Hennessy Advisors (HNNA) 10-Q 6 Aug 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Jun. 30, 2014	Jul. 24, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'
Entity Registrant Name	'HENNESSY ADVISORS INC	'
Entity Central Index Key	'0001145255	'
Current Fiscal Year End Date	'--09-30	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	6,000,338

Balance_Sheets

Balance Sheets (USD $)	Jun. 30, 2014	Sep. 30, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$6,498	$8,406
Investments in marketable securities, at fair value	7	7
Investment fee income receivable	2,994	2,402
Prepaid expenses	182	269
Deferred income tax asset	231	162
Other accounts receivable	445	436
Total current assets	10,357	11,682
Property and equipment, net of accumulated depreciation of $535 and $438, respectively	218	258
Management contracts	62,489	62,431
Other assets, net of accumulated amortization of $220 and $159, respectively	637	363
Total assets	73,701	74,734
Current liabilities:	'	'
Accrued liabilities and accounts payable	3,751	3,085
Income taxes payable	'	44
Deferred rent	71	32
Current portion of long-term debt	3,750	1,840
Current portion of payment due on purchase of management contracts	'	7,468
Total current liabilities	7,572	12,469
Long-term debt, net of current portion	23,909	15,027
Long-term portion of payment due on purchase of management contracts	'	11,626
Deferred income tax liability	7,095	5,825
Total liabilities	38,576	44,947
Commitments and Contingencies	'	'
Stockholders' equity:	'	'
Adjustable rate preferred stock, $25 stated value, 5,000,000 shares authorized: zero shares issued and outstanding	'	'
Common stock, no par value, 15,000,000 shares authorized: 6,000,338 shares issued and outstanding at June 30, 2014 and 5,898,756 at September 30, 2013	10,683	9,948
Retained earnings	24,442	19,839
Total stockholders' equity	35,125	29,787
Total liabilities and stockholders' equity	$73,701	$74,734

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Sep. 30, 2013
In Thousands, except Share data, unless otherwise specified
Statement Of Financial Position [Abstract]	'	'
Property and equipment, accumulated depreciation	$535	$438
Other assets, accumulated amortization	$220	$159
Adjustable rate preferred stock, stated value	$25	$25
Adjustable rate preferred stock, shares authorized	5,000,000	5,000,000
Adjustable rate preferred stock, shares issued	0	0
Adjustable rate preferred stock, shares outstanding	0	0
Common stock, no par value	'	'
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	6,000,338	5,898,756
Common stock, shares outstanding	6,000,338	5,898,756

Statements_of_Income_Unaudited

Statements of Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenue	'	'	'	'
Investment advisory fees	$8,550	$6,276	$24,326	$16,491
Shareholder service fees	234	230	689	665
Total revenue	8,784	6,506	25,015	17,156
Operating expenses	'	'	'	'
Compensation and benefits	1,814	1,737	5,460	4,999
General and administrative	1,085	789	3,340	2,161
Mutual fund distribution	619	401	1,715	1,020
Sub-advisor fees	1,492	1,056	4,351	2,717
Amortization and depreciation	61	47	181	130
Total operating expenses	5,071	4,030	15,047	11,027
Operating income	3,713	2,476	9,968	6,129
Interest expense	280	177	812	494
Other expense (income), net	-1	'	-1	109
Income before income tax expense	3,434	2,299	9,157	5,526
Income tax expense	1,389	929	3,896	2,271
Net income	$2,045	$1,370	$5,261	$3,255
Earnings per share:	'	'	'	'
Basic	$0.35	$0.24	$0.90	$0.56
Diluted	$0.35	$0.24	$0.89	$0.56
Weighted average shares outstanding:	'	'	'	'
Basic	5,766,376	5,716,972	5,834,073	5,794,775
Diluted	5,821,722	5,720,926	5,881,556	5,794,775

Statements_of_Changes_in_Stock

Statements of Changes in Stockholders' Equity (Unaudited) (USD $)	Total	Common Stock [Member]	Retained Earnings [Member]
In Thousands, except Share data
Beginning balance at Sep. 30, 2013	$29,787	$9,948	$19,839
Beginning balance, Shares at Sep. 30, 2013	'	5,898,756	'
Net income	5,261	'	5,261
Dividends paid	-658	'	-658
Employee and director stock options exercised	1,258	1,258	'
Employee and director stock options exercised, Shares	'	177,566	'
Repurchase of employee and director stock options to pay for option exercise	-1,004	-1,004	'
Repurchase of employee and director stock options to pay for option exercise, Shares	'	-75,984	'
Deferred restricted stock unit compensation	147	147	'
Tax effect of stock option exercises	334	334	'
Ending balance at Jun. 30, 2014	$35,125	$10,683	$24,442
Ending balance, shares at Jun. 30, 2014	'	6,000,338	'

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net income	$5,261	$3,255
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	181	130
Deferred income taxes	1,201	1,049
Tax effect from restricted stock units and stock options	334	300
Stock options repurchased for employee and director stock option exercise	-1,004	'
Restricted stock units repurchased for employee tax withholding	'	-1
Deferred restricted stock unit compensation	147	3
Realized loss on liquidation of available for sale security	'	108
(Increase) decrease in operating assets:	'	'
Investment fee income receivable	-592	-1,506
Prepaid expenses	87	-744
Other accounts receivable	-9	-358
Other assets	-184	-99
Increase (decrease) in operating liabilities:	'	'
Accrued liabilities and accounts payable	666	1,792
Income taxes payable	-44	-48
Deferred rent	39	-40
Net cash provided by operating activities	6,083	3,841
Cash flows provided by (used in) investing activities:	'	'
Purchases of property and equipment	-79	-198
Payments related to acquisition of management contracts	-19,152	-20,652
Proceeds on liquidation of available for sale security	'	404
Net cash used in investing activities	-19,231	-20,446
Cash flows provided by (used in) financing activities:	'	'
Principal payments on bank loan	-2,494	-1,125
Proceeds from amended bank loan	13,287	16,525
Loan fee payments and other acquisition costs related to amended bank loan	-153	-224
Proceeds from exercise of employee stock options	1,258	4
Dividend payments	-658	-544
Net cash provided by financing activities	11,240	14,636
Net decrease in cash and cash equivalents	-1,908	-1,969
Cash and cash equivalents at the beginning of the period	8,406	8,730
Cash and cash equivalents at the end of the period	6,498	6,761
Cash paid for:	'	'
Income taxes	2,546	1,769
Interest	$777	$441

