Cover
Cover - shares | 3 Months Ended | |
Dec. 31, 2022 | Feb. 10, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --09-30 | |
Entity File Number | 001-36605 | |
Entity Registrant Name | PATRIOT TRANSPORTATION HOLDING, INC. | |
Entity Central Index Key | 0001616741 | |
Entity Tax Identification Number | 47-2482414 | |
Entity Incorporation, State or Country Code | FL | |
Entity Address, Address Line One | 200 W. Forsyth St. | |
Entity Address, Address Line Two | 7th Floor | |
Entity Address, City or Town | Jacksonville | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32202 | |
City Area Code | 904 | |
Local Phone Number | 396-5733 | |
Title of 12(b) Security | Common Stock, $.10 par value | |
Trading Symbol | PATI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 3,526,489 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 7,808 | $ 8,302 |
Accounts receivable (net of allowance for doubtful accounts of $71 and $68, respectively) | 5,737 | 5,296 |
Inventory of parts and supplies | 1,037 | 1,006 |
Prepaid tires on equipment | 1,555 | 1,486 |
Prepaid taxes and licenses | 287 | 378 |
Prepaid insurance | 3,538 | 3,927 |
Prepaid expenses, other | 148 | 163 |
Total current assets | 20,110 | 20,558 |
Property and equipment, at cost | 74,183 | 72,816 |
Less accumulated depreciation | 53,215 | 52,567 |
Net property and equipment | 20,968 | 20,249 |
Operating lease right-of-use assets | 3,422 | 2,424 |
Goodwill | 3,637 | 3,637 |
Intangible assets, net | 506 | 556 |
Other assets, net | 139 | 142 |
Total assets | 48,782 | 47,566 |
Current liabilities: | ||
Accounts payable | 2,057 | 1,964 |
Federal and state taxes payable | 791 | 594 |
Accrued payroll and benefits | 3,047 | 3,208 |
Accrued insurance | 986 | 1,053 |
Accrued liabilities, other | 300 | 1,010 |
Operating lease liabilities, current portion | 890 | 884 |
Total current liabilities | 8,071 | 8,713 |
Operating lease liabilities, less current portion | 2,918 | 1,705 |
Deferred income taxes | 3,631 | 3,631 |
Accrued insurance | 1,476 | 1,476 |
Other liabilities | 848 | 854 |
Total liabilities | 16,944 | 16,379 |
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; 3,501,289 and 3,484,004 shares issued and outstanding, respectively) | 350 | 348 |
Capital in excess of par value | 40,118 | 39,958 |
Accumulated deficit | (8,705) | (9,190) |
Accumulated other comprehensive income, net | 75 | 71 |
Total shareholders’ equity | 31,838 | 31,187 |
Total liabilities and shareholders’ equity | $ 48,782 | $ 47,566 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Sep. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 71 | $ 68 |
Preferred shares authorized | 5,000,000 | 5,000,000 |
Preferred Series A Junior Participating | 250,000 | 250,000 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common shares authorized | 25,000,000 | 25,000,000 |
Common stock, outstanding | 3,501,289 | 3,484,004 |
Common shares, issued | 3,501,289 | 3,484,004 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Operating revenues | $ 22,850 | $ 20,571 |
Cost of operations: | ||
Compensation and benefits | 10,205 | 9,084 |
Fuel expenses | 3,320 | 2,718 |
Repairs & tires | 1,354 | 1,216 |
Other operating | 689 | 744 |
Insurance and losses | 1,984 | 1,810 |
Depreciation expense | 1,274 | 1,477 |
Rents, tags & utilities | 648 | 673 |
Sales, general & administrative | 2,327 | 2,465 |
Corporate expenses | 495 | 533 |
Gain on sale of terminal sites | 0 | (8,330) |
Gain on disposition of PP&E | (66) | (360) |
Total cost of operations | 22,230 | 12,030 |
Total operating income | 620 | 8,541 |
Interest income and other | 65 | 1 |
Interest expense | (4) | (5) |
Income before income taxes | 681 | 8,537 |
Provision for income taxes | 196 | 2,098 |
Net income | 485 | 6,439 |
Unrealized investment gain, net | 4 | 0 |
Comprehensive income | $ 489 | $ 6,439 |
Earnings per common share: | ||
Basic | $ 0.14 | $ 1.88 |
Diluted | $ 0.14 | $ 1.74 |
Number of shares (in thousands) used in computing: | ||
-basic earnings per common share | 3,490 | 3,419 |
