common stock to FRP on December 3, 2014 and issued an additional 3,242,424 shares of common stock to FRP on January 28, 2015 in preparation for the Spin-off. Patriot was formed solely in contemplation of the Spin-off and until the separation was completed on January 30, 2015, it had not commenced operations and had no material assets, liabilities, or commitments. Accordingly, the accompanying consolidated and combined financial statements presented prior to the Spin-off reflect the 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 consolidated and combined for the historical periods presented prior to the Spin-off. These financial statements were derived from FRP's consolidated financial statements and accounting records. The consolidated and combined statements of income include expense allocations for certain corporate functions performed by FRP during the periods prior to the Spin-off, including general corporate expenses related to executive oversight, accounting, treasury, tax, legal, procurement and information technology. The amounts allocated to the Company for these items are based primarily on specific identification, headcount or computer utilization. Going forward, these functions will be performed by the Company. Additionally, the Company will provide most of these services to FRP under a Transition Services Agreement (see Note 3) initially on an annual basis. This Agreement provides for reimbursement of the costs of those services by FRP to the Company. As a result, corporate expense in our Company’s financial statements will be shown net of the reimbursements we receive from FRP for these services. All significant intercompany transactions and accounts within the consolidated and combined financial statements have been eliminated. We believe the assumptions underlying the consolidated and combined financial statements, including the historical allocated charges for general corporate functions provided by FRP, are reasonable. However, these consolidated and combined financial statements do not include all of the actual expenses that would have been incurred had we actually operated as a stand-alone public company (e.g. NASDAQ listing fees, etc.) during the periods prior to the Spin-off and therefore do not reflect the actual consolidated and combined results of operations, financial position and cash flows had we been operated as a stand-alone public company during those periods. 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 and nine months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2015. The accompanying consolidated and 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 the 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 Stan

Recently Issued Accounting Standards	9 Months Ended
	Jun. 30, 2015
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 guidance is effective for annual periods beginning on or after December 15, 2015 and interim periods within those years, with early adoption permitted. We do not expect the adoption of this guidance will have a material impact on our financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Simplifying the Presentation of Debt Issuance Costs”, which relates to the financial statement presentation of debt issuance costs. This guidance requires debt issuance costs to be presented in the balance sheet as a reduction of the related debt liability rather than an asset. The guidance is effective for annual and interim periods beginning after December 15, 2015 and early adoption is permitted and will only result in a change in presentation of these costs on our balance sheets.

Related Party Agreements with F

Related Party Agreements with FRP	9 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Agreements with FRP	(3) Related Party 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 an Employee Matters Agreement and a Transition Services Agreement. 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 12 or more months after the Spin-off. The consolidated and combined statements of income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $924,000 and $525,000 for the three months ended June 30, 2015 and 2014, and $2,361,000 and $2,022,000 for the nine months ended June 30, 2015 and 2014, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation expense. These charges are reflected as a reduction to corporate expenses. To determine these allocations between FRP and Patriot, we generally employed the same methodology historically used by the Company pre Spin-off to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis as the terms were negotiated while Patriot was still a subsidiary of FRP.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	(4) Long-Term debt . long-term debt is summarized as follows (in thousands): June 30, September 30, 2015 2014 Revolving credit (uncollateralized) $ 1,430 7,282 Prior to the Spin-off, the Company was permitted to borrow under FRP's credit agreement with Wells Fargo Bank, N.A. (the "FRP Credit Agreement"). On January 30, 2015, the Company entered into a new $25 million, five year, revolving credit agreement with Wells Fargo Bank, N.A. and assumed and refinanced $5.1 million then outstanding on the FRP Credit Agreement into this new revolver. As of June 30, 2015, we had $1,430,000 borrowed on this revolver, $2,745,000 outstanding under letters of credit and $20,825,000 available for additional borrowings and the Company was in compliance with all of its loan covenants.

