FRP (FRPH) 10-Q 3 Feb 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Dec. 31, 2013
Document And Entity Information	'
Entity Registrant Name	'PATRIOT TRANSPORTATION HOLDING INC.
Entity Central Index Key	'0000844059
Document Type	'10-Q
Document Period End Date	31-Dec-13
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	'Accelerated Filer
Entity Common Stock, Shares Outstanding	9,578,616
Document Fiscal Period Focus	'Q1
Document Fiscal Year Focus	'2014

Balance_Sheets

Balance Sheets (USD $)	Dec. 31, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$579	$502
Cash held in escrow	1,570	1,569
Accounts receivable, net of allowance for doubtful accounts of $222 and $162, respectively	9,740	7,707
Real estate tax refund receivable	994	1,576
Inventory of parts and supplies	870	881
Prepaid tires on equipment	2,093	1,871
Prepaid taxes and licenses	1,578	2,223
Prepaid insurance	483	609
Prepaid expenses, other	120	79
Real estate held for sale, at cost	1,316	0
Total current assets	19,343	17,017
Property, plant and equipment, at cost	366,338	356,335
Less accumulated depreciation and depletion	117,478	114,922
Net property, plant and equipment	248,860	241,413
Real estate held for investment, at cost	4,428	4,343
Investment in joint ventures	13,497	13,406
Goodwill	3,431	1,087
Unrealized rents	4,686	4,659
Other assets, net	9,424	5,168
Total assets	303,669	287,093
Current liabilities:	'	'
Accounts payable	7,306	7,290
Deferred income taxes	127	127
Federal and state income taxes payable	1,138	475
Accrued payroll and benefits	4,245	6,008
Accrued insurance	1,408	1,285
Accrued liabilities, other	1,470	1,486
Long-term debt due within one year	4,383	4,311
Total current liabilities	20,077	20,982
Long-term debt, less current portion	60,215	45,593
Deferred income taxes	22,567	22,567
Accrued insurance	1,133	1,133
Other liabilities	4,195	4,172
Commitments and contingencies (Note 7)	'	'
Shareholders' equity:	'	'
Common stock, $.10 par value; 25,000,000 shares authorized, 9,578,616 and 9,564,220 shares issued	958	956
Capital in excess of par value	44,751	44,258
Retained earnings	149,735	147,394
Accumulated other comprehensive income, net	38	38
Total shareholders' equity	195,482	192,646
Total liabilities and shareholders' equity	$303,669	$287,093

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Sep. 30, 2013
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]	'	'
Accounts receivable allowance for doubtful accounts	$222	$162
Preferred stock, par value	$0	$0
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$0.10	$0.10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	9,578,616	9,564,220

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Revenues:	'	'
Transportation	$31,591	$26,639
Mining royalty land	1,268	1,331
Developed property rentals	5,961	5,087
Total revenues	38,820	33,057
Cost of operations:	'	'
Transportation	30,135	24,842
Mining royalty land	329	308
Developed property rentals	3,878	3,236
Unallocated corporate	354	263
Total cost of operations	34,696	28,649
Operating profit:	'	'
Transportation	1,456	1,797
Mining royalty land	939	1,023
Developed property rentals	2,083	1,851
Unallocated corporate	-354	-263
Total operating profit	4,124	4,408
Gain on investment land sold	56	1,116
Interest income and other	1	32
Equity in loss of joint ventures	-32	-8
Interest expense	-311	-428
Income before income taxes	3,838	5,120
Provision for income taxes	1,497	1,997
Net income	2,341	3,123
Comprehensive Income	$2,341	$3,123
Basic earnings per common share	'	'
Net income	$0.24	$0.33
Diluted earnings per common share	'	'
Net income	$0.24	$0.33
Number of weighted average shares (in thousands) used in computing:	'	'
-basic earnings per common share	9,568	9,452
-diluted earnings per common share	9,674	9,549

