Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Mar. 31, 2014 | 14-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'CSP INC /MA/ | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 3,588,641 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000356037 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $12,860 | $18,619 |
Accounts receivable, net of allowances of $309 and $242 | 22,418 | 13,529 |
Inventories, net | 6,464 | 4,791 |
Refundable income taxes | 577 | 624 |
Deferred income taxes | 1,144 | 1,313 |
Other current assets | 2,578 | 2,042 |
Total current assets | 46,041 | 40,918 |
Property, equipment and improvements, net | 1,491 | 1,420 |
Other assets: | ' | ' |
Intangibles, net | 610 | 410 |
Deferred income taxes | 1,677 | 1,771 |
Cash surrender value of life insurance | 2,645 | 2,481 |
Other assets | 226 | 225 |
Total other assets | 5,158 | 4,887 |
Total assets | 52,690 | 47,225 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 13,366 | 10,503 |
Deferred revenue | 6,334 | 3,816 |
Pension and retirement plans | 760 | 746 |
Income taxes payable | 1 | 60 |
Total current liabilities | 20,461 | 15,125 |
Pension and retirement plans | 8,690 | 8,660 |
Other long term liabilities | 424 | 405 |
Total liabilities | 29,575 | 24,190 |
Commitments and contingencies | ' | ' |
Shareholders’ equity: | ' | ' |
Common stock, $.01 par value per share; authorized, 7,500 shares; issued and outstanding 3,589 and 3,496 shares, respectively | 36 | 35 |
Additional paid-in capital | 11,301 | 11,137 |
Retained earnings | 17,489 | 17,728 |
Accumulated other comprehensive loss | -5,711 | -5,865 |
Total shareholders’ equity | 23,115 | 23,035 |
Total liabilities and shareholders’ equity | $52,690 | $47,225 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Allowances (in Dollars) | $309 | $242 |
Common stock par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 7,500 | 7,500 |
Common stock, shares issued | 3,589 | 3,496 |
Common stock, shares outstanding | 3,589 | 3,496 |
Unaudited_Consolidated_Stateme
Unaudited Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Sales: | ' | ' | ' | ' |
Product | $14,319 | $19,537 | $29,068 | $34,842 |
Services | 6,584 | 6,286 | 13,167 | 11,851 |
Total sales | 20,903 | 25,823 | 42,235 | 46,693 |
Cost of sales: | ' | ' | ' | ' |
Product | 11,639 | 15,676 | 24,222 | 28,900 |
Services | 4,153 | 4,380 | 8,231 | 7,849 |
Amortization of inventory step up and intangibles | 29 | ' | 167 | ' |
Total cost of sales | 15,821 | 20,056 | 32,620 | 36,749 |
Gross profit | 5,082 | 5,767 | 9,615 | 9,944 |
Operating expenses: | ' | ' | ' | ' |
Engineering and development | 792 | 380 | 1,427 | 824 |
Selling, general and administrative | 3,957 | 4,165 | 7,977 | 7,725 |
Total operating expenses | 4,749 | 4,545 | 9,404 | 8,549 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | 0 | ' | 462 | 0 |
Operating income | 333 | 1,222 | 673 | 1,395 |
Other income (expense): | ' | ' | ' | ' |
Foreign exchange gain (loss) | -27 | -8 | -53 | 5 |
Other income (expense), net | -21 | -17 | -21 | 29 |
Total other income (expense), net | -48 | -25 | -74 | 34 |
Income before income taxes | 285 | 1,197 | 599 | 1,429 |
Income tax expense | 118 | 457 | 86 | 574 |
Net income | 167 | 740 | 513 | 855 |
Net income attributable to common stockholders | $161 | $724 | $495 | $838 |
Net income (loss) per share – basic (in Dollars per share) | $0.05 | $0.21 | $0.14 | $0.25 |
Weighted average shares outstanding – basic (in Shares) | 3,446 | 3,375 | 3,439 | 3,369 |
Net income (loss) per share – diluted (in Dollars per share) | $0.05 | $0.21 | $0.14 | $0.25 |
Weighted average shares outstanding – diluted (in Shares) | 3,493 | 3,424 | 3,484 | 3,416 |
Unaudited_Consolidated_Stateme1
Unaudited Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Net income | $167 | $740 | $513 | $855 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation gain (loss) adjustments | 4 | -72 | 154 | -16 |
Other comprehensive income (loss) | 4 | -72 | 154 | -16 |
Total comprehensive income | $171 | $668 | $667 | $839 |
Unaudited_Consolidated_Stateme2
Unaudited Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, unless otherwise specified | |||||
Balance at Sep. 30, 2013 | $23,035 | $35 | $11,137 | $17,728 | ($5,865) |
Balance (in Shares) at Sep. 30, 2013 | 3,496 | 3,496 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 513 | ' | ' | 513 | ' |
Other comprehensive income | 154 | ' | ' | ' | 154 |
Exercise of stock options, shares | ' | 1 | ' | ' | ' |
Exercise of stock options | 6 | ' | 6 | ' | ' |
Stock-based compensation | 158 | ' | 158 | ' | ' |
Restricted stock issuance | 1 | 1 | ' | ' | ' |
Restricted stock issuance (in Shares) | ' | 92 | ' | ' | ' |
Cash dividends on common stock ($0.21 per share) | -752 | ' | ' | -752 | ' |
Balance at Mar. 31, 2014 | $23,115 | $36 | $11,301 | $17,489 | ($5,711) |
Balance (in Shares) at Mar. 31, 2014 | 3,589 | 3,589 | ' | ' | ' |
Unaudited_Consolidated_Stateme3
Unaudited Consolidated Statement of Shareholders' Equity (Parentheticals) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended |
Feb. 11, 2014 | Dec. 17, 2013 | Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Dividends per share | $0.11 | $0.10 | $0.21 |
Unaudited_Consolidated_Stateme4
Unaudited Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $513 | $855 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | -462 | 0 |
Depreciation and amortization | 245 | 213 |
Amortization of intangibles | 60 | 41 |
Loss (gain) on sale of fixed assets, net | 2 | -15 |
Foreign exchange (gain) loss | 53 | -5 |
Non-cash changes in accounts receivable | 67 | 5 |
Inventory Write-down | 140 | 0 |
Stock-based compensation expense on stock options and restricted stock awards | 159 | 67 |
Deferred income taxes | 21 | 27 |
Increase in cash surrender value of life insurance | -84 | -45 |
Changes in operating assets and liabilities: | ' | ' |
Increase in accounts receivable | -8,763 | -8,339 |
Decrease in officer life insurance receivable | 0 | 2,172 |
(Increase) decrease in inventories | -764 | 1,731 |
Decrease in refundable income taxes | 476 | 7 |
Increase in other current assets | -503 | -838 |
(Increase) decrease in other assets | 0 | -74 |
Increase (decrease) in accounts payable and accrued expenses | 2,676 | -285 |