Basis_of_Financial_Statement_P

Basis of Financial Statement Presentation	9 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Basis of Financial Statement Presentation	'
	(1) Basis of Financial Statement Presentation
	The accompanying condensed balance sheet as of September 30, 2013, which has been derived from audited financial statements, and the unaudited interim condensed financial statements as of June 30, 2014 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission and include the accounts of Hennessy Advisors, Inc. (the “Company”). Certain information and footnote disclosures in these unaudited interim condensed financial statements, normally included in financial statements prepared in accordance with generally accepted accounting principles, have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission for Quarterly Reports on Form 10-Q. In the opinion of management, the unaudited interim condensed financial statements reflect all adjustments, consisting only of normal, recurring adjustments, necessary for a fair presentation of the Company’s financial position at June 30, 2014, the Company’s operating results for the three and nine months ended June 30, 2014, and the Company’s cash flows for the nine months ended June 30, 2014. These unaudited interim condensed financial statements and notes should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended September 30, 2013, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013.
	The Company’s operating activities consist primarily of providing investment advisory services to sixteen open-end mutual funds (the “Hennessy Funds”). The Company serves as the investment advisor to all classes of the Hennessy Cornerstone Growth Fund, the Hennessy Focus Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Large Growth Fund, the Hennessy Cornerstone Value Fund, the Hennessy Large Value Fund, the Hennessy Total Return Fund, the Hennessy Equity and Income Fund, the Hennessy Balanced Fund, the Hennessy Core Bond Fund, the Hennessy Gas Utility Index Fund, the Hennessy Small Cap Financial Fund, the Hennessy Large Cap Financial Fund, the Hennessy Technology Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund. The Company also provides shareholder services to some of the Hennessy Funds.
	The Company’s operating revenue consists of contractual investment advisory and shareholder service fees paid to it by the Hennessy Funds. The Company earns investment advisory fees from the Hennessy Funds by, among other things, managing the composition of each Hennessy Fund’s portfolio (including the purchase, retention, and disposition of portfolio securities in accordance with the applicable Hennessy Fund’s investment objectives, policies, and restrictions), conducting investment research, monitoring compliance with each applicable Hennessy Fund’s investment restrictions and applicable laws and regulations, overseeing service providers (including sub-advisors), maintaining an in-house public relations and marketing program for each of the Hennessy Funds, preparing and distributing regulatory reports, and overseeing distribution through third-party financial intermediaries. The Company earns shareholder service fees from some of the Hennessy Funds by, among other things, maintaining an “800” number that the current investors of such Hennessy Funds may call to ask questions about such Hennessy Funds or their accounts, or to get help with processing exchange and redemption requests or changing account options. These fee revenues are earned and calculated daily by the Hennessy Funds’ accountants at U.S. Bancorp Fund Services, LLC. The fees are computed and billed monthly, at which time they are recognized in accordance with Accounting Standard Codification 605 “Revenue Recognition.”
	The Company waives fees with respect to some of the Hennessy Funds to comply with contractual expense ratio limitations. The fee waivers are calculated daily by the Hennessy Funds’ accountants at U.S. Bancorp Fund Services, LLC and are charged to expense monthly by the Company as an offset to revenue. The waived fees are deducted from investment advisory fee income and reduce the amount of advisory fees that the Hennessy Funds pay in the subsequent month. To date, the Company has only waived fees based on contractual obligations, but the Company has the ability to waive fees at its discretion to compete with other mutual funds with lower expense ratios. If the Company were to elect voluntarily to waive fees, the decision to waive fees would not apply to previous periods, but would only apply on a going forward basis. As of June 30, 2014, the Company has never voluntarily waived fees and has no current intention to voluntarily waive fees.
	The Company’s contractual agreements for investment advisory and shareholder services provide persuasive evidence that an arrangement exists with fixed and determinable fees, and the services are rendered daily. The collectability is probable as the fees are received from the Hennessy Funds in the month subsequent to the month in which the services are provided.

Management_Contracts_Purchased

Management Contracts Purchased	9 Months Ended
	Jun. 30, 2014
Text Block [Abstract]	'
Management Contracts Purchased	'
	(2) Management Contracts Purchased
	The Company has purchased assets related to the management of open-end mutual funds from time to time throughout its history. Prior to September 30, 2012, the Company had completed several purchases of assets related to the management of thirteen different mutual funds, some of which were reorganized into already existing Hennessy Funds. On October 26, 2012, the Company purchased the assets related to the management of the entire family of ten FBR funds (the “FBR Funds”), adding approximately $2.2 billion in assets under management. The purchase was consummated in accordance with the terms and conditions of that certain Asset Purchase Agreement, dated as of June 6, 2012, between the Company and FBR Fund Advisers, Inc. The purchase price was comprised of two payments: (i) an initial payment of $19,692,137 made on October 26, 2012 based upon the net asset value of the FBR Funds as of October 25, 2012 and (ii) a contingent payment of $19,193,595 made on November 5, 2013 based upon the net asset value of the FBR Funds as of October 28, 2013. The initial payment was funded with $3.4 million of available cash and $16.3 million of debt proceeds that were obtained pursuant to an amendment and restatement of the Company’s then-existing loan agreement with U.S. Bank National Association that allowed the Company to borrow the additional amount due. The additional capitalized transaction costs of $1.2 million, of which $0.2 million was capitalized in the fiscal year ended September 30, 2012 and the remaining $1.0 million was capitalized in the fiscal year ended September 30, 2013, include legal fees, printing fees and other costs related to the purchase.
	The contingent payment due under the Asset Purchase Agreement was determined to be $19,193,595 as of October 28, 2013. The amount of the liability was booked as of September 30, 2013 because it was measurable. The contingent payment was funded in part with $13,286,666 of debt proceeds that were obtained pursuant to an amendment of the Company’s then-existing loan agreement with U.S. Bank National Association that allowed the Company to borrow such amount, with the remainder of the payment being funded out of available cash. Of the $13,286,666 of debt proceeds, $11,625,883 was shown as a long-term liability on the balance sheet as of September 30, 2013 because it was funded by U.S. Bank National Association on a long-term basis. During the nine months ended June 30, 2014, additional transaction costs related to the purchase in the amount of $58,232 were capitalized.
	Management contracts balance at September 30, 2013 (inclusive of a contingent purchase price for assets related to management of the former FBR Funds of $19,193,595)	$	62,431,018
	Capitalized transaction costs in the nine months ended June 30, 2014		58,232
	Management contracts balance at June 30, 2014	$	62,489,250
	Contingent purchase price payment allocation at September 30, 2013
	Current portion	$	7,567,712
	Long-term portion		11,625,883
	Total contingent purchase price	$	19,193,595
	In accordance with guidance issued by the Financial Accounting Standards Board (“FASB”), the Company periodically reviews the carrying value of its purchased management contracts to determine if any impairment has occurred. The fair value of management contracts are based on management estimates and assumptions, including third-party valuations that utilize appropriate valuation techniques. The fair value of the management contracts was estimated by applying the income approach. As of June 30, 2014, no events or changes in circumstances had occurred that indicated potential impairment of the management contracts.
	Under the FASB guidance on “Intangibles – Goodwill and Other,” intangible assets that have indefinite useful lives are not amortized but are tested at least annually for impairment. The Company reviews the life of the management contracts each reporting period to determine if they continue to have an indefinite useful life. The Company considers the mutual fund management contracts to be intangible assets with an indefinite useful life as of June 30, 2014.

