Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Jun. 30, 2014 | |
Document And Entity Information | ' |
Entity Registrant Name | 'PATRIOT TRANSPORTATION HOLDING INC. |
Entity Central Index Key | '0000844059 |
Document Type | '10-Q |
Document Period End Date | 30-Jun-14 |
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 | 9,657,419 |
Document Fiscal Period Focus | 'Q3 |
Document Fiscal Year Focus | '2014 |
Balance_Sheets
Balance Sheets (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $614 | $502 |
Cash held in escrow | 220 | 1,569 |
Accounts receivable, net of allowance for doubtful accounts of $227 and $162, respectively | 8,982 | 7,707 |
Real estate tax refund receivable | 416 | 1,576 |
Inventory of parts and supplies | 903 | 881 |
Deferred income taxes | 253 | 0 |
Prepaid tires on equipment | 2,044 | 1,871 |
Prepaid taxes and licenses | 321 | 2,223 |
Prepaid insurance | 115 | 609 |
Prepaid expenses, other | 112 | 79 |
Real estate held for sale, at cost | 4,340 | 0 |
Total current assets | 18,320 | 17,017 |
Property, plant and equipment, at cost | 369,180 | 356,335 |
Less accumulated depreciation and depletion | 121,819 | 114,922 |
Net property, plant and equipment | 247,361 | 241,413 |
Real estate held for investment, at cost | 7,341 | 4,343 |
Investment in joint ventures | 13,606 | 13,406 |
Goodwill | 3,431 | 1,087 |
Unrealized rents | 4,797 | 4,659 |
Other assets, net | 9,507 | 5,168 |
Total assets | 304,363 | 287,093 |
Current liabilities: | ' | ' |
Accounts payable | 8,266 | 7,290 |
Deferred income taxes | 0 | 127 |
Federal and state income taxes payable | 321 | 475 |
Accrued payroll and benefits | 4,527 | 6,008 |
Accrued insurance | 1,152 | 1,285 |
Accrued liabilities, other | 874 | 1,486 |
Long-term debt due within one year | 4,530 | 4,311 |
Total current liabilities | 19,670 | 20,982 |
Long-term debt, less current portion | 53,131 | 45,593 |
Deferred income taxes | 23,383 | 22,567 |
Accrued insurance | 994 | 1,133 |
Other liabilities | 4,390 | 4,172 |
Commitments and contingencies (Note 7) | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, $.10 par value; 25,000,000 shares authorized, 9,657,419 and 9,564,220 shares issued | 966 | 956 |
Capital in excess of par value | 46,868 | 44,258 |
Retained earnings | 154,923 | 147,394 |
Accumulated other comprehensive income, net | 38 | 38 |
Total shareholders' equity | 202,795 | 192,646 |
Total liabilities and shareholders' equity | $304,363 | $287,093 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable allowance for doubtful accounts | $227 | $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 and outstanding | 9,657,419 | 9,564,220 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Transportation | $33,569 | $28,794 | $97,060 | $82,609 |
Mining royalty land | 1,395 | 1,299 | 3,889 | 3,874 |
Developed property rentals | 6,284 | 5,615 | 19,026 | 16,150 |
Total revenues | 41,248 | 35,708 | 119,975 | 102,633 |
Cost of operations: | ' | ' | ' | ' |
Transportation | 31,124 | 25,687 | 92,262 | 75,784 |
Mining royalty land | 342 | 319 | 1,018 | 945 |
Developed property rentals | 3,893 | 3,428 | 12,358 | 9,982 |
Unallocated corporate | 159 | 204 | 1,337 | 1,136 |
Total cost of operations | 35,518 | 29,638 | 106,975 | 87,847 |
Operating profit: | ' | ' | ' | ' |
Transportation | 2,445 | 3,107 | 4,798 | 6,825 |
Mining royalty land | 1,053 | 980 | 2,871 | 2,929 |
Developed property rentals | 2,391 | 2,187 | 6,668 | 6,168 |
Unallocated corporate | -159 | -204 | -1,337 | -1,136 |
Total operating profit | 5,730 | 6,070 | 13,000 | 14,786 |
Gain on investment land sold | 450 | 0 | 528 | 1,116 |
Interest income and other | 0 | 0 | 1 | 37 |
Equity in loss of joint ventures | -29 | -11 | -92 | -30 |
Interest expense | -438 | -1,137 | -1,095 | -2,145 |
Income before income taxes | 5,713 | 4,922 | 12,342 | 13,764 |
Provision for income taxes | 2,228 | 1,920 | 4,813 | 5,368 |
Net income | 3,485 | 3,002 | 7,529 | 8,396 |
Comprehensive Income | $3,485 | $3,002 | $7,529 | $8,396 |
Basic earnings per common share | ' | ' | ' | ' |
Net income | $0.36 | $0.31 | $0.78 | $0.88 |
Diluted earnings per common share | ' | ' | ' | ' |
Net income | $0.36 | $0.31 | $0.78 | $0.88 |
Number of weighted average shares (in thousands) used in computing: | ' | ' | ' | ' |
-basic earnings per common share | 9,651 | 9,549 | 9,613 | 9,511 |
-diluted earnings per common share | 9,718 | 9,625 | 9,700 | 9,592 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities: | ' | ' | |
Net income | $7,529 | $8,396 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | |
Depreciation, depletion and amortization | 12,015 | 10,362 | |
