Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 02, 2015 | Mar. 31, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GENC | ||
Entity Registrant Name | GENCOR INDUSTRIES INC | ||
Entity Central Index Key | 64,472 | ||
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 Public Float | $ 67,254,700 | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 8,028,882 | ||
Class B Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 1,509,238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 11,152,000 | $ 7,193,000 |
Marketable securities at fair value (cost of $87,123,000 at September 30, 2015 and $84,997,000 at September 30, 2014) | 84,357,000 | 87,112,000 |
Accounts receivable, less allowance for doubtful accounts of $357,000 at September 30, 2015 and $244,000 at September 30, 2014 | 874,000 | 1,448,000 |
Costs and estimated earnings in excess of billings | 2,396,000 | 344,000 |
Inventories, net | 12,770,000 | 13,673,000 |
Prepaid expenses | 817,000 | 849,000 |
Total current assets | 112,366,000 | 110,619,000 |
Property and equipment, net | 6,388,000 | 7,141,000 |
Deferred and other income taxes | 1,331,000 | |
Other assets | 59,000 | 68,000 |
Total Assets | 120,144,000 | 117,828,000 |
Current liabilities: | ||
Accounts payable | 1,529,000 | 947,000 |
Customer deposits | 4,418,000 | 324,000 |
Accrued expenses | 1,452,000 | 1,689,000 |
Total current liabilities | 7,399,000 | 2,960,000 |
Deferred and other income taxes | 693,000 | |
Total liabilities | $ 7,399,000 | $ 3,653,000 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, par value $.10 per share; 300,000 shares authorized; none issued | ||
Capital in excess of par value | $ 10,953,000 | $ 10,566,000 |
Retained earnings | 100,838,000 | 102,657,000 |
Total shareholders' equity | 112,745,000 | 114,175,000 |
Total Liabilities and Shareholders' Equity | 120,144,000 | 117,828,000 |
Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | 803,000 | 801,000 |
Total shareholders' equity | 803,000 | 801,000 |
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, 2015 | Sep. 30, 2014 |
Marketable securities, cost | $ 87,123,000 | $ 84,997,000 |
Accounts receivable, allowance for doubtful accounts | $ 357,000 | $ 244,000 |
Preferred stock, par value | $ 0.1 | $ 0.1 |
Preferred stock, shares authorized | 300,000 | 300,000 |
Preferred stock, shares issued | 0 | 0 |
Common Stock [Member] | ||
Common stock, par value | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 8,028,882 | 8,010,132 |
Common stock, shares outstanding | 8,028,882 | 8,010,132 |
Class B Stock [Member] | ||
Common stock, par value | $ 0.1 | $ 0.1 |
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 Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||
Net revenue | $ 39,230,000 | $ 40,017,000 |
Costs and expenses: | ||
Production costs | 31,724,000 | 32,194,000 |
Product engineering and development | 1,422,000 | 1,422,000 |
Selling, general and administrative | 6,878,000 | 6,427,000 |
Total costs and expenses | 40,024,000 | 40,043,000 |
Operating loss | (794,000) | (26,000) |
Other income (expense), net: | ||
Interest and dividend income, net of fees | 883,000 | 1,787,000 |
Realized and unrealized gains (losses) on marketable securities, net | (3,638,000) | 2,212,000 |
Other | 3,000 | 440,000 |
Other income (expense), net | (2,752,000) | 4,439,000 |
Income (loss) before income tax expense (benefit) | (3,546,000) | 4,413,000 |
Income tax expense (benefit) | (1,727,000) | 940,000 |
Net income (loss) | $ (1,819,000) | $ 3,473,000 |
Basic earnings per common share: | ||
Net income (loss) | $ (0.19) | $ 0.36 |
Diluted earnings per common share: | ||
Net income (loss) | $ (0.19) | $ 0.36 |
Consolidated Statements of Shar
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, 2013 | $ 110,428,000 | $ 10,292,000 | $ 99,184,000 | $ 801,000 | $ 151,000 |
Beginning balance, shares at Sep. 30, 2013 | 8,008,632 | 1,509,238 | |||
Net income (loss) | 3,473,000 | 3,473,000 | |||
Stock-based compensation | 263,000 | 263,000 | |||
Stock options exercised | 11,000 | 11,000 | |||
Stock options exercised, shares | 1,500 | ||||