Increase in deferred revenue | 2,445 | 601 |
Decrease in pension and retirement plans liability | -120 | -130 |
Increase (decrease) in income taxes payable | -486 | 209 |
Increase in other long term liabilities | 19 | 20 |
Net cash used in operating activities | -4,306 | -3,783 |
Cash flows from investing activities: | ' | ' |
Life insurance premiums paid | -80 | -196 |
Proceeds from the sale of fixed assets | 6 | 17 |
Payments to Acquire Businesses, Net of Cash Acquired | -500 | 0 |
Purchases of property, equipment and improvements | -295 | -476 |
Net cash used in investing activities | -869 | -655 |
Cash flows from financing activities: | ' | ' |
Dividends, Cash | -752 | -689 |
Proceeds from issuance of shares from exercise of employee stock options | 6 | 0 |
Net cash used in financing activities | -746 | -689 |
Effects of exchange rate on cash | 162 | -75 |
Net decrease in cash and cash equivalents | -5,759 | -5,202 |
Cash and cash equivalents, beginning of period | 18,619 | 20,493 |
Cash and cash equivalents, end of period | 12,860 | 15,291 |
Supplementary cash flow information: | ' | ' |
Cash paid for income taxes | 63 | 336 |
Cash paid for interest | $85 | $85 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying consolidated financial statements have been prepared by the Company, without audit, and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. All adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in the annual financial statements, which are prepared in accordance with accounting principles generally accepted in the United States, have been condensed or omitted. Accordingly, the Company believes that although the disclosures are adequate to make the information presented not misleading, the unaudited financial statements should be read in conjunction with the footnotes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2013. |
Use_of_Estimates
Use of Estimates | 6 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates under different assumptions or conditions. |
Acquisition_Notes
Acquisition (Notes) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Acquisitions | ' | |||||||||||||||
Acquired Business | ||||||||||||||||
On November 4, 2013 the Company acquired substantially all of the assets of Myricom, Inc. Myricom has been integrated into the High Performance Products and Solutions business segment. Prior to our acquisition, Myricom was a manufacturer of high performance interconnect computing devices and software. The Company acquired Myricom in order to obtain (i) Myricom’s interconnect technology, which is critical to our latest MultiComputer products and (ii) a strong base of new customers in commercial growth markets. The Company also retained key Myricom technical personnel. Myricom was a key supplier to CSPI’s MultiComputer Division. Its interconnect technology is an important component of the latest generation MultiComputer products that we currently supply to our customers. | ||||||||||||||||
Although Myricom was an established business prior to our acquisition, it had previously sold off a significant portion of its business and was faced with the likelihood of having to shut down operations if it could not find a buyer to purchase its remaining assets. This was because the revenue that Myricom was able to generate from these remaining assets was not sufficient to support its cost structure so as to enable Myricom to operate at a profit. These factors contributed to a purchase price that resulted in the recognition of a bargain purchase gain. The Company paid total cash consideration of approximately $0.5 million to acquire substantially all of the assets of Myricom and incurred approximately $0.1 million for the assumption of certain other liabilities. The purchase of Myricom resulted in the recognition of a bargain purchase gain of approximately $0.5 million. The bargain purchase gain is shown net of the federal and state tax effect. | ||||||||||||||||
The purchase price was allocated as follows: | ||||||||||||||||
(Amounts in Thousands) | ||||||||||||||||
Inventory | $ | 1,030 | ||||||||||||||
Property & equipment | 17 | |||||||||||||||
Intangibles | 260 | |||||||||||||||
Gross assets acquired | 1,307 | |||||||||||||||
Product warranty liability assumed | (93 | ) | ||||||||||||||
Net assets acquired | 1,214 | |||||||||||||||
Less: asset purchase price | 500 | |||||||||||||||
Bargain purchase gain before tax | 714 | |||||||||||||||
Deferred tax on bargain purchase gain | (252 | ) | ||||||||||||||
Bargain purchase gain, net of tax effect | $ | 462 | ||||||||||||||
The results of operations of Myricom for the the three months ended March 31, 2014 and for the period November 4, 2013 - March 31, 2014 are included in the Company’s consolidated statement of operations for the three and six months ended March 31, 2014, respectively. | ||||||||||||||||
The following proforma condensed combined financial information gives effect to the acquisition of Myricom as if it were consummated on October 1, 2012 (the beginning of the comparable prior reporting period), and includes proforma adjustments related to the bargain purchase gain, amortization of inventory step-up and acquired intangible assets. The proforma condensed combined financial information is presented for informational purposes only. The proforma condensed combined financial information is not intended to represent or be indicative of the results of operations that would have been reported had the acquisition occurred on October 1, 2012 and should not be taken as representative of future results of operations of the combined company. | ||||||||||||||||
The following table presents the proforma condensed combined financial information (in thousands, except per share amounts): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
31-Mar-14 | March 31, 2013 | 31-Mar-14 | 31-Mar-13 | |||||||||||||
(Amounts in thousands except per share data) | ||||||||||||||||
Revenue | $ | 23,236 | $ | 27,477 | $ | 45,187 | $ | 50,224 | ||||||||
Net income (loss) | $ | 198 | $ | (31 | ) | $ | 224 | $ | (865 | ) | ||||||
Net income (loss) per share – basic | $ | 0.06 | $ | (0.01 | ) | $ | 0.07 | $ | (0.25 | ) | ||||||
Net income (loss) per share – diluted | $ | 0.06 | $ | (0.01 | ) | $ | 0.07 | $ | (0.25 | ) | ||||||