Deferred income taxes | 436 | 1,289 | |
Equity in loss of joint ventures | 92 | 30 | |
(Gain) on sale of equipment and property | -822 | -2,141 | |
Stock-based compensation | 1,053 | 812 | |
Net changes in operating assets and liabilities: | ' | ' | |
Accounts receivable | -115 | 21 | |
Inventory of parts and supplies | -22 | -108 | |
Prepaid expenses and other current assets | 2,466 | 3,211 | |
Other assets | -1,632 | -1,299 | |
Accounts payable and accrued liabilities | -1,382 | [1] | -1,444 |
Income taxes payable and receivable | -154 | 1,174 | |
Long-term insurance liabilities and other long-term liabilities | 79 | 37 | |
Net cash provided by operating activities | 19,543 | 20,340 | |
Cash flows from investing activities: | ' | ' | |
Purchase of transportation group property and equipment | -8,476 | -10,672 | |
Investments in developed property rentals segment | -14,134 | -16,276 | |
Transportation group business acquisition | -10,023 | [1] | 0 |
Investment in joint ventures | -297 | -38 | |
Cash held in escrow | 1,349 | 0 | |
Proceeds from the sale of property, plant and equipment | 2,826 | 3,068 | |
Net cash used in investing activities | -28,755 | -23,918 | |
Cash flows from financing activities: | ' | ' | |
Repayment of long-term debt | -3,206 | -11,115 | |
Repurchase of Company Stock | 0 | -233 | |
Proceeds from borrowing on revolving credit facility | 24,263 | 8,500 | |
Payment on revolving credit facility | -13,300 | -1,200 | |
Excess tax benefits from exercises of stock options | 692 | 585 | |
Exercise of employee stock options | 875 | 1,070 | |
Net cash provided by (used in) financing activities | 9,324 | -2,393 | |
Net increase (decrease) in cash and cash equivalents | 112 | -5,971 | |
Cash and cash equivalents at beginning of period | 502 | 6,713 | |
Cash and cash equivalents at end of the period | $614 | $742 | |
[1] | The Company recorded non-cash transactions for vacation liability of the transportation group business acquisition of $132 in the first nine months of fiscal 2014. |
Statements_of_Cash_Flows_Paren
Statements of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Vacation liability assumed | ($132) | $0 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Jun. 30, 2014 | |
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 nine months ended June 30, 2014 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 | 9 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
Recent Accounting Pronouncements | ' |
(2)Recently Issued Accounting Standards. In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements and Property, Plant, and Equipment - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. The ASU also expands the disclosure requirements for transactions that meet the definition of a discontinued operation and requires entities to disclose information about individually significant components that are disposed of or held for sale and do not qualify as discontinued operations. This new guidance is effective for annual periods beginning on or after December 15, 2014 and interim periods within those years, with early adoption permitted. Effective second quarter 2014, the Company adopted ASU 2014-08 and will apply the new guidance, as applicable, to future disposals of components or classifications as held for sale. |
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Nine Months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Transportation | $ | 33,569 | 28,794 | $ | 97,060 | 82,609 | ||||||||||
Mining royalty land | 1,395 | 1,299 | 3,889 | 3,874 | ||||||||||||
Developed property rentals | 6,284 | 5,615 | 19,026 | 16,150 | ||||||||||||
$ | 41,248 | 35,708 | $ | 119,975 | 102,633 | |||||||||||
Operating profit: | ||||||||||||||||
Transportation | $ | 2,867 | 3,513 | $ | 6,139 | 8,109 | ||||||||||
Mining royalty land | 1,241 | 1,156 | 3,437 | 3,457 | ||||||||||||
Developed property rentals | 2,675 | 2,451 | 7,518 | 6,960 | ||||||||||||
Corporate expenses: | ||||||||||||||||
Allocated to transportation | (422 | ) | (406 | ) | (1,341 | ) | (1,284 | ) | ||||||||
Allocated to mining land | (188 | ) | (176 | ) | (566 | ) | (528 | ) | ||||||||
Allocated to developed property | (284 | ) | (264 | ) | (850 | ) | (792 | ) | ||||||||
Unallocated | (159 | ) | (204 | ) | (1,337 | ) | (1,136 | ) | ||||||||
(1,053 | ) | (1,050 | ) | (4,094 | ) | (3,740 | ) | |||||||||
$ | 5,730 | 6,070 | $ | 13,000 | 14,786 | |||||||||||
Interest expense: | ||||||||||||||||
Mining royalty land | $ | 32 | 15 | $ | 97 | 38 | ||||||||||
Developed property rentals | 406 | 1,122 | 998 | 2,107 | ||||||||||||
$ | 438 | 1,137 | $ | 1,095 | 2,145 | |||||||||||
