Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jun. 30, 2014 | Aug. 04, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'GENCOR INDUSTRIES INC | ' |
Entity Central Index Key | '0000064472 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 8,008,632 |
Class B Stock [Member] | ' | ' |
Document Information [Line Items] | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 1,509,238 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Current Assets: | ' | ' |
Cash and cash equivalents | $9,737,000 | $9,557,000 |
Marketable securities at fair value (cost $83,606,000 at June 30, 2014 and $81,165,000 at September 30, 2013) | 87,592,000 | 83,113,000 |
Accounts receivable, less allowance for doubtful accounts of $247,000 at June 30, 2014 and $309,000 at September 30, 2013 | 1,149,000 | 1,200,000 |
Costs and estimated earnings in excess of billings | 411,000 | 0 |
Inventories, net | 12,615,000 | 14,126,000 |
Prepaid expenses and other current assets | 625,000 | 795,000 |
Total Current Assets | 112,129,000 | 108,791,000 |
Property and equipment, net | 7,391,000 | 8,079,000 |
Other assets | 70,000 | 78,000 |
Total Assets | 119,590,000 | 116,948,000 |
Current Liabilities: | ' | ' |
Accounts payable | 1,045,000 | 1,283,000 |
Customer deposits | 330,000 | 1,943,000 |
Accrued expenses and other current liabilities | 2,226,000 | 2,810,000 |
Total Current Liabilities | 3,601,000 | 6,036,000 |
Deferred and other income taxes | 1,351,000 | 484,000 |
Total Liabilities | 4,952,000 | 6,520,000 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock, par value $.10 per share; authorized 300,000 shares; none issued | 0 | 0 |
Common stock | 801,000 | 801,000 |
Capital in excess of par value | 10,491,000 | 10,292,000 |
Retained earnings | 103,195,000 | 99,184,000 |
Total Shareholders' Equity | 114,638,000 | 110,428,000 |
Total Liabilities and Shareholders' Equity | 119,590,000 | 116,948,000 |
Class B Stock [Member] | ' | ' |
Shareholders' equity: | ' | ' |
Common stock | $151,000 | $151,000 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Marketable securities, cost | $83,606,000 | $81,165,000 |
Accounts receivable, allowance for doubtful accounts | $247,000 | $309,000 |
Preferred stock, par value | $0.10 | $0.10 |
Preferred stock, shares authorized | 300,000 | 300,000 |
Preferred stock, shares issued | 0 | 0 |
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 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenue | $10,547,000 | $18,690,000 | $35,107,000 | $41,375,000 |
Costs and expenses: | ' | ' | ' | ' |
Production costs | 8,266,000 | 13,720,000 | 27,604,000 | 31,662,000 |
Product engineering and development | 352,000 | 420,000 | 1,083,000 | 1,322,000 |
Selling, general and administrative | 1,557,000 | 1,867,000 | 4,810,000 | 5,810,000 |
Total operating expenses | 10,175,000 | 16,007,000 | 33,497,000 | 38,794,000 |
Operating income | 372,000 | 2,683,000 | 1,610,000 | 2,581,000 |
Other income (expense), net: | ' | ' | ' | ' |
Interest and dividend income, net of fees | 168,000 | 516,000 | 1,598,000 | 1,759,000 |
Net realized and unrealized gains on marketable securities | 1,658,000 | 145,000 | 2,881,000 | 888,000 |
Other | 442,000 | 18,000 | 434,000 | 33,000 |
Other income (expense), net | 2,268,000 | 679,000 | 4,913,000 | 2,680,000 |
Income before income tax expense | 2,640,000 | 3,362,000 | 6,523,000 | 5,261,000 |
Income tax expense | 977,000 | 873,000 | 2,513,000 | 771,000 |
Net Income | $1,663,000 | $2,489,000 | $4,010,000 | $4,490,000 |
Basic Income per Common Share: | ' | ' | ' | ' |
Net income per share | $0.17 | $0.26 | $0.42 | $0.47 |
Diluted Income per Common Share: | ' | ' | ' | ' |
Net income per share | $0.17 | $0.26 | $0.42 | $0.47 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operations: | ' | ' |
Net Income | $4,010,000 | $4,490,000 |
Adjustments to reconcile net income to cash provided by operating activities: | ' | ' |
Purchases of marketable securities | -220,103,000 | -52,657,000 |
Proceeds from sale and maturity of marketable securities | 218,082,000 | 52,762,000 |
Change in fair value of marketable securities | -2,458,000 | -753,000 |
Deferred income taxes | 867,000 | 1,694,000 |
Depreciation and amortization | 1,029,000 | 881,000 |
Net gains on disposal of property and equipment | -417,000 | ' |