The proforma condensed combined financial information shown above includes proforma adjustments to eliminate certain items directly relating to the business combination which reduced net income by approximately $0.3 million for the six month period ended March 31, 2014. |
Earnings_Per_Share_of_Common_S
Earnings Per Share of Common Stock | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share of Common Stock | ' | |||||||||||||||
Earnings Per Share of Common Stock | ||||||||||||||||
Basic net income per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per common share reflects the maximum dilution that would have resulted from the assumed exercise and share repurchase related to dilutive stock options and is computed by dividing net income by the assumed weighted average number of common shares outstanding. | ||||||||||||||||
We are required to present earnings per share, or EPS, utilizing the two class method because we had outstanding, non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, which are considered participating securities. | ||||||||||||||||
Basic and diluted earnings per share computations for the Company’s reported net income attributable to common stockholders are as follows: | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-14 | 31-Mar-13 | |||||||||||||
(Amounts in thousands except per share data) | ||||||||||||||||
Net income | $ | 167 | $ | 740 | $ | 513 | $ | 855 | ||||||||
Less: net income attributable to nonvested common stock | 6 | 16 | 18 | 17 | ||||||||||||
Net income attributable to common stockholders | $ | 161 | $ | 724 | $ | 495 | $ | 838 | ||||||||
Weighted average total shares outstanding – basic | 3,580 | 3,448 | 3,562 | 3,437 | ||||||||||||
Less: weighted average non-vested shares outstanding | 134 | 73 | 123 | 68 | ||||||||||||
Weighted average number of common shares outstanding – basic | 3,446 | 3,375 | 3,439 | 3,369 | ||||||||||||
Potential common shares from non-vested stock awards and the assumed exercise of stock options | 47 | 49 | 45 | 47 | ||||||||||||
Weighted average common shares outstanding – diluted | 3,493 | 3,424 | 3,484 | 3,416 | ||||||||||||
Net income per share – basic | $ | 0.05 | $ | 0.21 | $ | 0.14 | $ | 0.25 | ||||||||
Net income per share – diluted | $ | 0.05 | $ | 0.21 | $ | 0.14 | $ | 0.25 | ||||||||
All anti-dilutive securities, including certain stock options, are excluded from the diluted income per share computation. For the three months ended March 31, 2014 and 2013, 49,000 and 183,000 options, respectively, were excluded from the diluted income per share calculation because their inclusion would have been anti-dilutive as their exercise price exceeded fair value. For the six months ended March 31, 2014 and 2013, 49,000 and 190,000 options, respectively, were excluded from the diluted income per share calculation because their inclusion would have been anti-dilutive as their exercise price exceeded fair value. |
Inventories
Inventories | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
Inventories | ||||||||
Inventories consist of the following: | ||||||||
March 31, 2014 | September 30, 2013 | |||||||
(Amounts in thousands) | ||||||||
Raw materials | $ | 2,559 | $ | 1,587 | ||||
Work-in-process | 796 | 404 | ||||||
Finished goods | 3,109 | 2,800 | ||||||
Total | $ | 6,464 | $ | 4,791 | ||||
Finished goods includes inventory that has been shipped, but for which all revenue recognition criteria has not been met, of approximately $0.3 million and $0.5 million as of March 31, 2014 and September 30, 2013, respectively. | ||||||||
Total inventory balances in the table above are shown net of reserves for obsolescence of approximately $4.5 million and $4.6 million as of March 31, 2014 and September 30, 2013, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||
Accumulated Other Comprehensive Loss | |||||||||
The components of accumulated other comprehensive loss are as follows: | |||||||||
March 31, 2014 | September 30, 2013 | ||||||||
(Amounts in thousands) | |||||||||
Cumulative effect of foreign currency translation | $ | (2,002 | ) | $ | (2,156 | ) | |||
Cumulative unrealized loss on pension liability | (3,709 | ) | (3,709 | ) | |||||
Accumulated other comprehensive loss | $ | (5,711 | ) | $ | (5,865 | ) |
Pension_and_Retirement_Plans
Pension and Retirement Plans | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Pension and Retirement Plans | ' | |||||||||||||||||||||||
Pension and Retirement Plans | ||||||||||||||||||||||||
The Company has defined benefit and defined contribution plans in the United Kingdom, Germany and the U.S. In the United Kingdom and Germany, the Company provides defined benefit pension plans and defined contribution plans for the majority of its employees. In the U.S., the Company provides benefits through supplemental retirement plans to certain current and former employees. The domestic supplemental retirement plans have life insurance policies which are not plan assets but were purchased by the Company as a vehicle to fund the costs of the plan. Domestically, the Company also provides for officer death benefits through post-retirement plans to certain officers. All of the Company’s defined benefit plans are closed to newly hired employees and have been for the two years ended September 30, 2013 and for the six months ended March 31, 2014. | ||||||||||||||||||||||||
The Company funds its pension plans in amounts sufficient to meet the requirements set forth in applicable employee benefits laws and local tax laws. Liabilities for amounts in excess of these funding levels are accrued and reported in the consolidated balance sheets. | ||||||||||||||||||||||||
Our pension plan in the United Kingdom is the only plan with plan assets. The plan assets consist of an investment in a commingled fund which in turn comprises a diversified mix of assets including corporate equity securities, government securities and corporate debt securities. | ||||||||||||||||||||||||
The components of net periodic benefit costs related to the U.S. and international plans are as follows: | ||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Foreign | U.S. | Total | Foreign | U.S. | Total | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Pension: | ||||||||||||||||||||||||