Investment_Advisory_Agreements

Investment Advisory Agreements	9 Months Ended
	Jun. 30, 2014
Text Block [Abstract]	'
Investment Advisory Agreements	'
	(3) Investment Advisory Agreements
	Effective February 28, 2014, the Hennessy Funds completed an internal reorganization that resulted in all sixteen Hennessy Funds being a series of Hennessy Funds Trust, a Delaware statutory trust. Prior to the reorganization, (i) each of the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund and the Hennessy Cornerstone Value Fund was a series of Hennessy Mutual Funds, Inc., (ii) each of the Hennessy Total Return Fund and the Hennessy Balanced Fund was a series of The Hennessy Funds, Inc., (iii) each of the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund was a series of Hennessy SPARX Funds Trust and (iv) each of the remaining nine Hennessy Funds was already a series of Hennessy Funds Trust. As a result of the reorganization, the Company now has management contracts only with Hennessy Funds Trust. Pursuant to these management contracts, the Company provides investment advisory services to all classes of the sixteen Hennessy Funds.
	The management contracts must be renewed annually by (i) the Board of Trustees of Hennessy Funds Trust or by the vote of a majority of the outstanding shares of the applicable Hennessy Fund and (ii) by the vote of a majority of the trustees of Hennessy Funds Trust who are not interested persons of the Hennessy Funds, except that the management contract for the Hennessy Cornerstone Growth Fund, the Hennessy Cornerstone Mid Cap 30 Fund, the Hennessy Cornerstone Value Fund, the Hennessy Total Return Fund, the Hennessy Balanced Fund, the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund has an initial period of two years, which commenced on February 28, 2014, to be renewed annually thereafter. If the management contracts are not renewed as described above, they will terminate automatically. In addition, there are two other circumstances in which the management contracts would terminate. First, the management contracts would automatically terminate if the Company assigned them to another advisor (assignment includes “indirect assignment,” which is the transfer of the Company’s common stock in sufficient quantities deemed to constitute a controlling block). Second, each management contract may be terminated prior to its expiration upon 60 days’ notice by either the Company or the applicable Hennessy Fund.
	As provided in the management contracts with the sixteen Hennessy Funds, the Company receives investment advisory fees monthly based on a percentage of the respective Hennessy Fund’s average daily net assets.
	The Company has entered into sub-advisory agreements for the Hennessy Focus Fund, the Hennessy Large Value Fund, the Hennessy Equity and Income Fund, the Hennessy Core Bond Fund, the Hennessy Japan Fund, and the Hennessy Japan Small Cap Fund with the same asset management companies that managed such Hennessy Funds prior to the Company’s purchase of the assets related to the management of such funds. Under each of these sub-advisory agreements, the sub-advisor is responsible for the investment and re-investment of the assets of the applicable Hennessy Fund in accordance with the terms of such agreement and the applicable Hennessy Fund’s Prospectus and Statement of Additional Information. The sub-advisors are subject to the direction, supervision and control of the Company and the Board of Trustees of Hennessy Funds Trust. The sub-advisory agreements must be renewed annually in the same manner and are subject to the same termination provisions as the management contracts, except that the sub-advisory agreement for the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund have an initial period of two years, which commenced on February 28, 2014, to be renewed annually thereafter.
	In exchange for the sub-advisor services, the Company (not the Hennessy Funds) pays a sub-advisor fee to the sub-advisors, which is based on the amount of each applicable Hennessy Fund’s average daily net assets.

Investment_in_Available_for_Sa

Investment in Available for Sale Security	9 Months Ended
	Jun. 30, 2014
Investments Debt And Equity Securities [Abstract]	'
Investment in Available for Sale Security	'
	(4) Investment in Available for Sale Security
	On October 30, 2007, the Company invested $0.5 million in the Hennessy Micro Cap Growth Fund, LLC (the “Micro Cap Fund”). The Micro Cap Fund was closed on December 14, 2012 and the investment was liquidated, resulting in a realized loss of $0.1 million. The loss was included in other expense on the income statement for the nine months ended June 30, 2013.

Bank_Loan

Bank Loan	9 Months Ended
	Jun. 30, 2014
Debt Disclosure [Abstract]	'
Bank Loan	'
	(5) Bank Loan
	The Company has an outstanding bank loan with U.S. Bank National Association. On October 26, 2012, the loan, which then had an outstanding principal balance of $1.9 million, was amended and restated to provide an additional $16.3 million to purchase the assets related to the management of the FBR Funds. The balance of the loan immediately following the amendment and restatement was $18.4 million. On November 1, 2013, in connection with the contingent payment for the purchase of assets related to the FBR Funds, the Company entered into an amendment to the loan agreement with U.S Bank National Association that increased its total outstanding loan balance by $13.3 million to $30.0 million. The amended loan agreement requires 47 monthly payments in the amount of $312,500 plus interest at the bank’s prime rate (currently 3.25%, in effect since December 17, 2008) plus 0.75% (effective interest rate of 4.00%) and is secured by the Company’s assets. The final installment of the then-outstanding principal and interest are due October 26, 2017.
	The amended and restated loan as of October 26, 2012 was considered “substantially different” from the original loan per the conditions set forth in Emerging Issues Task Force (EITF) 96-19 “Debtor’s Accounting for a Modification or Exchange of Debt Instruments.” The Company did an evaluation of the debt modification under EITF 96-19 and determined that the financial impact of the modification on the prior principal was not material to the overall financial statements and accordingly no adjustment was made. The amendment to the loan as of November 1, 2013 was not considered “substantially different” from the original loan and therefore an evaluation under EITF 96-19 was not necessary.
	The amended loan agreement includes certain reporting requirements and loan covenants requiring the maintenance of certain financial ratios. The Company is in compliance with the loan covenants as of June 30, 2014 and September 30, 2013.
	In connection with securing the financings discussed above, the Company incurred loan costs in the amount of $376,226. These costs are included in other assets and the balance is being amortized on a straight-line basis over 60 months. Amortization expense during the nine-month periods ended June 30, 2014 and 2013 was $61,703 and $32,837, respectively. The unamortized balance of the loan fees was $288,317 as of June 30, 2014.