Earnings per share

Earnings per share	9 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per share	(5) Earnings per share. Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options. On January 30, 2015, 3,242,524 shares of our common stock were distributed to the shareholders of FRP in connection with the Spin-off and distribution. For comparative purposes, we have assumed this amount to be outstanding as of the beginning of each period prior to the Spin-off and distribution presented in the calculation of weighted average shares outstanding. The following details the computations of the basic and diluted earnings per common share (dollars in thousands, except per share amounts): Three Months ended Nine months ended June 30, June 30, 2015 2014 2015 2014 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,268 3,243 3,265 3,243 Common shares issuable under share based payment plans which are potentially dilutive 8 — 8 — Common shares used for diluted earnings per common share 3,276 3,243 3,273 3,243 Net income $ 1,003 1,410 1,754 2,428 Earnings per common share: -basic $ 0.31 0.43 0.54 0.75 -diluted $ 0.31 0.43 0.54 0.75 For the three and nine months ended June 30, 2015, 19,218 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three months and nine months ended June 30, 2014, all outstanding stock options were included in the calculation of diluted earnings per share because the exercise prices of the stock options were lower than the average price of the common shares, and therefore were dilutive.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Plans	(6) Stock-Based Compensation Plans . Participation in FRP Plans The Company's directors, officers and key employees are 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 related compensation expense has been fully allocated to the Company (rather than FRP) and included in corporate expenses. Corporate expense also reflects an offsetting credit for the Transition Services Agreement allocation to FRP. All outstanding options held by company directors, officers and key employees on January 30, 2015 were cancelled and replaced by an equal number of FRP options at 75.14% of the previous exercise price based upon the market value of FRP less the when issued market value of the Company on that day. Patriot Incentive Stock Plan In January, 2015 the Board of Directors of the Company adopted the Patriot Transportation Holding, Inc. Incentive Stock Plan. Grants were issued based upon all outstanding FRP options held by company directors, officers and key employees on January 30, 2015 with the same remaining terms. The grants were based upon the FRP options outstanding at 24.86% of the previous exercise price based upon the when issued market value of the Company compared to the market value of FRP on that day. Simultaneously, the number of shares were divided by 3 and the exercise price multiplied by 3 to adjust for the Spin-off distribution of 1 for 3 shares of FRP. The number of common shares available for future issuance was 194,405 at June 30, 2015. Subsequent to Spin-off, the realized tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off will be recognized by FRP or Patriot based on the employment location of the related employee or director. The Company recorded the following stock compensation expense for FRP and Patriot options (including allocations in periods prior to the Spin-off) in its consolidated and combined statements of income (in thousands): Three Months ended Nine months ended June 30, June 30, 2015 2014 2015 2014 Stock option grants $ 65 46 209 177 Annual director stock award — — 343 349 $ 65 46 552 526 A summary of Company 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 Grants substituted on January 30, 2015 91,315 $ 20.31 5.6 $ 254 Exercised (12,000 ) $ 11.83 $ (22 ) Outstanding at June 30, 2015 79,315 $ 21.60 5.8 $ 232 Exercisable at June 30, 2015 58,398 $ 20.55 4.9 $ 156 Vested during nine months ended June 30, 2015 8,807 $ 25 The aggregate intrinsic value of exercisable Company options was $269,000 and the aggregate intrinsic value of all outstanding in-the-money options was $319,000 based on the Company’s market closing price of $24.65 on June 30, 2015 less exercise prices. Gains of $157,000 were realized by option holders during the nine months ended June 30, 2015. The realized tax benefit from Patriot option exercises during the nine months ended June 30, 2015 was $61,000. The unrecognized compensation expense of Patriot options granted as of June 30, 2015 was $190,000, which is expected to be recognized over a weighted-average period of 3.5 years.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	(7) Fair Value Measurements As of June 30, 2015 the Company had no assets or liabilities measured at fair value on a recurring basis or non-recurring basis. We measure certain assets, such as intangible assets, at fair value on a non-recurring basis. These assets are recognized at fair value if they are deemed to be impaired. As disclosed in Note 10, the customer relationship intangible assets acquired from Pipeline were considered partially impaired in the quarter ended March 31, 2015. As of June 30, 2015, there were no other assets required to be recorded at fair value on a non-recurring basis since no impairment indicators were present. The fair value of all Company financial instruments approximates their carrying value due to the short-term nature of such instruments. We believe the fair value of the revolver approximates the carrying value as (i) the related debt agreement reflects present market terms and (ii) is based on interest rates that reset periodically based on then current market indices.

Contingent liabilities

Contingent liabilities	9 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities	(8) Contingent liabilities.