Service cost | $ | 12 | $ | — | $ | 12 | $ | 15 | $ | — | $ | 15 | ||||||||||||
Interest cost | 193 | 17 | 210 | 173 | 16 | 189 | ||||||||||||||||||
Expected return on plan assets | (117 | ) | — | (117 | ) | (104 | ) | — | (104 | ) | ||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service gain | — | — | — | — | — | — | ||||||||||||||||||
Amortization of net gain | 23 | (2 | ) | 21 | 36 | 6 | 42 | |||||||||||||||||
Net periodic benefit cost | $ | 111 | $ | 15 | $ | 126 | $ | 120 | $ | 22 | $ | 142 | ||||||||||||
Post Retirement: | ||||||||||||||||||||||||
Service cost | $ | — | $ | 2 | $ | 2 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | — | 11 | 11 | — | 9 | 9 | ||||||||||||||||||
Amortization of net gain | — | (36 | ) | (36 | ) | — | (46 | ) | (46 | ) | ||||||||||||||
Net periodic benefit cost | $ | — | $ | (23 | ) | $ | (23 | ) | $ | — | $ | (37 | ) | $ | (37 | ) | ||||||||
For the six Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Foreign | U.S. | Total | Foreign | U.S. | Total | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Pension: | ||||||||||||||||||||||||
Service cost | $ | 23 | $ | — | $ | 23 | $ | 30 | $ | — | $ | 30 | ||||||||||||
Interest cost | 383 | 34 | 417 | 346 | 32 | 378 | ||||||||||||||||||
Expected return on plan assets | (232 | ) | — | (232 | ) | (208 | ) | — | (208 | ) | ||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service gain | — | — | — | — | — | — | ||||||||||||||||||
Amortization of net gain | 46 | (4 | ) | 42 | 72 | 12 | 84 | |||||||||||||||||
Net periodic benefit cost | $ | 220 | $ | 30 | $ | 250 | $ | 240 | $ | 44 | $ | 284 | ||||||||||||
Post Retirement: | ||||||||||||||||||||||||
Service cost | $ | — | $ | 5 | $ | 5 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | — | 22 | 22 | — | 18 | 18 | ||||||||||||||||||
Amortization of net gain | — | (72 | ) | (72 | ) | — | (92 | ) | (92 | ) | ||||||||||||||
Net periodic benefit cost | $ | — | $ | (45 | ) | $ | (45 | ) | $ | — | $ | (74 | ) | $ | (74 | ) | ||||||||
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||||||
Segment Information | |||||||||||||||||||||||||||||
Beginning in the current period ended March 31, 2014, we have renamed our segments. We have renamed the segment that was formerly known as the Systems segment to the High Performance Products and Solutions segment. We have also renamed the segment that was formerly known as the Service and System Integration segment to the Information Technology Solutions segment. | |||||||||||||||||||||||||||||
The following table presents certain operating segment information. | |||||||||||||||||||||||||||||
Information Technology Solutions Segment | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, | High Performance Products and Solutions | Germany | United | U.S. | Total | Consolidated | |||||||||||||||||||||||
Segment | Kingdom | Total | |||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||||
Product | $ | 2,170 | $ | 3,452 | $ | 336 | $ | 8,361 | $ | 12,149 | $ | 14,319 | |||||||||||||||||
Service | 1,065 | 4,486 | 304 | 729 | 5,519 | 6,584 | |||||||||||||||||||||||
Total sales | 3,235 | 7,938 | 640 | 9,090 | 17,668 | 20,903 | |||||||||||||||||||||||
Income (loss) from operations | 113 | 294 | (30 | ) | (44 | ) | 220 | 333 | |||||||||||||||||||||
Assets | 15,644 | 20,882 | 2,726 | 13,438 | 37,046 | 52,690 | |||||||||||||||||||||||
Capital expenditures | 41 | 14 | 22 | 32 | 68 | 109 | |||||||||||||||||||||||
Depreciation and amortization | 54 | 49 | 4 | 46 | 99 | 153 | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||||
Product | $ | 2,494 | $ | 3,794 | $ | 110 | $ | 13,139 | $ | 17,043 | $ | 19,537 | |||||||||||||||||
Service | 143 | 4,571 | 429 | 1,143 | 6,143 | 6,286 | |||||||||||||||||||||||
Total sales | 2,637 | 8,365 | 539 | 14,282 | 23,186 | 25,823 | |||||||||||||||||||||||
Income (loss) from operations | 149 | 368 | (15 | ) | 720 | 1,073 | 1,222 | ||||||||||||||||||||||
Assets | 15,945 | 15,869 | 3,359 | 16,232 | 35,460 | 51,405 | |||||||||||||||||||||||
Capital expenditures | 98 | 72 | 3 | 168 | 243 | 341 | |||||||||||||||||||||||
Depreciation and amortization | 39 | 46 | 2 | 44 | 92 | 131 | |||||||||||||||||||||||
Information Technology Solutions Segment | |||||||||||||||||||||||||||||
For the six Months Ended March 31, | High Performance Products and Solutions | Germany | United | U.S. | Total | Consolidated | |||||||||||||||||||||||
Segment | Kingdom | Total | |||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||||
Product | $ | 3,176 | $ | 4,853 | $ | 983 | $ | 20,056 | $ | 25,892 | $ | 29,068 | |||||||||||||||||
Service | 2,348 | 8,674 | 632 | 1,513 | 10,819 | 13,167 | |||||||||||||||||||||||
Total sales | 5,524 | 13,527 | 1,615 | 21,569 | 36,711 | 42,235 | |||||||||||||||||||||||
Income from operations | 255 | 213 | 1 | 204 | 418 | 673 | |||||||||||||||||||||||
Assets | 15,644 | 20,882 | 2,726 | 13,438 | 37,046 | 52,690 | |||||||||||||||||||||||
Capital expenditures | 102 | 101 | 45 | 47 | 193 | 295 | |||||||||||||||||||||||
Depreciation and amortization | 106 | 95 | 8 | 96 | 199 | 305 | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||||
Product | $ | 2,590 | $ | 5,858 | $ | 264 | $ | 26,130 | $ | 32,252 | $ | 34,842 | |||||||||||||||||
Service | 1,100 | 7,775 | 731 | 2,245 | 10,751 | 11,851 | |||||||||||||||||||||||
Total sales | 3,690 | 13,633 | 995 | 28,375 | 43,003 | 46,693 | |||||||||||||||||||||||
Income (loss) from operations | (224 | ) | 221 | (15 | ) | 1,413 | 1,619 | 1,395 | |||||||||||||||||||||
Assets | 15,945 | 15,869 | 3,359 | 16,232 | 35,460 | 51,405 | |||||||||||||||||||||||
Capital expenditures | 139 | 127 | 6 | 204 | 337 | 476 | |||||||||||||||||||||||
Depreciation and amortization | 76 | 88 | 7 | 83 | 178 | 254 | |||||||||||||||||||||||
Profit (loss) from operations consists of sales less cost of sales, engineering and development, selling, general and administrative expenses but is not affected by either non-operating charges/income or by income taxes. Non-operating charges/income consists principally of investment income and interest expense. All intercompany transactions have been eliminated. | |||||||||||||||||||||||||||||
The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the three and six months ended March 31, 2014, and 2013. | |||||||||||||||||||||||||||||
