Document and Entity Information
Document and Entity Information | 3 Months Ended |
Dec. 31, 2019shares | |
Document And Entity Information | |
Entity Registrant Name | PATRIOT TRANSPORTATION HOLDING, INC. |
Entity Central Index Key | 0001616741 |
Document Type | 10-Q |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --09-30 |
Entity Incorporation State Country | FL |
Entity File Number | 001-36605 |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business Filer | true |
Emerging Growth Company | false |
Interactive data current | Yes |
Shell Company | false |
Security title | Common stock, $.10 par value |
Trading symbol | PATI |
Name of exchange on which registered | NASDAQ |
Entity Common Stock, Shares Outstanding | 3,351,329 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2020 |
Consolidated and Combined Balan
Consolidated and Combined Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 19,123 | $ 21,216 |
Accounts receivable, net of allowance for doubtful accounts of $131 and $133, respectively | 6,294 | 6,588 |
Federal and state taxes receivable | 486 | 290 |
Inventory of parts and supplies | 907 | 949 |
Prepaid tires on equipment | 1,580 | 1,616 |
Prepaid taxes and licenses | 387 | 536 |
Prepaid insurance | 2,810 | 2,895 |
Prepaid expenses, other | 332 | 334 |
Total current assets | 31,919 | 34,424 |
Property and equipment, at cost | 89,990 | 91,332 |
Less accumulated depreciation | 55,830 | 57,765 |
Net property and equipment | 34,160 | 33,567 |
Operating lease right-of-use assets | 3,595 | 0 |
Goodwill | 3,637 | 3,431 |
Intangible assets, net | 1,112 | 701 |
Other assets, net | 165 | 170 |
Total assets | 74,588 | 72,293 |
Current liabilities: | ||
Accounts payable | 2,421 | 3,184 |
Dividends payable | 10,557 | 0 |
Accrued payroll and benefits | 3,295 | 3,906 |
Accrued insurance | 1,655 | 1,339 |
Accrued liabilities, other | 575 | 398 |
Operating lease liabilities, current portion | 1,166 | 0 |
Total current liabilities | 19,669 | 8,827 |
Operating lease liabilities less current portion | 2,642 | 0 |
Deferred income taxes | 6,237 | 6,237 |
Accrued insurance | 1,339 | 1,339 |
Other liabilities | 871 | 1,093 |
Total liabilities | 30,758 | 17,496 |
Commitments and contingencies | ||
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; 3,351,329 and 3,351,329 shares issued and outstanding, respectively) | 335 | 335 |
Capital in excess of par value | 38,158 | 38,099 |
Retained earnings | 5,214 | 16,235 |
Accumulated other comprehensive income, net | 123 | 128 |
Total shareholders' equity | 43,830 | 54,797 |
Total liabilties and shareholders' equity | $ 74,588 | $ 72,293 |
Consolidated and Combined Bal_2
Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable allowance for doubtful accounts | $ 131 | $ 133 |
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 | 3,351,329 | 3,351,329 |
Consolidated and Combined State
Consolidated and Combined Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | ||
Total revenues | $ 24,809 | $ 28,054 |
Cost of operations: | ||
Compensation and benefits | 10,998 | 12,038 |
Fuel expenses | 3,463 | 4,276 |
Repairs & tires | 1,751 | 1,665 |
Other operating | 956 | 1,132 |
Insurance and losses | 2,769 | 2,942 |
Depreciation expense | 1,950 | 1,970 |
Rents, tags & utilities | 750 | 847 |
Sales, general & administrative | 2,481 | 2,468 |
Corporate expenses | 537 | 532 |
Gain on disposition of PP&E | (122) | (923) |
Total cost of operations | 25,533 | 26,947 |
Total operating profit (loss) | (724) | 1,107 |
Interest income and other | 85 | 101 |
Interest expense | (8) | (10) |
Income (loss) before income taxes | (647) | 1,198 |
Provision for (benefit from) income taxes | (183) | 314 |
Net income (loss) | (464) | 884 |
Unrealized investment gains, net | 0 | 2 |
Reclassification adjust for net investment gains realized in net income | (5) | 0 |
Comprehensive Income (loss) | $ (469) | $ 886 |
Earnings per common share: | ||
Net income (loss)- basic | $ (0.14) | $ .27 |
Net income (loss)- diluted | $ (0.14) | $ 0.27 |
Number of shares (in thousands) used in computing: | ||
-basic earnings per common share | 3,351 | 3,328 |
-diluted earnings per common share | 3,351 | 3,331 |
Transportation [Member] | ||
Revenues: | ||
Revenues | $ 22,599 | $ 24,980 |
Fuel Surcharges [Member] | ||
Revenues: | ||
Revenues | $ 2,210 | $ 3,074 |
Consolidated and Combined Sta_2
Consolidated and Combined Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (464) | $ 884 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,376 | 2,117 |
Gain on asset dispositions | (122) | (923) |
Stock-based compensation | 59 | 56 |