Capital expenditures: | ||||||||||||||||
Transportation (a) | $ | 2,732 | 3,311 | $ | 11,873 | 10,672 | ||||||||||
Mining royalty land | — | — | — | — | ||||||||||||
Developed property rentals: | ||||||||||||||||
Capitalized interest | 360 | 367 | 1,353 | 1,375 | ||||||||||||
Internal labor | 146 | 106 | 341 | 324 | ||||||||||||
Real estate taxes | 46 | 254 | 86 | 761 | ||||||||||||
Other costs | 8,784 | 9,978 | 12,354 | 13,816 | ||||||||||||
$ | 12,068 | 14,016 | $ | 26,007 | 26,948 | |||||||||||
(a) | Includes $3,397 related to the Pipeline Transportation, Inc. acquisition during the nine month period ended June 30, 2014. | |||||||||||||||
Depreciation, depletion and | ||||||||||||||||
amortization: | ||||||||||||||||
Transportation | $ | 2,225 | 1,865 | $ | 6,549 | 5,445 | ||||||||||
Mining royalty land | 36 | 27 | 92 | 75 | ||||||||||||
Developed property rentals | 1,691 | 1,629 | 5,013 | 4,532 | ||||||||||||
Other | 120 | 103 | 361 | 310 | ||||||||||||
$ | 4,072 | 3,624 | $ | 12,015 | 10,362 | |||||||||||
June 30, | September 30, | |||||||||||||||
Identifiable net assets | 2014 | 2013 | ||||||||||||||
Transportation | $ | 60,820 | 49,410 | |||||||||||||
Mining royalty land | 39,301 | 40,008 | ||||||||||||||
Developed property rentals | 201,619 | 195,476 | ||||||||||||||
Cash items | 614 | 502 | ||||||||||||||
Unallocated corporate assets | 2,009 | 1,697 | ||||||||||||||
$ | 304,363 | 287,093 | ||||||||||||||
LongTerm_Debt
Long-Term Debt | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
(4) Long-Term debt. Long-term debt is summarized as follows (in thousands): | |||||||||
June 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Revolving credit (uncollateralized) | $ | 10,963 | — | ||||||
5.6% to 8.6% mortgage notes | |||||||||
due in installments through 2027 | 46,698 | 49,904 | |||||||
57,661 | 49,904 | ||||||||
Less portion due within one year | 4,530 | 4,311 | |||||||
$ | 53,131 | 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 June 30, 2014, $10,963,000 was borrowed under the Revolver, $7,423,000 in letters of credit was outstanding, and $36,614,000 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 June 30, 2014, $71,899,000 of consolidated retained earnings would be available for payment of dividends. The Company was in compliance with all covenants as of June 30, 2014. | |||||||||
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 June 30, 2014, the carrying amount and fair value of such other long-term debt was $46,698,000 and $50,008,000, respectively. |
Earnings_per_Share
Earnings per Share | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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 | Nine Months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted average common shares | ||||||||||||||||
outstanding during the period | ||||||||||||||||
- shares used for basic | ||||||||||||||||
earnings per common share | 9,651 | 9,549 | 9,613 | 9,511 | ||||||||||||
Common shares issuable under | ||||||||||||||||
share based payment plans | ||||||||||||||||
which are potentially dilutive | 67 | 76 | 87 | 81 | ||||||||||||
Common shares used for diluted | ||||||||||||||||
earnings per common share | 9,718 | 9,625 | 9,700 | 9,592 | ||||||||||||
Net income | $ | 3,485 | 3,002 | 7,529 | 8,396 | |||||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.36 | 0.31 | 0.78 | 0.88 | |||||||||||
Diluted | $ | 0.36 | 0.31 | 0.78 | 0.88 | |||||||||||
For the three and nine months ended June 30, 2014, 24,290 and 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 and nine months ended June 30, 2013, 87,550 and 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 | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
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 486,590 at June 30, 2014. | |||||||||||||||||
The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): | |||||||||||||||||
Three Months ended | Nine Months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock option grants | $ | 93 | 86 | 355 | 305 | ||||||||||||
Annual director stock award | — | — | 698 | 507 | |||||||||||||
$ | 93 | 86 | 1,053 | 812 | |||||||||||||
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 | 73,699 | $ | 11.87 | $ | 441 | ||||||||||||
Outstanding at | |||||||||||||||||
June 30, 2014 | 372,681 | $ | 23.87 | 4.6 | $ | 3,772 | |||||||||||
Exercisable at | |||||||||||||||||
June 30, 2014 | 285,527 | $ | 22.02 | 3.6 | $ | 2,640 | |||||||||||
Vested during | |||||||||||||||||
nine months ended | |||||||||||||||||
June 30, 2014 | 28,348 | $ | 322 | ||||||||||||||