Income_Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	(6) Income Taxes
	The provision for income taxes was comprised of the following for the nine months ended June 30, 2014 and 2013:
		6/30/14			6/30/13
	Current
	Federal	$	2,113,900		$	1,011,800
	State		580,700			208,500
			2,694,600			1,220,300
	Deferred
	Federal		1,016,800			854,400
	State		184,100			195,700
			1,200,900			1,050,100
	Total	$	3,895,500		$	2,270,400
	The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities as of June 30, 2014 and September 30, 2013 are presented below:
		6/30/14			9/30/13
	Current deferred tax assets:
	Accrued compensation	$	23,900		$	19,900
	Deferred rent		28,300			12,600
	Capital loss carryforward		10,600			110,400
	State taxes		178,300			129,300
	Gross deferred tax assets		241,100			272,200
	Less: disallowed capital loss		(10,600	)		(110,400	)
	Net deferred tax assets		230,500			161,800
	Noncurrent deferred tax liabilities:
	Stock based compensation		58,000			—
	Property and equipment		(30,000	)		(46,000	)
	Management contracts		(7,122,500	)		(5,779,000	)
	Total deferred tax liabilities		(7,094,500	)		(5,825,000	)
	Net deferred tax liabilities	$	(6,864,000	)	$	(5,663,200	)
	The Company’s effective tax rates for the nine months ended June 30, 2014 and 2013 were 42.5% and 41.1%, respectively, and differ from the federal statutory rate of 34% for the following principal reasons:
		6/30/14			6/30/13
	Federal tax at statutory rate		34	%		34	%
	True-up of prior year’s tax provision		2.5	%		(0.2	)%
	State tax at statutory rate		5.5	%		5.8	%
	Permanent differences		0.4	%		0.7	%
	Disallowed capital loss		0.1	%		0.8	%
	Effective Tax Rate		42.5	%		41.1	%
	The effective tax rate, which is normally about 40%, was higher for the period ended June 30, 2014 as a result of a one-time tax charge to true-up the prior year tax provision due to the inability to deduct for income tax purposes certain compensation expenses under Section 162(m) of the United States Internal Revenue Code of 1986, as amended. The effective tax rate was higher for the period ended June 30, 2013 due to a disallowed capital loss carryforward created by a realized loss on the sale of the available for sale investment.

Earnings_per_Share_and_Dividen

Earnings per Share and Dividends per Share	9 Months Ended
	Jun. 30, 2014
Text Block [Abstract]	'
Earnings per Share and Dividends per Share	'
	(7) Earnings per Share and Dividends per Share
	Basic earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding, while diluted earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding adjusted for the dilutive effect of common stock equivalents.
	All common stock equivalents were dilutive and therefore included in the diluted earnings per share calculation for the nine months ended June 30, 2014. There were 193,505 common stock equivalents, consisting of unexercised options, excluded from the per share calculation for the nine months ended June 30, 2013 because they were anti-dilutive.
	Quarterly cash dividends of $0.03125, $0.04, and $0.04 per share, respectively, were paid on December 9, 2013 to shareholders of record as of November 15, 2013, on March 10, 2014 to shareholders of record as of February 14, 2014, and on June 12, 2014 to shareholders of record as of May 20, 2014.