Net changes in operating assets and liabilities: | ||
Accounts receivable | 294 | 182 |
Inventory of parts and supplies | 42 | 5 |
Prepaid expenses | 297 | 631 |
Other assets | (2) | 5 |
Accounts payable and accrued liabilities | (1,319) | 564 |
Income taxes payable and receivable | (196) | 248 |
Operating lease assets and liabilities, net | (296) | 0 |
Long-term insurance liabilities and other long-term liabilities | 9 | (3) |
Net cash provided by operating activities | 678 | 3,766 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (2,285) | (1,661) |
Business acquisition | (1,000) | 0 |
Proceeds from the sale of property, plant and equipment | 514 | 1,432 |
Net cash used in investing activities | (2,771) | (229) |
Cash flows from financing activities: | ||
Decrease in bank overdrafts | 0 | (625) |
Debt issue costs | 0 | (9) |
Net cash used in financing activities | 0 | (634) |
Net (decrease) increase in cash and cash equivalents | (2,093) | 2,903 |
Cash and cash equivalents at beginning of period | 21,216 | 17,299 |
Cash and cash equivalents at end of the period | $ 19,123 | $ 20,202 |
Shareholders Equity (Unaudited)
Shareholders Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Other Comprehensive Income / Loss | Total |
Beginning balance, shares at Sep. 30, 2018 | 3,328,466 | ||||
Beginning balance, amount at Sep. 30, 2018 | $ 333 | $ 37,436 | $ 14,472 | $ 165 | $ 52,406 |
Stock-based compensation | 56 | 56 | |||
Net income (loss) | 884 | 884 | |||
Unrealized gain on investment, net | 2 | 2 | |||
Realized gain on investment, net | 0 | ||||
Ending balance, shares at Dec. 31, 2018 | 3,328,466 | ||||
Ending balance, amount at Dec. 31, 2018 | $ 333 | 37,492 | 15,356 | 167 | 53,348 |
Beginning balance, shares at Sep. 30, 2019 | 3,351,329 | ||||
Beginning balance, amount at Sep. 30, 2019 | $ 335 | 38,099 | 16,235 | 128 | 54,797 |
Stock-based compensation | 59 | 59 | |||
Cash dividends declared | (10,557) | (10,557) | |||
Net income (loss) | (464) | (464) | |||
Unrealized gain on investment, net | 0 | ||||
Realized gain on investment, net | (5) | (5) | |||
Ending balance, shares at Dec. 31, 2019 | 3,351,329 | ||||
Ending balance, amount at Dec. 31, 2019 | $ 335 | $ 38,158 | $ 5,214 | $ 123 | $ 43,830 |
Shareholders Equity (Parentheti
Shareholders Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per share | $ 3.15 | $ 0 |
Description of Business and Bas
Description of Business and Basis of Presentation and Accounting Policy Change | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | (1) Description of Business, Basis of Presentation and Accounting Policy Change 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 three months ended December 31, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2020. 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, 2019. Accounting Policy Change Cash and cash equivalents –The Company considers all Treasury bills available for sale regardless of maturity and other highly liquid debt instruments with maturities of three months or less at time of purchase to be cash equivalents. Bank overdrafts consist of outstanding checks not yet presented to a bank for settlement, net of cash held in accounts with right of offset. Treasury bills of $5,983,000 at September 30, 2019 have been reclassified as cash equivalents in these financial statements. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Issued Accounting Standards | (2) Recently Issued Accounting Standards. |
Related Party Agreements
Related Party Agreements | 3 Months Ended |
Dec. 31, 2019 | |
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 $413,000 and $422,000 for the three months ended December 31, 2019 and 2018, 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. We employ an allocation method 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. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (4) Long-Term debt. |
Earnings per share
Earnings per share | 3 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per share | (5) Earnings per share. The following details the computations of the basic and diluted earnings per common share (dollars and shares in thousands, except per share amounts): Three Months ended December 31, 2019 2018 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,351 3,328 Common shares issuable under share based payment plans which are potentially dilutive — 3 Common shares used for diluted earnings per common share 3,351 3,331 Net income (loss) $ (464 ) 884 Earnings per common share: -basic $ (0.14 ) 0.27 -diluted $ (0.14 ) 0.27 For the three months ended December 31, 2019, 251,845 