Patriot Transportation Holding (PATI) 10-Q 14 Aug 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Jun. 30, 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	Jun. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Filer	true
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	3,347,329
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Sep. 30, 2018
Current assets:
Cash and cash equivalents	$ 6,020	$ 1
Treasury bills available for sale	14,430	17,298
Accounts receivable, net of allowance for doubtful accounts of $165 and $153, respectively)	7,472	7,866
Federal and state taxes receivable	117	547
Inventory of parts and supplies	944	895
Prepaid tires on equipment	1,666	1,746
Prepaid taxes and licenses	196	609
Prepaid insurance	1,994	2,348
Prepaid expenses, other	373	134
Total current assets	33,212	31,444
Property and equipment, at cost	93,729	94,710
Less accumulated depreciation	59,678	60,799
Net property and equipment	34,051	33,911
Goodwill	3,431	3,431
Intangible assets, net	740	855
Other assets, net	171	176
Total assets	71,605	69,817
Current liabilities:
Accounts payable	3,221	3,271
Bank overdraft	0	625
Accrued payroll and benefits	3,892	3,963
Accrued insurance	2,339	1,896
Accrued liabilities, other	310	408
Total current liabilities	9,762	10,163
Deferred income taxes	6,017	5,940
Accrued insurance	204	204
Other liabilities	1,096	1,104
Total liabilities	17,079	17,411
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; 3,347,329 and 3,328,466 shares issued and outstanding, respectively)	335	333
Capital in excess of par value	37,966	37,436
Retained earnings	16,041	14,472
Accumulated other comprehensive income, net	184	165
Total shareholders' equity	54,526	52,406
Total liabilties and shareholders' equity	$ 71,605	$ 69,817

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Sep. 30, 2018
Statement of Financial Position [Abstract]
Accounts receivable allowance for doubtful accounts	$ 165	$ 153
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
Preferred stock, shares outstanding	0	0
Common stock, par value	$ .10	$ 0.10
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	3,347,329	3,328,466
Common stock, shares outstanding	3,347,329	3,328,466

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Total revenues	$ 27,526	$ 29,404	$ 82,588	$ 85,284
Cost of operations:
Compensation and benefits	11,985	12,132	35,875	36,048
Fuel expenses	3,988	4,623	12,268	13,049
Repairs & tires	1,901	1,817	5,572	5,075
Other operating	1,189	1,247	3,510	3,353
Insurance and losses	2,211	2,614	7,155	8,499
Depreciation expense	1,976	2,137	5,922	6,690
Rents, tags & utilities	833	792	2,571	2,534
Sales, general & administrative	2,479	2,465	7,508	7,229
Corporate expenses	426	399	1,825	1,676
Loss (gain) on disposition of PP&E	115	(175)	(1,441)	(674)
Total cost of operations	27,103	28,051	80,765	83,479
Total operating profit	423	1,353	1,823	1,805
Interest income and other	116	64	330	97
Interest expense	(8)	(10)	(25)	(29)
Income before income taxes	531	1,407	2,128	1,873
Provision for (benefit from) income taxes	135	321	559	(2,617)
Net income	396	1,086	1,569	4,490
Unrealized investment gains, net	7	0	19	0
Tax reform gain on retiree health	0	0	0	32
Comprehensive income	$ 403	$ 1,086	$ 1,588	$ 4,522
Earnings per common share:
Net income - basic	$ 0.12	$ 0.33	$ 0.47	$ 1.35
Net income - diluted	$ 0.12	$ 0.33	$ 0.47	$ 1.35
Number of shares (in thousands) used in computing:
-basic earnings per common share	3,347	3,324	3,339	3,315
-diluted earnings per common share	3,348	3,328	3,340	3,316
Transportation
Revenues:
Total revenues	$ 24,907	$ 26,445	$ 74,424	$ 77,391
Fuel Surcharges
Revenues:
Total revenues	$ 2,619	$ 2,959	$ 8,164	$ 7,893

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 1,569	$ 4,490
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,373	7,226
Deferred income taxes	77	(3,950)
Gain on asset dispositions	(1,441)	(687)
Stock-based compensation	532	534
Net changes in operating assets and liabilities:
Accounts receivable	394	440
Inventory of parts and supplies	(49)	(24)
Prepaid expenses	608	(254)
Other assets	(292)	38
Accounts payable and accrued liabilities	224	(1,983)
Income taxes payable and receivable	430	718
Long-term insurance liabilities and other long-term liabilities	(8)	0
Net cash provided by operating activities	8,417	6,548
Cash flows from investing activities:
Purchase of property and equipment	(7,603)	(2,269)
Purchase of Treasury bills	(14,810)	0
Maturities of Treasury bills	18,000	0
Proceeds from the sale of property, plant and equipment	2,649	1,338
Net cash used in investing activities	(1,764)	(931)
Cash flows from financing activities:
Decrease in bank overdrafts	(625)	0
Debt issue costs	(9)	0
Proceeds from exercise of stock options	0	126
Net cash (used in) provided by financing activities	(634)	126
Net increase in cash and cash equivalents	6,019	5,743
Cash and cash equivalents at beginning of period	1	11,289
Cash and cash equivalents at end of the period	$ 6,020	$ 17,032