Concentrations

Concentrations	9 Months Ended
	Jun. 30, 2015
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations Market: Customers Deposits

Pipeline Business Acquisition

Pipeline Business Acquisition	9 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Pipeline Business Acquisition	(10) Pipeline Business Acquisition. The goodwill recorded resulting from the acquisition amounted to $2,344,000 and is shown on the consolidated and combined balance sheets under Goodwill, and is amortizable for tax purposes. The other intangible assets acquired in the transaction are reflected in the line Intangible assets, net on the consolidated and combined balance sheets. In connection with the Pipeline acquisition, the Company assumed certain vehicle leases. As of June 30, 2015 these non-cancellable operating leases will require minimum annualized rental payments approximating $1,389,000 for the next 2.3 fiscal years. The Company recorded an impairment charge related to the recorded customer relationship intangible asset resulting from the Pipeline acquisition of $2,074,000, with an after tax impact to net income of $1,265,000, in its consolidated and combined financial statements for the quarter ended March 31, 2015. The impairment charge was calculated utilizing the assistance of a third party valuation expert. The Company's conclusion that an impairment charge was necessary in second quarter 2015 was a the result of (i) the loss of certain Pipeline customers over the course of the first nine months of calendar 2014, and then (ii) the notification from another customer during the second quarter that we would not be able to retain a sizeable piece of the business we acquired from Pipeline at the rates we quoted them during a competitive bid process.

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Quarterly Results	9 Months Ended
	Jun. 30, 2015
Extraordinary and Unusual Items [Abstract]
Unusual or Infrequent Items Impacting Quarterly Results	(11) Unusual or Infrequent Items Impacting Quarterly Results. An impairment charge of $2,074,000 was recorded in second quarter 2015 related to the recorded customer relationship intangible asset fair value pertaining to the Pipeline acquisition in November 2013.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Long-term debt	June 30, September 30, 2015 2014 Revolving credit (uncollateralized) $ 1,430 7,282

Earnings per share (Tables)

Earnings per share (Tables)	9 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings (loss) per common share	Three Months ended Nine Months ended June 30, June 30 , 2015 2014 2015 2014 Weighted average common shares outstanding during the period - shares used for basic (loss) earnings per common share 3,268 3,243 3,265 3,243 Common shares issuable under share based payment plans which are potentially dilutive 8 — 8 — Common shares used for diluted earnings per common share 3,276 3,243 3,273 3,243 Net income $ 1,003 1,410 1,754 2,428 Earnings per common share: -basic $ 0.31 0.43 0.54 0.75 -diluted $ 0.31 0.43 0.54 0.75

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense	Three Months ended Nine Months ended June 30, June 30, 2015 2014 2015 2014 Stock option grants $ 65 46 209 177 Annual director stock award — — 343 349 $ 65 46 552 526
Summary of Stock Activity	Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Grants substituted on January 30, 2015 91,315 $ 20.31 5.6 $ 254 Exercised (12,000 ) $ 11.83 $ (22 ) Outstanding at June 30, 2015 79,315 $ 21.60 5.8 $ 232 Exercisable at June 30, 2015 58,398 $ 20.55 4.9 $ 156 Vested during nine months ended June 30, 2015 8,807 $ 25

Long-Term Debt - Long-term debt

Long-Term Debt - Long-term debt (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Debt Disclosure [Abstract]
Revolving credit (uncollateralized)	$ 1,430	$ 7,282

Earnings per share - Earnings p

Earnings per share - Earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	3,268	3,243	3,265	3,243
Common shares issuable under share based payment plans which are potentially dilutive	8	0	8	0
Common shares used for diluted earnings per common share	3,276	3,243	3,273	3,243
Net (loss) income	$ 1,003	$ 1,410	$ 1,754	$ 2,428
Earnings (loss) per common share:
Earnings per share-basic	$ 0.31	$ 0.43	$ .54	$ .75
Earnings per share-diluted	$ .31	$ .43	$ .54	$ .75

Stock-Based Compensation Plan22

Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 65	$ 46	$ 209	$ 177
Annual director stock award	0	0	343	349
Stock based compensation	$ 65	$ 46	$ 552	$ 526

