Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Oct. 31, 2014 | Mar. 31, 2014 |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'GEOSPACE TECHNOLOGIES CORP | ' | ' |
Entity Central Index Key | '0001001115 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Trading Symbol | 'GEOS | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $846 |
Entity Common Stock, Shares Outstanding | ' | 13,146,416 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $33,357 | $2,726 |
Short-term investments | 19,861 | ' |
Trade accounts receivable, net of allowance of $1,125 and $376 | 24,602 | 49,756 |
Current portion of notes receivable | 3,786 | 5,290 |
Inventories, net | 145,890 | 149,548 |
Costs and estimated earnings in excess of billings | 0 | 12,400 |
Deferred income tax assets | 7,244 | 7,056 |
Prepaid expenses and other current assets | 9,268 | 6,327 |
Total current assets | 244,008 | 233,103 |
Rental equipment, net | 53,873 | 36,908 |
Property, plant and equipment, net | 49,205 | 48,480 |
Goodwill | 1,843 | 1,843 |
Non-current deferred income tax assets | 75 | 594 |
Non-current notes receivable | 28 | ' |
Prepaid income taxes | 5,848 | 6,201 |
Other assets | 106 | 96 |
Total assets | 354,986 | 327,225 |
Current liabilities: | ' | ' |
Accounts payable trade | 4,964 | 16,737 |
Accrued expenses and other current liabilities | 14,590 | 16,638 |
Deferred revenue | 3,752 | 1,093 |
Deferred income tax liabilities | 23 | 12 |
Income tax payable | 22 | 159 |
Total current liabilities | 23,351 | 34,639 |
Long-term debt | ' | 931 |
Non-current deferred income tax liabilities | 2,377 | 2,597 |
Total liabilities | 25,728 | 38,167 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, 1,000,000 shares authorized, no shares issued and outstanding | ' | ' |
Common stock, $.01 par value, 20,000,000 shares authorized,13,147,416 and 12,942,066 shares issued and outstanding | 131 | 129 |
Additional paid-in capital | 70,704 | 65,985 |
Retained earnings | 260,919 | 224,008 |
Accumulated other comprehensive loss | -2,496 | -1,064 |
Total stockholders’ equity | 329,258 | 289,058 |
Total liabilities and stockholders’ equity | $354,986 | $327,225 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Trade accounts receivable, net of allowance | $1,125 | $376 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 13,147,416 | 12,942,066 |
Common stock, shares outstanding | 13,147,416 | 12,942,066 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues: | ' | ' | ' |
Total revenues | $236,912 | $300,607 | $191,664 |
Cost of revenues: | ' | ' | ' |
Total costs of revenues | 140,453 | 160,846 | 109,600 |
Gross profit | 96,459 | 139,761 | 82,064 |
Operating expenses: | ' | ' | ' |
Selling, general and administrative expenses | 25,291 | 23,383 | 18,914 |
Research and development expenses | 16,536 | 14,694 | 12,167 |
Bad debt expense | 833 | 457 | 118 |
Total operating expenses | 42,660 | 38,534 | 31,199 |
Income from operations | 53,799 | 101,227 | 50,865 |
Other income (expense): | ' | ' | ' |
Interest expense | -471 | -260 | -199 |
Interest income | 123 | 880 | 743 |
Foreign exchange gains (losses) | 182 | -708 | 457 |
Other, net | -90 | -46 | -4 |
Total other income (expense), net | -256 | -134 | 997 |
Income before income taxes | 53,543 | 101,093 | 51,862 |
Income tax expense | 16,632 | 31,536 | 16,744 |
Net income | 36,911 | 69,557 | 35,118 |
Earnings per common share: | ' | ' | ' |
Basic | $2.82 | $5.40 | $2.76 |
Diluted | $2.81 | $5.38 | $2.74 |
Weighted average common shares outstanding: | ' | ' | ' |
Basic | 12,950,958 | 12,886,372 | 12,735,520 |
Diluted | 12,997,009 | 12,938,661 | 12,836,239 |
Products | ' | ' | ' |
Revenues: | ' | ' | ' |
Total revenues | 209,581 | 287,233 | 175,378 |
Cost of revenues: | ' | ' | ' |
Total costs of revenues | 125,497 | 152,659 | 103,789 |
Rental equipment | ' | ' | ' |
Revenues: | ' | ' | ' |
Total revenues | 27,331 | 13,374 | 16,286 |
Cost of revenues: | ' | ' | ' |
Total costs of revenues | $14,956 | $8,187 | $5,811 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $36,911 | $69,557 | $35,118 |
Other comprehensive income (loss): | ' | ' | ' |
Change in unrealized gains (losses) on available-for-sale securities (net of tax) | -26 | -11 | 41 |
Reclassification adjustment (gains) losses included in net income (net of tax) | ' | -19 | 1 |
Unrealized gains (losses) on available- for-sale securities (net of tax) | -26 | -30 | 42 |
Foreign currency translation adjustments | -1,406 | -809 | -437 |
Other comprehensive loss | -1,432 | -839 | -395 |
Total comprehensive income | $35,479 | $68,718 | $34,723 |
Consolidated_Statement_of_Stoc
Consolidated Statement of Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data | |||||
Beginning Balance at Sep. 30, 2011 | $177,013 | $128 | $57,382 | $119,333 | $170 |
Beginning Balance, Shares at Sep. 30, 2011 | ' | 12,702,516 | ' | ' | ' |
Net income | 35,118 | ' | ' | 35,118 | ' |
Other comprehensive loss | -395 | ' | ' | ' | -395 |
Excess tax benefit from share-based compensation | 1,131 | ' | 1,131 | ' | ' |
Issuance of restricted stock, Shares | 0 | ' | ' | ' | ' |
Issuance of common stock pursuant to exercise of options, net of tax | 1,358 | ' | 1,358 | ' | ' |
Issuance of common stock pursuant to exercise of options, Shares | 99,644 | 99,644 | ' | ' | ' |
Stock-based compensation expense | 762 | ' | 762 | ' | ' |
Ending Balance at Sep. 30, 2012 | 214,987 | 128 | 60,633 | 154,451 | -225 |
Ending Balance, Shares at Sep. 30, 2012 | ' | 12,802,160 | ' | ' | ' |
Net income | 69,557 | ' | ' | 69,557 | ' |
Other comprehensive loss | -839 | ' | ' | ' | -839 |
Excess tax benefit from share-based compensation | 3,390 | ' | 3,390 | ' | ' |
Issuance of restricted stock, Shares | 0 | ' | ' | ' | ' |
Issuance of common stock pursuant to exercise of options, net of tax | 1,419 | 1 | 1,418 | ' | ' |
Issuance of common stock pursuant to exercise of options, Shares | 139,906 | 139,906 | ' | ' | ' |
Stock-based compensation expense | 544 | ' | 544 | ' | ' |
Ending Balance at Sep. 30, 2013 | 289,058 | 129 | 65,985 | 224,008 | -1,064 |
Ending Balance, Shares at Sep. 30, 2013 | 12,942,066 | 12,942,066 | ' | ' | ' |
Net income | 36,911 | ' | ' | 36,911 | ' |
Other comprehensive loss | -1,432 | ' | ' | ' | -1,432 |
Excess tax benefit from share-based compensation | 178 | ' | 178 | ' | ' |
Issuance of restricted stock | ' | 2 | -2 | ' | ' |
Issuance of restricted stock, Shares | 197,000 | 197,000 | ' | ' | ' |
Forfeiture of restricted stock | 0 | 0 | 0 | 0 | 0 |
Forfeiture of restricted stock, Shares | ' | -8,000 | ' | ' | ' |
Issuance of common stock pursuant to exercise of options, net of tax | 424 | ' | 424 | ' | ' |
Issuance of common stock pursuant to exercise of options, Shares | 16,350 | 16,350 | ' | ' | ' |
Stock-based compensation expense | 4,119 | ' | 4,119 | ' | ' |
Ending Balance at Sep. 30, 2014 | $329,258 | $131 | $70,704 | $260,919 | ($2,496) |
Ending Balance, Shares at Sep. 30, 2014 | 13,147,416 | 13,147,416 | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $36,911 | $69,557 | $35,118 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' | ' |
Deferred income tax expense (benefit) | 818 | -523 | 808 |
Depreciation and amortization | 17,774 | 12,229 | 9,587 |
Accretion of discounts on short-term-investments | 49 | 162 | 208 |
Stock-based compensation expense | 4,119 | 544 | 762 |
Bad debt expense | 833 | 457 | 118 |
Inventory obsolescence expense | 2,617 | 187 | 1,793 |
Gross profit from sale of used rental equipment | -9,031 | -13,627 | -9,992 |
(Gain) loss on disposal of property, plant and equipment | -64 | 301 | -34 |
Realized (gain) loss on short-term investments | 0 | -19 | 1 |
Effects of changes in operating assets and liabilities: | ' | ' | ' |
Trade accounts and notes receivable | 25,605 | -33,717 | 3,781 |
Inventories | -10,452 | -73,357 | -15,630 |
Costs and estimated earnings in excess of billings | 12,400 | -12,400 | ' |
Prepaid expenses and other current assets | -1,641 | -458 | -293 |
Prepaid income taxes | 353 | -722 | -4,500 |
Accounts payable trade | -11,756 | -442 | 12,151 |
Accrued expenses and other | -3,435 | 3,324 | 576 |
Deferred revenue | 2,685 | -7,541 | 7,897 |
Income taxes payable | -135 | -1,116 | 873 |
Net cash provided by (used in) operating activities | 67,650 | -57,161 | 43,224 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of property, plant and equipment | -6,792 | -19,384 | -4,013 |
Proceeds from the sale of property, plant and equipment | 27 | ' | 17 |
Investment in rental equipment | -26,719 | -22,275 | -31,716 |
Proceeds from the sale of used rental equipment | 16,390 | 25,497 | 24,184 |
Purchases of short-term investments | -21,610 | -1,587 | -16,823 |
Proceeds from the sale of short-term investments | 2,000 | 21,139 | 2,030 |
Net cash provided by (used in) investing activities | -36,704 | 3,390 | -26,321 |
Cash flows from financing activities: | ' | ' | ' |
Net (payments) borrowings under line of credit | -931 | 931 | ' |
Excess tax benefits from stock-based compensation | 178 | 3,390 | 1,131 |
Proceeds from exercise of stock options and other | 424 | 1,419 | 1,358 |
Net cash provided by (used in) financing activities | -329 | 5,740 | 2,489 |
Effect of exchange rate changes on cash | 14 | 5 | -28 |
Increase (decrease) in cash and cash equivalents | 30,631 | -48,026 | 19,364 |
Cash and cash equivalents, beginning of fiscal year | 2,726 | 50,752 | 31,388 |
Cash and cash equivalents, end of fiscal year | $33,357 | $2,726 | $50,752 |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Summary of Significant Accounting Policies | ' | |||
1. Summary of Significant Accounting Policies: | ||||
The Company | ||||
Geospace Technologies Corporation (“Geospace”) designs and manufactures instruments and equipment used by the oil and gas industry to acquire seismic data in order to locate, characterize and monitor hydrocarbon producing reservoirs. Geospace also designs and manufactures non-seismic products, including industrial products, offshore cables, thermal imaging equipment and film. Geospace and its subsidiaries are referred to collectively as the “Company”. | ||||
The significant accounting policies followed by the Company are summarized below. | ||||
Basis of Presentation | ||||
The accompanying financial statements present the consolidated financial position, results of operations and cash flows of the Company in accordance with U.S. generally accepted accounting principles. All intercompany balances and transactions have been eliminated. | ||||
Reclassifications | ||||
Certain amounts previously presented in the consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications had no effect on net income, stockholders’ equity or cash flows. | ||||
Use of Estimates | ||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company considers many factors in selecting appropriate operational and financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. The Company continually evaluates its estimates, including those related to bad debt reserves, inventory obsolescence reserves, percentage-of-completion revenue recognition, self-insurance reserves, product warranty reserves, long-lived assets, intangible assets and deferred income tax assets. The Company bases its estimates on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions. | ||||
Cash and Cash Equivalents | ||||
The Company considers all highly liquid investments purchased with an original or remaining maturity at the time of purchase of three months or less to be cash equivalents. | ||||
Short-term Investments | ||||
The Company classifies its short-term investments consisting of corporate bonds, government bonds and other such similar investments as available-for-sale securities. Available-for-sale securities are carried at fair market value with net unrealized holding gains and losses reported each period as a component of comprehensive income in stockholders’ equity. The Company’s short-term investments have contractual maturities ranging from July 2015 to October 2016. See Note 2 for additional information. | ||||
Concentrations of Credit Risk | ||||
The Company maintains its cash in bank deposit accounts that, at times, exceed federally insured limits. Management of the Company believes that the financial strength of the financial institutions holding such deposits minimizes the credit risk of such deposits. | ||||
The Company sells products to customers throughout the United States and various foreign countries. The Company’s normal credit terms for trade receivables are 30 days. In certain situations, credit terms may be extended to 60 days or longer. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for its trade receivables. Additionally, the Company provides long-term financing in the form of promissory notes when competitive conditions require such financing. In such cases, the Company may require collateral. Allowances are recognized for potential credit losses. At September 30, 2014, the Company had three customers comprising 22.8%, 15.6% and 14.2% of its trade accounts receivable. At September 30, 2013, the Company had one customer comprising 25.4% of its trade accounts receivable. The Company had two customers comprising 71.8% and 27.1% of its notes receivable balance at September 30, 2014. The Company had two customers comprising 60.0% and 39.1% of its notes receivable balance at September 30, 2013. One customer comprised 26.4% of the Company’s revenues during fiscal year 2014. One customer comprised 36.5% of the Company’s revenues during fiscal year 2013. One customer comprised 17.7% of the Company’s revenues during fiscal year 2012. | ||||
One of our wholly-owned subsidiaries, Geospace Technologies Eurasia, is located in the Russian Federation. In addition, we operate a branch office, Geospace Technologies Sucursal Sudamericana, in Colombia. Our financial results for these entities may be affected by factors such as changes in foreign currency exchange rates, weak economic conditions or changes in the political climate. Our consolidated balance sheets at September 30, 2014 reflected approximately $11.4 million and $1.8 million of net working capital related to our Russian and Colombian operations, respectively. Both of these entities receive a portion of their revenues and pay a majority of their expenses primarily in their local currency. During the fiscal years ended September 30, 2014 and 2013, our Russian subsidiary received approximately $10.2 million and $7.7 million, respectively of its revenues in U.S. dollars as a result of intercompany sales to our subsidiary located in the United States. To the extent that transactions of these entities are settled in their local currency, a devaluation of these currencies versus the U.S. dollar could reduce any contribution from these entities to our consolidated results of operations and total comprehensive income as reported in U.S. dollars. We do not hedge the market risk with respect to our operations in these countries; therefore, such risk is a general and unpredictable risk of future disruptions in the valuation of such currencies versus U.S. dollars to the extent such disruptions result in any reduced valuation of these foreign entities’ net working capital or future contributions to our consolidated results of operations. | ||||
Inventories | ||||
The Company records a write-down of its inventories when the cost basis of any manufactured product, including any estimated future costs to complete the manufacturing process, exceeds its net realizable value. Inventories are stated at the lower of cost or market value. Cost is determined on the first-in, first-out method, except that the Company’s subsidiary in the Russian Federation uses an average cost method to value its inventories. | ||||
Property, Plant and Equipment and Rental Equipment | ||||
Property, plant and equipment and rental equipment are stated at cost. Depreciation expense is calculated using the straight-line method over the following estimated useful lives: | ||||
Years | ||||
Rental equipment | 5-Mar | |||
Property, plant and equipment: | ||||
Machinery and equipment | 15-Mar | |||
Buildings and building improvements | Oct-50 | |||
Other | 10-May | |||
Expenditures for renewals and betterments are capitalized. Repairs and maintenance expenditures are charged to expense as incurred. The cost and accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and any gain or loss thereon is reflected in the statements of operations. | ||||
Patents | ||||
Patents are amortized over the legal life of the patent or the estimated useful life of the patent, whichever is shorter. At September 30, 2014, the Company’s patents were fully amortized. No patent amortization expense was incurred during fiscal year 2014. Patent amortization expense was approximately $0.1 million and $0.2 million, respectively, during each of fiscal years 2013 and 2012. | ||||
Impairment of Long-lived Assets | ||||
The Company’s long-lived assets are reviewed for impairment whenever an event or change in circumstances indicates the carrying amount of an asset or group of assets may not be recoverable. The impairment review, if necessary, includes a comparison of expected future cash flows (undiscounted and without interest charges) to be generated by an asset group with the associated carrying value of the related assets. If the carrying value of the asset group exceeds the expected future cash flows, an impairment loss is recognized to the extent that the carrying value of the asset group exceeds its fair value. | ||||
Goodwill | ||||
For the fiscal year ended September 30, 2014, the Company follows the simplified procedures for analyzing goodwill impairment. The guidance on the testing of goodwill for impairment provides the option to first assess qualitative factors to determine if the annual two-step test of goodwill for impairment must be performed. If, based on the qualitative assessment of events or circumstances, an entity determines it is more likely than not that the goodwill fair value is more than its carrying amount then it is not necessary to perform the two-step impairment test. However, if an entity concludes otherwise, then the two-step impairment test must be performed to identify potential impairment and to measure the amount of goodwill impairment, if any. The Company determined that it is more likely than not that the fair value of its goodwill was more than its carrying amount of $1.8 million and the two-step process was not necessary for the fiscal year ended September 30, 2014. | ||||
Revenue Recognition | ||||
