Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Nov. 17, 2014 | Mar. 31, 2014 | |
Document and Entity Information | ' | ' | ' |
Entity Registrant Name | 'LIQUIDITY SERVICES INC | ' | ' |
Entity Central Index Key | '0001235468 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
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 | ' | ' | $691,811.49 |
Entity Common Stock, Shares Outstanding | ' | 29,925,911 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $62,598 | $95,109 |
Accounts receivable, net of allowance for doubtful accounts of $1,042 and $891 in 2014 and 2013, respectively | 21,688 | 24,050 |
Inventory | 78,478 | 29,261 |
Prepaid and deferred taxes | 16,777 | 11,243 |
Prepaid expenses and other current assets | 5,156 | 4,802 |
Total current assets | 184,697 | 164,465 |
Property and equipment, net | 12,283 | 10,380 |
Intangible assets, net | 17,099 | 28,205 |
Goodwill | 209,656 | 211,711 |
Other assets | 7,983 | 6,583 |
Total assets | 431,718 | 421,344 |
Current liabilities: | ' | ' |
Accounts payable | 15,994 | 16,539 |
Accrued expenses and other current liabilities | 44,484 | 34,825 |
Profit-sharing distributions payable | 4,740 | 4,315 |
Customer payables | 41,544 | 29,497 |
Total current liabilities | 106,762 | 85,176 |
Acquisition earn out payable | ' | 18,390 |
Other long-term liabilities | 7,973 | 2,899 |
Total liabilities | 114,735 | 106,465 |
Stockholders' equity: | ' | ' |
Common stock, $0.001 par value; 120,000,000 shares authorized; 29,668,150 shares issued and outstanding at September 30, 2014; 31,811,764 shares issued and outstanding at September 30, 2013 | 28 | 31 |
Additional paid-in capital | 204,704 | 206,861 |
Accumulated other comprehensive income | -3,451 | 518 |
Retained earnings | 115,702 | 107,469 |
Total stockholders' equity | 316,983 | 314,879 |
Total liabilities and stockholders' equity | $431,718 | $421,344 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
Accounts receivable, allowance for doubtful accounts (in dollars) | $1,042 | $891 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 29,668,150 | 31,811,764 |
Common stock, shares outstanding | 29,668,150 | 31,811,764 |
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 |
Consolidated Statements of Operations | ' | ' | ' |
Revenue | $388,671 | $404,041 | $415,829 |
Fee revenue | 106,990 | 101,815 | 59,475 |
Total revenue from operations | 495,661 | 505,856 | 475,304 |
Costs and expenses: | ' | ' | ' |
Cost of goods sold (excluding amortization) | 211,659 | 199,494 | 198,123 |
Profit-sharing distributions | 35,055 | 35,944 | 43,242 |
Technology and operations | 108,940 | 90,052 | 67,553 |
Sales and marketing | 41,951 | 40,170 | 31,252 |
General and administrative | 49,428 | 48,950 | 37,107 |
Amortization of contract intangibles | 7,265 | 7,265 | 7,943 |
Depreciation and amortization | 9,330 | 10,109 | 6,223 |
Acquisition costs | -18,384 | 5,921 | 1,695 |
Total costs and expenses | 445,244 | 437,905 | 393,138 |
Income from operations | 50,417 | 67,951 | 82,166 |
Interest and other expense (income), net | 370 | -704 | 2,218 |
Income before provision for income taxes | 50,047 | 68,655 | 79,948 |
Provision for income taxes | 19,657 | 27,551 | 31,652 |
Net income | $30,390 | $41,104 | $48,296 |
Basic earnings per common share (in dollars per share) | $0.97 | $1.30 | $1.57 |
Diluted earnings per common share (in dollars per share) | $0.97 | $1.26 | $1.47 |
Basic weighted average shares outstanding (in shares) | 31,243,932 | 31,616,926 | 30,854,796 |
Diluted weighted average shares outstanding (in shares) | 31,395,301 | 32,657,236 | 32,783,079 |
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 |
Consolidated Statements of Comprehensive Income | ' | ' | ' |
Net income | $30,390 | $41,104 | $48,296 |
Other comprehensive (loss) income: | ' | ' | ' |
Defined benefit pension plan - unrecognized amounts, net of taxes | -927 | 563 | 584 |
Foreign currency translation | -3,042 | -1,291 | 610 |
Other comprehensive (loss) income, net of taxes | -3,969 | -728 | 1,194 |
Comprehensive income | $26,421 | $40,376 | $49,490 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Treasury Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total |
Balance at Sep. 30, 2011 | ($21,884,000) | $29,000 | $124,886,000 | $52,000 | $58,330,000 | $161,413,000 |
Balance (in shares) at Sep. 30, 2011 | -2,162,056 | 31,192,608 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Common stock repurchase | -29,999,000 | ' | ' | ' | ' | -29,999,000 |
Common stock repurchase (in shares) | -505,067 | ' | ' | ' | ' | ' |
Common stock retired | 51,883,000 | ' | -11,622,000 | ' | -40,261,000 | ' |
Common stock retired (in shares) | 2,667,123 | -2,667,123 | ' | ' | ' | ' |
Exercise of common stock options and restricted stock | ' | 1,000 | 15,490,000 | ' | ' | 15,491,000 |
Exercise of common stock options and restricted stock (in shares) | ' | 1,712,455 | ' | ' | ' | ' |
Stock consideration paid for acquisition | ' | 1,000 | 24,537,000 | ' | ' | 24,538,000 |
Stock consideration paid for acquisition (in shares) | ' | 900,171 | ' | ' | ' | ' |
Compensation expense and incremental tax benefit from grant of common stock options and restricted stock | ' | ' | 29,070,000 | ' | ' | 29,070,000 |
Net income | ' | ' | ' | ' | 48,296,000 | 48,296,000 |
Defined benefit pension plan - unrecognized amounts, net of taxes | ' | ' | ' | 584,000 | ' | 584,000 |
Foreign currency translation | ' | ' | ' | 610,000 | ' | 610,000 |
Balance at Sep. 30, 2012 | ' | 31,000 | 182,361,000 | 1,246,000 | 66,365,000 | 250,003,000 |
Balance (in shares) at Sep. 30, 2012 | ' | 31,138,111 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Exercise of common stock options and restricted stock | ' | ' | 2,532,000 | ' | ' | 2,532,000 |
Exercise of common stock options and restricted stock (in shares) | ' | 673,653 | ' | ' | ' | ' |
Compensation expense and incremental tax benefit from grant of common stock options and restricted stock | ' | ' | 21,968,000 | ' | ' | 21,968,000 |
Net income | ' | ' | ' | ' | 41,104,000 | 41,104,000 |
Defined benefit pension plan - unrecognized amounts, net of taxes | ' | ' | ' | 563,000 | ' | 563,000 |
Foreign currency translation | ' | ' | ' | -1,291,000 | ' | -1,291,000 |
Balance at Sep. 30, 2013 | ' | 31,000 | 206,861,000 | 518,000 | 107,469,000 | 314,879,000 |
Balance (in shares) at Sep. 30, 2013 | ' | 31,811,764 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' | ' | ' |
Common stock repurchase | -44,870,000 | -3,000 | ' | ' | ' | -44,873,000 |
Common stock repurchase (in shares) | -2,962,978 | ' | ' | ' | ' | -2,962,978 |
Common stock retired | 44,870,000 | ' | -22,713,000 | ' | -22,157,000 | ' |
Common stock retired (in shares) | 2,962,978 | -2,962,978 | ' | ' | ' | ' |
Exercise of common stock options and restricted stock | ' | ' | 4,146,000 | ' | ' | 4,146,000 |
Exercise of common stock options and restricted stock (in shares) | ' | 819,364 | ' | ' | ' | ' |
Compensation expense and incremental tax benefit from grant of common stock options and restricted stock | ' | ' | 16,410,000 | ' | ' | 16,410,000 |
Net income | ' | ' | ' | ' | 30,390,000 | 30,390,000 |
Defined benefit pension plan - unrecognized amounts, net of taxes | ' | ' | ' | -927,000 | ' | -927,000 |
Foreign currency translation | ' | ' | ' | -3,042,000 | ' | -3,042,000 |
Balance at Sep. 30, 2014 | ' | $28,000 | $204,704,000 | ($3,451,000) | $115,702,000 | $316,983,000 |
Balance (in shares) at Sep. 30, 2014 | ' | 29,668,150 | ' | ' | ' | ' |
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 |
Operating activities | ' | ' | ' |
Net income | $30,390 | $41,104 | $48,296 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities from continuing operations: | ' | ' | ' |
Depreciation and amortization | 16,595 | 17,374 | 14,166 |
Gain on early extinguishment of debt | ' | -1,000 | ' |
Change in fair value of earn out liability | -18,390 | 5,437 | -664 |
Stock compensation expense | 12,605 | 13,379 | 12,117 |
Provision (benefit) for inventory allowance | 271 | -1,122 | 884 |
Provision (benefit) for doubtful accounts | 151 | -357 | 117 |
Deferred tax expense (benefit) | 828 | -6,852 | -1,719 |
Incremental tax benefit from exercise of common stock options and restricted stock | -3,805 | -8,588 | -16,953 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 2,211 | -7,466 | -1,596 |
Inventory | -49,488 | -7,470 | -132 |
Prepaid and deferred taxes, current | -2,829 | 14,243 | 17,432 |
Prepaid expenses and other assets | 2,735 | -26 | 458 |
Accounts payable | -545 | 6,542 | -7,570 |
Accrued expenses and other | 9,659 | -2,341 | -8,534 |
Profit-sharing distributions payable | 425 | 274 | -3,226 |
Customer payables | 12,046 | -4,768 | 2,510 |
Acquisition earn out payable | ' | 11,422 | 3,162 |
Other liabilities | -1,003 | -198 | 205 |
Net cash provided by operating activities from continuing operations | 11,856 | 46,743 | 52,629 |
Net cash used by operating activities from discontinued operations | ' | ' | -483 |
Net cash provided by operating activities | 11,856 | 46,743 | 52,146 |
Investing activities | ' | ' | ' |
Cash paid for acquisitions and increase in goodwill and intangibles | -141 | -14,730 | -71,796 |
Purchases of property and equipment | -7,539 | -5,463 | -6,793 |
Net cash used in investing activities | -7,680 | -20,193 | -78,589 |
Financing activities | ' | ' | ' |
Principal repayments of debt | ' | -39,000 | ' |
Repurchases of common stock | -44,873 | ' | -29,999 |
Proceeds from exercise of common stock options (net of tax) | 4,146 | 2,532 | 15,491 |
Incremental tax benefit from exercise of common stock options and restricted stock | 3,805 | 8,588 | 16,953 |
Payment of acquisition contingent liabilities | ' | -8,185 | ' |
Net cash (used in) provided by financing activities | -36,922 | -36,065 | 2,445 |
Effect of exchange rate differences on cash and cash equivalents | 235 | -158 | -309 |
Net (decrease) increase in cash and cash equivalents | -32,511 | -9,673 | -24,307 |
Cash and cash equivalents at beginning of year | 95,109 | 104,782 | 129,089 |
Cash and cash equivalents at end of year | 62,598 | 95,109 | 104,782 |
Supplemental disclosure of cash flow information | ' | ' | ' |
Cash paid for income taxes | 18,108 | 16,760 | 14,482 |
Cash paid for interest | ' | 2,034 | 117 |
Note payable issued in connection with acquisition | ' | ' | 40,000 |
Contingent purchase price accrued | ' | $18,390 | $7,438 |
Organization
Organization | 12 Months Ended |
Sep. 30, 2014 | |
Organization | ' |
Organization | ' |
1. Organization | |
        Liquidity Services, Inc. and subsidiaries (LSI or the Company) is a leading online auction marketplace for surplus and salvage assets. LSI enables buyers and sellers to transact in an efficient, automated online auction environment offering over 500 product categories. The Company's marketplaces provide professional buyers access to a global, organized supply of surplus and salvage assets presented with digital images and other relevant product information. Additionally, LSI enables its corporate and government sellers to enhance their financial return on excess assets by providing a liquid marketplace and value-added services that integrate sales and marketing, logistics and transaction settlement into a single offering. LSI organizes its products into categories across major industry verticals such as consumer electronics, general merchandise, apparel, scientific equipment, aerospace parts and equipment, technology hardware, energy equipment, industrial capital assets, fleet and transportation equipment and specialty equipment. The Company's online auction marketplaces are www.liquidation.com,  www.govliquidation.com, www.govdeals.com, www.networkintl.com, www.truckcenter.com, www.secondipity.com, and www.go-dove.com. LSI has one reportable segment consisting of operating auction marketplaces for sellers and buyers of surplus, salvage and scrap assets. In fiscal year 2014, approximately 10.1% of the Company's revenue was generated outside of the U.S. | |
        The Company's operations are subject to certain risks and uncertainties associated with technology-oriented companies including, but not limited to, the Company's dependence on use of the Internet, the effect of general business and economic trends, its susceptibility to rapid technological change, actual and potential competition by entities with greater financial resources, and the potential for the U.S. Government agencies from which the Company has derived a significant portion of its inventory to change the way they conduct their surplus disposition or to otherwise not renew their contracts with the Company. | |
        The Company has evaluated subsequent events through the date that these financial statements were issued and filed with the Securities and Exchange Commission. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
2. Summary of Significant Accounting Policies | |||||||||||
Use of Estimates | |||||||||||
        The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||
Principles of Consolidation and Basis of Presentation | |||||||||||
        The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Certain prior period amounts have been reclassified to conform to the current year's presentation. All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||
        The accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. In addition, in the opinion of management, all adjustments (consisting of normal, recurring accruals) considered necessary for a fair presentation of the results for the periods presented have been included. | |||||||||||
Discontinued Operations | |||||||||||
        In determining whether a group of assets disposed (or to be disposed) of should be presented as discontinued operations, the Company makes a determination of whether the group of assets being disposed of comprises a component of the entity; that is, whether it has historical operations and cash flows that can be clearly distinguished (both operationally and for financial reporting purposes). The Company also determines whether the cash flows associated with the group of assets have been significantly (or will be significantly) eliminated from the ongoing operations of the Company as a result of the disposal transaction and whether the Company has no significant continuing involvement in the operations of the group of assets after the disposal transaction. If these determinations can be made affirmatively, the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) are aggregated for separate presentation apart from continuing operating results of the Company in the consolidated financial statements. | |||||||||||
Business Combinations | |||||||||||
        The Company recognizes all of the assets acquired, liabilities assumed, contractual contingencies, and contingent consideration at their fair value on the acquisition date. Acquisition-related costs are recognized separately from the acquisition and expensed as incurred. Restructuring costs incurred in periods subsequent to the acquisition date are expensed when incurred. Subsequent changes to the purchase price (i.e., working capital adjustments) or other fair value adjustments determined during the measurement period are recorded as an adjustment to goodwill, with the exception of contingent consideration, which is recognized in the statement of operations in the period it is modified. All subsequent changes to a valuation allowance or uncertain tax position that relate to the acquired company and existed at the acquisition date that occur both within the measurement period and as a result of facts and circumstances that existed at the acquisition date are recognized as an adjustment to goodwill. All other changes in valuation allowances are recognized as a reduction or increase to income tax expense or as a direct adjustment to additional paid-in capital as required. | |||||||||||
Cash and Cash Equivalents | |||||||||||
        The Company considers all highly liquid securities purchased with an initial maturity of three months or less to be cash equivalents. | |||||||||||
Accounts Receivable | |||||||||||
        Accounts receivable are recorded at the invoiced amount and are non-interest bearing. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables. Allowances are based on management's judgment, which considers historical experience and specific knowledge of accounts where collectability may not be probable. The Company makes provisions based on historical bad debt experience, a specific review of all significant outstanding invoices and an assessment of general economic conditions. | |||||||||||
Inventory | |||||||||||
        Inventory consists of property obtained for resale, generally through the online auction process, and is stated at the lower of cost or market. Cost is determined using the specific identification method. Charges for unsellable inventory are included in cost of goods sold in the period in which they have been determined to occur. | |||||||||||
Property and Equipment | |||||||||||
        Property and equipment is recorded at cost, and depreciated and amortized on a straight-line basis over the following estimated useful lives: | |||||||||||
                                                                                                                                                                                    | |||||||||||
Computers and purchased software | One to five years | ||||||||||
Office equipment | Three years | ||||||||||
Furniture and fixtures | Five to seven years | ||||||||||
Leasehold improvements | Shorter of lease term or useful life | ||||||||||
Intangible Assets | |||||||||||
        Intangible assets primarily consist of contract acquisition costs, covenants not to compete, and other intangible assets associated with acquisitions (see Note 4). Intangible assets are amortized using the straight-line method over their estimated useful lives, ranging from three to seven years. | |||||||||||
Impairment of Long-Lived Assets | |||||||||||
        Long-lived assets, including amortizable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an impairment indicator is present, the Company evaluates recoverability by comparing the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the estimated fair value of the assets. | |||||||||||
Goodwill | |||||||||||
        Goodwill is reviewed for impairment annually or more frequently if events or circumstances indicate impairment may exist. Examples of such events or circumstances could include a significant change in business climate or the loss of a significant customer. In evaluating goodwill for impairment, the Company first assesses qualitative factors to determine whether it is more than likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If the Company concludes that it is not more likely than not that the fair value of the reporting unit is less than its carrying value, no further testing of goodwill assigned to the reporting unit is required. However, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company applies a two-step fair value-based test to assess goodwill for impairment. The first step compares the fair value of a reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the second step is then performed. The second step compares the carrying amount of the reporting unit's goodwill to the fair value of the goodwill. If the fair value of the goodwill is less than the carrying amount, an impairment loss would be recorded in the statement of operations. | |||||||||||
Revenue Recognition | |||||||||||
        The Company recognizes revenue when all of the following criteria are met: | |||||||||||
· | a buyer submits the winning bid in an auction and, as a result, evidence of an arrangement exists and the sale price has been determined; | ||||||||||
· | the buyer has assumed the risks and rewards of ownership; and | ||||||||||
· | collection is reasonably assured. | ||||||||||
        Revenue is also evaluated for reporting revenue of gross proceeds as the principal in the arrangement or net of commissions as an agent. In arrangements in which the Company is deemed to be the primary obligor, bears physical and general inventory risk, and credit risk, LSI recognizes as revenue the gross proceeds from the sale, including buyer's premiums. The Company has evaluated its revenue recognition policy related to sales under LSI's profit-sharing model and determined it is appropriate to account for these sales on a gross basis. In the Company's evaluation, the Company relied most heavily upon its status as primary obligor in the sales relationship and the fact that the Company has general inventory risk. | |||||||||||
        In arrangements in which the Company acts as an agent or broker on a consignment basis, without taking physical or general inventory risk, revenue is recognized based on the sales commissions that are paid to the Company by the sellers for utilizing LSI's services; in this situation, sales commissions represent a percentage of the gross proceeds from the sale that the seller pays to the Company upon completion of the transaction. Such revenue as well as other fee revenue is presented as Fee Revenue in the Consolidated Statements of Operations. | |||||||||||
        The Company collects and remits sales taxes on merchandise that it purchases and sells, and reports such amounts under the net method in its Consolidated Statements of Operations. | |||||||||||
Cost of Goods Sold | |||||||||||
        Cost of goods sold includes the costs of purchasing and transporting property for auction as well as credit card transaction fees. The Company purchases the majority of its inventory at a percentage of the supplier's original acquisition cost under the Surplus and certain commercial contracts, a percentage of the supplier's last retail price under certain commercial contracts and varies depending on the type of the inventory purchased or a fixed price per pound under the Scrap Contract. Title for the inventory passes to the Company at the time of purchase and the Company bears the risks and rewards of ownership. The Company does not have title to assets sold on behalf of its commercial or government customers when it receives only sales commission revenue and, as such, recognizes no cost of goods sold associated with those sales. Cost of goods sold also includes shipping and handling costs and amounts paid by customers for shipping and handling. | |||||||||||
Risk Associated with Certain Concentrations | |||||||||||
        The Company does not perform credit evaluations for the majority of its buyers. However, substantially all sales are recorded subsequent to payment authorization being received. As a result, the Company is not subject to significant collection risk, as most goods are not shipped before payment is received. | |||||||||||
        For consignment sales transactions, funds are collected from buyers and are held by the Company on the sellers' behalf. The funds are included in cash and cash equivalents in the consolidated financial statements. The Company releases the funds to the seller, less the Company's commission and other fees due, after the buyer has accepted the goods or within 30 days, depending on the state where the buyer and seller conduct business. The amount of cash held on behalf of the sellers is recorded as customer payables in the accompanying Consolidated Balance Sheets. | |||||||||||
        Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents in banks over FDIC limits, and accounts receivable. The Company deposits its cash with financial institutions that the Company considers to be of high credit quality. | |||||||||||
        For the years ended September 30, 2014, 2013, and 2012, approximately 11%, 11%, and 20% of the Company's Gross Merchandise Volume (GMV) was generated from Wal-Mart under multiple contracts / programs. | |||||||||||
Income Taxes | |||||||||||
        The Company accounts for income taxes using an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statement and income tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for the years in which the taxes are expected to be paid or recovered. A valuation allowance is provided to reduce the deferred tax assets to a level that the Company believes will more likely than not be realized. The resulting net deferred tax asset reflects management's estimate of the amount that will be realized. | |||||||||||
        The Company applies the authoritative guidance related to uncertainty in income taxes. The Company has concluded that there were no uncertain tax positions identified during its analysis. | |||||||||||
Stock-Based Compensation | |||||||||||
        The Company estimates the fair value of share-based awards on the date of grant. The fair value of stock options is determined using the Black-Scholes option-pricing model. The fair value of restricted stock awards is based on the closing price of the Company's common stock on the date of grant. The determination of the fair value of the Company's stock option awards and restricted stock awards is based on a variety of factors including, but not limited to, the Company's common stock price, expected stock price volatility over the expected life of awards, and actual and projected exercise behavior. Additionally, the Company has estimated forfeitures for share-based awards at the dates of grant based on historical experience, adjusted for future expectation. The forfeiture estimate is revised as necessary if actual forfeitures differ from materially these estimates. | |||||||||||
        The Company issues restricted stock awards where restrictions lapse upon either the passage of time (service vesting), achieving performance targets, or some combination of these restrictions. For those restricted stock awards with only service conditions, the Company recognizes compensation cost on a straight-line basis over the explicit service period. For awards with both performance and service conditions, the Company starts recognizing compensation cost over the remaining service period, when it is probable the performance condition will be met. For stock awards that contain performance vesting conditions, the Company excludes these awards from diluted earnings per share computations until the contingency is met as of the end of that reporting period. For awards to non-employees (who are not directors), the Company records compensation cost when the performance condition is met. The Company presents the cash flows resulting from the tax benefits resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) as a financing activity with a corresponding operating cash outflow in the Consolidated Statements of Cash Flows. | |||||||||||
Advertising Costs | |||||||||||
        Advertising expenditures are expensed as incurred. Advertising costs charged to expense were $7,229,000, $4,560,000, and $4,939,000 for the years ended September 30, 2014, 2013 and 2012, respectively. | |||||||||||
Fair Value of Financial Instruments | |||||||||||
        Cash and cash equivalents, accounts receivable, accounts payable, profit-sharing distributions payable, and customer payables reported in the Consolidated Balance Sheets approximate their fair values. | |||||||||||
Foreign Currency Translation | |||||||||||
        The functional currency of the Company's foreign subsidiaries is the local currency. The translation of the subsidiary's financial statements into U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The resulting translation adjustments are recognized in accumulated other comprehensive income, a separate component of stockholders' equity. Realized foreign currency transaction gains and losses for 2012, 2013 and 2014 are included in interest expense and other expense (income), net in the consolidated statements of operations. | |||||||||||
Earnings per Share | |||||||||||
        Basic net income attributable to common stockholders per share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income attributable to common stockholders per share includes the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The Company had 1,399,609 unvested restricted shares, which were issued at prices ranging from $7.48 -$52.55, during the years ended September 30, 2012, 2011, 2010, and 2009, of which all have been included in the calculation of diluted income per share for the year ended September 30, 2012. The Company had 1,543,869 unvested restricted shares, which were issued at prices ranging from $7.48 - $52.55, during the years ended September 30, 2013, 2012, 2011, 2010, and 2009, of which 383,831 have been included in the calculation of diluted income per share for the year ended September 30, 2013. The Company had 1,897,827 unvested restricted shares, which were issued at prices ranging from $7.48 - $52.55, during the years ended September 30, 2014, 2013, 2011, 2010, and 2009, of which 341,137 have been included in the calculation of diluted income per share for the year ended September 30, 2014. The Company has also not included the following stock options in the calculation of diluted income per share because the option exercise prices were greater than the average market prices for the applicable periods: | |||||||||||
        (a)   for the fiscal year ended September 30, 2014 - 836,303 options; | |||||||||||
        (b)   for the fiscal year ended September 30, 2013 - 151,291 options; and | |||||||||||
        (c)   for the fiscal year ended September 30, 2012 - 0 options. | |||||||||||
        The following summarizes the potential outstanding common stock of the Company as of the dates set forth below: | |||||||||||
                                                                                                                                                                                    | |||||||||||
September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(dollars in thousands except | |||||||||||
per share and share data) | |||||||||||
Weighted average shares calculation: | |||||||||||
Basic weighted average shares outstanding | 31,243,932Â | 31,616,926Â | 30,854,796Â | ||||||||
Treasury stock effect of options and restricted stock | 151,369Â | 1,040,310Â | 1,928,283Â | ||||||||
Diluted weighted average common shares outstanding | 31,395,301Â | 32,657,236Â | 32,783,079Â | ||||||||
Net income | $ | 30,390Â | $ | 41,104Â | $ | 48,296Â | |||||
Basic income per common share | $ | 0.97Â | $ | 1.30Â | $ | 1.57Â | |||||
Diluted income per common share | $ | 0.97Â | $ | 1.26Â | $ | 1.47Â | |||||
        Basic net income attributable to common stockholders per share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income attributable to common stockholders per share includes the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock only if an entity records earnings from continuing operations as such adjustments would otherwise be anti-dilutive to earnings per share from continuing operations. | |||||||||||
Recent Accounting Pronouncements | |||||||||||
        In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard that will change the way the Company recognizes revenue and significantly expand the disclosure requirements for revenue arrangements. The new standard will be effective for the Company beginning on October 1, 2017, and may be adopted either retrospectively or on a modified retrospective basis whereby the new standard would be applied to new and existing arrangements with remaining performance obligations as of the effective date, with a cumulative catch-up adjustment recorded to retained earnings at the effective date for existing arrangements with remaining performance obligations. Early adoption is not permitted. The Company is currently evaluating the methods of adoption allowed by the new standard and the effect that adoption of the standard is expected to have on the consolidated financial statements and related disclosures. As a result, the Company's evaluation of the effect of the new standard will likely extend over several future periods. | |||||||||||
        In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which amends existing guidance by requiring that additional information be disclosed about items reclassified out of accumulated other comprehensive income. The additional information includes separately stating the total change for each component of other comprehensive income and separately disclosing both current-period other comprehensive income and reclassification adjustments. Entities are also required to present, either on the face of the income statement or in the note to the financial statements, significant amounts reclassified out of accumulated other comprehensive income as separate line items of net income but only if the entire amount reclassified must be reclassified to net income in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity must cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 was effective for interim and annual periods beginning after December 15, 2013, which for the Company was its fiscal 2014 first quarter. The Company does not believe the adoption of this update had a material impact on its financial statements. | |||||||||||
Significant_Contracts
Significant Contracts | 12 Months Ended |
Sep. 30, 2014 | |
Defense Logistics Agency (DLA) Disposition Services Contracts | ' |
Significant Contracts | ' |
3. Significant Contracts | |
DLA Disposition Services | |
        The Company has a Surplus Contract with the DLA Disposition Services in which the base term expired in February 2012 with two one year renewal options. The DoD has exercised both renewal options. In January 2014, the DoD awarded the Company with a follow-on contract to extend the terms of the Surplus Contract for a base term of ten months with two one-month renewal option periods. Under the current (second) Surplus Contract, the Company is required to purchase all usable surplus property offered to the Company by the Department of Defense at a fixed percentage equal to 1.8% of the DoD's original acquisition value (OAV). The Company retains 100% of the profits from the resale of the property and bears all of the costs for the merchandising and sale of the property. Included in Accrued expenses and other current liabilities in the Consolidated Balance Sheet, the Company has a liability to the DoD of approximately $19,545,000 and $9,257,000 for inventory as of September 30, 2014 and 2013, respectively. The Surplus Contract contains a provision providing for a mutual termination of the contract for convenience. | |
        As a result of the current (second) Surplus Contract, the Company is the sole remarketer of all DoD surplus turned into the DLA Disposition Services available for sale within the United States, Puerto Rico, and Guam. Revenue from the current (second) Surplus Contract accounted for 27.2%, 27.7%, and 26.8% of our consolidated revenue for the fiscal years ended September 30, 2012, 2013, and 2014, respectively. | |
        The DoD, in accordance with the award of the next (third) Surplus Contract, split the contract into a rolling stock and a non-rolling stock contract, with bidding on these two surplus contracts held on April 1 and 2, 2014. On April 1, 2014, the Company was the high bidder for the non-rolling stock surplus contract with a bid equal to 4.35% of the DoD's OAV. The non-rolling stock surplus contract has a base term of two years with four one-year renewal options. Following the bidding event on April 2, 2014 for the DoD rolling stock contract, the Company withdrew from the live auction bidding for this contract. Bidding had reached a level that the Company determined would be economically unsustainable under the terms of the new contract, jeopardizing the high level of service the Company has historically provided the agency client. The price the Company will pay for inventory under the new non-rolling stock contract is expected to increase from 1.8% to 4.35% of OAV, resulting in significantly higher Cost of Goods Sold (COGS) in fiscal year 2015 and beyond. Additionally, the Company expects to cease the sale of DoD rolling stock under the new contract, which has historically accounted for approximately 30-35% of the overall revenue for the current second Surplus Contract, resulting in lower revenue in future periods. The Company continues to operate the current DoD surplus contract to sell all useable surplus assets of the DoD, including non-rolling stock assets for the base term ending December 2014, with two additional one-month renewal options. | |
        The Company has a Scrap Contract with the DLA Disposition Services in which the base term expired in June 2012 with three one year renewal options. The DoD has exercised all three renewal options. Under the terms of the Scrap Contract, the Company is required to purchase all scrap government property referred to it by the DLA Disposition Services. The Company distributes to the DLA Disposition Services 77% of the profits realized from the ultimate sale of the inventory, after deduction for allowable expenses, as provided for under the terms of the contract. The Contract also has a performance incentive that allows it to receive up to an additional 2% of the profit sharing distribution. This incentive is measured annually on June 30th, and is applied to the prior 12 months. The Company earned a performance incentive for the years ended September 30, 2014, 2013 and 2012 of approximately $1,326,000, $1,265,000, and $1,651,000, respectively. For the years ended September 30, 2014, 2013 and 2012, profit-sharing distributions to the DLA Disposition Services under the Scrap Contract were $34,935,000, $35,944,000, and $43,242,000, including accrued amounts, as of September 30, 2014, 2013, and 2012, of $4,740,000, $4,315,000, and $4,041,000, respectively. The Scrap Contract may be terminated by either the Company or the DLA Disposition Services if the rate of return performance ratio does not exceed specified benchmark ratios for two consecutive quarterly periods and the preceding twelve months. The Company has performed in excess of the benchmark ratios throughout the contract period through September 30, 2014. | |
        As a result of the Scrap Contract, the Company is the sole remarketer of all U.S. Department of Defense scrap turned into the DLA Disposition Services available for sale within the United States, Puerto Rico, and Guam. Revenue from the Scrap Contract accounted for 16.1%, 13.5%, and 14.4% of our consolidated revenue for the fiscal years ended September 30, 2012, 2013, and 2014, respectively. | |
Acquisitions
Acquisitions | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Acquisitions | ' | ||||
Acquisitions | ' | ||||
4. Acquisitions | |||||
Jacobs Trading Acquisition | |||||
        On October 1, 2011, LSI completed its acquisition of the assets of Jacobs Trading, LLC. The acquisition price included an upfront cash payment of $80.0 million, a seller subordinated 5% unsecured note of $40.0 million, which the Company paid in full in November 2012, the issuance of 900,171 shares of restricted stock (valued at $24.5 million by applying a 15% discount to the Company's closing share price on September 30, 2011) and an earn-out payment. The stock consideration contained a restriction that it is not freely tradable for six months following the acquisition date and the Company used the put option analysis method to fair value the stock. Under the terms of the agreement, the earn-out is based on EBITDA earned by Jacobs during the trailing 12 months ending December 31, 2012 and 2013. The Company's estimate of the fair value of the earn-out as of October 1, 2011 was $8.3 million out of a possible total earn out payment of $30.0 million. During 2012, based on the performance of the business and revised projections, the Company accrued an additional $6.2 million for the earn-out. As of September 30, 2012, the fair value of the earn-out was $14.5 million. During the three months ended December 31, 2012, based on the performance of the business and revised projections, the Company accrued an additional $5.1 million and paid out $17.4 million. During the three months ended March 31, 2013, the Company paid out the remaining $2.2 million earn-out out under the 2012 target. Based on the performance of the business and projections in comparison to the elevated earn-out targets for calendar year 2013 relative to the targets for calendar year 2012, the Company believes the fair value of the calendar year 2013 earn-out as of September 30, 2013 is zero. | |||||
        The total estimated purchase price is allocated to Jacobs' net tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of October 1, 2011, the effective date of the acquisition of Jacobs. The purchase price was allocated as follows: | |||||
                                                                                                                                                                                    | |||||
Consideration | |||||
Amount | |||||
(in thousands) | |||||
Accounts receivable | $ | 4,710 | |||
Inventory | 6,059 | ||||
Prepaid expenses | 120 | ||||
Goodwill | 110,226 | ||||
Vendor contract intangible asset | 33,300 | ||||
Covenants not to compete | 2,400 | ||||
Property and equipment | 847 | ||||
Accounts payable | (1,837 | ) | |||
Accrued liabilities | (3,101 | ) | |||
Total consideration | $ | 152,724 | |||
        Goodwill, which is deductible for tax purposes due to the asset purchase structure, was created as part of the acquisition as the Company acquired an experienced and knowledgeable workforce. The amount of revenue included in the 2013 and 2014 consolidated statement of operations related to JacobsTrading was $99.8 million and $93.3 million, respectively. The related supplemental pro forma information was not significant and it is impracticable for the Company to determine and disclose the amount of earnings for this acquisition. | |||||
GoIndustry Acquisition | |||||
        In July 2012, the Company completed its purchase of GoIndustry-DoveBid plc, a public limited company incorporated under the laws of England and Wales ("GoIndustry"), for 73 pence per share ($11.6 million). GoIndustry is a global provider of surplus asset management, auction and valuation services operating in over 25 countries in North America, Europe and Asia. The acquisition expands the Company's client roster with leading global manufacturers across the aerospace, consumer packaged goods, electronics, pharmaceutical, technology and transportation industry verticals. | |||||
        The total purchase price is allocated to GoIndustry's net tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as of July 1, 2012, the effective date of the acquisition of GoIndustry. Based on management's estimate of the fair value of tangible and intangible assets acquired and liabilities assumed, the purchase price was allocated as follows: | |||||
                                                                                                                                                                                    | |||||
Consideration | |||||
Amount | |||||
(in thousands) | |||||
Cash | $ | 10,091 | |||
Accounts receivable | 3,987 | ||||
Inventory | 297 | ||||
Prepaid expenses and deposits | 1,075 | ||||
Goodwill | 34,152 | ||||
Brand and technology intangible assets | 4,877 | ||||
Property and equipment | 354 | ||||
Accounts payable | (5,788 | ) | |||
Accrued liabilities | (11,087 | ) | |||
Pension liability | (6,468 | ) | |||
Due to customers | (19,017 | ) | |||
Other liabilities | (846 | ) | |||
Total consideration | $ | 11,627 | |||
        Goodwill was created as part of the acquisition as the Company acquired an experienced and knowledgeable workforce, of which approximately $5.5 million of the goodwill and all of the intangible assets are expected to be tax deductible, as a result of the structure of the transaction. The amount of revenue included in the 2013 and 2014 consolidated statement of operations related to GoIndustry was $38.6 million and $36.8 million, respectively. The related supplemental pro forma information was not significant and it is impracticable for the Company to determine and disclose the amount of earnings for this acquisition. | |||||
National Electronic Service Association (NESA) | |||||
        On November 1, 2012, the Company acquired the assets and assumed liabilities of National Electronic Service Association (NESA) in an all cash transaction. The acquisition price included an upfront cash payment of approximately $18.3 million and an earn-out payment. Under the terms of the agreement, the earn-out is based on EBITDA earned by NESA during the 36-48 months after closing. EBITDA growth used in the calculation is capped at 20% of prior period. The Company's estimate for the total payout ranges from zero to a maximum of $37.7 million. The Company's estimate of the fair value of the earn-out as of the date of acquisition was $18.0 million. Based upon revised projections, the Company determined that the fair value of the earn-out as of June 30, 2104 was zero and reversed the liability of $18.6 million with a corresponding reduction (credit) in the Acquisition Costs line in the Consolidated Statement of Operations for the year ended September 30, 2014. The Company continues to believe the fair value of the earn-out is zero as of September 30, 2014. NESA is a Canadian provider of returns management, refurbishment and reverse logistics services for high-value consumer products. NESA provides expertise and focused services to Fortune 1000 companies in the management of Consumer Electronics, Telecommunications, and Information Technology products. | |||||
        Under the acquisition method of accounting, the total estimated purchase price is allocated to NESA's net tangible and intangible assets acquired based on their estimated fair values as of November 1, 2012. Based on management's valuation of the fair value of tangible and intangible assets acquired and liabilities assumed, the purchase price was allocated as follows: | |||||
                                                                                                                                                                                    | |||||
Consideration | |||||
Amount | |||||
(in thousands) | |||||
Cash | $ | 3,760 | |||
Goodwill | 27,009 | ||||
Vendor contract intangible asset | 3,936 | ||||
Covenants not to compete | 1,400 | ||||
Other intangible asset | 225 | ||||
Property and equipment | 234 | ||||
Accrued liabilities | (204 | ) | |||
