Patriot Transportation Holding (PATI) 10-Q 9 May 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Mar. 31, 2016shares
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	Mar. 31, 2016
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	3,287,253
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,016

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Current assets:
Cash and cash equivalents	$ 2,018	$ 0
Accounts receivable, net of allowance for doubtful accounts of $149 and $144, respectively	7,985	7,382
Federal and state taxes receivable	0	115
Inventory of parts and supplies	768	780
Prepaid tires on equipment	1,924	2,019
Prepaid taxes and licenses	601	694
Prepaid insurance	418	748
Prepaid expenses, other	86	58
Total current assets	13,800	11,796
Property and equipment, at cost	99,464	99,986
Less accumulated depreciation	58,599	57,366
Net property and equipment	40,865	42,620
Goodwill	3,431	3,431
Intangible assets, net	1,291	1,384
Other assets, net	263	295
Total assets	59,650	59,526
Current liabilities:
Accounts payable	3,634	4,163
Federal and state taxes payable	708	0
Bank overdraft	0	773
Accrued payroll and benefits	3,680	5,363
Accrued insurance	746	1,102
Accrued liabilities, other	263	393
Total current liabilities	9,031	11,794
Long-term debt	0	0
Deferred income taxes	8,664	8,334
Accrued insurance	708	1,026
Other liabilities	1,143	1,170
Total liabilities	$ 19,546	$ 22,324
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; 3,287,253 and 3,272,804 shares issued and outstanding, respectively)	329	327
Capital in excess of par value	35,667	35,005
Retained earnings	4,057	1,819
Accumulated other comprehensive income, net	51	51
Total shareholders' equity	40,104	37,202
Total liabilties and shareholders' equity	$ 59,650	$ 59,526

Consolidated and Combined Bala3

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Statement of Financial Position [Abstract]
Accounts receivable allowance for doubtful accounts	$ 149	$ 144
Preferred stock, par value	$ .01	$ .01
Preferred stock, shares authorized	5,000,000	5,000,000
Series A Junior Participating Preferred Stock	250,000	250,000
Preferred stock, shares issued	0	0
Common stock, par value	$ .10	$ .10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	3,287,253	3,272,804

Consolidated and Combined State

Consolidated and Combined Statements of Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Revenues:
Transportation revenues	$ 28,514	$ 27,093	$ 56,523	$ 54,385
Fuel surcharges	534	2,644	1,896	7,069
Total revenues	29,048	29,737	58,419	61,454
Cost of operations:
Compensation and benefits	12,752	11,773	25,324	23,756
Fuel expenses	3,470	4,861	7,295	10,866
Repairs & tires	1,936	1,906	3,745	3,720
Other operating	1,179	988	2,269	2,125
Insurance and losses	2,218	2,778	5,236	5,617
Depreciation expense	2,125	2,124	4,273	4,232
Rents, tags & utilities	955	954	1,904	1,895
Sales, general & administrative	2,213	2,314	4,612	4,636
Corporate expenses	828	1,132	1,786	2,051
Intangible asset impairment	0	2,074	0	2,074
Gain on equipment sales	(75)	(614)	(71)	(798)
Total cost of operations	27,601	30,290	56,373	60,174
Total operating profit (loss)	1,447	(553)	2,046	1,280
BP claim Settlement	0	0	1,687	0
Interest income and other	0	0	3	0
Interest expense	(32)	(23)	(67)	(49)
Income (loss) before income taxes	1,415	(576)	3,669	1,231
Provision for income taxes	552	(225)	1,431	480
Net income (loss)	863	(351)	2,238	751
Comprehensive Income (loss)	$ 863	$ (351)	$ 2,238	$ 751
Earnings per common share:
Net income (loss) - basic	$ 0.26	$ (0.11)	$ 0.68	$ 0.23
Net income (loss) - diluted	$ 0.26	$ (0.11)	$ 0.68	$ 0.23
Number of shares (in thousands) used in computing:
-basic earnings per common share	3,283	3,261	3,278	3,261
-diluted earnings per common share	3,286	3,261	3,281	3,269

