Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
Sep. 30, 2013 | Mar. 31, 2013 | Dec. 02, 2013 | Dec. 02, 2013 | |
Common Stock [Member] | Class B Stock [Member] | |||
Document Information [Line Items] | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
Entity Registrant Name | 'GENCOR INDUSTRIES INC | ' | ' | ' |
Entity Central Index Key | '0000064472 | ' | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 8,008,632 | 1,509,238 |
Entity Public Float | ' | $48,016,400 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $9,557,000 | $3,361,000 |
Marketable securities at fair value (cost of $81,165,000 at September 30, 2013 and $80,568,000 at September 30, 2012) | 83,113,000 | 81,375,000 |
Account receivable, less allowance for doubtful accounts of $309,000 at September 30, 2013 and $368,000 at September 30, 2012 | 1,200,000 | 1,206,000 |
Costs and estimated earnings in excess of billings | 0 | 3,448,000 |
Inventories, net | 14,126,000 | 11,918,000 |
Prepaid expenses | 795,000 | 782,000 |
Total current assets | 108,791,000 | 102,090,000 |
Property and equipment, net | 8,079,000 | 8,127,000 |
Other assets | 78,000 | 95,000 |
Total Assets | 116,948,000 | 110,312,000 |
Current liabilities: | ' | ' |
Account payable | 1,283,000 | 1,881,000 |
Customer deposits | 1,943,000 | 480,000 |
Accrued expenses | 2,810,000 | 3,517,000 |
Total current liabilities | 6,036,000 | 5,878,000 |
Deferred and other income taxes | 484,000 | 974,000 |
Total liabilities | 6,520,000 | 6,852,000 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, par value $.10 per share; 300,000 shares authorized; none issued | ' | ' |
Common stock | 801,000 | 801,000 |
Capital in excess of par value | 10,292,000 | 10,049,000 |
Retained earnings | 99,184,000 | 92,459,000 |
Total shareholders' equity | 110,428,000 | 103,460,000 |
Total Liabilities and Shareholders' Equity | 116,948,000 | 110,312,000 |
Class B Stock [Member] | ' | ' |
Shareholders' equity: | ' | ' |
Common stock | 151,000 | 151,000 |
Total shareholders' equity | $151,000 | $151,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Marketable securities, cost | $81,165,000 | $80,568,000 |
Account receivable, allowance for doubtful accounts | $309,000 | $368,000 |
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, shares authorized | 300,000 | 300,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 8,008,632 | 8,008,632 |
Common stock, shares outstanding | 8,008,632 | 8,008,632 |
Class B Stock [Member] | ' | ' |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 6,000,000 | 6,000,000 |
Common stock, shares issued | 1,509,238 | 1,509,238 |
Common stock, shares outstanding | 1,509,238 | 1,509,238 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Statement [Abstract] | ' | ' |
Net revenue | $48,943,000 | $63,182,000 |
Costs and expenses: | ' | ' |
Production costs | 37,940,000 | 51,152,000 |
Product engineering and development | 1,713,000 | 2,339,000 |
Selling, general and administrative | 6,712,000 | 9,298,000 |
Total operating expenses | 46,365,000 | 62,789,000 |
Operating income | 2,578,000 | 393,000 |
Other income (expenses): | ' | ' |
Interest and dividend income, net of fees | 2,281,000 | 2,269,000 |
Realized and unrealized gains (losses) on marketable securities, net | 1,456,000 | 4,120,000 |
Other | 18,000 | 70,000 |
Other income (expenses) total | 3,755,000 | 6,459,000 |
Income before income taxes | 6,333,000 | 6,852,000 |
Income tax expense (benefit) | -392,000 | 2,380,000 |
Net income | $6,725,000 | $4,472,000 |
Basic earnings per common share: | ' | ' |
Net income | $0.71 | $0.47 |
Diluted earnings per common share: | ' | ' |
Net income | $0.71 | $0.47 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Common Stock [Member] | Class B Stock [Member] |
Beginning balance at Sep. 30, 2011 | $98,799,000 | $9,860,000 | $87,987,000 | $801,000 | $151,000 |
Beginning balance, shares at Sep. 30, 2011 | ' | ' | ' | 8,009,000 | 1,509,000 |
Net income | 4,472,000 | ' | 4,472,000 | ' | ' |
Stock-based compensation | 189,000 | 189,000 | ' | ' | ' |
Ending balance at Sep. 30, 2012 | 103,460,000 | 10,049,000 | 92,459,000 | 801,000 | 151,000 |
Ending balance, shares at Sep. 30, 2012 | ' | ' | ' | 8,009,000 | 1,509,000 |
Net income | 6,725,000 | ' | 6,725,000 | ' | ' |
Stock-based compensation | 243,000 | 243,000 | ' | ' | ' |
Ending balance at Sep. 30, 2013 | $110,428,000 | $10,292,000 | $99,184,000 | $801,000 | $151,000 |
Ending balance, shares at Sep. 30, 2013 | ' | ' | ' | 8,009,000 | 1,509,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash flows from operations: | ' | ' |
Net income | $6,725,000 | $4,472,000 |
Adjustments to reconcile net income to cash provided by operations: | ' | ' |
Purchase of marketable securities | -64,516,000 | -67,123,000 |
Proceeds from sale and maturity of marketable securities | 64,068,000 | 62,363,000 |
Change in value of marketable securities | -1,290,000 | -4,129,000 |
Deferred income taxes | -490,000 | 2,161,000 |
Depreciation and amortization | 1,232,000 | 1,075,000 |
Provision for doubtful accounts | 65,000 | 366,000 |
Loss on disposal of assets | 25,000 | 28,000 |
Stock-based compensation | 243,000 | 189,000 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -59,000 | 1,000 |
Costs and estimated earnings in excess of billings | 3,448,000 | 1,002,000 |
Inventories | -2,208,000 | 960,000 |
Prepaid expenses | -13,000 | 850,000 |
Account payable | -598,000 | -97,000 |
Customer deposits | 1,463,000 | -276,000 |
Accrued expenses and other | -701,000 | 675,000 |
Total adjustments | 669,000 | -1,955,000 |
Cash flows provided by operations | 7,394,000 | 2,517,000 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -1,198,000 | -871,000 |
Cash flows used by investing activities | -1,198,000 | -871,000 |
Net increase in cash | 6,196,000 | 1,646,000 |
Cash and cash equivalents at: | ' | ' |
Beginning of year | 3,361,000 | 1,715,000 |
End of year | $9,557,000 | $3,361,000 |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Nature of Operations and Summary of Significant Accounting Policies | ' | ||||||||||||||||||||||||
NOTE 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||||||||
Gencor Industries, Inc. and its subsidiaries (collectively, the “Company”) is a diversified, heavy machinery manufacturer for the production of highway construction materials, synthetic fuels and environmental control machinery and equipment. | |||||||||||||||||||||||||
These consolidated financial statements include the accounts of Gencor Industries, Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
New Accounting Pronouncements and Policies | |||||||||||||||||||||||||
No new accounting pronouncements issued or effective during the fiscal year have had or are expected to have a material impact on the Company’s consolidated financial statements. | |||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||
The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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 could differ from those estimates. | |||||||||||||||||||||||||
Earnings per Share (“EPS”) | |||||||||||||||||||||||||
The consolidated financial statements include basic and diluted earnings per share information. Basic earnings per share are based on the weighted average number of shares outstanding. Diluted earnings per share are based on the sum of the weighted average number of shares outstanding plus common stock equivalents. Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation as of September 30, 2013 were 84,000 which equates to 2,000 dilutive common stock equivalents. As of September 30, 2012, there were no common stock equivalents included in the diluted earnings per share calculations, as to do so would have been anti-dilutive. Weighted-average shares issuable upon the exercise of stock options, which were not included in the diluted earnings per share calculation because they were anti-dilutive, were 261,000 in 2013 and 327,000 in 2012. | |||||||||||||||||||||||||
The following presents the calculation of the basic and diluted earnings per share for the years ended September 30, 2013 and 2012: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net Income | Shares | EPS | Net Income | Shares | EPS | ||||||||||||||||||||
Basic EPS | $ | 6,725,000 | 9,518,000 | $ | 0.71 | $ | 4,472,000 | 9,518,000 | $ | 0.47 | |||||||||||||||
Common Stock Equivalents | 2,000 | — | |||||||||||||||||||||||
Diluted EPS | $ | 6,725,000 | 9,520,000 | $ | 0.71 | $ | 4,472,000 | 9,518,000 | $ | 0.47 | |||||||||||||||
Cash Equivalents | |||||||||||||||||||||||||
Cash equivalents consist of short-term certificates of deposit and deposits in money market accounts with original maturities of three months or less. | |||||||||||||||||||||||||
Marketable Securities | |||||||||||||||||||||||||
Marketable debt and equity securities are categorized as trading securities and are thus marked to market and stated at fair value. Fair value is determined using the quoted closing or latest bid prices for Level 1 investments and market standard valuation methodologies for Level 2 investments. Realized gains and losses on investment transactions are determined by specific identification and are recognized as incurred in the consolidated statements of operations. Net unrealized gains and losses are reported in the consolidated statements of operations in the current period and represent the change in the fair value of investment holdings during the period. | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
The fair value of financial instruments is presented based upon a hierarchy of levels that prioritizes the inputs of valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | |||||||||||||||||||||||||
The fair value of marketable equity securities, mutual funds, exchange-traded funds and government securities are substantially based on quoted market prices (Level 1). Corporate and municipal bonds are valued using market standard valuation methodologies, including: discounted cash flow methodologies, and matrix pricing or other similar techniques. The inputs to these market standard valuation methodologies include, but are not limited to: interest rates, credit standing of the issuer or counterparty, industry sector of the issuer, coupon rate, call provisions, maturity, estimated duration and assumptions regarding liquidity and estimated future cash flows. In addition to bond characteristics, the valuation methodologies incorporate market data, such as actual trades completed, bids and actual dealer quotes, where such information is available. Accordingly, the estimated fair values are based on available market information and judgments about financial instruments (Level 2). Fair values of the Level 2 investments are provided by the Company’s professional investment management firm. | |||||||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2013: | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Equities | $ | 12,634,000 | $ | — | $ | — | $ | 12,634,000 | |||||||||||||||||
Mutual Funds | 28,264,000 | — | — | 28,264,000 | |||||||||||||||||||||
Exchange Traded Funds | 5,162,000 | — | — | 5,162,000 | |||||||||||||||||||||
Corporate Bonds | — | 17,376,000 | — | 17,376,000 | |||||||||||||||||||||
Municipal Bonds | — | 15,555,000 | — | 15,555,000 | |||||||||||||||||||||
Government Securities | 2,000,000 | — | — | 2,000,000 | |||||||||||||||||||||
Cash and Money Funds | 2,122,000 | — | — | 2,122,000 | |||||||||||||||||||||
Total | $ | 50,182,000 | $ | 32,931,000 | $ | — | $ | 83,113,000 | |||||||||||||||||