The aggregate intrinsic value of exercisable in-the-money options was $3,745,000 and the aggregate intrinsic value of all outstanding in-the-money options was $4,340,000 based on the market closing price of $34.97 on June 30, 2014 less exercise prices. Gains of $1,902,000 were realized by option holders during the nine months ended June 30, 2014. The realized tax benefit from options exercised for the nine months ended June 30, 2014 was $736,000. The unrecognized compensation cost of options granted but not yet vested as of June 30, 2014 was $901,000, which is expected to be recognized over a weighted-average period of 3.5 years. |
Contingent_liabiilites
Contingent liabiilites | 9 Months Ended |
Jun. 30, 2014 | |
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 cannot be estimated. The liability at any point in time depends upon the relative ages and amounts of the individual open claims. In the opinion of management, none of these matters are expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. | |
Preliminary testing on the site of the Company's four phase master development known as Riverfront on the Anacostia in Washington, D.C. indicated the presence of contaminated material that will have to be specially handled upon excavation in conjunction with construction. The Company has agreed with our joint venture partner to bear the cost of handling the contaminated materials on the first phase of this development up to a cap of $1.871 million. 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 Company has no obligation to remediate this contamination on Phases II, III and IV of the development until such time as it makes a commitment to commence construction there. The Company's position is that the prior tenant on the property is responsible for the cost of removal of the contaminated materials. The Company's actual expense to address this issue may be materially higher or lower than the expense previously recorded depending upon the actual costs incurred and any reimbursement that we receive from the prior tenant. |
Concentrations
Concentrations | 9 Months Ended |
Jun. 30, 2014 | |
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 nine months of fiscal 2014, the transportation segment’s ten largest customers accounted for approximately 55.1% of the transportation segment’s revenue. One of these customers accounted for 20.7% 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 $4,030,000 and $3,565,000 at June 30, 2014 and September 30, 2013 respectively. | |
The mining royalty land segment has one lessee that accounted for 67.4% of the segment’s revenues and $152,000 of accounts receivable at June 30, 2014. 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 | 9 Months Ended |
Jun. 30, 2014 | |
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 June 30, 2014 the Company had no assets or liabilities measured at fair value on a recurring basis or non-recurring basis. The fair value of all 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 | 9 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
Real Estate Held for Sale | ' |
(10) Real Estate Held for Sale. 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 post sale obligations of the Company. The amount of cash held in escrow for work to be completed was $220,000 as of June 30, 2014. | |
The sale of phase two of the Windlass Run residential property is scheduled to close in March of 2015 for $11 million. The book cost of that property of $4,340,000 was transferred from real estate held for investment to real estate held for sale during the quarter ending June 30, 2014. |
Unusual_or_Infrequent_Items_Im
Unusual or Infrequent Items Impacting Quarterly Results | 9 Months Ended |
Jun. 30, 2014 | |
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. | |
On June 3, 2013 the Company prepaid the $7,281,000 remaining principal balance on a 6.12% mortgage under an early prepayment provision the note allowed after 7.5 years. The prepayment penalty of $386,000 is included in interest expense. The remaining deferred loan costs of $175,000 were also included in interest expense. |
Riverfront_I_Joint_Venture
Riverfront I Joint Venture | 9 Months Ended |
Jun. 30, 2014 | |