Total consideration | $ | 36,360 | |||
        Goodwill was created as part of the acquisition as the Company acquired an experienced and knowledgeable workforce, 75% of which is expected to be tax deductible as a result of the asset purchase structure of the transaction. The amount of revenue from NESA since the acquisition date and related supplemental pro forma information is not significant and it is impracticable for us to determine the amount of earnings for NESA. | |||||
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property and Equipment | ' | |||||||
Property and Equipment | ' | |||||||
5. Property and Equipment | ||||||||
        Property and equipment, including equipment under capital lease obligations, consists of the following: | ||||||||
                                                                                                                                                                                    | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Computers and purchased software | $ | 23,185 | $ | 17,953 | ||||
Office/Operational equipment | 6,502 | 5,391 | ||||||
Furniture and fixtures | 1,467 | 1,408 | ||||||
Vehicles | 1,006 | 992 | ||||||
Leasehold improvements | 4,729 | 4,319 | ||||||
36,889 | 30,063 | |||||||
Less: Accumulated depreciation and amortization | (24,606 | ) | (19,683 | ) | ||||
$ | 12,283 | $ | 10,380 | |||||
        Depreciation and amortization expense related to property and equipment for the years ended September 30, 2014, 2013 and 2012 was $5,623,000, $5,696,000, and $4,714,000, respectively. | ||||||||
Goodwill
Goodwill | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Goodwill. | ' | ||||
Goodwill | ' | ||||
6. Goodwill | |||||
        The goodwill of acquired companies is primarily related to the acquisition of an experienced and knowledgeable workforce. The following summarizes our goodwill activity for the periods indicated: | |||||
                                                                                                                                                                                    | |||||
Goodwill | |||||
(in thousands) | |||||
Balance at September 30, 2012 | $ | 185,771 | |||
New acquisitions | 27,009 | ||||
Translation adjustments | (1,069 | ) | |||
Balance at September 30, 2013 | 211,711 | ||||
Translation adjustments | (2,055 | ) | |||
Balance at September 30, 2014 | $ | 209,656 | |||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||||
7. Intangible Assets | |||||||||||||||||||||||
        Intangible assets at September 30, 2014 and September 30, 2013 consisted of the following: | |||||||||||||||||||||||
                                                                                                                                                                                    | |||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||
Useful | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||
Life | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||
(in years) | Amount | Amount | Amount | Amount | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Contract intangibles | 2Â -Â 5 | $ | 33,300 | $ | (21,796 | ) | $ | 11,504 | $ | 37,236 | $ | (16,696 | ) | $ | 20,540 | ||||||||
Brand and technology | 3Â -Â 5 | 5,947 | (2,852 | ) | 3,095 | 5,965 | (1,666 | ) | 4,299 | ||||||||||||||
Covenants not to compete | 3Â -Â 5 | 4,330 | (2,245 | ) | 2,085 | 4,440 | (1,439 | ) | 3,001 | ||||||||||||||
Patent and trademarks | 3Â -Â 10 | 672 | (257 | ) | 415 | 509 | (144 | ) | 365 | ||||||||||||||
Total intangible assets, net | $ | 17,099 | $ | 28,205 | |||||||||||||||||||
        Future expected amortization of intangible assets at September 30, 2014 was as follows: | |||||||||||||||||||||||
                                                                                                                                                                                    | |||||||||||||||||||||||
Years ending September 30, | Amortization | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
2015 | $ | 8,378Â | |||||||||||||||||||||
2016 | 6,278Â | ||||||||||||||||||||||
2017 | 1,435Â | ||||||||||||||||||||||
2018 | 875Â | ||||||||||||||||||||||
2019 and after | 133Â | ||||||||||||||||||||||
Total | $ | 17,099Â | |||||||||||||||||||||
        Amortization expense related to intangible assets for the years ended September 30, 2014, 2013 and 2012 was $10,972,000, $11,678,000, and $9,451,000, respectively. | |||||||||||||||||||||||
Debt
Debt | 12 Months Ended |
Sep. 30, 2014 | |
Debt | ' |
Debt | ' |
8. Debt | |
Senior Credit Facility | |
        In 2010, the Company entered into a senior credit facility (the Agreement) with a bank, which provides for borrowings up to $75.0 million, as amended. On March 11, 2014, the Company amended this credit facility extending the term to May 31, 2015. Borrowings under the Agreement bear interest at an annual rate equal to the 30 day LIBOR rate plus 1.25% (1.402% at September 30, 2014) due monthly. As of September 30, 2014, the Company had no outstanding borrowings under the Agreement, and the Company's borrowing availability was $64.9 million due to issued letters of credit for $10.1 million. Borrowings under the Agreement are secured by substantially all of the assets of the Company. The Agreement contains certain financial and non-financial restrictive covenants including, among others, the requirements to maintain a minimum level of earnings before interest, income taxes, depreciation and amortization (EBITDA) and a minimum debt coverage ratio. As of September 30, 2014, the Company was in compliance with these covenants. | |
Subordinated Note | |
        In conjunction with the Jacobs Trading acquisition during 2011, the Company issued a $40,000,000 seller subordinated 5% unsecured note. The note was repaid in November 2012. In conjunction with the repayment, the Company received a $1.0 million discount on the principal. This gain on the early extinguishment of debt has been reflected in interest and other expense (income) in the Consolidated Statement of Operations. | |
Commitments
Commitments | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments | ' | ||||
Commitments | ' | ||||
9. Commitments | |||||
Leases | |||||
        The Company leases certain office space and equipment under non-cancelable operating lease agreements, which expire at various dates through 2019. Certain of the leases contain escalation clauses and provide for the pass-through of increases in operating expenses and real estate taxes. Rent related to leases that have escalation clauses is recognized on a straight-line basis. Resulting deferred rent charges are included in other long-term liabilities and were $1,113,000 and $893,000, at September 30, 2014 and 2013, respectively. Future minimum payments under the leases as of September 30, 2014 are as follows: | |||||
                                                                                                                                                                                    | |||||
Years ending September 30, | Operating | ||||
Lease | |||||
Payments | |||||
(in thousands) | |||||
2015 | $ | 10,457Â | |||
2016 | 7,582Â | ||||
2017 | 5,430Â | ||||
2018 | 4,177Â | ||||
2019 | 2,419Â | ||||
2020 | — | ||||
Total future minimum lease payments | $ | 30,065Â | |||
        Rent expense for the years ended September 30, 2014, 2013 and 2012 was $12,099,000, $11,236,000, and $8,639,000, respectively. | |||||
401k_Benefit_Plan
401(k) Benefit Plan | 12 Months Ended |
Sep. 30, 2014 | |
401(k) Benefit Plan | ' |
401(k) Benefit Plan | ' |
10. 401(k) Benefit Plan | |
        The Company has a retirement plan (the Plan), which is intended to be a qualified plan under Section 401(k) of the Internal Revenue Code. The Plan is a defined contribution plan available to all eligible employees and allows participants to contribute up to the legal maximum of their eligible compensation, not to exceed the maximum tax-deferred amount allowed by the Internal Revenue Service. The Plan also allows the Company to make discretionary matching contributions. For the years ended September 30, 2014, 2013 and 2012, the Company contributed and recorded expense of approximately $2,680,000, $2,382,000, and $1,113,000, respectively, to the Plan. | |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | ' | ||||||||||
11. Income Taxes | |||||||||||
        The components of the provision for income taxes of continuing operations are as follows: | |||||||||||
                                                                                                                                                                                    | |||||||||||
Year ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(in thousands) | |||||||||||
Current tax provision: | |||||||||||
U.S. Federal | $ | 14,328 | $ | 27,611 | $ | 28,124 | |||||
State | 2,613 | 5,035 | 5,129 | ||||||||
Foreign | 1,888 | 1,757 | 118 | ||||||||
18,829 | 34,403 | 33,371 | |||||||||
Deferred tax (benefit) expense: | |||||||||||
U.S. Federal | (2,886 | ) | (6,012 | ) | (1,454 | ) | |||||
State | (526 | ) | (1,096 | ) | (265 | ) | |||||
Foreign | 4,240 | 256 | — | ||||||||
828 | (6,852 | ) | (1,719 | ) | |||||||
Total provision | $ | 19,657 | $ | 27,551 | $ | 31,652 | |||||
        Deferred taxes reflect the net tax effect 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 deferred tax assets and liabilities are as follows: | |||||||||||
                                                                                                                                                                                    | |||||||||||
September 30, | |||||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Deferred tax assets: | |||||||||||
Net operating losses—Foreign | $ | 6,426 | $ | 4,572 | |||||||
Net operating losses—US | 1,674 | 2,107 | |||||||||
Accrued vacation and bonus | 2,040 | 2,342 | |||||||||
Inventory capitalization | 7,328 | 4,048 | |||||||||
Inventory reserves | 105 | 565 | |||||||||
Allowance for doubtful accounts | 291 | 252 | |||||||||
Stock compensation expense | 10,259 | 8,036 | |||||||||
Amortization of intangibles | 9,071 | 6,666 | |||||||||
Pension liability | 790 | 852 | |||||||||
Other | 273 | 352 | |||||||||
Total deferred tax assets before valuation allowance | 38,257 | 29,792 | |||||||||
Less: valuation allowance | (7,216 | ) | (5,424 | ) | |||||||
Net deferred tax assets | 31,041 | 24,368 | |||||||||
Deferred tax liabilities: | |||||||||||
Amortization of goodwill | 16,022 | 7,339 | |||||||||
Depreciation | 754 | 1,235 | |||||||||
Total deferred tax liabilities | $ | 16,776 | $ | 8,574 | |||||||
Net deferred taxes | $ | 14,265 | $ | 15,794 | |||||||
        The net current deferred tax asset of approximately $12,321,000, and $10,558,000 is recorded in prepaid and deferred taxes on the consolidated balance sheet as of September 30, 2014 and 2013, respectively. The net non-current deferred tax asset of approximately $6,160,000 and $5,236,000 is recorded in deferred taxes and other assets on the consolidated balance sheet as of September 30, 2014 and 2013, respectively. The net non-current deferred tax liability of approximately $4,217,000 is recorded in other liabilities on the consolidated balance sheet as of September 30, 2014. | |||||||||||
        The reconciliation of the U.S. federal statutory rate to the effective rate for continuing operations is as follows: | |||||||||||
                                                                                                                                                                                    | |||||||||||
Year ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
U.S. statutory rate | 35 | % | 35 | % | 35 | % | |||||
Permanent items | 0.5 | 0.6 | — | ||||||||
State taxes | 2.7 | 3.9 | 3.9 | ||||||||
Net foreign rate differential | (2.5 | ) | (0.7 | ) | (0.8 | ) | |||||
Change in valuation allowance | 3.6 | 1.3 | 1.5 | ||||||||
Provision for income taxes | 39.3 | % | 40.1 | % | 39.6 | % | |||||
        At September 30, 2014 and 2013, the Company had deferred tax assets related to available foreign net operating loss (NOL) carryforwards of approximately $6,426,000 and $4,572,000, respectively. All but approximately $547,000 of our NOLs maintain an indefinite carryforward life. The NOLs with limited carryforward periods will expire beginning in 2017 through 2034. Due to historic losses of those foreign entities, the Company does not believe that it is more likely than not that the related deferred tax assets will be realized and a full valuation allowance has been recorded. In addition, the Company also recorded a deferred tax asset of $1,674,000 related to NOL carryforwards related to its acquisition of Network International, Inc. in 2010. These NOL carryforwards expire in 2023. The Company will adjust these NOL carryforwards and the related valuation allowance as the related tax returns are filed. | |||||||||||
        The Company has not recorded a provision for deferred U.S. tax expense on the undistributed earnings of foreign subsidiaries since the Company intends to indefinitely reinvest the earnings of these foreign subsidiaries outside the U.S. The amount of such undistributed foreign earnings was approximately $8.0 million as of September 30, 2014. As of September 30, 2014 and 2013, approximately $9.3 million and $10.5 million, respectively, of cash and cash equivalents was held overseas and not available to fund domestic operations without incurring taxes upon repatriation. | |||||||||||
        The Company applies the authoritative guidance related to uncertainty in income taxes. The Company has concluded that there were no uncertain tax positions identified during its analysis. The Company's policy is to recognize interest and penalties in the period in which they occur in the income tax provision. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions and in foreign jurisdictions, primarily Canada and the U.K. Currently, the Company is subject to income tax examinations for fiscal 2011 and 2012. The Company anticipates no material tax liability to arise from this examination. The statute of limitations for years prior to fiscal 2011 is now closed. However, certain tax attribute carryforwards that were generated prior to fiscal 2011 may be adjusted upon examination by tax authorities if they are utilized. | |||||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Stockholders' Equity | ' | |||||||||||||
Stockholders' Equity | ' | |||||||||||||
12. Stockholders' Equity | ||||||||||||||
2006 Omnibus Long-Term Incentive Plan | ||||||||||||||
        In conjunction with the Company's initial public offering, the board of directors and the Company's shareholders approved the 2006 Omnibus Long-Term Incentive Plan, or the 2006 Plan, on December 2, 2005. The 2005 Stock Option and Incentive Plan was terminated when the 2006 Plan became effective, immediately after the closing of the initial public offering. | ||||||||||||||
        A portion of the options and restricted shares granted to employees vest based on certain performance conditions being satisfied by the Company. Performance-based stock options are tied to the Company's annual performance against pre-established internal targets and the actual payout under these awards may vary from zero to 100% of an employee's target payout, based upon the Company's actual performance during the previous twelve months. The performance-based stock options are also subject to vesting requirements and generally vest when the performance condition has been satisfied. The fair value for stock options granted during the period was estimated at the grant date using the Black-Scholes option pricing model, as described in Note 2, and the fair value of restricted shares granted is based on the closing price of the shares on the grant date. Compensation cost is recognized when the performance condition has been satisfied or when it becomes probable that the performance condition will be satisfied. | ||||||||||||||
        Under the 2006 Plan, as amended, 10,000,000 shares were available for issuance. At September 30, 2009, there were 5,189,996 shares remaining reserved for issuance in connection with awards under the 2006 Plan. During fiscal year 2010, the Company granted options to purchase 624,566 shares to employees and directors with exercise prices between $9.05 and $13.96, and options to purchase 75,467 shares were forfeited. During fiscal year 2010, the Company granted 699,410 restricted shares to employees and directors at prices ranging from $9.05 to $13.96, and 45,026 restricted shares were forfeited. At September 30, 2010, there were 3,986,513 shares remaining reserved for issuance in connection with awards under the 2006 Plan. During fiscal year 2011, the Company granted options to purchase 321,072 shares to employees and directors with exercise prices between $14.30 and $17.02, and options to purchase 73,591 shares were forfeited. During fiscal year 2011, the Company granted 736,340 restricted shares to employees and directors at prices ranging from $12.88 to $25.52, and 150,112 restricted shares were forfeited. During fiscal year 2012, the Company granted options to purchase 181,783 shares to employees and directors with exercise prices between $31.37 and $42.31, and options to purchase 78,148 shares were forfeited. During fiscal year 2012, the Company granted 633,647 restricted shares to employees and directors at prices ranging from $31.37 to $52.55, and 138,052 restricted shares were forfeited. During the twelve months ended September 30, 2012, the Company issued 100,000 restricted shares to a non-employee that vest based on performance conditions. During fiscal year 2013, the Company granted options to purchase 171,994 shares to employees and directors with exercise prices between $29.47 and $46.72, and options to purchase 32,244 shares were forfeited. During fiscal year 2013, the Company granted 997,857 restricted shares to employees and directors at prices ranging from $29.47 to $42.47, and 403,083 restricted shares were forfeited. During the twelve months ended September 30, 2013, the Company issued 335,000 restricted shares and cancelled 281,500 restricted shares to a non-employee that vest based on performance conditions. During fiscal year 2014, the Company granted options to purchase 437,755 shares to employees and directors with exercise prices between $21.53 and $31.37, and options to purchase 181,094 shares were forfeited. During fiscal year 2014, the Company granted 1,040,748 restricted shares to employees and directors at prices ranging from $13.11 to $38.09, and 250,586 restricted shares were forfeited. At September 30, 2014, there were 772,227 shares remaining reserved for issuance in connection with awards under the 2006 Plan. The maximum number of shares subject to options or stock appreciation rights that can be awarded under the 2006 Plan to any person is 1,000,000 per year. The maximum number of shares that can be awarded under the 2006 Plan to any person, other than pursuant to an option or stock appreciation right, is 700,000 per year. These shares and options generally vest over a period of one to four years conditioned on continued employment for the incentive period. | ||||||||||||||
        The 2006 Plan permits the granting of options to purchase shares of common stock intended to qualify as incentive stock options under the Internal Revenue Code and stock options that do not qualify as incentive stock options ("non-qualified stock options"). The exercise price of each stock option may not be less than 100% of the fair market value of the common stock on the date of grant. However, if a grant recipient, who holds at least 10% of the common stock of the Company, receives an incentive stock option, the exercise price of such incentive stock option may not be less than 110% of the fair market value of the common stock on the date of grant. The term of each stock option is fixed by the compensation committee and may not exceed 10 years from the date of grant. | ||||||||||||||
        The compensation committee may also award under the 2006 Plan: | ||||||||||||||
· | restricted stock, which are shares of common stock subject to restrictions; | |||||||||||||
· | stock units, which are common stock units subject to restrictions; | |||||||||||||
· | dividend equivalent rights, which are rights entitling the recipient to receive credits for dividends that would be paid if the recipient had held a specified number of shares of common stock; | |||||||||||||
· | stock appreciation rights, which are rights to receive a number of shares or, in the discretion of the compensation committee and subject to applicable law, an amount in cash or a combination of shares and cash, based on the increase in the fair market value of the shares underlying the right during a stated period specified by the compensation committee; | |||||||||||||
· | unrestricted stock, which are shares of common stock granted without restrictions as a bonus; and | |||||||||||||
· | performance and annual incentive awards, ultimately payable in common stock or cash, as determined by the compensation committee (the compensation committee may grant multi-year and annual incentive awards subject to achievement of specified goals tied to business criteria set forth in the 2006 Plan). | |||||||||||||
Share Repurchase Program | ||||||||||||||
        The Company's Board of Directors has approved the repurchase of up to $101.9 million in shares under a share repurchase program. Under the program, the Company is authorized to repurchase the issued and outstanding shares of common stock. Share repurchases may be made through open market purchases, privately negotiated transactions or otherwise, at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The repurchase program may be discontinued or suspended at any time, and will be funded using the Company's available cash. The Company's Board of Directors reviews the share repurchase program periodically, the last such review having occurred in February 2014. A summary of the Company's share repurchase activity from fiscal year 2009 to the year ended September 30, 2014 is as follows: | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Fiscal Year Period | Total Number | Average Price | Total Cash | Approximate Dollar | ||||||||||
of Shares | Paid per | Paid for | Value of Shares | |||||||||||
Purchased | Share | Shares | that May Yet Be | |||||||||||
Purchased | Purchased Under | |||||||||||||
the Plans or | ||||||||||||||
Programs(1) | ||||||||||||||
2009 | 707,462Â | $ | 5.50Â | $ | 3,874,000Â | $ | 6,126,000Â | |||||||
2010 | 1,225,019Â | $ | 11.53Â | 14,471,000Â | 1,655,000Â | |||||||||
2011 | 229,575Â | $ | 15.39Â | 3,541,000Â | 18,114,000Â | |||||||||
2012 | 505,067Â | $ | 59.41Â | 30,000,000Â | 18,114,000Â | |||||||||
2013 | — | — | — | 31,000,000 | ||||||||||
2014 | 2,962,978Â | $ | 15.90Â | $ | 44,873,000Â | $ | 5,127,000Â | |||||||