The Company primarily derives revenue from the sale of its manufactured products, including revenues derived from the sale of its manufactured rental equipment. In addition, the Company generates revenue from the short-term rental under operating leases of its manufactured products. Except for revenues recognized using the percentage-of-completion method discussed below, the Company recognizes revenue from product sales, including the sale of used rental equipment, when (i) title passes to the customer, (ii) the customer assumes risks and rewards of ownership, (iii) the product sales price has been determined, (iv) collectability of the sales price is reasonably assured and (v) product delivery occurs as directed by the customer. Except for certain of the Company’s permanent reservoir monitoring products, the Company’s products are generally sold without any customer acceptance provisions and the Company’s standard terms of sale do not allow customers to return products for credit. The Company recognizes rental revenues as earned over the rental period. Rentals of the Company’s equipment generally range from daily rentals to rental periods of up to six months or longer. Revenues from engineering services are recognized as services are rendered over the duration of a project, or as billed on a per hour basis. Field service revenues are recognized when services are rendered and are generally priced on a per day rate. | ||||
Revenue Recognition – Percentage of Completion | ||||
The Company utilizes the percentage-of-completion method (the “POC Method”) to recognize revenues and costs on contracts having the following characteristics: | ||||
— | the order/contract requires significant custom designs for customer specific applications; | |||
— | the product design requires significant engineering efforts; | |||
— | the order/contract requires the customer to make progress payments during the contract term; and | |||
— | the order/contract requires at least 90 days of engineering and manufacturing effort. | |||
The POC Method requires the Company’s senior management to make estimates, at least quarterly, of the (i) total expected costs of the contract, (ii) manufacturing progress against the contract and (iii) the estimated cost to complete the contract. These estimates impact the amount of revenue and gross profit the Company recognizes for each reporting period. Significant estimates that may affect the future cost to complete a contract include the cost and availability of raw materials and component parts, engineering services, manufacturing equipment, labor, manufacturing capacity, factory productivity, contract penalties and disputes, product warranties and other contingent factors. Change orders are included in the total estimated contract revenue when it is probable that the change order will result in additional value that can be reliably estimated and realized. The Company defers recognition of the entire amount of revenue or portion thereof associated with unapproved change orders if there is substantial uncertainty as to amounts involved or ultimate realization. The cumulative impact of periodic revisions to the future cost to complete a contract will be reflected in the period in which these changes become known, including, to the extent required, the recognition of losses at the time such losses are known and estimable. Due to the various estimates inherent in the POC Method, actual final results at the conclusion of a contract could differ from management’s previous estimates. | ||||
The Company analyzes a variety of indicators to determine manufacturing progress, including actual costs incurred to date compared to total estimated costs and actual quantities produced to date compared to total contract quantities. | ||||
Cost of sales includes direct contract costs, such as materials and labor, and indirect costs that are attributable to a contract’s production activity. The timing of when the Company invoices its customer is dependent upon the completion of certain production milestones as defined in the contract. Cumulative contract costs and estimated earnings to date in excess of cumulative billings are reported as a current asset on the consolidated balance sheet as “costs and estimated earnings in excess of billings.” Cumulative billings in excess of cumulative costs and estimated earnings are reported as a current liability on the consolidated balance sheet as “billings in excess of costs and estimated earnings.” Any uncollected billed revenue, including contract retentions, is included in trade accounts receivable, net. | ||||
Deferred Revenue | ||||
The Company records deferred revenue when funds are received prior to the recognition of the associated revenue. | ||||
Research and Development Costs | ||||
The Company expenses research and development costs as incurred. Research and development costs include salaries, employee benefit costs, department supplies, direct project costs and other related costs. | ||||
Product Warranties | ||||
Most of the Company’s products do not require installation assistance or sophisticated instructions. The Company offers a standard product warranty obligating it to repair or replace equipment with manufacturing defects. The Company maintains a reserve for future warranty costs based on historical experience or, in the absence of historical product experience, management’s estimates. Reserves for future warranty costs are included within accrued expenses and other current liabilities on the consolidated balance sheets. | ||||
Changes in the product warranty reserve are reflected in the following table (in thousands): | ||||
Balance at October 1, 2011 | $ | 2,123 | ||
Accruals for warranties issued during the year | 1,354 | |||
Settlements made (in cash or in kind) during the year | (1,169 | ) | ||
Balance at September 30, 2012 | 2,308 | |||
Accruals for warranties issued during the year | 681 | |||
Settlements made (in cash or in kind) during the year | (1,037 | ) | ||
Balance at September 30, 2013 | 1,952 | |||
Accruals for warranties issued during the year | 324 | |||
Settlements made (in cash or in kind) during the year | (1,325 | ) | ||
Balance at September 30, 2014 | $ | 951 | ||
Stock-Based Compensation | ||||
The Company expenses the grant date fair value of equity awards over the requisite service period. The Company uses the Black-Scholes model to value its new stock option grants. The share-based payment framework also requires the Company to estimate forfeitures in calculating the expense related to stock-based compensation. In addition, the share-based payment framework requires the Company to reflect the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash inflow. | ||||
During fiscal year 2014, the Company issued 197,000 shares of restricted stock. The weighted average grant date fair value of the shares issued was $95.18 per share. No restricted stock was issued during fiscal years 2013 and 2012. No stock options were granted during fiscal years 2014, 2013 and 2012. | ||||
The Company recorded stock-based compensation expense of $4.1 million, $0.5 million and $0.8 million for the fiscal years ended September 30, 2014, 2013 and 2012, respectively. | ||||
Foreign Currency Gains and Losses | ||||
The assets and liabilities of the Company’s foreign subsidiaries have been translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Results of operations have been translated using the average exchange rates during the year. Resulting translation adjustments have been recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses are included in the statement of operations as they occur. | ||||
Shipping and Handling Costs | ||||
Amounts billed to a customer in a sales transaction related to reimbursable shipping and handling costs are included in revenues and the associated costs incurred by the Company for reimbursable shipping and handling expenses are reported in cost of sales. The Company had shipping and handling expenses of $0.9 million, $1.4 million and $1.0 million for each of the fiscal years ended September 30, 2014, 2013 and 2012, respectively. | ||||
Income Taxes | ||||
Income taxes are presented in accordance with the Financial Accounting Standards Board (“FASB”) guidance for accounting for income taxes. The estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying consolidated balance sheets, as well as operating loss and tax credit carrybacks and carryforwards are recorded. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities (temporary differences) and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company periodically reviews the recoverability of tax assets recorded on the balance sheet and provides valuation allowances if it is more likely than not that such assets will not be realized. | ||||
Recent Accounting Pronouncements | ||||
Income taxes are presented in accordance with FASB guidance for accounting for income taxes. In May 2014, the FASB issued Accounting Standards Update 2014-09 “Revenue from Contracts with Customer (Topic 606).” The amendment applies a new five-step revenue recognition model to be used in recognizing revenues associated with customer contracts. The amendment requires disclosure sufficient to enable readers of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures, significant judgments and changes in judgments and assets recognized from the costs to obtain or fulfill the contract. The standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the new guidance to determine the impact on its consolidated financial statements. |
Shortterm_Investments
Short-term Investments | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | |||||||||||||||
Short-term Investments | ' | |||||||||||||||
2. Short-term Investments | ||||||||||||||||
During the fiscal year ended September 30, 2014, the Company purchased short-term investments of $21.6 million and sold short-term investments of $2.0 million. During the fiscal years ended September 30, 2014, 2013 and 2012 the Company realized gains (losses) of zero, $19,000 and ($1,000), respectively, from the sale of short-term investments. The realized gains and losses are recorded in Other Income (Expense). At September 30, 2014, the Company’s short-term investments were composed of the following (in thousands): | ||||||||||||||||
AS OF SEPTEMBER 30, 2014 | ||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
Short-term investments: | ||||||||||||||||
Corporate bonds | $ | 14,262 | $ | — | $ | (27 ) | $ | 14,235 | ||||||||
Government bonds | 5,638 | — | (12 ) | 5,626 | ||||||||||||
Total | $ | 19,900 | $ | — | $ | -39 | $ | 19,861 | ||||||||
The Company had no short-term investments outstanding at September 30, 2013. | ||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Derivative Financial Instruments | ' | ||||||||||||
3. Derivative Financial Instruments | |||||||||||||
At September 30, 2014 and 2013, the Company’s Canadian subsidiary had $26.6 million and $28.3 million, respectively, of Canadian dollar denominated intercompany accounts payable owed to the Company’s U.S. subsidiary. In order to mitigate its exposure to movements in foreign currency rates between the U.S. dollar and Canadian dollar, the Company routinely enters into foreign currency forward contracts to hedge a portion or all of its exposure to changes in the value of the Canadian dollar. At September 30, 2014, the Company was a party to a $30.0 million foreign currency forward contract. This contract reduces the impact on cash flows from movements in the Canadian dollar/U.S. dollar currency exchange rate. At September 30, 2014, the Company had an accrued unrealized foreign exchange gain of $0.8 million under this contract. | |||||||||||||
The following table summarizes the gross fair value of all derivative instruments, which are not designated as hedging instruments and their location in the consolidated balance sheets (in thousands): | |||||||||||||
Derivative Instrument | Location | SEPTEMBER 30, | SEPTEMBER 30, | ||||||||||
2014 | 2013 | ||||||||||||
Foreign Currency Forward Contracts | Prepaid Expenses and Other Current Assets | $ | 795 | $ | — | ||||||||
Foreign Currency Forward Contracts | Accrued Expenses and Other Current Liabilities | — | 351 | ||||||||||
$ | 795 | $ | 351 | ||||||||||
The following table summarizes the impact of the Company’s derivatives on the consolidated statements of operations for the fiscal years ended September 30, 2014, 2013 and 2012 (in thousands): | |||||||||||||
FOR THE YEAR ENDED | |||||||||||||
Derivative Instrument | Location of Gain (loss) on | SEPTEMBER 30, | SEPTEMBER 30, | SEPTEMBER 30, | |||||||||
Derivative Instrument | 2014 | 2013 | 2012 | ||||||||||
Foreign Currency Forward Contracts | Other Income (Expense) | $ | 2,439 | $ | 398 | $ | (394 | ) | |||||
$ | 2,439 | $ | 398 | $ | (394 | ) | |||||||
Amounts in the above table include realized and unrealized derivative gains and losses. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value of Financial Instruments | ' | |||||||||||||||
4. Fair Value of Financial Instruments | ||||||||||||||||
At September 30, 2014, the Company’s financial instruments included cash and cash equivalents, trade and other receivables, other current assets, accounts payable, other current liabilities and long-term debt. Due to the short-term maturities of cash and cash equivalents, trade and other receivables, other current assets, accounts payable, other current liabilities and long-term debt, the carrying amounts approximate fair value on the respective balance sheet dates. | ||||||||||||||||
The Company measures short-term investments and derivatives at fair value on a recurring basis. | ||||||||||||||||
The following tables present the fair value of the Company’s short-term investments and foreign currency forward contracts at September 30, 2014 and 2013, respectively, by valuation hierarchy and input (in thousands): | ||||||||||||||||
AS OF SEPTEMBER 30, 2014 | ||||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||
Identical Assets | Observable | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Short-term investments: | ||||||||||||||||
Corporate bonds | $ | 14,235 | $ | 14,235 | $ | — | $ | — | ||||||||
Government bonds | 5,626 | 5,626 | — | — | ||||||||||||
Foreign currency forward contract | 795 | — | 795 | — | ||||||||||||
Total | $ | 20,656 | $ | 19,861 | $ | 795 | $ | — | ||||||||
As of SEPTEMBER 30, 2013 | ||||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||
Identical Assets | Observable | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Foreign currency forward contract | $ | (351 | ) | $ | — | $ | (351 | ) | $ | — | ||||||
Total | $ | (351 | ) | $ | — | $ | (351 | ) | $ | — | ||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Stockholders Equity Note [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||
5. Accumulated Other Comprehensive Income (Loss) | ||||||||||||
Accumulated other comprehensive income (loss) consisted of the following (in thousands): | ||||||||||||
Unrealized Gains | Foreign | Total | ||||||||||
and Losses on | Currency | |||||||||||
Available-for- | Translation | |||||||||||
Sale Securities | Adjustments | |||||||||||
Balance at October 1, 2011 | $ | (12 | ) | $ | 182 | $ | 170 | |||||
Other comprehensive income before reclassifications | 43 | (437 | ) | (394 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | (1 | ) | — | (1 | ) | |||||||
Net period other comprehensive income (loss) | 42 | (437 | ) | (395 | ) | |||||||
Balance at September 30, 2012 | $ | 30 | $ | (255 | ) | $ | (225 | ) | ||||
Other comprehensive income before reclassifications | (11 | ) | (809 | ) | (820 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | (19 | ) | — | (19 | ) | |||||||
Net period other comprehensive loss | (30 | ) | (809 | ) | (839 | ) | ||||||
Balance at September 30, 2013 | — | (1,064 | ) | (1,064 | ) | |||||||
Other comprehensive loss | (26 | ) | (1,406 | ) | (1,432 | ) | ||||||
Balance at September 30, 2014 | $ | (26 | ) | $ | (2,470 | ) | $ | (2,496 | ) | |||
Inventories
Inventories | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
6. Inventories | ||||||||
Inventories consisted of the following (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Finished goods and sub-assemblies | $ | 42,473 | $ | 44,391 | ||||
Work in progress | 28,582 | 25,156 | ||||||
Raw materials | 82,599 | 86,933 | ||||||
Obsolescence reserve | (7,764 | ) | (6,932 | ) | ||||
$ | 145,890 | $ | 149,548 | |||||
Inventory obsolescence expense was approximately $2.6 million, $0.2 million and $1.8 million during fiscal years 2014, 2013 and 2012, respectively. |
Percentage_of_Completion
Percentage of Completion | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables Long Term Contracts Or Programs [Abstract] | ' | |||||||
Percentage of Completion | ' | |||||||
7. Percentage of Completion | ||||||||
The Company utilizes the POC Method to recognize revenues under certain customer contracts. The balance sheets reflect cost and estimated earnings in excess of billings as follows (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Cumulative contract revenues earned to date | $ | — | $ | 109,565 | ||||
Less contract billings to date | — | 97,165 | ||||||
Costs and estimated earnings in excess of billings | $ | — | $ | 12,400 | ||||
Accounts_and_Notes_Receivable
Accounts and Notes Receivable | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts and Notes Receivable | ' | |||||||
8. Accounts and Notes Receivable | ||||||||
The Company’s current trade accounts receivable consisted of the following (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Trade accounts receivable | $ | 25,727 | $ | 50,132 | ||||
Allowance for doubtful accounts | (1,125 | ) | (376 | ) | ||||
$ | 24,602 | $ | 49,756 | |||||
The allowance for doubtful accounts represents the Company’s best estimate of probable credit losses. The Company determines the allowance based upon historical experience and a review of its balances. Accounts receivable balances are charged off against the allowance whenever it is probable that the receivable will not be recoverable. The Company does not have any off-balance-sheet credit exposure related to its customers. | ||||||||
Notes receivable are reflected in the following table (in thousands): | ||||||||
SEPTEMBER 30, 2014 | SEPTEMBER 30, 2013 | |||||||
Notes receivable | $ | 3,814 | $ | 5,290 | ||||
Allowance for doubtful notes | — | — | ||||||
3,814 | 5,290 | |||||||
Less current portion | 3,786 | 5,290 | ||||||
Non-current notes receivable | $ | 28 | $ | — | ||||
Notes receivable are generally collateralized by the products sold, and bear interest at rates ranging up to 11.0% per year. The notes receivable of $3.8 million will mature at various times through May 2017. The Company has, on occasion, extended or renewed notes receivable as they mature, but there is no obligation to do so. |
Rental_Equipment
Rental Equipment | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Rental Equipment [Abstract] | ' | |||||||
Rental Equipment | ' | |||||||
9. Rental Equipment | ||||||||
Rental equipment consisted of the following (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Rental equipment, primarily geophones and related products | $ | 76,193 | $ | 50,878 | ||||
Accumulated depreciation | (22,320 | ) | (13,970 | ) | ||||
$ | 53,873 | $ | 36,908 | |||||