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 contributed land with an agreed to value of $13,500,000 (cost basis of $6,085,000) and will contribute cash of approximately $5,000,000 to the Joint Venture for a 77% stake in the venture. MRP will contribute capital of approximately $5,500,000 to the joint venture including development costs paid prior to formation of the joint venture. The joint venture expects to finalize financing arrangements providing for a $65 million loan with an initial four year term and approximately $17 million in EB5 secondary financing. Both these financing sources will be non-recourse to Patriot. The Company expects to finalize these financing arrangements and to commence construction by late summer 2014. At this point the Company anticipates lease up scheduled between late 2015 and all of 2016. The Company’s equity interest in the joint venture is accounted for under the equity method of accounting as MRP acts as the administrative agent of the joint venture and oversees and controls the day to day operations of the project. |
Transportation_Business_Acquis
Transportation Business Acquisition | 9 Months Ended | ||||
Jun. 30, 2014 | |||||
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 for $10,023,000. Pipeline’s operations have been conducted in the Florida and Alabama markets. 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. As of June 30, 2014 these non-cancellable operating leases will require minimum annual rentals approximating $2,548,000 over the next 3.3 fiscal years. |
Kelso_Property_Acquisition
Kelso Property Acquisition | 9 Months Ended |
Jun. 30, 2014 | |
Business Combinations [Abstract] | ' |
Kelso Property Acquisition | ' |
(14) Kelso Property Acquisition. On June 6, 2014, the Company purchased for approximately $4.8 million, the Kelso property in Baltimore, Maryland which consists of 2 buildings on 10.2 acres totaling 69,680 square feet. 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 property, through the use of a third party valuation, based upon the fair value of the assets acquired, consisting of land, buildings and intangible assets, including in-place leases and below market leases. Based on the third party valuation performed, $579,000 and $64,000 of the purchase price has been allocated to the fair value of the in-place leases and below market in-place leases, respectively. These intangible assets are recorded within Other assets and Other liabilities, respectively, in the consolidated balance sheets as of June 30, 2014. The value of the in-place lease intangibles will be amortized to amortization expense over the remaining lease term. The fair value assigned pertaining to the below-market in-place leases will be amortized to rental revenue over the remaining non-cancelable terms of the respective leases. |
Spinoff
Spin-off | 9 Months Ended |
Jun. 30, 2014 | |
Notes to Financial Statements | ' |
Spin-off | ' |
(15) Spin-off. On May 7, 2014, the Company announced that it planned to separate its transportation business into an independent publicly traded company through a tax free spin-off of the transportation business to Patriot shareholders. The separation, which is subject to a number of conditions including final Board approval, receipt of an opinion of tax counsel and effectiveness of a registration statement on Form 10, is expected to be completed in the next 9 months. |
Business_Segments_Tables
Business Segments (Tables) | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Business segments | ' | |||||||||||||||
Three Months ended | Nine Months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues: | ||||||||||||||||
Transportation | $ | 33,569 | 28,794 | $ | 97,060 | 82,609 | ||||||||||
Mining royalty land | 1,395 | 1,299 | 3,889 | 3,874 | ||||||||||||
Developed property rentals | 6,284 | 5,615 | 19,026 | 16,150 | ||||||||||||
$ | 41,248 | 35,708 | $ | 119,975 | 102,633 | |||||||||||
Operating profit: | ||||||||||||||||
Transportation | $ | 2,867 | 3,513 | $ | 6,139 | 8,109 | ||||||||||
Mining royalty land | 1,241 | 1,156 | 3,437 | 3,457 | ||||||||||||
Developed property rentals | 2,675 | 2,451 | 7,518 | 6,960 | ||||||||||||
Corporate expenses: | ||||||||||||||||
Allocated to transportation | (422 | ) | (406 | ) | (1,341 | ) | (1,284 | ) | ||||||||
Allocated to mining land | (188 | ) | (176 | ) | (566 | ) | (528 | ) | ||||||||
Allocated to developed property | (284 | ) | (264 | ) | (850 | ) | (792 | ) | ||||||||
Unallocated | (159 | ) | (204 | ) | (1,337 | ) | (1,136 | ) | ||||||||
(1,053 | ) | (1,050 | ) | (4,094 | ) | (3,740 | ) | |||||||||
$ | 5,730 | 6,070 | $ | 13,000 | 14,786 | |||||||||||
Interest expense: | ||||||||||||||||
Mining royalty land | $ | 32 | 15 | $ | 97 | 38 | ||||||||||
Developed property rentals | 406 | 1,122 | 998 | 2,107 | ||||||||||||
$ | 438 | 1,137 | $ | 1,095 | 2,145 | |||||||||||
Capital expenditures: | ||||||||||||||||
Transportation (a) | $ | 2,732 | 3,311 | $ | 11,873 | 10,672 | ||||||||||
Mining royalty land | — | — | — | — | ||||||||||||
Developed property rentals: | ||||||||||||||||
