Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2020 | Jan. 29, 2021 | |
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, 2020 | |
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, $.10 par value | |
Trading symbol | PATI | |
Name of exchange on which registered | NASDAQ | |
Entity Common Stock, Shares Outstanding | 3,377,279 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 7,494 | $ 15,962 |
Accounts receivable, net of allowance for doubtful accounts of $84 and $87, respectively | 4,633 | 5,005 |
Inventory of parts and supplies | 896 | 903 |
Prepaid tires on equipment | 1,415 | 1,414 |
Prepaid taxes and licenses | 376 | 522 |
Prepaid insurance | 2,120 | 2,444 |
Prepaid expenses, other | 283 | 291 |
Total current assets | 17,217 | 26,541 |
Property and equipment, at cost | 83,141 | 83,204 |
Less accumulated depreciation | 54,374 | 52,805 |
Net property and equipment | 28,767 | 30,399 |
Operating lease right-of-use assets | 2,695 | 2,964 |
Goodwill | 3,637 | 3,637 |
Intangible assets, net | 907 | 957 |
Other assets, net | 168 | 171 |
Total assets | 53,391 | 64,669 |
Current liabilities: | ||
Accounts payable | 1,648 | 2,679 |
Federal and state taxes payable | 31 | 284 |
Accrued payroll and benefits | 3,187 | 3,156 |
Accrued insurance | 1,209 | 1,210 |
Accrued liabilities, other | 1,671 | 1,281 |
Operating lease liabilities, current portion | 1,066 | 1,065 |
Total current liabilities | 8,812 | 9,675 |
Operating lease liabilities less current portion | 1,790 | 2,073 |
Deferred income taxes | 5,255 | 5,087 |
Accrued insurance | 1,886 | 1,886 |
Other liabilities | 895 | 900 |
Total liabilities | 18,638 | 19,621 |
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; 3,377,279 and 3,377,279 shares issued and outstanding, respectively) | 338 | 338 |
Capital in excess of par value | 38,729 | 38,670 |
(Accumulated deficit) Retained earnings | (4,419) | 5,935 |
Accumulated other comprehensive income, net | 105 | 105 |
Total shareholders' equity | 34,753 | 45,048 |
Total liabilties and shareholders' equity | $ 53,391 | $ 64,669 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable allowance for doubtful accounts | $ 84 | $ 87 |
Preferred stock, par value | $ .01 | $ 0.01 |
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 | $ 0.10 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 3,377,279 | 3,377,279 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | ||
Revenues | $ 20,228 | $ 24,809 |
Cost of operations: | ||
Compensation and benefits | 9,051 | 10,998 |
Fuel expenses | 2,098 | 3,463 |
Repairs & tires | 1,381 | 1,751 |
Other operating | 813 | 956 |
Insurance and losses | 2,122 | 2,769 |
Depreciation expense | 1,745 | 1,950 |
Rents, tags & utilities | 696 | 750 |
Sales, general & administrative | 2,136 | 2,481 |
Corporate expenses | 401 | 537 |
Loss (gain) on disposition of PP&E | 86 | (122) |
Total cost of operations | 20,529 | 25,533 |
Total operating loss | (301) | (724) |
Interest income and other | 2 | 85 |
Interest expense | (8) | (8) |
Loss before income taxes | (307) | (647) |
Benefit from income taxes | (85) | (183) |
Net loss | (222) | (464) |
Reclassification adjust for net investment gains realized in net income | 0 | (5) |
Comprehensive loss | $ (222) | $ (469) |
Earnings per common share: | ||
Net loss- basic | $ (0.07) | $ (0.14) |
Net loss- diluted | $ (0.07) | $ (0.14) |
Number of shares (in thousands) used in computing: | ||
-basic earnings per common share | 3,377 | 3,351 |
-diluted earnings per common share | 3,377 | 3,351 |
Transportation [Member] | ||
Revenues: | ||
Revenues | $ 19,217 | $ 22,599 |
Fuel Surcharges [Member] | ||
Revenues: | ||
Revenues | $ 1,011 | $ 2,210 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (222) | $ (464) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,155 | 2,376 |
Non-cash gain of acquisition-related contingent consideration | (16) | 0 |
Deferred income taxes | 168 | 0 |
Loss (gain) on asset dispositions | 72 | (122) |
Stock-based compensation | 59 | 59 |
Net changes in operating assets and liabilities: | ||
Accounts receivable | 372 | 294 |
Inventory of parts and supplies | 7 | 42 |
Prepaid expenses | 477 | 297 |
Other assets | 18 | (2) |
Accounts payable and accrued liabilities | (611) | (1,319) |