Rental equipment depreciation expense was $12.4 million, $7.3 million and $5.5 million in fiscal years 2014, 2013 and 2012, respectively. We transferred $10.7 million and $4.9 million of inventories to our rental equipment during fiscal years 2014 and 2013, respectively, which had a non-cash impact. | ||||||||
Property_Plant_and_Equipment
Property, Plant and Equipment | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property Plant And Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
10. Property, Plant and Equipment | ||||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Land and land improvements | $ | 8,828 | $ | 8,714 | ||||
Buildings and building improvements | 30,255 | 30,075 | ||||||
Machinery and equipment | 46,806 | 43,627 | ||||||
Furniture and fixtures | 1,399 | 1,343 | ||||||
Transportation equipment | 30 | 30 | ||||||
Tools and molds | 1,629 | 1,496 | ||||||
Leasehold improvements | 71 | 8 | ||||||
Construction in progress | 3,226 | 2,495 | ||||||
92,244 | 87,788 | |||||||
Accumulated depreciation | (43,039 | ) | (39,308 | ) | ||||
$ | 49,205 | $ | 48,480 | |||||
Property, plant and equipment depreciation expense was $5.4 million, $4.8 million and $3.8 million in fiscal years 2014, 2013 and 2012, respectively. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
11. Long-Term Debt | ||||||||
Long-term debt consisted of the following (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Working capital line of credit | $ | — | $ | 931 | ||||
— | 931 | |||||||
Less current portion | — | — | ||||||
$ | — | $ | 931 | |||||
On March 2, 2011, the Company entered into a credit agreement with a bank. On September 27, 2013, the Company amended the credit agreement and increased its borrowing availability to $50.0 million (as amended, the “Credit Agreement”). The Company’s borrowings are principally secured by its accounts receivable, inventories and equipment. In addition, certain domestic subsidiaries of the Company have guaranteed the obligations of the Company under the Credit Agreement and such subsidiaries have secured the obligations by the pledge of certain of the assets of such subsidiaries. The Credit Agreement expires on April 27, 2016 and all borrowed funds are due and payable at that time. The Company is required to make quarterly interest payments on borrowed funds. The Credit Agreement limits the incurrence of additional indebtedness, requires the maintenance of certain financial ratios, restricts the Company and its subsidiaries’ ability to pay cash dividends and contains other covenants customary in agreements of this type. The interest rate for borrowings under the Credit Agreement is a LIBOR based rate with a margin spread of 250 to 325 basis points depending upon the maintenance of certain ratios. At September 30, 2014, the Company was in compliance with all covenants. At September 30, 2014 and 2013, there were borrowings of zero and $0.9 million, respectively, outstanding under the Credit Agreement. At September 30, 2014 and 2013, there were standby letters of credit outstanding in the amount of $51,000 and $42,000, respectively. Additional borrowings available under the Credit Agreement at September 30, 2014 were $49.9 million. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables And Accruals [Abstract] | ' | |||||||
Accrued Expenses and Other Current Liabilities | ' | |||||||
12. Accrued Expenses and Other Current Liabilities | ||||||||
Accrued expenses and other current liabilities consisted of the following (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Employee bonuses | $ | 6,611 | $ | 6,598 | ||||
Product warranty | 951 | 1,952 | ||||||
Compensated absences | 1,626 | 1,614 | ||||||
Legal and professional fees | 275 | 258 | ||||||
Payroll | 665 | 923 | ||||||
Property taxes | 2,043 | 2,652 | ||||||
Medical claims | 852 | 576 | ||||||
Other | 1,567 | 2,065 | ||||||
$ | 14,590 | $ | 16,638 | |||||
The Company is self-insured for certain losses related to employee medical claims. The Company has purchased stop-loss coverage for individual claims in excess of $150,000 per claimant per year in order to limit its exposure to any significant levels of employee medical claims. Self-insured losses are accrued based on the Company’s historical experience and on estimates of aggregate liability for uninsured claims incurred using certain actuarial assumptions followed in the insurance industry. |
Employee_Benefits
Employee Benefits | 12 Months Ended |
Sep. 30, 2014 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Employee Benefits | ' |
13. Employee Benefits | |
The Company’s U.S. employees are participants in the Geospace Technologies Corporation’s Employee’s 401(k) Retirement Plan (the “Plan”), which covers substantially all eligible employees in the United States. The Plan is a qualified salary reduction plan in which all eligible participants may elect to have a percentage of their compensation contributed to the Plan, subject to certain guidelines issued by the Internal Revenue Service. The Company’s share of discretionary matching contributions was approximately $1.1 million, $0.9 million and $0.7 million in fiscal years 2014, 2013 and 2012, respectively. | |
The Company’s stock incentive plan in which key employees may participate are discussed in Note 14 to these Consolidated Financial Statements. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Stockholders Equity Note [Abstract] | ' | ||||||||||||||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||||||||||||||
14. Stockholders’ Equity | |||||||||||||||||||||||||||||||||
In September 1997, the board of directors and stockholders approved the 1997 Key Employee Stock Option Plan (as amended the “1997 Plan”) and, following amendments thereto, there has been reserved an aggregate of 2,250,000 shares of common stock for issuance thereunder. In August 2013, the board of directors and stockholders approved an amendment that extended the 1997 Plan to November 14, 2017. | |||||||||||||||||||||||||||||||||
Under the 1997 Plan, the Company is authorized to grant nonqualified and incentive stock options to purchase common stock and restricted stock awards of common stock to key employees of the Company. Options have a term not to exceed ten years, with the exception of incentive stock options granted to employees owning ten percent or more of the outstanding shares of common stock, which have a term not to exceed five years. The exercise price of any option may not be less than the fair market value of the common stock on the date of grant. In the case of incentive stock options granted to an employee owning ten percent or more of the outstanding shares of common stock, the exercise price of such option may not be less than 110% of the fair market value of the common stock on the date of grant. Options vest over a four-year period commencing on the date of grant in 25% annual increments. Under the 1997 Plan, the Company may issue shares of restricted stock to employees for no payment by the employee or for a payment below the fair market value on the date of grant. The restricted stock is subject to certain restrictions described in the 1997 Plan, with no restrictions continuing for more than ten years from the date of the award. | |||||||||||||||||||||||||||||||||
In February 2014, the board of directors and stockholders approved the 2014 Long Term Incentive Plan (the “2014 Plan”), which replaced the 1997 Plan. Under the 2014 Plan, an aggregate of 1,500,000 shares of common stock may be issued. The Company is authorized to issue nonqualified and incentive stock options to purchase common stock and restricted stock awards of common stock to key employees, directors and consultants under the 2014 Plan. Options have a term not to exceed ten years, with the exception of incentive stock options granted to employees owning ten percent or more of the outstanding shares of common stock, which have a term not to exceed five years. The exercise price of any option may not be less than the fair market value of the common stock on the date of grant. In the case of incentive stock options granted to an employee owning ten percent or more of the outstanding shares of common stock, the exercise price of such option may not be less than 110% of the fair market value of the common stock on the date of grant. Under the 2014 Plan, the Company may issue shares of restricted stock to employees for no payment by the employee or for a payment below the fair market value on the date of grant. The restricted stock is subject to certain restrictions described in the 2014 Plan. | |||||||||||||||||||||||||||||||||
At September 30, 2014, an aggregate of 1,487,000 shares of common stock were available for issuance under the 2014 Plan. No shares of common stock were available for issuance under the 1997 Plan. | |||||||||||||||||||||||||||||||||
The following table summarizes the combined activity under the equity incentive plans for the indicated periods: | |||||||||||||||||||||||||||||||||
Number of Nonqualifed Options Outstanding | Weighted | Number of Restricted | Weighted | ||||||||||||||||||||||||||||||
Average | Stock Awards | Average | |||||||||||||||||||||||||||||||
Exercise | Grant-date fair- value per Share | ||||||||||||||||||||||||||||||||
Price per Share | |||||||||||||||||||||||||||||||||
Outstanding at October 1,, 2011 | 345,600 | $ | 13.82 | — | $ | — | |||||||||||||||||||||||||||
Granted | — | — | — | — | |||||||||||||||||||||||||||||
Exercised | (99,644 | ) | 13.63 | — | — | ||||||||||||||||||||||||||||
Forfeited | — | — | — | — | |||||||||||||||||||||||||||||
Expired | — | — | — | — | |||||||||||||||||||||||||||||
Outstanding at September 30, 2012 | 245,956 | 13.9 | — | — | |||||||||||||||||||||||||||||
Granted | — | — | — | — | |||||||||||||||||||||||||||||
Exercised | (139,906 | ) | 10.36 | — | — | ||||||||||||||||||||||||||||
Forfeited | — | — | — | — | |||||||||||||||||||||||||||||
Expired | — | — | — | — | |||||||||||||||||||||||||||||
Outstanding at September 30, 2013 | 106,050 | 18.61 | — | — | |||||||||||||||||||||||||||||
Granted | — | — | 197,000 | 95.18 | |||||||||||||||||||||||||||||
Exercised | (16,350 | ) | 25.94 | — | — | ||||||||||||||||||||||||||||
Forfeited | — | — | (8,000 | ) | 98.68 | ||||||||||||||||||||||||||||
Expired | — | — | — | — | |||||||||||||||||||||||||||||
Outstanding at September 30, 2014 | 89,700 | $ | 17.27 | 189,000 | $ | 95.03 | |||||||||||||||||||||||||||
The restricted stock outstanding at September 30, 2014 was issued from the 2014 Plan. The stock options outstanding at September 30, 2014, 2013 and 2012 represent nonqualified options issued under the 1997 Plan. | |||||||||||||||||||||||||||||||||
The number of nonqualified stock options vested during fiscal years 2014, 2013 and 2012 were zero, 106,500 and 102,500, respectively. The fair values of nonqualified stock options vested during fiscal years 2014, 2013 and 2012 were zero, $0.8 million and $0.7 million, respectively. | |||||||||||||||||||||||||||||||||
The total intrinsic value of nonqualified stock options exercised during fiscal years 2014, 2013 and 2012 were $0.7 million, $10.4 million and $4.0 million, respectively. As of September 30, 2014, the Company had no unvested nonqualified stock options. | |||||||||||||||||||||||||||||||||
The following table summarizes information about nonqualified stock options outstanding and exercisable at September 30, 2014: | |||||||||||||||||||||||||||||||||
Range of Exercise Prices | Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||||
Shares | Weighted | Weighted | Intrinsic | Shares | Weighted | Weighted | Intrinsic | ||||||||||||||||||||||||||
Average | Average | Value | Average | Average | Value | ||||||||||||||||||||||||||||
Remaining | Exercise | Remaining | Exercise | ||||||||||||||||||||||||||||||
Term | Price | Term | Price | ||||||||||||||||||||||||||||||
(in years) | (in years) | ||||||||||||||||||||||||||||||||
$6.76 to $9.99 | 38,200 | 4.2 | $ | 8.78 | 1,007,334 | 38,200 | 4.2 | $ | 8.78 | $ | 1,007,334 | ||||||||||||||||||||||
$10.00 to $26.98 | 51,500 | 5.6 | 23.57 | 596,160 | 51,500 | 5.6 | 23.57 | 596,160 | |||||||||||||||||||||||||
89,700 | 5 | $ | 17.27 | 1,603,494 | 89,700 | 5 | $ | 17.27 | $ | 1,603,494 | |||||||||||||||||||||||
As of September 30, 2014, we had unrecognized compensation expense, net of forfeitures, of approximately $13.3 million related to restricted stock awards. As of September 30, 2014, our issued and outstanding nonqualified stock options were fully expensed. | |||||||||||||||||||||||||||||||||
In October 2012, the Company implemented a 2-for-1 split of its common stock effected in the legal form of a stock dividend. Other than the disclosure of the authorized number of shares of the Company’s common stock, all share and per-share disclosures have been adjusted for all periods presented in the consolidated financial statements to give effect to the stock split. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||||
15. Income Taxes: | ||||||||||||||||||||||||
Components of income (loss) before income taxes were as follows (in thousands): | ||||||||||||||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
United States | $ | 48,988 | $ | 103,349 | $ | 50,819 | ||||||||||||||||||
Foreign | 4,555 | (2,256 | ) | 1,043 | ||||||||||||||||||||
$ | 53,543 | $ | 101,093 | $ | 51,862 | |||||||||||||||||||
The provision (benefit) for income taxes consisted of the following (in thousands): | ||||||||||||||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
Federal | $ | 15,352 | $ | 31,954 | $ | 15,543 | ||||||||||||||||||
Foreign | 393 | (19 | ) | 24 | ||||||||||||||||||||
State | 69 | 124 | 369 | |||||||||||||||||||||
15,814 | 32,059 | 15,936 | ||||||||||||||||||||||
Deferred: | ||||||||||||||||||||||||
Federal | 41 | 43 | 413 | |||||||||||||||||||||
Foreign | 777 | (566 | ) | 395 | ||||||||||||||||||||
818 | (523 | ) | 808 | |||||||||||||||||||||
$ | 16,632 | $ | 31,536 | $ | 16,744 | |||||||||||||||||||
Actual income tax expense (benefit) differs from income tax expense computed by applying the statutory federal tax rate of 35.0% for each of the fiscal years ended September 30, 2014, 2013 and 2012 as follows (in thousands): | ||||||||||||||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Provision for U.S. federal income tax at statutory rate | $ | 18,740 | $ | 35,382 | $ | 18,153 | ||||||||||||||||||
Effect of foreign income taxes | (629 | ) | 130 | (140 | ) | |||||||||||||||||||
Manufacturers’/producers’ deduction | (1,496 | ) | (3,048 | ) | (1,868 | ) | ||||||||||||||||||
Research and experimentation tax credits | (208 | ) | (661 | ) | (99 | ) | ||||||||||||||||||
State income taxes, net of federal income tax benefit | 45 | 81 | 240 | |||||||||||||||||||||
Nondeductible expenses | 205 | 253 | 165 | |||||||||||||||||||||
Resolution of prior years’ tax matters | 20 | (467 | ) | 544 | ||||||||||||||||||||
Contingency for uncertainty in income taxes | — | (51 | ) | (335 | ) | |||||||||||||||||||
Other items | (45 | ) | (83 | ) | 84 | |||||||||||||||||||
$ | 16,632 | $ | 31,536 | $ | 16,744 | |||||||||||||||||||
Effective tax rate | 31.1 | % | 31.2 | % | 32.3 | % | ||||||||||||||||||
Deferred income taxes under the liability method reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred income tax asset were as follows (in thousands): | ||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2014 | AS OF SEPTEMBER 30, 2013 | |||||||||||||||||||||||
U. S. | Non U.S. | Total | U. S. | Non U.S. | Total | |||||||||||||||||||
Deferred income tax assets: | ||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 214 | $ | 73 | $ | 287 | $ | 120 | $ | 4 | $ | 124 | ||||||||||||
Inventories | 5,035 | (125 | ) | 4,910 | 4,762 | (71 | ) | 4,691 | ||||||||||||||||
Net operating loss carry-forwards, tax credits and deferrals | — | 871 | 871 | — | 1,204 | 1,204 | ||||||||||||||||||
Stock-based compensation | 1,658 | — | 1,658 | 298 | — | 298 | ||||||||||||||||||
Accrued product warranty | 317 | 8 | 325 | 644 | 22 | 666 | ||||||||||||||||||
Accrued compensated absences | 579 | — | 579 | 549 | — | 549 | ||||||||||||||||||
Comprehensive income | 1,344 | — | 1,344 | 573 | — | 573 | ||||||||||||||||||
Insurance and other reserves | 1,088 | 31 | 1,119 | 973 | 63 | 1,036 | ||||||||||||||||||
10,235 | 858 | 11,093 | 7,919 | 1,222 | 9,141 | |||||||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||||||||||
Intangible assets | (285 | ) | — | (285 | ) | (230 | ) | — | (230 | ) | ||||||||||||||
Property, plant and equipment and | (4,768 | ) | (1,121 | ) | (5,889 | ) | (3,238 | ) | (632 | ) | (3,870 | ) | ||||||||||||
other | ||||||||||||||||||||||||
Subtotal deferred income tax asset | 5,182 | (263 | ) | 4,919 | 4,451 | 590 | 5,041 | |||||||||||||||||
Valuation allowance | — | — | — | — | — | — | ||||||||||||||||||
Net deferred income tax asset | $ | 5,182 | $ | (263 | ) | $ | 4,919 | $ | 4,451 | $ | 590 | $ | 5,041 | |||||||||||
Deferred income tax assets and liabilities are reported as follows in the accompanying consolidated balance sheets (in thousands): | ||||||||||||||||||||||||
AS OF SEPTEMBER 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Current deferred income tax asset | $ | 7,244 | $ | 7,056 | ||||||||||||||||||||
Noncurrent deferred income tax asset | 75 | 594 | ||||||||||||||||||||||
Current deferred income tax liability | (23 | ) | (12 | ) | ||||||||||||||||||||
Noncurrent deferred income tax liability | (2,377 | ) | (2,597 | ) | ||||||||||||||||||||
$ | 4,919 | $ | 5,041 | |||||||||||||||||||||
The financial reporting basis of investments in foreign subsidiaries exceed their tax basis. A deferred tax liability is not recorded for this temporary difference because the investment is essentially permanent. A reversal of the Company’s plans to permanently invest in these foreign operations would cause the excess to become taxable. At September 30, 2014 and 2013, the temporary difference related to undistributed earnings for which no deferred taxes have been provided was approximately $16.1 million and $12.7 million, respectively. The Company will need to reassess and reassert its ability and intent to indefinitely reinvest the remaining foreign earnings in order to continue the application of the exception under FASB guidelines. | ||||||||||||||||||||||||
The Company follows the provisions of the FASB guidance for accounting for uncertainty in income taxes. The Company classifies interest and penalties associated with the payment of income taxes in the Other Income (Expense) section of its consolidated statements of operations. Tax return filings which are subject to review by local tax authorities by major jurisdiction are as follows: | ||||||||||||||||||||||||
— | United States—fiscal years ended September 30, 2011 through 2014 | |||||||||||||||||||||||
— | State of Texas—fiscal years ended September 30, 2010 through 2014 | |||||||||||||||||||||||
— | State of New York—fiscal years ended September 30, 2003 through 2014 | |||||||||||||||||||||||
— | Russian Federation—calendar years 2011 through 2014 | |||||||||||||||||||||||
— | Canada—fiscal years ended September 30, 2010 through 2014 | |||||||||||||||||||||||