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Cash flows from operating activities:	'		'
Net income	$2,341		$3,123
Adjustments to reconcile net income to net cash provided by continuing operating activities:	'		'
Depreciation, depletion and amortization	3,775		3,271
Deferred income taxes	0		444
Equity in loss of joint ventures	32		8
(Gain) on sale of equipment and property	-39		-1,307
Stock-based compensation	169		130
Net changes in operating assets and liabilities:	'		'
Accounts receivable	-1,451		704	[1]
Inventory of parts and supplies	11		-145
Prepaid expenses and other current assets	784		668
Other assets	-457		-680
Accounts payable and accrued liabilities	-1,772	[1]	-3,076
Income taxes payable and receivable	663		634
Long-term insurance liabilities and other long-term liabilities	23		74
Net cash provided by operating activities	4,079		3,848
Cash flows from investing activities:	'		'
Purchase of transportation group property and equipment	-5,334		-6,787
Investments in developed property rentals segment	-3,769		-4,164	[1]
Transportation group business acquisition	-10,023	[1]	0
Investment in joint ventures	-125		-32
Cash held in escrow	-1		0
Proceeds from the sale of property, plant and equipment	230		2,202
Net cash used in investing activities	-19,022		-8,781
Cash flows from financing activities:	'		'
Repayment of long-term debt	-1,051		-1,277
Repurchase of Company Stock	0		-233
Proceeds from borrowing on revolving credit facility	16,745		0
Payment on revolving credit facility	-1,000		0
Excess tax benefits from exercises of stock options	143		407
Exercise of employee stock options	183		763
Net cash provided by (used in) financing activities	15,020		-340
Net (decrease) increase in cash and cash equivalents	77		-5,273
Cash and cash equivalents at beginning of period	502		6,713
Cash and cash equivalents at end of the period	$579		$1,440
[1]	The Company recorded non-cash transations for vacation liability of the transportation group business acquisition of $132 in the first quarter of fiscal 2014 and a receivable on previously capitalized real estate taxes on the Anacostia property of $31 in the first quarter of fiscal 2013.

Statements_of_Cash_Flows_Paren

Statements of Cash Flows (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Statement of Cash Flows [Abstract]	'	'
Non-cash receivable on previously capitalized real estate taxes on Anacostia property	$0	$31
Vacation liability assumed	($132)	$0

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	(1) Basis of Presentation. The accompanying consolidated financial statements include the accounts of Patriot Transportation Holding, Inc. and its subsidiaries (the “Company”). Investment in the 50% owned Brooksville Joint Venture is accounted for under the equity method of accounting. Investment in Riverfront Investment Partners I, LLC is accounted for under the equity method of accounting (See Note 12). 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, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2014. The accompanying consolidated 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 Company's consolidated financial statements and related notes included in the Company’s Form 10-K for the year ended September 30, 2013.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
Recent Accounting Pronouncements	'
	(2) Recent Accounting Pronouncements. In February 2013, accounting guidance was issued to update the presentation of reclassifications from comprehensive income to net income in consolidated financial statements. Under this new guidance, an entity is required to provide information about the amounts reclassified out of accumulated other comprehensive income either by the respective line items of net income or by cross-reference to other required disclosures. The new guidance does not change the requirements for reporting net income or other comprehensive income in financial statements. This guidance was effective for fiscal years beginning after December 15, 2012 and did not have a material effect on the Company’s financial position or results of operations.