Income taxes payable and receivable | (253) | (196) |
Operating lease assets and liabilities, net | (282) | (296) |
Long-term insurance liabilities and other long-term liabilities | (5) | 9 |
Net cash provided by operating activities | 1,939 | 678 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (308) | (2,285) |
Business acquisition | 0 | (1,000) |
Proceeds from the sale of property, plant and equipment | 33 | 514 |
Net cash used in investing activities | (275) | (2,771) |
Cash flows from financing activities: | ||
Dividends paid | (10,132) | 0 |
Net cash used in financing activities | (10,132) | 0 |
Net decrease in cash and cash equivalents | (8,468) | (2,093) |
Cash and cash equivalents at beginning of period | 15,962 | 21,216 |
Cash and cash equivalents at end of the period | $ 7,494 | $ 19,123 |
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, 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 | (10,557) | (10,557) | |||
Net loss | (464) | (464) | |||
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 |
Beginning balance, shares at Sep. 30, 2020 | 3,377,279 | ||||
Beginning balance, amount at Sep. 30, 2020 | $ 338 | 38,670 | 5,935 | 105 | 45,048 |
Stock-based compensation | 59 | 59 | |||
Cash dividends | (10,132) | (10,132) | |||
Net loss | (222) | (222) | |||
Realized gain on investment, net | 0 | ||||
Ending balance, shares at Dec. 31, 2020 | 3,377,279 | ||||
Ending balance, amount at Dec. 31, 2020 | $ 338 | $ 38,729 | $ (4,419) | $ 105 | $ 34,753 |
Shareholders Equity (Parentheti
Shareholders Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends per share | $ 3 | $ 3.15 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Dec. 31, 2020 | |
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 three months ended December 31, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2021. 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, 2020. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Dec. 31, 2020 | |
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, 2020 | |
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 $435,000 and $413,000 for the three months ended December 31, 2020 and 2019, 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, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | (4) Long-Term debt. |
Earnings per share
Earnings per share | 3 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020 2019 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,377 3,351 Common shares issuable under share based payment plans which are potentially dilutive — — Common shares used for diluted earnings per common share 3,377 3,351 Net loss $ (222 ) (464 ) Earnings per common share: -basic $ (0.07 ) (0.14 ) -diluted $ (0.07 ) (0.14 ) For the three months ended December 31, 2020, 617,502 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, 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. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Dec. 31, 2020 | |
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 94,687 at December 31, 2020. On December 30, 2020, the Company paid an extraordinary dividend of $3.00 per share to all shareholders of record. In accordance with Section 4.2 of the 2006 Stock Incentive Plan, Section 11 of the 2014 Equity Incentive Plan, and Section 409A of the Internal Revenue Code, the Company has adjusted the terms of all stock option grants outstanding and the stock appreciation rights as of the close of business on December 30, 2020. In December 2016, the Company approved and issued a long-term performance incentive to an officer in the form of stock appreciation rights. As adjusted for the extraordinary dividend the Company granted 174,011 stock appreciation rights. The adjusted market price of the grant was $12.79, and the executive will get a cash award at age 65 based upon the stock price at that date compared to the adjusted market price of $12.79 but in no event will the award be less than $500,000. The Company is expensing the fair value of the award over the 9.1 year vesting period to the officer’s attainment of age 65, with periodic adjustments to the liability estimate based upon changes in the assumptions used to calculate the liability. The accrued liability under this plan as of December 31, 2020 and 2019 