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2019. 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, 2018.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Recently Issued Accounting Standards	In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” which replaces existing revenue recognition standards and significantly expand the disclosure requirements for revenue arrangements. The new standard requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. This update also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. It may be adopted either retrospectively or on a modified retrospective basis to new contracts and existing contracts with remaining performance obligations as of the effective date. Management has identified that a legally enforceable contract with its customers is executed by both parties at the point of pickup of the shipper’s product, as evidenced by the bill of lading. Although the Company may have master agreements with its customers, these master agreements only establish terms. There is no financial obligation to the shipper until the Company takes possession of the load. Revenue is recognized for each individual load and the amount of revenue in progress at the end of each quarter is insignificant. There is no significant amount of judgment or uncertainty in recording revenue. The Company adopted this standard on October 1, 2018, and its adoption of this guidance did not result in a material impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases”, which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of twelve months or less. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. The new standard will become effective for the Company beginning with the first quarter 2020 and requires a modified retrospective transition approach and includes a number of practical expedients. Early adoption of the standard is permitted. The Company is currently evaluating the impacts the adoption of this accounting guidance will have on the consolidated financial statements. The Company has relatively few leases extending over 12 months, primarily the corporate office and 30 leased tractors. The total gross contractual obligation for leases with commitments greater than 12 months at September 30, 2018 was $3,875,000.

Related Party Agreements

Related Party Agreements	9 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Related Party Agreements	The Company provides FRP Holdings, Inc. (FRP) certain services including the services of certain shared executive officers. FRP may be considered a related party due to common significant shareholder ownership and shared common officers. A written agreement exists outlining the terms of such services and the boards of the respective companies amended and extended this agreement for one year effective April 1, 2019. The consolidated statements of income reflect charges and/or allocation to FRP Holdings, Inc. for these services of $328,000 and $371,000 for the three months ended June 30, 2019 and 2018, and $1,051,000 and $1,081,000 for the nine months ended June 30, 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	9 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt	The Company had no long-term debt outstanding at June 30, 2019 and September 30, 2018. On December 28, 2018 the Company entered into a First Amendment to the 2015 Credit Agreement (the "Credit Agreement") with Wells Fargo Bank, N.A. ("Wells Fargo"), effective December 14, 2018. The Credit Agreement modifies the Company's prior Credit Agreement with Wells Fargo, dated January 30, 2015. The Credit Agreement establishes a five year revolving credit facility with a maximum facility amount of $35 million, with a separate sublimit for standby letters of credit. The credit facility limit may be increased to $50 million upon request by the Company, subject to the lender's discretion and the satisfaction of certain conditions. The interest rate under the Credit Agreement will be a maximum of 1.50% over LIBOR, which may be reduced quarterly to 1.25% or 1.0% over LIBOR if the Company meets a specified ratio of consolidated total debt to consolidated total capital. A commitment fee of 0.144% per annum is payable quarterly on the unused portion of the commitment but the amount may be reduced to 0.1145% or 0.086% if the Company meets a specified ratio of consolidated total debt to consolidated total capital. The Credit Agreement contains certain conditions, affirmative financial covenants and negative covenants. As of June 30, 2019, we had no outstanding debt borrowed on this revolver, $3,043,000 in commitments under letters of credit and $31,957,000 available for additional borrowings. The letter of credit fee is 1% and the applicable interest rate would have been 3.402% on June 30, 2019. 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 as of June 30, 2019.