— | United Kingdom—fiscal years ended September 30, 2006, 2012, 2013 and 2014 | |||||||||||||||||||||||
— | Colombia—calendar years 2013 and 2014 | |||||||||||||||||||||||
The following table is a reconciliation of the total amounts of unrecognized tax liabilities (in thousands): | ||||||||||||||||||||||||
Balance at October 1, 2011 | $ | 852 | ||||||||||||||||||||||
Change in prior year tax positions | (420 | ) | ||||||||||||||||||||||
Current tax positions | 63 | |||||||||||||||||||||||
Settlements with taxing authorities | (145 | ) | ||||||||||||||||||||||
Lapse of statute of limitations | 5 | |||||||||||||||||||||||
Balance at September 30, 2012 | 355 | |||||||||||||||||||||||
Change in prior year tax positions | (22 | ) | ||||||||||||||||||||||
Current tax positions | 142 | |||||||||||||||||||||||
Settlements with taxing authorities | (47 | ) | ||||||||||||||||||||||
Lapse of statute of limitations | (114 | ) | ||||||||||||||||||||||
Balance at September 30, 2013 | 314 | |||||||||||||||||||||||
Change in prior year tax positions | 9 | |||||||||||||||||||||||
Current tax positions | 23 | |||||||||||||||||||||||
Settlements with taxing authorities | — | |||||||||||||||||||||||
Lapse of statute of limitations | (45 | ) | ||||||||||||||||||||||
Balance at September 30, 2014 | $ | 301 | ||||||||||||||||||||||
The Company believes that it is reasonably possible these unrecognized tax liabilities could change within the next twelve months based on the resolution of on-going income tax audits. At this time it is not possible to determine the range of such changes. These unrecognized tax liabilities would favorably affect the Company’s effective tax rate in future periods if they are favorably resolved. | ||||||||||||||||||||||||
As of September 30, 2014, the Company had netoperating loss (“NOL”) carry-forwards of approximately $3.1 million in Canada and approximately $0.2 million in the United Kingdom to offset future taxable income in those jurisdictions. The Company, using the “more likely than not” criteria, has determined these NOL carry-forwards will be utilized in full before they begin to expire. The NOL carry-forwards for Canada expire in 2021. The NOL carry-forwards for the United Kingdom currently have no expiration. Therefore, no valuation allowance against the Company’s deferred tax assets was considered necessary. | ||||||||||||||||||||||||
Management believes that adequate provisions for income taxes have been reflected in the consolidated financial statements and it is not aware of any significant exposure items that have not been reflected in the financial statements. Amounts considered probable of settlement within one year have been included in the accrued expenses and other liabilities in the accompanying consolidated balance sheets. |
Earnings_Per_Common_Share
Earnings Per Common Share | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Common Share | ' | |||||||||||
16. Earnings Per Common Share | ||||||||||||
In connection with the issuances of restricted stock during fiscal year 2014, the Company applied the two-class method in calculating per share data for the fiscal year ended September 30, 2014. Basic earnings per share is computed by dividing net earnings available to common stockholders by the weighted average number of common shares used in basic earnings per share during the period. Diluted earnings per share is determined on the assumption that outstanding dilutive stock options have been exercised and the aggregate proceeds as defined were used to reacquire common stock using the average price of such common stock for the period. Other than the disclosure of the authorized number of shares of the Company’s common stock, all share and per-share disclosures for 2012 have been adjusted in the consolidated financial statements to give effect to the 2012 2-for-1 stock split. | ||||||||||||
The following table summarizes the calculation of net earnings and weighted average common shares and common equivalent shares outstanding for purposes of the computation of earnings per share (in thousands, except share and per share amounts): | ||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income | $ | 36,911 | $ | 69,557 | $ | 35,118 | ||||||
Less: Income allocable to unvested restricted stock | (444 | ) | — | — | ||||||||
Income available to common shareholders | 36,467 | 69,557 | 35,118 | |||||||||
Reallocation of participating earnings | 2 | — | — | |||||||||
Income attributable to common shareholders for diluted earnings per share | $ | 36,469 | $ | 69,557 | $ | 35,118 | ||||||
Weighted average number of common share equivalents: | ||||||||||||
Common shares used in basic earnings per share | 12,950,958 | 12,886,372 | 12,735,520 | |||||||||
Common share equivalents outstanding related to stock options | 46,051 | 52,289 | 100,719 | |||||||||
Total weighted average common shares and common share equivalents used in diluted earnings per share | 12,997,009 | 12,938,661 | 12,836,239 | |||||||||
Earnings per share: | ||||||||||||
Basic | $ | 2.82 | $ | 5.4 | $ | 2.76 | ||||||
Diluted | $ | 2.81 | $ | 5.38 | $ | 2.74 | ||||||
For the calculation of diluted earnings per share for each of fiscal years 2014, 2013 and 2012, no stock options were excluded in the calculation of weighted average shares outstanding as a result of their impact being antidilutive. | ||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
17. Commitments and Contingencies | |||||
Operating Leases | |||||
The Company leases a warehouse under a non-cancelable operating lease which expires on March 31, 2016. Future minimum rental commitments under non-cancelable operating leases are as follows (in thousands): | |||||
YEAR ENDING SEPTEMBER 30, | |||||
2015 | $ | 189 | |||
2016 | 95 | ||||
$ | 284 | ||||
The Company also leases office space and certain equipment on a month to month basis. Rent expense was approximately $0.7 million, $0.4 million and $0.1 million during fiscal years 2014, 2013 and 2012, respectively. | |||||
Legal Proceedings | |||||
The Company is involved in various pending or potential legal actions in the ordinary course of our business. Management is unable to predict the ultimate outcome of these actions, because of the inherent uncertainty of litigation. However, management believes that the most probable, ultimate resolution of these matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information | ' | |||||||||||
18. Supplemental Cash Flow Information | ||||||||||||
Supplemental cash flow information is as follows (in thousands): | ||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash paid for: | ||||||||||||
Interest | $ | 438 | $ | 119 | $ | 10 | ||||||
Income taxes | 15,163 | 29,837 | 14,068 | |||||||||
Noncash investing and financing activities: | ||||||||||||
Inventory transferred to rental equipment | 10,742 | 4,902 | 2,000 | |||||||||
Segment_and_Geographic_Informa
Segment and Geographic Information | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Segment and Geographic Information | ' | |||||||||||
19. Segment and Geographic Information | ||||||||||||
Effective October 1, 2012, the Company reports and categorizes its sales and products into two business segments: Seismic and Non-Seismic. Prior to October 1, 2012, the Company reported its business segments as Seismic and Thermal Solutions. Effective October 1, 2012, the Seismic product lines include land and marine wireless data acquisition systems, seabed permanent reservoir monitoring systems and services, geophones and geophone strings, hydrophones, leader wire, connectors, telemetry cables, marine streamer retrieval and steering devices and various other products. The Non-Seismic product lines include thermal imaging products and industrial products. The Company frequently has a minor amount of Seismic product sales to its Non-Seismic customers. | ||||||||||||
The following tables summarize the Company’s segment information: | ||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
Seismic | $ | 214,946 | $ | 275,201 | $ | 164,921 | ||||||
Non-Seismic | 21,420 | 24,578 | 25,942 | |||||||||
Corporate | 546 | 828 | 801 | |||||||||
Total | 236,912 | 300,607 | 191,664 | |||||||||
Income (loss) from operations: | ||||||||||||
Seismic | 65,159 | 110,118 | 55,990 | |||||||||
Non-Seismic | 2,733 | 3,344 | 4,479 | |||||||||
Corporate | (14,093 | ) | (12,235 | ) | (9,604 | ) | ||||||
Total | 53,799 | 101,227 | 50,865 | |||||||||
Depreciation, amortization and stock-based compensation expenses: | ||||||||||||
Seismic | 19,925 | 11,207 | 8,533 | |||||||||
Non-Seismic | 468 | 289 | 320 | |||||||||
Corporate | 1,500 | 1,277 | 1,496 | |||||||||
Total | 21,893 | 12,773 | 10,349 | |||||||||
Interest income: | ||||||||||||
Seismic | 74 | 781 | 581 | |||||||||
Non-Seismic | 5 | 2 | 5 | |||||||||
Corporate | 44 | 97 | 157 | |||||||||
Total | 123 | 880 | 743 | |||||||||
Interest expense: | ||||||||||||
Seismic | — | 141 | 199 | |||||||||
Non-Seismic | — | — | — | |||||||||
Corporate | 471 | 119 | — | |||||||||
Total | 471 | 260 | 199 | |||||||||
* | The Company’s manufacturing operations for its Seismic and Non-Seismic business segments are combined. Therefore, the Company does not segregate and report separate balance sheet accounts for these segments. As a result, the Company does not report business segment balance sheet information. | |||||||||||
“Corporate” revenues consists of rental revenue earned from an operating lease of a surplus building located in Houston, Texas. “Corporate” loss from operations primarily consists of the Company’s Houston headquarter general and administrative expenses. | ||||||||||||
The Company generates revenues from product sales and rentals from its subsidiaries located in the United States, Canada, Colombia, the Russian Federation and the United Kingdom. Revenue information for the Company is as follows (in thousands): | ||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 230,818 | $ | 300,131 | $ | 216,741 | ||||||
Canada | 39,064 | 39,415 | 23,741 | |||||||||
Colombia | 3,222 | 608 | — | |||||||||
Russian Federation | 14,048 | 10,758 | 9,837 | |||||||||
United Kingdom | 2,229 | 2,021 | 4,064 | |||||||||
Eliminations | (52,469 | ) | (52,326 | ) | (62,719 | ) | ||||||
$ | 236,912 | $ | 300,607 | $ | 191,664 | |||||||
A summary of revenues by geographic area for fiscal years 2014, 2013 and 2012 is as follows (in thousands): | ||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Asia (excluding Middle East) | $ | 5,028 | $ | 8,789 | $ | 10,753 | ||||||
Canada | 42,632 | 74,839 | 59,602 | |||||||||
Europe | 71,713 | 115,226 | 3,043 | |||||||||
Middle East | 7,550 | 2,385 | 8,542 | |||||||||
United States | 96,380 | 88,512 | 102,378 | |||||||||
Other | 13,609 | 10,856 | 7,346 | |||||||||
$ | 236,912 | $ | 300,607 | $ | 191,664 | |||||||
Revenues are attributed to countries based on the ultimate destination of the product sold, if known. If the ultimate destination is not known, revenues are attributed to countries based on the geographic location of the initial shipment. | ||||||||||||
Long-lived assets were as follows (in thousands): | ||||||||||||
AS OF SEPTEMBER 30, | ||||||||||||
2014 | 2013 | |||||||||||
United States | $ | 63,369 | $ | 46,712 | ||||||||
Canada | 32,270 | 32,078 | ||||||||||
Colombia | 12,122 | 7,554 | ||||||||||
Russian Federation | 2,549 | 6,820 | ||||||||||
United Kingdom | 579 | 350 | ||||||||||
China | 14 | 14 | ||||||||||
$ | 110,903 | $ | 93,528 | |||||||||
Selected_Quarterly_Information
Selected Quarterly Information (Unaudited) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Selected Quarterly Information (Unaudited) | ' | |||||||||||||||
20. Selected Quarterly Information (Unaudited): | ||||||||||||||||
The following table represents summarized data for each of the quarters in fiscal years 2014 and 2013 (in thousands, except per share amounts): | ||||||||||||||||
2014 | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 26,285 | $ | 40,728 | $ | 68,551 | $ | 101,348 | ||||||||
Gross profit | 6,089 | 15,376 | 27,903 | 47,091 | ||||||||||||
Income (loss) from operations | (3,282 | ) | 5,458 | 15,956 | 35,667 | |||||||||||
Other income (expense), net | 10 | (129 | ) | 11 | (148 | ) | ||||||||||
Net income (loss) | (1,833 | ) | 3,752 | 10,816 | 24,176 | |||||||||||
Basic earnings per share | $ | (.14 | ) | $ | 0.29 | $ | 0.83 | $ | 1.86 | |||||||
Diluted earnings per share | $ | (.14 | ) | $ | 0.29 | $ | 0.82 | $ | 1.85 | |||||||
2013 | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 68,288 | $ | 78,148 | $ | 76,420 | $ | 77,751 | ||||||||
Gross profit | 29,780 | 33,875 | 35,561 | 40,545 | ||||||||||||
Income from operations | 19,132 | 24,991 | 25,556 | 31,548 | ||||||||||||
Other income (expense), net | 274 | (50 | ) | (532 | ) | 174 | ||||||||||
Net income | 13,684 | 16,991 | 16,869 | 22,013 | ||||||||||||
Basic earnings per share | $ | 1.06 | $ | 1.32 | $ | 1.31 | $ | 1.72 | ||||||||
Diluted earnings per share | $ | 1.05 | $ | 1.31 | $ | 1.3 | $ | 1.7 | ||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | |||||||||||||||||||
Valuation and Qualifying Accounts | ' | |||||||||||||||||||
Schedule II | ||||||||||||||||||||
Geospace Technologies Corporation and Subsidiaries | ||||||||||||||||||||
Valuation and Qualifying Accounts | ||||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Balance at | Charged | Charged | (Deductions) | Balance at | ||||||||||||||||
Beginning | to Costs | to Other | And | End | ||||||||||||||||
of Period | And | Assets | Additions | of Period | ||||||||||||||||
Expenses | ||||||||||||||||||||
Year ended September 30, 2014 | ||||||||||||||||||||
Allowance for doubtful accounts on | $ | 376 | $ | 833 | $ | — | $ | (84 | ) | $ | 1,125 | |||||||||
accounts and notes receivable | ||||||||||||||||||||
Year ended September 30, 2013 | ||||||||||||||||||||
Allowance for doubtful accounts on | 280 | 457 | — | (361 | ) | 376 | ||||||||||||||
accounts and notes receivable | ||||||||||||||||||||
Year ended September 30, 2012 | ||||||||||||||||||||
Allowance for doubtful accounts on | 411 | 118 | — | (249 | ) | 280 | ||||||||||||||
accounts and notes receivable | ||||||||||||||||||||
Balance at | Charged | Charged | (Deductions) | Balance at | ||||||||||||||||
Beginning | to Costs | to Other | And | End | ||||||||||||||||
of Period | And | Assets | Additions | of Period | ||||||||||||||||
Expenses | ||||||||||||||||||||
Year ended September 30, 2014 | ||||||||||||||||||||
Inventory obsolescence reserve | $ | 6,932 | $ | 2,617 | $ | — | $ | (1,785 | ) | $ | 7,764 | |||||||||
Year ended September 30, 2013 | ||||||||||||||||||||
Inventory obsolescence reserve | 9,324 | 187 | — | (2,579 | ) | 6,932 | ||||||||||||||
Year ended September 30, 2012 | ||||||||||||||||||||
Inventory obsolescence reserve | 9,552 | 1,793 | — | (2,021 | ) | 9,324 | ||||||||||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation | ' | |||
Basis of Presentation | ||||
The accompanying financial statements present the consolidated financial position, results of operations and cash flows of the Company in accordance with U.S. generally accepted accounting principles. All intercompany balances and transactions have been eliminated. | ||||
Reclassifications | ' | |||
Reclassifications | ||||
Certain amounts previously presented in the consolidated financial statements have been reclassified to conform to the current year presentation. Such reclassifications had no effect on net income, stockholders’ equity or cash flows. | ||||
Use of Estimates | ' | |||
Use of Estimates | ||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company considers many factors in selecting appropriate operational and financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. The Company continually evaluates its estimates, including those related to bad debt reserves, inventory obsolescence reserves, percentage-of-completion revenue recognition, self-insurance reserves, product warranty reserves, long-lived assets, intangible assets and deferred income tax assets. The Company bases its estimates on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents | ||||
The Company considers all highly liquid investments purchased with an original or remaining maturity at the time of purchase of three months or less to be cash equivalents. | ||||
Short-term Investments | ' | |||
Short-term Investments | ||||
The Company classifies its short-term investments consisting of corporate bonds, government bonds and other such similar investments as available-for-sale securities. Available-for-sale securities are carried at fair market value with net unrealized holding gains and losses reported each period as a component of comprehensive income in stockholders’ equity. The Company’s short-term investments have contractual maturities ranging from July 2015 to October 2016. See Note 2 for additional information. | ||||
Concentrations of Credit Risk | ' | |||
Concentrations of Credit Risk | ||||
The Company maintains its cash in bank deposit accounts that, at times, exceed federally insured limits. Management of the Company believes that the financial strength of the financial institutions holding such deposits minimizes the credit risk of such deposits. | ||||
The Company sells products to customers throughout the United States and various foreign countries. The Company’s normal credit terms for trade receivables are 30 days. In certain situations, credit terms may be extended to 60 days or longer. The Company performs ongoing credit evaluations of its customers and generally does not require collateral for its trade receivables. Additionally, the Company provides long-term financing in the form of promissory notes when competitive conditions require such financing. In such cases, the Company may require collateral. Allowances are recognized for potential credit losses. At September 30, 2014, the Company had three customers comprising 22.8%, 15.6% and 14.2% of its trade accounts receivable. At September 30, 2013, the Company had one customer comprising 25.4% of its trade accounts receivable. The Company had two customers comprising 71.8% and 27.1% of its notes receivable balance at September 30, 2014. The Company had two customers comprising 60.0% and 39.1% of its notes receivable balance at September 30, 2013. One customer comprised 26.4% of the Company’s revenues during fiscal year 2014. One customer comprised 36.5% of the Company’s revenues during fiscal year 2013. One customer comprised 17.7% of the Company’s revenues during fiscal year 2012. | ||||