-diluted earnings per common share | 3,532 | 3,701 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 485 | $ 6,439 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,422 | 1,615 |
Non-cash lease expense | 230 | 273 |
Gain on asset dispositions | (66) | (8,717) |
Stock-based compensation | 45 | 57 |
Net changes in operating assets and liabilities: | ||
Accounts receivable | (441) | 551 |
Inventory of parts and supplies | (31) | (72) |
Prepaid expenses | 426 | 566 |
Other assets | 7 | 3 |
Accounts payable and accrued liabilities | (845) | (956) |
Income taxes payable and receivable | 197 | 2,097 |
Operating lease liabilities | (9) | (243) |
Long-term insurance liabilities and other long-term liabilities | (6) | (8) |
Net cash provided by operating activities | 1,414 | 1,605 |
Cash flows from investing activities: | ||
Purchase of property and equipment | (2,132) | (948) |
Proceeds from the sale of property, plant and equipment | 107 | 9,840 |
Net cash (used in) provided by investing activities | (2,025) | 8,892 |
Cash flows from financing activities: | ||
Dividends paid | 0 | (12,808) |
Expired stock options | (10) | 0 |
Proceeds from exercised stock options | 127 | 112 |
Net cash provided by (used in) financing activities | 117 | (12,696) |
Net decrease in cash and cash equivalents | (494) | (2,199) |
Cash and cash equivalents at beginning of period | 8,302 | 10,899 |
Cash and cash equivalents at end of the period | 7,808 | 8,700 |
Supplemental disclosures of cash flow information: | ||
Interest | 4 | 4 |
Income taxes | 0 | 2 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 1,228 | $ 1,453 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Beginning balance, value at Sep. 30, 2021 | $ 342 | $ 39,257 | $ (3,572) | $ 89 | $ 36,116 |
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2021 | 3,415,643 | ||||
Stock-based compensation | $ 0 | 57 | 0 | 0 | 57 |
Exercise of stock options | $ 1 | 111 | 0 | 0 | 112 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 16,253 | ||||
Expired stock options | 0 | 0 | |||
Cash dividends | $ 0 | 0 | (12,808) | 0 | (12,808) |
Net income | 0 | 0 | 6,439 | 0 | 6,439 |
Unrealized investment gains, net | 0 | 0 | |||
Ending balance, value at Dec. 31, 2021 | $ 343 | 39,425 | (9,941) | 89 | 29,916 |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2021 | 3,431,896 | ||||
Beginning balance, value at Sep. 30, 2022 | $ 348 | 39,958 | (9,190) | 71 | $ 31,187 |
Common Stock, Shares, Outstanding, Beginning Balance at Sep. 30, 2022 | 3,484,004 | ||||
Stock-based compensation | 0 | 45 | 0 | 0 | $ 45 |
Exercise of stock options | $ 2 | 125 | 0 | 0 | 127 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period | 17,285 | ||||
Expired stock options | $ 0 | (10) | 0 | 0 | (10) |
Net income | 0 | 0 | 485 | 0 | 485 |
Unrealized investment gains, net | 0 | 0 | 0 | 4 | 4 |
Ending balance, value at Dec. 31, 2022 | $ 350 | $ 40,118 | $ (8,705) | $ 75 | $ 31,838 |
Common Stock, Shares, Outstanding, Ending Balance at Dec. 31, 2022 | 3,501,289 | 3,501,289 |
Description of Business and Bas
Description of Business and Basis of Presentation | 3 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | (1) Description of Business and Basis of Presentation Description of Business Company’s Business 86 14 316 268 3 43 419 17 6 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, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2023. 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, 2022. Operating Revenues Our revenues are primarily based on a set rate per volume of product hauled to arrive at a desired rate per mile traveled. The rate also incorporates the cost of fuel at an assumed price plus fuel surcharges to address the fluctuation in fuel prices. Over time, the fuel surcharge tables in the industry have become so numerous and varied, both by carriers and customers, that they have simply become a part of the overall rating structure to arrive at that desired price per mile by market. We consider fuel surcharge revenue to be revenue from services rather than other revenues. As a result, the Company determined there is no reason to report fuel surcharges as a separate revenue line item and fuel surcharges are reported as part of Operating revenues. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 3 Months Ended |