Earnings per Share

Earnings per Share	9 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
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, 2019 2018 2019 2018 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,347 3,324 3,339 3,315 Common shares issuable under share based payment plans which are potentially dilutive 1 4 1 1 Common shares used for diluted earnings per common share 3,348 3,328 3,340 3,316 Net income $ 396 1,086 1,569 4,490 Earnings per common share: -basic $ 0.12 0.33 0.47 1.35 -diluted $ 0.12 0.33 0.47 1.35 For the three and nine months ended June 30, 2019, 181,983 and 185,983 shares attributable to outstanding stock options, respectively, 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, 2018, 139,688 and 158,718 shares attributable to outstanding stock options, respectively, 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, 2019
Share-based Payment Arrangement [Abstract]
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 271,043 at June 30, 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 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, 2019 2018 2019 2018 Stock option grants $ 57 56 169 166 Annual director stock award — — 363 368 $ 57 56 532 534 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, 2018 173,095 $ 21.49 6.3 $ 1,398 Granted 29,920 20.10 240 Forfeited (10,000 ) 18.24 (76 ) Outstanding at June 30, 2019 193,015 $ 21.44 6.5 $ 1,562 Exercisable at June 30, 2019 108,084 $ 22.32 5.0 $ 885 Vested during nine months ended June 30, 2019 19,724 $ 174 The aggregate intrinsic value of exercisable Company options was $3,000 and the aggregate intrinsic value of all outstanding in-the-money options was $3,000 based on the Company’s market closing price of $16.97 on June 28, 2019 less exercise prices. The realized tax benefit from option exercises during the first nine months of fiscal 2019 was $52,000 which pertained to FRP options exercised that were granted to persons employed by Patriot. The unrecognized compensation expense of Patriot options granted as of June 30, 2019 was $551,000, 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, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy prioritizes the inputs to valuation techniques used to 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 are those that are unobservable and significant to the overall fair value measurement. During the nine months ending June 30, 2019, 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 $19,000 was recorded as part of comprehensive income and was based on the market value (Level 1). The amortized cost of the investments was $14,417,000 and the carrying amount and fair value was $14,430,000 as of June 30, 2019. At June 30, 2019 and September 30, 2018, 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, 2019
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	The Company is involved in litigation on a number of matters and is subject to certain claims which arise in the normal course of business. The Company has retained certain self-insurance risks with respect to losses for third party liability and property damage. There is a reasonable possibility that the Company’s estimate of vehicle and workers’ compensation liability may be understated or overstated but the possible range cannot be estimated. The liability at any point in time depends upon the relative ages and amounts of the individual open claims. In the opinion of management none of these matters are expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

Concentrations

Concentrations	9 Months Ended
	Jun. 30, 2019
Risks and Uncertainties [Abstract]
Concentrations	Market: Customers Deposits

Unusual or Infrequent Items Imp

Unusual or Infrequent Items Impacting Quarterly Results	9 Months Ended
	Jun. 30, 2019
Unusual or Infrequent Items, or Both [Abstract]
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. Second quarter 2019 net income included $179,000 or $.05 per share, from a gain of $247,000 on the insurance settlement for hurricane damages and losses sustained at our Panama City, Florida location in this year’s first quarter. First quarter 2018 net income included $3,041,000, or $.92 per share, due to a deferred tax benefit resulting from revaluing the company’s net deferred tax liabilities per the Tax Cuts and Jobs Act of 2017.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings per share	Three Months ended Nine months ended June 30, June 30, 2019 2018 2019 2018 Weighted average common shares outstanding during the period - shares used for basic earnings per common share 3,347 3,324 3,339 3,315 Common shares issuable under share based payment plans which are potentially dilutive 1 4 1 1 Common shares used for diluted earnings per common share 3,348 3,328 3,340 3,316 Net income $ 396 1,086 1,569 4,490 Earnings per common share: -basic $ 0.12 0.33 0.47 1.35 -diluted $ 0.12 0.33 0.47 1.35

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock compensation expense	Three Months ended Nine months ended June 30, June 30, 2019 2018 2019 2018 Stock option grants $ 57 56 169 166 Annual director stock award — — 363 368 $ 57 56 532 534
Stock option activity	Weighted Weighted Weighted Number Average Average Average of Exercise Remaining Grant Date Options Shares Price Term (yrs) Fair Value Outstanding at October 1, 2018 173,095 $ 21.49 6.3 $ 1,398 Granted 29,920 20.10 240 Forfeited (10,000 ) 18.24 (76 ) Outstanding at June 30, 2019 193,015 $ 21.44 6.5 $ 1,562 Exercisable at June 30, 2019 108,084 $ 22.32 5.0 $ 885 Vested during nine months ended June 30, 2019 19,724 $ 174

Description of Business and B_2

Description of Business and Basis of Presentation (Details Narrative)	Jun. 30, 2019Integer
Revenue producing drivers	527
Fleet of tractors	369
Tractors being placed in service	21
Tractors being prepared for sale	24
Owner operators	22
Fleet of trailers	518
Terminal locations	19
Satellite locations	6
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	Sep. 30, 2018USD ($)
Accounting Policies [Abstract]
Contractual obligation for lease payments greater than 12 months	$ 3,875