One of our wholly-owned subsidiaries, Geospace Technologies Eurasia, is located in the Russian Federation. In addition, we operate a branch office, Geospace Technologies Sucursal Sudamericana, in Colombia. Our financial results for these entities may be affected by factors such as changes in foreign currency exchange rates, weak economic conditions or changes in the political climate. Our consolidated balance sheets at September 30, 2014 reflected approximately $11.4 million and $1.8 million of net working capital related to our Russian and Colombian operations, respectively. Both of these entities receive a portion of their revenues and pay a majority of their expenses primarily in their local currency. During the fiscal years ended September 30, 2014 and 2013, our Russian subsidiary received approximately $10.2 million and $7.7 million, respectively of its revenues in U.S. dollars as a result of intercompany sales to our subsidiary located in the United States. To the extent that transactions of these entities are settled in their local currency, a devaluation of these currencies versus the U.S. dollar could reduce any contribution from these entities to our consolidated results of operations and total comprehensive income as reported in U.S. dollars. We do not hedge the market risk with respect to our operations in these countries; therefore, such risk is a general and unpredictable risk of future disruptions in the valuation of such currencies versus U.S. dollars to the extent such disruptions result in any reduced valuation of these foreign entities’ net working capital or future contributions to our consolidated results of operations. | ||||
Inventories | ' | |||
Inventories | ||||
The Company records a write-down of its inventories when the cost basis of any manufactured product, including any estimated future costs to complete the manufacturing process, exceeds its net realizable value. Inventories are stated at the lower of cost or market value. Cost is determined on the first-in, first-out method, except that the Company’s subsidiary in the Russian Federation uses an average cost method to value its inventories. | ||||
Property, Plant and Equipment and Rental Equipment | ' | |||
Property, Plant and Equipment and Rental Equipment | ||||
Property, plant and equipment and rental equipment are stated at cost. Depreciation expense is calculated using the straight-line method over the following estimated useful lives: | ||||
Years | ||||
Rental equipment | 5-Mar | |||
Property, plant and equipment: | ||||
Machinery and equipment | 15-Mar | |||
Buildings and building improvements | Oct-50 | |||
Other | 10-May | |||
Expenditures for renewals and betterments are capitalized. Repairs and maintenance expenditures are charged to expense as incurred. The cost and accumulated depreciation of assets sold or otherwise disposed of are removed from the accounts and any gain or loss thereon is reflected in the statements of operations. | ||||
Patents | ' | |||
Patents | ||||
Patents are amortized over the legal life of the patent or the estimated useful life of the patent, whichever is shorter. At September 30, 2014, the Company’s patents were fully amortized. No patent amortization expense was incurred during fiscal year 2014. Patent amortization expense was approximately $0.1 million and $0.2 million, respectively, during each of fiscal years 2013 and 2012. | ||||
Impairment of Long-lived Assets | ' | |||
Impairment of Long-lived Assets | ||||
The Company’s long-lived assets are reviewed for impairment whenever an event or change in circumstances indicates the carrying amount of an asset or group of assets may not be recoverable. The impairment review, if necessary, includes a comparison of expected future cash flows (undiscounted and without interest charges) to be generated by an asset group with the associated carrying value of the related assets. If the carrying value of the asset group exceeds the expected future cash flows, an impairment loss is recognized to the extent that the carrying value of the asset group exceeds its fair value. | ||||
Goodwill | ' | |||
Goodwill | ||||
For the fiscal year ended September 30, 2014, the Company follows the simplified procedures for analyzing goodwill impairment. The guidance on the testing of goodwill for impairment provides the option to first assess qualitative factors to determine if the annual two-step test of goodwill for impairment must be performed. If, based on the qualitative assessment of events or circumstances, an entity determines it is more likely than not that the goodwill fair value is more than its carrying amount then it is not necessary to perform the two-step impairment test. However, if an entity concludes otherwise, then the two-step impairment test must be performed to identify potential impairment and to measure the amount of goodwill impairment, if any. The Company determined that it is more likely than not that the fair value of its goodwill was more than its carrying amount of $1.8 million and the two-step process was not necessary for the fiscal year ended September 30, 2014. | ||||
Revenue Recognition | ' | |||
Revenue Recognition | ||||
The Company primarily derives revenue from the sale of its manufactured products, including revenues derived from the sale of its manufactured rental equipment. In addition, the Company generates revenue from the short-term rental under operating leases of its manufactured products. Except for revenues recognized using the percentage-of-completion method discussed below, the Company recognizes revenue from product sales, including the sale of used rental equipment, when (i) title passes to the customer, (ii) the customer assumes risks and rewards of ownership, (iii) the product sales price has been determined, (iv) collectability of the sales price is reasonably assured and (v) product delivery occurs as directed by the customer. Except for certain of the Company’s permanent reservoir monitoring products, the Company’s products are generally sold without any customer acceptance provisions and the Company’s standard terms of sale do not allow customers to return products for credit. The Company recognizes rental revenues as earned over the rental period. Rentals of the Company’s equipment generally range from daily rentals to rental periods of up to six months or longer. Revenues from engineering services are recognized as services are rendered over the duration of a project, or as billed on a per hour basis. Field service revenues are recognized when services are rendered and are generally priced on a per day rate. | ||||
Revenue Recognition – Percentage of Completion | ||||
The Company utilizes the percentage-of-completion method (the “POC Method”) to recognize revenues and costs on contracts having the following characteristics: | ||||
· | the order/contract requires significant custom designs for customer specific applications; | |||
· | the product design requires significant engineering efforts; | |||
· | the order/contract requires the customer to make progress payments during the contract term; and | |||
· | the order/contract requires at least 90 days of engineering and manufacturing effort. | |||
The POC Method requires the Company’s senior management to make estimates, at least quarterly, of the (i) total expected costs of the contract, (ii) manufacturing progress against the contract and (iii) the estimated cost to complete the contract. These estimates impact the amount of revenue and gross profit the Company recognizes for each reporting period. Significant estimates that may affect the future cost to complete a contract include the cost and availability of raw materials and component parts, engineering services, manufacturing equipment, labor, manufacturing capacity, factory productivity, contract penalties and disputes, product warranties and other contingent factors. Change orders are included in the total estimated contract revenue when it is probable that the change order will result in additional value that can be reliably estimated and realized. The Company defers recognition of the entire amount of revenue or portion thereof associated with unapproved change orders if there is substantial uncertainty as to amounts involved or ultimate realization. The cumulative impact of periodic revisions to the future cost to complete a contract will be reflected in the period in which these changes become known, including, to the extent required, the recognition of losses at the time such losses are known and estimable. Due to the various estimates inherent in the POC Method, actual final results at the conclusion of a contract could differ from management’s previous estimates. | ||||
The Company analyzes a variety of indicators to determine manufacturing progress, including actual costs incurred to date compared to total estimated costs and actual quantities produced to date compared to total contract quantities. | ||||
Cost of sales includes direct contract costs, such as materials and labor, and indirect costs that are attributable to a contract’s production activity. The timing of when the Company invoices its customer is dependent upon the completion of certain production milestones as defined in the contract. Cumulative contract costs and estimated earnings to date in excess of cumulative billings are reported as a current asset on the consolidated balance sheet as “costs and estimated earnings in excess of billings.” Cumulative billings in excess of cumulative costs and estimated earnings are reported as a current liability on the consolidated balance sheet as “billings in excess of costs and estimated earnings.” Any uncollected billed revenue, including contract retentions, is included in trade accounts receivable, net. | ||||
Deferred Revenue | ' | |||
Deferred Revenue | ||||
The Company records deferred revenue when funds are received prior to the recognition of the associated revenue. | ||||
Research and Development Costs | ' | |||
Research and Development Costs | ||||
The Company expenses research and development costs as incurred. Research and development costs include salaries, employee benefit costs, department supplies, direct project costs and other related costs. | ||||
Product Warranties | ' | |||
Product Warranties | ||||
Most of the Company’s products do not require installation assistance or sophisticated instructions. The Company offers a standard product warranty obligating it to repair or replace equipment with manufacturing defects. The Company maintains a reserve for future warranty costs based on historical experience or, in the absence of historical product experience, management’s estimates. Reserves for future warranty costs are included within accrued expenses and other current liabilities on the consolidated balance sheets. | ||||
Changes in the product warranty reserve are reflected in the following table (in thousands): | ||||
Balance at October 1, 2011 | $ | 2,123 | ||
Accruals for warranties issued during the year | 1,354 | |||
Settlements made (in cash or in kind) during the year | (1,169 | ) | ||
Balance at September 30, 2012 | 2,308 | |||
Accruals for warranties issued during the year | 681 | |||
Settlements made (in cash or in kind) during the year | (1,037 | ) | ||
Balance at September 30, 2013 | 1,952 | |||
Accruals for warranties issued during the year | 324 | |||
Settlements made (in cash or in kind) during the year | (1,325 | ) | ||
Balance at September 30, 2014 | $ | 951 | ||
Stock-Based Compensation | ' | |||
Stock-Based Compensation | ||||
The Company expenses the grant date fair value of equity awards over the requisite service period. The Company uses the Black-Scholes model to value its new stock option grants. The share-based payment framework also requires the Company to estimate forfeitures in calculating the expense related to stock-based compensation. In addition, the share-based payment framework requires the Company to reflect the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash inflow. | ||||
During fiscal year 2014, the Company issued 197,000 shares of restricted stock. The weighted average grant date fair value of the shares issued was $95.18 per share. No restricted stock was issued during fiscal years 2013 and 2012. No stock options were granted during fiscal years 2014, 2013 and 2012. | ||||
The Company recorded stock-based compensation expense of $4.1 million, $0.5 million and $0.8 million for the fiscal years ended September 30, 2014, 2013 and 2012, respectively. | ||||
Foreign Currency Gains and Losses | ' | |||
Foreign Currency Gains and Losses | ||||
The assets and liabilities of the Company’s foreign subsidiaries have been translated into U.S. dollars using the exchange rates in effect at the balance sheet date. Results of operations have been translated using the average exchange rates during the year. Resulting translation adjustments have been recorded as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Foreign currency transaction gains and losses are included in the statement of operations as they occur. | ||||
Shipping and Handling Costs | ' | |||
Shipping and Handling Costs | ||||
Amounts billed to a customer in a sales transaction related to reimbursable shipping and handling costs are included in revenues and the associated costs incurred by the Company for reimbursable shipping and handling expenses are reported in cost of sales. The Company had shipping and handling expenses of $0.9 million, $1.4 million and $1.0 million for each of the fiscal years ended September 30, 2014, 2013 and 2012, respectively. | ||||
Income Taxes | ' | |||
Income Taxes | ||||
Income taxes are presented in accordance with the Financial Accounting Standards Board (“FASB”) guidance for accounting for income taxes. The estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying consolidated balance sheets, as well as operating loss and tax credit carrybacks and carryforwards are recorded. Deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities (temporary differences) and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company periodically reviews the recoverability of tax assets recorded on the balance sheet and provides valuation allowances if it is more likely than not that such assets will not be realized. | ||||
Recent Accounting Pronouncements | ' | |||
Recent Accounting Pronouncements | ||||
Income taxes are presented in accordance with FASB guidance for accounting for income taxes. In May 2014, the FASB issued Accounting Standards Update 2014-09 “Revenue from Contracts with Customer (Topic 606).” The amendment applies a new five-step revenue recognition model to be used in recognizing revenues associated with customer contracts. The amendment requires disclosure sufficient to enable readers of financial statements to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures, significant judgments and changes in judgments and assets recognized from the costs to obtain or fulfill the contract. The standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the new guidance to determine the impact on its consolidated financial statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||
Sep. 30, 2014 | ||||
Accounting Policies [Abstract] | ' | |||
Property, Plant and Equipment Estimated Useful Life | ' | |||
Property, plant and equipment and rental equipment are stated at cost. Depreciation expense is calculated using the straight-line method over the following estimated useful lives: | ||||
Years | ||||
Rental equipment | 5-Mar | |||
Property, plant and equipment: | ||||
Machinery and equipment | 15-Mar | |||
Buildings and building improvements | Oct-50 | |||
Other | 10-May | |||
Changes in Product Warranty Reserve | ' | |||
Changes in the product warranty reserve are reflected in the following table (in thousands): | ||||
Balance at October 1, 2011 | $ | 2,123 | ||
Accruals for warranties issued during the year | 1,354 | |||
Settlements made (in cash or in kind) during the year | (1,169 | ) | ||
Balance at September 30, 2012 | 2,308 | |||
Accruals for warranties issued during the year | 681 | |||
Settlements made (in cash or in kind) during the year | (1,037 | ) | ||
Balance at September 30, 2013 | 1,952 | |||
Accruals for warranties issued during the year | 324 | |||
Settlements made (in cash or in kind) during the year | (1,325 | ) | ||
Balance at September 30, 2014 | $ | 951 | ||
Shortterm_Investments_Tables
Short-term Investments (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | |||||||||||||||
Short-term Investments | ' | |||||||||||||||
At September 30, 2014, the Company’s short-term investments were composed of the following (in thousands): | ||||||||||||||||
AS OF SEPTEMBER 30, 2014 | ||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | |||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||||
Short-term investments: | ||||||||||||||||
Corporate bonds | $ | 14,262 | $ | — | $ | (27 ) | $ | 14,235 | ||||||||
Government bonds | 5,638 | — | (12 ) | 5,626 | ||||||||||||
Total | $ | 19,900 | $ | — | $ | -39 | $ | 19,861 | ||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||
Gross Fair Value of all Derivative Instruments | ' | ||||||||||||
The following table summarizes the gross fair value of all derivative instruments, which are not designated as hedging instruments and their location in the consolidated balance sheets (in thousands): | |||||||||||||
Derivative Instrument | Location | SEPTEMBER 30, | SEPTEMBER 30, | ||||||||||
2014 | 2013 | ||||||||||||
Foreign Currency Forward Contracts | Prepaid Expenses and Other Current Assets | $ | 795 | $ | — | ||||||||
Foreign Currency Forward Contracts | Accrued Expenses and Other Current Liabilities | — | 351 | ||||||||||
$ | 795 | $ | 351 | ||||||||||
Company's Derivatives on Consolidated Financial Statements of Operations | ' | ||||||||||||
The following table summarizes the impact of the Company’s derivatives on the consolidated statements of operations for the fiscal years ended September 30, 2014, 2013 and 2012 (in thousands): | |||||||||||||
FOR THE YEAR ENDED | |||||||||||||
Derivative Instrument | Location of Gain (loss) on | SEPTEMBER 30, | SEPTEMBER 30, | SEPTEMBER 30, | |||||||||
Derivative Instrument | 2014 | 2013 | 2012 | ||||||||||
Foreign Currency Forward Contracts | Other Income (Expense) | $ | 2,439 | $ | 398 | $ | (394 | ) | |||||
$ | 2,439 | $ | 398 | $ | (394 | ) | |||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value of Company's Short-term Investments and Foreign Currency Forward Contracts | ' | |||||||||||||||
The following tables present the fair value of the Company’s short-term investments and foreign currency forward contracts at September 30, 2014 and 2013, respectively, by valuation hierarchy and input (in thousands): | ||||||||||||||||
AS OF SEPTEMBER 30, 2014 | ||||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||
Identical Assets | Observable | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Short-term investments: | ||||||||||||||||
Corporate bonds | $ | 14,235 | $ | 14,235 | $ | — | $ | — | ||||||||
Government bonds | 5,626 | 5,626 | — | — | ||||||||||||
Foreign currency forward contract | 795 | — | 795 | — | ||||||||||||
Total | $ | 20,656 | $ | 19,861 | $ | 795 | $ | — | ||||||||
As of SEPTEMBER 30, 2013 | ||||||||||||||||
Total | Quoted Prices in | Significant | Significant | |||||||||||||
Active Markets for | Other | Unobservable | ||||||||||||||
Identical Assets | Observable | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||
Foreign currency forward contract | $ | (351 | ) | $ | — | $ | (351 | ) | $ | — | ||||||