Net unrealized gains and losses recognized during fiscal 2013 on trading securities still held as of September 30, 2013, were $1,141,000. Estimated interest accrued on the corporate and municipal bond portfolio was $399,000 at September 30, 2013. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2013. | |||||||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2012: | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Equities | $ | 13,912,000 | $ | — | $ | — | $ | 13,912,000 | |||||||||||||||||
Mutual Funds | 18,588,000 | — | — | 18,588,000 | |||||||||||||||||||||
Corporate Bonds | — | 14,178,000 | — | 14,178,000 | |||||||||||||||||||||
Municipal Bonds | — | 28,513,000 | — | 28,513,000 | |||||||||||||||||||||
Government Securities | 6,000,000 | — | — | 6,000,000 | |||||||||||||||||||||
Cash and Money Funds | 184,000 | — | — | 184,000 | |||||||||||||||||||||
Total | $ | 38,684,000 | $ | 42,691,000 | $ | — | $ | 81,375,000 | |||||||||||||||||
Net unrealized gains and losses recognized during fiscal 2012 on trading securities still held as of September 30, 2012, were $4,596,000. Estimated interest accrued on the corporate and municipal bond portfolio was $545,000 at September 30, 2012. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2012. | |||||||||||||||||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term nature of these items. | |||||||||||||||||||||||||
Foreign Currency Transactions | |||||||||||||||||||||||||
Gains and losses resulting from foreign currency transactions are included in income and were not significant during the years ended September 30, 2013 and 2012. | |||||||||||||||||||||||||
Risk Management | |||||||||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, and accounts receivable. The Company maintains its cash accounts in various domestic financial institutions which may from time to time exceed federally insured limits. Operating cash is retained overnight in non-interest bearing accounts which allow for offsets to treasury service charges. The marketable securities are invested in money funds, mutual funds, exchange traded funds (ETF’s), government securities, stocks and corporate and municipal bonds through a professional investment advisor. Investment securities are exposed to various risks, such as interest rate, market and credit risks. | |||||||||||||||||||||||||
The Company’s customers are not concentrated in any specific geographic region, but are concentrated in the road and highway construction industry. The Company extends limited credit to its customers based upon their credit worthiness and generally requires a significant up-front deposit before beginning construction and full payment subject to hold-back provisions prior to shipment on complete asphalt plant and component orders. The Company establishes an allowance for doubtful accounts based upon the credit risk of specific customers, historical trends and other pertinent information. | |||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||
Inventories are valued at the lower of cost or market, with cost being determined principally by using the last-in, first-out (“LIFO”) method and market defined as replacement cost for raw materials and net realizable value for work in process and finished goods (see Note 2). Appropriate consideration is given to obsolescence, excessive levels, deterioration, possible alternative uses and other factors in determining net realizable value. The cost of work in process and finished goods includes materials, direct labor, variable costs and overhead. The Company evaluates the need to record inventory adjustments on all inventories, including raw material, work in process, finished goods, spare parts and used equipment. Used equipment acquired by the Company on trade-in from customers is carried at estimated net realizable value. Unless specific circumstances warrant different treatment regarding inventory obsolescence, the cost basis of inventories three to four years old are reduced by 50%, while the cost basis of inventories four to five years old are reduced by 75%, and the cost basis of inventories greater than five years old are reduced to zero. Inventory is typically reviewed for obsolescence on an annual basis computed as of September 30th, the Company’s fiscal year end. If significant known changes in trends, technology or other specific circumstances that warrant consideration occur during the year, then the impact on obsolescence is considered at that time. | |||||||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||||||
Property and equipment are stated at cost (see Note 4). Depreciation of property and equipment is computed using straight-line and accelerated methods over the estimated useful lives of the related assets, as follows: | |||||||||||||||||||||||||
Years | |||||||||||||||||||||||||
Land improvements | 5 | ||||||||||||||||||||||||
Buildings and improvements | Jun-40 | ||||||||||||||||||||||||
Equipment | 10-Feb | ||||||||||||||||||||||||
Impairments | |||||||||||||||||||||||||
Property and equipment and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess over its fair value of the asset’s carrying value. Fair value is generally determined using a discounted cash flow analysis. No such impairment loss was recorded during the years ended September 30, 2013 and 2012. | |||||||||||||||||||||||||
Revenues and Expenses | |||||||||||||||||||||||||
Revenues from contracts for the design, manufacture and sale of asphalt plants are recognized under the percentage-of-completion method. The percentage-of-completion method of accounting for these contracts recognizes revenue, net of any promotional discounts, and costs in proportion to actual labor costs incurred, as compared with total estimated labor costs expected to be incurred during the entire contract. Pre-contract costs are expensed as incurred. Changes to total estimated contract costs or losses, if any, are recognized in the period in which they are determined. Revenue recognized in excess of amounts billed is classified as current assets under “costs and estimated earnings in excess of billings.” The Company anticipates that all incurred costs associated with these contracts at September 30, 2013, will be billed and collected within one year. | |||||||||||||||||||||||||
Revenues from all other contracts for the design and manufacture of custom equipment, for service and for parts sales, net of any discounts and return allowances, are recorded when the following four revenue recognition criteria are met: product is delivered or service is performed, persuasive evidence of an arrangement exists, the selling price is fixed or determinable, and collectability is reasonably assured. | |||||||||||||||||||||||||
The Company’s customers may qualify for certain cash rebates generally based on the level of sales attained during a twelve-month period. Provisions for these rebates, as well as estimated returns and allowances and other adjustments are provided for in the same period the related sales are recorded. Return allowances, which reduce product revenue, are estimated using historical experience. | |||||||||||||||||||||||||
Product warranty costs are estimated using historical experience and known issues and are charged to production costs as revenue is recognized. | |||||||||||||||||||||||||
All product engineering and development costs, and selling, general and administrative expenses are charged to operations as incurred. Provision is made for any anticipated contract losses in the period that the loss becomes evident. | |||||||||||||||||||||||||
The allowance for doubtful accounts is determined by performing a specific review of all account balances greater than 90 days past due and other higher risk amounts to determine collectability and also adjusting for any known customer payment issues with account balances in the less-than-90-day past due aging category. Account balances are charged off against the allowance for doubtful accounts when they are determined to be uncollectable. Any recoveries of account balances previously considered in the allowance for doubtful accounts reduce future additions to the allowance for doubtful accounts. | |||||||||||||||||||||||||
Shipping and Handling Costs | |||||||||||||||||||||||||
Shipping and handling costs are included in production costs in the consolidated statements of operations. | |||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||
Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist primarily of taxes currently due, plus deferred taxes (see Note 6). | |||||||||||||||||||||||||
The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns using current tax rates. The Company and its domestic subsidiaries file a consolidated federal income tax return. Undistributed earnings of the Company’s foreign subsidiaries were intended to be indefinitely reinvested. No deferred taxes were provided on these earnings. | |||||||||||||||||||||||||
Deferred tax assets and liabilities are measured using the rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse and the credits are expected to be used. The effect on deferred tax assets and liabilities of the change in tax rates is recognized in income in the period that includes the enactment date. All available evidence, both positive and negative, is considered to determine whether, based on the weight of that evidence, a valuation allowance is needed for some portion or all of a deferred tax asset. No such valuation allowances were recorded as of September 30, 2013 and 2012. | |||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||
For the years ended September 30, 2013 and 2012, other comprehensive income is equal to net income. | |||||||||||||||||||||||||
Reporting Segments | |||||||||||||||||||||||||
Information concerning principal geographic areas is as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Revenues | Long-Term | Revenues | Long-Term | ||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||
United States | $ | 48,943,000 | $ | 7,913,000 | $ | 63,182,000 | $ | 7,978,000 | |||||||||||||||||
United Kingdom | — | 244,000 | — | 244,000 | |||||||||||||||||||||
Total | $ | 48,943,000 | $ | 8,157,000 | $ | 63,182,000 | $ | 8,222,000 | |||||||||||||||||
Revenues are attributed to geographic areas based on the location of the assets producing the revenues. | |||||||||||||||||||||||||
Customers with 10% (or greater) of Net Revenues | |||||||||||||||||||||||||
As a result of timing and production schedules of a very large contract and resultant revenue recognition, approximately 4% of total net revenue in the quarter ended September 30, 2013 and 21% of total net revenue for the quarter ended September 30, 2012 was from one or more separate U.S. corporate entities ultimately affiliated with a foreign-based global company. For the years ended September 30, 2013 and 2012, this company represented 11% and 26% of total net revenue, respectively. | |||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||
Certain reclassifications have been made to the Consolidated Financial Statements. To maintain comparability between the periods, the Company has revised the presentation of certain prior period amounts reported within the Consolidated Financial Statements. These reclassifications had no impact on previously reported net income. |
Inventories_Net
Inventories, Net | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories, Net | ' | ||||||||