Capitalized interest | 360 | 367 | 1,353 | 1,375 | ||||||||||||
Internal labor | 146 | 106 | 341 | 324 | ||||||||||||
Real estate taxes | 46 | 254 | 86 | 761 | ||||||||||||
Other costs | 8,784 | 9,978 | 12,354 | 13,816 | ||||||||||||
$ | 12,068 | 14,016 | $ | 26,007 | 26,948 | |||||||||||
(a) | Includes $3,397 related to the Pipeline Transportation, Inc. | |||||||||||||||
acquisition during the nine month period ended June 30,2014. | ||||||||||||||||
Depreciation, depletion and | ||||||||||||||||
amortization: | ||||||||||||||||
Transportation | $ | 2,225 | 1,865 | $ | 6,549 | 5,445 | ||||||||||
Mining royalty land | 36 | 27 | 92 | 75 | ||||||||||||
Developed property rentals | 1,691 | 1,629 | 5,013 | 4,532 | ||||||||||||
Other | 120 | 103 | 361 | 310 | ||||||||||||
$ | 4,072 | 3,624 | $ | 12,015 | 10,362 | |||||||||||
June 30, | September 30, | |||||||||||||||
Identifiable net assets | 2014 | 2013 | ||||||||||||||
Transportation | $ | 60,820 | 49,410 | |||||||||||||
Mining royalty land | 39,301 | 40,008 | ||||||||||||||
Developed property rentals | 201,619 | 195,476 | ||||||||||||||
Cash items | 614 | 502 | ||||||||||||||
Unallocated corporate assets | 2,009 | 1,697 | ||||||||||||||
$ | 304,363 | 287,093 |
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-term debt | ' | ||||||||
June 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Revolving credit (uncollateralized) | $ | 10,963 | — | ||||||
5.6% to 8.6% mortgage notes | |||||||||
due in installments through 2027 | 46,698 | 49,904 | |||||||
57,661 | 49,904 | ||||||||
Less portion due within one year | 4,530 | 4,311 | |||||||
$ | 53,131 | 45,593 |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 9 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings per share computations | ' | |||||||||||||||
Three Months ended | Nine Months ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Weighted average common shares | ||||||||||||||||
outstanding during the period | ||||||||||||||||
- shares used for basic | ||||||||||||||||
earnings per common share | 9,651 | 9,549 | 9,613 | 9,511 | ||||||||||||
Common shares issuable under | ||||||||||||||||
share based payment plans | ||||||||||||||||
which are potentially dilutive | 67 | 76 | 87 | 81 | ||||||||||||
Common shares used for diluted | ||||||||||||||||
earnings per common share | 9,718 | 9,625 | 9,700 | 9,592 | ||||||||||||
Net income | $ | 3,485 | 3,002 | 7,529 | 8,396 | |||||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.36 | 0.31 | 0.78 | 0.88 | |||||||||||
Diluted | $ | 0.36 | 0.31 | 0.78 | 0.88 |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock Compensation Expense | ' | ||||||||||||||||
Three Months ended | Nine Months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock option grants | $ | 93 | 86 | 355 | 305 | ||||||||||||
Annual director stock award | — | — | 698 | 507 | |||||||||||||
$ | 93 | 86 | 1,053 | 812 | |||||||||||||
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 | 73,699 | $ | 11.87 | $ | 441 | ||||||||||||
Outstanding at | |||||||||||||||||
June 30, 2014 | 372,681 | $ | 23.87 | 4.6 | $ | 3,772 | |||||||||||
Exercisable at | |||||||||||||||||
June 30, 2014 | 285,527 | $ | 22.02 | 3.6 | $ | 2,640 | |||||||||||
Vested during | |||||||||||||||||
nine months ended | |||||||||||||||||
June 30, 2014 | 28,348 | $ | 322 |
Transportation_Business_Acquis1
Transportation Business Acquisition (Tables) | 9 Months Ended | ||||
Jun. 30, 2014 | |||||
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 $) | Jun. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Revolving credit | $10,963 | $0 |
5.6% to 8.6% mortgage notes due in installments through 2027 | 46,698 | 49,904 |
Total long-term debt | 57,661 | 49,904 |
Less portion due within one year | 4,530 | 4,311 |
Long-term debt | $53,131 | $45,593 |
Earnings_per_Share_Tables_Earn
Earnings per Share (Tables) - Earnings per share computations (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average common shares outstanding during the period - shares used for basic earnings per common share | 9,651 | 9,549 | 9,613 | 9,511 |
Common shares issuable under share based payment plans which are potentially dilutive | 67 | 76 | 87 | 81 |
Common shares used for diluted earnings per common share | 9,718 | 9,625 | 9,700 | 9,592 |
Net income | $3,485 | $3,002 | $7,529 | $8,396 |
Basic | $0.36 | $0.31 | $0.78 | $0.88 |
Diluted | $0.36 | $0.31 | $0.78 | $0.88 |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Tables) - Summary of Stock Activity (Details) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 |
Years | Years | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' |