StockBased_Compensation

Stock-Based Compensation	9 Months Ended
	Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Stock-Based Compensation	'
	(8) Stock-Based Compensation
	Effective January 17, 2013, the Company established, and the Company’s shareholders approved, the 2013 Omnibus Incentive Plan providing for the issuance of options, stock appreciation rights, restricted stock, restricted stock units, performance awards, and other equity awards for the purpose of attracting and retaining executive officers, key employees, outside directors and advisors and increasing shareholder value. The 2013 Omnibus Incentive Plan replaced the 2001 Omnibus Plan that the Company had previously adopted and had in place. On March 26, 2014, the Company adopted, and the Company’s shareholders approved, the Amended and Restated 2013 Omnibus Incentive Plan (the “Plan”), pursuant to which amounts that a Plan participant is entitled to receive with respect to certain types of awards were increased as compared to the limitations included in the 2013 Omnibus Incentive Plan. The maximum number of shares that may be issued under the Plan is 50% of the number of outstanding shares of common stock of the Company, subject to adjustment by the compensation committee of the Board of Directors of the Company upon the occurrence of certain events. The number of shares of common stock subject to awards that remain outstanding under the 2001 Omnibus Plan reduces the number of shares available for issuance under the Plan. The 50% limitation does not invalidate any awards made prior to a decrease in the number of outstanding shares, even if such awards result or may result in shares constituting more than 50% of the outstanding shares being available for issuance under the Plan. Shares available under the Plan that are not awarded in one particular year may be awarded in subsequent years.
	The compensation committee of the Board of Directors of the Company has the authority to determine the awards granted under the Plan, including among other things, the individuals who receive the awards, the times when they receive them, vesting schedules, performance goals, whether an option is an incentive or nonqualified option and the number of shares subject to each award. However, no participant may receive options or stock appreciation rights under the Plan for an aggregate of more than 50,000 shares in any calendar year. The exercise price and term of each option or stock appreciation right is fixed by the compensation committee except that the exercise price for each stock option that is intended to qualify as an incentive stock option must be at least equal to the fair market value of the stock on the date of grant and the term of the option cannot exceed 10 years. In the case of an incentive stock option granted to a 10% or more shareholder, the exercise price must be at least 110% of the fair market value on the date of grant and cannot exceed five years. Incentive stock options may be granted only within ten years from the date of adoption of the Plan. The aggregate fair market value (determined at the time the option is granted) of shares with respect to which incentive stock options may be granted to any one individual, which stock options are exercisable for the first time during any calendar year, may not exceed $100,000. An optionee may, with the consent of the compensation committee, elect to pay for the shares to be received upon exercise of his or her options in cash, shares of common stock or any combination thereof.
	The exercise price of all options granted under the 2001 Omnibus Plan was equal to the market price of the underlying common stock on the grant date and all options were granted and fully vested on the grant date. There were no options granted under the Plan or the 2001 Omnibus Plan during the nine months ended June 30, 2014 and 2013, respectively.
	Under the Plan, participants may be granted restricted stock units (“RSUs”), representing an unfunded, unsecured right to receive a share of the Company’s common stock on the date specified in the recipient’s award. The Company issues new shares of its common stock when it is required to deliver shares to an RSU recipient. The RSUs granted under the Plan vest over four years, at a rate of 25 percent per year. The Company recognizes compensation expense on a straight-line basis over the four-year vesting term of each award. There were 32,800 RSUs granted during the nine months ended June 30, 2014 under the Plan and none granted during the nine months ended June 30, 2013 under the 2001 Omnibus Plan. RSU activity for the nine months ended June 30, 2014 was as follows:
			Restricted Stock Unit Activity
			Nine Months Ended June 30, 2014
			Number of Restricted			Weighted Avg.
			Share Units			Fair Value
						Per Share at
						Each Date
	Non-vested Balance at September 30, 2013			59,375		$	8.61
	Granted			32,800			9.22
	Vested (1)			(16,756	)		8.77
	Forfeited			(1,500	)		9.01
	Non-vested Balance at June 30, 2014			73,919		$	8.84
	-1	The restricted share units vested includes partially vested shares. Shares of common stock have not been issued for the partially vested shares, but the related compensation costs have been charged to expense. There were no shares of common stock issued for restricted stock units vested in the nine months ended June 30, 2014.
	Restricted Stock Unit Compensation
	Nine Months Ended June 30, 2014
			(In Thousands)
	Total expected compensation expense related to Restricted Stock Units		$	2,956
	Compensation expense recognized through June 30, 2014			(2,303	)
	Unrecognized compensation expense related to RSU’s at June 30, 2014		$	653
	As of June 30, 2014, there was $0.7 million of total RSU compensation expense related to non-vested awards not yet recognized, which is expected to be recognized over a weighted-average vesting period of 3.2 years.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	(9) Commitments and Contingencies
	The Company’s headquarters is located in leased office space under a single non-cancelable operating lease at 7250 Redwood Blvd., Suite 200, in Novato, California. The lease expires on June 30, 2017, with one five-year extension available thereafter. The Company also has leased office space under a single non-cancelable operating sub-lease at 100 Federal Street, 29th Floor, Boston, Massachusetts 02110. The sub-lease expires on January 15, 2015, but is subject to earlier termination in the event the prime lease is earlier terminated. There were no other commitments or contingencies as of June 30, 2014.
	As of June 30, 2014, there were no material changes in the leasing arrangements that would have a significant effect on future minimum lease payments reported in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	(10) Fair Value Measurements
	The Company applies the FASB standard “Fair Value Measurements” for all financial assets and liabilities, which establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. The standard defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” It also establishes a fair value hierarchy consisting of the following three “levels” that prioritize the inputs to the valuation techniques used to measure fair value:
		•		Level 1 – quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date.
		•		Level 2 – from other than quoted market prices that are observable for the asset or liability, either directly or indirectly (namely, similar assets or from markets that are not active).
		•		Level 3 – unobservable and shall be used to measure fair value to the extent that observable inputs are not available (namely, reflecting an entity’s own assumptions).
	Based on the definitions, the following table represents the Company’s assets categorized in the Level 1 to 3 hierarchies as of June 30, 2014:
			Fair Value Measurements at Reporting Date
			(amounts in thousands)
			Level 1		Level 2		Level 3		Total
	Money market fund deposits		$	5,238	$	—	$	—	$	5,238
	Mutual fund investments			7		—		—		7
	Total		$	5,245	$	—	$	—	$	5,245
	Amounts included in:
	Cash and cash equivalents		$	5,238	$	—	$	—	$	5,238
	Investments in marketable securities			7		—		—		7
	Total		$	5,245	$	—	$	—	$	5,245

New_Accounting_Pronouncements

New Accounting Pronouncements	9 Months Ended
	Jun. 30, 2014
Accounting Changes And Error Corrections [Abstract]	'
New Accounting Pronouncements	'
	(11) New Accounting Pronouncements
	In July 2012, the FASB issued amendments to Accounting Standards Update (ASU) No. 2012-02 “Testing Indefinite-Lived Intangible Assets for Impairment.” The objective of the amendments is to reduce the cost and complexity of performing an impairment test for indefinite-lived intangible assets by simplifying how an entity tests those assets for impairment and to improve consistency in impairment testing guidance among long-lived asset categories. The amendments permit an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, “Intangibles – Goodwill and Other – General Intangibles Other than Goodwill.” The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. Previously, an entity was required to test at least annually. The guidance provided by this update was effective for fiscal years beginning after September 15, 2012 (the Company’s fiscal year 2013). The standard was adopted October 1, 2012, and may allow the Company to forego its next annual impairment analysis if the more-likely-than-not threshold is met as of September 30, 2014.
	In July 2013, the FASB issued an update to ASU No. 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendment provides that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance provided by this update is effective for reporting periods beginning on or after December 15, 2013 (the second quarter of the Company’s fiscal year 2014). The adoption of this standard is not expected to impact the Company’s financial condition, results of operations or cash flows.
	There have been no other significant changes in the Company’s critical accounting policies and estimates during the nine months ended June 30, 2014 as compared to what was previously disclosed in the Company’s Annual Report on Form 10-K for the year ended September 30, 2013.

