Document and Entity Information
Document and Entity Information | 9 Months Ended |
Jun. 30, 2017shares | |
Document And Entity Information | |
Entity Registrant Name | PATRIOT TRANSPORTATION HOLDING, INC. |
Entity Central Index Key | 1,616,741 |
Document Type | 10-Q |
Document Period End Date | Jun. 30, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --09-30 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | No |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 3,303,802 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2,017 |
Consolidated and Combined Balan
Consolidated and Combined Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 9,407 | $ 6,005 |
Accounts receivable, net of allowance for doubtful accounts of $151 and $153, respectively | 6,160 | 7,043 |
Federal and state taxes receivable | 414 | 261 |
Inventory of parts and supplies | 863 | 811 |
Prepaid tires on equipment | 1,925 | 2,052 |
Prepaid taxes and licenses | 381 | 681 |
Prepaid insurance | 919 | 820 |
Prepaid expenses, other | 85 | 64 |
Total current assets | 20,154 | 17,737 |
Property and equipment, at cost | 101,971 | 102,783 |
Less accumulated depreciation | 62,203 | 59,080 |
Net property and equipment | 39,768 | 43,703 |
Goodwill | 3,431 | 3,431 |
Intangible assets, net | 1,062 | 1,214 |
Other assets, net | 187 | 214 |
Total assets | 64,602 | 66,299 |
Current liabilities: | ||
Accounts payable | 2,296 | 4,896 |
Accrued payroll and benefits | 4,009 | 4,608 |
Accrued insurance | 490 | 700 |
Accrued liabilities, other | 296 | 369 |
Total current liabilities | 7,091 | 10,573 |
Long-term debt | 0 | 0 |
Deferred income taxes | 9,895 | 10,479 |
Accrued insurance | 180 | 184 |
Other liabilities | 1,106 | 1,117 |
Total liabilities | 18,272 | 22,353 |
Commitments and contingencies (Note 8) | ||
Shareholders' Equity: | ||
Preferred stock, 5,000,000 shares authorized, of which 250,000 shares are designated Series A Junior Participating Preferred Stock; $0.01 par value; none issued and outstanding | 0 | 0 |
Common stock, $.10 par value; (25,000,000 shares authorized; 3,303,802 and 3,289,353 shares issued and outstanding, respectively) | 330 | 329 |
Capital in excess of par value | 36,674 | 35,919 |
Retained earnings | 9,152 | 7,524 |
Accumulated other comprehensive income, net | 174 | 174 |
Total shareholders' equity | 46,330 | 43,946 |
Total liabilties and shareholders' equity | $ 64,602 | $ 66,299 |
Consolidated and Combined Bala3
Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Sep. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable allowance for doubtful accounts | $ 151 | $ 153 |
Preferred stock, par value | $ .01 | $ .01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Series A Junior Participating Preferred Stock | 250,000 | 250,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ .10 | $ .10 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 3,303,802 | 3,289,353 |
Consolidated and Combined State
Consolidated and Combined Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Transportation revenues | $ 26,275 | $ 30,187 | $ 79,227 | $ 86,710 |
Fuel surcharges | 1,829 | 1,175 | 5,028 | 3,071 |
Total revenues | 28,104 | 31,362 | 84,255 | 89,781 |
Cost of operations: | ||||
Compensation and benefits | 12,274 | 13,034 | 35,813 | 38,358 |
Fuel expenses | 3,622 | 4,031 | 11,310 | 11,326 |
Repairs & tires | 1,862 | 2,061 | 5,125 | 5,806 |
Other operating | 1,134 | 1,195 | 3,144 | 3,464 |
Insurance and losses | 2,567 | 2,736 | 8,168 | 7,972 |
Depreciation expense | 2,349 | 2,245 | 7,208 | 6,518 |
Rents, tags & utilities | 820 | 949 | 2,543 | 2,853 |
Sales, general & administrative | 2,446 | 2,404 | 7,038 | 7,016 |
Corporate expenses | 591 | 502 | 2,206 | 2,288 |
Gain on equipment sales | (95) | (85) | (407) | (156) |
Total cost of operations | 27,570 | 29,072 | 82,148 | 85,445 |
Total operating profit | 534 | 2,290 | 2,107 | 4,336 |
BP claim Settlement | 0 | 0 | 0 | 1,687 |
Interest income and other | 1 | 1 | 4 | 4 |
Interest expense | (15) | (31) | (79) | (98) |
Income before income taxes | 520 | 2,260 | 2,032 | 5,929 |
Provision for income taxes | 64 | 881 | 404 | 2,312 |
Net income | 456 | 1,379 | 1,628 | 3,617 |
Comprehensive Income | $ 456 | $ 1,379 | $ 1,628 | $ 3,617 |
Earnings per common share: | ||||
Net income - basic | $ 0.14 | $ 0.42 | $ 0.49 | $ 1.10 |
Net income - diluted | $ 0.14 | $ 0.42 | $ 0.49 | $ 1.10 |
Number of shares (in thousands) used in computing: | ||||
-basic earnings per common share | 3,304 | 3,287 | 3,298 | 3,281 |
-diluted earnings per common share | 3,305 | 3,289 | 3,301 | 3,284 |