Provision for doubtful accounts | 40,000 | 40,000 |
Stock-based compensation | 199,000 | 184,000 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | 11,000 | 24,000 |
Costs and estimated earnings in excess of billings | -411,000 | 783,000 |
Inventories | 1,511,000 | 24,000 |
Prepaid expenses and other current assets | 170,000 | -1,475,000 |
Accounts payable | -238,000 | -186,000 |
Customer deposits | -1,613,000 | 1,089,000 |
Accrued expenses and other | -583,000 | -663,000 |
Total adjustments | -3,914,000 | 1,747,000 |
Cash flows provided by operating activities | 96,000 | 6,237,000 |
Cash flows provided by (used in) investing activities: | ' | ' |
Capital expenditures | -601,000 | -1,107,000 |
Proceeds from sale of property and equipment | 685,000 | ' |
Cash flows provided by (used in) investing activities | 84,000 | -1,107,000 |
Net increase in cash | 180,000 | 5,130,000 |
Cash at: | ' | ' |
Beginning of period | 9,557,000 | 3,361,000 |
End of period | $9,737,000 | $8,491,000 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Note 1 - Basis of Presentation | |
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all material adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included in the interim financial information. Operating results for the quarter and nine months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ending September 30, 2014. | |
The accompanying Condensed Consolidated Balance Sheet at September 30, 2013 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles for complete financial statements. | |
For further information, refer to the consolidated financial statements and notes thereto included in the Gencor Industries, Inc. Annual Report on Form 10-K for the year ended September 30, 2013. |
Marketable_Securities
Marketable Securities | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Marketable Securities | ' | ||||||||||||||||
Note 2 - 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, exchange traded funds, mutual funds and U.S. treasury bills 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, 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 table sets forth, by level, within the fair value hierarchy, the Company’s marketable securities measured at fair value as of June 30, 2014: | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Equities | $ | 18,944,000 | $ | — | $ | — | $ | 18,944,000 | |||||||||
Mutual Funds | 24,608,000 | — | — | 24,608,000 | |||||||||||||
Exchange Traded Funds | 2,010,000 | — | — | 2,010,000 | |||||||||||||
United States Treasury Bills | 40,000,000 | — | — | 40,000,000 | |||||||||||||
Cash | 2,030,000 | — | — | 2,030,000 | |||||||||||||
Total | $ | 87,592,000 | $ | — | $ | — | $ | 87,592,000 | |||||||||
Net unrealized gains included in the consolidated statement of operations for the quarter and nine months ended June 30, 2014, on trading securities still held as of June 30, 2014, were $1,334,000 and $2,038,000, respectively. There were no transfers of investments between Level 1 and Level 2 during the nine months ended June 30, 2014. | |||||||||||||||||
The following table sets forth, by level, within the fair value hierarchy, the Company’s marketable securities 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 | |||||||||||||
United States Treasury Bills | 2,000,000 | — | — | 2,000,000 | |||||||||||||
Cash | 2,122,000 | — | — | 2,122,000 | |||||||||||||
Total | $ | 50,182,000 | $ | 32,931,000 | $ | — | $ | 83,113,000 | |||||||||
Net unrealized gains and (losses) included in the consolidated statement of operations for the quarter and nine months ended June 30, 2013, on trading securities still held as of June 30, 2013, were $(832,000) and $475,000, respectively. 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 nine months ended June 30, 2013. | |||||||||||||||||
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. |
Inventories
Inventories | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 3 – 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. 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 allowances 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 is reduced by 50%, while the cost basis of inventories four to five years old is reduced by 75%, and the cost basis of inventories greater than five years old is reduced to zero. Inventory is typically reviewed for obsolescence on an annual basis computed as of September 30, 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. No such provisions were made during the quarter and nine months ended June 30, 2014. | |||||||||