Basis_of_Financial_Statement_P1

Basis of Financial Statement Presentation (Policies)	9 Months Ended
	Jun. 30, 2014
Accounting Changes And Error Corrections [Abstract]	'
Revenue Recognition	'
	The Company’s operating revenue consists of contractual investment advisory and shareholder service fees paid to it by the Hennessy Funds. The Company earns investment advisory fees from the Hennessy Funds by, among other things, managing the composition of each Hennessy Fund’s portfolio (including the purchase, retention, and disposition of portfolio securities in accordance with the applicable Hennessy Fund’s investment objectives, policies, and restrictions), conducting investment research, monitoring compliance with each applicable Hennessy Fund’s investment restrictions and applicable laws and regulations, overseeing service providers (including sub-advisors), maintaining an in-house public relations and marketing program for each of the Hennessy Funds, preparing and distributing regulatory reports, and overseeing distribution through third-party financial intermediaries. The Company earns shareholder service fees from some of the Hennessy Funds by, among other things, maintaining an “800” number that the current investors of such Hennessy Funds may call to ask questions about such Hennessy Funds or their accounts, or to get help with processing exchange and redemption requests or changing account options. These fee revenues are earned and calculated daily by the Hennessy Funds’ accountants at U.S. Bancorp Fund Services, LLC. The fees are computed and billed monthly, at which time they are recognized in accordance with Accounting Standard Codification 605 “Revenue Recognition.”
Fair Value Measurements	'
	The Company applies the FASB standard “Fair Value Measurements” for all financial assets and liabilities, which establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. The standard defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” It also establishes a fair value hierarchy consisting of the following three “levels” that prioritize the inputs to the valuation techniques used to measure fair value:
		•	Level 1 – quoted market prices in active markets for identical assets or liabilities that are accessible at the measurement date.
		•	Level 2 – from other than quoted market prices that are observable for the asset or liability, either directly or indirectly (namely, similar assets or from markets that are not active).
		•	Level 3 – unobservable and shall be used to measure fair value to the extent that observable inputs are not available (namely, reflecting an entity’s own assumptions).
Intangibles-Goodwill and Other-General Intangibles Other than Goodwill	'
	In July 2012, the FASB issued amendments to Accounting Standards Update (ASU) No. 2012-02 “Testing Indefinite-Lived Intangible Assets for Impairment.” The objective of the amendments is to reduce the cost and complexity of performing an impairment test for indefinite-lived intangible assets by simplifying how an entity tests those assets for impairment and to improve consistency in impairment testing guidance among long-lived asset categories. The amendments permit an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, “Intangibles – Goodwill and Other – General Intangibles Other than Goodwill.” The more-likely-than-not threshold is defined as having a likelihood of more than 50 percent. Previously, an entity was required to test at least annually. The guidance provided by this update was effective for fiscal years beginning after September 15, 2012 (the Company’s fiscal year 2013). The standard was adopted October 1, 2012, and may allow the Company to forego its next annual impairment analysis if the more-likely-than-not threshold is met as of September 30, 2014.
Presentation of an Unrecognized Tax Benefit	'
	In July 2013, the FASB issued an update to ASU No. 2013-11 “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendment provides that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. The guidance provided by this update is effective for reporting periods beginning on or after December 15, 2013 (the second quarter of the Company’s fiscal year 2014). The adoption of this standard is not expected to impact the Company’s financial condition, results of operations or cash flows.

Management_Contracts_Purchased1

Management Contracts Purchased (Tables)	9 Months Ended
	Jun. 30, 2014
Text Block [Abstract]	'
Schedule of Contingent Payment Due under Asset Purchase Agreement	'
	Of the $13,286,666 of debt proceeds, $11,625,883 was shown as a long-term liability on the balance sheet as of September 30, 2013 because it was funded by U.S. Bank National Association on a long-term basis. During the nine months ended June 30, 2014, additional transaction costs related to the purchase in the amount of $58,232 were capitalized.
	Management contracts balance at September 30, 2013 (inclusive of a contingent purchase price for assets related to management of the former FBR Funds of $19,193,595)	$	62,431,018
	Capitalized transaction costs in the nine months ended June 30, 2014		58,232
	Management contracts balance at June 30, 2014	$	62,489,250
	Contingent purchase price payment allocation at September 30, 2013
	Current portion	$	7,567,712
	Long-term portion		11,625,883
	Total contingent purchase price	$	19,193,595

Income_Taxes_Tables

Income Taxes (Tables)	9 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Provision for Income Taxes	'
	The provision for income taxes was comprised of the following for the nine months ended June 30, 2014 and 2013:
		6/30/14			6/30/13
	Current
	Federal	$	2,113,900		$	1,011,800
	State		580,700			208,500
			2,694,600			1,220,300
	Deferred
	Federal		1,016,800			854,400
	State		184,100			195,700
			1,200,900			1,050,100
	Total	$	3,895,500		$	2,270,400
Tax Effects of Temporary Differences of Deferred Tax Assets and Liabilities	'
	The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities as of June 30, 2014 and September 30, 2013 are presented below:
		6/30/14			9/30/13
	Current deferred tax assets:
	Accrued compensation	$	23,900		$	19,900
	Deferred rent		28,300			12,600
	Capital loss carryforward		10,600			110,400
	State taxes		178,300			129,300
	Gross deferred tax assets		241,100			272,200
	Less: disallowed capital loss		(10,600	)		(110,400	)
	Net deferred tax assets		230,500			161,800
	Noncurrent deferred tax liabilities:
	Stock based compensation		58,000			—
	Property and equipment		(30,000	)		(46,000	)
	Management contracts		(7,122,500	)		(5,779,000	)
	Total deferred tax liabilities		(7,094,500	)		(5,825,000	)
	Net deferred tax liabilities	$	(6,864,000	)	$	(5,663,200	)
Principal Reasons for Differences from Federal Statutory Rate	'
	The Company’s effective tax rates for the nine months ended June 30, 2014 and 2013 were 42.5% and 41.1%, respectively, and differ from the federal statutory rate of 34% for the following principal reasons:
		6/30/14			6/30/13
	Federal tax at statutory rate		34	%		34	%
	True-up of prior year’s tax provision		2.5	%		(0.2	)%
	State tax at statutory rate		5.5	%		5.8	%
	Permanent differences		0.4	%		0.7	%
	Disallowed capital loss		0.1	%		0.8	%
	Effective Tax Rate		42.5	%		41.1	%

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	9 Months Ended
	Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Schedule of Non-Vested Restricted Stock Units Activity	'
	RSU activity for the nine months ended June 30, 2014 was as follows:
			Restricted Stock Unit Activity
			Nine Months Ended June 30, 2014
			Number of Restricted			Weighted Avg.
			Share Units			Fair Value
						Per Share at
						Each Date
	Non-vested Balance at September 30, 2013			59,375		$	8.61
	Granted			32,800			9.22
	Vested (1)			(16,756	)		8.77
	Forfeited			(1,500	)		9.01
	Non-vested Balance at June 30, 2014			73,919		$	8.84
	-1	The restricted share units vested includes partially vested shares. Shares of common stock have not been issued for the partially vested shares, but the related compensation costs have been charged to expense. There were no shares of common stock issued for restricted stock units vested in the nine months ended June 30, 2014.
Schedule of Non-Vested Restricted Stock Units Compensation	'
	Restricted Stock Unit Compensation
	Nine Months Ended June 30, 2014
			(In Thousands)
	Total expected compensation expense related to Restricted Stock Units		$	2,956
	Compensation expense recognized through June 30, 2014			(2,303	)
	Unrecognized compensation expense related to RSU’s at June 30, 2014		$	653