Options outstanding at October 1, 2013 | 414,590 | ' |
Options granted | 31,790 | ' |
Options exercised | 73,699 | ' |
Options outstanding at June 30, 2014 | 372,681 | ' |
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 | $11.87 | ' |
Options outstanding weighted average exercise price - Ending balance | $23.87 | ' |
Options outstanding weighted average remaining term | 4.6 | 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 | 441 | ' |
Options outstanding weighted average grant date fair value - ending balance | 3,772 | ' |
Options exercisable at June 30, 2014 | 285,527 | ' |
Options exerciseable weighted average exercise price | $22.02 | ' |
Options exerciseable weighted average remaining term | 3.6 | ' |
Options exerciseable weighted average grant date fair value | 2,640 | ' |
Options vested during nine months ended June 30, 2014 | 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 | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Stock option grants | $93 | $86 | $355 | $305 |
Annual director stock award | 0 | 0 | 698 | 507 |
Stock based compensation | $93 | $86 | $1,053 | $812 |
Transportation_Business_Acquis2
Transportation Business Acquisition (Tables) - Transportation Business Acquisition (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Nov. 07, 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 | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Nov. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues | $41,248 | $35,708 | $119,975 | $102,633 | ' | ' | ' |
Operating profit | 5,730 | 6,070 | 13,000 | 14,786 | ' | ' | ' |
Interest expense | 438 | 1,137 | 1,095 | 2,145 | ' | ' | ' |
Capital expenditures (a) | 12,068 | 14,016 | 26,007 | 26,948 | ' | ' | ' |
Depreciation, depletion and amortization | 4,072 | 3,624 | 12,015 | 10,362 | ' | ' | ' |
Cash items | 614 | 742 | 614 | 742 | ' | 502 | 6,713 |
Total identifiable net assets | 304,363 | ' | 304,363 | ' | ' | 287,093 | ' |
(a) Capital expenditures related to the Pipeline Transportation, Inc. acquisition | ' | ' | ' | ' | 3,397 | ' | ' |
Transportation | ' | ' | ' | ' | ' | ' | ' |
Revenues | 33,569 | 28,794 | 97,060 | 82,609 | ' | ' | ' |
Operating profit | 2,867 | 3,513 | 6,139 | 8,109 | ' | ' | ' |
Corporate expenses | -422 | -406 | -1,341 | -1,284 | ' | ' | ' |
Capital expenditures (a) | 2,732 | 3,311 | 11,873 | 10,672 | ' | ' | ' |
Depreciation, depletion and amortization | 2,225 | 1,865 | 6,549 | 5,445 | ' | ' | ' |
Identifiable net assets | 60,820 | ' | 60,820 | ' | ' | 49,410 | ' |
(a) Capital expenditures related to the Pipeline Transportation, Inc. acquisition | 3,397 | ' | 3,397 | ' | ' | ' | ' |
Mining royalty land | ' | ' | ' | ' | ' | ' | ' |
Revenues | 1,395 | 1,299 | 3,889 | 3,874 | ' | ' | ' |
Operating profit | 1,241 | 1,156 | 3,437 | 3,457 | ' | ' | ' |
Corporate expenses | -188 | -176 | -566 | -528 | ' | ' | ' |
Interest expense | 32 | 15 | 97 | 38 | ' | ' | ' |
Capital expenditures (a) | 0 | 0 | 0 | 0 | ' | ' | ' |
Depreciation, depletion and amortization | 36 | 27 | 92 | 75 | ' | ' | ' |
Identifiable net assets | 39,301 | ' | 39,301 | ' | ' | 40,008 | ' |
Developed property rentals | ' | ' | ' | ' | ' | ' | ' |
Revenues | 6,284 | 5,615 | 19,026 | 16,150 | ' | ' | ' |
Operating profit | 2,675 | 2,451 | 7,518 | 6,960 | ' | ' | ' |
Corporate expenses | -284 | -264 | -850 | -792 | ' | ' | ' |
Interest expense | 406 | 1,122 | 998 | 2,107 | ' | ' | ' |
Capital expenditures (a) | 8,784 | 9,978 | 12,354 | 13,816 | ' | ' | ' |
Capital expenditures - Capitalized interest | 360 | 367 | 1,353 | 1,375 | ' | ' | ' |
Capital expenditures - Internal labor | 146 | 106 | 341 | 324 | ' | ' | ' |
Capital expenditures - Real estate taxes | 46 | 254 | 86 | 761 | ' | ' | ' |
Depreciation, depletion and amortization | 1,691 | 1,629 | 5,013 | 4,532 | ' | ' | ' |
Identifiable net assets | 201,619 | ' | 201,619 | ' | ' | 195,476 | ' |
Corporate | ' | ' | ' | ' | ' | ' | ' |
Corporate expenses | -159 | -204 | -1,337 | -1,136 | ' | ' | ' |
Depreciation, depletion and amortization | 120 | 103 | 361 | 310 | ' | ' | ' |
Identifiable net assets | $2,009 | ' | $2,009 | ' | ' | $1,697 | ' |
Basis_of_Presentation_Details_
Basis of Presentation (Details Narrative) | 9 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Brooksville joint venture owned | 50.00% |
LongTerm_Debt_Details_Narrativ
Long-Term Debt (Details Narrative) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | 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 | 7,423 | ' |
Borrowed under the revolver | 10,963 | 0 |
Facility amount available for borrowing | 36,614 | ' |