Consolidated and Combined Stat5
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 1,628 | $ 3,617 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,779 | 7,192 |
Deferred income taxes | (584) | 630 |
Gain on asset dispositions | (438) | (404) |
Stock-based compensation | 756 | 584 |
Net changes in operating assets and liabilities: | ||
Accounts receivable | 883 | (958) |
Inventory of parts and supplies | (52) | 6 |
Prepaid expenses | 307 | 767 |
Other assets | 9 | 6 |
Accounts payable and accrued liabilities | (3,482) | (3,474) |
Income taxes payable and receivable | (153) | 260 |
Long-term insurance liabilities and other long-term liabilities | (15) | (386) |
Net cash provided by operating activities | 6,638 | 7,840 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (3,837) | (5,431) |
Proceeds from the sale of property, plant and equipment | 601 | 849 |
Net cash used in investing activities | (3,236) | (4,582) |
Cash flows from financing activities: | ||
(Decrease) increase in bank overdrafts | 0 | (773) |
Proceeds from borrowing on revolving credit facility | 0 | 13,536 |
Payments on revolving credit facility | 0 | (13,536) |
Excess tax benefits from exercise of stock options | 0 | 154 |
Net cash used in financing activities | 0 | (619) |
Net increase in cash and cash equivalents | 3,402 | 2,639 |
Cash and cash equivalents at beginning of period | 6,005 | 0 |
Cash and cash equivalents at end of the period | $ 9,407 | $ 2,639 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | (1) Description of Business and Basis of Presentation Description of Business Company’s Business Basis of Presentation These statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (primarily consisting of normal recurring accruals) considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the nine months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2017. The accompanying consolidated financial statements and the information included under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" should be read in conjunction with the audited financial statements and notes for the year ended September 30, 2016. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Standards | (2) Recently Issued Accounting Standards. In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. Excess tax benefits for share-based payments are recorded as a reduction of income taxes and reflected in operating cash flows upon the adoption of this ASU. Excess tax benefits were recorded in equity and as financing activity prior to adoption of this ASU. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. This guidance is effective for annual and interim reporting periods of public entities beginning after December 15, 2016 with early adoption permitted. The Company adopted this guidance prospectively as of October 1, 2016. As a result of this adoption we recorded a reduction of income tax expense from excess tax benefits on stock option exercises of $139,000 and $389,000 for the three and nine months ended June 30, 2017, respectively. |
Related Party Agreements
Related Party Agreements | 9 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Agreements | (3) Related Party Agreements. The consolidated statements of income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $320,000 and $388,000 for the three months ended June 30, 2017 and 2016, and $1,254,000 and $1,180,000 for the nine months ended June 30, 2017 and 2016, respectively. Included in the charges above are amounts recognized for corporate executive stock-based compensation expense. These charges are reflected as a reduction to corporate expenses. To determine these allocations between FRP and Patriot as set forth in the Transition Services Agreement, we generally employed the same methodology historically used by the Company pre Spin-off to allocate said expenses and thus we believe that the allocations to FRP are a reasonable approximation of the costs related to FRP’s operations but any such related-party transactions cannot be presumed to be carried out on an arm’s-length basis as the terms were negotiated while Patriot was still a subsidiary of FRP. Patriot provided information technology services and previously subleased office space to Bluegrass Materials Company, LLC (“Bluegrass”). Mr. John Baker, brother of Edward L. Baker and uncle of Thompson S. Baker II, serves as Chairman of Bluegrass, and his son, Edward L. Baker II, serves as its Chief Executive Officer. Messrs. John Baker and Edward L. Baker II have a beneficial ownership interest in Bluegrass. Bluegrass paid $126,000 to the Company for the three months ended June 30, 2016, and $16,000 and $414,000 for the nine months ended June 30, 2017 and 2016, respectively for such information technology services and office space. The services to Bluegrass ceased on December 31, 2016. Patriot paid $4,000 to Bluegrass for information technology services for the three months ending June 20, 2017. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (4) Long-Term debt. |