Dec. 31, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | (2) Recently Issued Accounting Standards |
Related Party Agreements
Related Party Agreements | 3 Months Ended |
Dec. 31, 2022 | |
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 $ 223,000 253,000 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, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term debt | (4) Long-Term debt no Company The Amended and Restated Credit Agreement Wells Fargo five-year 15 million 25 million 1.10 0.12 25 million no 1,854,000 13,146,000 1 5.4 This credit agreement contains certain conditions, affirmative financial covenants and negative covenants including a minimum tangible net worth. The Company was in compliance with all of its loan covenants 2,690,000 |
Earnings per share
Earnings per share | 3 Months Ended |
Dec. 31, 2022 | |
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 Three Months ended December 31, 2022 2021 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,490 3,419 Common shares issuable under share based payment plans which are potentially dilutive 42 282 Common shares used for diluted earnings per common share 3,532 3,701 Net income $ 485 6,439 Earnings per common share: -basic $ 0.14 1.88 -diluted $ 0.14 1.74 For the three months ended December 31, 2022, 241,188 no |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Dec. 31, 2022 | |
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 35,811 On November 15, 2021, the Company paid an extraordinary dividend of $ 3.75 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 257,009 8.66 8.66 500,000 9.1 year 409,000 379,000 The Company recorded the following Stock compensation expense Three Months ended December 31, 2022 2021 Stock option grants $ 45 57 Annual director stock award — — Stock based compensation $ 45 57 A summary of Company stock options is presented below (in thousands, except share and per share amounts): Summary of stock options Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Outstanding at October 1, 2022 777,752 $ 7.44 5.3 $ 1,731 Expired (10,174 ) 7.31 (22 ) Exercised (17,285 ) 7.31 (50 ) Outstanding at December 31, 2022 750,293 $ 7.44 5.2 $ 1,659 Exercisable at December 31, 2022 599,867 $ 7.77 4.7 $ 1,413 Vested during three months ended December 31, 2022 100,104 $ 185 The aggregate intrinsic value of exercisable Company options was $ 306,000 446,000 7.03 The realized tax benefit from option exercises during the three months ended December 31, 2022 was $ 4,000 310,000 2.3 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (7) Fair Value Measurements measure fair value into three broad levels. Level 1 means the use of quoted prices in active markets for identical assets or liabilities. Level 2 means the use of values that are derived principally from or corroborated by observable market data. Level 3 means the use of inputs of those that are unobservable and significant to the overall fair value measurement. At December 31, 2022 and September 30, 2022, 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, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent liabilities | (8) Contingent liabilities |
Concentrations
Concentrations | 3 Months Ended |
Dec. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Concentrations | (9) Concentrations Market: Customers 59.5 18.2 2,990,000 2,861,000 Deposits |
Unusual or Infrequent Items Imp
Unusual or Infrequent Items Impacting Results | 3 Months Ended |
Dec. 31, 2022 | |
Unusual or Infrequent Items, or Both [Abstract] | |
Unusual or Infrequent Items Impacting Results | (10) Unusual or Infrequent Items Impacting Results 9,600,000 6,281,000 6.3 million 13 million On November 9, 2022, we extended our corporate headquarters’ lease for five years 1,087,000 1,233,000 146,000 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 3 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2023. 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, 2022. |