Net inventories at June 30, 2014 and September 30, 2013 consist of the following: | |||||||||
June 30, 2014 | September 30, 2013 | ||||||||
Raw materials | $ | 6,002,000 | $ | 6,238,000 | |||||
Work in process | 2,218,000 | 3,307,000 | |||||||
Finished goods | 4,121,000 | 4,054,000 | |||||||
Used equipment | 274,000 | 527,000 | |||||||
$ | 12,615,000 | $ | 14,126,000 | ||||||
Costs_and_Estimated_Earnings_i
Costs and Estimated Earnings in Excess of Billings | 9 Months Ended | ||||
Jun. 30, 2014 | |||||
Text Block [Abstract] | ' | ||||
Costs and Estimated Earnings in Excess of Billings | ' | ||||
Note 4 – 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 June 30, 2014 consist of the following: | |||||
June 30, 2014 | |||||
Costs incurred on uncompleted contracts | $ | 2,667,000 | |||
Estimated earnings | 1,240,000 | ||||
3,907,000 | |||||
Billings to date | 3,496,000 | ||||
Costs and estimated earnings in excess of billings | $ | 411,000 | |||
Earnings_per_Share_Data
Earnings per Share Data | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings per Share Data | ' | ||||||||||||||||
Note 5 – Earnings per Share Data | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for the quarters and nine months ended June 30, 2014 and 2013: | |||||||||||||||||
Quarter Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Income | $ | 1,663,000 | $ | 2,489,000 | $ | 4,010,000 | $ | 4,490,000 | |||||||||
Common Shares: | |||||||||||||||||
Weighted average common shares outstanding | 9,518,000 | 9,518,000 | 9,518,000 | 9,518,000 | |||||||||||||
Effect of dilutive stock options | 84,000 | — | 66,000 | — | |||||||||||||
Diluted shares outstanding | 9,602,000 | 9,518,000 | 9,584,000 | 9,518,000 | |||||||||||||
Basic: | |||||||||||||||||
Net earnings per share | $ | 0.17 | $ | 0.26 | $ | 0.42 | $ | 0.47 | |||||||||
Diluted: | |||||||||||||||||
Net earnings per share | $ | 0.17 | $ | 0.26 | $ | 0.42 | $ | 0.47 | |||||||||
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 for the quarter and nine months ended June 30, 2014 were 346,000 and 335,000, respectively, which equates to 84,000 and 66,000 dilutive common stock equivalents, respectively. For the quarter and nine months ended June 30, 2013, 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 zero and 11,000, respectively, for the quarter and nine months ended June 30, 2014, and 346,000 for the quarter and nine months ended June 30, 2013. |
Customers_with_10_or_greater_o
Customers with 10% (or greater) of Net Revenues | 9 Months Ended |
Jun. 30, 2014 | |
Risks And Uncertainties [Abstract] | ' |
Customers with 10% (or greater) of Net Revenues | ' |
Note 6 – Customers with 10% (or greater) of Net Revenues | |
Approximately 6% of net revenues in the June 30, 2014 quarter and 2% of net revenues for the June 30, 2013 quarter were from entities owned by a global company. For the nine months ended June 30, 2014 and June 30, 2013, this company represented 17% and 13% of net revenues, respectively. |
Disposal_of_Property_in_the_Un
Disposal of Property in the United Kingdom | 9 Months Ended |
Jun. 30, 2014 | |
Discontinued Operations And Disposal Groups [Abstract] | ' |
Disposal of Property in the United Kingdom | ' |
Note 7 – Disposal of Property in the United Kingdom | |
In May 2014, the Company sold its property in the United Kingdom which had been used as an operating facility through June 2009. Net proceeds from the sale of the property were $685,000. The Company recognized a gain on the sale of this property of $442,000 which is included as other income in the accompanying Condensed Consolidated Statement of Operations for the quarter and nine months ended June 30, 2014. |
Marketable_Securities_Policies
Marketable Securities (Policies) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