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Assets Categorized on Basis of Various Levels	'
	Based on the definitions, the following table represents the Company’s assets categorized in the Level 1 to 3 hierarchies as of June 30, 2014:
		Fair Value Measurements at Reporting Date
		(amounts in thousands)
		Level 1		Level 2		Level 3		Total
	Money market fund deposits	$	5,238	$	—	$	—	$	5,238
	Mutual fund investments		7		—		—		7
	Total	$	5,245	$	—	$	—	$	5,245
	Amounts included in:
	Cash and cash equivalents	$	5,238	$	—	$	—	$	5,238
	Investments in marketable securities		7		—		—		7
	Total	$	5,245	$	—	$	—	$	5,245

Basis_of_Financial_Statement_P2

Basis of Financial Statement Presentation - Additional Information (Detail)	9 Months Ended
	Jun. 30, 2014
	Funds
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
Number of Hennessy Funds	16

Management_Contracts_Purchased2

Management Contracts Purchased - Additional Information (Detail) (USD $)	0 Months Ended	9 Months Ended	12 Months Ended				0 Months Ended		9 Months Ended	12 Months Ended
	Oct. 28, 2012	Jun. 30, 2014	Sep. 30, 2013	Oct. 26, 2012	Sep. 30, 2012	Jun. 06, 2012	Nov. 05, 2013	Oct. 28, 2012	Jun. 30, 2014	Sep. 30, 2013	Oct. 28, 2013
				Funds			FBR Funds [Member]	FBR Funds [Member]	FBR Funds [Member]	FBR Funds [Member]	FBR Funds [Member]
Contracts In Progress Costs And Earnings [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Number of mutual funds	'	'Thirteen	'	'	'	'	'	'	'	'	'
Number of funds acquired	'	'	'	10	'	'	'	'	'	'	'
Acquisition of FBR & Co. (FBRC)	'	'	'	$2,200,000,000	'	'	'	'	'	'	'
Additional loan borrowed	16,300,000	'	'	'	'	'	'	'	'	13,286,666	'
Payments to acquire management contract rights through available cash	3,400,000	'	'	'	'	'	'	'	'	'	'
Additional capitalized transaction cost	'	'	1,000,000	'	200,000	1,200,000	'	'	'	'	'
Initial payment based upon the net asset value of the FBR Funds	'	'	'	'	'	'	'	19,692,137	'	'	'
Contingent payment based upon the net asset value of the FBR Funds	'	'	19,193,595	'	'	'	19,193,595	'	'	'	'
Contingent payment due under the Asset Purchase Agreement	'	'	'	'	'	'	'	'	'	'	19,193,595
Long term liability	'	'	11,625,883	'	'	'	'	'	'	11,625,883	'
Capitalized transaction costs in current quarter	'	$58,232	'	'	'	'	'	'	$58,232	'	'

Management_Contracts_Purchased3

Management Contracts Purchased - Schedule of Contingent Payment Due under Asset Purchase Agreement (Detail) (USD $)	9 Months Ended	12 Months Ended
	Jun. 30, 2014	Sep. 30, 2013
Contractors [Abstract]	'	'
Management contracts, Beginning balance	$62,431,000	'
Capitalized transaction costs in current quarter	58,232	'
Management contracts, Ending balance	62,489,000	62,431,000
Contingent purchase price payment allocation	'	'
Current portion	'	7,567,712
Long-term portion	'	11,625,883
Total contingent purchase price	'	$19,193,595

Management_Contracts_Purchased4

Management Contracts Purchased - Schedule of Contingent Payment Due under Asset Purchase Agreement (Parenthetical) (Detail) (FBR Funds [Member], USD $)	0 Months Ended
	Sep. 30, 2013
FBR Funds [Member]	'
Contracts In Progress Costs And Earnings [Line Items]	'
Contingent purchase price for assets related to management of the FBR Funds	$19,193,595

Investment_Advisory_Agreements1

Investment Advisory Agreements - Additional Information (Detail)	0 Months Ended	9 Months Ended
	Feb. 28, 2014	Jun. 30, 2014
		Funds
Investments Schedule [Abstract]	'	'
Number of Hennessy funds to which company provided investment advisory services	'	16
Notice period for termination of agreement	'	'60 days
Agreement term	'2 years	'
Initial management agreement renewal period	'1 year	'

Investment_in_Available_for_Sa1

Investment in Available for Sale Security - Additional Information (Detail) (USD $)	0 Months Ended
In Millions, unless otherwise specified	Dec. 14, 2012	Oct. 30, 2007
Investment In Available For Sale Security [Abstract]	'	'
Investment in Micro Cap Fund	'	$0.50
Realized loss on sale of investment in Micro Cap Fund	$0.10	'

Bank_Loan_Additional_Informati

Bank Loan - Additional Information (Detail) (USD $)	9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Nov. 01, 2013	Oct. 26, 2012
	Installment
Debt Disclosure [Abstract]	'	'	'	'
Additional borrowings	'	'	'	$16,300,000
Long-term loan outstanding principal balance	'	'	'	1,900,000
Total loan amount after amendment	'	'	30,000,000	18,400,000
Monthly payments	'47 Months	'	'	'
Number of monthly installments payable	47	'	'	'
Required monthly loan principal repayment	312,500	'	'	'
Effective interest rate current	3.25%	'	'	'
Spread on reference rate	0.75%	'	'	'
Effective interest rate on debt	4.00%	'	'	'
Final installment date	26-Oct-17	'	'	'
Increase in outstanding loan	'	'	13,300,000	'
Amortized loan costs	376,226	'	'	'
Amortized cost on straight-line basis in months	'60 months	'	'	'
Amortization expenses	61,703	32,837	'	'
Unamortized loan cost	$288,317	'	'	'