-1 | On December 2, 2008, the Company's Board of Directors approved a share repurchase program, under which the Company was authorized to repurchase up to $10.0 million of the issued and outstanding shares of Company common stock. On each of February 2, 2010, November 30, 2010 and May 31, 2011, the Company's Board of Directors approved an additional $10.0 million for the share repurchase program. On May 17, 2012, the Company's Board of Directors approved an additional $30.0 million for the share repurchase program. On December 12, 2013, the Company's Board of Directors approved an additional approximately $12.9 million for the share repurchase program. On February 5, 2014, the Company's Board of Directors approved an additional $19.0 million for the share repurchase program. | |||||||||||||
Stock Option Activity | ||||||||||||||
        A summary of the Company's stock option activity for the years ended September 30, 2014, 2013, and 2012 is as follows: | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Options | Weighted- | |||||||||||||
Average | ||||||||||||||
Exercise Price | ||||||||||||||
Options outstanding at September 30, 2011 | 2,894,547 | $ | 11.55 | |||||||||||
Options granted | 181,783 | 34.42 | ||||||||||||
Options exercised | (1,322,387 | ) | 11.72 | |||||||||||
Options canceled | (78,148 | ) | 12.72 | |||||||||||
Options outstanding at September 30, 2012 | 1,675,795 | 13.84 | ||||||||||||
Options granted | 171,994 | 35.76 | ||||||||||||
Options exercised | (223,139 | ) | 11.35 | |||||||||||
Options canceled | (32,244 | ) | 18.67 | |||||||||||
Options outstanding at September 30, 2013 | 1,592,406 | 16.46 | ||||||||||||
Options granted | 437,755 | 22.41 | ||||||||||||
Options exercised | (383,160 | ) | 10.83 | |||||||||||
Options canceled | (181,094 | ) | 18.14 | |||||||||||
Options outstanding at September 30, 2014 | 1,465,907 | 19.5 | ||||||||||||
Options exercisable at September 30, 2014 | 890,103 | 16.15 | ||||||||||||
        The following table summarizes information about options outstanding at September 30, 2014: | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Options Outstanding | ||||||||||||||
Range of Exercise Price | Number | Weighted- | Weighted- | |||||||||||
Outstanding | Average | Average | ||||||||||||
Remaining | Exercise Price | |||||||||||||
Contractual Life | ||||||||||||||
$3.00Â -Â 8.00 | 148,448Â | 4.20Â | $ | 7.38Â | ||||||||||
$8.23Â -Â $46.72 | 1,317,459Â | 6.52Â | 20.87Â | |||||||||||
1,465,907Â | 6.10Â | 19.50Â | ||||||||||||
        The following table summarizes information about options exercisable at September 30, 2014: | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Options Exercisable | ||||||||||||||
Range of Exercise Price | Number | Weighted- | Weighted- | |||||||||||
Exercisable | Average | Average | ||||||||||||
Remaining | Exercise Price | |||||||||||||
Contractual Life | ||||||||||||||
$3.00 - $46.72 | 890,103Â | 4.38Â | $ | 16.15Â | ||||||||||
        The following table summarizes information about assumptions used in valuing options granted: | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Year ended September 30 | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Dividend yield | — | — | — | |||||||||||
Expected volatility | 50.9%Â -Â 60.6% | 51.8%Â -Â 60.6% | 60.4Â | % | ||||||||||
Risk-free interest rate | 0.1%Â -Â 1.2% | 0.1%Â -Â 1.0% | 0.6Â | % | ||||||||||
Expected forfeiture rate | 19.7%Â -Â 22.8% | 19.7%Â | 19.0Â | % | ||||||||||
        The intrinsic value of outstanding and exercisable options at September 30, 2014 was approximately $1,797,000 and $1,658,000, respectively, based on a stock price of $13.75 on September 30, 2014. | ||||||||||||||
        The weighted average grant date fair value of options granted during 2014, 2013 and 2012 was $7.89, $12.98, and $13.77, respectively. | ||||||||||||||
        The intrinsic value of options exercised at September 30, 2014, 2013, and 2012 was $1,119,000, $4,943,000, and $50,899,000, respectively. | ||||||||||||||
Restricted Share Activity | ||||||||||||||
        A summary of the Company's restricted share activity for the years ended September 30, 2014, 2013, and 2012 is as follows: | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Restricted | Weighted- | |||||||||||||
Shares | Average | |||||||||||||
Fair Value | ||||||||||||||
Unvested restricted shares at September 30, 2011 | 1,294,082 | $ | 13.13 | |||||||||||
Restricted shares granted | 633,647 | 34.05 | ||||||||||||
Restricted shares vested | (390,068 | ) | 12.53 | |||||||||||
Restricted shares canceled | (138,052 | ) | 15.7 | |||||||||||
Unvested restricted shares at September 30, 2012 | 1,399,609 | 22.51 | ||||||||||||
Restricted shares granted | 997,857 | 36.97 | ||||||||||||
Restricted shares vested | (450,514 | ) | 21.18 | |||||||||||
Restricted shares canceled | (403,083 | ) | 35.39 | |||||||||||
Unvested restricted shares at September 30, 2013 | 1,543,869 | 28.89 | ||||||||||||
Restricted shares granted | 1,040,748 | 18.78 | ||||||||||||
Restricted shares vested | (436,204 | ) | 24.72 | |||||||||||
Restricted shares canceled | (250,586 | ) | 23.87 | |||||||||||
Unvested restricted shares at September 30, 2014 | 1,897,827 | 24.96 | ||||||||||||
        For the years ended September 30, 2014, 2013 and 2012, the Company recorded stock-based compensation of $12,605,000, $13,379,000, and $12,117,000, respectively. The total costs related to unvested awards, not yet recognized, as of September 30, 2014 was $41,214,000, which will be recognized over the weighted average vesting period of 25.8 months. | ||||||||||||||
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Fair Value Measurement | ' | ||||
Fair Value Measurement | ' | ||||
13. Fair Value Measurement | |||||
        The Company measures and records in the accompanying consolidated financial statements certain liabilities at fair value on a recurring basis. Authoritative guidance issued by the FASB establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company's assumptions (unobservable inputs). The hierarchy consists of three levels: | |||||
                                                                                                                                                                                    | |||||
Level 1 | Quoted market prices in active markets for identical assets or liabilities; | ||||
Level 2 | Inputs other than Level 1 inputs that are either directly or indirectly observable; and | ||||
Level 3 | Unobservable inputs developed using estimates and assumptions developed by the Company, which reflect those that a market participant would use. | ||||
        As of September 30, 2014 and 2013, the Company had no Level 1 or Level 2 assets or liabilities measured at fair value. As of September 30, 2014 and 2013, the Company's liability for earn-outs related to the NESA and Jacobs Trading Company acquisitions of zero and $18,390,000, respectively, is the only liability measured at fair value on a recurring basis and is classified as Level 3 within the fair value hierarchy. The changes in liabilities measured at fair value for which the Company has used Level 3 inputs to determine fair value for the year ended September 30, 2014 are as follows ($ in thousands): | |||||
                                                                                                                                                                                    | |||||
Level 3 | |||||
Liabilities | |||||
Balance at September 30, 2012 | $ | 14,511 | |||
Acquisition contingent consideration | 18,050 | ||||
Settlements | (19,608 | ) | |||
Change in fair value of contingent consideration | 5,437 | ||||
Balance at September 30, 2013 | 18,390 | ||||
Acquisition contingent consideration | — | ||||
Settlements | — | ||||
Change in fair value of contingent consideration | (18,390 | ) | |||
Balance at September 30, 2014 | $ | — | |||
        When valuing its Level 3 liabilities, the Company gives consideration to operating results, financial condition, economic and/or market events, and other pertinent information that would impact its estimate of the expected earn-out payment. The valuation procedures are primarily based on management's projection of EBITDA for the acquired businesses and applying a discount to the expected earn out payments to estimate fair value. Discount rates range from 2.0% to 6.0% and are based on the Company's cost of borrowing. Given the short-term nature of the earn-out periods, changes in the discount rate are not expected to have a material impact on the fair value of these liabilities. Because of the inherent uncertainty, this estimated value may differ significantly from the value that would have been used had a ready market for the liability existed, and it is reasonably possible that the difference could be material. Changes in fair value of the Company's Level 3 liabilities are recorded in Acquisition Costs in the Consolidated Statements of Operations. | |||||
        The Company's financial assets not measured at fair value are cash and cash equivalents (which includes cash and commercial paper with original maturities of less than 90 days). The Company believes the carrying value approximates fair value due to the short term maturity of these instruments. | |||||
Defined_Benefit_Pension_Plan
Defined Benefit Pension Plan | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Defined Benefit Pension Plan | ' | |||||||||||||
Defined Benefit Pension Plan | ' | |||||||||||||
14. Defined Benefit Pension Plan | ||||||||||||||
        Certain employees of GoIndustry, which the Company acquired in July 2012, are covered by a qualified defined benefit pension plan. | ||||||||||||||
        The Company recognizes the funded status of its postretirement benefit plans, with a corresponding noncash adjustment to accumulated other comprehensive income (loss), net of tax, in stockholders' equity. The funded status is measured as the difference between the fair value of the plan's assets and the benefit obligation of the plan. | ||||||||||||||
        The net periodic benefit cost recognized for the year ended September 30, 2014 and 2013, included the following components: | ||||||||||||||
Qualified Defined Benefit Pension Plan | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Year ended | ||||||||||||||
September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Service cost | — | — | ||||||||||||
Interest cost | $ | 1,125 | $ | 1,055 | ||||||||||
Expected return on plan assets | (1,324 | ) | (1,055 | ) | ||||||||||
Total net periodic benefit cost | (199 | ) | — | |||||||||||
        The following table provides a reconciliation of benefit obligations, plan assets, and unfunded status related to the Company's qualified defined benefit pension plan for the years ended September 30, 2014 and September 30, 2013: | ||||||||||||||
Qualified Defined Benefit Pension Plan | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Year ended | ||||||||||||||
September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Change in benefit obligation | ||||||||||||||
Beginning balance | $ | 25,558 | $ | 25,106 | ||||||||||
Acquisitions/divestitures | — | — | ||||||||||||
Service cost | — | — | ||||||||||||
Interest cost | 1,125 | 1,055 | ||||||||||||
Benefits paid | (1,104 | ) | (617 | ) | ||||||||||
Actuarial (gain)/loss | 1,924 | (33 | ) | |||||||||||
Plan amendments | — | — | ||||||||||||
Foreign currency exchange rate changes | 24 | 47 | ||||||||||||
Participants' contributions | — | — | ||||||||||||
Ending balance | $ | 27,527 | $ | 25,558 | ||||||||||
Qualified Defined Benefit Pension Plan | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Year ended | ||||||||||||||
September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Change in plan assets | ||||||||||||||
Beginning balance at fair value | $ | 22,006 | $ | 19,320 | ||||||||||
Acquisitions/divestitures | — | — | ||||||||||||
Actual return on plan assets | 2,321 | 1,566 | ||||||||||||
Benefits paid | (1,104 | ) | (617 | ) | ||||||||||
Employer's contributions | 1,727 | 1,632 | ||||||||||||
Participants' contributions | — | — | ||||||||||||
Foreign currency exchange rate changes | (4 | ) | 105 | |||||||||||
Ending balance at fair value | $ | 24,946 | $ | 22,006 | ||||||||||
Underfunded status of the plan | $ | (2,581 | ) | $ | (3,552 | ) | ||||||||
        The accrued pension liability of $2.6 million is recorded in Other long-term liabilities in the Consolidated Balance Sheet. Because the plan is closed to new participants, the accumulated benefit obligation (ABO) is equal to the projected benefit obligation (PBO), and totals $27,527,000 and $25,558,000 at September 30, 2014 and September 30, 2013, respectively. | ||||||||||||||
        The amount recognized in other comprehensive loss related to the Company's qualified defined benefit pension plan, net of tax, for the year ended September 30, 2014 and September 30, 2013, is shown in the following table: | ||||||||||||||
Qualified Defined Benefit Pension Plan | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Year ended | ||||||||||||||
September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Accumulated OCI | ||||||||||||||
Accumulated OCI at beginning of year | $ | (1,147 | ) | $ | (584 | ) | ||||||||
New actuarial (gains)/losses | 927 | (563 | ) | |||||||||||
Accumulated OCI at end of year | $ | (220 | ) | $ | (1,147 | ) | ||||||||
        Estimated amounts to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost during 2015 based on September 30, 2014 plan measurements are $0. The plan complies with the funding provisions of the UK Pensions Act 2004 and the Occupational Pension Schemes Regulations Act 2005. In 2015, the Company expects to contribute $1.7 million to the plan. In addition, the Company expects to make the following pension plan contributions over the next 10 years: | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Plan Contributions | ||||||||||||||
(in thousands) | ||||||||||||||
Year ending September 30, | ||||||||||||||
2015 | $ | 1,693Â | ||||||||||||
2016 | 1,693Â | |||||||||||||
2017 | 1,693Â | |||||||||||||
2018 | 1,693Â | |||||||||||||
2019 | 425Â | |||||||||||||
2020 through 2024 | — | |||||||||||||
Total | $ | 7,197Â | ||||||||||||
Actuarial Assumptions | ||||||||||||||
        The actuarial assumptions used to determine the benefit obligations at September 30, 2014 and September 30, 2013, and to determine the net periodic benefit cost for the year were as follows: | ||||||||||||||
Qualified Defined Benefit Pension Plan | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
2014 | 2013 | |||||||||||||
Discount rate | 3.80Â | % | 4.40Â | % | ||||||||||
Expected return on plan assets | 5.00Â | % | 5.80Â | % | ||||||||||
Increases to non-GMP pensions in payment accrued pre 4/6/97 | 0.00Â | % | 0.00Â | % | ||||||||||
Increases to non-GMP pensions in payment accrued post 4/6/97 | 2.30Â | % | 2.50Â | % | ||||||||||
Rate of increases to deferred CPI linked benefits | 2.30Â | % | 2.50Â | % | ||||||||||
Rate of increases to deferred RPI linked benefits | 3.30Â | % | 3.40Â | % | ||||||||||
        Mortality—90% of S1NxA tables, projected in line with 2013 CMI projection model and 1.0% pa long-term rate of improvement. | ||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||
        The Company's pension plan expects to make the following benefit payments to participants over the next 10 years: | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Pension Benefits | ||||||||||||||
(in thousands) | ||||||||||||||
Year ending September 30, | ||||||||||||||
2015 | $ | 820Â | ||||||||||||
2016 | 686Â | |||||||||||||
2017 | 1,092Â | |||||||||||||
2018 | 822Â | |||||||||||||
2019 | 831Â | |||||||||||||
2020 through 2024 | 4,515Â | |||||||||||||
Total | $ | 8,766Â | ||||||||||||
Fair Value Measurements | ||||||||||||||
        The investment policy and strategy of the plan assets, as established by the Trustees of the plan, strive to maximize the likelihood of achieving primary objectives of the investment policy established for the plan. The primary objectives are: | ||||||||||||||
1) | Funding—to ensure that the Plan is fully funded using assumptions that contain a modest margin for prudence. Where an actuarial valuation reveals a deficit, a recovery plan will be put in place which will take into account the financial covenant of the employer; | |||||||||||||
2) | Stability—to have due regard to the likely level and volatility of required contributions when setting the Plan's investment strategy; and | |||||||||||||
3) | Security—to ensure that the solvency position of the Plan is expected to improve. The Trustees will take into account the strength of employer's covenant when determining the expected improvement in the solvency position of the Plan. | |||||||||||||
        Assets were initially invested based on the target allocations stated below. The assets are allocated among equity investments and fixed income securities. The Trustees review the investment policy on an ongoing basis, to determine whether a change in the policy or asset allocation targets is necessary. The assets are not rebalanced and consisted of the following as of September 30, 2014: | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Target | Actual | |||||||||||||
Allocation | 2014 | |||||||||||||
Equity securities | 70Â | % | 45.9Â | % | ||||||||||
Fixed-income securities | 30Â | % | 53.6Â | % | ||||||||||
Cash equivalents | 0Â | % | 0.5Â | % | ||||||||||
Total | 100.0Â | % | 100.0Â | % | ||||||||||
        The class of equity securities consists of one pooled fund whose strategy is to invest in approximately 70% UK company shares (domestic) and 30% international equity securities. The class of fixed-income securities consists of one pooled fund whose strategy is to invest in a limited number of government and corporate bonds. | ||||||||||||||
        The expected long-term rate of return for the plan's total assets is based on the expected returns of each of the above categories, weighted based on the current target allocation for each class. The Trustees evaluate whether adjustments are needed based on historical returns to more accurately reflect expectations of future returns. | ||||||||||||||
        The Company is required to present certain fair value disclosures related to its postretirement benefit plan assets, even though those assets are not included on the Company's Consolidated Balance Sheets. The following table presents the fair value of the assets of the Company's qualified defined benefit pension plan by asset category and their level within the fair value hierarchy, which has three levels based on reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets, Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Balance as of September 30, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||
(in thousands) | ||||||||||||||
Equity securities | — | $ | 11,450 | — | $ | 11,450 | ||||||||
Fixed-income securities | — | 13,371 | — | 13,371 | ||||||||||
Cash equivalents | $ | 125 | — | — | 125 | |||||||||
Total | $ | 125 | $ | 24,821 | — | $ | 24,946 | |||||||
                                                                                                                                                                                    | ||||||||||||||
Balance as of September 30, 2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||
(in thousands) | ||||||||||||||
Equity securities | — | $ | 10,871 | — | $ | 10,871 | ||||||||
Fixed-income securities | — | 11,003 | — | 11,003 | ||||||||||
Cash equivalents | $ | 132 | — | — | 132 | |||||||||
Total | $ | 132 | $ | 21,874 | — | $ | 22,006 | |||||||
Valuation Techniques | ||||||||||||||
        The Company relies on pricing inputs from investment fund managers to value investments. The fund manager prices the underlying securities using independent external pricing sources, or determined according to approved pricing policies in circumstances where independent sources are not available. | ||||||||||||||
Business_Realignment_Expenses
Business Realignment Expenses | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Business Realignment Expenses | ' | |||||||||||||
Business Realignment Expenses | ' | |||||||||||||
15. Business Realignment Expenses | ||||||||||||||
        On October 1, 2014, the Company announced that it has realigned its workforce in response to the new terms and scope of its DoD (third) Surplus Contract for non-rolling stock and to adjust for the efficiencies realized in its commercial business through ongoing integration efforts to support the future vision and growth of the Company. The business realignment includes employee reductions across the organization, and includes positions related to the support of the DoD surplus business, capital asset and retail supply chain operations, and corporate functions. The business realignment expenses during the fiscal year ended September 30, 2014 include cash costs of $1.8 million in employee severance and benefit costs. | ||||||||||||||
        The table below sets forth the significant components and activity in the business realignment initiatives during the fiscal year ended September 30, 2014 | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Liability | Business | Cash | Liability | |||||||||||
Balance at | Realignment | Payments | Balance at | |||||||||||
September 30, | Expenses | September 30, | ||||||||||||
2013 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||
Employee severance and benefit costs | — | $ | 1,780 | — | $ | 1,780 | ||||||||
Total | — | $ | 1,780 | — | $ | 1,780 | ||||||||
        The benefits are expected to be paid during fiscal year 2015. The business realignment expenses are recorded in costs and expenses from operations in the statement of operations for the year ended September 30, 2014, and in accrued expenses and other current liabilities on the balance sheet as of September 30, 2014. | ||||||||||||||
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Sep. 30, 2014 | |
Legal Proceedings | ' |
Legal Proceedings | ' |
16. Legal Proceedings | |
        On July 14, 2014, Leonard Howard filed a putative class action complaint in the United States District Court for the District of Columbia against the Company and its chief executive officer, chief financial officer, and chief accounting officer, on behalf of shareholders who purchased the Company's common stock between February 1, 2012 and May 7, 2014. The complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by, among other things, misrepresenting the Company's growth initiative, growth potential, and financial and operating conditions, thereby artificially inflating its share price, and seeks unspecified compensatory damages and costs and expenses, including attorneys' and experts' fees. On October 14, 2014, the Court appointed Caisse de Dépôt et Placement du Québec and the Newport News Employees' Retirement Fund as co-lead plaintiffs. Plaintiffs are scheduled to file an amended complaint by December 15, 2014. The Company intends to move to dismiss plaintiffs' expected amended complaint. The Company cannot estimate a range of the potential liability, if any, at this time. | |
Quarterly_Results_Unaudited
Quarterly Results (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Quarterly Results (Unaudited) | ' | |||||||||||||||||||||||||
Quarterly Results (Unaudited) | ' | |||||||||||||||||||||||||
17. Quarterly Results (Unaudited) | ||||||||||||||||||||||||||