Stock-Based Compensation Plan23

Stock-Based Compensation Plans - Summary of Stock Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Jun. 30, 2015USD ($)yr$ / sharesshares	Jan. 30, 2015USD ($)yr$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding	79,315	91,315
Options exercised	(12,000)
Options outstanding weighted average exercise price | $ / shares	$ 21.60	$ 20.31
Options outstanding weighted average exercise price - Exercised | $ / shares	$ 11.83
Options outstanding weighted average remaining term | yr	5.8	5.6
Options outstanding weighted average grant date fair value | $	$ 232	$ 254
Options exercised weighted average grant date fair value | $	$ (22)
Options exercisable at June 30, 2015	58,398
Options exerciseable weighted average exercise price | $ / shares	$ 20.55
Options exerciseable weighted average remaining term | yr	4.9
Options exerciseable weighted average grant date fair value | $	$ 156
Options vested during nine months ended June 30, 2015	8,807
Options vested weighted average grant date fair value | $	$ 25

Description of Business and B24

Description of Business and Basis of Presentation (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2015	Jan. 30, 2015	Jan. 28, 2015	Dec. 03, 2014	Sep. 30, 2014
Shares distributed following Spin-off	3,268,804	3,242,524	3,242,424	100	0
Revenue Producting Drivers	699
Fleet of Tractors	477
Fleet of Trailers	566
Terminal locations	21
Satellite locations	9
Material assets		$ 0
Material liabilities		0
Material commitments		$ 0
Petroleum Products
Percentage of Business	82.00%
Dry Bulk Commodities
Percentage of Business	18.00%

Related Party Agreements with25

Related Party Agreements with FRP (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transactions [Abstract]
Charges/allocations to FRP Holdings, Inc.	$ 924	$ 525	$ 2,361	$ 2,022

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2015	Jan. 30, 2015
Debt Disclosure [Abstract]
Wells Fargo Revolving Credit facility	$ 25,000	$ 25,000
Borrowed under the revolver	1,430	$ 5,100
Letters of credit issued	2,745
Facility amount available for borrowing	$ 20,825

Earnings per share (Details Nar

Earnings per share (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jan. 30, 2015	Jan. 28, 2015	Dec. 03, 2014	Sep. 30, 2014
Earnings Per Share [Abstract]
Shares of common stock	3,268,804		3,268,804		3,242,524	3,242,424	100	0
Anti-dilutive shares	19,218	0	19,218	0

Stock-Based Compensation Plan28

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	9 Months Ended
	Jun. 30, 2015USD ($)yr$ / sharesshares	Jan. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
FRP options replacement		75.14%
Patriot options replacement		24.86%
Shares available for future issuance | shares	194,405
Aggregate intrinsic value of exercisable in-the-money options	$ 269
Aggregate intrinsic value of outstanding in-the-money options	$ 319
Market close price | $ / shares	$ 24.65
Realized tax benefit from options exercised	$ 61
Total unrecognized compensation cost of options granted but not yet vested	$ 190
Weighted average period for compensation to be recognized | yr	3.5
Gains realized by option holders	$ 157

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	Jun. 30, 2015USD ($)
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 ($) $ in Thousands	9 Months Ended
	Jun. 30, 2015	Sep. 30, 2014
Top Ten Customers
Customer revenue concentration	59.10%
Accounts receivable concentration	$ 4,274	$ 4,075
Top Customer
Customer revenue concentration	21.90%

Pipeline Business Acquisition (

Pipeline Business Acquisition (Details Narrative) $ in Thousands	3 Months Ended			9 Months Ended
	Jun. 30, 2015USD ($)yr	Mar. 31, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)yr		Jun. 30, 2014USD ($)	Nov. 07, 2013USD ($)
Intangible asset impairment	$ 0	$ 2,074	$ 0	$ 2,074	[1]	$ 0
Intangible asset impairment net		$ 1,265		$ 1,265
Pipeline
Pipeline Transportation, Inc assets acquired							$ 10,023
Non-cancellable operating lease remaining period | yr	2.3			2.3
Operating leases minimum future annual rentals	$ 1,389			$ 1,389
Goodwill							$ 2,344
[1]	The Company recorded a non-cash, impairment charge related to the customer relationship intangible asset recorded resulting from the Pipeline acquisition of $2,074 during the second quarter of fiscal 2015.

Unusual or Infrequent Items I32

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	[1]	Jun. 30, 2014
Extraordinary and Unusual Items [Abstract]
Intangible asset impairment	$ 0	$ 2,074	$ 0	$ 2,074		$ 0
[1]	The Company recorded a non-cash, impairment charge related to the customer relationship intangible asset recorded resulting from the Pipeline acquisition of $2,074 during the second quarter of fiscal 2015.