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 months ended December 31, 2018, 165,409 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 | 3 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | (6) Stock-Based Compensation Plans. Participation in FRP Plans Prior to the Company’s spin-off from FRP Holdings, Inc. (FRP) in January 2015, the Company's directors, officers and key employees previously were 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. Post Spin-Off Patriot Incentive Stock Plan As part of the spin-off transaction, the Board of Directors of the Company adopted the Patriot Transportation Holding, Inc. Incentive Stock Plan (“Patriot Plan”) in January, 2015. In exchange for all outstanding FRP options held on January 30, 2015, existing Company directors, officers and key employees holding option grants in the FRP Stock Option Plan(s) were issued new grants in the Patriot and FRP Plans based upon the relative value of Patriot and FRP immediately following the completion of the spin-off with the same remaining terms. All related compensation expense has been allocated to the Company (rather than FRP) and included in corporate expenses. The number of common shares available for future issuance in the Patriot Plan was 189,350 at December 31, 2019. 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. The accrued liability under this plan as of December 31, 2019 and 2018 was $275,000 and $184,000, respectively. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): Three Months ended December 31, 2019 2018 Stock option grants $ 59 56 Annual director stock award — — $ 59 56 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, 2019 189,015 $ 21.49 6.3 $ 1,531 Granted 68,865 18.40 275 Forfeited (6,035 ) 23.99 (57 ) Outstanding at December 31, 2019 251,845 $ 20.59 7.3 $ 1,749 Exercisable at December 31, 2019 122,494 $ 22.08 5.5 $ 1,002 Vested during three months ended December 31, 2019 24,445 $ 204 The aggregate intrinsic value of exercisable Company options was $36,000 and the aggregate intrinsic value of all outstanding in-the-money options was $129,000 based on the Company’s market closing price of $19.48 on December 31, 2019 less exercise prices. The realized tax benefit from option exercises during the first three months of fiscal 2020 was $11,000 which pertained to FRP options exercised that were granted to persons employed by Patriot. The unrecognized compensation expense of Patriot options granted as of December 31, 2019 was $721,000, which is expected to be recognized over a weighted-average period of 3.7 years. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (7) Fair Value Measurements During the quarter ending December 31, 2018, the Company invested in treasury bills with maturities at time of purchase of 3 months to 1 year. The unrealized gains on these investments of $2,000 was recorded as part of comprehensive income and was based on the market value (Level 1). The amortized cost of the investments was $19,776,000 and the carrying amount and fair value was $19,766,000 as of December 31, 2018. At December 31, 2019 and September 30, 2019, 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 | 3 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent liabilities | (8) Contingent liabilities |
Concentrations
Concentrations | 3 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentrations | (9) Concentrations Market: Customers Deposits |
Unusual or Infrequent Items Imp
Unusual or Infrequent Items Impacting Quarterly Results | 3 Months Ended |
Dec. 31, 2019 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items Impacting Quarterly Results | (10) Unusual or Infrequent Items Impacting Quarterly Results First quarter 2019 net income included $634,000, or $.19 per share, from gains on real estate sales. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | (11) Subsequent Events |
Business Acquisition
Business Acquisition | 3 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Acquisition | (12) Business Acquisition The Company acquired certain assets of Danfair Transport out of Americus, GA on November 4, 2019. Danfair had total revenues of approximately $2,300,000 in 2018. The Company has accounted for this acquisition in accordance with the provisions of ASC 805, Business Combinations (ASC 805). The Company has allocated the purchase price of the business based upon the fair value of the assets acquired and liabilities assumed as follows (in thousands): Fair value of consideration transferred (1,425 ) Acquisition related costs expensed $ 38 Recognized amounts of identifiable assets acquired and liabilities assumed: Property and equipment $ 759 Prepaid tires 25 Customer relationships 436 Non-compete agreement 12 Vacation liability assumed (13 ) Total identifiable net assets assumed $ 1,219 Goodwill 206 Total $ 1,425 The goodwill recorded resulting from the acquisition is tax deductible. The earned payout liability currently estimated at $425,000 will be determined based upon the total revenues for the 12 months following the acquisition. The potential range of the earned payout is zero to $800,000. |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share | |