For the three months ended, | For the six months ended | ||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||
Amount | % of | Amount | % of | Amount | % of | Amount | % of | ||||||||||||||||||||||
Revenues | Revenues | Revenues | Revenues | ||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
Customer A | $ | 1.9 | 8 | % | $ | 5.9 | 23 | % | $ | 8 | 18 | % | $ | 11 | 23 | % | |||||||||||||
Customer B | $ | 5.6 | 27 | % | $ | 4.8 | 18 | % | $ | 8.9 | 21 | % | $ | 7.4 | 16 | % | |||||||||||||
Customer C | $ | — | — | % | $ | 3 | 12 | % | $ | — | — | % | $ | 4.2 | 9 | % | |||||||||||||
Accounts receivable from Customer B totaled approximately $12.8 million, which comprised 57% of total consolidated accounts receivable as of March 31, 2014, and $3.5 million, which comprised 26% of total consolidated accounts receivable as of September 30, 2013. We believe that the Company is not exposed to any particular credit risk with respect to the accounts receivable with this customer. |
Fair_Value_Measures
Fair Value Measures | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Fair Value Measures | ' | |||||||||||||||
Fair Value Measures | ||||||||||||||||
Assets and Liabilities measured at fair value on a recurring basis are as follows: | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Balance | ||||||||||||||||
As of March 31, 2014 | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Money Market funds | $ | 1,005 | $ | — | $ | — | $ | 1,005 | ||||||||
Total assets measured at fair value | $ | 1,005 | $ | — | $ | — | $ | 1,005 | ||||||||
As of September 30, 2013 | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Money Market funds | $ | 3,503 | $ | — | $ | — | $ | 3,503 | ||||||||
Total assets measured at fair value | $ | 3,503 | $ | — | $ | — | $ | 3,503 | ||||||||
These assets are included in cash and cash equivalents in the accompanying consolidated balance sheets. All other monetary assets and liabilities are short-term in nature and approximate their fair value. The Company did not have any transfers between Level 1, Level 2 or Level 3 measurements. | ||||||||||||||||
The Company had no liabilities measured at fair value as of March 31, 2014 or September 30, 2013. The Company had no assets or liabilities measured at fair value on a non recurring basis as of March 31, 2014 or September 30, 2013. |
Dividend
Dividend | 6 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Dividend | ' |
Dividend | |
On December 17, 2013, our board of directors declared a cash dividend of $0.10 per share which was paid on January 7, 2014 to shareholders of record as of December 27, 2013, the record date. | |
On February 11, 2014, our board of directors declared a cash dividend of $0.11 per share which was paid on March 11, 2014 to shareholders of record as of February 27, 2014, the record date. |
Acquisition_Tables
Acquisition (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||
Schedule of Purchase Price Allocation | ' | |||||||||||||||
The purchase price was allocated as follows: | ||||||||||||||||
(Amounts in Thousands) | ||||||||||||||||
Inventory | $ | 1,030 | ||||||||||||||
Property & equipment | 17 | |||||||||||||||
Intangibles | 260 | |||||||||||||||
Gross assets acquired | 1,307 | |||||||||||||||
Product warranty liability assumed | (93 | ) | ||||||||||||||
Net assets acquired | 1,214 | |||||||||||||||
Less: asset purchase price | 500 | |||||||||||||||
Bargain purchase gain before tax | 714 | |||||||||||||||
Deferred tax on bargain purchase gain | (252 | ) | ||||||||||||||
Bargain purchase gain, net of tax effect | $ | 462 | ||||||||||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||||||
The following table presents the proforma condensed combined financial information (in thousands, except per share amounts): | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
31-Mar-14 | March 31, 2013 | 31-Mar-14 | 31-Mar-13 | |||||||||||||
(Amounts in thousands except per share data) | ||||||||||||||||
Revenue | $ | 23,236 | $ | 27,477 | $ | 45,187 | $ | 50,224 | ||||||||
Net income (loss) | $ | 198 | $ | (31 | ) | $ | 224 | $ | (865 | ) | ||||||
Net income (loss) per share – basic | $ | 0.06 | $ | (0.01 | ) | $ | 0.07 | $ | (0.25 | ) | ||||||
Net income (loss) per share – diluted | $ | 0.06 | $ | (0.01 | ) | $ | 0.07 | $ | (0.25 | ) | ||||||
Earnings_Per_Share_of_Common_S1
Earnings Per Share of Common Stock (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||||
Basic and diluted earnings per share computations for the Company’s reported net income attributable to common stockholders are as follows: | ||||||||||||||||
For the three months ended | For the six months ended | |||||||||||||||
31-Mar-14 | 31-Mar-13 | 31-Mar-14 | 31-Mar-13 | |||||||||||||
(Amounts in thousands except per share data) | ||||||||||||||||
Net income | $ | 167 | $ | 740 | $ | 513 | $ | 855 | ||||||||
Less: net income attributable to nonvested common stock | 6 | 16 | 18 | 17 | ||||||||||||
Net income attributable to common stockholders | $ | 161 | $ | 724 | $ | 495 | $ | 838 | ||||||||
Weighted average total shares outstanding – basic | 3,580 | 3,448 | 3,562 | 3,437 | ||||||||||||
Less: weighted average non-vested shares outstanding | 134 | 73 | 123 | 68 | ||||||||||||
Weighted average number of common shares outstanding – basic | 3,446 | 3,375 | 3,439 | 3,369 | ||||||||||||
Potential common shares from non-vested stock awards and the assumed exercise of stock options | 47 | 49 | 45 | 47 | ||||||||||||
Weighted average common shares outstanding – diluted | 3,493 | 3,424 | 3,484 | 3,416 | ||||||||||||
Net income per share – basic | $ | 0.05 | $ | 0.21 | $ | 0.14 | $ | 0.25 | ||||||||
Net income per share – diluted | $ | 0.05 | $ | 0.21 | $ | 0.14 | $ | 0.25 | ||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
Inventories consist of the following: | ||||||||
March 31, 2014 | September 30, 2013 | |||||||
(Amounts in thousands) | ||||||||
Raw materials | $ | 2,559 | $ | 1,587 | ||||
Work-in-process | 796 | 404 | ||||||
Finished goods | 3,109 | 2,800 | ||||||
Total | $ | 6,464 | $ | 4,791 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Equity [Abstract] | ' | ||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | ||||||||