        The following table sets forth for the eight most recent quarters the selected unaudited quarterly consolidated statement of operations data. The unaudited quarterly consolidated statement of operations data has been prepared on the same basis as the Company's audited consolidated financial statements and, in the opinion of management, includes all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of this data. | ||||||||||||||||||||||||||
                                                                                                                                                                                    | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
Dec. 31, | Mar. 31, | June 30, | Sept. 30, | Dec. 31, | Mar. 31, | June 30, | Sept. 30, | |||||||||||||||||||
2012 | 2013 | 2013 | 2013 | 2013 | 2014 | 2014 | 2014 | |||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||
Revenue from operations | $ | 122,205 | $ | 130,324 | $ | 124,199 | $ | 129,128 | $ | 121,948 | $ | 128,329 | $ | 126,965 | $ | 118,419 | ||||||||||
Income before provision for income taxes from operations | $ | 11,181 | $ | 21,522 | $ | 18,813 | $ | 17,139 | $ | 11,843 | $ | 9,463 | 28,588 | $ | 523 | |||||||||||
Net income (loss) from operations | $ | 6,709 | $ | 12,698 | $ | 11,288 | $ | 10,409 | $ | 7,093 | $ | 5,631 | $ | 18,373 | $ | (707 | ) | |||||||||
Basic earnings (loss) per common share | $ | 0.21 | $ | 0.4 | $ | 0.36 | $ | 0.33 | $ | 0.22 | $ | 0.17 | $ | 0.59 | $ | (0.02 | ) | |||||||||
Diluted earnings (loss) per common share | $ | 0.2 | $ | 0.39 | $ | 0.35 | $ | 0.32 | $ | 0.22 | $ | 0.17 | $ | 0.59 | $ | (0.02 | ) | |||||||||
Basic weighted average shares outstanding | 31,482,853 | 31,561,412 | 31,651,061 | 31,772,379 | 32,143,064 | 32,231,011 | 30,937,394 | 29,664,259 | ||||||||||||||||||
Diluted weighted average shares outstanding | 33,054,264 | 32,331,686 | 32,540,187 | 32,702,807 | 32,658,070 | 32,321,482 | 30,937,394 | 29,664,259 | ||||||||||||||||||
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ' | |||||||||||||
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | ' | |||||||||||||
SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||
(dollars in thousands) | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Balance at | Charged to | Reductions | Balance at | |||||||||||
beginning | expense | end of | ||||||||||||
of period | period | |||||||||||||
Deferred tax valuation allowance (deducted from net deferred tax assets) | ||||||||||||||
Year ended September 30, 2012 | $ | 3,341 | $ | 1,217 | — | $ | 4,558 | |||||||
Year ended September 30, 2013 | 4,558 | 866 | — | 5,424 | ||||||||||
Year ended September 30, 2014 | 5,424 | 1,792 | — | 7,216 | ||||||||||
Allowance for doubtful accounts (deducted from accounts receivable) | ||||||||||||||
Year ended September 30, 2012 | $ | 514 | $ | 962 | $ | 228 | $ | 1,248 | ||||||
Year ended September 30, 2013 | 1,248 | 337 | 694 | 891 | ||||||||||
Year ended September 30, 2014 | 891 | 240 | 89 | 1,042 | ||||||||||
Inventory allowance (deducted from inventory) | ||||||||||||||
Year ended September 30, 2012 | $ | 990 | $ | 1,584 | $ | — | $ | 2,574 | ||||||
Year ended September 30, 2013 | 2,574 | 147 | 1,269 | 1,452 | ||||||||||
Year ended September 30, 2014 | 1,452 | 271 | — | 1,723 | ||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Use of Estimates | ' | ||||||||||
Use of Estimates | |||||||||||
        The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||
Principles of Consolidation | ' | ||||||||||
Principles of Consolidation | |||||||||||
        The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Certain prior period amounts have been reclassified to conform to the current year's presentation. All intercompany balances and transactions have been eliminated in consolidation. | |||||||||||
Basis of Presentation | ' | ||||||||||
Basis of Presentation | |||||||||||
        The accompanying consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. In addition, in the opinion of management, all adjustments (consisting of normal, recurring accruals) considered necessary for a fair presentation of the results for the periods presented have been included. | |||||||||||
Discontinued Operations | ' | ||||||||||
Discontinued Operations | |||||||||||
        In determining whether a group of assets disposed (or to be disposed) of should be presented as discontinued operations, the Company makes a determination of whether the group of assets being disposed of comprises a component of the entity; that is, whether it has historical operations and cash flows that can be clearly distinguished (both operationally and for financial reporting purposes). The Company also determines whether the cash flows associated with the group of assets have been significantly (or will be significantly) eliminated from the ongoing operations of the Company as a result of the disposal transaction and whether the Company has no significant continuing involvement in the operations of the group of assets after the disposal transaction. If these determinations can be made affirmatively, the results of operations of the group of assets being disposed of (as well as any gain or loss on the disposal transaction) are aggregated for separate presentation apart from continuing operating results of the Company in the consolidated financial statements. | |||||||||||
Business Combinations | ' | ||||||||||
Business Combinations | |||||||||||
        The Company recognizes all of the assets acquired, liabilities assumed, contractual contingencies, and contingent consideration at their fair value on the acquisition date. Acquisition-related costs are recognized separately from the acquisition and expensed as incurred. Restructuring costs incurred in periods subsequent to the acquisition date are expensed when incurred. Subsequent changes to the purchase price (i.e., working capital adjustments) or other fair value adjustments determined during the measurement period are recorded as an adjustment to goodwill, with the exception of contingent consideration, which is recognized in the statement of operations in the period it is modified. All subsequent changes to a valuation allowance or uncertain tax position that relate to the acquired company and existed at the acquisition date that occur both within the measurement period and as a result of facts and circumstances that existed at the acquisition date are recognized as an adjustment to goodwill. All other changes in valuation allowances are recognized as a reduction or increase to income tax expense or as a direct adjustment to additional paid-in capital as required. | |||||||||||
Cash and Cash Equivalents | ' | ||||||||||
Cash and Cash Equivalents | |||||||||||
        The Company considers all highly liquid securities purchased with an initial maturity of three months or less to be cash equivalents. | |||||||||||
Accounts Receivable | ' | ||||||||||
Accounts Receivable | |||||||||||
        Accounts receivable are recorded at the invoiced amount and are non-interest bearing. The Company maintains an allowance for doubtful accounts to reserve for potentially uncollectible receivables. Allowances are based on management's judgment, which considers historical experience and specific knowledge of accounts where collectability may not be probable. The Company makes provisions based on historical bad debt experience, a specific review of all significant outstanding invoices and an assessment of general economic conditions. | |||||||||||
Inventory | ' | ||||||||||
Inventory | |||||||||||
        Inventory consists of property obtained for resale, generally through the online auction process, and is stated at the lower of cost or market. Cost is determined using the specific identification method. Charges for unsellable inventory are included in cost of goods sold in the period in which they have been determined to occur. | |||||||||||
Property and Equipment | ' | ||||||||||
Property and Equipment | |||||||||||
        Property and equipment is recorded at cost, and depreciated and amortized on a straight-line basis over the following estimated useful lives: | |||||||||||
                                                                                                                                                                                    | |||||||||||
Computers and purchased software | One to five years | ||||||||||
Office equipment | Three years | ||||||||||
Furniture and fixtures | Five to seven years | ||||||||||
Leasehold improvements | Shorter of lease term or useful life | ||||||||||
Intangible Assets | ' | ||||||||||
Intangible Assets | |||||||||||
        Intangible assets primarily consist of contract acquisition costs, covenants not to compete, and other intangible assets associated with acquisitions (see Note 4). Intangible assets are amortized using the straight-line method over their estimated useful lives, ranging from three to seven years. | |||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||
Impairment of Long-Lived Assets | |||||||||||
        Long-lived assets, including amortizable intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be fully recoverable. If an impairment indicator is present, the Company evaluates recoverability by comparing the carrying amount of the assets to future undiscounted net cash flows expected to be generated by the assets. If the assets are impaired, the impairment recognized is measured by the amount by which the carrying amount exceeds the estimated fair value of the assets. | |||||||||||
Goodwill | ' | ||||||||||
Goodwill | |||||||||||
        Goodwill is reviewed for impairment annually or more frequently if events or circumstances indicate impairment may exist. Examples of such events or circumstances could include a significant change in business climate or the loss of a significant customer. In evaluating goodwill for impairment, the Company first assesses qualitative factors to determine whether it is more than likely than not (that is, a likelihood of more than 50 percent) that the fair value of a reporting unit is less than its carrying amount. If the Company concludes that it is not more likely than not that the fair value of the reporting unit is less than its carrying value, no further testing of goodwill assigned to the reporting unit is required. However, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company applies a two-step fair value-based test to assess goodwill for impairment. The first step compares the fair value of a reporting unit to its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, the second step is then performed. The second step compares the carrying amount of the reporting unit's goodwill to the fair value of the goodwill. If the fair value of the goodwill is less than the carrying amount, an impairment loss would be recorded in the statement of operations. | |||||||||||
Revenue Recognition | ' | ||||||||||
Revenue Recognition | |||||||||||
        The Company recognizes revenue when all of the following criteria are met: | |||||||||||
· | a buyer submits the winning bid in an auction and, as a result, evidence of an arrangement exists and the sale price has been determined; | ||||||||||
· | the buyer has assumed the risks and rewards of ownership; and | ||||||||||
· | collection is reasonably assured. | ||||||||||
        Revenue is also evaluated for reporting revenue of gross proceeds as the principal in the arrangement or net of commissions as an agent. In arrangements in which the Company is deemed to be the primary obligor, bears physical and general inventory risk, and credit risk, LSI recognizes as revenue the gross proceeds from the sale, including buyer's premiums. The Company has evaluated its revenue recognition policy related to sales under LSI's profit-sharing model and determined it is appropriate to account for these sales on a gross basis. In the Company's evaluation, the Company relied most heavily upon its status as primary obligor in the sales relationship and the fact that the Company has general inventory risk. | |||||||||||
        In arrangements in which the Company acts as an agent or broker on a consignment basis, without taking physical or general inventory risk, revenue is recognized based on the sales commissions that are paid to the Company by the sellers for utilizing LSI's services; in this situation, sales commissions represent a percentage of the gross proceeds from the sale that the seller pays to the Company upon completion of the transaction. Such revenue as well as other fee revenue is presented as Fee Revenue in the Consolidated Statements of Operations. | |||||||||||
        The Company collects and remits sales taxes on merchandise that it purchases and sells, and reports such amounts under the net method in its Consolidated Statements of Operations. | |||||||||||
Cost of Goods Sold | ' | ||||||||||
Cost of Goods Sold | |||||||||||
        Cost of goods sold includes the costs of purchasing and transporting property for auction as well as credit card transaction fees. The Company purchases the majority of its inventory at a percentage of the supplier's original acquisition cost under the Surplus and certain commercial contracts, a percentage of the supplier's last retail price under certain commercial contracts and varies depending on the type of the inventory purchased or a fixed price per pound under the Scrap Contract. Title for the inventory passes to the Company at the time of purchase and the Company bears the risks and rewards of ownership. The Company does not have title to assets sold on behalf of its commercial or government customers when it receives only sales commission revenue and, as such, recognizes no cost of goods sold associated with those sales. Cost of goods sold also includes shipping and handling costs and amounts paid by customers for shipping and handling. | |||||||||||
Risk Associated with Certain Concentrations | ' | ||||||||||
Risk Associated with Certain Concentrations | |||||||||||
        The Company does not perform credit evaluations for the majority of its buyers. However, substantially all sales are recorded subsequent to payment authorization being received. As a result, the Company is not subject to significant collection risk, as most goods are not shipped before payment is received. | |||||||||||
        For consignment sales transactions, funds are collected from buyers and are held by the Company on the sellers' behalf. The funds are included in cash and cash equivalents in the consolidated financial statements. The Company releases the funds to the seller, less the Company's commission and other fees due, after the buyer has accepted the goods or within 30 days, depending on the state where the buyer and seller conduct business. The amount of cash held on behalf of the sellers is recorded as customer payables in the accompanying Consolidated Balance Sheets. | |||||||||||
        Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents in banks over FDIC limits, and accounts receivable. The Company deposits its cash with financial institutions that the Company considers to be of high credit quality. | |||||||||||
        For the years ended September 30, 2014, 2013, and 2012, approximately 11%, 11%, and 20% of the Company's Gross Merchandise Volume (GMV) was generated from Wal-Mart under multiple contracts / programs. | |||||||||||
Income Taxes | ' | ||||||||||
Income Taxes | |||||||||||
        The Company accounts for income taxes using an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statement and income tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for the years in which the taxes are expected to be paid or recovered. A valuation allowance is provided to reduce the deferred tax assets to a level that the Company believes will more likely than not be realized. The resulting net deferred tax asset reflects management's estimate of the amount that will be realized. | |||||||||||
        The Company applies the authoritative guidance related to uncertainty in income taxes. The Company has concluded that there were no uncertain tax positions identified during its analysis. | |||||||||||
Stock-Based Compensation | ' | ||||||||||
Stock-Based Compensation | |||||||||||
        The Company estimates the fair value of share-based awards on the date of grant. The fair value of stock options is determined using the Black-Scholes option-pricing model. The fair value of restricted stock awards is based on the closing price of the Company's common stock on the date of grant. The determination of the fair value of the Company's stock option awards and restricted stock awards is based on a variety of factors including, but not limited to, the Company's common stock price, expected stock price volatility over the expected life of awards, and actual and projected exercise behavior. Additionally, the Company has estimated forfeitures for share-based awards at the dates of grant based on historical experience, adjusted for future expectation. The forfeiture estimate is revised as necessary if actual forfeitures differ from materially these estimates. | |||||||||||
        The Company issues restricted stock awards where restrictions lapse upon either the passage of time (service vesting), achieving performance targets, or some combination of these restrictions. For those restricted stock awards with only service conditions, the Company recognizes compensation cost on a straight-line basis over the explicit service period. For awards with both performance and service conditions, the Company starts recognizing compensation cost over the remaining service period, when it is probable the performance condition will be met. For stock awards that contain performance vesting conditions, the Company excludes these awards from diluted earnings per share computations until the contingency is met as of the end of that reporting period. For awards to non-employees (who are not directors), the Company records compensation cost when the performance condition is met. The Company presents the cash flows resulting from the tax benefits resulting from tax deductions in excess of the compensation cost recognized for those options (excess tax benefits) as a financing activity with a corresponding operating cash outflow in the Consolidated Statements of Cash Flows. | |||||||||||
Advertising Costs | ' | ||||||||||
Advertising Costs | |||||||||||
        Advertising expenditures are expensed as incurred. Advertising costs charged to expense were $7,229,000, $4,560,000, and $4,939,000 for the years ended September 30, 2014, 2013 and 2012, respectively. | |||||||||||
Fair Value of Financial Instruments | ' | ||||||||||
Fair Value of Financial Instruments | |||||||||||
        Cash and cash equivalents, accounts receivable, accounts payable, profit-sharing distributions payable, and customer payables reported in the Consolidated Balance Sheets approximate their fair values. | |||||||||||
Foreign Currency Translation | ' | ||||||||||
Foreign Currency Translation | |||||||||||
        The functional currency of the Company's foreign subsidiaries is the local currency. The translation of the subsidiary's financial statements into U.S. dollars is performed for balance sheet accounts using exchange rates in effect at the balance sheet date and for revenue and expense accounts using an average exchange rate during the period. The resulting translation adjustments are recognized in accumulated other comprehensive income, a separate component of stockholders' equity. Realized foreign currency transaction gains and losses for 2012, 2013 and 2014 are included in interest expense and other expense (income), net in the consolidated statements of operations. | |||||||||||
Earnings per Share | ' | ||||||||||
Earnings per Share | |||||||||||
        Basic net income attributable to common stockholders per share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income attributable to common stockholders per share includes the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The Company had 1,399,609 unvested restricted shares, which were issued at prices ranging from $7.48 -$52.55, during the years ended September 30, 2012, 2011, 2010, and 2009, of which all have been included in the calculation of diluted income per share for the year ended September 30, 2012. The Company had 1,543,869 unvested restricted shares, which were issued at prices ranging from $7.48 - $52.55, during the years ended September 30, 2013, 2012, 2011, 2010, and 2009, of which 383,831 have been included in the calculation of diluted income per share for the year ended September 30, 2013. The Company had 1,897,827 unvested restricted shares, which were issued at prices ranging from $7.48 - $52.55, during the years ended September 30, 2014, 2013, 2011, 2010, and 2009, of which 341,137 have been included in the calculation of diluted income per share for the year ended September 30, 2014. The Company has also not included the following stock options in the calculation of diluted income per share because the option exercise prices were greater than the average market prices for the applicable periods: | |||||||||||
        (a)   for the fiscal year ended September 30, 2014 - 836,303 options; | |||||||||||
        (b)   for the fiscal year ended September 30, 2013 - 151,291 options; and | |||||||||||
        (c)   for the fiscal year ended September 30, 2012 - 0 options. | |||||||||||
        The following summarizes the potential outstanding common stock of the Company as of the dates set forth below: | |||||||||||
                                                                                                                                                                                    | |||||||||||
September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(dollars in thousands except | |||||||||||
per share and share data) | |||||||||||
Weighted average shares calculation: | |||||||||||
Basic weighted average shares outstanding | 31,243,932Â | 31,616,926Â | 30,854,796Â | ||||||||
Treasury stock effect of options and restricted stock | 151,369Â | 1,040,310Â | 1,928,283Â | ||||||||
Diluted weighted average common shares outstanding | 31,395,301Â | 32,657,236Â | 32,783,079Â | ||||||||
Net income | $ | 30,390Â | $ | 41,104Â | $ | 48,296Â | |||||
Basic income per common share | $ | 0.97Â | $ | 1.30Â | $ | 1.57Â | |||||
Diluted income per common share | $ | 0.97Â | $ | 1.26Â | $ | 1.47Â | |||||
        Basic net income attributable to common stockholders per share is computed by dividing net income attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income attributable to common stockholders per share includes the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock only if an entity records earnings from continuing operations as such adjustments would otherwise be anti-dilutive to earnings per share from continuing operations. | |||||||||||
Recent Accounting Pronouncements | ' | ||||||||||
Recent Accounting Pronouncements | |||||||||||