Business_Segments

Business Segments	3 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
Business Segments	'
	(3) Business Segments. The Company operates in three reportable business segments. The Company’s operations are substantially in the Southeastern and Mid-Atlantic states. The transportation segment hauls petroleum and other liquids and dry bulk commodities by tank trailers. The Company’s real estate operations consist of two reportable segments. The Mining royalty land segment owns real estate including construction aggregate royalty sites and parcels held for investment. The Developed property rentals segment acquires, constructs, and leases office/warehouse buildings primarily in the Baltimore/Northern Virginia/Washington area, and holds real estate for future development or related to its developments.
	The Company’s transportation and real estate groups operate independently and have minimal shared overhead except for corporate expenses. Corporate expenses are allocated in fixed quarterly amounts based upon budgeted and estimated proportionate cost by segment. Unallocated corporate expenses primarily include stock compensation and corporate aircraft expenses.
	Operating results and certain other financial data for the Company’s business segments are as follows (in thousands):
		Three Months ended
		December 31,
			2013			2012
	Revenues:
	Transportation	$	31,591			26,639
	Mining royalty land		1,268			1,331
	Developed property rentals		5,961			5,087
		$	38,820			33,057
	Operating profit:
	Transportation	$	1,948			2,268
	Mining royalty land		1,128			1,199
	Developed property rentals		2,366			2,115
	Corporate expenses:
	Allocated to transportation		(492	)		(471	)
	Allocated to mining land		(189	)		(176	)
	Allocated to developed property		(283	)		(264	)
	Unallocated		(354	)		(263	)
			(1,318	)		(1,174	)
		$	4,124			4,408
	Interest expense:
	Mining royalty land	$	26			11
	Developed property rentals		285			417
		$	311			428
	Capital expenditures:
	Transportation (a)	$	8,731			6,787
	Mining royalty land		—			—
	Developed property rentals:
	Capitalized interest		516			591
	Internal labor		95			110
	Real estate taxes		24			251
	Other costs		3,134			3,212
		$	12,500			10,951
		(a)	Includes $3,397 related to the Pipeline Transportation, Inc.
	acquisition during the three month period ended December 31,2013.
	Depreciation, depletion and
	amortization:
	Transportation	$	2,030			1,753
	Mining royalty land		28			25
	Developed property rentals		1,599			1,388
	Other		118			105
		$	3,775			3,271
			December 31,		September 30,
	Identifiable net assets		2013			2013
	Transportation	$	64,038			49,410
	Mining royalty land		39,914			40,008
	Developed property rentals		197,174			195,476
	Cash items		579			502
	Unallocated corporate assets		1,964			1,697
		$	303,669			287,093

LongTerm_Debt

Long-Term Debt	3 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Long-Term Debt	'
	(4) Long-Term debt. Long-term debt is summarized as follows (in thousands):
		December 31,		September 30,
		2013		2013
	Revolving credit (uncollateralized)	$	15,745		—
	5.6% to 8.6% mortgage notes
	due in installments through 2027		48,853		49,904
			64,598		49,904
	Less portion due within one year		4,383		4,311
		$	60,215		45,593
	On December 21, 2012, the Company entered into a five year credit agreement with Wells Fargo Bank, N.A. with a maximum facility amount of $55 million (the "Credit Agreement"). The Credit Agreement provides a revolving credit facility (the “Revolver”) with a maximum facility amount of $40 million, with a $20 million sublimit for standby letters of credit, and a term loan facility of $15 million. As of December 31, 2013, $15,745,000 was borrowed under the Revolver, $7,000,000 in letters of credit was outstanding, and $32,255,000 was available for additional borrowing. The letters of credit were issued for insurance retentions and to guarantee certain obligations to state agencies related to real estate development. Most of the letters of credit are irrevocable for a period of one year and typically are automatically extended for additional one-year periods. The Revolver bears interest at a rate of 1.0% over the selected LIBOR, which may change quarterly based on the Company’s ratio of Consolidated Total Debt to Consolidated Total Capital, as defined. A commitment fee of 0.15% per annum is payable quarterly on the unused portion of the commitment. The commitment fee may also change quarterly based upon the ratio described above. The Credit Agreement contains certain conditions, affirmative financial covenants and negative covenants including limitations on paying cash dividends. As of December 31, 2013, $68,444,000 of consolidated retained earnings would be available for payment of dividends. The Company was in compliance with all covenants as of December 31, 2013.
	The fair values of the Company’s mortgage notes payable were estimated based on current rates available to the Company for debt of the same remaining maturities. At December 31, 2013, the carrying amount and fair value of such other long-term debt was $48,853,000 and $52,004,000, respectively.