The components of accumulated other comprehensive loss are as follows: | |||||||||
March 31, 2014 | September 30, 2013 | ||||||||
(Amounts in thousands) | |||||||||
Cumulative effect of foreign currency translation | $ | (2,002 | ) | $ | (2,156 | ) | |||
Cumulative unrealized loss on pension liability | (3,709 | ) | (3,709 | ) | |||||
Accumulated other comprehensive loss | $ | (5,711 | ) | $ | (5,865 | ) |
Pension_and_Retirement_Plans_T
Pension and Retirement Plans (Tables) | 6 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of Net Benefit Costs | ' | |||||||||||||||||||||||
The components of net periodic benefit costs related to the U.S. and international plans are as follows: | ||||||||||||||||||||||||
For the Three Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Foreign | U.S. | Total | Foreign | U.S. | Total | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Pension: | ||||||||||||||||||||||||
Service cost | $ | 12 | $ | — | $ | 12 | $ | 15 | $ | — | $ | 15 | ||||||||||||
Interest cost | 193 | 17 | 210 | 173 | 16 | 189 | ||||||||||||||||||
Expected return on plan assets | (117 | ) | — | (117 | ) | (104 | ) | — | (104 | ) | ||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service gain | — | — | — | — | — | — | ||||||||||||||||||
Amortization of net gain | 23 | (2 | ) | 21 | 36 | 6 | 42 | |||||||||||||||||
Net periodic benefit cost | $ | 111 | $ | 15 | $ | 126 | $ | 120 | $ | 22 | $ | 142 | ||||||||||||
Post Retirement: | ||||||||||||||||||||||||
Service cost | $ | — | $ | 2 | $ | 2 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | — | 11 | 11 | — | 9 | 9 | ||||||||||||||||||
Amortization of net gain | — | (36 | ) | (36 | ) | — | (46 | ) | (46 | ) | ||||||||||||||
Net periodic benefit cost | $ | — | $ | (23 | ) | $ | (23 | ) | $ | — | $ | (37 | ) | $ | (37 | ) | ||||||||
For the six Months Ended March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Foreign | U.S. | Total | Foreign | U.S. | Total | |||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||
Pension: | ||||||||||||||||||||||||
Service cost | $ | 23 | $ | — | $ | 23 | $ | 30 | $ | — | $ | 30 | ||||||||||||
Interest cost | 383 | 34 | 417 | 346 | 32 | 378 | ||||||||||||||||||
Expected return on plan assets | (232 | ) | — | (232 | ) | (208 | ) | — | (208 | ) | ||||||||||||||
Amortization of: | ||||||||||||||||||||||||
Prior service gain | — | — | — | — | — | — | ||||||||||||||||||
Amortization of net gain | 46 | (4 | ) | 42 | 72 | 12 | 84 | |||||||||||||||||
Net periodic benefit cost | $ | 220 | $ | 30 | $ | 250 | $ | 240 | $ | 44 | $ | 284 | ||||||||||||
Post Retirement: | ||||||||||||||||||||||||
Service cost | $ | — | $ | 5 | $ | 5 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | — | 22 | 22 | — | 18 | 18 | ||||||||||||||||||
Amortization of net gain | — | (72 | ) | (72 | ) | — | (92 | ) | (92 | ) | ||||||||||||||
Net periodic benefit cost | $ | — | $ | (45 | ) | $ | (45 | ) | $ | — | $ | (74 | ) | $ | (74 | ) | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Operating Segment Information | ' | ||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments | ' | ||||||||||||||||||||||||||||
The following table presents certain operating segment information. | |||||||||||||||||||||||||||||
Information Technology Solutions Segment | |||||||||||||||||||||||||||||
For the Three Months Ended March 31, | High Performance Products and Solutions | Germany | United | U.S. | Total | Consolidated | |||||||||||||||||||||||
Segment | Kingdom | Total | |||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||||
Product | $ | 2,170 | $ | 3,452 | $ | 336 | $ | 8,361 | $ | 12,149 | $ | 14,319 | |||||||||||||||||
Service | 1,065 | 4,486 | 304 | 729 | 5,519 | 6,584 | |||||||||||||||||||||||
Total sales | 3,235 | 7,938 | 640 | 9,090 | 17,668 | 20,903 | |||||||||||||||||||||||
Income (loss) from operations | 113 | 294 | (30 | ) | (44 | ) | 220 | 333 | |||||||||||||||||||||
Assets | 15,644 | 20,882 | 2,726 | 13,438 | 37,046 | 52,690 | |||||||||||||||||||||||
Capital expenditures | 41 | 14 | 22 | 32 | 68 | 109 | |||||||||||||||||||||||
Depreciation and amortization | 54 | 49 | 4 | 46 | 99 | 153 | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||||
Product | $ | 2,494 | $ | 3,794 | $ | 110 | $ | 13,139 | $ | 17,043 | $ | 19,537 | |||||||||||||||||
Service | 143 | 4,571 | 429 | 1,143 | 6,143 | 6,286 | |||||||||||||||||||||||
Total sales | 2,637 | 8,365 | 539 | 14,282 | 23,186 | 25,823 | |||||||||||||||||||||||
Income (loss) from operations | 149 | 368 | (15 | ) | 720 | 1,073 | 1,222 | ||||||||||||||||||||||
Assets | 15,945 | 15,869 | 3,359 | 16,232 | 35,460 | 51,405 | |||||||||||||||||||||||
Capital expenditures | 98 | 72 | 3 | 168 | 243 | 341 | |||||||||||||||||||||||
Depreciation and amortization | 39 | 46 | 2 | 44 | 92 | 131 | |||||||||||||||||||||||
Information Technology Solutions Segment | |||||||||||||||||||||||||||||
For the six Months Ended March 31, | High Performance Products and Solutions | Germany | United | U.S. | Total | Consolidated | |||||||||||||||||||||||
Segment | Kingdom | Total | |||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||||
Product | $ | 3,176 | $ | 4,853 | $ | 983 | $ | 20,056 | $ | 25,892 | $ | 29,068 | |||||||||||||||||
Service | 2,348 | 8,674 | 632 | 1,513 | 10,819 | 13,167 | |||||||||||||||||||||||
Total sales | 5,524 | 13,527 | 1,615 | 21,569 | 36,711 | 42,235 | |||||||||||||||||||||||
Income from operations | 255 | 213 | 1 | 204 | 418 | 673 | |||||||||||||||||||||||
Assets | 15,644 | 20,882 | 2,726 | 13,438 | 37,046 | 52,690 | |||||||||||||||||||||||
Capital expenditures | 102 | 101 | 45 | 47 | 193 | 295 | |||||||||||||||||||||||
Depreciation and amortization | 106 | 95 | 8 | 96 | 199 | 305 | |||||||||||||||||||||||
2013 | |||||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||||
Product | $ | 2,590 | $ | 5,858 | $ | 264 | $ | 26,130 | $ | 32,252 | $ | 34,842 | |||||||||||||||||
Service | 1,100 | 7,775 | 731 | 2,245 | 10,751 | 11,851 | |||||||||||||||||||||||
Total sales | 3,690 | 13,633 | 995 | 28,375 | 43,003 | 46,693 | |||||||||||||||||||||||
Income (loss) from operations | (224 | ) | 221 | (15 | ) | 1,413 | 1,619 | 1,395 | |||||||||||||||||||||
Assets | 15,945 | 15,869 | 3,359 | 16,232 | 35,460 | 51,405 | |||||||||||||||||||||||