Consolidated and Combined Stat5

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income	$ 2,238	$ 751
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,757	4,782
Intangible asset impairment	0	2,074
Deferred income taxes	330	(1,167)
Gain on sale of equipment and property	(308)	(818)
Stock-based compensation	510	487
Net changes in operating assets and liabilities:
Accounts receivable	(603)	(590)
Inventory of parts and supplies	12	43
Prepaid expenses and other current assets	490	609
Other assets	4	(28)
Accounts payable and accrued liabilities	(2,698)	286
Income taxes payable and receivable	823	552
Long-term insurance liabilities and other long-term liabilities	(345)	7
Net cash provided by operating activities	5,210	6,988
Cash flows from investing activities:
Purchase of property and equipment	(3,312)	(3,796)
Proceeds from the sale of property and equipment	739	1,051
Net cash used in investing activities	(2,573)	(2,745)
Cash flows from financing activities:
Decrease in bank overdrafts	(773)	(394)
Proceeds from borrowing on revolving credit facility	13,536	21,952
Payments on revolving credit facility	(13,536)	(26,055)
Excess tax benefits from exercise of stock options	154	246
Proceeds from exercised stock options	0	109
Net distributions to FRP prior to spin-off	0	(101)
Net cash used in financing activities	(619)	(4,243)
Net increase in cash and cash equivalents	2,018	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of the period	$ 2,018	$ 0

Description of Business and Bas

Description of Business and Basis of Presentation	6 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	(1) Description of Business and Basis of Presentation Description of Business Spin-off Transaction 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 six months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2016. 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, 2015.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Mar. 31, 2016
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. The Company adopted this guidance as of October 1, 2015 and the adoption had no effect on our results of operations or financial position. In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. The new standard will become effective for the Company beginning with the first quarter 2020 and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. The Company is currently evaluating the impacts the adoption of this accounting guidance will have on the consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits for share-based payments will be recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption of this ASU. Excess tax benefits are currently recorded in equity and as financing activity under the current rules. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2016 with early adoption permitted. The Company is currently evaluating early adoption of this accounting guidance.

Related Party Agreements

Related Party Agreements	6 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Agreements	(3) Related Party Agreements. 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 $406,000 and $643,000 for the three months ended March 31, 2016 and 2015, and $792,000 and $1,437,000 for the six months ended March 31, 2016 and 2015, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation expense. These charges are reflected in the accompanying financial statements as a reduction to corporate expenses. To determine these allocations between FRP and Patriot as set forth in the Transition Services Agreement, 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. Patriot provides information technology services and previously subleased office space to Bluegrass Materials Company, LLC (“Bluegrass”). Mr. John D. Baker II, brother of Edward L. Baker and uncle of Thompson S. Baker II, serves as Chairman of Bluegrass, and his son, Edward L. Baker II, serves as its Chief Executive Officer. Messrs. John D. Baker II and Edward L. Baker II have a beneficial ownership interest in Bluegrass. Bluegrass paid $165,000 and $137,000 to the Company for the three months ended March 31, 2016 and 2015, and $288,000 and $240,000 for the six months ended March 31, 2016 and 2015, respectively for such information technology services and office space. On March 31, 2016 the Company sold a 75% interest in the corporate airplane to Messrs. John D. Baker II and Edward L. Baker for $542,625 which was the average of two appraisals. The Company recorded a gain of $196,648 on this sale.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-Term Debt	(4) Long-Term debt. long-term debt is summarized as follows (in thousands): March 31, September 30, 2016 2015 Revolving credit (uncollateralized) $ — — 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 March 31, 2016 and September 30, 2015, we had no debt outstanding on this revolver, $3,245,000 letters of credit and $21,755,000 available for additional borrowings. The credit agreement contains certain conditions, affirmative financial covenants and negative covenants including limitations on paying cash dividends. The Company was in compliance with all of its loan covenants as of March 31, 2016. In addition to the unsecured revolving facility provided by Wells Fargo, Management determined the Company needed an additional financing source to provide capital for potential growth opportunities. As a result, the Company closed on a loan from Branch Banking and Trust Company (BB&T) for up to $25 million under a two (2) year revolving facility to be secured by a portion of the Company’s equipment. This facility contains a provision which automatically converts any draws under the revolver into five-year term loans with a seven year amortization. As of March 31 2016, the Company had not taken any draws against this facility.