Earnings_per_Share

Earnings per Share	3 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Earnings per Share	'
	(5) Earnings per share. The following details the computations of the basic and diluted earnings per common share (dollars in thousands, except per share amounts):
		Three Months ended
		December 31,
		2013		2012
	Weighted average common shares
	outstanding during the period
	- shares used for basic
	earnings per common share		9,568		9,452
	Common shares issuable under
	share based payment plans
	which are potentially dilutive		106		97
	Common shares used for diluted
	earnings per common share		9,674		9,549
	Net income	$	2,341		3,123
	Earnings per common share
	Basic	$	0.24		0.33
	Diluted	$	0.24		0.33
	For the three months ended December 31, 2013, 31,790 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 ended December 31, 2012, 173,240 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive.

StockBased_Compensation_Plans

Stock-Based Compensation Plans	3 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Compensation Plans	'
	(6) Stock-Based Compensation Plans. As more fully described in Note 7 to the Company’s notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended September 30, 2013, the Company’s stock-based compensation plan permits the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, and stock awards. The number of common shares available for future issuance was 506,090 at December 31, 2013.
	The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands):
		Three Months ended
		December 31,
		2013			2012
	Stock option grants	$	169			130
	Annual director stock award		—			—
		$	169			130
	A summary of changes in outstanding 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, 2013	414,590		$	20.4		4.2	$	3,668
	Granted	31,790		$	41.39			$	545
	Exercised	14,396		$	12.71			$	89
	Outstanding at
	December 31, 2013	431,984		$	22.2		4.5	$	4,124
	Exercisable at
	December 31, 2013	344,830		$	20.24		3.5	$	2,992
	Vested during
	three months ended
	December 31, 2013	28,348						$	322
	The aggregate intrinsic value of exercisable in-the-money options was $7,334,000 and the aggregate intrinsic value of all outstanding in-the-money options was $8,343,000 based on the market closing price of $41.51 on December 31, 2013 less exercise prices. Gains of $405,000 were realized by option holders during the three months ended December 31, 2013. The realized tax benefit from options exercised for the three months ended December 31, 2013 was $157,000. The unrecognized compensation cost of options granted but not yet vested as of December 31, 2013 was $1,087,000, which is expected to be recognized over a weighted-average period of 3.8 years.

Contingent_liabiilites

Contingent liabiilites	3 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
Contingent liabiilites	'
	(7) Contingent liabilities. Certain of the Company’s subsidiaries are 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 for the transportation segment may be understated or overstated but the possible range can not 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 consolidated financial condition, results of operations or cash flows.
	On March 30, 2012 the Company entered into a Contribution Agreement with MRP SE Waterfront Residential, LLC. (“MRP”) to form a joint venture to develop the first phase only of the four phase master development known as RiverFront on the Anacostia in Washington, D.C. Preliminary testing completed in the summer of 2012 on the portion of the site that will contain Phase I indicated the presence of contaminated material that will have to be specially handled in the event of excavation in conjunction with construction. There are certain contaminants that we believe are a result of normal operations of our previous tenant over the long-term due to documented releases from an underground storage tank which was located within Phase I along with other activities by the tenant on the property. We are in the process of discussing financial responsibility for these costs with our prior tenant. To date discussions remain unresolved but it is our position that the tenant is responsible by terms of the lease and environmental laws. Notwithstanding this, as a result of the agreements in place with MRP, we have a financial responsibility to MRP up to a proposed cap of $1.871 million to appropriately handle the removal of the known hazardous substances on Phase I of the property. We recorded an expense in the fourth quarter of fiscal 2012 of $1,771,000 for this environmental remediation liability which is the lower end of the range of estimates. The actual expense may be materially higher or lower depending upon the determined responsibility of the prior tenant, our ability to collect from such prior tenant and actual costs incurred. Further testing during the fourth quarter of fiscal 2013 revealed the existence of contamination on the other three phases and we are requesting the prior tenant take financial responsibility for removal of this contamination as well. The Company has no obligation to remediate this contamination on Phases II, III and IV until such time as it commences construction there.