        In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard that will change the way the Company recognizes revenue and significantly expand the disclosure requirements for revenue arrangements. The new standard will be effective for the Company beginning on October 1, 2017, and may be adopted either retrospectively or on a modified retrospective basis whereby the new standard would be applied to new and existing arrangements with remaining performance obligations as of the effective date, with a cumulative catch-up adjustment recorded to retained earnings at the effective date for existing arrangements with remaining performance obligations. Early adoption is not permitted. The Company is currently evaluating the methods of adoption allowed by the new standard and the effect that adoption of the standard is expected to have on the consolidated financial statements and related disclosures. As a result, the Company's evaluation of the effect of the new standard will likely extend over several future periods. | |||||||||||
        In February 2013, the FASB issued ASU 2013-02, Comprehensive Income (Topic 220)—Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which amends existing guidance by requiring that additional information be disclosed about items reclassified out of accumulated other comprehensive income. The additional information includes separately stating the total change for each component of other comprehensive income and separately disclosing both current-period other comprehensive income and reclassification adjustments. Entities are also required to present, either on the face of the income statement or in the note to the financial statements, significant amounts reclassified out of accumulated other comprehensive income as separate line items of net income but only if the entire amount reclassified must be reclassified to net income in the same reporting period. For amounts that are not required to be reclassified in their entirety to net income, an entity must cross-reference to other disclosures that provide additional detail about those amounts. ASU 2013-02 was effective for interim and annual periods beginning after December 15, 2013, which for the Company was its fiscal 2014 first quarter. The Company does not believe the adoption of this update had a material impact on its financial statements. | |||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||
Schedule of estimated useful lives of property and equipment | ' | ||||||||||
                                                                                                                                                                                    | |||||||||||
Computers and purchased software | One to five years | ||||||||||
Office equipment | Three years | ||||||||||
Furniture and fixtures | Five to seven years | ||||||||||
Leasehold improvements | Shorter of lease term or useful life | ||||||||||
Summary of potential outstanding common stock | ' | ||||||||||
September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(dollars in thousands except | |||||||||||
per share and share data) | |||||||||||
Weighted average shares calculation: | |||||||||||
Basic weighted average shares outstanding | 31,243,932Â | 31,616,926Â | 30,854,796Â | ||||||||
Treasury stock effect of options and restricted stock | 151,369Â | 1,040,310Â | 1,928,283Â | ||||||||
Diluted weighted average common shares outstanding | 31,395,301Â | 32,657,236Â | 32,783,079Â | ||||||||
Net income | $ | 30,390Â | $ | 41,104Â | $ | 48,296Â | |||||
Basic income per common share | $ | 0.97Â | $ | 1.30Â | $ | 1.57Â | |||||
Diluted income per common share | $ | 0.97Â | $ | 1.26Â | $ | 1.47Â | |||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Jacobs Trading, LLC | ' | ||||
Acquisitions | ' | ||||
Schedule of purchase price allocation | ' | ||||
                                                                                                                                                                                    | |||||
Consideration | |||||
Amount | |||||
(in thousands) | |||||
Accounts receivable | $ | 4,710 | |||
Inventory | 6,059 | ||||
Prepaid expenses | 120 | ||||
Goodwill | 110,226 | ||||
Vendor contract intangible asset | 33,300 | ||||
Covenants not to compete | 2,400 | ||||
Property and equipment | 847 | ||||
Accounts payable | (1,837 | ) | |||
Accrued liabilities | (3,101 | ) | |||
Total consideration | $ | 152,724 | |||
GoIndustry | ' | ||||
Acquisitions | ' | ||||
Schedule of purchase price allocation | ' | ||||
                                                                                                                                                                                    | |||||
Consideration | |||||
Amount | |||||
(in thousands) | |||||
Cash | $ | 10,091 | |||
Accounts receivable | 3,987 | ||||
Inventory | 297 | ||||
Prepaid expenses and deposits | 1,075 | ||||
Goodwill | 34,152 | ||||
Brand and technology intangible assets | 4,877 | ||||
Property and equipment | 354 | ||||
Accounts payable | (5,788 | ) | |||
Accrued liabilities | (11,087 | ) | |||
Pension liability | (6,468 | ) | |||
Due to customers | (19,017 | ) | |||
Other liabilities | (846 | ) | |||
Total consideration | $ | 11,627 | |||
NESA | ' | ||||
Acquisitions | ' | ||||
Schedule of purchase price allocation | ' | ||||
                                                                                                                                                                                    | |||||
Consideration | |||||
Amount | |||||
(in thousands) | |||||
Cash | $ | 3,760 | |||
Goodwill | 27,009 | ||||
Vendor contract intangible asset | 3,936 | ||||
Covenants not to compete | 1,400 | ||||
Other intangible asset | 225 | ||||
Property and equipment | 234 | ||||
Accrued liabilities | (204 | ) | |||
Total consideration | $ | 36,360 | |||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property and Equipment | ' | |||||||
Schedule of property and equipment, including equipment under capital lease obligations | ' | |||||||
                                                                                                                                                                                    | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Computers and purchased software | $ | 23,185 | $ | 17,953 | ||||
Office/Operational equipment | 6,502 | 5,391 | ||||||
Furniture and fixtures | 1,467 | 1,408 | ||||||
Vehicles | 1,006 | 992 | ||||||
Leasehold improvements | 4,729 | 4,319 | ||||||
36,889 | 30,063 | |||||||
Less: Accumulated depreciation and amortization | (24,606 | ) | (19,683 | ) | ||||
$ | 12,283 | $ | 10,380 | |||||
Goodwill_Tables
Goodwill (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Goodwill. | ' | ||||
Summary of goodwill activity | ' | ||||
                                                                                                                                                                                    | |||||
Goodwill | |||||
(in thousands) | |||||
Balance at September 30, 2012 | $ | 185,771 | |||
New acquisitions | 27,009 | ||||
Translation adjustments | (1,069 | ) | |||
Balance at September 30, 2013 | 211,711 | ||||
Translation adjustments | (2,055 | ) | |||
Balance at September 30, 2014 | $ | 209,656 | |||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||
Intangible Assets | ' | ||||||||||||||||||||||
Schedule of intangible assets | ' | ||||||||||||||||||||||
                                                                                                                                                                                    | |||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||
Useful | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||
Life | Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | |||||||||||||||||
(in years) | Amount | Amount | Amount | Amount | |||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Contract intangibles | 2Â -Â 5 | $ | 33,300 | $ | (21,796 | ) | $ | 11,504 | $ | 37,236 | $ | (16,696 | ) | $ | 20,540 | ||||||||
Brand and technology | 3Â -Â 5 | 5,947 | (2,852 | ) | 3,095 | 5,965 | (1,666 | ) | 4,299 | ||||||||||||||
Covenants not to compete | 3Â -Â 5 | 4,330 | (2,245 | ) | 2,085 | 4,440 | (1,439 | ) | 3,001 | ||||||||||||||
Patent and trademarks | 3Â -Â 10 | 672 | (257 | ) | 415 | 509 | (144 | ) | 365 | ||||||||||||||
Total intangible assets, net | $ | 17,099 | $ | 28,205 | |||||||||||||||||||
Schedule of future expected amortization of intangible assets | ' | ||||||||||||||||||||||
                                                                                                                                                                                    | |||||||||||||||||||||||
Years ending September 30, | Amortization | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
2015 | $ | 8,378Â | |||||||||||||||||||||
2016 | 6,278Â | ||||||||||||||||||||||
2017 | 1,435Â | ||||||||||||||||||||||
2018 | 875Â | ||||||||||||||||||||||
2019 and after | 133Â | ||||||||||||||||||||||
Total | $ | 17,099Â | |||||||||||||||||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments | ' | ||||
Schedule of future minimum payments under leases | ' | ||||
                                                                                                                                                                                    | |||||
Years ending September 30, | Operating | ||||
Lease | |||||
Payments | |||||
(in thousands) | |||||
2015 | $ | 10,457Â | |||
2016 | 7,582Â | ||||
2017 | 5,430Â | ||||
2018 | 4,177Â | ||||
2019 | 2,419Â | ||||
2020 | — | ||||
Total future minimum lease payments | $ | 30,065Â | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Income Taxes | ' | ||||||||||
Schedule of components of provision for income taxes of continuing operations | ' | ||||||||||
                                                                                                                                                                                    | |||||||||||
Year ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(in thousands) | |||||||||||
Current tax provision: | |||||||||||
U.S. Federal | $ | 14,328 | $ | 27,611 | $ | 28,124 | |||||
State | 2,613 | 5,035 | 5,129 | ||||||||
Foreign | 1,888 | 1,757 | 118 | ||||||||
18,829 | 34,403 | 33,371 | |||||||||
Deferred tax (benefit) expense: | |||||||||||
U.S. Federal | (2,886 | ) | (6,012 | ) | (1,454 | ) | |||||
State | (526 | ) | (1,096 | ) | (265 | ) | |||||
Foreign | 4,240 | 256 | — | ||||||||
828 | (6,852 | ) | (1,719 | ) | |||||||
Total provision | $ | 19,657 | $ | 27,551 | $ | 31,652 | |||||
Schedule of significant components of deferred tax assets and liabilities | ' | ||||||||||
                                                                                                                                                                                    | |||||||||||
September 30, | |||||||||||
2014 | 2013 | ||||||||||
(in thousands) | |||||||||||
Deferred tax assets: | |||||||||||
Net operating losses—Foreign | $ | 6,426 | $ | 4,572 | |||||||
Net operating losses—US | 1,674 | 2,107 | |||||||||
Accrued vacation and bonus | 2,040 | 2,342 | |||||||||
Inventory capitalization | 7,328 | 4,048 | |||||||||
Inventory reserves | 105 | 565 | |||||||||
Allowance for doubtful accounts | 291 | 252 | |||||||||
Stock compensation expense | 10,259 | 8,036 | |||||||||
Amortization of intangibles | 9,071 | 6,666 | |||||||||
Pension liability | 790 | 852 | |||||||||
Other | 273 | 352 | |||||||||
Total deferred tax assets before valuation allowance | 38,257 | 29,792 | |||||||||
Less: valuation allowance | (7,216 | ) | (5,424 | ) | |||||||
Net deferred tax assets | 31,041 | 24,368 | |||||||||
Deferred tax liabilities: | |||||||||||
Amortization of goodwill | 16,022 | 7,339 | |||||||||
Depreciation | 754 | 1,235 | |||||||||
Total deferred tax liabilities | $ | 16,776 | $ | 8,574 | |||||||
Net deferred taxes | $ | 14,265 | $ | 15,794 | |||||||
Schedule of reconciliation of U.S. federal statutory rate to effective rate for continuing operations | ' | ||||||||||
                                                                                                                                                                                    | |||||||||||
Year ended September 30, | |||||||||||
2014 | 2013 | 2012 | |||||||||
U.S. statutory rate | 35 | % | 35 | % | 35 | % | |||||
Permanent items | 0.5 | 0.6 | — | ||||||||
State taxes | 2.7 | 3.9 | 3.9 | ||||||||
Net foreign rate differential | (2.5 | ) | (0.7 | ) | (0.8 | ) | |||||
Change in valuation allowance | 3.6 | 1.3 | 1.5 | ||||||||
Provision for income taxes | 39.3 | % | 40.1 | % | 39.6 | % | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Stockholders' Equity | ' | |||||||||||||
Summary of share repurchase activity | ' | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Fiscal Year Period | Total Number | Average Price | Total Cash | Approximate Dollar | ||||||||||
of Shares | Paid per | Paid for | Value of Shares | |||||||||||
Purchased | Share | Shares | that May Yet Be | |||||||||||
Purchased | Purchased Under | |||||||||||||
the Plans or | ||||||||||||||
Programs(1) | ||||||||||||||
2009 | 707,462Â | $ | 5.50Â | $ | 3,874,000Â | $ | 6,126,000Â | |||||||
2010 | 1,225,019Â | $ | 11.53Â | 14,471,000Â | 1,655,000Â | |||||||||
2011 | 229,575Â | $ | 15.39Â | 3,541,000Â | 18,114,000Â | |||||||||
2012 | 505,067Â | $ | 59.41Â | 30,000,000Â | 18,114,000Â | |||||||||
2013 | — | — | — | 31,000,000 | ||||||||||
2014 | 2,962,978Â | $ | 15.90Â | $ | 44,873,000Â | $ | 5,127,000Â | |||||||
-1 | On December 2, 2008, the Company's Board of Directors approved a share repurchase program, under which the Company was authorized to repurchase up to $10.0 million of the issued and outstanding shares of Company common stock. On each of February 2, 2010, November 30, 2010 and May 31, 2011, the Company's Board of Directors approved an additional $10.0 million for the share repurchase program. On May 17, 2012, the Company's Board of Directors approved an additional $30.0 million for the share repurchase program. On December 12, 2013, the Company's Board of Directors approved an additional approximately $12.9 million for the share repurchase program. On February 5, 2014, the Company's Board of Directors approved an additional $19.0 million for the share repurchase program. | |||||||||||||
Summary of stock option activity | ' | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Options | Weighted- | |||||||||||||
Average | ||||||||||||||
Exercise Price | ||||||||||||||
Options outstanding at September 30, 2011 | 2,894,547 | $ | 11.55 | |||||||||||
Options granted | 181,783 | 34.42 | ||||||||||||
Options exercised | (1,322,387 | ) | 11.72 | |||||||||||
Options canceled | (78,148 | ) | 12.72 | |||||||||||
Options outstanding at September 30, 2012 | 1,675,795 | 13.84 | ||||||||||||
Options granted | 171,994 | 35.76 | ||||||||||||
Options exercised | (223,139 | ) | 11.35 | |||||||||||
Options canceled | (32,244 | ) | 18.67 | |||||||||||
Options outstanding at September 30, 2013 | 1,592,406 | 16.46 | ||||||||||||
Options granted | 437,755 | 22.41 | ||||||||||||
Options exercised | (383,160 | ) | 10.83 | |||||||||||
Options canceled | (181,094 | ) | 18.14 | |||||||||||
Options outstanding at September 30, 2014 | 1,465,907 | 19.5 | ||||||||||||
Options exercisable at September 30, 2014 | 890,103 | 16.15 | ||||||||||||
Summary of information about options outstanding and exercisable | ' | |||||||||||||
        The following table summarizes information about options outstanding at September 30, 2014: | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Options Outstanding | ||||||||||||||
Range of Exercise Price | Number | Weighted- | Weighted- | |||||||||||
Outstanding | Average | Average | ||||||||||||
Remaining | Exercise Price | |||||||||||||
Contractual Life | ||||||||||||||
$3.00Â -Â 8.00 | 148,448Â | 4.20Â | $ | 7.38Â | ||||||||||
$8.23Â -Â $46.72 | 1,317,459Â | 6.52Â | 20.87Â | |||||||||||
1,465,907Â | 6.10Â | 19.50Â | ||||||||||||
        The following table summarizes information about options exercisable at September 30, 2014: | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Options Exercisable | ||||||||||||||
Range of Exercise Price | Number | Weighted- | Weighted- | |||||||||||
Exercisable | Average | Average | ||||||||||||
Remaining | Exercise Price | |||||||||||||
Contractual Life | ||||||||||||||
$3.00 - $46.72 | 890,103Â | 4.38Â | $ | 16.15Â | ||||||||||
Summary of information about assumptions used in valuing options granted | ' | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Year ended September 30 | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Dividend yield | — | — | — | |||||||||||
Expected volatility | 50.9%Â -Â 60.6% | 51.8%Â -Â 60.6% | 60.4Â | % | ||||||||||
Risk-free interest rate | 0.1%Â -Â 1.2% | 0.1%Â -Â 1.0% | 0.6Â | % | ||||||||||
Expected forfeiture rate | 19.7%Â -Â 22.8% | 19.7%Â | 19.0Â | % | ||||||||||
Summary of restricted share activity | ' | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Restricted | Weighted- | |||||||||||||
Shares | Average | |||||||||||||
Fair Value | ||||||||||||||
Unvested restricted shares at September 30, 2011 | 1,294,082 | $ | 13.13 | |||||||||||
Restricted shares granted | 633,647 | 34.05 | ||||||||||||
Restricted shares vested | (390,068 | ) | 12.53 | |||||||||||
Restricted shares canceled | (138,052 | ) | 15.7 | |||||||||||
Unvested restricted shares at September 30, 2012 | 1,399,609 | 22.51 | ||||||||||||
Restricted shares granted | 997,857 | 36.97 | ||||||||||||
Restricted shares vested | (450,514 | ) | 21.18 | |||||||||||
Restricted shares canceled | (403,083 | ) | 35.39 | |||||||||||
Unvested restricted shares at September 30, 2013 | 1,543,869 | 28.89 | ||||||||||||
Restricted shares granted | 1,040,748 | 18.78 | ||||||||||||
Restricted shares vested | (436,204 | ) | 24.72 | |||||||||||
Restricted shares canceled | (250,586 | ) | 23.87 | |||||||||||
Unvested restricted shares at September 30, 2014 | 1,897,827 | 24.96 | ||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Fair Value Measurement | ' | ||||
Schedule of changes in liabilities measured at fair value for which Level 3 inputs used to determine fair value | ' | ||||
The changes in liabilities measured at fair value for which the Company has used Level 3 inputs to determine fair value for the year ended September 30, 2014 are as follows ($ in thousands): | |||||
                                                                                                                                                                                    | |||||
Level 3 | |||||
Liabilities | |||||
Balance at September 30, 2012 | $ | 14,511 | |||
Acquisition contingent consideration | 18,050 | ||||
Settlements | (19,608 | ) | |||
Change in fair value of contingent consideration | 5,437 | ||||
Balance at September 30, 2013 | 18,390 | ||||
Acquisition contingent consideration | — | ||||
Settlements | — | ||||
Change in fair value of contingent consideration | (18,390 | ) | |||
Balance at September 30, 2014 | $ | — | |||
Defined_Benefit_Pension_Plan_T
Defined Benefit Pension Plan (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Defined Benefit Pension Plan | ' | |||||||||||||
Schedule of net periodic benefit cost recognized | ' | |||||||||||||
Qualified Defined Benefit Pension Plan | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Year ended | ||||||||||||||
September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Service cost | — | — | ||||||||||||
Interest cost | $ | 1,125 | $ | 1,055 | ||||||||||
Expected return on plan assets | (1,324 | ) | (1,055 | ) | ||||||||||
Total net periodic benefit cost | (199 | ) | — | |||||||||||
Schedule of reconciliation of benefit obligations, plan assets, and unfunded status related to qualified defined benefit pension plan | ' | |||||||||||||
Qualified Defined Benefit Pension Plan | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Year ended | ||||||||||||||
September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Change in benefit obligation | ||||||||||||||
Beginning balance | $ | 25,558 | $ | 25,106 | ||||||||||
Acquisitions/divestitures | — | — | ||||||||||||
Service cost | — | — | ||||||||||||
Interest cost | 1,125 | 1,055 | ||||||||||||
Benefits paid | (1,104 | ) | (617 | ) | ||||||||||
Actuarial (gain)/loss | 1,924 | (33 | ) | |||||||||||
Plan amendments | — | — | ||||||||||||
Foreign currency exchange rate changes | 24 | 47 | ||||||||||||
Participants' contributions | — | — | ||||||||||||
Ending balance | $ | 27,527 | $ | 25,558 | ||||||||||
Qualified Defined Benefit Pension Plan | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Year ended | ||||||||||||||
September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Change in plan assets | ||||||||||||||
Beginning balance at fair value | $ | 22,006 | $ | 19,320 | ||||||||||
Acquisitions/divestitures | — | — | ||||||||||||
Actual return on plan assets | 2,321 | 1,566 | ||||||||||||
Benefits paid | (1,104 | ) | (617 | ) | ||||||||||
Employer's contributions | 1,727 | 1,632 | ||||||||||||
Participants' contributions | — | — | ||||||||||||
Foreign currency exchange rate changes | (4 | ) | 105 | |||||||||||
Ending balance at fair value | $ | 24,946 | $ | 22,006 | ||||||||||
Underfunded status of the plan | $ | (2,581 | ) | $ | (3,552 | ) | ||||||||
Schedule of amount recognized in other comprehensive loss related to qualified defined benefit pension plan, net of tax | ' | |||||||||||||
Qualified Defined Benefit Pension Plan | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Year ended | ||||||||||||||
September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(in thousands) | ||||||||||||||
Accumulated OCI | ||||||||||||||
Accumulated OCI at beginning of year | $ | (1,147 | ) | $ | (584 | ) | ||||||||
New actuarial (gains)/losses | 927 | (563 | ) | |||||||||||
Accumulated OCI at end of year | $ | (220 | ) | $ | (1,147 | ) | ||||||||
Schedule of expected pension plan contributions | ' | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Plan Contributions | ||||||||||||||
(in thousands) | ||||||||||||||
Year ending September 30, | ||||||||||||||
2015 | $ | 1,693Â | ||||||||||||
2016 | 1,693Â | |||||||||||||
2017 | 1,693Â | |||||||||||||
2018 | 1,693Â | |||||||||||||
2019 | 425Â | |||||||||||||
2020 through 2024 | — | |||||||||||||
Total | $ | 7,197Â | ||||||||||||
Schedule of actuarial assumptions used to determine benefit obligations and net periodic benefit cost | ' | |||||||||||||
Qualified Defined Benefit Pension Plan | ||||||||||||||
                                                                                                                                                                                    | ||||||||||||||
2014 | 2013 | |||||||||||||
Discount rate | 3.80Â | % | 4.40Â | % | ||||||||||
Expected return on plan assets | 5.00Â | % | 5.80Â | % | ||||||||||
Increases to non-GMP pensions in payment accrued pre 4/6/97 | 0.00Â | % | 0.00Â | % | ||||||||||
Increases to non-GMP pensions in payment accrued post 4/6/97 | 2.30Â | % | 2.50Â | % | ||||||||||
Rate of increases to deferred CPI linked benefits | 2.30Â | % | 2.50Â | % | ||||||||||
Rate of increases to deferred RPI linked benefits | 3.30Â | % | 3.40Â | % | ||||||||||
Schedule of expected benefit payments to participants | ' | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Pension Benefits | ||||||||||||||
(in thousands) | ||||||||||||||
Year ending September 30, | ||||||||||||||
2015 | $ | 820Â | ||||||||||||
2016 | 686Â | |||||||||||||