Total | $ | (351 | ) | $ | — | $ | (351 | ) | $ | — | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Stockholders Equity Note [Abstract] | ' | |||||||||||
Accumulated Other Comprehensive Income Loss | ' | |||||||||||
Accumulated other comprehensive income (loss) consisted of the following (in thousands): | ||||||||||||
Unrealized Gains | Foreign | Total | ||||||||||
and Losses on | Currency | |||||||||||
Available-for- | Translation | |||||||||||
Sale Securities | Adjustments | |||||||||||
Balance at October 1, 2011 | $ | (12 | ) | $ | 182 | $ | 170 | |||||
Other comprehensive income before reclassifications | 43 | (437 | ) | (394 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income | (1 | ) | — | (1 | ) | |||||||
Net period other comprehensive income (loss) | 42 | (437 | ) | (395 | ) | |||||||
Balance at September 30, 2012 | $ | 30 | $ | (255 | ) | $ | (225 | ) | ||||
Other comprehensive income before reclassifications | (11 | ) | (809 | ) | (820 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income | (19 | ) | — | (19 | ) | |||||||
Net period other comprehensive loss | (30 | ) | (809 | ) | (839 | ) | ||||||
Balance at September 30, 2013 | — | (1,064 | ) | (1,064 | ) | |||||||
Other comprehensive loss | (26 | ) | (1,406 | ) | (1,432 | ) | ||||||
Balance at September 30, 2014 | $ | (26 | ) | $ | (2,470 | ) | $ | (2,496 | ) | |||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories consisted of the following (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Finished goods and sub-assemblies | $ | 42,473 | $ | 44,391 | ||||
Work in progress | 28,582 | 25,156 | ||||||
Raw materials | 82,599 | 86,933 | ||||||
Obsolescence reserve | (7,764 | ) | (6,932 | ) | ||||
$ | 145,890 | $ | 149,548 | |||||
Percentage_of_Completion_Table
Percentage of Completion (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables Long Term Contracts Or Programs [Abstract] | ' | |||||||
Cost and Estimated Earnings in Excess of Billings | ' | |||||||
The Company utilizes the POC Method to recognize revenues under certain customer contracts. The balance sheets reflect cost and estimated earnings in excess of billings as follows (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Cumulative contract revenues earned to date | $ | — | $ | 109,565 | ||||
Less contract billings to date | — | 97,165 | ||||||
Costs and estimated earnings in excess of billings | $ | — | $ | 12,400 | ||||
Accounts_and_Notes_Receivable_
Accounts and Notes Receivable (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Current Trade Accounts Receivable | ' | |||||||
The Company’s current trade accounts receivable consisted of the following (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Trade accounts receivable | $ | 25,727 | $ | 50,132 | ||||
Allowance for doubtful accounts | (1,125 | ) | (376 | ) | ||||
$ | 24,602 | $ | 49,756 | |||||
Notes Receivable | ' | |||||||
Notes receivable are reflected in the following table (in thousands): | ||||||||
SEPTEMBER 30, 2014 | SEPTEMBER 30, 2013 | |||||||
Notes receivable | $ | 3,814 | $ | 5,290 | ||||
Allowance for doubtful notes | — | — | ||||||
3,814 | 5,290 | |||||||
Less current portion | 3,786 | 5,290 | ||||||
Non-current notes receivable | $ | 28 | $ | — | ||||
Rental_Equipment_Tables
Rental Equipment (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Rental Equipment [Abstract] | ' | |||||||
Rental Equipment | ' | |||||||
Rental equipment consisted of the following (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Rental equipment, primarily geophones and related products | $ | 76,193 | $ | 50,878 | ||||
Accumulated depreciation | (22,320 | ) | (13,970 | ) | ||||
$ | 53,873 | $ | 36,908 | |||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property Plant And Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment | ' | |||||||
Property, plant and equipment consisted of the following (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Land and land improvements | $ | 8,828 | $ | 8,714 | ||||
Buildings and building improvements | 30,255 | 30,075 | ||||||
Machinery and equipment | 46,806 | 43,627 | ||||||
Furniture and fixtures | 1,399 | 1,343 | ||||||
Transportation equipment | 30 | 30 | ||||||
Tools and molds | 1,629 | 1,496 | ||||||
Leasehold improvements | 71 | 8 | ||||||
Construction in progress | 3,226 | 2,495 | ||||||
92,244 | 87,788 | |||||||
Accumulated depreciation | (43,039 | ) | (39,308 | ) | ||||
$ | 49,205 | $ | 48,480 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
Long-term debt consisted of the following (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Working capital line of credit | $ | — | $ | 931 | ||||
— | 931 | |||||||
Less current portion | — | — | ||||||
$ | — | $ | 931 | |||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables And Accruals [Abstract] | ' | |||||||
Accrued Expenses and Other Current Liabilities | ' | |||||||
Accrued expenses and other current liabilities consisted of the following (in thousands): | ||||||||
AS OF SEPTEMBER 30, | ||||||||
2014 | 2013 | |||||||
Employee bonuses | $ | 6,611 | $ | 6,598 | ||||
Product warranty | 951 | 1,952 | ||||||
Compensated absences | 1,626 | 1,614 | ||||||
Legal and professional fees | 275 | 258 | ||||||
Payroll | 665 | 923 | ||||||
Property taxes | 2,043 | 2,652 | ||||||
Medical claims | 852 | 576 | ||||||
Other | 1,567 | 2,065 | ||||||
$ | 14,590 | $ | 16,638 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||||||||||
Stockholders Equity Note [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Combined Activity Under Equity Incentive Plans | ' | ||||||||||||||||||||||||||||||||
The following table summarizes the combined activity under the equity incentive plans for the indicated periods: | |||||||||||||||||||||||||||||||||
Number of Nonqualifed Options Outstanding | Weighted | Number of Restricted | Weighted | ||||||||||||||||||||||||||||||
Average | Stock Awards | Average | |||||||||||||||||||||||||||||||
Exercise | Grant-date fair- value per Share | ||||||||||||||||||||||||||||||||
Price per Share | |||||||||||||||||||||||||||||||||
Outstanding at October 1,, 2011 | 345,600 | $ | 13.82 | — | $ | — | |||||||||||||||||||||||||||
Granted | — | — | — | — | |||||||||||||||||||||||||||||
Exercised | (99,644 | ) | 13.63 | — | — | ||||||||||||||||||||||||||||
Forfeited | — | — | — | — | |||||||||||||||||||||||||||||
Expired | — | — | — | — | |||||||||||||||||||||||||||||
Outstanding at September 30, 2012 | 245,956 | 13.9 | — | — | |||||||||||||||||||||||||||||
Granted | — | — | — | — | |||||||||||||||||||||||||||||
Exercised | (139,906 | ) | 10.36 | — | — | ||||||||||||||||||||||||||||
Forfeited | — | — | — | — | |||||||||||||||||||||||||||||
Expired | — | — | — | — | |||||||||||||||||||||||||||||
Outstanding at September 30, 2013 | 106,050 | 18.61 | — | — | |||||||||||||||||||||||||||||
Granted | — | — | 197,000 | 95.18 | |||||||||||||||||||||||||||||
Exercised | (16,350 | ) | 25.94 | — | — | ||||||||||||||||||||||||||||
Forfeited | — | — | (8,000 | ) | 98.68 | ||||||||||||||||||||||||||||
Expired | — | — | — | — | |||||||||||||||||||||||||||||
Outstanding at September 30, 2014 | 89,700 | $ | 17.27 | 189,000 | $ | 95.03 | |||||||||||||||||||||||||||
Summary of Nonqualified Stock Options Outstanding and Exercisable | ' | ||||||||||||||||||||||||||||||||
The following table summarizes information about nonqualified stock options outstanding and exercisable at September 30, 2014: | |||||||||||||||||||||||||||||||||
Range of Exercise Prices | Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||||
Shares | Weighted | Weighted | Intrinsic | Shares | Weighted | Weighted | Intrinsic | ||||||||||||||||||||||||||
Average | Average | Value | Average | Average | Value | ||||||||||||||||||||||||||||
Remaining | Exercise | Remaining | Exercise | ||||||||||||||||||||||||||||||
Term | Price | Term | Price | ||||||||||||||||||||||||||||||
(in years) | (in years) | ||||||||||||||||||||||||||||||||
$6.76 to $9.99 | 38,200 | 4.2 | $ | 8.78 | 1,007,334 | 38,200 | 4.2 | $ | 8.78 | $ | 1,007,334 | ||||||||||||||||||||||
$10.00 to $26.98 | 51,500 | 5.6 | 23.57 | 596,160 | 51,500 | 5.6 | 23.57 | 596,160 | |||||||||||||||||||||||||
89,700 | 5 | $ | 17.27 | 1,603,494 | 89,700 | 5 | $ | 17.27 | $ | 1,603,494 | |||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||||
Components of Income (Loss) Before Income Taxes | ' | |||||||||||||||||||||||
Components of income (loss) before income taxes were as follows (in thousands): | ||||||||||||||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
United States | $ | 48,988 | $ | 103,349 | $ | 50,819 | ||||||||||||||||||
Foreign | 4,555 | (2,256 | ) | 1,043 | ||||||||||||||||||||
$ | 53,543 | $ | 101,093 | $ | 51,862 | |||||||||||||||||||
Computation of Provision (Benefit) for Income Taxes | ' | |||||||||||||||||||||||
The provision (benefit) for income taxes consisted of the following (in thousands): | ||||||||||||||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Current: | ||||||||||||||||||||||||
Federal | $ | 15,352 | $ | 31,954 | $ | 15,543 | ||||||||||||||||||
Foreign | 393 | (19 | ) | 24 | ||||||||||||||||||||
State | 69 | 124 | 369 | |||||||||||||||||||||
15,814 | 32,059 | 15,936 | ||||||||||||||||||||||
Deferred: | ||||||||||||||||||||||||
Federal | 41 | 43 | 413 | |||||||||||||||||||||
Foreign | 777 | (566 | ) | 395 | ||||||||||||||||||||
818 | (523 | ) | 808 | |||||||||||||||||||||
$ | 16,632 | $ | 31,536 | $ | 16,744 | |||||||||||||||||||
Reconciliation of Actual Income Tax Expenses (Benefits) | ' | |||||||||||||||||||||||
Actual income tax expense (benefit) differs from income tax expense computed by applying the statutory federal tax rate of 35.0% for each of the fiscal years ended September 30, 2014, 2013 and 2012 as follows (in thousands): | ||||||||||||||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Provision for U.S. federal income tax at statutory rate | $ | 18,740 | $ | 35,382 | $ | 18,153 | ||||||||||||||||||
Effect of foreign income taxes | (629 | ) | 130 | (140 | ) | |||||||||||||||||||
Manufacturers’/producers’ deduction | (1,496 | ) | (3,048 | ) | (1,868 | ) | ||||||||||||||||||
Research and experimentation tax credits | (208 | ) | (661 | ) | (99 | ) | ||||||||||||||||||
State income taxes, net of federal income tax benefit | 45 | 81 | 240 | |||||||||||||||||||||
Nondeductible expenses | 205 | 253 | 165 | |||||||||||||||||||||
Resolution of prior years’ tax matters | 20 | (467 | ) | 544 | ||||||||||||||||||||
Contingency for uncertainty in income taxes | — | (51 | ) | (335 | ) | |||||||||||||||||||
Other items | (45 | ) | (83 | ) | 84 | |||||||||||||||||||
$ | 16,632 | $ | 31,536 | $ | 16,744 | |||||||||||||||||||
Effective tax rate | 31.1 | % | 31.2 | % | 32.3 | % | ||||||||||||||||||
Components of Net Deferred Income Tax Asset | ' | |||||||||||||||||||||||
Deferred income taxes under the liability method reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred income tax asset were as follows (in thousands): | ||||||||||||||||||||||||
AS OF SEPTEMBER 30, 2014 | AS OF SEPTEMBER 30, 2013 | |||||||||||||||||||||||
U. S. | Non U.S. | Total | U. S. | Non U.S. | Total | |||||||||||||||||||
Deferred income tax assets: | ||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 214 | $ | 73 | $ | 287 | $ | 120 | $ | 4 | $ | 124 | ||||||||||||
Inventories | 5,035 | (125 | ) | 4,910 | 4,762 | (71 | ) | 4,691 | ||||||||||||||||
Net operating loss carry-forwards, tax credits and deferrals | — | 871 | 871 | — | 1,204 | 1,204 | ||||||||||||||||||
Stock-based compensation | 1,658 | — | 1,658 | 298 | — | 298 | ||||||||||||||||||
Accrued product warranty | 317 | 8 | 325 | 644 | 22 | 666 | ||||||||||||||||||
Accrued compensated absences | 579 | — | 579 | 549 | — | 549 | ||||||||||||||||||
Comprehensive income | 1,344 | — | 1,344 | 573 | — | 573 | ||||||||||||||||||
Insurance and other reserves | 1,088 | 31 | 1,119 | 973 | 63 | 1,036 | ||||||||||||||||||
10,235 | 858 | 11,093 | 7,919 | 1,222 | 9,141 | |||||||||||||||||||
Deferred income tax liabilities: | ||||||||||||||||||||||||
Intangible assets | (285 | ) | — | (285 | ) | (230 | ) | — | (230 | ) | ||||||||||||||
Property, plant and equipment and | (4,768 | ) | (1,121 | ) | (5,889 | ) | (3,238 | ) | (632 | ) | (3,870 | ) | ||||||||||||
other | ||||||||||||||||||||||||
Subtotal deferred income tax asset | 5,182 | (263 | ) | 4,919 | 4,451 | 590 | 5,041 | |||||||||||||||||
Valuation allowance | — | — | — | — | — | — | ||||||||||||||||||
Net deferred income tax asset | $ | 5,182 | $ | (263 | ) | $ | 4,919 | $ | 4,451 | $ | 590 | $ | 5,041 | |||||||||||
Net Classification of Deferred Income Tax Assets and Liabilities in Balance Sheet | ' | |||||||||||||||||||||||
Deferred income tax assets and liabilities are reported as follows in the accompanying consolidated balance sheets (in thousands): | ||||||||||||||||||||||||
AS OF SEPTEMBER 30, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Current deferred income tax asset | $ | 7,244 | $ | 7,056 | ||||||||||||||||||||
Noncurrent deferred income tax asset | 75 | 594 | ||||||||||||||||||||||
Current deferred income tax liability | (23 | ) | (12 | ) | ||||||||||||||||||||
Noncurrent deferred income tax liability | (2,377 | ) | (2,597 | ) | ||||||||||||||||||||
$ | 4,919 | $ | 5,041 | |||||||||||||||||||||
Reconciliation of the Total Amounts of Unrecognized Tax Liabilities | ' | |||||||||||||||||||||||
The following table is a reconciliation of the total amounts of unrecognized tax liabilities (in thousands): | ||||||||||||||||||||||||
Balance at October 1, 2011 | $ | 852 | ||||||||||||||||||||||
Change in prior year tax positions | (420 | ) | ||||||||||||||||||||||
Current tax positions | 63 | |||||||||||||||||||||||
Settlements with taxing authorities | (145 | ) | ||||||||||||||||||||||
Lapse of statute of limitations | 5 | |||||||||||||||||||||||
Balance at September 30, 2012 | 355 | |||||||||||||||||||||||
Change in prior year tax positions | (22 | ) | ||||||||||||||||||||||
Current tax positions | 142 | |||||||||||||||||||||||
Settlements with taxing authorities | (47 | ) | ||||||||||||||||||||||
Lapse of statute of limitations | (114 | ) | ||||||||||||||||||||||
Balance at September 30, 2013 | 314 | |||||||||||||||||||||||
Change in prior year tax positions | 9 | |||||||||||||||||||||||
Current tax positions | 23 | |||||||||||||||||||||||
Settlements with taxing authorities | — | |||||||||||||||||||||||
Lapse of statute of limitations | (45 | ) | ||||||||||||||||||||||
Balance at September 30, 2014 | $ | 301 | ||||||||||||||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Calculation of Weighted Average Common Shares and Common Equivalent Shares Outstanding | ' | |||||||||||
The following table summarizes the calculation of net earnings and weighted average common shares and common equivalent shares outstanding for purposes of the computation of earnings per share (in thousands, except share and per share amounts): | ||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income | $ | 36,911 | $ | 69,557 | $ | 35,118 | ||||||
Less: Income allocable to unvested restricted stock | (444 | ) | — | — | ||||||||
Income available to common shareholders | 36,467 | 69,557 | 35,118 | |||||||||
Reallocation of participating earnings | 2 | — | — | |||||||||
Income attributable to common shareholders for diluted earnings per share | $ | 36,469 | $ | 69,557 | $ | 35,118 | ||||||
Weighted average number of common share equivalents: | ||||||||||||
Common shares used in basic earnings per share | 12,950,958 | 12,886,372 | 12,735,520 | |||||||||
Common share equivalents outstanding related to stock options | 46,051 | 52,289 | 100,719 | |||||||||
Total weighted average common shares and common share equivalents used in diluted earnings per share | 12,997,009 | 12,938,661 | 12,836,239 | |||||||||
Earnings per share: | ||||||||||||
Basic | $ | 2.82 | $ | 5.4 | $ | 2.76 | ||||||
Diluted | $ | 2.81 | $ | 5.38 | $ | 2.74 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Commitments Under Non-Cancelable Operating Leases | ' | ||||
Future minimum rental commitments under non-cancelable operating leases are as follows (in thousands): | |||||
YEAR ENDING SEPTEMBER 30, | |||||
2015 | $ | 189 | |||
2016 | 95 | ||||
$ | 284 | ||||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | |||||||||||
Supplemental Cash Flow Information Components | ' | |||||||||||
Supplemental cash flow information is as follows (in thousands): | ||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Cash paid for: | ||||||||||||
Interest | $ | 438 | $ | 119 | $ | 10 | ||||||
Income taxes | 15,163 | 29,837 | 14,068 | |||||||||
Noncash investing and financing activities: | ||||||||||||
Inventory transferred to rental equipment | 10,742 | 4,902 | 2,000 | |||||||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 12 Months Ended | |||||||||||
Sep. 30, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Summary of Company's Segment Information | ' | |||||||||||
The following tables summarize the Company’s segment information: | ||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenues: | ||||||||||||
Seismic | $ | 214,946 | $ | 275,201 | $ | 164,921 | ||||||
Non-Seismic | 21,420 | 24,578 | 25,942 | |||||||||
Corporate | 546 | 828 | 801 | |||||||||
Total | 236,912 | 300,607 | 191,664 | |||||||||
Income (loss) from operations: | ||||||||||||
Seismic | 65,159 | 110,118 | 55,990 | |||||||||
Non-Seismic | 2,733 | 3,344 | 4,479 | |||||||||
Corporate | (14,093 | ) | (12,235 | ) | (9,604 | ) | ||||||
Total | 53,799 | 101,227 | 50,865 | |||||||||
Depreciation, amortization and stock-based compensation expenses: | ||||||||||||
Seismic | 19,925 | 11,207 | 8,533 | |||||||||
Non-Seismic | 468 | 289 | 320 | |||||||||
Corporate | 1,500 | 1,277 | 1,496 | |||||||||
Total | 21,893 | 12,773 | 10,349 | |||||||||
Interest income: | ||||||||||||
Seismic | 74 | 781 | 581 | |||||||||
Non-Seismic | 5 | 2 | 5 | |||||||||
Corporate | 44 | 97 | 157 | |||||||||
Total | 123 | 880 | 743 | |||||||||
Interest expense: | ||||||||||||
Seismic | — | 141 | 199 | |||||||||
Non-Seismic | — | — | — | |||||||||
Corporate | 471 | 119 | — | |||||||||
Total | 471 | 260 | 199 | |||||||||
* | The Company’s manufacturing operations for its Seismic and Non-Seismic business segments are combined. Therefore, the Company does not segregate and report separate balance sheet accounts for these segments. As a result, the Company does not report business segment balance sheet information. | |||||||||||
Details of Revenues | ' | |||||||||||
The Company generates revenues from product sales and rentals from its subsidiaries located in the United States, Canada, Colombia, the Russian Federation and the United Kingdom. Revenue information for the Company is as follows (in thousands): | ||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 230,818 | $ | 300,131 | $ | 216,741 | ||||||
Canada | 39,064 | 39,415 | 23,741 | |||||||||
Colombia | 3,222 | 608 | — | |||||||||
Russian Federation | 14,048 | 10,758 | 9,837 | |||||||||
United Kingdom | 2,229 | 2,021 | 4,064 | |||||||||