Concentrations

Concentrations	3 Months Ended
	Dec. 31, 2013
Risks and Uncertainties [Abstract]	'
Concentrations	'
	(8) Concentrations. The transportation segment 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 2014, the transportation segment’s ten largest customers accounted for approximately 56.7% of the transportation segment’s revenue. One of these customers accounted for 21.1% of the transportation segment’s 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 transportation segment’s ten largest customers was $5,120,000 and $3,565,000 at December 31, 2013 and September 30, 2013 respectively.
	The mining royalty land segment has one lessee that accounted for 72.7% of the segment’s revenues and $126,000 of accounts receivable at December 31, 2013. The termination of certain of this lessee’s underlying leases could have a material adverse effect on the segment.
	The Company places its cash and cash equivalents with high credit quality institutions. At times, such amounts may exceed FDIC limits.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	(9) 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, 2013 the Company had no assets or liabilities measured at fair value on a recurring basis or non-recurring basis. The fair value of all other financial instruments with the exception of mortgage notes (see Note 4) approximates the carrying value due to the short-term nature of such instruments.

Real_Estate_Held_for_Sale

Real Estate Held for Sale	3 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
Real Estate Held for Sale	'
	(10) Real Estate Held for Sale. In November 2013 the Company signed an agreement to sell 4.4 acres at Patriot Business Park for $2,000,000. The book value of the property at December 31, 2013 was $1,316,000. The sale is expected to close in the second half of calendar 2014.
	In July 2013 the Company sold 15.18 acres of land at Patriot Business Park resulting in $835,000 of cash held in escrow related to future obligations of the Company pertaining to this sale which will be satisfied during fiscal 2014. The Company sold 284 acres of Gulf Hammock mining property in August 2013 resulting in cash held in escrow of the amount of the gross proceeds of $734,000 held by a 1031 intermediary.

Unusual_or_Infrequent_Itmes_Im

Unusual or Infrequent Itmes Impacting Quarterly Results	3 Months Ended
	Dec. 31, 2013
Extraordinary and Unusual Items [Abstract]	'
Unusual or Infrequent Items Impacting Quarterly Results	'
	(11) Unusual or Infrequent Items Impacting Quarterly Results. Income from continuing operations for the first quarter of fiscal 2013 included a gain on the sale of the developed property rentals Commonwealth property in Jacksonville, Florida, of $1,116,000 before income taxes. The book value of the property was $723,000.

Riverfront_I_Joint_Venture

Riverfront I Joint Venture	3 Months Ended
	Dec. 31, 2013
Notes to Financial Statements	'
Riverfront I Joint Venture	'
	(12) Riverfront I Joint Venture. On March 30, 2012 the Company entered into a Contribution Agreement with MRP SE Waterfront Residential, LLC. (“MRP”) to form a joint venture to develop the first phase only of the four phase master development known as RiverFront on the Anacostia in Washington, D.C. The purpose of the Joint Venture is to develop, own, lease and ultimately sell an approximately 300,000 square foot residential apartment building (including approximately 18,000 square feet of retail) on a portion of the roughly 5.82 acre site. The joint venture, Riverfront Investment Partners I, LLC (“Riverfront I) was formed in June 2013 as contemplated. The Company’s cost of the property to be contributed of $5,839,000 was transferred from Property, plant and equipment to Investment in joint ventures and is accounted for under the equity method of accounting. MRP will contribute capital of at least $4,000,000 to the joint venture including development costs paid prior to formation of the joint venture. MRP will raise any additional equity capital and obtain a nonrecourse loan for the balance of the estimated construction and lease up costs. At this point the Company anticipates commencement of construction of Phase I in mid 2014 with lease up scheduled between late 2015 and all of 2016. The Company’s equity interest in the joint venture will be determined based on leverage of the entity, additional cash contributions by the Company, and negotiations with potential third partners.

Transportation_Business_Acquis

Transportation Business Acquisition	3 Months Ended
	Dec. 31, 2013
Business Combinations [Abstract]	'
Transportation Business Acquisition	'
	(13) Transportation Business Acquisition. The Company’s transportation segment acquired certain assets of Pipeline Transportation, Inc. on November 7, 2013. Pipeline’s operations have been conducted in the Florida and Alabama markets also served by Florida Rock and Tank Lines, Inc. 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 consolidated balance sheets. In connection with the Pipeline acquisition, the Company assumed certain vehicle leases. These non-cancellable operating leases will require minimum annual rentals approximating $3,034,000 over the next 4 fiscal years.