2017 | 1,092Â | |||||||||||||
2018 | 822Â | |||||||||||||
2019 | 831Â | |||||||||||||
2020 through 2024 | 4,515Â | |||||||||||||
Total | $ | 8,766Â | ||||||||||||
Schedule of allocation of plan assets | ' | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Target | Actual | |||||||||||||
Allocation | 2014 | |||||||||||||
Equity securities | 70Â | % | 45.9Â | % | ||||||||||
Fixed-income securities | 30Â | % | 53.6Â | % | ||||||||||
Cash equivalents | 0Â | % | 0.5Â | % | ||||||||||
Total | 100.0Â | % | 100.0Â | % | ||||||||||
Schedule of fair value of assets of qualified defined benefit pension plan by asset category and level within fair value hierarchy | ' | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Balance as of September 30, 2014 | Level 1 | Level 2 | Level 3 | Total | ||||||||||
(in thousands) | ||||||||||||||
Equity securities | — | $ | 11,450 | — | $ | 11,450 | ||||||||
Fixed-income securities | — | 13,371 | — | 13,371 | ||||||||||
Cash equivalents | $ | 125 | — | — | 125 | |||||||||
Total | $ | 125 | $ | 24,821 | — | $ | 24,946 | |||||||
                                                                                                                                                                                    | ||||||||||||||
Balance as of September 30, 2013 | Level 1 | Level 2 | Level 3 | Total | ||||||||||
(in thousands) | ||||||||||||||
Equity securities | — | $ | 10,871 | — | $ | 10,871 | ||||||||
Fixed-income securities | — | 11,003 | — | 11,003 | ||||||||||
Cash equivalents | $ | 132 | — | — | 132 | |||||||||
Total | $ | 132 | $ | 21,874 | — | $ | 22,006 | |||||||
Business_Realignment_Expenses_
Business Realignment Expenses (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Business Realignment Expenses | ' | |||||||||||||
Schedule of significant components and activity in business realignment initiatives | ' | |||||||||||||
                                                                                                                                                                                    | ||||||||||||||
Liability | Business | Cash | Liability | |||||||||||
Balance at | Realignment | Payments | Balance at | |||||||||||
September 30, | Expenses | September 30, | ||||||||||||
2013 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||
Employee severance and benefit costs | — | $ | 1,780 | — | $ | 1,780 | ||||||||
Total | — | $ | 1,780 | — | $ | 1,780 | ||||||||
Quarterly_Results_Unaudited_Ta
Quarterly Results (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||
Quarterly Results (Unaudited) | ' | |||||||||||||||||||||||||
Schedule of unaudited quarterly consolidated statement of operations data | ' | |||||||||||||||||||||||||
                                                                                                                                                                                    | ||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||
Dec. 31, | Mar. 31, | June 30, | Sept. 30, | Dec. 31, | Mar. 31, | June 30, | Sept. 30, | |||||||||||||||||||
2012 | 2013 | 2013 | 2013 | 2013 | 2014 | 2014 | 2014 | |||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||
Revenue from operations | $ | 122,205 | $ | 130,324 | $ | 124,199 | $ | 129,128 | $ | 121,948 | $ | 128,329 | $ | 126,965 | $ | 118,419 | ||||||||||
Income before provision for income taxes from operations | $ | 11,181 | $ | 21,522 | $ | 18,813 | $ | 17,139 | $ | 11,843 | $ | 9,463 | 28,588 | $ | 523 | |||||||||||
Net income (loss) from operations | $ | 6,709 | $ | 12,698 | $ | 11,288 | $ | 10,409 | $ | 7,093 | $ | 5,631 | $ | 18,373 | $ | (707 | ) | |||||||||
Basic earnings (loss) per common share | $ | 0.21 | $ | 0.4 | $ | 0.36 | $ | 0.33 | $ | 0.22 | $ | 0.17 | $ | 0.59 | $ | (0.02 | ) | |||||||||
Diluted earnings (loss) per common share | $ | 0.2 | $ | 0.39 | $ | 0.35 | $ | 0.32 | $ | 0.22 | $ | 0.17 | $ | 0.59 | $ | (0.02 | ) | |||||||||
Basic weighted average shares outstanding | 31,482,853 | 31,561,412 | 31,651,061 | 31,772,379 | 32,143,064 | 32,231,011 | 30,937,394 | 29,664,259 | ||||||||||||||||||
Diluted weighted average shares outstanding | 33,054,264 | 32,331,686 | 32,540,187 | 32,702,807 | 32,658,070 | 32,321,482 | 30,937,394 | 29,664,259 | ||||||||||||||||||
Organization_Details
Organization (Details) | 12 Months Ended |
Sep. 30, 2014 | |
segment | |
item | |
Organization | ' |
Number of Product Categories Offered, Minimum | 500 |
Reportable segment, number | 1 |
Organization_Details_2
Organization (Details 2) (Revenue, Geographic Concentration Risk, Outside Of United States) | 12 Months Ended |
Sep. 30, 2014 | |
Revenue | Geographic Concentration Risk | Outside Of United States | ' |
Revenues by geographic area | ' |
Concentration risk (as a percent) | 10.10% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Detail 1) | 12 Months Ended |
Sep. 30, 2014 | |
Computers and purchased software | Minimum | ' |
Property and Equipment | ' |
Estimated useful life | '1 year |
Computers and purchased software | Maximum | ' |
Property and Equipment | ' |
Estimated useful life | '5 years |
Office equipment | ' |
Property and Equipment | ' |
Estimated useful life | '3 years |
Furniture and fixtures | Minimum | ' |
Property and Equipment | ' |
Estimated useful life | '5 years |
Furniture and fixtures | Maximum | ' |
Property and Equipment | ' |
Estimated useful life | '7 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Detail 2) | 12 Months Ended |
Sep. 30, 2014 | |
Minimum | ' |
Intangible Assets | ' |
Estimated useful life | '3 years |
Maximum | ' |
Intangible Assets | ' |
Estimated useful life | '7 years |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Detail 3) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Maximum | ' | ' | ' |
Risk Associated with Certain Concentrations | ' | ' | ' |
Term for release of funds to the seller | '30 days | ' | ' |
GMV | Commercial seller | ' | ' | ' |
Risk Associated with Certain Concentrations | ' | ' | ' |
Concentration risk (as a percent) | 11.00% | 11.00% | 20.00% |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Detail 4) (USD $) | Sep. 30, 2014 |
Summary of Significant Accounting Policies | ' |
Uncertain tax positions | $0 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Detail 5) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Advertising Costs | ' | ' | ' |
Advertising costs | $7,229,000 | $4,560,000 | $4,939,000 |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Detail 6) (Restricted shares, USD $) | 12 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Earnings per Share | ' | ' | ' | ' |
Unvested restricted shares | 1,897,827 | 1,543,869 | 1,399,609 | 1,294,082 |
Issue price (in dollars per share) | $24.96 | $28.89 | $22.51 | $13.13 |
Unvested shares included in calculation of diluted income per share | 341,137 | 383,831 | ' | ' |
Minimum | ' | ' | ' | ' |
Earnings per Share | ' | ' | ' | ' |
Issue price (in dollars per share) | $7.48 | $7.48 | $7.48 | ' |
Maximum | ' | ' | ' | ' |
Earnings per Share | ' | ' | ' | ' |
Issue price (in dollars per share) | $52.55 | $52.55 | $52.55 | ' |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Detail 7) (Employee and director options) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Employee and director options | ' | ' | ' |
Stock options excluded from the calculation of diluted income per share | ' | ' | ' |
Stock options excluded from the calculation of diluted income per share (in shares) | 836,303 | 151,291 | 0 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Detail 8) (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 |
Weighted average shares calculation: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted average shares outstanding | 29,664,259 | 30,937,394 | 32,231,011 | 32,143,064 | 31,772,379 | 31,651,061 | 31,561,412 | 31,482,853 | 31,243,932 | 31,616,926 | 30,854,796 |
Treasury stock effect of options and restricted stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 151,369 | 1,040,310 | 1,928,283 |
Diluted weighted average common shares outstanding | 29,664,259 | 30,937,394 | 32,321,482 | 32,658,070 | 32,702,807 | 32,540,187 | 32,331,686 | 33,054,264 | 31,395,301 | 32,657,236 | 32,783,079 |
Net income | ($707) | $18,373 | $5,631 | $7,093 | $10,409 | $11,288 | $12,698 | $6,709 | $30,390 | $41,104 | $48,296 |
Basic earnings per common share (in dollars per share) | ($0.02) | $0.59 | $0.17 | $0.22 | $0.33 | $0.36 | $0.40 | $0.21 | $0.97 | $1.30 | $1.57 |
Diluted earnings per common share (in dollars per share) | ($0.02) | $0.59 | $0.17 | $0.22 | $0.32 | $0.35 | $0.39 | $0.20 | $0.97 | $1.26 | $1.47 |
Significant_Contracts_Detail
Significant Contracts (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 31, 2014 | Feb. 29, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 02, 2014 | Apr. 02, 2014 | Sep. 30, 2014 | Apr. 02, 2014 | Jun. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Surplus Contract | Surplus Contract | Surplus Contract | Surplus Contract | Surplus Contract | Surplus Contract | Surplus Contract | Surplus Contract | Surplus Contract | Sale of surplus assets of U.S. Department of Defense | Non-rolling stock surplus contract | Non-rolling stock surplus contract | Non-rolling stock surplus contract | Scrap Contract | Scrap Contract | Scrap Contract | Scrap Contract | Scrap Contract | Scrap Contract | Scrap Contract | Scrap Contract | ||||
Option | Option | Revenue | Revenue | Revenue | Rolling stock | Rolling stock | contract | Option | Expected | Expected | Option | period | Maximum | Revenue | Revenue | Revenue | ||||||||
U.S. Department of Defense | U.S. Department of Defense | U.S. Department of Defense | Surplus contract revenue | Surplus contract revenue | Option | U.S. Department of Defense | U.S. Department of Defense | U.S. Department of Defense | ||||||||||||||||
U.S. Department of Defense | U.S. Department of Defense | |||||||||||||||||||||||
Minimum | Maximum | |||||||||||||||||||||||
Significant Contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of renewal options | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' |
Term of renewal options | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' |
Base term of follow-on contract extension | ' | ' | ' | '10 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of renewal options under follow-on contract | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of each renewal option under follow-on contract | ' | ' | ' | '1 month | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of renewal options exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' |
Usable surplus property to be purchased as a fixed percentage of DoD's original acquisition value | ' | ' | ' | ' | ' | 1.80% | ' | ' | ' | ' | ' | ' | ' | ' | 4.35% | 4.35% | ' | ' | ' | ' | ' | ' | ' | ' |
Term of contract | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Profits from resale of the property retained (as a percent) | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (as a percent) | ' | ' | ' | ' | ' | ' | ' | 26.80% | 27.70% | 27.20% | 30.00% | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.40% | 13.50% | 16.10% |
Liability for inventory included in accrued expenses and other current liabilities | $44,484,000 | $34,825,000 | ' | ' | ' | $19,545,000 | $9,257,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of surplus contracts on which bidding was held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Profits distributed to DLA Disposition Services (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 77.00% | ' | ' | ' | ' | ' | ' |
Additional profit sharing distribution (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' |
Performance incentive measurement period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' |
Amount of performance incentive earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,326,000 | 1,265,000 | 1,651,000 | ' | ' | ' | ' |
Profit-sharing distributions | 35,055,000 | 35,944,000 | 43,242,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,935,000 | 35,944,000 | 43,242,000 | ' | ' | ' | ' |
Profit-sharing distributions accrued | $4,740,000 | $4,315,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,740,000 | $4,315,000 | $4,041,000 | ' | ' | ' | ' |
Number of consecutive quarterly periods in which performance ratio does not exceed benchmark ratios resulting in contract termination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Number of preceding months in which performance ratio does not exceed benchmark ratios resulting in contract termination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' |
Acquisitions_Details
Acquisitions (Details) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 02, 2011 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Oct. 02, 2011 | Oct. 02, 2011 | Oct. 02, 2011 | Oct. 02, 2011 | Oct. 02, 2011 | Jul. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Jul. 31, 2012 | Jul. 31, 2012 | Nov. 02, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Nov. 02, 2012 | Nov. 02, 2012 | Nov. 02, 2012 | Nov. 02, 2012 | Nov. 02, 2012 |
USD ($) | USD ($) | USD ($) | Jacobs Trading, LLC | Jacobs Trading, LLC | Jacobs Trading, LLC | Jacobs Trading, LLC | Jacobs Trading, LLC | Jacobs Trading, LLC | Jacobs Trading, LLC | Jacobs Trading, LLC | Jacobs Trading, LLC | Jacobs Trading, LLC | Jacobs Trading, LLC | Jacobs Trading, LLC | Jacobs Trading, LLC | GoIndustry | GoIndustry | GoIndustry | GoIndustry | GoIndustry | NESA | NESA | NESA | NESA | NESA | NESA | NESA | NESA | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Restricted shares | Restricted shares | Seller subordinated unsecured note | Contract intangibles | Covenants not to compete | USD ($) | USD ($) | USD ($) | GBP (£) | Brand and technology intangible assets | USD ($) | USD ($) | USD ($) | Contract intangibles | Covenants not to compete | Other intangible asset | Minimum | Maximum | ||||||
USD ($) | Level 3 | USD ($) | USD ($) | USD ($) | item | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||||||||
Put Option Analysis | |||||||||||||||||||||||||||||
Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upfront cash payment | ' | ' | ' | 80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,300,000 | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note issued to seller | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock consideration paid for acquisition (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,171 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of months for which stock is not freely tradable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of actual performance of the acquiree entity after the closing date of acquisition to calculate the earn-out | ' | ' | ' | ' | ' | ' | ' | '12 months | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period after the closing date of acquisition during which EBITDA earned is used to calculate the earn-out | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'P36M | 'P48M |
Percentage EBITDA growth capped | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' |
Possible total earn out payment, low end of range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Possible total earn out payment, high end of range | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,700,000 | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of earn-out | ' | ' | ' | 8,300,000 | ' | ' | ' | ' | 0 | ' | 14,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000,000 | ' | 0 | ' | ' | ' | ' | ' |
Additional liability accrued (liability reversed) | ' | ' | ' | ' | ' | 5,100,000 | ' | ' | ' | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,600,000 | ' | ' | ' | ' | ' | ' |
Earn-out payments made | ' | ' | ' | ' | 2,200,000 | 17,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share purchase price (in pound sterling per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | £ 73 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of countries in North America, Europe and Asia in which the entity operates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase consideration allocated to acquired tangible assets, identifiable intangible assets, liabilities assumed and goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,091,000 | ' | ' | ' | ' | 3,760,000 | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | ' | ' | 4,710,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,987,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | 6,059,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 297,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses | ' | ' | ' | 120,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,075,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill | 209,656,000 | 211,711,000 | 185,771,000 | 110,226,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,152,000 | ' | ' | ' | ' | 27,009,000 | ' | ' | ' | ' | ' | ' | ' |
Finite-lived intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33,300,000 | 2,400,000 | ' | ' | ' | ' | 4,877,000 | ' | ' | ' | 3,936,000 | 1,400,000 | 225,000 | ' | ' |
Property and equipment | ' | ' | ' | 847,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 354,000 | ' | ' | ' | ' | 234,000 | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | -1,837,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,788,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued liabilities | ' | ' | ' | -3,101,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,087,000 | ' | ' | ' | ' | -204,000 | ' | ' | ' | ' | ' | ' | ' |
Pension liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6,468,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to customers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,017,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -846,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration | ' | ' | ' | 152,724,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,627,000 | ' | ' | ' | ' | 36,360,000 | ' | ' | ' | ' | ' | ' | ' |
Expected tax deductible amount of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of expected tax deductible of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | $93,300,000 | ' | $99,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | $36,800,000 | $38,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Property and Equipment | ' | ' | ' |
Property and equipment, gross | $36,889,000 | $30,063,000 | ' |
Less: accumulated depreciation and amortization | -24,606,000 | -19,683,000 | ' |
Property and equipment, net | 12,283,000 | 10,380,000 | ' |
Depreciation and amortization | 5,623,000 | 5,696,000 | 4,714,000 |
Computers and purchased software | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Property and equipment, gross | 23,185,000 | 17,953,000 | ' |
Office/Operational equipment | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Property and equipment, gross | 6,502,000 | 5,391,000 | ' |
Furniture and fixtures | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Property and equipment, gross | 1,467,000 | 1,408,000 | ' |
Vehicles | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Property and equipment, gross | 1,006,000 | 992,000 | ' |
Leasehold improvements | ' | ' | ' |
Property and Equipment | ' | ' | ' |
Property and equipment, gross | $4,729,000 | $4,319,000 | ' |
Goodwill_Detail
Goodwill (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Goodwill | ' | ' |
Balance at the beginning of the period | $211,711,000 | $185,771,000 |
New acquisitions | ' | 27,009,000 |
Translation adjustments | -2,055,000 | -1,069,000 |
Balance at the end of the period | 209,656,000 | 211,711,000 |
Accumulated goodwill impairment losses as a result of ceasing operations of the Company's business in the United Kingdom | $13,400,000 | ' |
Intangible_Assets_Detail
Intangible Assets (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | Minimum | Maximum | Contract intangibles | Contract intangibles | Contract intangibles | Contract intangibles | Brand and technology intangible assets | Brand and technology intangible assets | Brand and technology intangible assets | Brand and technology intangible assets | Covenants not to compete | Covenants not to compete | Covenants not to compete | Covenants not to compete | Patent and trademarks | Patent and trademarks | Patent and trademarks | Patent and trademarks | ||
Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | Minimum | Maximum | |||||||||||||
Intangible Assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful Life | ' | ' | '3 years | '7 years | ' | ' | '2 years | '5 years | ' | ' | '3 years | '5 years | ' | ' | '3 years | '5 years | ' | ' | '3 years | '10 years |
Gross Carrying Amount | ' | ' | ' | ' | $33,300 | $37,236 | ' | ' | $5,947 | $5,965 | ' | ' | $4,330 | $4,440 | ' | ' | $672 | $509 | ' | ' |
Accumulated Amortization | ' | ' | ' | ' | -21,796 | -16,696 | ' | ' | -2,852 | -1,666 | ' | ' | -2,245 | -1,439 | ' | ' | -257 | -144 | ' | ' |
Net Carrying Amount | $17,099 | $28,205 | ' | ' | $11,504 | $20,540 | ' | ' | $3,095 | $4,299 | ' | ' | $2,085 | $3,001 | ' | ' | $415 | $365 | ' | ' |
Intangible_Assets_Detail_2
Intangible Assets (Detail 2) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Future expected amortization of intangible assets | ' | ' | ' |
2015 | $8,378,000 | ' | ' |
2016 | 6,278,000 | ' | ' |
2017 | 1,435,000 | ' | ' |
2018 | 875,000 | ' | ' |
2019 and after | 133,000 | ' | ' |
Net Carrying Amount | 17,099,000 | 28,205,000 | ' |
Amortization expense | $10,972,000 | $11,678,000 | $9,451,000 |
Debt_Detail
Debt (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 02, 2011 | Nov. 30, 2012 | |
Senior credit facility, as amended | Senior credit facility, as amended | Senior credit facility, as amended | Seller subordinated unsecured note | Seller subordinated unsecured note | ||
LIBOR | Issued letters of credit | Jacobs Trading, LLC | Jacobs Trading, LLC | |||
Debt | ' | ' | ' | ' | ' | ' |
Maximum borrowings | ' | $75,000,000 | ' | ' | ' | ' |
Interest rate basis | ' | ' | '30 day LIBOR rate | ' | ' | ' |
Percentage added to reference rate | ' | ' | 1.25% | ' | ' | ' |
Interest rate at period end (as a percent) | ' | 1.40% | ' | ' | ' | ' |
Amount outstanding | ' | 0 | ' | 10,100,000 | ' | ' |
Available borrowing capacity | ' | 64,900,000 | ' | ' | ' | ' |
Principal amount of debt issued | ' | ' | ' | ' | 40,000,000 | ' |
Interest rate (as a percent) | ' | ' | ' | ' | 5.00% | ' |
Gain on the early extinguishment of debt | $1,000,000 | ' | ' | ' | ' | $1,000,000 |
Commitments_Detail
Commitments (Detail) (USD $) | 12 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2014 | |
Commitments | ' | ' | ' | ' |
Deferred rent charges included in other long-term liabilities | $893,000 | ' | ' | $1,113,000 |
Future minimum payments under the leases | ' | ' | ' | ' |
2015 | ' | ' | ' | 10,457,000 |
2016 | ' | ' | ' | 7,582,000 |
2017 | ' | ' | ' | 5,430,000 |
2018 | ' | ' | ' | 4,177,000 |
2019 | ' | ' | ' | 2,419,000 |
Total future minimum lease payments | ' | ' | ' | 30,065,000 |
Rent expense | $12,099,000 | $11,236,000 | $8,639,000 | ' |
401k_Benefit_Plan_Detail
401(k) Benefit Plan (Detail) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
401(k) Benefit Plan | ' | ' | ' |
Amount contributed and recorded expense under the 401(k) Benefit Plan | $2,680,000 | $2,382,000 | $1,113,000 |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Current tax provision: | ' | ' | ' |