Eliminations | (52,469 | ) | (52,326 | ) | (62,719 | ) | ||||||
$ | 236,912 | $ | 300,607 | $ | 191,664 | |||||||
Summary of Revenues by Geographic Area | ' | |||||||||||
A summary of revenues by geographic area for fiscal years 2014, 2013 and 2012 is as follows (in thousands): | ||||||||||||
YEAR ENDED SEPTEMBER 30, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Asia (excluding Middle East) | $ | 5,028 | $ | 8,789 | $ | 10,753 | ||||||
Canada | 42,632 | 74,839 | 59,602 | |||||||||
Europe | 71,713 | 115,226 | 3,043 | |||||||||
Middle East | 7,550 | 2,385 | 8,542 | |||||||||
United States | 96,380 | 88,512 | 102,378 | |||||||||
Other | 13,609 | 10,856 | 7,346 | |||||||||
$ | 236,912 | $ | 300,607 | $ | 191,664 | |||||||
Long-lived Assets | ' | |||||||||||
Long-lived assets were as follows (in thousands): | ||||||||||||
AS OF SEPTEMBER 30, | ||||||||||||
2014 | 2013 | |||||||||||
United States | $ | 63,369 | $ | 46,712 | ||||||||
Canada | 32,270 | 32,078 | ||||||||||
Colombia | 12,122 | 7,554 | ||||||||||
Russian Federation | 2,549 | 6,820 | ||||||||||
United Kingdom | 579 | 350 | ||||||||||
China | 14 | 14 | ||||||||||
$ | 110,903 | $ | 93,528 | |||||||||
Selected_Quarterly_Information1
Selected Quarterly Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Summarized data for each of the quarters | ' | |||||||||||||||
The following table represents summarized data for each of the quarters in fiscal years 2014 and 2013 (in thousands, except per share amounts): | ||||||||||||||||
2014 | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 26,285 | $ | 40,728 | $ | 68,551 | $ | 101,348 | ||||||||
Gross profit | 6,089 | 15,376 | 27,903 | 47,091 | ||||||||||||
Income (loss) from operations | (3,282 | ) | 5,458 | 15,956 | 35,667 | |||||||||||
Other income (expense), net | 10 | (129 | ) | 11 | (148 | ) | ||||||||||
Net income (loss) | (1,833 | ) | 3,752 | 10,816 | 24,176 | |||||||||||
Basic earnings per share | $ | (.14 | ) | $ | 0.29 | $ | 0.83 | $ | 1.86 | |||||||
Diluted earnings per share | $ | (.14 | ) | $ | 0.29 | $ | 0.82 | $ | 1.85 | |||||||
2013 | ||||||||||||||||
Fourth | Third | Second | First | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 68,288 | $ | 78,148 | $ | 76,420 | $ | 77,751 | ||||||||
Gross profit | 29,780 | 33,875 | 35,561 | 40,545 | ||||||||||||
Income from operations | 19,132 | 24,991 | 25,556 | 31,548 | ||||||||||||
Other income (expense), net | 274 | (50 | ) | (532 | ) | 174 | ||||||||||
Net income | 13,684 | 16,991 | 16,869 | 22,013 | ||||||||||||
Basic earnings per share | $ | 1.06 | $ | 1.32 | $ | 1.31 | $ | 1.72 | ||||||||
Diluted earnings per share | $ | 1.05 | $ | 1.31 | $ | 1.3 | $ | 1.7 | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Significant Accounting Policies Additional (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum credit limit | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' |
Extended credit terms for trade receivables | ' | ' | ' | ' | ' | ' | ' | ' | '60 days | ' | ' |
Patent amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $100,000 | $200,000 |
Goodwill | 1,843,000 | ' | ' | ' | 1,843,000 | ' | ' | ' | 1,843,000 | 1,843,000 | ' |
Issuance of restricted stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | 197,000 | 0 | 0 |
Weighted average grant date fair value per Share | ' | ' | ' | ' | ' | ' | ' | ' | $95.18 | $0 | $0 |
Stock options granted during fiscal years | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | 4,100,000 | 500,000 | 800,000 |
Shipping and handling costs | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | 1,400,000 | 1,000,000 |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | 26,285,000 | 40,728,000 | 68,551,000 | 101,348,000 | 68,288,000 | 78,148,000 | 76,420,000 | 77,751,000 | 236,912,000 | 300,607,000 | 191,664,000 |
Russian Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net working capital related to this subsidiary | 11,400,000 | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 10,200,000 | 7,700,000 | ' |
Columbia Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net working capital related to this subsidiary | 1,800,000 | ' | ' | ' | ' | ' | ' | ' | 1,800,000 | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $3,222,000 | $608,000 | ' |
Customer one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of trade accounts receivables | ' | ' | ' | ' | ' | ' | ' | ' | 22.80% | 25.40% | ' |
Percentage of notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | 71.80% | 60.00% | ' |
Customer two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of trade accounts receivables | ' | ' | ' | ' | ' | ' | ' | ' | 15.60% | ' | ' |
Percentage of notes receivable | ' | ' | ' | ' | ' | ' | ' | ' | 27.10% | 39.10% | ' |
Customer three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of trade accounts receivables | ' | ' | ' | ' | ' | ' | ' | ' | 14.20% | ' | ' |
Customer Concentration Risk | Customer one | Sales Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of company revenue | ' | ' | ' | ' | ' | ' | ' | ' | 26.40% | 36.50% | 17.70% |
Property_Plant_and_Equipment_E
Property, Plant and Equipment Estimated Useful Life (Details) | 12 Months Ended |
Sep. 30, 2014 | |
Minimum | ' |
Property Plant And Equipment [Line Items] | ' |
Rental equipment | '3 years |
Maximum | ' |
Property Plant And Equipment [Line Items] | ' |
Rental equipment | '5 years |
Machinery and equipment | Minimum | ' |
Property Plant And Equipment [Line Items] | ' |
Property useful lives | '3 years |
Machinery and equipment | Maximum | ' |
Property Plant And Equipment [Line Items] | ' |
Property useful lives | '15 years |
Buildings and building improvements | Minimum | ' |
Property Plant And Equipment [Line Items] | ' |
Property useful lives | '10 years |
Buildings and building improvements | Maximum | ' |
Property Plant And Equipment [Line Items] | ' |
Property useful lives | '50 years |
Other | Minimum | ' |
Property Plant And Equipment [Line Items] | ' |
Property useful lives | '5 years |
Other | Maximum | ' |
Property Plant And Equipment [Line Items] | ' |
Property useful lives | '10 years |
Changes_in_Product_Warranty_Re
Changes in Product Warranty Reserve (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Changes in product warranty reserve | ' | ' | ' |
Balance at the beginning of the year | $1,952 | $2,308 | $2,123 |
Accruals for warranties issued during the year | 324 | 681 | 1,354 |
Settlements made (in cash or in kind) during the year | -1,325 | -1,037 | -1,169 |
Balance at the end of the year | $951 | $1,952 | $2,308 |
Shortterm_Investments_Addition
Short-term Investments - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Investments | |||
Short Term Investments [Abstract] | ' | ' | ' |
Purchases of short-term investments | $21,610 | $1,587 | $16,823 |
Proceeds from the sale of short-term investments | 2,000 | 21,139 | 2,030 |
Realized Investment Gains (Losses) | $0 | $19 | ($1) |
Number of Short-term Investments Outstanding | ' | 0 | ' |
Shortterm_Investments_Details
Short-term Investments (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Schedule Of Available For Sale Securities [Line Items] | ' |
Short-term Investments, Amortized Cost | $19,900 |
Short-term Investments, Unrealized Gains | 0 |
Short-term Investments, Unrealized Losses | -39 |
Short-term Investments, Estimated Fair Value | 19,861 |
Corporate bonds | ' |
Schedule Of Available For Sale Securities [Line Items] | ' |
Short-term Investments, Amortized Cost | 14,262 |
Short-term Investments, Unrealized Gains | 0 |
Short-term Investments, Unrealized Losses | -27 |
Short-term Investments, Estimated Fair Value | 14,235 |
Government bonds | ' |
Schedule Of Available For Sale Securities [Line Items] | ' |
Short-term Investments, Amortized Cost | 5,638 |
Short-term Investments, Unrealized Gains | 0 |
Short-term Investments, Unrealized Losses | -12 |
Short-term Investments, Estimated Fair Value | $5,626 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Foreign Currency Forward Contract | Canadian Subsidiary | Canadian Subsidiary | |
Derivative Financial Instruments [Line Items] | ' | ' | ' | ' |
Denominated intercompany accounts payable | ' | ' | $26.60 | $28.30 |
Foreign currency forward contract to hedge | ' | 30 | ' | ' |
Accrued unrealized foreign exchange gain | $0.80 | ' | ' | ' |
Gross_Fair_Value_of_all_Deriva
Gross Fair Value of all Derivative Instruments (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives Fair Value [Line Items] | ' | ' |
Net Derivatives | $795 | $351 |
Foreign Currency Forward Contract | Prepaid Expenses and Other Current Assets | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivative Assets | 795 | ' |
Foreign Currency Forward Contract | Accrued Expenses and Other Current Liabilities | ' | ' |
Derivatives Fair Value [Line Items] | ' | ' |
Derivatives Liabilities | ' | $351 |
Companys_Derivatives_on_Consol
Company's Derivatives on Consolidated Financial Statements of Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' |
Amount of (Loss) Gain Recognized in Income | $2,439 | $398 | ($394) |
Foreign Currency Forward Contract | Other Income (Expense) | ' | ' | ' |
Derivative Instruments Gain Loss [Line Items] | ' | ' | ' |
Amount of (Loss) Gain Recognized in Income | $2,439 | $398 | ($394) |
Fair_Value_of_Companys_Shortte
Fair Value of Company's Short-term Investments and Foreign Currency Forward Contracts (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Short-term investment fair value disclosure | $19,861 | ' |
Net Derivatives | 795 | 351 |
Fair Value, Measurements, Recurring | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Total | 20,656 | -351 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Total | 19,861 | ' |
Fair Value, Measurements, Recurring | Significant Other Observable (Level 2) | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Total | 795 | -351 |
Fair Value, Measurements, Recurring | Corporate bonds | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Short-term investment fair value disclosure | 14,235 | ' |
Fair Value, Measurements, Recurring | Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Short-term investment fair value disclosure | 14,235 | ' |
Fair Value, Measurements, Recurring | Government bonds | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Short-term investment fair value disclosure | 5,626 | ' |
Fair Value, Measurements, Recurring | Government bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Short-term investment fair value disclosure | 5,626 | ' |
Fair Value, Measurements, Recurring | Foreign Currency Forward Contract | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Net Derivatives | 795 | -351 |
Fair Value, Measurements, Recurring | Foreign Currency Forward Contract | Significant Other Observable (Level 2) | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Net Derivatives | $795 | ($351) |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income Loss (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated other comprehensive income (loss) | ($1,064) | ($225) | $170 |
Other comprehensive income before reclassifications | ' | -820 | -394 |
Amounts reclassified from accumulated other comprehensive income | ' | -19 | -1 |
Net period other comprehensive income (loss) | -1,432 | -839 | -395 |
Accumulated other comprehensive income (loss) | -2,496 | -1,064 | -225 |
Unrealized Gains and Losses on Available-for-Sale Securities | ' | ' | ' |
Accumulated other comprehensive income (loss) | ' | 30 | -12 |
Other comprehensive income before reclassifications | ' | -11 | 43 |
Amounts reclassified from accumulated other comprehensive income | ' | -19 | -1 |
Net period other comprehensive income (loss) | -26 | -30 | 42 |
Accumulated other comprehensive income (loss) | -26 | ' | 30 |
Foreign Currency Translation Adjustments | ' | ' | ' |
Accumulated other comprehensive income (loss) | -1,064 | -255 | 182 |
Other comprehensive income before reclassifications | ' | -809 | -437 |
Net period other comprehensive income (loss) | -1,406 | -809 | -437 |
Accumulated other comprehensive income (loss) | ($2,470) | ($1,064) | ($255) |
Inventories_Details
Inventories (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods and sub-assemblies | $42,473 | $44,391 |
Work in progress | 28,582 | 25,156 |
Raw materials | 82,599 | 86,933 |
Obsolescence reserve | -7,764 | -6,932 |
Total | $145,890 | $149,548 |
Inventories_Additional_Informa
Inventories - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Inventory obsolescence expense | $2,617 | $187 | $1,793 |
Cost_and_Estimated_Earnings_in
Cost and Estimated Earnings in Excess of Billings (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ' | ' |
Cumulative contract revenues earned to date | ' | $109,565 |
Less contract billings to date | ' | 97,165 |
Costs and estimated earnings in excess of billings | $0 | $12,400 |
Current_Trade_Accounts_Receiva
Current Trade Accounts Receivable (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current trade accounts receivable | ' | ' |
Trade accounts receivable | $25,727 | $50,132 |
Allowance for doubtful accounts | -1,125 | -376 |
Total current trade accounts receivable | $24,602 | $49,756 |
Notes_Receivable_Details
Notes Receivable (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Notes receivable | ' | ' |
Notes receivable | $3,814 | $5,290 |
Allowance for doubtful notes | 0 | 0 |
Total | 3,814 | 5,290 |
Less current portion | 3,786 | 5,290 |
Non-current notes receivable | $28 | ' |
Accounts_and_Notes_Receivable_1
Accounts and Notes Receivable - Additional Information (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Accounts and Notes Receivable (Textual) [Abstract] | ' |
Interest Rate | 11.00% |
Notes receivable | $3.80 |
Rental_Equipment_Details
Rental Equipment (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Rental Equipment | ' | ' |
Rental equipment, primarily geophones and related products | $76,193 | $50,878 |
Accumulated depreciation | -22,320 | -13,970 |
Rental equipment, net | $53,873 | $36,908 |
Rental_Equipment_Additional_In
Rental Equipment - Additional Information (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Rental Equipment (Textual) [Abstract] | ' | ' | ' |
Rental equipment depreciation expense | $12,400,000 | $7,300,000 | $5,500,000 |
Inventories transferred to rental equipment | $10,742,000 | $4,902,000 | $2,000,000 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment | ' | ' |
Land and land improvements | $8,828 | $8,714 |
Buildings and building improvements | 30,255 | 30,075 |
Machinery and equipment | 46,806 | 43,627 |
Furniture and fixtures | 1,399 | 1,343 |
Transportation equipment | 30 | 30 |
Tools and molds | 1,629 | 1,496 |
Leasehold improvements | 71 | 8 |
Construction in progress | 3,226 | 2,495 |
Property plant and equipment gross | 92,244 | 87,788 |
Accumulated depreciation | -43,039 | -39,308 |
Property plant and equipment net | $49,205 | $48,480 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment (Textual) [Abstract] | ' | ' | ' |
Property, plant and equipment depreciation expense | $5.40 | $4.80 | $3.80 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Long-Term Debt [Abstract] | ' | ' |
Working capital line of credit | ' | $931 |
Total notes payable and long-term debt | ' | 931 |
Less current portion | 0 | 0 |
Total long-term debt | ' | $931 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Details) (USD $) | 12 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2014 | Sep. 27, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
New Agreement | Line of Credit | Line of Credit | Credit agreement | Credit agreement | Standby Letters of Credit | Standby Letters of Credit | |||
Minimum | Maximum | ||||||||
LIBOR | LIBOR | ||||||||
Long-Term Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit agreement date | ' | ' | 2-Mar-11 | ' | ' | ' | ' | ' | ' |
Line of credit borrowing capacity | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility expiration date | 27-Apr-16 | ' | ' | ' | ' | ' | ' | ' | ' |
Marginal interest rate | ' | ' | ' | 2.50% | 3.25% | ' | ' | ' | ' |
Line of Credit Facility, Outstanding borrowing | ' | ' | ' | ' | ' | 0 | 900,000 | ' | ' |
Standby letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | 51,000 | 42,000 |
Line of credit borrowing availability | $49,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Payables And Accruals [Abstract] | ' | ' | ' | ' |
Employee bonuses | $6,611 | $6,598 | ' | ' |
Product warranty | 951 | 1,952 | 2,308 | 2,123 |
Compensated absences | 1,626 | 1,614 | ' | ' |
Legal and professional fees | 275 | 258 | ' | ' |
Payroll | 665 | 923 | ' | ' |
Property taxes | 2,043 | 2,652 | ' | ' |
Medical claims | 852 | 576 | ' | ' |
Other | 1,567 | 2,065 | ' | ' |
Accrued expenses and other current liabilities | $14,590 | $16,638 | ' | ' |
Accrued_Expenses_and_Other_Cur3
Accrued Expenses and Other Current Liabilities - Additional Information (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Accrued Expenses and Other Current Liabilities (Textual) [Abstract] | ' |
Purchased stop-loss coverage for individual claims | $150,000 |
Employee_Benefits_Additional_I
Employee Benefits - Additional Information (Details) (401(k) Retirement Plan, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
401(k) Retirement Plan | ' | ' | ' |
Employee Benefits (Textual) [Abstract] | ' | ' | ' |
Company's share of discretionary matching contributions | $1.10 | $0.90 | $0.70 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders' Equity (Textual) [Abstract] | ' | ' | ' |
Common stock split conversion ratio | 2 | ' | ' |
Stockholders' Equity Additional (Textual) [Abstract] | ' | ' | ' |
Nonqualified stock options vested | 0 | 106,500 | 102,500 |
Fair values of nonqualified stock options vested | $0 | $0.80 | $0.70 |
Intrinsic value of nonqualified stock options exercised | 0.7 | 10.4 | 4 |
Unvested nonqualified stock options | 0 | ' | ' |
Restricted Stock | ' | ' | ' |
Stockholders' Equity (Textual) [Abstract] | ' | ' | ' |
Unrecognized compensation expense | $13.30 | ' | ' |
1997 Plan | ' | ' | ' |
Stockholders' Equity (Textual) [Abstract] | ' | ' | ' |
Common stock reserved for issuance | 2,250,000 | ' | ' |
Expiration date | 14-Nov-17 | ' | ' |
Percent of outstanding common stock granted to employees | 10.00% | ' | ' |
Exercise price of stock option granted to employees | 110.00% | ' | ' |
Increments in option | 25.00% | ' | ' |
Vesting Period for Option from date of grant | '4 years | ' | ' |
Common stock available for issuance | 0 | ' | ' |
1997 Plan | Restricted Stock | ' | ' | ' |
Stockholders' Equity (Textual) [Abstract] | ' | ' | ' |
Restriction period for continuing to hold restricted stock | '10 years | ' | ' |
1997 Plan | Maximum | ' | ' | ' |
Stockholders' Equity (Textual) [Abstract] | ' | ' | ' |
Options have a term | '10 years | ' | ' |
Outstanding shares of common stock granted to employees expiry term | '5 years | ' | ' |
2014 Plan | ' | ' | ' |
Stockholders' Equity (Textual) [Abstract] | ' | ' | ' |
Common stock reserved for issuance | 1,500,000 | ' | ' |