was $350,000 and $275,000, respectively. The Company recorded the following stock compensation expense in its consolidated statements of income (in thousands): Three Months ended December 31, 2020 2019 Stock option grants $ 59 59 Annual director stock award — — $ 59 59 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, 2020 400,722 $ 14.96 6.6 $ 1,749 Granted 78,345 10.00 275 Forfeited (9,632 ) 13.88 (48 ) Term Adjustment 148,067 Outstanding at December 31, 2020 (a) 617,502 $ 10.76 7.1 $ 1,976 Exercisable at December 31, 2020 317,208 $ 11.97 5.4 $ 1,195 Vested during three months ended December 31, 2020 77,845 $ 242 (a) The Company stock option intrinsic values were adjusted as of December 30, 2020, the date of the extraordinary dividend. Stock option activity, including the weighted average exercise price, was not retroactively adjusted. There were no exercisable or outstanding in-the-money options based on the Company’s market closing price of $8.78 on December 31, 2020. The unrecognized compensation expense of Patriot options granted as of December 31, 2020 was $755,000, 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, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (7) Fair Value Measurements At December 31, 2020 and September 30, 2020, 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, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent liabilities | (8) Contingent liabilities |
Concentrations
Concentrations | 3 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentrations | (9) Concentrations Market: Customers Deposits |
Business Acquisition
Business Acquisition | 3 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Acquisition | (10) Business Acquisition The Company acquired certain assets of Danfair Transport out of Americus, GA on November 4, 2019. 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): Consideration: 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, estimated to be $425,000 on the date of acquisition, was later determined to be $69,000 based upon the total revenues for the 12 months following the acquisition. Changes in the estimated earned payout liability, up to the total contractual amount, are reflected in our results of operations in the periods in which they were identified. For the three months ended December 31, 2020 the Company recorded a gain of $16,000. During fiscal year 2020 the Company recorded gains of $340,000 on the contingent consideration. |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share | |
Earnings per share (in thousands, except per share amounts) | Three Months ended December 31, 2020 2019 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,377 3,351 Common shares issuable under share based payment plans which are potentially dilutive — — Common shares used for diluted earnings per common share 3,377 3,351 Net loss $ (222 ) (464 ) Earnings per common share: -basic $ (0.07 ) (0.14 ) -diluted $ (0.07 ) (0.14 ) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Expense (in thousands) | Three Months ended December 31, 2020 2019 Stock option grants $ 59 59 Annual director stock award — — $ 59 59 |
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, 2020 400,722 $ 14.96 6.6 $ 1,749 Granted 78,345 10.00 275 Forfeited (9,632 ) 13.88 (48 ) Term Adjustment 148,067 Outstanding at December 31, 2020 (a) 617,502 $ 10.76 7.1 $ 1,976 Exercisable at December 31, 2020 317,208 $ 11.97 5.4 $ 1,195 Vested during three months ended December 31, 2020 77,845 $ 242 |
Business Acquisition (Tables)
Business Acquisition (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
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, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding during the period - shares used for basic earnings per common share | 3,377 | 3,351 |
Common shares issuable under share based payment plans which are potentially dilutive | 0 | 0 |
Common shares used for diluted earnings per common share | 3,377 | 3,351 |
Net loss | $ (222) | $ (464) |
Earnings (loss) per common share: | ||
Earnings (loss) per share-basic | $ (0.07) | $ (0.14) |
Earnings (loss) per share-diluted | $ (0.07) | $ (0.14) |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | ||
Share-based Payment Arrangement [Abstract] | ||||