NOTE 2 - INVENTORIES, NET | |||||||||
Net inventories consist of the following: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 6,238,000 | $ | 7,375,000 | |||||
Work in process | 3,307,000 | 1,201,000 | |||||||
Finished goods | 4,054,000 | 3,202,000 | |||||||
Used equipment | 527,000 | 140,000 | |||||||
$ | 14,126,000 | $ | 11,918,000 | ||||||
At September 30, 2013 and 2012, cost is determined by the last-in, first-out (“LIFO”) method for inventories. The estimated current cost of inventories exceeded their LIFO basis by approximately $5,141,000 and $4,992,000 at September 30, 2013 and 2012, respectively. |
Costs_and_Estimated_Earnings_i
Costs and Estimated Earnings in Excess of Billings | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Text Block [Abstract] | ' | ||||
Costs and Estimated Earnings in Excess of Billings | ' | ||||
NOTE 3 - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS | |||||
There were no costs and estimated earnings in excess of billings on uncompleted contracts as of September 30, 2013. Costs and estimated earnings in excess of billings on uncompleted contracts as of September 30, 2012 consisted of the following: | |||||
September 30, 2012 | |||||
Costs incurred on uncompleted contracts | $ | 4,986,000 | |||
Estimated earnings | 1,518,000 | ||||
6,504,000 | |||||
Billings to date | 3,056,000 | ||||
Costs and estimated earnings in excess of billings | $ | 3,448,000 | |||
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
NOTE 4 - PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consist of the following: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 3,540,000 | $ | 3,540,000 | |||||
Buildings and improvements | 13,184,000 | 13,229,000 | |||||||
Equipment | 8,845,000 | 9,975,000 | |||||||
25,569,000 | 26,744,000 | ||||||||
Less: Accumulated depreciation and amortization | (17,490,000 | ) | (18,617,000 | ) | |||||
Property and equipment, net | $ | 8,079,000 | $ | 8,127,000 | |||||
Property and equipment includes approximately $6,772,000 and $8,899,000 of fully depreciated assets, which remained in service during fiscal 2013 and 2012, respectively. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
NOTE 5 - ACCRUED EXPENSES | |||||||||
Accrued expenses consist of the following: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Payroll and related accruals | $ | 1,061,000 | $ | 1,650,000 | |||||
Warranty and related accruals | 373,000 | 524,000 | |||||||
Professional fees | 280,000 | 286,000 | |||||||
Accrued income taxes payable | 760,000 | — | |||||||
Other | 336,000 | 1,057,000 | |||||||
Accrued expenses | $ | 2,810,000 | $ | 3,517,000 | |||||
Other accrued expenses include the estimated advertising costs associated with ConExpo. During fiscal 2013, the Company reduced its estimated advertising expenses for the 2014 ConExpo show by $750,000 as management deemed it prudent to curtail such expenditures due to the current condition of the highway construction industry. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
NOTE 6 - INCOME TAXES | |||||||||
The provision for income tax expense consists of: | |||||||||
Years Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Federal | $ | (48,000 | ) | $ | 51,000 | ||||
State | 146,000 | 168,000 | |||||||
Total current | 98,000 | 219,000 | |||||||
Deferred | |||||||||
Federal | (447,000 | ) | 2,161,000 | ||||||
State | (43,000 | ) | — | ||||||
Total deferred | (490,000 | ) | 2,161,000 | ||||||
Income tax expense (benefit) | $ | (392,000 | ) | $ | 2,380,000 | ||||
A reconciliation of the federal statutory tax rate to the total tax provision is as follows: | |||||||||
Years Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Federal income taxes computed at the statutory rate | 34 | % | 34 | % | |||||
State income taxes, net of federal benefit | 3.3 | % | 2.5 | % | |||||
Research & development tax refunds & credits | (33.6 | %) | — | ||||||
Dividend received deduction | (3.0 | %) | (1.6 | %) | |||||
Domestic international sales corporation benefits | (1.8 | %) | — | ||||||
Tax-exempt interest income | (1.4 | %) | (0.8 | %) | |||||
Other, net | (3.7 | %) | 0.6 | % | |||||
Effective income tax rate | (6.2 | %) | 34.7 | % | |||||
Deferred tax assets and liabilities consist of the following: | |||||||||
Years Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Deferred Tax Assets: | |||||||||
Accrued liabilities and reserves | $ | 338,000 | $ | 823,000 | |||||
Allowance for doubtful accounts | 115,000 | 137,000 | |||||||
Inventory | 202,000 | 162,000 | |||||||
R&D tax credits carry-forwards | 805,000 | — | |||||||
Non-deductible stock compensation | 178,000 | 87,000 | |||||||
Net operating losses carry-forwards | 59,000 | — | |||||||
Other | 57,000 | 11,000 | |||||||
Gross Deferred Tax Assets | 1,754,000 | 1,220,000 | |||||||
Deferred and Other Tax Liabilities: | |||||||||
Unrealized gain on investments | (736,000 | ) | (310,000 | ) | |||||
Percentage of completion | — | (566,000 | ) | ||||||
Property, plant and equipment | (1,179,000 | ) | (1,006,000 | ) | |||||
Unrecognized tax benefits | (300,000 | ) | (300,000 | ) | |||||
Other | (23,000 | ) | (12,000 | ) | |||||
Gross Deferred and Other Tax Liabilities | (2,238,000 | ) | (2,194,000 | ) | |||||
Net Deferred Income and Other Tax Liabilities | $ | (484,000 | ) | $ | (974,000 | ) | |||
Total income taxes paid in fiscal 2013 were $202,000. Total income taxes paid in fiscal 2012 were $145,000. | |||||||||
Generally Accepted Accounting Principles (“GAAP”) prescribes a comprehensive model for the financial recognition, measurement, classification, and disclosure of uncertain tax positions. GAAP contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, based on the technical merits of the position. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. | |||||||||
Significant judgment is required in evaluating the Company’s uncertain tax position and determining the Company’s provision for taxes. Although the Company believes the reserves of unrecognized tax benefits (“UTB’s”) are reasonable, no assurance can be given that the final outcome of these matters will not be different from that which is reflected in the Company’s historical income tax provision and accruals. The Company adjusts these reserves in light of changing facts and circumstances. As of September 30, 2013 and 2012, the Company had UTB’s of $300,000. There were no additional accruals of UTB’s during fiscal years ended September 30, 2013 and 2012. | |||||||||
The Company recognizes interest and penalties accrued related to UTB’s as a component of income tax expense. There were no additional accruals of interest expense nor penalties during fiscal years ended September 30, 2013 and 2012. It is reasonably possible that the amount of the UTB’s with respect to certain unrecognized tax positions will increase or decrease during the next 12 months. The Company does not expect the change to have a material effect on its results of operations or its financial position. The only expected potential reason for change would be the normal expiration of the statute of limitations or the ultimate results stemming from any examinations by taxing authorities. If recognized, the entire amount of UTB’s would have an impact on the Company’s effective tax rate. | |||||||||
The Company received favorable IRS rulings on its research and development tax credits (“R&D Credits”) on amended returns filed for tax years 2006 through 2010 (fiscal years 2007 through 2011). In total, the Company received tax refunds of $827,000 related to R&D Credits for tax years 2006 through 2008 and recorded additional R&D Credits of $1,302,000 related to tax years 2009 through 2012 (fiscal years 2010 through 2013). R&D Credits of $2,129,000 are included in the Company’s income tax benefit of ($392,000) in the consolidated statement of operations for the year ended September 30, 2013. Of the $1,302,000 in R&D Credits, $497,000 reduced the Company’s current federal income taxes payable for the year ended September 30, 2013 and $805,000 is included as R&D Credits carry-forwards in the net deferred income and other tax liabilities of ($484,000) in the consolidated balance sheet as of September 30, 2013. The $805,000 of R&D Credits carry-forwards expire in fiscal years 2031 through 2033. | |||||||||
The Company files U.S. federal income tax returns, as well as income tax returns in various states. The Company’s U.S. federal income tax returns and most state returns, filed for tax years prior to fiscal year ended September 30, 2009 are no longer subject to examination by taxing authorities due to the expiration of the statute of limitations. The statute of limitations for the Company’s U.S. federal income tax return for the fiscal year ended September 30, 2009 has been extended and will remain open to examination through June 30, 2014. The statute of limitations for the Company’s U.S. federal income tax return for the fiscal year ended September 30, 2010 has been extended and will remain open to examination through December 31, 2014. |
Retirement_Benefits
Retirement Benefits | 12 Months Ended |
Sep. 30, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Retirement Benefits | ' |
NOTE 7 - RETIREMENT BENEFITS | |
The Company has a voluntary 401(k) employee benefit plan, which covers all eligible, domestic employees. The Company makes discretionary matching contributions subject to a maximum level, in accordance with the terms of the plan. The Company charged approximately $148,000 and $131,000 to expense under the provisions of the plan during the fiscal years 2013 and 2012, respectively. | |
The Company has a collective bargaining agreement covering production and maintenance employees at its Marquette, Iowa facility. Under this agreement, the Company contributed approximately $7,000 during fiscal 2013 and $90,000 in fiscal 2012 to an employee pension fund. The amount contributed by the Company was based on an hourly rate per hours worked up to a maximum of 40 hours per week per employee. The Company’s obligation to contribute to this pension fund ended effective November 1, 2012. The Company has no remaining obligations with respect to this fund. All eligible employees can participate in the voluntary 401(k) employee benefit plan. |
LongTerm_Debt
Long-Term Debt | 12 Months Ended |
Sep. 30, 2013 | |
Debt Disclosure [Abstract] | ' |
Long-Term Debt | ' |
NOTE 8 - LONG-TERM DEBT | |
The Company had no long-term debt outstanding at September 30, 2013 or 2012. The Company does not currently require a credit facility, but continues to evaluate its needs and options for such a facility. | |
As of September 30, 2013, total cash deposits with insurance companies covering collateral needs were $352,000. | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
NOTE 9 - COMMITMENTS AND CONTINGENCIES | |
Leases | |
The Company leases certain equipment under non-cancelable operating leases. Future minimum rental commitments under these leases at September 30, 2013 totaled $69,000 and are due over the next four years. | |
Total rental expense for the fiscal years ended September 30, 2013 and 2012 was $276,000 and $318,000, respectively. | |
Litigation | |
The Company has various pending litigation and other claims. Those claims which are made in the ordinary course of business may be covered in whole or in part by insurance, and if found against the Company, management does not believe these matters will have a material effect on the Company’s financial position, results of operations or cash flows. Management has reviewed all litigation matters arising in the ordinary course of business and has made provisions, not deemed material, for any estimable losses and expenses of litigation. | |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Shareholders' Equity | ' |