Business_Segments_Tables

Business Segments (Tables)	3 Months Ended
	Dec. 31, 2013
Segment Reporting [Abstract]	'
Business segments	'
		Three Months ended
		December 31,
			2013			2012
	Revenues:
	Transportation	$	31,591			26,639
	Mining royalty land		1,268			1,331
	Developed property rentals		5,961			5,087
		$	38,820			33,057
	Operating profit:
	Transportation	$	1,948			2,268
	Mining royalty land		1,128			1,199
	Developed property rentals		2,366			2,115
	Corporate expenses:
	Allocated to transportation		(492	)		(471	)
	Allocated to mining land		(189	)		(176	)
	Allocated to developed property		(283	)		(264	)
	Unallocated		(354	)		(263	)
			(1,318	)		(1,174	)
		$	4,124			4,408
	Interest expense:
	Mining royalty land	$	26			11
	Developed property rentals		285			417
		$	311			428
	Capital expenditures:
	Transportation (a)	$	8,731			6,787
	Mining royalty land		—			—
	Developed property rentals:
	Capitalized interest		516			591
	Internal labor		95			110
	Real estate taxes		24			251
	Other costs		3,134			3,212
		$	12,500			10,951
		(a)	Includes $3,397 related to the Pipeline Transportation, Inc.
	acquisition during the three month period ended December 31,2013.
	Depreciation, depletion and
	amortization:
	Transportation	$	2,030			1,753
	Mining royalty land		28			25
	Developed property rentals		1,599			1,388
	Other		118			105
		$	3,775			3,271
			December 31,		September 30,
	Identifiable net assets		2013			2013
	Transportation	$	64,038			49,410
	Mining royalty land		39,914			40,008
	Developed property rentals		197,174			195,476
	Cash items		579			502
	Unallocated corporate assets		1,964			1,697
		$	303,669			287,093

LongTerm_Debt_Tables

Long-Term Debt (Tables)	3 Months Ended
	Dec. 31, 2013
Debt Disclosure [Abstract]	'
Long-term debt	'
		December 31,		September 30,
		2013		2013
	Revolving credit (uncollateralized)	$	15,745		—
	5.6% to 8.6% mortgage notes
	due in installments through 2027		48,853		49,904
			64,598		49,904
	Less portion due within one year		4,383		4,311
		$	60,215		45,593

Earnings_per_Share_Tables

Earnings per Share (Tables)	3 Months Ended
	Dec. 31, 2013
Earnings Per Share [Abstract]	'
Earnings per share computations	'
		Three Months ended
		December 31,
		2013		2012
	Weighted average common shares
	outstanding during the period
	- shares used for basic
	earnings per common share		9,568		9,452
	Common shares issuable under
	share based payment plans
	which are potentially dilutive		106		97
	Common shares used for diluted
	earnings per common share		9,674		9,549
	Net income	$	2,341		3,123
	Earnings per common share
	Basic	$	0.24		0.33
	Diluted	$	0.24		0.33

StockBased_Compensation_Plans_

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock Compensation Expense	'
		Three Months ended
		December 31,
		2013			2012
	Stock option grants	$	169			130
	Annual director stock award		—			—
		$	169			130
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, 2013	414,590		$	20.4		4.2	$	3,668
	Granted	31,790		$	41.39			$	545
	Exercised	14,396		$	12.71			$	89
	Outstanding at
	December 31, 2013	431,984		$	22.2		4.5	$	4,124
	Exercisable at
	December 31, 2013	344,830		$	20.24		3.5	$	2,992
	Vested during
	three months ended
	December 31, 2013	28,348						$	322

Transportation_Business_Acquis1

Transportation Business Acquisition (Tables)	3 Months Ended
	Dec. 31, 2013
Business Combinations [Abstract]	'
Transportation Business Acquisition	'
	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_Tables_Longterm_