Consolidated retained earnings available for payment of dividends | 71,899 | ' |
Carrying amount of mortgage notes payable | 46,698 | ' |
Fair value of mortgage notes payable | $50,008 | ' |
Earnings_per_Share_Details_Nar
Earnings per Share (Details Narrative) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Anti-dilutive shares | 24,290 | 87,550 | 31,790 | 173,240 |
StockBased_Compensation_Plans_3
Stock-Based Compensation Plans (Details Narrative) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 |
Years | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Shares available for future issuance | 486,590 |
Aggregate intrinsic value of exercisable in-the-money options | $3,745 |
Aggregate intrinsic value of outstanding in-the-money options | 4,340 |
Market close price | $34.97 |
Realized tax benefit from options exercised | 736 |
Total unrecognized compensation cost of options granted but not yet vested | 901 |
Weighted average period for compensation to be recognized | 3.5 |
Gains realized by option holders | $1,902 |
Contingent_Liabilities_Details
Contingent Liabilities (Details Narrative) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Jun. 30, 2014 |
Contingent Liabilities Details Narrative | ' | ' |
Cap on environment financial responsibility | ' | $1,871 |
Environmental remediation | $1,771 | ' |
Concentrations_Details_Narrati
Concentrations (Details Narrative) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 |
Transportation Top Ten Customers | ' | ' |
Customer revenue concentration | 55.10% | ' |
Accounts receivable concentration | $4,030 | $3,565 |
Transportation Top Customer | ' | ' |
Customer revenue concentration | 20.70% | ' |
Mining Top Customer | ' | ' |
Customer revenue concentration | 67.40% | ' |
Accounts receivable concentration | $152 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details Narrative) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Fair Value Disclosures [Abstract] | ' |
Assets measured at fair value on a recurring basis | $0 |
Liabilities measured at fair value on a recurring basis | 0 |
Assets measured at fair value on a non-recurring basis | 0 |
Liabilities measured at fair value on a non-recurring basis | $0 |
Real_Estate_Held_for_Sale_Deta
Real Estate Held for Sale (Details Narrative) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Jul. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2015 |
In Thousands, unless otherwise specified | Patriot Business Park | Patriot Business Park | Windlass Run Phase 2 | Windlass Run Phase 2 | ||
acre | ||||||
Sales price | ' | ' | ' | ' | ' | $11,000 |
Book value of property | ' | ' | ' | ' | 4,340 | ' |
Acres of land | ' | ' | ' | 15.18 | ' | ' |
Cash held in escrow | $220 | $1,569 | $220 | $835 | ' | ' |
Unusual_or_Infrequent_Items_Im1
Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2012 |
Years | Commonwealth Avenue | ||||
Gain on investment land sold | $450 | $0 | $528 | $1,116 | $1,116 |
Book value of property | ' | ' | ' | ' | 723 |
Mortgage prepayment | ' | ' | ' | 7,281 | ' |
Rate of prepaid mortgage | ' | ' | ' | 6.12% | ' |
Early prepayment provision in years | ' | ' | ' | 7.5 | ' |
Prepayment penalty | ' | ' | ' | 386 | ' |
Deferred loan costs on early prepayment | ' | ' | ' | $175 | ' |
Riverfront_I_Joint_Venture_Det
Riverfront I Joint Venture (Details Narrative) (Riverfront I Joint Venture, USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
acre | |
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 | $6,085 |
MRP minimum capital contribution | 5,500 |
Fair value of contributed land | 13,500 |
Company capital contribution | 5,000 |
Company stake in venture | 77.00% |
Loan | 65,000 |
EB5 secondary financing | $17,000 |
Transportation_Business_Acquis3
Transportation Business Acquisition (Details Narrative) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 | Nov. 07, 2013 |
Years | |||
Notes to Financial Statements | ' | ' | ' |
Pipeline Transportation, Inc assets acquired | ' | ' | $10,023 |
Pipeline gross revenues | 16,500 | ' | ' |
Operating leases minimum future annual rentals | ' | $2,548 | ' |
Non-cancellable operating lease remaining period | ' | 3.3 | ' |
Kelso_Property_Acquisition_Det
Kelso Property Acquisition (Details Narrative) (Kelso Property, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 06, 2014 |
acre | ||
Kelso Property | ' | ' |
Approximate purchase price | $4,800 | ' |
Number of buildings Kelso property | ' | 2 |
Acres Kelso property | ' | 10.2 |
Square feet Kelso property | ' | 69,680 |
FV of in-place lease allocation to Other Assets | ' | 579 |
Below market in-place lease allocation to Other Liabilities | ' | $64 |