U.S. Federal | $14,328 | $27,611 | $28,124 |
State | 2,613 | 5,035 | 5,129 |
Foreign | 1,888 | 1,757 | 118 |
Current income tax expense | 18,829 | 34,403 | 33,371 |
Deferred tax (benefit) expense: | ' | ' | ' |
U.S. Federal | -2,886 | -6,012 | -1,454 |
State | -526 | -1,096 | -265 |
Foreign | 4,240 | 256 | ' |
Total deferred tax benefit (expense) | 828 | -6,852 | -1,719 |
Total provision | $19,657 | $27,551 | $31,652 |
Income_Taxes_Detail_2
Income Taxes (Detail 2) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Deferred tax assets: | ' | ' |
Net operating losses-Foreign | $6,426,000 | $4,572,000 |
Net operating losses-US | 1,674,000 | 2,107,000 |
Accrued vacation and bonus | 2,040,000 | 2,342,000 |
Inventory capitalization | 7,328,000 | 4,048,000 |
Inventory reserves | 105,000 | 565,000 |
Allowance for doubtful accounts | 291,000 | 252,000 |
Stock compensation expense | 10,259,000 | 8,036,000 |
Amortization of intangibles | 9,071,000 | 6,666,000 |
Pension liability | 790,000 | 852,000 |
Other | 273,000 | 352,000 |
Total deferred tax assets before valuation allowance | 38,257,000 | 29,792,000 |
Less: valuation allowance | -7,216,000 | -5,424,000 |
Net deferred tax assets | 31,041,000 | 24,368,000 |
Deferred tax liabilities: | ' | ' |
Amortization of goodwill | 16,022,000 | 7,339,000 |
Depreciation | 754,000 | 1,235,000 |
Total deferred tax liabilities | 16,776,000 | 8,574,000 |
Net deferred taxes | 14,265,000 | 15,794,000 |
Prepaid and deferred taxes | ' | ' |
Deferred taxes | ' | ' |
Net current deferred tax asset | 12,321,000 | 10,558,000 |
Deferred taxes and other assets | ' | ' |
Deferred taxes | ' | ' |
Net non-current deferred tax asset | 6,160,000 | 5,236,000 |
Other liabilities | ' | ' |
Deferred taxes | ' | ' |
Net non-current deferred tax liability | $4,217,000 | ' |
Income_Taxes_Detail_3
Income Taxes (Detail 3) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Reconciliation of the U.S. federal statutory rate to the effective rate for continuing operations | ' | ' | ' |
U.S. statutory rate (as a percent) | 35.00% | 35.00% | 35.00% |
Permanent items (as a percent) | 0.50% | 0.60% | ' |
State taxes (as a percent) | 2.70% | 3.90% | 3.90% |
Net foreign rate differential (as a percent) | -2.50% | -0.70% | -0.80% |
Changes in valuation allowance (as a percent) | 3.60% | 1.30% | 1.50% |
Provision for income taxes (as a percent) | 39.30% | 40.10% | 39.60% |
Income_Taxes_Detail_4
Income Taxes (Detail 4) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
Net operating loss (NOL) carryforwards | ' | ' |
Deferred tax assets related to available foreign NOL carryforwards | $6,426,000 | $4,572,000 |
Deferred tax asset related to NOL carryforwards | 1,674,000 | 2,107,000 |
Undistributed foreign earnings | 8,000,000 | ' |
Cash and cash equivalents held overseas on which taxes would be incurred upon repatriation | 9,300,000 | 10,500,000 |
Uncertain tax positions | ' | ' |
Uncertain tax positions | 0 | ' |
Network International, Inc. | ' | ' |
Net operating loss (NOL) carryforwards | ' | ' |
Deferred tax asset related to NOL carryforwards | 1,674,000 | ' |
Foreign | ' | ' |
Net operating loss (NOL) carryforwards | ' | ' |
NOLs subject to expiration | $547,000 | ' |
Stockholders_Equity_Detail
Stockholders' Equity (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2010 | Sep. 30, 2009 | Dec. 02, 2005 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 |
Minimum | Maximum | Options granted to employees | Options granted to employees | Options granted to employees | Incentive stock options | Employee and director options | Employee and director options | Employee and director options | Employee and director options | Employee and director options | Employee and director options | Employee and director options | Employee and director options | Employee and director options | Employee and director options | Employee and director options | Employee and director options | Employee and director options | Employee and director options | Employee and director options | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Restricted shares | Options or stock appreciation rights | Other than options or stock appreciation rights | |||||
Performance-based | Performance-based | Performance-based | Holder of at least 10% of common stock | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | Performance-based | Performance-based | Maximum | Maximum | |||||||||||||||||
Minimum | Maximum | Minimum | Non-employee | Non-employee | ||||||||||||||||||||||||||||||||||||||||
2006 Omnibus Long-Term Incentive Plan (the 2006 Plan) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual payout as a percent of employee target payout, based upon the entity's actual performance during the previous twelve months | ' | ' | ' | ' | ' | ' | ' | 0.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining shares reserved for issuance | 772,227 | 3,986,513 | 5,189,996 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 437,755 | 171,994 | 181,783 | 321,072 | 624,566 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted, exercise prices (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.41 | $35.76 | $34.42 | ' | ' | $21.53 | $29.47 | $31.37 | $14.30 | $9.05 | $31.37 | $46.72 | $42.31 | $17.02 | $13.96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 181,094 | 32,244 | 78,148 | 73,591 | 75,467 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares granted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,040,748 | 997,857 | 633,647 | 736,340 | 699,410 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 335,000 | 100,000 | ' | ' |
Restricted shares granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18.78 | $36.97 | $34.05 | ' | ' | $13.11 | $29.47 | $31.37 | $12.88 | $9.05 | $38.09 | $42.47 | $52.55 | $25.52 | $13.96 | ' | ' | ' | ' |
Restricted shares forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,586 | 403,083 | 138,052 | 150,112 | 45,026 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 281,500 | ' | ' | ' |
Number of shares awarded per person per year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 700,000 |
Shares and options vesting period | ' | ' | ' | ' | '1 year | '4 years | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise price of stock option as a percentage of the fair market value of the common stock on the date of grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110.00% | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of stock option | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Detail_2
Stockholders' Equity (Detail 2) (USD $) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2009 | Feb. 05, 2014 | Dec. 12, 2013 | Sep. 30, 2013 | 17-May-12 | 31-May-11 | Nov. 30, 2010 | Feb. 02, 2010 | Dec. 02, 2008 | |
Stockholders' Equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share repurchase program approved amount | $101,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,000,000 |
Total Number of Shares Purchased | 2,962,978 | ' | 229,575 | 1,225,019 | 707,462 | ' | ' | ' | ' | ' | ' | ' | ' |
Total Number of Shares Purchased | ' | 505,067 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Price Paid per Share (in dollars per share) | $15.90 | $59.41 | $15.39 | $11.53 | $5.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Total Cash Paid for Shares Purchased | 44,873,000 | 29,999,000 | 3,541,000 | 14,471,000 | 3,874,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Total Cash Paid for Shares Purchased | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | 5,127,000 | 18,114,000 | 18,114,000 | 1,655,000 | 6,126,000 | ' | ' | 31,000,000 | ' | ' | ' | ' | ' |
Additional amount authorized under share repurchase program | ' | ' | ' | ' | ' | $19,000,000 | $12,900,000 | ' | $30,000,000 | $10,000,000 | $10,000,000 | $10,000,000 | ' |
Stockholders_Equity_Detail_3
Stockholders' Equity (Detail 3) (Employee and director options, USD $) | 12 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | |
Employee and director options | ' | ' | ' | ' | ' |
Stock option activity | ' | ' | ' | ' | ' |
Options outstanding at the beginning of the period (in shares) | 1,592,406 | 1,675,795 | 2,894,547 | ' | ' |
Options granted (in shares) | 437,755 | 171,994 | 181,783 | 321,072 | 624,566 |
Options exercised (in shares) | -383,160 | -223,139 | -1,322,387 | ' | ' |
Options cancelled (in shares) | -181,094 | -32,244 | -78,148 | -73,591 | -75,467 |
Options outstanding at the end of the period (in shares) | 1,465,907 | 1,592,406 | 1,675,795 | 2,894,547 | ' |
Options exercisable at the end of the period (in shares) | 890,103 | ' | ' | ' | ' |
Weighted-Average Exercise Price | ' | ' | ' | ' | ' |
Options outstanding at the beginning of the period (in dollars per share) | $16.46 | $13.84 | $11.55 | ' | ' |
Options granted (in dollars per share) | $22.41 | $35.76 | $34.42 | ' | ' |
Options exercised (in dollars per share) | $10.83 | $11.35 | $11.72 | ' | ' |
Options cancelled (in dollars per share) | $18.14 | $18.67 | $12.72 | ' | ' |
Options outstanding at the end of the period (in dollars per share) | $19.50 | $16.46 | $13.84 | $11.55 | ' |
Options exercisable at the end of the period (in dollars per share) | $16.15 | ' | ' | ' | ' |
Stockholders_Equity_Detail_4
Stockholders' Equity (Detail 4) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Options Outstanding | ' |
Number Outstanding (in shares) | 1,465,907 |
Weighted-Average Remaining Contractual Life | '6 years 1 month 6 days |
Weighted-Average Exercise Price (in dollars per share) | $19.50 |
$3.00 - 8.00 | ' |
Summary of information about stock options outstanding and exercisable | ' |
Exercise price, low end of range (in dollars per share) | $3 |
Exercise price, high end of range (in dollars per share) | $8 |
Options Outstanding | ' |
Number Outstanding (in shares) | 148,448 |
Weighted-Average Remaining Contractual Life | '4 years 2 months 12 days |
Weighted-Average Exercise Price (in dollars per share) | $7.38 |
$8.23 - $46.72 | ' |
Summary of information about stock options outstanding and exercisable | ' |
Exercise price, low end of range (in dollars per share) | $8.23 |
Exercise price, high end of range (in dollars per share) | $46.72 |
Options Outstanding | ' |
Number Outstanding (in shares) | 1,317,459 |
Weighted-Average Remaining Contractual Life | '6 years 6 months 7 days |
Weighted-Average Exercise Price (in dollars per share) | $20.87 |
$3.00 - $46.72 | ' |
Summary of information about stock options outstanding and exercisable | ' |
Exercise price, low end of range (in dollars per share) | $3 |
Exercise price, high end of range (in dollars per share) | $46.72 |
Options Exercisable | ' |
Number Exercisable (in shares) | 890,103 |
Weighted-Average Remaining Contractual Life | '4 years 4 months 17 days |
Weighted-Average Exercise Price (in dollars per share) | $16.15 |
Stockholders_Equity_Detail_5
Stockholders' Equity (Detail 5) (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Intrinsic value and weighted average remaining contractual life in years of outstanding and exercisable options | ' | ' | ' |
Stock price (in dollars per share) | $13.75 | ' | ' |
Employee and director options | ' | ' | ' |
Fair value assumptions | ' | ' | ' |
Expected volatility (as a percent) | ' | ' | 60.40% |
Volatility rate, minimum (as a percent) | 50.90% | 51.80% | ' |
Volatility rate, maximum (as a percent) | 60.60% | 60.60% | ' |
Risk-free interest rate (as a percent) | ' | ' | 0.60% |
Risk free interest rate, minimum (as a percent) | 0.10% | 0.10% | ' |
Risk free interest rate, maximum (as a percent) | 1.20% | 1.00% | ' |
Expected forfeiture rate (as a percent) | ' | 19.70% | 19.00% |
Intrinsic value and weighted average remaining contractual life in years of outstanding and exercisable options | ' | ' | ' |
Intrinsic value of outstanding shares | $1,797,000 | ' | ' |
Intrinsic value of exercisable options | 1,658,000 | ' | ' |
Weighted average grant date fair value of options granted (in dollars per share) | $7.89 | $12.98 | $13.77 |
Intrinsic value of options exercised | $1,119,000 | $4,943,000 | $50,899,000 |
Employee and director options | Minimum | ' | ' | ' |
Fair value assumptions | ' | ' | ' |
Expected forfeiture rate (as a percent) | 19.70% | ' | ' |
Employee and director options | Maximum | ' | ' | ' |
Fair value assumptions | ' | ' | ' |
Expected forfeiture rate (as a percent) | 22.80% | ' | ' |
Stockholders_Equity_Detail_6
Stockholders' Equity (Detail 6) (USD $) | 12 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Sep. 30, 2010 | |
Weighted-Average Fair Value | ' | ' | ' | ' | ' |
Stock-based compensation | $12,605,000 | $13,379,000 | $12,117,000 | ' | ' |
Unvested awards | ' | ' | ' | ' | ' |
Costs related to unvested awards, not yet recognized | $41,214,000 | ' | ' | ' | ' |
Weighted average vesting period for recognition of cost related to unvested awards | '25 months 24 days | ' | ' | ' | ' |
Restricted shares | ' | ' | ' | ' | ' |
Restricted share activity | ' | ' | ' | ' | ' |
Unvested restricted shares at the beginning of the period | 1,543,869 | 1,399,609 | 1,294,082 | ' | ' |
Restricted shares granted | 1,040,748 | 997,857 | 633,647 | 736,340 | 699,410 |
Restricted shares vested | -436,204 | -450,514 | -390,068 | ' | ' |
Restricted shares cancelled | -250,586 | -403,083 | -138,052 | -150,112 | -45,026 |
Unvested restricted shares at the end of the period | 1,897,827 | 1,543,869 | 1,399,609 | 1,294,082 | ' |
Weighted-Average Fair Value | ' | ' | ' | ' | ' |
Unvested restricted shares at the beginning of the period (in dollars per share) | $28.89 | $22.51 | $13.13 | ' | ' |
Restricted shares granted (in dollars per share) | $18.78 | $36.97 | $34.05 | ' | ' |
Restricted shares vested (in dollars per share) | $24.72 | $21.18 | $12.53 | ' | ' |
Restricted shares cancelled (in dollars per share) | $23.87 | $35.39 | $15.70 | ' | ' |
Unvested restricted shares at the end of the period (in dollars per share) | $24.96 | $28.89 | $22.51 | $13.13 | ' |
Fair_Value_Measurement_Detail
Fair Value Measurement (Detail) (USD $) | Jun. 30, 2014 | Nov. 02, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 02, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2013 |
NESA | NESA | Jacobs Trading, LLC | Jacobs Trading, LLC | Jacobs Trading, LLC | Recurring basis | Recurring basis | Recurring basis | Recurring basis | Recurring basis | |
Level 1 | Level 1 | Level 2 | Level 2 | Level 3 | ||||||
NESA | ||||||||||
Fair value measurement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets, fair value | ' | ' | ' | ' | ' | $0 | $0 | $0 | $0 | ' |
Liabilities, fair value | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' |
Estimated fair value of earn-out | $0 | $18,000,000 | $0 | $14,500,000 | $8,300,000 | ' | ' | ' | ' | $18,390,000 |
Fair_Value_Measurement_Detail_
Fair Value Measurement (Detail 2) (Contingent consideration, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Changes in liabilities measured at fair value for which the Company has used Level 3 inputs to determine fair value | ' | ' |
Balance at the beginning of the period | $18,390 | $14,511 |
Acquisition | ' | 18,050 |
Settlements | ' | -19,608 |
Change in fair value | -18,390 | 5,437 |
Balance at the end of the period | ' | $18,390 |
Level 3 | Income approach | Minimum | ' | ' |
Changes in liabilities measured at fair value for which the Company has used Level 3 inputs to determine fair value | ' | ' |
Discount rate (as a percent) | 2.00% | ' |
Level 3 | Income approach | Maximum | ' | ' |
Changes in liabilities measured at fair value for which the Company has used Level 3 inputs to determine fair value | ' | ' |
Discount rate (as a percent) | 6.00% | ' |
Defined_Benefit_Pension_Plan_D
Defined Benefit Pension Plan (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Information about plan assets | ' | ' |
Target allocation (as a percent) | 100.00% | ' |
Actual (as a percent) | 100.00% | ' |
Equity securities | ' | ' |
Information about plan assets | ' | ' |
Target allocation (as a percent) | 70.00% | ' |
Actual (as a percent) | 45.90% | ' |
Number of pooled funds | 1 | ' |
Percentage of UK company shares | 70.00% | ' |
Percentage of international equity securities | 30.00% | ' |
Fixed-income securities | ' | ' |
Information about plan assets | ' | ' |
Target allocation (as a percent) | 30.00% | ' |
Actual (as a percent) | 53.60% | ' |
Number of pooled funds | 1 | ' |
Cash equivalents | ' | ' |
Information about plan assets | ' | ' |
Target allocation (as a percent) | 0.00% | ' |
Actual (as a percent) | 0.50% | ' |
Defined benefit pension plan. | ' | ' |
Net periodic benefit cost recognized | ' | ' |
Interest cost | $1,125,000 | $1,055,000 |
Expected return on plan assets | -1,324,000 | -1,055,000 |
Total net periodic benefit cost | -199,000 | ' |
Change in benefit obligation | ' | ' |
Beginning balance | 25,558,000 | 25,106,000 |
Interest cost | 1,125,000 | 1,055,000 |
Benefits paid | -1,104,000 | -617,000 |
Actuarial (gain)/loss | 1,924,000 | -33,000 |
Foreign currency exchange rate changes | 24,000 | 47,000 |
Ending balance | 27,527,000 | 25,558,000 |
Change in plan assets | ' | ' |
Beginning balance at fair value | 22,006,000 | 19,320,000 |
Actual return on plan assets | 2,321,000 | 1,566,000 |
Benefits paid | -1,104,000 | -617,000 |
Employer's contributions | 1,727,000 | 1,632,000 |
Foreign currency exchange rate changes | -4,000 | 105,000 |
Ending balance at fair value | 24,946,000 | 22,006,000 |
Underfunded status of the plan | -2,581,000 | -3,552,000 |
Amount recorded in the consolidated balance sheet | ' | ' |
Accrued pension liability recorded in Accrued expenses and other current liabilities and Deferred taxes and other long-term liabilities | ' | 2,600,000 |
Accumulated benefit obligation (PBO) | 27,527,000 | 25,558,000 |
Accumulated OCI | ' | ' |
Accumulated OCI at beginning of year | -1,147,000 | -584,000 |
New actuarial (gains)/losses | 927,000 | -563,000 |
Accumulated OCI at end of year | -220,000 | -1,147,000 |
Estimated amounts to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost during 2014 | ' | ' |
Estimated amounts to be amortized from accumulated other comprehensive income (loss) into net periodic benefit cost during next fiscal year | 0 | ' |
Expected pension plan contributions over the next 10 years | ' | ' |
2015 | 1,693,000 | ' |
2016 | 1,693,000 | ' |
2017 | 1,693,000 | ' |
2018 | 1,693,000 | ' |
2019 | 425,000 | ' |
Total | 7,197,000 | ' |
Actuarial assumptions used to determine the benefit obligations and the net periodic benefit cost | ' | ' |
Discount rate, benefit obligations (as a percent) | 3.80% | 4.40% |
Discount rate, net periodic benefit cost (as a percent) | 3.80% | 4.40% |
Expected return on plan assets, net periodic benefit cost (as a percent) | 5.00% | 5.80% |
Increases to non-GMP pensions in payment accrued pre 4/6/97 (as a percent) | 0.00% | 0.00% |
Increases to non-GMP pensions in payment accrued post 4/6/97 (as a percent) | 2.30% | 2.50% |
Rate of increases to deferred CPI linked benefits (as a percent) | 2.30% | 2.50% |
Rate of increases to deferred RPI linked benefits (as a percent) | 3.30% | 3.40% |
Mortality (as a percent) | 90.00% | ' |
Long-term rate of improvement (as a percent) | 1.00% | ' |
Expected benefit payments over the next 10 years | ' | ' |
2015 | 820,000 | ' |
2016 | 686,000 | ' |
2017 | 1,092,000 | ' |
2018 | 822,000 | ' |
2019 | 831,000 | ' |
2020 through 2024 | 4,515,000 | ' |
Total | $8,766,000 | ' |
Defined_Benefit_Pension_Plan_D1
Defined Benefit Pension Plan (Detail 2) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Level 1 | ' | ' |
Defined benefit pension plan | ' | ' |
Fair values | $125 | $132 |
Level 2 | ' | ' |
Defined benefit pension plan | ' | ' |
Fair values | 24,821 | 21,874 |
Total | ' | ' |
Defined benefit pension plan | ' | ' |
Fair values | 24,946 | 22,006 |
Equity securities | Level 2 | ' | ' |
Defined benefit pension plan | ' | ' |
Fair values | 11,450 | 10,871 |
Equity securities | Total | ' | ' |
Defined benefit pension plan | ' | ' |
Fair values | 11,450 | 10,871 |
Fixed-income securities | Level 2 | ' | ' |
Defined benefit pension plan | ' | ' |
Fair values | 13,371 | 11,003 |
Fixed-income securities | Total | ' | ' |
Defined benefit pension plan | ' | ' |
Fair values | 13,371 | 11,003 |
Cash equivalents | Level 1 | ' | ' |
Defined benefit pension plan | ' | ' |
Fair values | 125 | 132 |
Cash equivalents | Total | ' | ' |
Defined benefit pension plan | ' | ' |
Fair values | $125 | $132 |
Business_Realignment_Expense_D
Business Realignment Expense (Detail) (Business Realignment October 2014, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Business realignment expenses rollforward | ' |
Business Realignment Expenses | $1,780 |
Liability Balance, ending | 1,780 |
Employee severance and benefit costs | ' |
Business realignment expenses rollforward | ' |
Business Realignment Expenses | 1,780 |
Liability Balance, ending | $1,780 |
Quarterly_Results_Unaudited_De
Quarterly Results (Unaudited) (Detail) (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 |
Unaudited quarterly consolidated statement of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from operations | $118,419 | $126,965 | $128,329 | $121,948 | $129,128 | $124,199 | $130,324 | $122,205 | $495,661 | $505,856 | $475,304 |
Income before provision for income taxes from operations | 523 | 28,588 | 9,463 | 11,843 | 17,139 | 18,813 | 21,522 | 11,181 | 50,047 | 68,655 | 79,948 |
Net income (loss) from operations | ($707) | $18,373 | $5,631 | $7,093 | $10,409 | $11,288 | $12,698 | $6,709 | $30,390 | $41,104 | $48,296 |
Unaudited quarterly consolidated statement of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic earnings per common share (in dollars per share) | ($0.02) | $0.59 | $0.17 | $0.22 | $0.33 | $0.36 | $0.40 | $0.21 | $0.97 | $1.30 | $1.57 |
Diluted earnings per common share (in dollars per share) | ($0.02) | $0.59 | $0.17 | $0.22 | $0.32 | $0.35 | $0.39 | $0.20 | $0.97 | $1.26 | $1.47 |
Basic weighted average shares outstanding (in shares) | 29,664,259 | 30,937,394 | 32,231,011 | 32,143,064 | 31,772,379 | 31,651,061 | 31,561,412 | 31,482,853 | 31,243,932 | 31,616,926 | 30,854,796 |
Diluted weighted average shares outstanding (in shares) | 29,664,259 | 30,937,394 | 32,321,482 | 32,658,070 | 32,702,807 | 32,540,187 | 32,331,686 | 33,054,264 | 31,395,301 | 32,657,236 | 32,783,079 |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Deferred tax valuation allowance (deducted from net deferred tax assets) | ' | ' | ' |
Activity in valuation and qualifying accounts | ' | ' | ' |
Balance at beginning of period | $5,424 | $4,558 | $3,341 |
Charged to expense | 1,792 | 866 | 1,217 |
Balance at end of period | 7,216 | 5,424 | 4,558 |
Allowance for doubtful accounts (deducted from accounts receivable) | ' | ' | ' |
Activity in valuation and qualifying accounts | ' | ' | ' |
Balance at beginning of period | 891 | 1,248 | 514 |
Charged to expense | 240 | 337 | 962 |
Reductions | 89 | 694 | 228 |
Balance at end of period | 1,042 | 891 | 1,248 |
Inventory allowance (deducted from inventory) | ' | ' | ' |
Activity in valuation and qualifying accounts | ' | ' | ' |
Balance at beginning of period | 1,452 | 2,574 | 990 |
Charged to expense | 271 | 147 | 1,584 |
Reductions | ' | 1,269 | ' |
Balance at end of period | $1,723 | $1,452 | $2,574 |