Income_Taxes_Provision_for_Inc

Income Taxes - Provision for Income Taxes (Detail) (USD $)	3 Months Ended		9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Current	'	'	'	'
Federal	'	'	$2,113,900	$1,011,800
State	'	'	580,700	208,500
Total	'	'	2,694,600	1,220,300
Deferred	'	'	'	'
Federal	'	'	1,016,800	854,400
State	'	'	184,100	195,700
Deferred income tax expense (benefit), total	'	'	1,200,900	1,050,100
Total	$1,389,000	$929,000	$3,896,000	$2,271,000

Income_Taxes_Tax_Effects_of_Te

Income Taxes - Tax Effects of Temporary Differences of Deferred Tax Assets and Liabilities (Detail) (USD $)	Jun. 30, 2014	Sep. 30, 2013
Current deferred tax assets:	'	'
Accrued compensation	$23,900	$19,900
Deferred rent	28,300	12,600
Capital loss carryforward	10,600	110,400
State taxes	178,300	129,300
Gross deferred tax assets	241,100	272,200
Less: disallowed capital loss	-10,600	-110,400
Net deferred tax assets	230,500	161,800
Noncurrent deferred tax liabilities:	'	'
Stock based compensation	58,000	'
Property and equipment	-30,000	-46,000
Management contracts	-7,122,500	-5,779,000
Total deferred tax liabilities	-7,095,000	-5,825,000
Net deferred tax liabilities	($6,864,000)	($5,663,200)

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail)	9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Income Tax Disclosure [Abstract]	'	'
Effective tax rates	42.50%	41.10%
Federal statutory rate	34.00%	34.00%
Normally effective tax rate	40.00%	'

Income_Taxes_Principal_Reasons

Income Taxes - Principal Reasons for Differences from Federal Statutory Rate (Detail)	9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract]	'	'
Federal tax at statutory rate	34.00%	34.00%
True-up of prior year's tax provision	2.50%	-0.20%
State tax at statutory rate	5.50%	5.80%
Permanent differences	0.40%	0.70%
Disallowed capital loss	0.10%	0.80%
Effective Tax Rate	42.50%	41.10%

Earnings_per_Share_and_Dividen1

Earnings per Share and Dividends per Share - Additional Information (Detail) (USD $)	0 Months Ended			9 Months Ended
	Jun. 12, 2014	Mar. 10, 2014	Dec. 09, 2013	Jun. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Common stock equivalents (anti-dilutive) excluded from per share calculation	'	'	'	193,505
Dividend paid	$0.04	$0.04	$0.03	'
Date of record	20-May-14	14-Feb-14	15-Nov-13	'

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Shares available for issuance	50.00%	'
Share based compensation percentage criteria description	'More than 50% of the outstanding shares	'
Maximum aggregate fair market value of shares	$100,000	'
Shares grant period	'10 years	'
Weighted-average vesting period for recognition of compensation expenses	'3 years 2 months 12 days	'
Stock Appreciation Right [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Aggregate number of shares	50,000	'
Restricted Stock Unit Activity [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Number of options, granted	0	0
Restricted stock units, granted	32,800	'
Compensation expense related to non-vested awards not yet recognized	$653,000	'
Restricted Stock Units (RSUs) [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Maximum Vesting Period	'4 years	'
Restricted stock units, granted	32,800	0
Rate of restricted stock units vest under plan	25.00%	'
Maximum [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Date of grant remaining term of option	'10 years	'
Maximum Vesting Period	'5 years	'
Minimum [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Percentage of exercise price of fair value	110.00%	'
Minimum [Member] | Incentive Stock Option Plan [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Percentage of shareholder ownership to meet incentive stock option	10.00%	'

StockBased_Compensation_Schedu

Stock-Based Compensation - Schedule of Non-Vested Restricted Stock Units Activity (Detail) (Restricted Stock Unit Activity [Member], USD $)	9 Months Ended
	Jun. 30, 2014
Restricted Stock Unit Activity [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Non-vested Beginning Balance, Number of Restricted Share Units	59,375
Granted, Number of Restricted Share Units	32,800
Vested, Number of Restricted Share Units	-16,756
Forfeited, Number of Restricted Share Units	-1,500
Non-vested Ending Balance, Number of Restricted Share Units	73,919
Non-vested Beginning Balance, Weighted Avg. Fair Value Per Share at Each Date	$8.61
Granted, Weighted Avg. Fair Value Per Share at Each Date	$9.22
Vested, Weighted Avg. Fair Value Per Share at Each Date	$8.77
Forfeited, Weighted Avg. Fair Value Per Share at Each Date	$9.01
Non-vested Ending Balance, Weighted Avg. Fair Value Per Share at Each Date	$8.84

StockBased_Compensation_Schedu1

Stock-Based Compensation - Schedule of Non-Vested Restricted Stock Units Activity (Parenthetical) (Detail)	Jun. 30, 2014	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Common stock, shares issued	6,000,338	5,898,756
Restricted Stock Unit Activity [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Common stock, shares issued	0	'

StockBased_Compensation_Schedu2

Stock-Based Compensation - Schedule of Non-Vested Restricted Stock Units Compensation (Detail) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Total expected compensation expense related to Restricted Stock Units	$147	$3
Restricted Stock Unit Activity [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Total expected compensation expense related to Restricted Stock Units	2,956	'
Compensation expense recognized through June 30, 2014	-2,303	'
Unrecognized compensation expense related to RSU's at June 30, 2014	$653	'

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	Jun. 30, 2014	Sep. 30, 2013	Jun. 30, 2014	Jun. 30, 2014
			California [Member]	Massachusetts [Member]
Loss Contingencies [Line Items]	'	'	'	'
Lease expires date	'	'	30-Jun-17	15-Jan-15
Extension period available after expiration of lease	'	'	'5 years	'
Commitments or contingencies	'	'	'	'

Fair_Value_Measurements_Assets

Fair Value Measurements - Assets Categorized on Basis of Various Levels (Detail) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	$5,245
Cash and Cash Equivalents [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	5,238
Investments in Marketable Securities [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	7
Money Market Fund Deposits [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	5,238
Mutual Fund Investments [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	7
Level 1 [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	5,245
Level 1 [Member] | Cash and Cash Equivalents [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	5,238
Level 1 [Member] | Investments in Marketable Securities [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	7
Level 1 [Member] | Money Market Fund Deposits [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	5,238
Level 1 [Member] | Mutual Fund Investments [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Fair value measurements	$7

New_Accounting_Pronouncements_

New Accounting Pronouncements - Additional Information (Detail)	9 Months Ended
	Jun. 30, 2014
Regulatory Assets [Abstract]	'
Percentage of likelihood of indefinite intangible assets	50.00%