NOTE 10 - SHAREHOLDERS’ EQUITY | |
Under the Company’s amended certificate of incorporation, certain rights of the holders of the Company’s common stock are modified by shares of Class B stock for as long as such shares shall remain outstanding. During that period, holders of common stock will have the right to elect approximately 25% of the Company’s Board of Directors, and conversely, Class B stock will be entitled to elect approximately 75% of the Company’s Board of Directors. During the period when common stock and Class B stock are outstanding, certain matters submitted to a vote of shareholders will also require approval of the holders of common stock and Class B stock, each voting separately as a class. Common stock and Class B shareholders have equal rights with respect to dividends, preferences, and rights, including rights in liquidation. | |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Stock-Based Compensation | ' | ||||||||
NOTE 11 - STOCK-BASED COMPENSATION | |||||||||
The Company maintains stock-based compensation plans, which provide for the issuance of Company stock to certain directors, officers, key employees and affiliates. | |||||||||
On March 17, 2009, the shareholders of the Company approved the 2009 Incentive Compensation Plan (the “2009 Plan”). The 2009 Plan provides that the total number of shares of Company stock that may be subject to the granting of awards under the 2009 Plan (“Awards”) at any time during the term of the 2009 Plan shall be equal to 800,000 shares of common stock and 160,000 shares of Class B stock. The foregoing limit shall be increased, as provided for in the 2009 Plan. Persons eligible to receive Awards under the 2009 Plan include employees, directors, consultants and other persons who provide services to the Company. The 2009 Plan imposes individual limitations on the amount of certain Awards, in part, to comply with Internal Revenue Code, Section 162(m). The Awards can be in the form of stock options, restricted and deferred stock, performance awards and other stock-based awards, as provided for in the 2009 Plan. | |||||||||
On July 1, 2011, 298,000 common stock options were issued to employees under the 2009 Plan. These options vest at 25% per year starting on October 1, 2012 and each year thereafter through October 1, 2015. As long as the employee remains employed by the Company, these options will be exercisable upon vesting and remain exercisable through October 1, 2021. The Company used the Black-Scholes pricing model to estimate the fair value of the options of $941,000 at time of grant. At September 30, 2013, $474,000 of compensation expense remained to be expensed over the next two years. The following assumptions were used to determine the fair value of the stock options at time of grant: | |||||||||
Risk-free interest rate | 2 | % | |||||||
Expected life of options | 10.0 years | ||||||||
Dividend yield | 0 | % | |||||||
Volatility | 34.2 | % | |||||||
On May 28, 2012, 20,000 common stock options were issued to an employee under the 2009 Plan. These options vest at 25% per year starting on May 28, 2013 and each year thereafter through May 28, 2016. As long as the employee remains employed by the Company, these options will be exercisable upon vesting and remain exercisable through October 1, 2021. The Company used the Black-Scholes pricing model to estimate the fair value of the options of $63,000 at time of grant. At September 30, 2013, $43,000 of compensation expense remained to be expensed through May 28, 2016. The following assumptions were used to determine the fair value of the stock options at time of grant: | |||||||||
Risk-free interest rate | 2 | % | |||||||
Expected life of options | 9.4 years | ||||||||
Dividend yield | 0 | % | |||||||
Volatility | 32.7 | % | |||||||
As of September 30, 2013, 482,000 shares of Company common stock and 160,000 shares of Class B stock are available for granting of awards under the 2009 Plan. | |||||||||
The following table summarizes option activity under the 2009 Plan: | |||||||||
Number of | Average | ||||||||
Shares | Exercise | ||||||||
Price Per | |||||||||
Share | |||||||||
Options outstanding at September 30, 2011 | 298,000 | $ | 7.689 | ||||||
Options granted – May 28, 2012 | 20,000 | $ | 7.15 | ||||||
Options outstanding at September 30, 2013 and 2012 | 318,000 | $ | 7.655 | ||||||
No options were granted, exercised, forfeited or cancelled during the year ended September 30, 2013. The weighted average remaining contractual life on the options outstanding as of September 30, 2013 is 8 years under the 2009 Plan. | |||||||||
The 1997 Stock Option Plan (the “1997 Plan”) provided for the issuance of incentive stock options and nonqualified stock options to purchase up to 1,200,000 shares of the Company’s common stock, 1,200,000 shares of the Company’s Class B stock and up to 15% of the authorized common stock of any subsidiary. Under the terms of the 1997 Plan, option holders may tender previously owned shares with a market value equal to the exercise price of the options at exercise date, subject to compensation committee approval. Additionally, option holders may, upon compensation committee approval, surrender shares of stock to satisfy federal withholding tax requirements. Options become exercisable in a manner and on such dates and times, as determined by a committee of the Board of Directors. Options expire not more than ten years from the date of grant. The option holders have no shareholder rights until the date of issuance of a stock certificate for such shares. | |||||||||
As of September 30, 2013, there were no options available for future grants under the 1997 Plan. | |||||||||
The following table summarizes option activity under the 1997 Plan: | |||||||||
Number of | Exercise | ||||||||
Shares | Price Per | ||||||||
Share | |||||||||
Outstanding at September 30, 2013, 2012 and 2011 | 27,500 | $ | 9.32 | ||||||
The weighted average remaining contractual life on the options outstanding as of September 30, 2013 is 3 years under the 1997 Plan. | |||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
NOTE 12 - RELATED PARTY TRANSACTIONS | |
Marcar Leasing Corporation (“Marcar”) is engaged in leasing machinery and vehicles to the public and the Company. Marcar is owned by family members of the Company’s chairman. The terms of the leases are established based on the rates charged by independent leasing organizations and are believed to be more favorable than those generally available from independent third parties. New leases between the Company and Marcar generally provide for equal monthly payments over 48 months. During fiscal 2013 and 2012, the Company made lease payments to Marcar totaling $138,000 and $151,000, respectively. |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information | ' | ||||||||||||||||
Quarterly Financial Information (Unaudited) | |||||||||||||||||
Quarter Ended | |||||||||||||||||
December 31 | March 31 | June 30 | September 30 | ||||||||||||||
2013 | |||||||||||||||||
Net revenue | $ | 4,948,000 | $ | 17,737,000 | $ | 18,690,000 | $ | 7,568,000 | |||||||||
Production costs | 4,531,000 | 13,411,000 | 13,720,000 | 6,278,000 | |||||||||||||
Gross profit | 417,000 | 4,326,000 | 4,970,000 | 1,290,000 | |||||||||||||
Production engineering and development | 448,000 | 454,000 | 420,000 | 391,000 | |||||||||||||
Selling, general and administrative | 1,959,000 | 1,984,000 | 1,867,000 | 902,000 | |||||||||||||
Income (loss) from operations | (1,990,000 | ) | 1,888,000 | 2,683,000 | (3,000 | ) | |||||||||||
Other income | 179,000 | 1,822,000 | 679,000 | 1,075,000 | |||||||||||||
Income (loss) before income tax expense | (1,811,000 | ) | 3,710,000 | 3,362,000 | 1,072,000 | ||||||||||||
Income tax expense (benefit) | (835,000 | ) | 733,000 | 873,000 | (1,163,000 | ) | |||||||||||
Net income (loss) | $ | (976,000 | ) | $ | 2,977,000 | $ | 2,489,000 | $ | 2,235,000 | ||||||||
Net income (loss) – basic earnings (loss) per share | $ | (0.10 | ) | $ | 0.31 | $ | 0.26 | $ | 0.24 | ||||||||
Net income (loss) – diluted earnings (loss) per share | $ | (0.10 | ) | $ | 0.31 | $ | 0.26 | $ | 0.24 | ||||||||
2012 | |||||||||||||||||
Net revenue | $ | 6,864,000 | $ | 19,339,000 | $ | 22,986,000 | $ | 13,993,000 | |||||||||
Production costs | 6,141,000 | 15,273,000 | 17,237,000 | 12,501,000 | |||||||||||||
Gross profit | 723,000 | 4,066,000 | 5,749,000 | 1,492,000 | |||||||||||||
Production engineering and development | 539,000 | 556,000 | 670,000 | 575,000 | |||||||||||||
Selling, general and administrative | 1,797,000 | 2,523,000 | 2,678,000 | 2,299,000 | |||||||||||||
Income (loss) from operations | (1,613,000 | ) | 987,000 | 2,401,000 | (1,382,000 | ) | |||||||||||
Other income (expense) | 2,813,000 | 3,184,000 | (696,000 | ) | 1,158,000 | ||||||||||||
Income (loss) before income tax expense | 1,200,000 | 4,171,000 | 1,705,000 | (224,000 | ) | ||||||||||||
Income tax expense | 325,000 | 1,405,000 | 513,000 | 137,000 | |||||||||||||
Net income (loss) | $ | 875,000 | $ | 2,766,000 | $ | 1,192,000 | $ | (361,000 | ) | ||||||||
Net income (loss) – basic earnings (loss) per share | $ | 0.09 | $ | 0.29 | $ | 0.13 | $ | (0.04 | ) | ||||||||
Net income (loss) – diluted earnings (loss) per share | $ | 0.09 | $ | 0.29 | $ | 0.13 | $ | (0.04 | ) | ||||||||
The net income (loss) per share on a year-to-date calculation may not equal the total of the quarterly calculations due to rounding. |
Nature_of_Operations_and_Summa1
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
New Accounting Pronouncements and Policies | ' | ||||||||||||||||||||||||
New Accounting Pronouncements and Policies | |||||||||||||||||||||||||
No new accounting pronouncements issued or effective during the fiscal year have had or are expected to have a material impact on the Company’s consolidated financial statements. | |||||||||||||||||||||||||
Use of Estimates | ' | ||||||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||||||
The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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 could differ from those estimates. | |||||||||||||||||||||||||
Earnings Per Share ("EPS") | ' | ||||||||||||||||||||||||
Earnings per Share (“EPS”) | |||||||||||||||||||||||||
The consolidated financial statements include basic and diluted earnings per share information. Basic earnings per share are based on the weighted average number of shares outstanding. Diluted earnings per share are based on the sum of the weighted average number of shares outstanding plus common stock equivalents. Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation as of September 30, 2013 were 84,000 which equates to 2,000 dilutive common stock equivalents. As of September 30, 2012, there were no common stock equivalents included in the diluted earnings per share calculations, as to do so would have been anti-dilutive. Weighted-average shares issuable upon the exercise of stock options, which were not included in the diluted earnings per share calculation because they were anti-dilutive, were 261,000 in 2013 and 327,000 in 2012. | |||||||||||||||||||||||||