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, exchange traded funds, mutual funds and U.S. treasury bills 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, 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 table sets forth, by level, within the fair value hierarchy, the Company’s marketable securities measured at fair value as of June 30, 2014: | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Equities | $ | 18,944,000 | $ | — | $ | — | $ | 18,944,000 | |||||||||
Mutual Funds | 24,608,000 | — | — | 24,608,000 | |||||||||||||
Exchange Traded Funds | 2,010,000 | — | — | 2,010,000 | |||||||||||||
United States Treasury Bills | 40,000,000 | — | — | 40,000,000 | |||||||||||||
Cash | 2,030,000 | — | — | 2,030,000 | |||||||||||||
Total | $ | 87,592,000 | $ | — | $ | — | $ | 87,592,000 | |||||||||
Net unrealized gains included in the consolidated statement of operations for the quarter and nine months ended June 30, 2014, on trading securities still held as of June 30, 2014, were $1,334,000 and $2,038,000, respectively. There were no transfers of investments between Level 1 and Level 2 during the nine months ended June 30, 2014. | |||||||||||||||||
The following table sets forth, by level, within the fair value hierarchy, the Company’s marketable securities 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 | |||||||||||||
United States Treasury Bills | 2,000,000 | — | — | 2,000,000 | |||||||||||||
Cash | 2,122,000 | — | — | 2,122,000 | |||||||||||||
Total | $ | 50,182,000 | $ | 32,931,000 | $ | — | $ | 83,113,000 | |||||||||
Net unrealized gains and (losses) included in the consolidated statement of operations for the quarter and nine months ended June 30, 2013, on trading securities still held as of June 30, 2013, were $(832,000) and $475,000, respectively. 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 nine months ended June 30, 2013. | |||||||||||||||||
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. |
Marketable_Securities_Tables
Marketable Securities (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Company's Marketable Securities Measured at Fair Value | ' | ||||||||||||||||
The following table sets forth, by level, within the fair value hierarchy, the Company’s marketable securities measured at fair value as of June 30, 2014: | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Equities | $ | 18,944,000 | $ | — | $ | — | $ | 18,944,000 | |||||||||
Mutual Funds | 24,608,000 | — | — | 24,608,000 | |||||||||||||
Exchange Traded Funds | 2,010,000 | — | — | 2,010,000 | |||||||||||||
United States Treasury Bills | 40,000,000 | — | — | 40,000,000 | |||||||||||||
Cash | 2,030,000 | — | — | 2,030,000 | |||||||||||||
Total | $ | 87,592,000 | $ | — | $ | — | $ | 87,592,000 | |||||||||
Net unrealized gains included in the consolidated statement of operations for the quarter and nine months ended June 30, 2014, on trading securities still held as of June 30, 2014, were $1,334,000 and $2,038,000, respectively. There were no transfers of investments between Level 1 and Level 2 during the nine months ended June 30, 2014. | |||||||||||||||||
The following table sets forth, by level, within the fair value hierarchy, the Company’s marketable securities 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 | |||||||||||||
United States Treasury Bills | 2,000,000 | — | — | 2,000,000 | |||||||||||||
Cash | 2,122,000 | — | — | 2,122,000 | |||||||||||||
Total | $ | 50,182,000 | $ | 32,931,000 | $ | — | $ | 83,113,000 | |||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Net Inventories | ' | ||||||||
Net inventories at June 30, 2014 and September 30, 2013 consist of the following: | |||||||||
June 30, 2014 | September 30, 2013 | ||||||||
Raw materials | $ | 6,002,000 | $ | 6,238,000 | |||||
Work in process | 2,218,000 | 3,307,000 | |||||||
Finished goods | 4,121,000 | 4,054,000 | |||||||
Used equipment | 274,000 | 527,000 | |||||||
$ | 12,615,000 | $ | 14,126,000 | ||||||
Costs_and_Estimated_Earnings_i1
Costs and Estimated Earnings in Excess of Billings (Tables) | 9 Months Ended | ||||
Jun. 30, 2014 | |||||
Text Block [Abstract] | ' | ||||
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts | ' | ||||
contracts as of September 30, 2013. Costs and estimated earnings in excess of billings on uncompleted contracts as of June 30, 2014 consist of the following: | |||||
June 30, 2014 | |||||
Costs incurred on uncompleted contracts | $ | 2,667,000 | |||
Estimated earnings | 1,240,000 | ||||