Related Party Agreements (Detai

Related Party Agreements (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
FRP
Charges/allocations	$ 328	$ 371	$ 1,051	$ 1,081

Long-Term Debt (Details Narrati

Long-Term Debt (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Dec. 31, 2018	Jun. 30, 2019	Dec. 14, 2018	Sep. 30, 2018
Wells Fargo
Long-term debt		$ 0		$ 0
Credt agreement term	5 years
Revolving credit facility			$ 35,000
Credit facility increase maximum			$ 50,000
Borrowed under the revolver		0
Commitments under letters of credit		3,043
Amount available for additional borrowings		$ 31,957
Letter of credit fee		1.00%
Interest rate		3.402%
Compliance with loan covenants		All
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)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Weighted average common shares outstanding during the period - shares used for basic earnings per common share	3,347	3,324	3,339	3,315
Common shares issuable under share based payment plans which are potentially dilutive	1	4	1	1
Common shares used for diluted earnings per common share	3,348	3,328	3,340	3,316
Net income	$ 396	$ 1,086	$ 1,569	$ 4,490
Earnings per common share:
-basic	$ 0.12	$ 0.33	$ 0.47	$ 1.35
-diluted	$ 0.12	$ 0.33	$ 0.47	$ 1.35

Earnings per Share (Details Nar

Earnings per Share (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Anti-dilutive shares	181,983	139,688	185,983	158,718

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Payment Arrangement [Abstract]
Stock option grants	$ 57	$ 56	$ 169	$ 166
Annual director stock award	0	0	363	368
Stock based compensation expense	$ 57	$ 56	$ 532	$ 534

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans (Details 1)	9 Months Ended
	Jun. 30, 2019$ / sharesshares
Share-based Payment Arrangement [Abstract]
Options outstanding, beginning | shares	173,095
Options granted | shares	29,920
Options forfeited | shares	(10,000)
Options outstanding, ending | shares	193,015
Options exercisable | shares	108,084
Options vested | shares	19,724
Weighted average exercise price, beginning	$ 21.49
Weighted average exercise price granted	20.10
Weighted average exercise price forfeited	18.24
Weighted average exercise price, ending	21.44
Weighted average exercise price exercisable	$ 22.32
Weighted average remaining term, beginning	6 years 3 months 18 days
Weighted average remaining term, ending	6 years 6 months
Weighted average remaining term exercisable	5 years
Weighted average grant date fair value, beginning	$ 1,398
Weighted average grant date fair value granted	240
Weighted average grant date fair value forefeited	(76)
Weighted average grant date fair value, ending	1,562
Weighted average grant date fair value exercisable	885
Weighted average grant date fair value vested	$ 174

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans (Details Narrative) $ / shares in Units, $ in Thousands	9 Months Ended
	Jun. 30, 2019USD ($)shares	Jun. 28, 2019$ / shares	Dec. 21, 2016USD ($)yr$ / sharesshares
Share-based Payment Arrangement [Abstract]
Shares available for future issuance | shares	271,043
Stock appreciation rights issued | shares			80,000
Market close price | $ / shares		$ 16.97	$ 23.13
Minimum award for stock appreciation rights			$ 500
Stock appreciation rights vesting period | yr			9.1
Aggregate intrinsic value of exercisable options	$ 3
Aggregate intrinsic value of outstanding in-the-money options	3
Realized tax benefit from options exercised	52
Unrecognized compensation expense	$ 551
Unrecognized compensation expense recognition period	3 years 3 months 18 days

Fair Value Measurements (Detail

Fair Value Measurements (Details Narrative) $ in Thousands	9 Months Ended
	Jun. 30, 2019USD ($)
Fair Value Disclosures [Abstract]
Unrealized gains on treasury bills	$ 19
Amortized cost of investments in treasury bills	14,417
Carrying amount of investments in treasury bills	14,430
Fair value of investments in treasury bills	$ 14,430

Concentrations (Details Narrati

Concentrations (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2019	Sep. 30, 2018
Top Ten Customers
Customer revenue concentration	63.10%
Accounts receivable concentration	$ 4,877	$ 4,875
Top Customer
Customer revenue concentration	18.90%

Unusual or Infrequent Items I_2

Unusual or Infrequent Items Impacting Quarterly Results (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
US statutory federal rate				21.00%	24.28%
Effective tax rate				27.50%	30.50%	39.50%
Real Estate Sales
Gain included in net income		$ 634
Per share gain included in net income		$ 0.19
Insurance Settlement
Gain included in net income	$ 179
Per share gain included in net income	$ 0.05
Gain included in income statement	$ 247
Tax Reform
Deferred tax benefit			$ 3,041
Deferred tax benefit per share			$ 0.92