Earnings per share (in thousands, except per share amounts) | Three Months ended December 31, 2019 2018 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,351 3,328 Common shares issuable under share based payment plans which are potentially dilutive — 3 Common shares used for diluted earnings per common share 3,351 3,331 Net income (loss) $ (464 ) 884 Earnings per common share: -basic $ (0.14 ) 0.27 -diluted $ (0.14 ) 0.27 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Expense (in thousands) | Three Months ended December 31, 2019 2018 Stock option grants $ 59 56 Annual director stock award — — $ 59 56 |
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, 2019 189,015 $ 21.49 6.3 $ 1,531 Granted 68,865 18.40 275 Forfeited (6,035 ) 23.99 (57 ) Outstanding at December 31, 2019 251,845 $ 20.59 7.3 $ 1,749 Exercisable at December 31, 2019 122,494 $ 22.08 5.5 $ 1,002 Vested during three months ended December 31, 2019 24,445 $ 204 |
Business Acquisition (Tables)
Business Acquisition (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisition purchase price allocation | Fair value of consideration transferred (1,425 ) Acquisition related costs expensed $ 38 Recognized amounts of identifiable assets acquired and liabilities assumed: Property and equipment $ 759 Prepaid tires 25 Customer relationships 436 Non-compete agreement 12 Vacation liability assumed (13 ) Total identifiable net assets assumed $ 1,219 Goodwill 206 Total $ 1,425 |
Earnings per share - Earnings p
Earnings per share - Earnings per common share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding during the period - shares used for basic earnings per common share | 3,351 | 3,328 |
Common shares issuable under share based payment plans which are potentially dilutive | 0 | 3 |
Common shares used for diluted earnings per common share | 3,351 | 3,331 |
Net income (loss) | $ (464) | $ 884 |
Earnings (loss) per common share: | ||
Earnings (loss) per share-basic | $ (0.14) | $ .27 |
Earnings (loss) per share-diluted | $ (0.14) | $ 0.27 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Summary of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Options outstanding | 251,845 | 189,015 |
Options granted | 68,865 | |
Options forfeited | (6,035) | |
Options outstanding weighted average exercise price | $ 20.59 | $ 21.49 |
Options outstanding weighted average exercise price - Granted | 18.40 | |
Options outstanding weighted average exercise price - forfeited | $ 23.99 | |
Options outstanding weighted average remaining term | 7 years 3 months 16 days | 6 years 3 months 18 days |
Options outstanding weighted average grant date fair value | $ 1,749 | $ 1,531 |
Options granted weighted average grant date fair value | $ 275 | |
Options forfeited weighted average grant date fair value | $ (57) | |
Options exercisable | 122,494 | |
Options exerciseable weighted average exercise price | $ 22.08 | |
Options exercisable weighted average remaining term | 5 years 6 months | |
Options exerciseable weighted average grant date fair value | $ 1,002 | |
Options vested | 24,445 | |
Options vested weighted average grant date fair value | $ 204 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | ||
Stock option grants | $ 59 | $ 56 |
Annual director stock award | 0 | 0 |
Stock based compensation expense | $ 59 | $ 56 |
Business Acquisition - Acquisit
Business Acquisition - Acquisition purchase price allocation (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2019 | Nov. 04, 2019 | Sep. 30, 2019 | |
Prepaid tires | $ 1,580 | $ 1,616 | |
Danfair Transport | |||
Fair value of consideration transferred | (1,425) | ||
Acquisition related costs expensed | $ 38 | ||
Property and equipment | $ 759 | ||
Prepaid tires | 25 | ||
Customer relationships | 436 | ||
Non-compete agreement | 12 | ||
Vacation liability assumed | (13) | ||
Total identifiable net assets assumed | 1,219 | ||
Goodwill | 206 | ||
Total | $ 1,425 |
Description of Business and B_2
Description of Business and Basis of Presentation (Details Narrative) $ in Thousands | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Revenue Producing Drivers | 524 |