3,907,000 | |||||
Billings to date | 3,496,000 | ||||
Costs and estimated earnings in excess of billings | $ | 411,000 | |||
Earnings_per_Share_Data_Tables
Earnings per Share Data (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Basic and Diluted Earnings (loss) Per Share | ' | ||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for the quarters and nine months ended June 30, 2014 and 2013: | |||||||||||||||||
Quarter Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Income | $ | 1,663,000 | $ | 2,489,000 | $ | 4,010,000 | $ | 4,490,000 | |||||||||
Common Shares: | |||||||||||||||||
Weighted average common shares outstanding | 9,518,000 | 9,518,000 | 9,518,000 | 9,518,000 | |||||||||||||
Effect of dilutive stock options | 84,000 | — | 66,000 | — | |||||||||||||
Diluted shares outstanding | 9,602,000 | 9,518,000 | 9,584,000 | 9,518,000 | |||||||||||||
Basic: | |||||||||||||||||
Net earnings per share | $ | 0.17 | $ | 0.26 | $ | 0.42 | $ | 0.47 | |||||||||
Diluted: | |||||||||||||||||
Net earnings per share | $ | 0.17 | $ | 0.26 | $ | 0.42 | $ | 0.47 | |||||||||
Marketable_Securities_Companys
Marketable Securities - Company's Marketable Securities Measured at Fair Value (Detail) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | $87,592,000 | $83,113,000 |
Equities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 18,944,000 | 12,634,000 |
Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 24,608,000 | 28,264,000 |
Exchange Traded Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 2,010,000 | 5,162,000 |
Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | 17,376,000 |
Municipal Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | 15,555,000 |
United States Treasury Bills [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 40,000,000 | 2,000,000 |
Cash [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 2,030,000 | 2,122,000 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 87,592,000 | 50,182,000 |
Level 1 [Member] | Equities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 18,944,000 | 12,634,000 |
Level 1 [Member] | Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 24,608,000 | 28,264,000 |
Level 1 [Member] | Exchange Traded Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 2,010,000 | 5,162,000 |
Level 1 [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 1 [Member] | Municipal Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | ' |
Level 1 [Member] | United States Treasury Bills [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 40,000,000 | 2,000,000 |
Level 1 [Member] | Cash [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 2,030,000 | 2,122,000 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 0 | 32,931,000 |
Level 2 [Member] | Equities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 0 | ' |
Level 2 [Member] | Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 0 | ' |
Level 2 [Member] | Exchange Traded Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 0 | ' |
Level 2 [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | 17,376,000 |
Level 2 [Member] | Municipal Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | 15,555,000 |
Level 2 [Member] | United States Treasury Bills [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 0 | ' |
Level 2 [Member] | Cash [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 0 | ' |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 0 | 0 |
Level 3 [Member] | Equities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 0 | 0 |
Level 3 [Member] | Mutual Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 0 | 0 |
Level 3 [Member] | Exchange Traded Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 0 | 0 |
Level 3 [Member] | Corporate Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | 0 |
Level 3 [Member] | Municipal Bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | ' | 0 |
Level 3 [Member] | United States Treasury Bills [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | 0 | 0 |
Level 3 [Member] | Cash [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total | $0 | $0 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | |
Marketable Securities [Abstract] | ' | ' | ' | ' | ' |
Net unrealized gains (losses) | $1,334,000 | ($832,000) | $2,038,000 | $475,000 | ' |