Earnings per share
Earnings per share | 9 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per share | (5) Earnings per share. Basic earnings per common share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per common share are based on the weighted average number of common shares and potential dilution of securities that could share in earnings. The differences between basic and diluted shares used for the calculation are the effect of employee and director stock options. The following details the computations of the basic and diluted earnings per common share (dollars and shares in thousands, except per share amounts): Three Months ended Nine months ended June 30, June 30, 2017 2016 2017 2016 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,304 3,287 3,298 3,281 Common shares issuable under share based payment plans which are potentially dilutive 1 2 3 3 Common shares used for diluted earnings per common share 3,305 3,289 3,301 3,284 Net income $ 456 1,379 1,628 3,617 Earnings per common share: -basic $ 0.14 0.42 0.49 1.10 -diluted $ 0.14 0.42 0.49 1.10 For the three and nine months ended June 30, 2017, 130,559 and 121,449 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For the three and nine months ended June 30, 2016, 83,967 shares attributable to outstanding stock options were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation Plans | (6) Stock-Based Compensation Plans. Participation in FRP Plans The Company's directors, officers and key employees are eligible to participate in FRP's 2000 Stock Option Plan and the 2006 Stock Option Plan under which options for shares of common stock were granted to directors, officers and key employees. All related compensation expense has been fully allocated to the Company (rather than FRP) and included in corporate expenses. Corporate expense also reflects an offsetting credit for the Transition Services Agreement allocation to FRP. Patriot Incentive Stock Plan In January, 2015 the Board of Directors of the Company adopted the Patriot Transportation Holding, Inc. Incentive Stock Plan. Grants were issued based upon all outstanding FRP options held by company directors, officers and key employees on January 30, 2015 with the same remaining terms. The number of common shares available for future issuance was 87,131 at June 30, 2017. Subsequent to Spin-off, the realized tax benefit pertaining to options exercised and the remaining compensation cost of options previously granted prior to the Spin-off will be recognized by FRP or Patriot based on the employment location of the related employee or director. In December 2016, the Company approved and issued a long-term performance incentive to an officer in the form of stock appreciation rights. The Company granted 80,000 stock appreciation rights. The market price was $23.13 on the date of grant and the executive will get a cash award at age 65 based upon the stock price at that date compared to the stock price at the date of grant but in no event will the award be less than $500,000. The Company plans to expense the fair value of the award over the 9.1 year vesting period to the officer’s attainment of age 65. In March 2017, in recognition of Thompson S. Baker II's outstanding service to FRP, the Board approved the vesting of all of Mr. Baker's outstanding FRP stock options, which expired 90 days following the termination of his employment. The vesting of Mr. Baker’s outstanding FRP options that were issued prior to the spin-off required modification stock compensation expense of $150,000. FRP reimbursed Patriot for this cost under the transition services agreement. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): Three Months ended Nine months ended June 30, June 30, 2017 2016 2017 2016 Stock option grants $ 52 74 388 269 Annual director stock award — — 368 315 $ 52 74 756 584 A summary of Company stock options is presented below (in thousands, except share and per share amounts): Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Outstanding at October 1, 2016 110,811 $ 22.52 6.2 $ 999 Granted 40,780 $ 21.25 $ 272 Outstanding at June 30, 2017 151,591 $ 22.18 6.5 $ 1,271 Exercisable at June 30, 2017 95,901 $ 21.83 5.3 $ 758 Vested during nine months ended June 30, 2017 27,852 $ 210 The aggregate intrinsic value of exercisable Company options was $9,000 and the aggregate intrinsic value of all outstanding in-the-money options was $9,000 based on the Company’s market closing price of $17.87 on June 30, 2017 less exercise prices. The realized tax benefit from option exercises during the first nine months of fiscal 2017 was $801,000 which pertained to FRP options exercised that were granted prior to the Spin-off to persons employed by Patriot. The unrecognized compensation expense of Patriot options granted as of June 30, 2017 was $523,000, which is expected to be recognized over a weighted-average period of 3.3 years. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (7) Fair Value Measurements As of June 30, 2017 the Company had no assets or liabilities measured at fair value on a recurring or non-recurring basis. At June 30, 2017 and September 30, 2016, the carrying amount reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and other financial instruments approximate their fair value based upon the short-term nature of these items. |
Contingent liabilities
Contingent liabilities | 9 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent liabilities | (8) Contingent liabilities |
Concentrations
Concentrations | 9 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentrations | (9) Concentrations Market: Customers Deposits |
Unusual or Infrequent Items Imp
Unusual or Infrequent Items Impacting Quarterly Results | 9 Months Ended |
Jun. 30, 2017 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items Impacting Quarterly Results | (10) Unusual or Infrequent Items Impacting Quarterly Results. On October 20, 2015, the Company received notice from the Claims Administrator for the Deepwater Horizon Economic and Property Damages Settlement Program that the Company’s claim in the amount of $2,106,281 qualifies for payment under the terms of the Economic and Property Damages Settlement Agreement. On December 18, 2015 BP accepted the Company’s proposal of $2,047,651. The Company received payment of $1,687,085 on January 6, 2016 net of all contingency fees. |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per common share (dollars and shares in thousands, except per share amounts) | Three Months ended Nine months ended June 30, June 30, 2017 2016 2017 2016 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,304 3,287 3,298 3,281 Common shares issuable under share based payment plans which are potentially dilutive 1 2 3 3 Common shares used for diluted earnings per common share 3,305 3,289 3,301 3,284 Net income $ 456 1,379 1,628 3,617 Earnings per common share: -basic $ 0.14 0.42 0.49 1.10 -diluted $ 0.14 0.42 0.49 1.10 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Compensation Expense (in thousands) | Three Months ended Nine months ended June 30, June 30, 2017 2016 2017 2016 Stock option grants $ 52 74 388 269 Annual director stock award — — 368 315 $ 52 74 756 584 |
Summary of Stock Options (in thousands, except share and per share amounts) | Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Outstanding at October 1, 2016 110,811 $ 22.52 6.2 $ 999 Granted 40,780 $ 21.25 $ 272 Outstanding at June 30, 2017 151,591 $ 22.18 6.5 $ 1,271 Exercisable at June 30, 2017 95,901 $ 21.83 5.3 $ 758 Vested during nine months ended June 30, 2017 27,852 $ 210 |
Earnings per share - Earnings p
Earnings per share - Earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted average common shares outstanding during the period - shares used for basic earnings per common share | 3,304 | 3,287 | 3,298 | 3,281 |
Common shares issuable under share based payment plans which are potentially dilutive | 1 | 2 | 3 | 3 |
Common shares used for diluted earnings per common share | 3,305 | 3,289 | 3,301 | 3,284 |
Net income | $ 456 | $ 1,379 | $ 1,628 | $ 3,617 |
Earnings per common share: | ||||
Earnings per share-basic | $ 0.14 | $ 0.42 | $ 0.49 | $ 1.10 |
Earnings per share-diluted | $ 0.14 | $ 0.42 | $ 0.49 | $ 1.10 |
Stock-Based Compensation Plan19
Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock option grants | $ 52 | $ 74 | $ 388 | $ 269 |
Annual director stock award | 0 | 0 | 368 | 315 |
Stock based compensation expense | $ 52 | $ 74 | $ 756 | $ 584 |
Stock-Based Compensation Plan20