Fleet of Tractors | 345 |
Tractors being prepared for sale | 14 |
owner operators | 24 |
Fleet of Trailers | 495 |
Terminal locations | 19 |
Satellite locations | 6 |
Treasury bills reclassified as cash and cash equivalents | $ 5,983 |
Petroleum Products | |
Percentage of Business | 86.00% |
Dry Bulk Commodities | |
Percentage of Business | 14.00% |
Recently Issued Accounting St_2
Recently Issued Accounting Standards (Details Narrative) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019USD ($)Units | Sep. 30, 2019USD ($) | |
Right to use assets | $ 3,595 | $ 3,873 |
Operating lease obligations | $ 3,808 | 4,104 |
Straight lined lease liabilities | $ 231 | |
Leased Tractors | ||
Leased units | Units | 30 | |
Property Leases | ||
Leased units | Units | 8 |
Related Party Agreements (Detai
Related Party Agreements (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
FRP | ||
Charges/allocations | $ 413 | $ 422 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 14, 2018 | |
Wells Fargo | ||||
Revolving Credit facility | $ 35,000 | |||
Credit facility increase maximum | $ 50,000 | |||
Borrowed under the revolver | $ 0 | |||
Commitments under letters of credit | 3,053 | |||
Amount available for additional borrowings | $ 31,947 | |||
Credt agreement term | 5 years | |||
Compliance with loan covenants | All | |||
Letter of credit fee | 1.00% | |||
Interest rate | 2.799% | |||
Long-term debt | $ 0 | $ 0 | ||
Level I | ||||
Interest rate over LIBOR | 1.50% | |||
Commitment fee | 0.144% | |||
Level II | ||||
Interest rate over LIBOR | 1.25% | |||
Commitment fee | 0.1145% | |||
Level III | ||||
Interest rate over LIBOR | 1.00% | |||
Commitment fee | 0.086% |
Earnings per share (Details Nar
Earnings per share (Details Narrative) - shares | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive shares | 251,845 | 165,409 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 21, 2016USD ($)yr$ / sharesshares | |
Shares available for future issuance | shares | 189,350 | ||
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 | $ 36 | ||
Aggregate intrinsic value of outstanding in-the-money options | $ 129 | ||
Market close price | $ / shares | $ 19.48 | $ 23.13 | |
Total unrecognized compensation cost of options granted | $ 721 | ||
Compensation cost not yet vested recognition period | 3 years 8 months | ||
Stock appreciation rights accrued liability | $ 275 | $ 184 | |
FRP | |||
Realized tax benefit from options exercised | $ 11 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) $ in Thousands | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Fair Value Disclosures [Abstract] | |
Unrealized gains on treasury bills | $ 2 |
Amortized cost of investments in treasury bills | 19,776 |
Carrying amount of investments in treasury bills | 19,766 |
Fair value of investments in treasury bills | $ 19,766 |
Concentrations (Details Narrati
Concentrations (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Top Ten Customers | ||
Customer revenue concentration | 63.90% | |
Accounts receivable concentration | $ 3,697 | $ 4,264 |
Top Customer | ||
Customer revenue concentration | 20.40% |
Unusual or Infrequent Items I_2
Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - Real Estate Sales $ / shares in Units, $ in Thousands | 3 Months Ended |
Dec. 31, 2018USD ($)$ / shares | |
Gain included in net income | $ | $ 634 |
Per share gain included in net income | $ / shares | $ 0.19 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash dividends declared per share | $ 3.15 | $ 0 | ||
Subsequent Event [Member] | ||||
Dividends paid | $ 10,557 | |||
Special Cash Dividend | ||||
Cash dividends declared per share | $ 3 | |||
Dividends Payable, Date Declared, Day, Month and Year | Dec. 4, 2019 | |||
Dividends Payable, Date of Record, Day, Month and Year | Jan. 15, 2020 | |||
Dividends Payable, Date to be Paid, Day, Month and Year | Jan. 30, 2020 | |||
Quarterly Dividend Declared | ||||
Cash dividends declared per share | $ .15 | |||
Dividends Payable, Date Declared, Day, Month and Year | Dec. 4, 2019 | |||
Dividends Payable, Date of Record, Day, Month and Year | Jan. 15, 2020 | |||
Dividends Payable, Date to be Paid, Day, Month and Year | Jan. 30, 2020 |
Business Acquisition (Details N
Business Acquisition (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2018 | |
Revenue | $ 24,809 | $ 28,054 | |
Danfair Transport | |||
Revenue | $ 2,300 | ||
Estimated earned payout liability | 425 | ||
Potential high range of earned payout | 800 | ||
Potential low range of earned payout | $ 0 |