The following presents the calculation of the basic and diluted earnings per share for the years ended September 30, 2013 and 2012: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net Income | Shares | EPS | Net Income | Shares | EPS | ||||||||||||||||||||
Basic EPS | $ | 6,725,000 | 9,518,000 | $ | 0.71 | $ | 4,472,000 | 9,518,000 | $ | 0.47 | |||||||||||||||
Common Stock Equivalents | 2,000 | — | |||||||||||||||||||||||
Diluted EPS | $ | 6,725,000 | 9,520,000 | $ | 0.71 | $ | 4,472,000 | 9,518,000 | $ | 0.47 | |||||||||||||||
Cash Equivalents | ' | ||||||||||||||||||||||||
Cash Equivalents | |||||||||||||||||||||||||
Cash equivalents consist of short-term certificates of deposit and deposits in money market accounts with original maturities of three months or less. | |||||||||||||||||||||||||
Marketable Securities | ' | ||||||||||||||||||||||||
Marketable Securities | |||||||||||||||||||||||||
Marketable debt and equity securities are categorized as trading securities and are thus marked to market and stated at fair value. Fair value is determined using the quoted closing or latest bid prices for Level 1 investments and market standard valuation methodologies for Level 2 investments. Realized gains and losses on investment transactions are determined by specific identification and are recognized as incurred in the consolidated statements of operations. Net unrealized gains and losses are reported in the consolidated statements of operations in the current period and represent the change in the fair value of investment holdings during the period. | |||||||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
The fair value of financial instruments is presented based upon a hierarchy of levels that prioritizes the inputs of valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | |||||||||||||||||||||||||
The fair value of marketable equity securities, mutual funds, exchange-traded funds and government securities are substantially based on quoted market prices (Level 1). Corporate and municipal bonds are valued using market standard valuation methodologies, including: discounted cash flow methodologies, and matrix pricing or other similar techniques. The inputs to these market standard valuation methodologies include, but are not limited to: interest rates, credit standing of the issuer or counterparty, industry sector of the issuer, coupon rate, call provisions, maturity, estimated duration and assumptions regarding liquidity and estimated future cash flows. In addition to bond characteristics, the valuation methodologies incorporate market data, such as actual trades completed, bids and actual dealer quotes, where such information is available. Accordingly, the estimated fair values are based on available market information and judgments about financial instruments (Level 2). Fair values of the Level 2 investments are provided by the Company’s professional investment management firm. | |||||||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2013: | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Equities | $ | 12,634,000 | $ | — | $ | — | $ | 12,634,000 | |||||||||||||||||
Mutual Funds | 28,264,000 | — | — | 28,264,000 | |||||||||||||||||||||
Exchange Traded Funds | 5,162,000 | — | — | 5,162,000 | |||||||||||||||||||||
Corporate Bonds | — | 17,376,000 | — | 17,376,000 | |||||||||||||||||||||
Municipal Bonds | — | 15,555,000 | — | 15,555,000 | |||||||||||||||||||||
Government Securities | 2,000,000 | — | — | 2,000,000 | |||||||||||||||||||||
Cash and Money Funds | 2,122,000 | — | — | 2,122,000 | |||||||||||||||||||||
Total | $ | 50,182,000 | $ | 32,931,000 | $ | — | $ | 83,113,000 | |||||||||||||||||
Net unrealized gains and losses recognized during fiscal 2013 on trading securities still held as of September 30, 2013, were $1,141,000. Estimated interest accrued on the corporate and municipal bond portfolio was $399,000 at September 30, 2013. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2013. | |||||||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2012: | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Equities | $ | 13,912,000 | $ | — | $ | — | $ | 13,912,000 | |||||||||||||||||
Mutual Funds | 18,588,000 | — | — | 18,588,000 | |||||||||||||||||||||
Corporate Bonds | — | 14,178,000 | — | 14,178,000 | |||||||||||||||||||||
Municipal Bonds | — | 28,513,000 | — | 28,513,000 | |||||||||||||||||||||
Government Securities | 6,000,000 | — | — | 6,000,000 | |||||||||||||||||||||
Cash and Money Funds | 184,000 | — | — | 184,000 | |||||||||||||||||||||
Total | $ | 38,684,000 | $ | 42,691,000 | $ | — | $ | 81,375,000 | |||||||||||||||||
Net unrealized gains and losses recognized during fiscal 2012 on trading securities still held as of September 30, 2012, were $4,596,000. Estimated interest accrued on the corporate and municipal bond portfolio was $545,000 at September 30, 2012. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2012. | |||||||||||||||||||||||||
The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term nature of these items. | |||||||||||||||||||||||||
Foreign Currency Transactions | ' | ||||||||||||||||||||||||
Foreign Currency Transactions | |||||||||||||||||||||||||
Gains and losses resulting from foreign currency transactions are included in income and were not significant during the years ended September 30, 2013 and 2012. | |||||||||||||||||||||||||
Risk Management | ' | ||||||||||||||||||||||||
Risk Management | |||||||||||||||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, and accounts receivable. The Company maintains its cash accounts in various domestic financial institutions which may from time to time exceed federally insured limits. Operating cash is retained overnight in non-interest bearing accounts which allow for offsets to treasury service charges. The marketable securities are invested in money funds, mutual funds, exchange traded funds (ETF’s), government securities, stocks and corporate and municipal bonds through a professional investment advisor. Investment securities are exposed to various risks, such as interest rate, market and credit risks. | |||||||||||||||||||||||||
The Company’s customers are not concentrated in any specific geographic region, but are concentrated in the road and highway construction industry. The Company extends limited credit to its customers based upon their credit worthiness and generally requires a significant up-front deposit before beginning construction and full payment subject to hold-back provisions prior to shipment on complete asphalt plant and component orders. The Company establishes an allowance for doubtful accounts based upon the credit risk of specific customers, historical trends and other pertinent information. | |||||||||||||||||||||||||
Inventories | ' | ||||||||||||||||||||||||
Inventories | |||||||||||||||||||||||||
Inventories are valued at the lower of cost or market, with cost being determined principally by using the last-in, first-out (“LIFO”) method and market defined as replacement cost for raw materials and net realizable value for work in process and finished goods (see Note 2). Appropriate consideration is given to obsolescence, excessive levels, deterioration, possible alternative uses and other factors in determining net realizable value. The cost of work in process and finished goods includes materials, direct labor, variable costs and overhead. The Company evaluates the need to record inventory adjustments on all inventories, including raw material, work in process, finished goods, spare parts and used equipment. Used equipment acquired by the Company on trade-in from customers is carried at estimated net realizable value. Unless specific circumstances warrant different treatment regarding inventory obsolescence, the cost basis of inventories three to four years old are reduced by 50%, while the cost basis of inventories four to five years old are reduced by 75%, and the cost basis of inventories greater than five years old are reduced to zero. Inventory is typically reviewed for obsolescence on an annual basis computed as of September 30th, the Company’s fiscal year end. If significant known changes in trends, technology or other specific circumstances that warrant consideration occur during the year, then the impact on obsolescence is considered at that time. | |||||||||||||||||||||||||
Property and Equipment | ' | ||||||||||||||||||||||||
Property and Equipment | |||||||||||||||||||||||||
Property and equipment are stated at cost (see Note 4). Depreciation of property and equipment is computed using straight-line and accelerated methods over the estimated useful lives of the related assets, as follows: | |||||||||||||||||||||||||
Years | |||||||||||||||||||||||||
Land improvements | 5 | ||||||||||||||||||||||||
Buildings and improvements | Jun-40 | ||||||||||||||||||||||||
Equipment | 10-Feb | ||||||||||||||||||||||||
Impairments | ' | ||||||||||||||||||||||||
Impairments | |||||||||||||||||||||||||
Property and equipment and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess over its fair value of the asset’s carrying value. Fair value is generally determined using a discounted cash flow analysis. No such impairment loss was recorded during the years ended September 30, 2013 and 2012. | |||||||||||||||||||||||||
Revenues and Expenses | ' | ||||||||||||||||||||||||
Revenues and Expenses | |||||||||||||||||||||||||
Revenues from contracts for the design, manufacture and sale of asphalt plants are recognized under the percentage-of-completion method. The percentage-of-completion method of accounting for these contracts recognizes revenue, net of any promotional discounts, and costs in proportion to actual labor costs incurred, as compared with total estimated labor costs expected to be incurred during the entire contract. Pre-contract costs are expensed as incurred. Changes to total estimated contract costs or losses, if any, are recognized in the period in which they are determined. Revenue recognized in excess of amounts billed is classified as current assets under “costs and estimated earnings in excess of billings.” The Company anticipates that all incurred costs associated with these contracts at September 30, 2013, will be billed and collected within one year. | |||||||||||||||||||||||||
Revenues from all other contracts for the design and manufacture of custom equipment, for service and for parts sales, net of any discounts and return allowances, are recorded when the following four revenue recognition criteria are met: product is delivered or service is performed, persuasive evidence of an arrangement exists, the selling price is fixed or determinable, and collectability is reasonably assured. | |||||||||||||||||||||||||
The Company’s customers may qualify for certain cash rebates generally based on the level of sales attained during a twelve-month period. Provisions for these rebates, as well as estimated returns and allowances and other adjustments are provided for in the same period the related sales are recorded. Return allowances, which reduce product revenue, are estimated using historical experience. | |||||||||||||||||||||||||
Product warranty costs are estimated using historical experience and known issues and are charged to production costs as revenue is recognized. | |||||||||||||||||||||||||
All product engineering and development costs, and selling, general and administrative expenses are charged to operations as incurred. Provision is made for any anticipated contract losses in the period that the loss becomes evident. | |||||||||||||||||||||||||