Capital expenditures | 139 | 127 | 6 | 204 | 337 | 476 | |||||||||||||||||||||||
Depreciation and amortization | 76 | 88 | 7 | 83 | 178 | 254 | |||||||||||||||||||||||
Revenues in Excess of 10 Percent of Total Revenues | ' | ||||||||||||||||||||||||||||
Segment Reporting Information [Line Items] | ' | ||||||||||||||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments | ' | ||||||||||||||||||||||||||||
The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the three and six months ended March 31, 2014, and 2013. | |||||||||||||||||||||||||||||
For the three months ended, | For the six months ended | ||||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | March 31, 2014 | March 31, 2013 | ||||||||||||||||||||||||||
Amount | % of | Amount | % of | Amount | % of | Amount | % of | ||||||||||||||||||||||
Revenues | Revenues | Revenues | Revenues | ||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||
Customer A | $ | 1.9 | 8 | % | $ | 5.9 | 23 | % | $ | 8 | 18 | % | $ | 11 | 23 | % | |||||||||||||
Customer B | $ | 5.6 | 27 | % | $ | 4.8 | 18 | % | $ | 8.9 | 21 | % | $ | 7.4 | 16 | % | |||||||||||||
Customer C | $ | — | — | % | $ | 3 | 12 | % | $ | — | — | % | $ | 4.2 | 9 | % | |||||||||||||
Fair_Value_Measures_Tables
Fair Value Measures (Tables) | 6 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||||||||||
Assets and Liabilities measured at fair value on a recurring basis are as follows: | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Balance | ||||||||||||||||
As of March 31, 2014 | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Money Market funds | $ | 1,005 | $ | — | $ | — | $ | 1,005 | ||||||||
Total assets measured at fair value | $ | 1,005 | $ | — | $ | — | $ | 1,005 | ||||||||
As of September 30, 2013 | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Money Market funds | $ | 3,503 | $ | — | $ | — | $ | 3,503 | ||||||||
Total assets measured at fair value | $ | 3,503 | $ | — | $ | — | $ | 3,503 | ||||||||
Acquisition_Details
Acquisition (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Nov. 04, 2013 | |
Business Combinations [Abstract] | ' | ' | ' | ' |
Business Acquisition pro forma Adjustments | ' | $0 | ' | ' |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 500,000 | 0 | ' |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ' | ' | ' | -93,000 |
Business Combination, Bargain Purchase, Gain Recognized, Amount | $0 | $462,000 | $0 | ' |
Acquisition_Purchase_Price_All
Acquisition Purchase Price Allocation (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Nov. 04, 2013 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Current Assets, Inventory | ' | ' | ' | $1,030 |
Business Acquisition, Purchase Price Allocation, Property, Plant and Equipment | ' | ' | ' | 17 |
Business Acquisition, Purchase Price Allocation, Intangible Assets Other than Goodwill | ' | ' | ' | 260 |
Business Acquisition, Purchase Price Allocation, Assets Acquired | ' | ' | ' | 1,307 |
Business Acquisition, Purchase Price Allocation, Liabilities Assumed | ' | ' | ' | -93 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ' | ' | ' | 1,214 |
Payments to Acquire Businesses, Net of Cash Acquired | ' | 500 | 0 | ' |
Bargain purchase gain before tax | ' | 714 | ' | ' |
Deferred tax on bargain purchase gain | ' | -252 | ' | ' |
Business Combination, Bargain Purchase, Gain Recognized, Amount | $0 | $462 | $0 | ' |
Acquisition_Condensed_Pro_Form
Acquisition Condensed Pro Forma Combined Financial Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Business Combinations [Abstract] | ' | ' | ' | ' |
Business Acquisition, Pro Forma Revenue | $23,236 | $27,477 | $45,187 | $50,224 |
Business Acquisition, Pro Forma Net Income (Loss) | $198 | ($31) | $224 | ($865) |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.06 | ($0.01) | $0.07 | ($0.25) |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.06 | ($0.01) | $0.07 | ($0.25) |
Earnings_Per_Share_of_Common_S2
Earnings Per Share of Common Stock (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Anti-dilutive securities excluded from diluted income per share calculation | 49 | 183 | 49 | 190 |
Earnings_Per_Share_of_Common_S3
Earnings Per Share of Common Stock (Detail) - Basic and diluted earnings per share computations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net income | $167 | $740 | $513 | $855 |
Less: Net income attributable to nonvested common stock (in Dollars) | 6 | 16 | 18 | 17 |
Net income attributable to common stockholders (in Dollars) | $161 | $724 | $495 | $838 |
Weighted average total shares outstanding – basic | 3,580 | 3,448 | 3,562 | 3,437 |
Less: weighted average non-vested shares outstanding | 134 | 73 | 123 | 68 |
Weighted average number of common shares outstanding – basic | 3,446 | 3,375 | 3,439 | 3,369 |
Potential common shares from non-vested stock awards and the assumed exercise of stock options | 47 | 49 | 45 | 47 |
Weighted average common shares outstanding – diluted | 3,493 | 3,424 | 3,484 | 3,416 |
Net income (loss) per share – basic (in Dollars per share) | $0.05 | $0.21 | $0.14 | $0.25 |
Net income (loss) per share – diluted (in Dollars per share) | $0.05 | $0.21 | $0.14 | $0.25 |
Inventories_Detail
Inventories (Detail) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods inventory that has been shipped, but for which all revenue recognition criteria has not been met | $0.30 | $0.50 |
Reservce for obsolescence | $4.50 | $4.60 |
Inventories_Detail_Inventories
Inventories (Detail) - Inventories (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $2,559 | $1,587 |
Work-in-process | 796 | 404 |
Finished goods | 3,109 | 2,800 |
Total | $6,464 | $4,791 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Detail) - Components of Accumulated Other Comprehensive Loss (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Equity [Abstract] | ' | ' |
Cumulative effect of foreign currency translation | ($2,002) | ($2,156) |
Cumulative unrealized loss on pension liability | -3,709 | -3,709 |
Accumulated other comprehensive loss | ($5,711) | ($5,865) |
Pension_and_Retirement_Plans_D
Pension and Retirement Plans (Detail) | 6 Months Ended |
Mar. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Number of years defined benefit plans are closed to newly hired employees | '2 years |
Pension_and_Retirement_Plans_D1