Operating Revenues | Operating Revenues Our revenues are primarily based on a set rate per volume of product hauled to arrive at a desired rate per mile traveled. The rate also incorporates the cost of fuel at an assumed price plus fuel surcharges to address the fluctuation in fuel prices. Over time, the fuel surcharge tables in the industry have become so numerous and varied, both by carriers and customers, that they have simply become a part of the overall rating structure to arrive at that desired price per mile by market. We consider fuel surcharge revenue to be revenue from services rather than other revenues. As a result, the Company determined there is no reason to report fuel surcharges as a separate revenue line item and fuel surcharges are reported as part of Operating revenues. |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per common share | The following details the computations of the basic and diluted Earnings per common share Three Months ended December 31, 2022 2021 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,490 3,419 Common shares issuable under share based payment plans which are potentially dilutive 42 282 Common shares used for diluted earnings per common share 3,532 3,701 Net income $ 485 6,439 Earnings per common share: -basic $ 0.14 1.88 -diluted $ 0.14 1.74 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock compensation expense | The Company recorded the following Stock compensation expense Three Months ended December 31, 2022 2021 Stock option grants $ 45 57 Annual director stock award — — Stock based compensation $ 45 57 |
Summary of stock options | A summary of Company stock options is presented below (in thousands, except share and per share amounts): Summary of stock options Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Outstanding at October 1, 2022 777,752 $ 7.44 5.3 $ 1,731 Expired (10,174 ) 7.31 (22 ) Exercised (17,285 ) 7.31 (50 ) Outstanding at December 31, 2022 750,293 $ 7.44 5.2 $ 1,659 Exercisable at December 31, 2022 599,867 $ 7.77 4.7 $ 1,413 Vested during three months ended December 31, 2022 100,104 $ 185 |
Description of Business and B_3
Description of Business and Basis of Presentation (Details Narrative) | Dec. 31, 2022 Integer |
Product Information [Line Items] | |
Number of revenue producting drivers | 316 |
Number of company tractors | 268 |
Number of tractors being placed in service | 3 |
Number of owner operator drivers | 43 |
Number of company trailers | 419 |
Number of terminals | 17 |
Number of satellite locations | 6 |
Petroleum Products [Member] | |
Product Information [Line Items] | |
Percent of other than petroleum based business | 86% |
Other Products [Member] | |
Product Information [Line Items] | |
Percent of other than petroleum based business | 14% |
Related Party Agreements (Detai
Related Party Agreements (Details Narrative) - USD ($) | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Related party transactions | $ 223,000 | $ 253,000 |
Long-Term debt (Details Narrati
Long-Term debt (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jul. 31, 2021 | Dec. 31, 2022 | Sep. 30, 2022 | |
Line of Credit Facility [Line Items] | |||
Outstanding debt | $ 0 | $ 0 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Outstanding debt | 0 | ||
Term of credit agreement | 5 years | ||
Maximum facility amount | 15,000,000 | ||
Increase limit | $ 25,000,000 | ||
Interest over SOFR | 1.10% | ||
Commitment fee | 0.12% | ||
Minimum tangible net worth | $ 25,000,000 | ||
LOC Commitments | 1,854,000 | ||
Available for borrowing | $ 13,146,000 | ||
Letter of credit fee | 1% | ||
Applicable interest rate for borrowing | 5.40% | ||
Compliance | The Company was in compliance with all of its loan covenants | ||
Maximum net worth | $ 2,690,000 |
Earnings per common share (Deta
Earnings per common share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Weighted average common shares outstanding during the period - shares used for basic earnings per common share | 3,490 | 3,419 |