The allowance for doubtful accounts is determined by performing a specific review of all account balances greater than 90 days past due and other higher risk amounts to determine collectability and also adjusting for any known customer payment issues with account balances in the less-than-90-day past due aging category. Account balances are charged off against the allowance for doubtful accounts when they are determined to be uncollectable. Any recoveries of account balances previously considered in the allowance for doubtful accounts reduce future additions to the allowance for doubtful accounts. | |||||||||||||||||||||||||
Shipping and Handling Costs | ' | ||||||||||||||||||||||||
Shipping and Handling Costs | |||||||||||||||||||||||||
Shipping and handling costs are included in production costs in the consolidated statements of operations. | |||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
Income Taxes | |||||||||||||||||||||||||
Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist primarily of taxes currently due, plus deferred taxes (see Note 6). | |||||||||||||||||||||||||
The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns using current tax rates. The Company and its domestic subsidiaries file a consolidated federal income tax return. Undistributed earnings of the Company’s foreign subsidiaries were intended to be indefinitely reinvested. No deferred taxes were provided on these earnings. | |||||||||||||||||||||||||
Deferred tax assets and liabilities are measured using the rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse and the credits are expected to be used. The effect on deferred tax assets and liabilities of the change in tax rates is recognized in income in the period that includes the enactment date. All available evidence, both positive and negative, is considered to determine whether, based on the weight of that evidence, a valuation allowance is needed for some portion or all of a deferred tax asset. No such valuation allowances were recorded as of September 30, 2013 and 2012. | |||||||||||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||||||||||
Comprehensive Income | |||||||||||||||||||||||||
For the years ended September 30, 2013 and 2012, other comprehensive income is equal to net income. | |||||||||||||||||||||||||
Reporting Segments | ' | ||||||||||||||||||||||||
Reporting Segments | |||||||||||||||||||||||||
Information concerning principal geographic areas is as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Revenues | Long-Term | Revenues | Long-Term | ||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||
United States | $ | 48,943,000 | $ | 7,913,000 | $ | 63,182,000 | $ | 7,978,000 | |||||||||||||||||
United Kingdom | — | 244,000 | — | 244,000 | |||||||||||||||||||||
Total | $ | 48,943,000 | $ | 8,157,000 | $ | 63,182,000 | $ | 8,222,000 | |||||||||||||||||
Revenues are attributed to geographic areas based on the location of the assets producing the revenues. | |||||||||||||||||||||||||
Customers with 10% (or greater) of Net Revenues | ' | ||||||||||||||||||||||||
Customers with 10% (or greater) of Net Revenues | |||||||||||||||||||||||||
As a result of timing and production schedules of a very large contract and resultant revenue recognition, approximately 4% of total net revenue in the quarter ended September 30, 2013 and 21% of total net revenue for the quarter ended September 30, 2012 was from one or more separate U.S. corporate entities ultimately affiliated with a foreign-based global company. For the years ended September 30, 2013 and 2012, this company represented 11% and 26% of total net revenue, respectively. | |||||||||||||||||||||||||
Reclassifications | ' | ||||||||||||||||||||||||
Reclassifications | |||||||||||||||||||||||||
Certain reclassifications have been made to the Consolidated Financial Statements. To maintain comparability between the periods, the Company has revised the presentation of certain prior period amounts reported within the Consolidated Financial Statements. These reclassifications had no impact on previously reported net income. |
Nature_of_Operations_and_Summa2
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||||||||||
Basic and Diluted Earnings Per Share | ' | ||||||||||||||||||||||||
The following presents the calculation of the basic and diluted earnings per share for the years ended September 30, 2013 and 2012: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Net Income | Shares | EPS | Net Income | Shares | EPS | ||||||||||||||||||||
Basic EPS | $ | 6,725,000 | 9,518,000 | $ | 0.71 | $ | 4,472,000 | 9,518,000 | $ | 0.47 | |||||||||||||||
Common Stock Equivalents | 2,000 | — | |||||||||||||||||||||||
Diluted EPS | $ | 6,725,000 | 9,520,000 | $ | 0.71 | $ | 4,472,000 | 9,518,000 | $ | 0.47 | |||||||||||||||
Company's Assets Measured at Fair Value | ' | ||||||||||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2013: | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Equities | $ | 12,634,000 | $ | — | $ | — | $ | 12,634,000 | |||||||||||||||||
Mutual Funds | 28,264,000 | — | — | 28,264,000 | |||||||||||||||||||||
Exchange Traded Funds | 5,162,000 | — | — | 5,162,000 | |||||||||||||||||||||
Corporate Bonds | — | 17,376,000 | — | 17,376,000 | |||||||||||||||||||||
Municipal Bonds | — | 15,555,000 | — | 15,555,000 | |||||||||||||||||||||
Government Securities | 2,000,000 | — | — | 2,000,000 | |||||||||||||||||||||
Cash and Money Funds | 2,122,000 | — | — | 2,122,000 | |||||||||||||||||||||
Total | $ | 50,182,000 | $ | 32,931,000 | $ | — | $ | 83,113,000 | |||||||||||||||||
The following tables set forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2012: | |||||||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Equities | $ | 13,912,000 | $ | — | $ | — | $ | 13,912,000 | |||||||||||||||||
Mutual Funds | 18,588,000 | — | — | 18,588,000 | |||||||||||||||||||||
Corporate Bonds | — | 14,178,000 | — | 14,178,000 | |||||||||||||||||||||
Municipal Bonds | — | 28,513,000 | — | 28,513,000 | |||||||||||||||||||||
Government Securities | 6,000,000 | — | — | 6,000,000 | |||||||||||||||||||||
Cash and Money Funds | 184,000 | — | — | 184,000 | |||||||||||||||||||||
Total | $ | 38,684,000 | $ | 42,691,000 | $ | — | $ | 81,375,000 | |||||||||||||||||
Estimated Useful Lives of Assets | ' | ||||||||||||||||||||||||
Depreciation of property and equipment is computed using straight-line and accelerated methods over the estimated useful lives of the related assets, as follows: | |||||||||||||||||||||||||
Years | |||||||||||||||||||||||||
Land improvements | 5 | ||||||||||||||||||||||||
Buildings and improvements | Jun-40 | ||||||||||||||||||||||||
Equipment | 10-Feb | ||||||||||||||||||||||||
Revenues and Long-Term Assets Information Concerning Principal Geographic Areas | ' | ||||||||||||||||||||||||
Information concerning principal geographic areas is as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Revenues | Long-Term | Revenues | Long-Term | ||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||
United States | $ | 48,943,000 | $ | 7,913,000 | $ | 63,182,000 | $ | 7,978,000 | |||||||||||||||||
United Kingdom | — | 244,000 | — | 244,000 | |||||||||||||||||||||
Total | $ | 48,943,000 | $ | 8,157,000 | $ | 63,182,000 | $ | 8,222,000 | |||||||||||||||||
Inventories_Net_Tables
Inventories, Net (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Net Inventories | ' | ||||||||
Net inventories consist of the following: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 6,238,000 | $ | 7,375,000 | |||||
Work in process | 3,307,000 | 1,201,000 | |||||||
Finished goods | 4,054,000 | 3,202,000 | |||||||
Used equipment | 527,000 | 140,000 | |||||||
$ | 14,126,000 | $ | 11,918,000 |
Costs_and_Estimated_Earnings_i1
Costs and Estimated Earnings in Excess of Billings (Tables) | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Text Block [Abstract] | ' | ||||
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts | ' | ||||
Costs and estimated earnings in excess of billings on uncompleted contracts as of September 30, 2012 consisted of the following: | |||||
September 30, 2012 | |||||
Costs incurred on uncompleted contracts | $ | 4,986,000 | |||
Estimated earnings | 1,518,000 | ||||
6,504,000 | |||||
Billings to date | 3,056,000 | ||||
Costs and estimated earnings in excess of billings | $ | 3,448,000 |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
Property and equipment consist of the following: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Land and improvements | $ | 3,540,000 | $ | 3,540,000 | |||||
Buildings and improvements | 13,184,000 | 13,229,000 | |||||||
Equipment | 8,845,000 | 9,975,000 | |||||||
25,569,000 | 26,744,000 | ||||||||
Less: Accumulated depreciation and amortization | (17,490,000 | ) | (18,617,000 | ) | |||||
Property and equipment, net | $ | 8,079,000 | $ | 8,127,000 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
Accrued expenses consist of the following: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Payroll and related accruals | $ | 1,061,000 | $ | 1,650,000 | |||||
Warranty and related accruals | 373,000 | 524,000 | |||||||
Professional fees | 280,000 | 286,000 | |||||||
Accrued income taxes payable | 760,000 | — | |||||||
Other | 336,000 | 1,057,000 | |||||||
Accrued expenses | $ | 2,810,000 | $ | 3,517,000 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Provision for Income Tax Expense | ' | ||||||||
The provision for income tax expense consists of: | |||||||||
Years Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Current: | |||||||||
Federal | $ | (48,000 | ) | $ | 51,000 | ||||
State | 146,000 | 168,000 | |||||||
Total current | 98,000 | 219,000 | |||||||
Deferred | |||||||||
Federal | (447,000 | ) | 2,161,000 | ||||||
State | (43,000 | ) | — | ||||||
Total deferred | (490,000 | ) | 2,161,000 | ||||||
Income tax expense (benefit) | $ | (392,000 | ) | $ | 2,380,000 | ||||
Reconciliation of the Federal Statutory Tax Rate to the Total Tax Provision | ' | ||||||||
A reconciliation of the federal statutory tax rate to the total tax provision is as follows: | |||||||||
Years Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Federal income taxes computed at the statutory rate | 34 | % | 34 | % | |||||
State income taxes, net of federal benefit | 3.3 | % | 2.5 | % | |||||
Research & development tax refunds & credits | (33.6 | %) | — | ||||||
Dividend received deduction | (3.0 | %) | (1.6 | %) | |||||
Domestic international sales corporation benefits | (1.8 | %) | — | ||||||
Tax-exempt interest income | (1.4 | %) | (0.8 | %) | |||||
Other, net | (3.7 | %) | 0.6 | % | |||||
Effective income tax rate | (6.2 | %) | 34.7 | % | |||||
Deferred Tax Assets and Liabilities | ' | ||||||||
Deferred tax assets and liabilities consist of the following: | |||||||||
Years Ended September 30, | |||||||||
2013 | 2012 | ||||||||
Deferred Tax Assets: | |||||||||
Accrued liabilities and reserves | $ | 338,000 | $ | 823,000 | |||||
Allowance for doubtful accounts | 115,000 | 137,000 | |||||||
Inventory | 202,000 | 162,000 | |||||||
R&D tax credits carry-forwards | 805,000 | — | |||||||
Non-deductible stock compensation | 178,000 | 87,000 | |||||||
Net operating losses carry-forwards | 59,000 | — | |||||||
Other | 57,000 | 11,000 | |||||||
Gross Deferred Tax Assets | 1,754,000 | 1,220,000 | |||||||
Deferred and Other Tax Liabilities: | |||||||||
Unrealized gain on investments | (736,000 | ) | (310,000 | ) | |||||