Pension and Retirement Plans (Detail) - Components of net periodic benefit costs (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Pension: | ' | ' | ' | ' |
Pension: | ' | ' | ' | ' |
Service cost | $12 | $15 | $23 | $30 |
Interest cost | 210 | 189 | 417 | 378 |
Expected return on plan assets | -117 | -104 | -232 | -208 |
Amortization of: | ' | ' | ' | ' |
Prior service gain | 0 | 0 | 0 | 0 |
Amortization of net gain | 21 | 42 | 42 | 84 |
Net periodic benefit cost | 126 | 142 | 250 | 284 |
Post Retirement: | ' | ' | ' | ' |
Pension: | ' | ' | ' | ' |
Service cost | 2 | 0 | 5 | 0 |
Interest cost | 11 | 9 | 22 | 18 |
Amortization of: | ' | ' | ' | ' |
Amortization of net gain | -36 | -46 | -72 | -92 |
Net periodic benefit cost | -23 | -37 | -45 | -74 |
Foreign | Pension: | ' | ' | ' | ' |
Pension: | ' | ' | ' | ' |
Service cost | 12 | 15 | 23 | 30 |
Interest cost | 193 | 173 | 383 | 346 |
Expected return on plan assets | -117 | -104 | -232 | -208 |
Amortization of: | ' | ' | ' | ' |
Prior service gain | 0 | 0 | 0 | 0 |
Amortization of net gain | 23 | 36 | 46 | 72 |
Net periodic benefit cost | 111 | 120 | 220 | 240 |
Foreign | Post Retirement: | ' | ' | ' | ' |
Pension: | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 0 | 0 | 0 | 0 |
Amortization of: | ' | ' | ' | ' |
Amortization of net gain | 0 | 0 | 0 | 0 |
Net periodic benefit cost | 0 | 0 | 0 | 0 |
U.S. | Pension: | ' | ' | ' | ' |
Pension: | ' | ' | ' | ' |
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 17 | 16 | 34 | 32 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of: | ' | ' | ' | ' |
Prior service gain | 0 | 0 | 0 | 0 |
Amortization of net gain | -2 | 6 | -4 | 12 |
Net periodic benefit cost | 15 | 22 | 30 | 44 |
U.S. | Post Retirement: | ' | ' | ' | ' |
Pension: | ' | ' | ' | ' |
Service cost | 2 | 0 | 5 | 0 |
Interest cost | 11 | 9 | 22 | 18 |
Amortization of: | ' | ' | ' | ' |
Amortization of net gain | -36 | -46 | -72 | -92 |
Net periodic benefit cost | ($23) | ($37) | ($45) | ($74) |
Segment_Information_Detail_The
Segment Information (Detail) - The following table presents certain operating segment information (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 |
Sales: | ' | ' | ' | ' | ' |
Product | $14,319 | $19,537 | $29,068 | $34,842 | ' |
Service | 6,584 | 6,286 | 13,167 | 11,851 | ' |
Total sales | 20,903 | 25,823 | 42,235 | 46,693 | ' |
Income (loss) from operations | 333 | 1,222 | 673 | 1,395 | ' |
Assets | 52,690 | 51,405 | 52,690 | 51,405 | 47,225 |
Capital expenditures | 109 | 341 | 295 | 476 | ' |
Depreciation and amortization | 153 | 131 | 305 | 254 | ' |
High Performance Products and Solutions Segment | ' | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' | ' |
Product | 2,170 | 2,494 | 3,176 | 2,590 | ' |
Service | 1,065 | 143 | 2,348 | 1,100 | ' |
Total sales | 3,235 | 2,637 | 5,524 | 3,690 | ' |
Income (loss) from operations | 113 | 149 | 255 | -224 | ' |
Assets | 15,644 | 15,945 | 15,644 | 15,945 | ' |
Capital expenditures | 41 | 98 | 102 | 139 | ' |
Depreciation and amortization | 54 | 39 | 106 | 76 | ' |
Germany | ' | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' | ' |
Product | 3,452 | 3,794 | 4,853 | 5,858 | ' |
Service | 4,486 | 4,571 | 8,674 | 7,775 | ' |
Total sales | 7,938 | 8,365 | 13,527 | 13,633 | ' |
Income (loss) from operations | 294 | 368 | 213 | 221 | ' |
Assets | 20,882 | 15,869 | 20,882 | 15,869 | ' |
Capital expenditures | 14 | 72 | 101 | 127 | ' |
Depreciation and amortization | 49 | 46 | 95 | 88 | ' |
United Kingdom | ' | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' | ' |
Product | 336 | 110 | 983 | 264 | ' |
Service | 304 | 429 | 632 | 731 | ' |
Total sales | 640 | 539 | 1,615 | 995 | ' |
Income (loss) from operations | -30 | -15 | 1 | -15 | ' |
Assets | 2,726 | 3,359 | 2,726 | 3,359 | ' |
Capital expenditures | 22 | 3 | 45 | 6 | ' |
Depreciation and amortization | 4 | 2 | 8 | 7 | ' |
U.S. | ' | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' | ' |
Product | 8,361 | 13,139 | 20,056 | 26,130 | ' |
Service | 729 | 1,143 | 1,513 | 2,245 | ' |
Total sales | 9,090 | 14,282 | 21,569 | 28,375 | ' |
Income (loss) from operations | -44 | 720 | 204 | 1,413 | ' |
Assets | 13,438 | 16,232 | 13,438 | 16,232 | ' |
Capital expenditures | 32 | 168 | 47 | 204 | ' |
Depreciation and amortization | 46 | 44 | 96 | 83 | ' |
Total | ' | ' | ' | ' | ' |
Sales: | ' | ' | ' | ' | ' |
Product | 12,149 | 17,043 | 25,892 | 32,252 | ' |
Service | 5,519 | 6,143 | 10,819 | 10,751 | ' |
Total sales | 17,668 | 23,186 | 36,711 | 43,003 | ' |
Income (loss) from operations | 220 | 1,073 | 418 | 1,619 | ' |
Assets | 37,046 | 35,460 | 37,046 | 35,460 | ' |
Capital expenditures | 68 | 243 | 193 | 337 | ' |
Depreciation and amortization | $99 | $92 | $199 | $178 | ' |
Segment_Information_Detail_Maj
Segment Information (Detail) - Major customers (USD $) | 3 Months Ended | 6 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Segment Reporting, Disclosure of Major Customers | ' | ' | '0.1 | ' | ' |
Customer A | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Amount (in Dollars) | $1.90 | $5.90 | $8 | $11 | ' |
% of Revenues | 8.00% | 23.00% | 18.00% | 23.00% | ' |
Customer B | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Accounts Receivable, Gross | 13 | ' | 13 | ' | 4 |
Amount (in Dollars) | 5.6 | 4.8 | 8.9 | 7.4 | ' |
% of Revenues | 27.00% | 18.00% | 21.00% | 16.00% | ' |
concentration risk, percentage, accounts receivable | 57.00% | ' | 57.00% | ' | 26.00% |
Customer C | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Amount (in Dollars) | $0 | $3 | $0 | $4.20 | ' |
% of Revenues | 0.00% | 12.00% | 0.00% | 9.00% | ' |
Fair_Value_Measures_Detail_Ass
Fair Value Measures (Detail) - Assets and Liabilities measured at fair value on a recurring basis (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Money Market funds | $1,005 | $3,503 |
Total assets measured at fair value | 1,005 | 3,503 |
Level 1 | ' | ' |
Assets: | ' | ' |
Money Market funds | 1,005 | 3,503 |
Total assets measured at fair value | $1,005 | $3,503 |
Dividend_Detail
Dividend (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended |
Feb. 11, 2014 | Dec. 17, 2013 | Mar. 31, 2014 | |
Equity [Abstract] | ' | ' | ' |
Dividends per share | $0.11 | $0.10 | $0.21 |