Stock-Based Compensation Plans - Summary of Stock Options (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Jun. 30, 2017USD ($)yr$ / sharesshares | Sep. 30, 2016USD ($)yr$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Options outstanding | shares | 151,591 | 110,811 |
Options granted | shares | 40,780 | |
Options outstanding weighted average exercise price | $ / shares | $ 22.18 | $ 22.52 |
Options outstanding weighted average exercise price - Granted | $ / shares | $ 21.25 | |
Options outstanding weighted average remaining term | yr | 6.5 | 6.2 |
Options outstanding weighted average grant date fair value | $ | $ 1,271 | $ 999 |
Options granted weighted average grant date fair value | $ / shares | $ 272 | |
Options exercisable at June 30, 2017 | shares | 95,901 | |
Options exerciseable weighted average exercise price | $ / shares | $ 21.83 | |
Options exerciseable weighted average remaining term | yr | 5.3 | |
Options exerciseable weighted average grant date fair value | $ | $ 758 | |
Options vested during nine months ended June 30, 2017 | shares | 27,852 | |
Options vested weighted average grant date fair value | $ | $ 210 |
Description of Business and B21
Description of Business and Basis of Presentation (Details Narrative) | Jun. 30, 2017 |
Revenue Producing Drivers | 611 |
Fleet of Tractors | 453 |
Fleet of Trailers | 556 |
Terminal locations | 21 |
Satellite locations | 9 |
Petroleum Products | |
Percentage of Business | 82.00% |
Dry Bulk Commodities | |
Percentage of Business | 18.00% |
Recently Issued Accounting St22
Recently Issued Accounting Standards (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2016 | |
Recently Issued Accounting Standards Details Narrative | |||
Contractual obligation for lease payments greater than 12 months | $ 1,721 | ||
Reduction of income tax expense from windfall gains on stock option exercises | $ 139 | $ 389 |
Related Party Agreements (Detai
Related Party Agreements (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
FRP | ||||
Charges/allocations | $ 320 | $ 388 | $ 1,254 | $ 1,180 |
Bluegrass | ||||
Charges/allocations | $ 126 | $ 16 | $ 414 | |
Payments made for information technology services | $ 4 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) - Wells Fargo $ in Thousands | 9 Months Ended | ||
Jun. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Jan. 30, 2015USD ($)yr | |
Revolving Credit facility | $ 25,000 | ||
Borrowed under the revolver | $ 0 | $ 0 | $ 5,100 |
Letters of credit issued | 2,180 | ||
Amount availbe for additional borrowings | $ 22,820 | ||
Credit Agreement term years | yr | 5 | ||
Compliance with loan covenants | All |
Earnings per share (Details Nar
Earnings per share (Details Narrative) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares | 130,559 | 83,967 | 121,449 | 83,967 |
Stock-Based Compensation Plan26
Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Jun. 30, 2017USD ($)yr$ / sharesshares | Dec. 21, 2016USD ($)yr$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares available for future issuance | shares | 87,131 | |
Stock appreciation rights issued | shares | 80,000 | |
Minimum award for stock appreciation rights | $ 500 | |
Stock appreciation rights vesting period | yr | 9.1 | |
Aggregate intrinsic value of exercisable options | $ 9 | |
Aggregate intrinsic value of outstanding in-the-money options | $ 9 | |
Market close price | $ / shares | $ 17.87 | $ 23.13 |
Realized tax benefit pertaining to FRP options | $ 801 | |
Total unrecognized compensation cost of options granted | $ 523 | |
Weighted average period for compensation to be recognized | yr | 3.3 | |
Stock option modification compensation expense | $ 150 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) $ in Thousands | Jun. 30, 2017USD ($) |
Fair Value Disclosures [Abstract] | |
Assets measured at fair value on a recurring basis | $ 0 |
Liabilities measured at fair value on a recurring basis | 0 |
Assets measured at fair value on a non-recurring basis | 0 |
Liabilities measured at fair value on a non-recurring basis | $ 0 |
Concentrations (Details Narrati
Concentrations (Details Narrative) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2017 | Sep. 30, 2016 | |
Top Ten Customers | ||
Customer revenue concentration | 60.00% | |
Accounts receivable concentration | $ 3,505 | $ 3,998 |
Top Customer | ||
Customer revenue concentration | 20.50% |
Unusual or Infrequent Items I29
Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | ||
Jan. 31, 2016 | Dec. 18, 2015 | Oct. 20, 2015 | |
Unusual or Infrequent Items, or Both [Abstract] | |||
BP Claim Settlement | $ 2,048 | $ 2,106 | |
BP Claim payment | $ 1,687 |