Percentage of completion | — | (566,000 | ) | ||||||
Property, plant and equipment | (1,179,000 | ) | (1,006,000 | ) | |||||
Unrecognized tax benefits | (300,000 | ) | (300,000 | ) | |||||
Other | (23,000 | ) | (12,000 | ) | |||||
Gross Deferred and Other Tax Liabilities | (2,238,000 | ) | (2,194,000 | ) | |||||
Net Deferred Income and Other Tax Liabilities | $ | (484,000 | ) | $ | (974,000 | ) |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Option 2009 Plan [Member] | ' | ||||||||
Option Activity under the Stock-Based Compensation Plan | ' | ||||||||
The following table summarizes option activity under the 2009 Plan: | |||||||||
Number of | Average | ||||||||
Shares | Exercise | ||||||||
Price Per | |||||||||
Share | |||||||||
Options outstanding at September 30, 2011 | 298,000 | $ | 7.689 | ||||||
Options granted – May 28, 2012 | 20,000 | $ | 7.15 | ||||||
Options outstanding at September 30, 2013 and 2012 | 318,000 | $ | 7.655 | ||||||
Option 1997 Plan [Member] | ' | ||||||||
Option Activity under the Stock-Based Compensation Plan | ' | ||||||||
The following table summarizes option activity under the 1997 Plan: | |||||||||
Number of | Exercise | ||||||||
Shares | Price Per | ||||||||
Share | |||||||||
Outstanding at September 30, 2013, 2012 and 2011 | 27,500 | $ | 9.32 | ||||||
Stock Option 1 [Member] | ' | ||||||||
Fair Value of the Stock Options at Time of Grant | ' | ||||||||
The following assumptions were used to determine the fair value of the stock options at time of grant: | |||||||||
Risk-free interest rate | 2 | % | |||||||
Expected life of options | 10.0 years | ||||||||
Dividend yield | 0 | % | |||||||
Volatility | 34.2 | % | |||||||
Stock Option 2 [Member] | ' | ||||||||
Fair Value of the Stock Options at Time of Grant | ' | ||||||||
The following assumptions were used to determine the fair value of the stock options at time of grant: | |||||||||
Risk-free interest rate | 2 | % | |||||||
Expected life of options | 9.4 years | ||||||||
Dividend yield | 0 | % | |||||||
Volatility | 32.7 | % |
Nature_of_Operations_and_Summa3
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Common stock equivalents included in Diluted earnings per share | ' | ' | ' | 0 |
Weighted-average shares issuable upon the exercise of stock options, included in Diluted EPS | ' | ' | 84,000 | ' |
Common Stock Equivalents | ' | ' | 2,000 | ' |
Cash equivalents consist of short-term certificates of deposit maturities period | ' | ' | '3 months | ' |
Net unrealized gains | ' | ' | 1,141,000 | 4,596,000 |
Estimated interest accrued | ' | ' | 399,000 | 545,000 |
Transfers of investments between Level 1 and Level 2 | 0 | 0 | 0 | 0 |
Impairment loss on property, equipments and intangible assets | ' | ' | 0 | 0 |
Time for the collection of cost associated with Pre- contract | ' | ' | '1 year | ' |
Valuation allowance | 0 | 0 | 0 | 0 |
Three to Four Years Old Inventory [Member] | ' | ' | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Cost basis reduction in inventory, percentage | ' | ' | 50.00% | ' |
Three to Four Years Old Inventory [Member] | Minimum [Member] | ' | ' | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Inventory, time period on the shelf, years | ' | ' | '3 years | ' |
Three to Four Years Old Inventory [Member] | Maximum [Member] | ' | ' | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Inventory, time period on the shelf, years | ' | ' | '4 years | ' |
Four to Five Years Old Inventory [Member] | ' | ' | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Cost basis reduction in inventory, percentage | ' | ' | 75.00% | ' |
Four to Five Years Old Inventory [Member] | Minimum [Member] | ' | ' | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Inventory, time period on the shelf, years | ' | ' | '4 years | ' |
Four to Five Years Old Inventory [Member] | Maximum [Member] | ' | ' | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Inventory, time period on the shelf, years | ' | ' | '5 years | ' |
Greater Than Five Years Old Inventory [Member] | ' | ' | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Inventory valuation estimate | ' | ' | 0 | ' |
Greater Than Five Years Old Inventory [Member] | Minimum [Member] | ' | ' | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Inventory, time period on the shelf, years | ' | ' | '5 years | ' |
Stock Option [Member] | ' | ' | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Weighted-average shares issuable upon the exercise of stock options, not included in Diluted EPS | ' | ' | 261,000 | 327,000 |
United States [Member] | ' | ' | ' | ' |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of net revenue from one or more separate U.S corporate entities on quarterly basis | 4.00% | 21.00% | ' | ' |
Percentage of net revenue from one or more separate U.S corporate entities on yearly basis | ' | ' | 11.00% | 26.00% |
Nature_of_Operations_and_Summa4
Nature of Operations and Summary of Significant Accounting Policies - Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income Basic and Diluted | $2,235,000 | $2,489,000 | $2,977,000 | ($976,000) | ($361,000) | $1,192,000 | $2,766,000 | $875,000 | $6,725,000 | $4,472,000 |
Net Income Basic and Diluted | $2,235,000 | $2,489,000 | $2,977,000 | ($976,000) | ($361,000) | $1,192,000 | $2,766,000 | $875,000 | $6,725,000 | $4,472,000 |
Shares Basic | ' | ' | ' | ' | ' | ' | ' | ' | 9,518,000 | 9,518,000 |
Common Stock Equivalents | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' |
Shares Diluted | ' | ' | ' | ' | ' | ' | ' | ' | 9,520,000 | 9,518,000 |
Net income (loss) - basic earnings (loss) per share | $0.24 | $0.26 | $0.31 | ($0.10) | ($0.04) | $0.13 | $0.29 | $0.09 | $0.71 | $0.47 |
Net income (loss) - diluted earnings (loss) per share | $0.24 | $0.26 | $0.31 | ($0.10) | ($0.04) | $0.13 | $0.29 | $0.09 | $0.71 | $0.47 |
Nature_of_Operations_and_Summa5
Nature of Operations and Summary of Significant Accounting Policies - Company's Assets Measured at Fair Value (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | $83,113,000 | $81,375,000 |
Equities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 12,634,000 | 13,912,000 |
Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 28,264,000 | 18,588,000 |
Exchange Traded Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 5,162,000 | ' |
Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 17,376,000 | 14,178,000 |
Municipal Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 15,555,000 | 28,513,000 |
Government Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 2,000,000 | 6,000,000 |
Cash and Money Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 2,122,000 | 184,000 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 50,182,000 | 38,684,000 |
Level 1 [Member] | Equities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 12,634,000 | 13,912,000 |
Level 1 [Member] | Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 28,264,000 | 18,588,000 |
Level 1 [Member] | Exchange Traded Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 5,162,000 | ' |
Level 1 [Member] | Government Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 2,000,000 | 6,000,000 |
Level 1 [Member] | Cash and Money Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 2,122,000 | 184,000 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 32,931,000 | 42,691,000 |
Level 2 [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 17,376,000 | 14,178,000 |
Level 2 [Member] | Municipal Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 15,555,000 | 28,513,000 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 3 [Member] | Equities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 3 [Member] | Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 3 [Member] | Exchange Traded Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 3 [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 3 [Member] | Municipal Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 3 [Member] | Government Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 3 [Member] | Cash and Money Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Nature_of_Operations_and_Summa6
Nature of Operations and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Sep. 30, 2013 | |
Land Improvements [Member] | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' |
Estimated useful lives of assets | '5 years |
Buildings and Improvements [Member] | Minimum [Member] | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' |
Estimated useful lives of assets | '6 years |
Buildings and Improvements [Member] | Maximum [Member] | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' |
Estimated useful lives of assets | '40 years |
Equipment [Member] | Minimum [Member] | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' |
Estimated useful lives of assets | '2 years |
Equipment [Member] | Maximum [Member] | ' |
Property Plant And Equipment Estimated Useful Lives [Line Items] | ' |
Estimated useful lives of assets | '10 years |
Nature_of_Operations_and_Summa7
Nature of Operations and Summary of Significant Accounting Policies - Revenues and Long-Term Assets Information Concerning Principal Geographic Areas (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | $48,943,000 | $63,182,000 |
Long-Term Assets | 8,157,000 | 8,222,000 |
United States [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | 48,943,000 | 63,182,000 |
Long-Term Assets | 7,913,000 | 7,978,000 |
United Kingdom [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Revenues | ' | ' |
Long-Term Assets | $244,000 | $244,000 |
Inventories_Net_Net_Inventorie
Inventories, Net - Net Inventories (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Inventory Net [Abstract] | ' | ' |
Raw materials | $6,238,000 | $7,375,000 |
Work in process | 3,307,000 | 1,201,000 |
Finished goods | 4,054,000 | 3,202,000 |
Used equipment | 527,000 | 140,000 |
Inventories, net | $14,126,000 | $11,918,000 |
Inventories_Net_Additional_Inf
Inventories, Net - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
LIFO reserves of inventories | $5,141,000 | $4,992,000 |
Costs_and_Estimated_Earnings_i2
Costs and Estimated Earnings in Excess of Billings - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Costs In Excess Of Billings On Uncompleted Contracts Or Programs [Abstract] | ' | ' |
Costs and estimated earnings in excess of billings on uncompleted contracts | $0 | $3,448,000 |
Costs_and_Estimated_Earnings_i3
Costs and Estimated Earnings in Excess of Billings - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Costs In Excess Of Billings On Uncompleted Contracts Or Programs [Abstract] | ' | ' |
Costs incurred on uncompleted contracts | ' | $4,986,000 |
Estimated earnings | ' | 1,518,000 |
Costs and estimated earnings on uncompleted contracts | ' | 6,504,000 |
Billings to date | ' | 3,056,000 |
Costs and estimated earnings in excess of billings | $0 | $3,448,000 |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipment (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $25,569,000 | $26,744,000 |
Less: Accumulated depreciation and amortization | -17,490,000 | -18,617,000 |
Property and equipment, net | 8,079,000 | 8,127,000 |
Land Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 3,540,000 | 3,540,000 |
Buildings and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 13,184,000 | 13,229,000 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $8,845,000 | $9,975,000 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Property Plant And Equipment [Abstract] | ' | ' |