Options outstanding | 617,502 | [1] | 400,722 | |
Term adjustment | 148,067 | |||
Options granted | 78,345 | |||
Options forfeited | (9,632) | |||
Options outstanding weighted average exercise price | $ 10.76 | $ 14.96 | ||
Options outstanding weighted average exercise price - Granted | 10 | |||
Options outstanding weighted average exercise price - forfeited | $ 13.88 | |||
Options outstanding weighted average remaining term | 7 years 1 month 7 days | 6 years 7 months 9 days | ||
Options outstanding weighted average grant date fair value | $ 1,976 | $ 1,749 | ||
Options granted weighted average grant date fair value | $ 275 | |||
Options forfeited weighted average grant date fair value | $ (48) | |||
Options exercisable | 317,208 | |||
Options exerciseable weighted average exercise price | $ 11.97 | |||
Options exercisable weighted average remaining term | 5 years 4 months 26 days | |||
Options exerciseable weighted average grant date fair value | $ 1,195 | |||
Options vested | 77,845 | |||
Options vested weighted average grant date fair value | $ 242 | |||
[1] | The Company stock option intrinsic values were adjusted as of December 30, 2020, the date of the extraordinary dividend. Stock option acitivity, including the weighted average exercise price, was not retroactively adjusted. |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Stock Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Stock option grants | $ 59 | $ 59 |
Annual director stock award | 0 | 0 |
Stock based compensation expense | $ 59 | $ 59 |
Business Acquisition - Acquisit
Business Acquisition - Acquisition purchase price allocation (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2020 | Sep. 30, 2020 | Nov. 04, 2019 | |
Fair value of consideration transferred | $ (1,425) | |||
Acquisition related costs expensed | $ 38 | |||
Prepaid tires | $ 1,415 | $ 1,414 | ||
Danfair Transport | ||||
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) | Dec. 31, 2020 |
Revenue Producing Drivers | 388 |
Fleet of Tractors | 319 |
owner operators | 22 |
Fleet of Trailers | 445 |
Terminal locations | 18 |
Satellite locations | 6 |
Petroleum Products | |
Percentage of Business | 88.00% |
Dry Bulk Commodities | |
Percentage of Business | 12.00% |
Related Party Agreements (Detai
Related Party Agreements (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
FRP | ||
Charges/allocations | $ 435 | $ 413 |
Long-Term Debt (Details Narrati
Long-Term Debt (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Sep. 30, 2020 | 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 | 3,579 | |||
Amount available for additional borrowings | $ 31,421 | |||
Credit agreement term | 5 years | |||
Compliance with loan covenants | All | |||
Letter of credit fee | 1.00% | |||
Interest rate | 1.14675% | |||
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, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive shares | 617,502 | 251,845 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | Dec. 21, 2016USD ($)yr$ / sharesshares | |
Shares available for future issuance | shares | 94,687 | ||
Stock appreciation rights issued | shares | 174,011 | ||
Minimum award for stock appreciation rights | $ 500 | ||
Stock appreciation rights vesting period | yr | 9.1 | ||
Aggregate intrinsic value of exercisable options | $ 0 | ||
Aggregate intrinsic value of outstanding in-the-money options | $ 0 | ||
Market close price | $ / shares | $ 8.78 | $ 12.79 | |
Total unrecognized compensation cost of options granted | $ 755 | ||
Compensation cost not yet vested recognition period | 3 years 7 months 16 days | ||
Stock appreciation rights accrued liability | $ 350 | $ 275 | |
Special Cash Dividend | |||
Dividends paid | $ / shares | $ 3 |
Concentrations (Details Narrati
Concentrations (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2020 | |
Top Ten Customers | ||
Customer revenue concentration | 61.10% | |
Accounts receivable concentration | $ 2,534 | $ 3,121 |
Top Customer | ||
Customer revenue concentration | 21.80% |
Business Acquisition (Details N
Business Acquisition (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Nov. 04, 2019 | |
Contingent consideration gain | $ 16 | $ 0 | $ 340 | |
Danfair Transport | ||||
Earned payout liability | $ 69 | $ 425 |