Transfers of investments between Level 1 and Level 2 | 0 | 0 | 0 | 0 | ' |
Estimated interest accrued | ' | ' | ' | ' | $399,000 |
Inventories_Additional_Informa
Inventories - Additional Information (Detail) (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Three to Four Years Old Inventory [Member] | ' |
Inventory [Line Items] | ' |
Cost basis reduction in inventory, percentage | 50.00% |
Three to Four Years Old Inventory [Member] | Minimum [Member] | ' |
Inventory [Line Items] | ' |
Inventory, time period on the shelf, years | '3 years |
Three to Four Years Old Inventory [Member] | Maximum [Member] | ' |
Inventory [Line Items] | ' |
Inventory, time period on the shelf, years | '4 years |
Four to Five Years Old Inventory [Member] | ' |
Inventory [Line Items] | ' |
Cost basis reduction in inventory, percentage | 75.00% |
Four to Five Years Old Inventory [Member] | Minimum [Member] | ' |
Inventory [Line Items] | ' |
Inventory, time period on the shelf, years | '4 years |
Four to Five Years Old Inventory [Member] | Maximum [Member] | ' |
Inventory [Line Items] | ' |
Inventory, time period on the shelf, years | '5 years |
Greater Than Five Years Old Inventory [Member] | ' |
Inventory [Line Items] | ' |
Inventory valuation estimate | 0 |
Greater Than Five Years Old Inventory [Member] | Minimum [Member] | ' |
Inventory [Line Items] | ' |
Inventory, time period on the shelf, years | '5 years |
Inventories_Net_Inventories_De
Inventories - Net Inventories (Detail) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Inventory Net [Abstract] | ' | ' |
Raw materials | $6,002,000 | $6,238,000 |
Work in process | 2,218,000 | 3,307,000 |
Finished goods | 4,121,000 | 4,054,000 |
Used equipment | 274,000 | 527,000 |
Inventories, net | $12,615,000 | $14,126,000 |
Costs_and_Estimated_Earnings_i2
Costs and Estimated Earnings in Excess of Billings - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Costs In Excess Of Billings On Uncompleted Contracts Or Programs [Abstract] | ' | ' |
Costs and estimated earnings in excess of billings on uncompleted contracts | $411,000 | $0 |
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 $) | Jun. 30, 2014 | Sep. 30, 2013 |
Costs In Excess Of Billings On Uncompleted Contracts Or Programs [Abstract] | ' | ' |
Costs incurred on uncompleted contracts | $2,667,000 | ' |
Estimated earnings | 1,240,000 | ' |
Costs and estimated earnings on uncompleted contracts | 3,907,000 | ' |
Billings to date | 3,496,000 | ' |
Costs and estimated earnings in excess of billings | $411,000 | $0 |
Earnings_Per_Share_Data_Basic_
Earnings Per Share Data - Basic and Diluted Earnings (loss) Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net Income | $1,663,000 | $2,489,000 | $4,010,000 | $4,490,000 |
Common Shares: | ' | ' | ' | ' |
Weighted average common shares outstanding | 9,518,000 | 9,518,000 | 9,518,000 | 9,518,000 |
Effect of dilutive stock options | 84,000 | 0 | 66,000 | 0 |
Diluted shares outstanding | 9,602,000 | 9,518,000 | 9,584,000 | 9,518,000 |
Basic: | ' | ' | ' | ' |
Net earnings per share | $0.17 | $0.26 | $0.42 | $0.47 |
Diluted: | ' | ' | ' | ' |
Net earnings per share | $0.17 | $0.26 | $0.42 | $0.47 |
Earnings_Per_Share_Data_Additi
Earnings Per Share Data - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Weighted average shares issuable | 346,000 | ' | 335,000 | ' |
Dilutive common stock equivalents | 84,000 | 0 | 66,000 | 0 |
Number of anti-dilutive common stock equivalents (stock options) excluded | 0 | 346,000 | 11,000 | 346,000 |
Customers_with_10_or_greater_o1
Customers with 10% (or greater) of Net Revenues - Additional Information (Detail) (Sales Revenue, Net [Member]) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Sales Revenue, Net [Member] | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Net revenues concentration risk, percentage | 6.00% | 2.00% | 17.00% | 13.00% |
Disposal_of_Property_in_the_Un1
Disposal of Property in the United Kingdom - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended |
31-May-14 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Other Income [Member] | Other Income [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' |
Net proceeds from the sale of property | $685,000 | $685,000 | ' | ' |
Gain on sale of property | ' | ' | $442,000 | $442,000 |