Percent of outstanding common stock granted to employees | 10.00% | ' | ' |
Exercise price of stock option granted to employees | 110.00% | ' | ' |
Common stock available for issuance | 1,487,000 | ' | ' |
2014 Plan | Maximum | ' | ' | ' |
Stockholders' Equity (Textual) [Abstract] | ' | ' | ' |
Options have a term | '10 years | ' | ' |
Outstanding shares of common stock granted to employees expiry term | '5 years | ' | ' |
Summary_of_Combined_Activity_U
Summary of Combined Activity Under Equity Incentive Plans (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Outstanding, Number of Nonqualified Options, Beginning Balance | 106,050 | 245,956 | 345,600 |
Granted, Number of Nonqualified Options Outstanding | 0 | 0 | 0 |
Exercised, Number of Nonqualified Options Outstanding | -16,350 | -139,906 | -99,644 |
Forfeited, Number of Nonqualified Options Outstanding | 0 | 0 | 0 |
Expired, Number of Nonqualified Options Outstanding | 0 | 0 | 0 |
Outstanding, Number of Nonqualified Options, Ending Balance | 89,700 | 106,050 | 245,956 |
Options, Outstanding, Weighted Average Exercise Price per Share, Beginning Balance | $18.61 | $13.90 | $13.82 |
Granted, Weighted Average Exercise Price per Share | $0 | $0 | $0 |
Exercised, Weighted Average Exercise Price per Share | $25.94 | $10.36 | $13.63 |
Forfeited, Weighted Average Exercise Price per Share | $0 | $0 | $0 |
Expired, Weighted Average Exercise Price per Share | $0 | $0 | $0 |
Options, Outstanding, Weighted Average Exercise Price per Share, Ending Balance | $17.27 | $18.61 | $13.90 |
Granted, Weighted Average Grant-date fair- value per Share | $95.18 | $0 | $0 |
Forfeited, Weighted Average Grant-date fair- value per Share | $98.68 | $0 | $0 |
Expired, Weighted Average Grant-date fair- value per Share | $0 | $0 | $0 |
Outstanding, Weighted Average Grant-date fair- value per Share, Ending Balance | $95.03 | ' | ' |
Restricted Stock | ' | ' | ' |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' |
Granted, Number of Restricted Stock Awards | 197,000 | 0 | 0 |
Forfeited, Number of Restricted Stock Awards | -8,000 | 0 | 0 |
Expired, Number of Restricted Stock Awards | 0 | 0 | 0 |
Options, Number of Restricted Stock Awards, Ending Balance | 189,000 | ' | ' |
Summary_of_Nonqualified_Stock_
Summary of Nonqualified Stock Options Outstanding and Exercisable (Details) (USD $) | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ' | ' | ' | ' |
Options Outstanding Shares | 89,700 | 106,050 | 245,956 | 345,600 |
Options Outstanding, Weighted Average Remaining Term | '5 years | ' | ' | ' |
Options Outstanding Weighted Average Exercise Price | $17.27 | $18.61 | $13.90 | $13.82 |
Options Outstanding Intrinsic Value | $1,603,494 | ' | ' | ' |
Options Exercisable Shares | 89,700 | ' | ' | ' |
Option Exercisable Weighted Average Remaining Term | '5 years | ' | ' | ' |
Options Exercisable Weighted Average Exercise Price | $17.27 | ' | ' | ' |
Options Exercisable Intrinsic Value | 1,603,494 | ' | ' | ' |
Range One | ' | ' | ' | ' |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices Minimum | $6.76 | ' | ' | ' |
Range of Exercise Prices Maximum | $9.99 | ' | ' | ' |
Options Outstanding Shares | 38,200 | ' | ' | ' |
Options Outstanding, Weighted Average Remaining Term | '4 years 2 months 12 days | ' | ' | ' |
Options Outstanding Weighted Average Exercise Price | $8.78 | ' | ' | ' |
Options Outstanding Intrinsic Value | 1,007,334 | ' | ' | ' |
Options Exercisable Shares | 38,200 | ' | ' | ' |
Option Exercisable Weighted Average Remaining Term | '4 years 2 months 12 days | ' | ' | ' |
Options Exercisable Weighted Average Exercise Price | $8.78 | ' | ' | ' |
Options Exercisable Intrinsic Value | 1,007,334 | ' | ' | ' |
Range Two | ' | ' | ' | ' |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | ' | ' | ' | ' |
Range of Exercise Prices Minimum | $10 | ' | ' | ' |
Range of Exercise Prices Maximum | $26.98 | ' | ' | ' |
Options Outstanding Shares | 51,500 | ' | ' | ' |
Options Outstanding, Weighted Average Remaining Term | '5 years 7 months 6 days | ' | ' | ' |
Options Outstanding Weighted Average Exercise Price | $23.57 | ' | ' | ' |
Options Outstanding Intrinsic Value | 596,160 | ' | ' | ' |
Options Exercisable Shares | 51,500 | ' | ' | ' |
Option Exercisable Weighted Average Remaining Term | '5 years 7 months 6 days | ' | ' | ' |
Options Exercisable Weighted Average Exercise Price | $23.57 | ' | ' | ' |
Options Exercisable Intrinsic Value | $596,160 | ' | ' | ' |
Components_of_Income_Loss_Befo
Components of Income (Loss) Before Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
United States | $48,988 | $103,349 | $50,819 |
Foreign | 4,555 | -2,256 | 1,043 |
Income before income taxes | $53,543 | $101,093 | $51,862 |
Computation_of_Provision_Benef
Computation of Provision (Benefit) for Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Current: | ' | ' | ' |
Current Federal | $15,352 | $31,954 | $15,543 |
Current Foreign | 393 | -19 | 24 |
Current State | 69 | 124 | 369 |
Total current income tax expenses (benefits) | 15,814 | 32,059 | 15,936 |
Deferred: | ' | ' | ' |
Deferred Federal | 41 | 43 | 413 |
Deferred Foreign | 777 | -566 | 395 |
Total Deferred Income Tax Expense (benefits) | 818 | -523 | 808 |
Income tax expense | $16,632 | $31,536 | $16,744 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Taxes [Line Items] | ' | ' | ' |
United States statutory tax rate | 35.00% | 35.00% | 35.00% |
Temporary difference related to undistributed earnings | $16.10 | $12.70 | ' |
Unrecognized tax liabilities change time | '12 months | ' | ' |
Canada | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net operating loss, carryforwards | 3.1 | ' | ' |
Net operating loss, carryforwards expiration year | '2021 | ' | ' |
United Kingdom | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Net operating loss, carryforwards | $0.20 | ' | ' |
Reconciliation_of_Actual_Incom
Reconciliation of Actual Income Tax Expenses (Benefits) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Provision for U.S. federal income tax at statutory rate | $18,740 | $35,382 | $18,153 |
Effect of foreign income taxes | -629 | 130 | -140 |
Manufacturers’/producers’ deduction | -1,496 | -3,048 | -1,868 |
Research and experimentation tax credits | -208 | -661 | -99 |
State income taxes, net of federal income tax benefit | 45 | 81 | 240 |
Nondeductible expenses | 205 | 253 | 165 |
Resolution of prior years’ tax matters | 20 | -467 | 544 |
Contingency for uncertainty in income taxes | ' | -51 | -335 |
Other items | -45 | -83 | 84 |
Income tax expense | $16,632 | $31,536 | $16,744 |
Effective tax rate | 31.10% | 31.20% | 32.30% |
Components_of_Net_Deferred_Inc
Components of Net Deferred Income Tax Asset (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred income tax assets: | ' | ' |
Allowance for doubtful accounts | $287 | $124 |
Inventories | 4,910 | 4,691 |
Net operating loss carry-forwards, tax credits and deferrals | 871 | 1,204 |
Stock-based compensation | 1,658 | 298 |
Accrued product warranty | 325 | 666 |
Accrued compensated absences | 579 | 549 |
Comprehensive income | 1,344 | 573 |
Insurance and other reserves | 1,119 | 1,036 |
Deferred Tax Assets, Gross, Total | 11,093 | 9,141 |
Deferred income tax liabilities: | ' | ' |
Intangible assets | -285 | -230 |
Property, plant and equipment and other | -5,889 | -3,870 |
Subtotal deferred income tax asset | 4,919 | 5,041 |
Valuation allowance | 0 | 0 |
Net deferred income tax asset | 4,919 | 5,041 |
U. S. | ' | ' |
Deferred income tax assets: | ' | ' |
Allowance for doubtful accounts | 214 | 120 |
Inventories | 5,035 | 4,762 |
Stock-based compensation | 1,658 | 298 |
Accrued product warranty | 317 | 644 |
Accrued compensated absences | 579 | 549 |
Comprehensive income | 1,344 | 573 |
Insurance and other reserves | 1,088 | 973 |
Deferred Tax Assets, Gross, Total | 10,235 | 7,919 |
Deferred income tax liabilities: | ' | ' |
Intangible assets | -285 | -230 |
Property, plant and equipment and other | -4,768 | -3,238 |
Subtotal deferred income tax asset | 5,182 | 4,451 |
Valuation allowance | 0 | 0 |
Net deferred income tax asset | 5,182 | 4,451 |
Non U. S. | ' | ' |
Deferred income tax assets: | ' | ' |
Allowance for doubtful accounts | 73 | 4 |
Inventories | -125 | -71 |
Net operating loss carry-forwards, tax credits and deferrals | 871 | 1,204 |
Accrued product warranty | 8 | 22 |
Insurance and other reserves | 31 | 63 |
Deferred Tax Assets, Gross, Total | 858 | 1,222 |
Deferred income tax liabilities: | ' | ' |
Property, plant and equipment and other | -1,121 | -632 |
Subtotal deferred income tax asset | -263 | 590 |
Valuation allowance | 0 | 0 |
Net deferred income tax asset | ($263) | $590 |
Net_Classification_of_Deferred
Net Classification of Deferred Income Tax Assets and Liabilities in Balance Sheet (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Current deferred income tax asset | $7,244 | $7,056 |
Non-current deferred income tax assets | 75 | 594 |
Current deferred income tax liability | -23 | -12 |
Noncurrent deferred income tax liability | -2,377 | -2,597 |
Net deferred income tax asset | $4,919 | $5,041 |
Reconciliation_of_the_Total_Am
Reconciliation of the Total Amounts of Unrecognized Tax Liabilities (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Unrecognized Tax Liabilities, Beginning Balance | $314 | $355 | $852 |
Change in prior year tax positions | 9 | -22 | -420 |
Current tax positions | 23 | 142 | 63 |
Settlements with taxing authorities | 0 | -47 | -145 |
Lapse of statute of limitations | -45 | -114 | 5 |
Unrecognized Tax Liabilities, Ending Balance | $301 | $314 | $355 |
Earnings_Per_Common_Share_Addi
Earnings Per Common Share - Additional Information (Details) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' | ' |
Split of common stock ratio | 2 | ' | ' |
Stock Options | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ' | ' | ' |
Number of Stock options | 0 | 0 | 0 |
Calculation_of_Weighted_Averag
Calculation of Weighted Average Common Shares and Common Equivalent Shares Outstanding (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | ($1,833) | $3,752 | $10,816 | $24,176 | $13,684 | $16,991 | $16,869 | $22,013 | $36,911 | $69,557 | $35,118 |
Less: Income allocable to unvested restricted stock | ' | ' | ' | ' | ' | ' | ' | ' | -444 | ' | ' |
Income available to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | 36,467 | 69,557 | 35,118 |
Reallocation of participating earnings | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Income attributable to common shareholders for diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | $36,469 | $69,557 | $35,118 |
Weighted average number of common share equivalents: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares used in basic earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 12,950,958 | 12,886,372 | 12,735,520 |
Common share equivalents outstanding related to stock options | ' | ' | ' | ' | ' | ' | ' | ' | 46,051 | 52,289 | 100,719 |
Total weighted average common shares and common share equivalents used in diluted earnings per share | ' | ' | ' | ' | ' | ' | ' | ' | 12,997,009 | 12,938,661 | 12,836,239 |
Basic | ($0.14) | $0.29 | $0.83 | $1.86 | $1.06 | $1.32 | $1.31 | $1.72 | $2.82 | $5.40 | $2.76 |
Diluted | ($0.14) | $0.29 | $0.82 | $1.85 | $1.05 | $1.31 | $1.30 | $1.70 | $2.81 | $5.38 | $2.74 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' |
Non-cancelable operating lease expiration date | 31-Mar-16 | ' | ' |
Rent expense under Operating Leases | $0.70 | $0.40 | $0.10 |
Schedule_of_Future_Minimum_Ren
Schedule of Future Minimum Rental Commitments Under Non-Cancelable Operating Leases (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases Future Minimum Payments Due [Abstract] | ' |
2015 | $189 |
2016 | 95 |
Total | $284 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Cash paid for: | ' | ' | ' |
Interest | $438 | $119 | $10 |
Income taxes | 15,163 | 29,837 | 14,068 |
Noncash investing and financing activities: | ' | ' | ' |
Inventories transferred to rental equipment | $10,742 | $4,902 | $2,000 |
Segment_and_Geographic_Informa2
Segment and Geographic Information - Additional Information (Details) | 12 Months Ended |
Sep. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 2 |
Summary_of_Companys_Segment_In
Summary of Company's Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $26,285 | $40,728 | $68,551 | $101,348 | $68,288 | $78,148 | $76,420 | $77,751 | $236,912 | $300,607 | $191,664 |
Income (loss) from operations | -3,282 | 5,458 | 15,956 | 35,667 | 19,132 | 24,991 | 25,556 | 31,548 | 53,799 | 101,227 | 50,865 |
Depreciation, amortization and stock-based compensation expenses | ' | ' | ' | ' | ' | ' | ' | ' | 21,893 | 12,773 | 10,349 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 123 | 880 | 743 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 471 | 260 | 199 |
Seismic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 214,946 | 275,201 | 164,921 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 65,159 | 110,118 | 55,990 |
Depreciation, amortization and stock-based compensation expenses | ' | ' | ' | ' | ' | ' | ' | ' | 19,925 | 11,207 | 8,533 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 74 | 781 | 581 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 141 | 199 |
Non-Seismic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 21,420 | 24,578 | 25,942 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | 2,733 | 3,344 | 4,479 |
Depreciation, amortization and stock-based compensation expenses | ' | ' | ' | ' | ' | ' | ' | ' | 468 | 289 | 320 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 2 | 5 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Corporate, Non-Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 546 | 828 | 801 |
Income (loss) from operations | ' | ' | ' | ' | ' | ' | ' | ' | -14,093 | -12,235 | -9,604 |
Depreciation, amortization and stock-based compensation expenses | ' | ' | ' | ' | ' | ' | ' | ' | 1,500 | 1,277 | 1,496 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 44 | 97 | 157 |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | $471 | $119 | $0 |
Details_of_Revenues_Details
Details of Revenues (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $26,285 | $40,728 | $68,551 | $101,348 | $68,288 | $78,148 | $76,420 | $77,751 | $236,912 | $300,607 | $191,664 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 230,818 | 300,131 | 216,741 |
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 39,064 | 39,415 | 23,741 |
Columbia Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,222 | 608 | ' |
Russian Federation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 14,048 | 10,758 | 9,837 |
United Kingdom | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 2,229 | 2,021 | 4,064 |
Eliminations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues From External Customers And Long Lived Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ($52,469) | ($52,326) | ($62,719) |
Summary_of_Revenues_by_Geograp
Summary of Revenues by Geographic Area (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule Of Revenues From External Customers [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $26,285 | $40,728 | $68,551 | $101,348 | $68,288 | $78,148 | $76,420 | $77,751 | $236,912 | $300,607 | $191,664 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 13,609 | 10,856 | 7,346 |
Asia | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Revenues From External Customers [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,028 | 8,789 | 10,753 |
Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Revenues From External Customers [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 42,632 | 74,839 | 59,602 |
Europe | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Revenues From External Customers [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 71,713 | 115,226 | 3,043 |
Middle East | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Revenues From External Customers [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 7,550 | 2,385 | 8,542 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule Of Revenues From External Customers [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $96,380 | $88,512 | $102,378 |
Longlived_Assets_Details
Long-lived Assets (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule Of Long Lived Assets [Line Items] | ' | ' |
Long-lived assets | $110,903 | $93,528 |
United States | ' | ' |
Schedule Of Long Lived Assets [Line Items] | ' | ' |
Long-lived assets | 63,369 | 46,712 |
Canada | ' | ' |
Schedule Of Long Lived Assets [Line Items] | ' | ' |
Long-lived assets | 32,270 | 32,078 |
Colombia | ' | ' |
Schedule Of Long Lived Assets [Line Items] | ' | ' |
Long-lived assets | 12,122 | 7,554 |
Russian Federation | ' | ' |
Schedule Of Long Lived Assets [Line Items] | ' | ' |
Long-lived assets | 2,549 | 6,820 |
United Kingdom | ' | ' |
Schedule Of Long Lived Assets [Line Items] | ' | ' |
Long-lived assets | 579 | 350 |
China | ' | ' |
Schedule Of Long Lived Assets [Line Items] | ' | ' |
Long-lived assets | $14 | $14 |
Summarized_Data_for_Each_of_th
Summarized Data for Each of the Quarters (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $26,285 | $40,728 | $68,551 | $101,348 | $68,288 | $78,148 | $76,420 | $77,751 | $236,912 | $300,607 | $191,664 |
Gross profit | 6,089 | 15,376 | 27,903 | 47,091 | 29,780 | 33,875 | 35,561 | 40,545 | 96,459 | 139,761 | 82,064 |
Income (loss) from operations | -3,282 | 5,458 | 15,956 | 35,667 | 19,132 | 24,991 | 25,556 | 31,548 | 53,799 | 101,227 | 50,865 |
Other income (expense), net | 10 | -129 | 11 | -148 | 274 | -50 | -532 | 174 | -256 | -134 | 997 |
Net income | ($1,833) | $3,752 | $10,816 | $24,176 | $13,684 | $16,991 | $16,869 | $22,013 | $36,911 | $69,557 | $35,118 |
Basic earnings per share | ($0.14) | $0.29 | $0.83 | $1.86 | $1.06 | $1.32 | $1.31 | $1.72 | $2.82 | $5.40 | $2.76 |
Diluted earnings per share | ($0.14) | $0.29 | $0.82 | $1.85 | $1.05 | $1.31 | $1.30 | $1.70 | $2.81 | $5.38 | $2.74 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Valuation And Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $376 | ' | ' |
Balance at Beginning of Period | 6,932 | ' | ' |
Charged to Costs And Expenses | 833 | 457 | 118 |
Balance at End of Period | 1,125 | 376 | ' |
Inventory obsolescence expense | 2,617 | 187 | 1,793 |
Balance at End of Period | 7,764 | 6,932 | ' |
Inventory Obsolescence Reserve | ' | ' | ' |
Valuation And Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 6,932 | 9,324 | 9,552 |
Charged to Other Assets | 0 | 0 | 0 |
(Deductions) And Additions | -1,785 | -2,579 | -2,021 |
Inventory obsolescence expense | 2,617 | 187 | 1,793 |
Balance at End of Period | 7,764 | 6,932 | 9,324 |
Allowance for Doubtful Accounts on Accounts and Notes Receivable | ' | ' | ' |
Valuation And Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 376 | 280 | 411 |
Charged to Costs And Expenses | 833 | 457 | 118 |
Charged to Other Assets | 0 | 0 | 0 |
(Deductions) And Additions | -84 | -361 | -249 |
Balance at End of Period | $1,125 | $376 | $280 |