Long-Term Debt (Tables) - Long-term debt (Details) (USD $)	Dec. 31, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]	'	'
Revolving credit	$15,745	$0
5.6% to 8.6% mortgage notes due in installments through 2027	48,853	49,904
Total long-term debt	64,598	49,904
Less portion due within one year	4,383	4,311
Long-term debt	$60,215	$45,593

Earnings_per_Share_Tables_Earn

Earnings per Share (Tables) - Earnings per share computations (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Abstract]	'	'
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	9,568	9,452
Common shares issuable under share based payment plans which are potentially dilutive	106	97
Common shares used for diluted earnings per common share	9,674	9,549
Net income	$2,341	$3,123
Basic	$0.24	$0.33
Diluted	$0.24	$0.33

StockBased_Compensation_Plans_1

Stock-Based Compensation Plans (Tables) - Summary of Stock Activity (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013
	Years
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'	'
Options outstanding at October 1, 2013	414,590	'
Options granted	31,790	'
Options exercised	14,396	'
Options outstanding at December 31, 2013	431,984	'
Options outstanding weighted average exercise price-beginning balance	$20.40	'
Options outstanding weighted average exercise price - Granted	$41.39	'
Options outstanding weighted average exercise price - Exercised	$12.71	'
Options outstanding weighted average exercise price - Ending balance	$22.20	'
Options outstanding weighted average remaining term	'4.5	'4.2
Options outstanding weighted average grant date fair value - beginning balance	$3,668	'
Options granted weighted average grant date fair value	545	'
Options exercised weighted average grant date fair value	89	'
Options outstanding weighted average grant date fair value - ending balance	4,124	'
Options exercisable at December 31, 2013	344,830	'
Options exerciseable weighted average exercise price	$20.24	'
Options exerciseable weighted average remaining term	3.5	'
Options exerciseable weighted average grant date fair value	2,992	'
Options vested during three months ended December 31, 2013	28,348	'
Options vested weighted average grant date fair value	$322	'

StockBased_Compensation_Plans_2

Stock-Based Compensation Plans (Tables) - Stock Compensation Expense (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'	'
Stock option grants	$169	$130
Annual director stock award	0	0
Stock based compensation	$169	$130

Transportation_Business_Acquis2

Transportation Business Acquisition (Tables) - Transportation Business Acquisition (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013
Transportation Business Acquisition Tables - Transportation Business Acquisition Details	'
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

Business_Segments_Business_seg

Business Segments - Business segments (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues	$38,820	$33,057	'	'
Operating profit	4,124	4,408	'	'
Interest expense	311	428	'	'
Depreciation, depletion and amortization	3,775	3,271	'	'
Cash items	579	1,440	502	6,713
Total identifiable net assets	303,669	'	287,093	'
(a) Capital expenditures related to the Pipeline Transportation, Inc. acquisition	3,397	'	'	'
Transportation	'	'	'	'
Revenues	31,591	26,639	'	'
Operating profit	1,948	2,268	'	'
Corporate expenses	-492	-471	'	'
Capital expenditures (a)	8,731	6,787	'	'
Depreciation, depletion and amortization	2,030	1,753	'	'
Identifiable net assets	64,038	'	49,410	'
Mining royalty land	'	'	'	'
Revenues	1,268	1,331	'	'
Operating profit	1,128	1,199	'	'
Corporate expenses	-189	-176	'	'
Interest expense	26	11	'	'
Capital expenditures (a)	0	0	'	'
Depreciation, depletion and amortization	28	25	'	'
Identifiable net assets	39,914	'	40,008	'
Developed property rentals	'	'	'	'
Revenues	5,961	5,087	'	'
Operating profit	2,366	2,115	'	'
Corporate expenses	-283	-264	'	'
Interest expense	285	417	'	'
Capital expenditures (a)	3,134	3,212	'	'
Capital expenditures - Capitalized interest	516	591	'	'
Capital expenditures - Internal labor	95	110	'	'
Capital expenditures - Real estate taxes	24	251	'	'
Depreciation, depletion and amortization	1,599	1,388	'	'
Identifiable net assets	197,174	'	195,476	'
Corporate	'	'	'	'
Corporate expenses	-354	-263	'	'
Depreciation, depletion and amortization	118	105	'	'
Identifiable net assets	$1,964	'	$1,697	'