Earnings per share

Earnings per share	6 Months Ended
	Mar. 31, 2016
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 Six months ended March 31, March 31, 2016 2015 2016 2015 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,283 3,261 3,278 3,261 Common shares issuable under share based payment plans which are potentially dilutive 3 — 3 8 Common shares used for diluted earnings per common share 3,286 3,261 3,281 3,269 Net income (loss) $ 863 (351 ) 2,238 751 Earnings per common share: -basic $ 0.26 (0.11 ) 0.68 0.23 -diluted $ 0.26 (0.11 ) 0.68 0.23 For the three and six months ended March 31, 2016, 83,967 and 73,967 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 and six months ended March 31, 2015, 35,173 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	6 Months Ended
	Mar. 31, 2016
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 141,162 at March 31, 2016. 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 Six Months ended March 31, March 31, 2016 2015 2016 2015 Stock option grants $ 59 59 195 144 Annual director stock award 315 343 315 343 $ 374 402 510 487 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 Outstanding at October 1, 2015 75,315 $ 21.95 5.8 $ 666 Granted 38,794 $ 23.78 $ 362 Outstanding at March 31, 2016 114,109 $ 22.57 6.8 $ 1,028 Exercisable at March 31, 2016 68,049 $ 21.43 5.3 $ 548 Vested during six months ended March 31, 2016 13,651 $ 318 The aggregate intrinsic value of exercisable Company options was $61,000 and the aggregate intrinsic value of all outstanding in-the-money options was $67,000 based on the Company’s market closing price of $20.22 on March 31, 2016 less exercise prices. The realized tax benefit from Patriot option exercises during fiscal 2016 was $323,000 which pertained to FRP options exercised that were granted prior to the Spin-off to persons employed by Patriot. The unrecognized compensation expense of Patriot options granted as of March 31, 2016 was $831,000, which is expected to be recognized over a weighted-average period of 3.2 years.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	(7) Fair Value Measurements As of March 31, 2016 the Company had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At March 31, 2016 and September 30, 2015, the carrying amount reported in the consolidated and combined balance sheets for cash and cash equivalents, accounts receivable, accounts payable and other financial instruments approximate their fair value based upon the short-term nature of these items. 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	6 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contingent liabilities	(8) Contingent liabilities.

Concentrations

Concentrations	6 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
Concentrations	(9) Concentrations Market: Customers Deposits

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Quarterly Results	6 Months Ended
	Mar. 31, 2016
Extraordinary and Unusual Items [Abstract]
Unusual or Infrequent Items Impacting Quarterly Results	(10) Unusual or Infrequent Items Impacting Quarterly Results. On October 20, 2015, the Company received notice from the Claims Administrator for the Deepwater Horizon Economic and Property Damages Settlement Program that the Company’s claim in the amount of $2,106,281 qualifies for payment under the terms of the Economic and Property Damages Settlement Agreement. On December 18, 2015 BP accepted the Company’s proposal of $2,047,651. The Company received payment of $1,687,085 on January 6, 2016 net of all contingency fees. This amount is included in other income. 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)	6 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Long-term debt	(in thousands) March 31, September 30, 2016 2015 Revolving credit (uncollateralized) $ — —

Earnings per share (Tables)

Earnings per share (Tables)	6 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings (loss) per common share	(dollars in thousands, except per share amounts) Three Months ended Six months ended March 31, March 31, 2016 2015 2016 2015 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,283 3,261 3,278 3,261 Common shares issuable under share based payment plans which are potentially dilutive 3 — 3 8 Common shares used for diluted earnings per common share 3,286 3,261 3,281 3,269 Net income (loss) $ 863 (351 ) 2,238 751 Earnings per common share: -basic $ 0.26 (0.11 ) 0.68 0.23 -diluted $ 0.26 (0.11 ) 0.68 0.23

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	6 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Compensation Expense	(in thousands) Three Months ended Six Months ended March 31, March 31, 2016 2015 2016 2015 Stock option grants $ 59 59 195 144 Annual director stock award 315 343 315 343 $ 374 402 510 487
Summary of Stock Options	(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, 2015 75,315 $ 21.95 5.8 $ 666 Granted 38,794 $ 23.78 $ 362 Outstanding at March 31, 2016 114,109 $ 22.57 6.8 $ 1,028 Exercisable at March 31, 2016 68,049 $ 21.43 5.3 $ 548 Vested during six months ended March 31, 2016 13,651 $ 318

Long-Term Debt - Long-term debt

Long-Term Debt - Long-term debt (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Sep. 30, 2015
Debt Disclosure [Abstract]
Revolving credit (uncollateralized)	$ 0	$ 0

Earnings per share - Earnings p

Earnings per share - Earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	3,283	3,261	3,278	3,261
Common shares issuable under share based payment plans which are potentially dilutive	3	0	3	8
Common shares used for diluted earnings per common share	3,286	3,261	3,281	3,269
Net income (loss)	$ 863	$ (351)	$ 2,238	$ 751
Earnings per common share:
Earnings per share-basic	$ 0.26	$ (0.11)	$ 0.68	$ 0.23
Earnings per share-diluted	$ 0.26	$ (0.11)	$ 0.68	$ 0.23

Stock-Based Compensation Plan21

Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock option grants	$ 59	$ 59	$ 195	$ 144
Annual director stock award	315	343	315	343
Stock based compensation	$ 374	$ 402	$ 510	$ 487

