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 |