Basis_of_Presentation_Details_

Basis of Presentation (Details Narrative)	3 Months Ended
	Dec. 31, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Brooksville joint venture owned	50.00%

LongTerm_Debt_Details_Narrativ

Long-Term Debt (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013
Debt Disclosure [Abstract]	'	'
Lowest interest rate on mortgage notes	5.60%	'
Highest interest rate on mortgage notes	8.60%	'
Credit Agreement term years	5	'
Revolving Credit Agreement	$55,000	'
Revolving credit facility	40,000	'
Sublimit for standby letters of credit	20,000	'
Term loan facility	15,000	'
Revolver interest over LIBOR	'1%	'
Commitment fee	0.15%	'
Letters of credit issued	7,000	'
Borrowed under the revolver	15,745	0
Facility amount available for borrowing	32,255	'
Consolidated retained earnings available for payment of dividends	68,444	'
Carrying amount of mortgage notes payable	48,853	'
Fair value of mortgage notes payable	$52,004	'

Earnings_per_Share_Details_Nar

Earnings per Share (Details Narrative)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share [Abstract]	'	'
Anti-dilutive shares	31,790	173,240

StockBased_Compensation_Plans_3

Stock-Based Compensation Plans (Details Narrative) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013
	Years
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Shares available for future issuance	506,090
Aggregate intrinsic value of exercisable in-the-money options	$7,334
Aggregate intrinsic value of outstanding in-the-money options	8,343
Market close price	$41.51
Realized tax benefit from options exercised	157
Total unrecognized compensation cost of options granted but not yet vested	1,087
Weighted average period for compensation to be recognized	3.8
Gains realized by option holders	$405

Contingent_Liabilities_Details

Contingent Liabilities (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2013
Contingent Liabilities Details Narrative	'	'
Cap on environment financial responsibility	'	$1,871
Environmental remediation	$1,771	'

Concentrations_Details_Narrati

Concentrations (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013
Transportation Top Ten Customers	'	'
Customer revenue concentration	56.70%	'
Accounts receivable concentration	$5,120	$3,565
Transportation Top Customer	'	'
Customer revenue concentration	21.10%	'
Mining Top Customer	'	'
Customer revenue concentration	72.70%	'
Accounts receivable concentration	$126	'

Fair_Value_Measurements_Detail

Fair Value Measurements (Details Narrative) (USD $)	Dec. 31, 2013
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

Real_Estate_Held_for_Sale_Deta

Real Estate Held for Sale (Details Narrative) (USD $)	Dec. 31, 2013	Sep. 30, 2013	Jul. 31, 2013	Dec. 31, 2013	Dec. 31, 2014	Aug. 31, 2013
In Thousands, unless otherwise specified			Patriot Business Park	Patriot Business Park Future Sale	Patriot Business Park Future Sale	Gulf Hammock
			acre		acre	acre
Sales price	'	'	'	'	$2,000	'
Book value of property	'	'	'	1,316	'	'
Acres of land	'	'	15.18	'	4.4	284
Cash held in escrow	$1,570	$1,569	$835	'	'	$734

Unusual_or_Infrequent_Items_Im

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Gain on investment land sold	$56	$1,116
Commonwealth Avenue	'	'
Gain on investment land sold	'	1,116
Book value of property	'	$723

Riverfront_I_Joint_Venture_Det

Riverfront I Joint Venture (Details Narrative) (Riverfront I Joint Venture, USD $)	Jun. 30, 2013
In Thousands, unless otherwise specified	acre
	sqft
Riverfront I Joint Venture	'
Square feet	300,000
Retail square feet	18,000
Land acreage	5.82
Cost of property, plant and equipment transferred to Investment	$5,839
MRP minimum capital contribution	$4,000

Transportation_Business_Acquis3

Transportation Business Acquisition (Details Narrative) (USD $)	12 Months Ended	46 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Oct. 31, 2017
Notes to Financial Statements	'	'
Pipeline gross revenues	$16,500	'
Minimum annual rentals	'	$3,034