Stock-Based Compensation Plan22

Stock-Based Compensation Plans - Summary of Stock Options (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Mar. 31, 2016USD ($)yr$ / sharesshares	Sep. 30, 2015USD ($)yr$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Options outstanding | shares	114,109	75,315
Options granted | shares	38,794
Options outstanding weighted average exercise price | $ / shares	$ 22.57	$ 21.95
Options outstanding weighted average exercise price - Granted | $ / shares	$ 23.78
Options outstanding weighted average remaining term | yr	6.8	5.8
Options outstanding weighted average grant date fair value | $	$ 1,028	$ 666
Options granted weighted average grant date fair value | $ / shares	$ 362
Options exercisable at March 31, 2016 | shares	68,049
Options exerciseable weighted average exercise price | $ / shares	$ 21.43
Options exerciseable weighted average remaining term | yr	5.3
Options exerciseable weighted average grant date fair value | $	$ 548
Options vested during six months ended March 31, 2016 | shares	13,651
Options vested weighted average grant date fair value | $	$ 318

Description of Business and B23

Description of Business and Basis of Presentation (Details Narrative) - shares	Mar. 31, 2016	Sep. 30, 2015	Jan. 30, 2015	Jan. 28, 2015	Dec. 03, 2014
Shares distributed following Spin-off	3,287,253	3,272,804	3,242,524	3,242,424	100
Revenue Producting Drivers	728
Fleet of Tractors	480
Fleet of Trailers	567
Terminal locations	21
Satellite locations	9
Petroleum Products
Percentage of Business	82.00%
Dry Bulk Commodities
Percentage of Business	18.00%

Recently Issued Accounting St24

Recently Issued Accounting Standards (Details Narrative) $ in Thousands	Sep. 30, 2015USD ($)
Recently Issued Accounting Standards Details Narrative
Reclass deferred tax liability in accordance with FASB ASU 2015-17	$ 309

Related Party Agreements (Detai

Related Party Agreements (Details Narrative) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)
FRP
Charges/allocations	$ 406	$ 643	$ 792	$ 1,437
Interest in corporate airplane sold	.75
Sales price of airplane	$ 543
Gain on sale of airplane interest	197
Bluegrass
Charges/allocations	$ 165	$ 137	$ 288	$ 240

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) $ in Thousands	6 Months Ended
	Mar. 31, 2016USD ($)yr	Jan. 30, 2015USD ($)yr
Revolving Credit facility		$ 25,000
Borrowed under the revolver		$ 5,100
Credit Agreement term years | yr		5
Wells Fargo
Borrowed under the revolver	$ 0
Letters of credit issued	3,245
Amount availbe for additional borrowings	$ 21,755
Compliance with loan covenants	All
BBT
Revolving Credit facility	$ 25,000
Borrowed under the revolver	$ 0
Credit Agreement term years | yr	2
Conversion description	This facility contains a provision which automatically converts any draws under the revolver into five-year term loans with a seven year amortization.

Earnings per share (Details Nar

Earnings per share (Details Narrative) - shares	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015	Jan. 30, 2015	Jan. 28, 2015	Dec. 03, 2014
Earnings Per Share [Abstract]
Shares of common stock	3,287,253		3,287,253		3,272,804	3,242,524	3,242,424	100
Anti-dilutive shares	83,967	35,173	73,967	35,173

Stock-Based Compensation Plan28

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)yr$ / sharesshares	Sep. 30, 2015	Jan. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
FRP options replacement			75.14%
Patriot options replacement			24.86%
Spin-off distribution ratio		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
Shares available for future issuance | shares	141,162
Aggregate intrinsic value of exercisable options	$ 61
Aggregate intrinsic value of outstanding in-the-money options	$ 67
Market close price | $ / shares	$ 20.22
Realized tax benefit pertaining to FRP options	$ 323
Total unrecognized compensation cost of options granted	$ 831
Weighted average period for compensation to be recognized | yr	3.2

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	Mar. 31, 2016USD ($)
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	6 Months Ended
	Mar. 31, 2016	Sep. 30, 2015
Top Ten Customers
Customer revenue concentration	60.30%
Accounts receivable concentration	$ 4,850	$ 4,596
Top Customer
Customer revenue concentration	22.70%

Unusual or Infrequent Items I31

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Dec. 18, 2015	Oct. 20, 2015
Extraordinary and Unusual Items [Abstract]
BP Claim Settlement					$ 2,048	$ 2,106
BP Claim payment	$ 1,687
Intangible asset impairment	$ 0	$ 2,074	$ 0	$ 2,074