Common shares issuable under share based payment plans which are potentially dilutive | 42 | 282 |
Common shares used for diluted earnings per common share | 3,532 | 3,701 |
Net income | $ 485 | $ 6,439 |
-basic | $ 0.14 | $ 1.88 |
-diluted | $ 0.14 | $ 1.74 |
Earnings per share (Details Nar
Earnings per share (Details Narrative) - shares | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive stock options | 241,188 | 0 |
Stock compensation expense (Det
Stock compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock based compensation | $ 45 | $ 57 |
Share-Based Payment Arrangement, Option [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock based compensation | 45 | 57 |
Director Stock Award [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock based compensation | $ 0 | $ 0 |
Summary of stock options (Detai
Summary of stock options (Details) - Share-Based Payment Arrangement, Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2022 | Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding | 750,293 | 777,752 |
Weighted average exercise price, outstanding | $ 7.44 | $ 7.44 |
Weighted average remaining term, outstanding | 5 years 2 months 12 days | 5 years 3 months 18 days |
Weighted average grant date fair value, outstanding | $ 1,659 | $ 1,731 |
Shares expired | (10,174) | |
Weighted average exercise price, forfeited | $ 7.31 | |
Weighted average grant date fair value, forfeited or expired | $ (22) | |
Shares exercised | (17,285) | |
Weighted average exercise price, exercised | $ 7.31 | |
Weighted average grant date fair value, exercised | $ (50) | |
Shares exerciseable | 599,867 | |
Weighted average exercise price, exercisable | $ 7.77 | |
Weighted average remaining term, exercisable | 4 years 8 months 11 days | |
Weighted average grant date fair value, exercisable | $ 1,413 | |
Shares vested | 100,104 | |
Weighted average grant date fair value, vested | $ 185 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Common shares available for future issuance | 35,811 | |||
Market closing price | $ 7.03 | |||
Realized tax benefit from option exercises | $ 4,000 | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Stock appreciation rights | 257,009 | |||
Market closing price | $ 8.66 | |||
Minimum cash award | $ 500,000 | |||
Vesting period for SAR | 9 years 1 month 3 days | |||
Accured liability under SAR | $ 409,000 | $ 379,000 | ||
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Aggregate intrinsic value, exercisable options | 306,000 | |||
Aggregate intrinsic value, outstanding in-the-money options | 446,000 | |||
Unrecognized compensation | $ 310,000 | |||
Weighted average period | 2 years 3 months 19 days | |||
Dividend Paid [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Extraordinary dividend | $ 3.75 |
Concentrations (Details Narrati
Concentrations (Details Narrative) - USD ($) | 3 Months Ended | |
Dec. 31, 2022 | Sep. 30, 2022 | |
Top Ten Customers [Member] | ||
Concentration Risk [Line Items] | ||
One customer revenue | 59.50% | |
Top Customers [Member] | ||
Concentration Risk [Line Items] | ||
One customer revenue | 18.20% | |
Top Ten Custpmers [Member] | ||
Concentration Risk [Line Items] | ||
Ten largest customers AR | $ 2,990,000 | $ 2,861,000 |
Unusual or Infrequent Items I_2
Unusual or Infrequent Items Impacting Results (Details Narrative) - USD ($) | Dec. 31, 2022 | Nov. 09, 2022 | Sep. 30, 2022 | Oct. 18, 2021 |
Unusual or Infrequent Item, or Both [Line Items] | ||||
Operating right-of-use assets | $ 3,422,000 | $ 2,424,000 | ||
Tampa Terminal [Member] | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Sales price of Tampa terminal | $ 9,600,000 | |||
After tax net income from Tampa terminal sale | 6,281,000 | |||
Tangible net worth covenant after Tampa terminal sale | $ 13,000,000 | |||
Lease Agreements [Member] | ||||
Unusual or Infrequent Item, or Both [Line Items] | ||||
Renewal term | 5 years | |||
Operating right-of-use assets | $ 1,087,000 | |||
Operating lease liabilities | 1,233,000 | |||
Tenant improvement receivable | $ 146,000 |