Property and equipment (fully depreciated assets) | $6,772,000 | $8,899,000 |
Accrued_Expenses_Accrued_Expen
Accrued Expenses - Accrued Expenses (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Payables And Accruals [Abstract] | ' | ' |
Payroll and related accruals | $1,061,000 | $1,650,000 |
Warranty and related accruals | 373,000 | 524,000 |
Professional fees | 280,000 | 286,000 |
Accrued income taxes payable | 760,000 | ' |
Other | 336,000 | 1,057,000 |
Accrued expenses | $2,810,000 | $3,517,000 |
Accrued_Expenses_Additional_In
Accrued Expenses - Additional Information (Detail) (USD $) | 12 Months Ended |
Sep. 30, 2013 | |
Payables And Accruals [Abstract] | ' |
Reduction in estimated advertising expenses for the 2014 ConExpo show | $750,000 |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Tax Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | |
Current: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | ($48,000) | $51,000 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 146,000 | 168,000 |
Total current | ' | ' | ' | ' | ' | ' | ' | ' | 98,000 | 219,000 |
Deferred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | -447,000 | 2,161,000 |
State | ' | ' | ' | ' | ' | ' | ' | ' | -43,000 | ' |
Total deferred | ' | ' | ' | ' | ' | ' | ' | ' | -490,000 | 2,161,000 |
Income tax expense (benefit) | ($1,163,000) | $873,000 | $733,000 | ($835,000) | $137,000 | $513,000 | $1,405,000 | $325,000 | ($392,000) | $2,380,000 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Federal Statutory Tax Rate to the Total Tax Provision (Detail) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Federal income taxes computed at the statutory rate | 34.00% | 34.00% |
State income taxes, net of federal benefit | 3.30% | 2.50% |
Research & development tax refunds & credits | -33.60% | ' |
Dividend received deduction | -3.00% | -1.60% |
Domestic international sales corporation benefits | -1.80% | ' |
Tax-exempt interest income | -1.40% | -0.80% |
Other, net | -3.70% | 0.60% |
Effective income tax rate | -6.20% | 34.70% |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Deferred Tax Assets: | ' | ' |
Accrued liabilities and reserves | $338,000 | $823,000 |
Allowance for doubtful accounts | 115,000 | 137,000 |
Inventory | 202,000 | 162,000 |
R&D tax credits carry-forwards | 805,000 | ' |
Non-deductible stock compensation | 178,000 | 87,000 |
Net operating losses carry-forwards | 59,000 | ' |
Other | 57,000 | 11,000 |
Gross Deferred Tax Assets | 1,754,000 | 1,220,000 |
Deferred and Other Tax Liabilities: | ' | ' |
Unrealized gain on investments | -736,000 | -310,000 |
Percentage of completion | ' | -566,000 |
Property, plant and equipment | -1,179,000 | -1,006,000 |
Unrecognized tax benefits | -300,000 | -300,000 |
Other | -23,000 | -12,000 |
Gross Deferred and Other Tax Liabilities | -2,238,000 | -2,194,000 |
Net Deferred Income and Other Tax Liabilities | ($484,000) | ($974,000) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total incomes taxes paid | ' | ' | ' | ' | ' | ' | ' | ' | $202,000 | $145,000 |
Unrecognized tax benefits | 300,000 | ' | ' | ' | 300,000 | ' | ' | ' | 300,000 | 300,000 |
Additional accruals of UTB's | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Additional accruals of interest expense nor penalties | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Tax refunds related to R&D Credits for tax years 2006 through 2008 | ' | ' | ' | ' | ' | ' | ' | ' | 827,000 | ' |
Additional R&D Credits related to tax years 2009 through 2012 | ' | ' | ' | ' | ' | ' | ' | ' | 1,302,000 | ' |
R&D Credits | ' | ' | ' | ' | ' | ' | ' | ' | 2,129,000 | ' |
Income tax benefit | -1,163,000 | 873,000 | 733,000 | -835,000 | 137,000 | 513,000 | 1,405,000 | 325,000 | -392,000 | 2,380,000 |
Reduction in the company's current federal income taxes payable | ' | ' | ' | ' | ' | ' | ' | ' | 497,000 | ' |
R&D Credits carry-forwards in the net deferred income | 805,000 | ' | ' | ' | ' | ' | ' | ' | 805,000 | ' |
Net deferred income and other tax liabilities | ($484,000) | ' | ' | ' | ($974,000) | ' | ' | ' | ($484,000) | ($974,000) |
R&D Credits carry-forwards in the net deferred income expires minimum period | ' | ' | ' | ' | ' | ' | ' | ' | '2031 | ' |
R&D Credits carry-forwards in the net deferred income expires maximum period | ' | ' | ' | ' | ' | ' | ' | ' | '2033 | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of tax realized upon settlement | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Retirement_Benefits_Additional
Retirement Benefits - Additional Information (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Retirement benefits expense under the provisions of the plan | $148,000 | $131,000 |
Company contributed to employee pension fund | 7,000 | 90,000 |
Maximum hours per week considered for contribution | '40 hours | ' |
Other obligations regarding pension fund | $0 | ' |
Long_Term_Debt_Additional_Info
Long Term Debt - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Debt Disclosure [Abstract] | ' | ' |
Long term debt outstanding | $0 | $0 |
Total cash deposits with insurance companies covering collateral needs | $352,000 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Future minimum rental commitments | $69,000 | ' |
Future minimum rental commitments due over period | '4 years | ' |
Total rental expense | $276,000 | $318,000 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2013 | |
Common Stock [Member] | ' |
Schedule Of Equity [Line Items] | ' |
Right of holders to elect company's board of directors | 25.00% |
Class B Stock [Member] | ' |
Schedule Of Equity [Line Items] | ' |
Right of holders to elect company's board of directors | 75.00% |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2013 | Sep. 30, 2013 | 28-May-12 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 01, 2011 | Mar. 17, 2009 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 17, 2009 | Sep. 30, 2013 | Sep. 30, 2013 | |
Option 2009 Plan [Member] | The 2009 Plan [Member] | The 2009 Plan [Member] | Option 1997 Plan [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Class B Stock [Member] | Class B Stock [Member] | Class B Stock [Member] | ||
Option 2009 Plan [Member] | Option 2009 Plan [Member] | The 2009 Plan [Member] | Option 1997 Plan [Member] | Option 2009 Plan [Member] | The 2009 Plan [Member] | Option 1997 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares granting of awards | ' | ' | ' | ' | ' | ' | 800,000 | ' | 1,200,000 | 160,000 | ' | 1,200,000 |
Common stock options issued to employees | ' | ' | ' | ' | ' | 298,000 | ' | ' | ' | ' | ' | ' |
Options vesting rate | ' | ' | 25.00% | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' |
Options vesting period | ' | ' | ' | ' | ' | 'October 1, 2012 through October 1, 2015 | ' | ' | ' | ' | ' | ' |
Options exercisable | ' | 'Through October 1, 2021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of number options at time of grant | ' | ' | ' | ' | ' | $941,000 | ' | ' | ' | ' | ' | ' |
Compensation expense remaining to be expensed | 474,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock options issued to an employee | ' | ' | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense remaining to be expensed | 43,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value of maximum number options at time of grant | ' | ' | $63,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options vesting period | ' | ' | ' | 'Through May 28,2016 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for granting | ' | ' | ' | ' | 0 | ' | ' | 482,000 | ' | ' | 160,000 | ' |
Remaining contractual life on the options outstanding | ' | ' | ' | '8 years | '3 years | ' | ' | ' | ' | ' | ' | ' |
Number of options, granted | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options, exercised | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options, forfeited or cancelled | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of common stock to be purchased of authorized common stock of any subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' |
Options expiration period after date of grant | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' |
StockBased_Compensation_Fair_V
Stock-Based Compensation - Fair Value of the Stock Options at Time of Grant (Detail) | 12 Months Ended |
Sep. 30, 2013 | |
Stock Option 1 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free interest rate | 2.00% |
Expected life of options | '10 years |
Dividend yield | 0.00% |
Volatility | 34.20% |
Stock Option 2 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free interest rate | 2.00% |
Expected life of options | '9 years 4 months 24 days |
Dividend yield | 0.00% |
Volatility | 32.70% |
StockBased_Compensation_Option
Stock-Based Compensation - Option Activity under the Stock-Based Compensation Plan (Detail) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | 28-May-12 | Sep. 30, 2011 |
Option 2009 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of Shares, Options granted | ' | ' | 20,000 | ' |
Number of Shares, Options outstanding | 318,000 | 318,000 | ' | 298,000 |
Average Exercise Price Per Share, Options granted | ' | ' | $7.15 | ' |
Average Exercise Price Per Share, Options outstanding | $7.66 | $7.66 | ' | $7.69 |
Option 1997 Plan [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Number of Shares, Options outstanding | 27,500 | 27,500 | ' | 27,500 |
Average Exercise Price Per Share, Options outstanding | $9.32 | $9.32 | ' | $9.32 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (Marcar [Member], USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Marcar [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Minimum lease payment period | '48 months | ' |
Lease payments to Marcar | $138,000 | $151,000 |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net revenue | $7,568,000 | $18,690,000 | $17,737,000 | $4,948,000 | $13,993,000 | $22,986,000 | $19,339,000 | $6,864,000 | $48,943,000 | $63,182,000 |
Production costs | 6,278,000 | 13,720,000 | 13,411,000 | 4,531,000 | 12,501,000 | 17,237,000 | 15,273,000 | 6,141,000 | 37,940,000 | 51,152,000 |
Gross profit | 1,290,000 | 4,970,000 | 4,326,000 | 417,000 | 1,492,000 | 5,749,000 | 4,066,000 | 723,000 | ' | ' |
Production engineering and development | 391,000 | 420,000 | 454,000 | 448,000 | 575,000 | 670,000 | 556,000 | 539,000 | 1,713,000 | 2,339,000 |
Selling, general and administrative | 902,000 | 1,867,000 | 1,984,000 | 1,959,000 | 2,299,000 | 2,678,000 | 2,523,000 | 1,797,000 | 6,712,000 | 9,298,000 |
Operating income | -3,000 | 2,683,000 | 1,888,000 | -1,990,000 | -1,382,000 | 2,401,000 | 987,000 | -1,613,000 | 2,578,000 | 393,000 |
Other income (expense) | 1,075,000 | 679,000 | 1,822,000 | 179,000 | 1,158,000 | -696,000 | 3,184,000 | 2,813,000 | 3,755,000 | 6,459,000 |
Income (loss) before income tax expense | 1,072,000 | 3,362,000 | 3,710,000 | -1,811,000 | -224,000 | 1,705,000 | 4,171,000 | 1,200,000 | 6,333,000 | 6,852,000 |
Income tax expense (benefit) | -1,163,000 | 873,000 | 733,000 | -835,000 | 137,000 | 513,000 | 1,405,000 | 325,000 | -392,000 | 2,380,000 |
Net income | $2,235,000 | $2,489,000 | $2,977,000 | ($976,000) | ($361,000) | $1,192,000 | $2,766,000 | $875,000 | $6,725,000 | $4,472,000 |
Net income (loss) - basic earnings (loss) per share | $0.24 | $0.26 | $0.31 | ($0.10) | ($0.04) | $0.13 | $0.29 | $0.09 | $0.71 | $0.47 |
Net income (loss) - diluted earnings (loss) per share | $0.24 | $0.26 | $0.31 | ($0.10) | ($0.04) | $0.13 | $0.29 | $0.09 | $0.71 | $0.47 |