Ending balance at Sep. 30, 2014 | 114,175,000 | 10,566,000 | 102,657,000 | $ 801,000 | $ 151,000 |
Ending balance, shares at Sep. 30, 2014 | 8,010,132 | 1,509,238 | |||
Net income (loss) | (1,819,000) | (1,819,000) | |||
Stock-based compensation | 253,000 | 253,000 | |||
Stock options exercised | 136,000 | 134,000 | $ 2,000 | ||
Stock options exercised, shares | 18,750 | ||||
Ending balance at Sep. 30, 2015 | $ 112,745,000 | $ 10,953,000 | $ 100,838,000 | $ 803,000 | $ 151,000 |
Ending balance, shares at Sep. 30, 2015 | 8,028,882 | 1,509,238 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operations: | ||
Net income (loss) | $ (1,819,000) | $ 3,473,000 |
Adjustments to reconcile net income (loss) to cash provided by (used in) operations: | ||
Purchase of marketable securities | (384,668,000) | (351,062,000) |
Proceeds from sale and maturity of marketable securities | 383,773,000 | 348,845,000 |
Change in value of marketable securities | 3,649,000 | (1,782,000) |
Deferred and other income taxes | (2,024,000) | 209,000 |
Depreciation and amortization | 1,385,000 | 1,372,000 |
Provision for doubtful accounts | 60,000 | 60,000 |
(Gain) loss on disposal of assets | 1,000 | (413,000) |
Stock-based compensation | 253,000 | 263,000 |
Changes in assets and liabilities: | ||
Accounts receivable | 514,000 | (308,000) |
Costs and estimated earnings in excess of billings | (2,052,000) | (344,000) |
Inventories | 968,000 | 453,000 |
Prepaid expenses | 32,000 | (54,000) |
Accounts payable | 582,000 | (336,000) |
Customer deposits | 4,094,000 | (1,619,000) |
Accrued expenses | (236,000) | (1,121,000) |
Total adjustments | 6,331,000 | (5,837,000) |
Cash flows provided by (used in) operations | 4,512,000 | (2,364,000) |
Cash flows from investing activities: | ||
Capital expenditures | (689,000) | (696,000) |
Proceeds from sale of property and equipment | 685,000 | |
Cash flows used in investing activities | (689,000) | (11,000) |
Cash flows from financing activities: | ||
Proceeds from stock option exercises | 136,000 | 11,000 |
Cash flows provided by financing activities | 136,000 | 11,000 |
Net increase (decrease) in cash | 3,959,000 | (2,364,000) |
Cash and cash equivalents at: | ||
Beginning of year | 7,193,000 | 9,557,000 |
End of year | $ 11,152,000 | $ 7,193,000 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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 In November 2015, the Financial Accounting Standards Board issued guidance on the balance sheet classification of deferred taxes, which requires that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. The guidance is effective for financial statements issued for annual and interim periods beginning after December 15, 2016, with earlier application permitted. The Company applied this guidance to their financial statements for the year ended September 30, 2015 and retrospectively to all periods presented. The retrospective implementation did not result in any changes to the Company’s financial statements for the year ended September 30, 2014. No other 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 (loss) per share (“EPS”) 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, 2014 were 337,000 which equates to 72,000 dilutive common stock equivalents. For the year ended September 30, 2015, 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 341,000 in 2015 and 8,000 in 2014. The following presents the calculation of the basic and diluted earnings (loss) per share for the years ended September 30, 2015 and 2014: 2015 2014 Net Loss Shares EPS Net Income Shares EPS Basic EPS $ (1,819,000 ) 9,522,000 $ (0.19 ) $ 3,473,000 9,518,000 $ 0.36 Common stock equivalents — 72,000 Diluted EPS $ (1,819,000 ) 9,522,000 $ (0.19 ) $ 3,473,000 9,590,000 $ 0.36 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 (if any) 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 assets measured at fair value as of September 30, 2015: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 20,915,000 $ — $ — $ 20,915,000 Mutual Funds 11,885,000 — — 11,885,000 Exchange-Traded Funds 4,086,000 — — 4,086,000 Government Securities 43,883,000 — — 43,883,000 Cash and Money Funds 3,588,000 — — 3,588,000 Total $ 84,357,000 $ — $ — $ 84,357,000 Net unrealized gains and (losses) recognized during fiscal 2015 on trading securities still held as of September 30, 2015, were $(4,882,000). There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2015. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2014: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 17,102,000 $ — $ — $ 17,102,000 Mutual Funds 19,088,000 — — 19,088,000 Exchange-Traded Funds 1,764,000 — — 1,764,000 Government Securities 43,999,000 — — 43,999,000 Cash and Money Funds 5,159,000 — — 5,159,000 Total $ 87,112,000 $ — $ — $ 87,112,000 Net unrealized gains and (losses) recognized during fiscal 2014 on trading securities still held as of September 30, 2014, were $167,000. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2014. 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, 2015 and 2014. 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 cash and money funds, mutual funds, exchange-traded funds (ETF’s), government securities and stocks 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 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. Property and Equipment Property and equipment are stated at cost (see Note 4). Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the related assets, as follows: Years Land improvements 5 Buildings and improvements 6-40 Equipment 2-10 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, 2015 and 2014. 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, 2015, 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. 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, the Company is more likely than not to realize the benefit of a deferred tax asset and whether 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, 2015 and 2014. Comprehensive Income For the years ended September 30, 2015 and 2014, other comprehensive income is equal to net income. Reporting Segments Information concerning principal geographic areas is as follows: 2015 2014 Revenues Long-Term Revenues Long-Term United States $ 39,230,000 $ 7,778,000 $ 40,017,000 $ 7,209,000 United Kingdom — — — — Total $ 39,230,000 $ 7,778,000 $ 40,017,000 $ 7,209,000 Revenues are attributed to geographic areas based on the location of the assets producing the revenues. Assets associated with the United Kingdom were disposed of during fiscal 2014. Customers with 10% (or greater) of Net Revenues Approximately 34% of total net revenue in the quarter ended September 30, 2015 and 5% of total net revenue for the quarter ended September 30, 2014 was from one or more separate U.S. corporate entities ultimately affiliated with a foreign-based global company. For the years ended September 30, 2015 and 2014, this company represented 15% and 16% of total net revenue, respectively. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | NOTE 2—INVENTORIES, NET Net inventories consist of the following: September 30, 2015 2014 Raw materials $ 6,090,000 $ 6,097,000 Work in process 1,849,000 2,414,000 Finished goods 4,563,000 4,988,000 Used equipment 268,000 174,000 $ 12,770,000 $ 13,673,000 At September 30, 2015 and 2014, 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 $5,343,000 and $5,472,000 at September 30, 2015 and 2014, respectively. Slow moving and obsolete inventory reserves were $3,310,000 and $3,139,000 at September 30, 2015 and 2014, respectively. |
Costs and Estimated Earnings in
Costs and Estimated Earnings in Excess of Billings | 12 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Costs and Estimated Earnings in Excess of Billings | NOTE 3—COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS Costs and estimated earnings in excess of billings on uncompleted contracts as of September 30, 2015 and 2014 consisted of the following: September 30, September 30, Costs incurred on uncompleted contracts $ 4,547,000 $ 846,000 Estimated earnings 1,114,000 279,000 5,661,000 1,125,000 Billings to date 3,265,000 781,000 Costs and estimated earnings in excess of billings $ 2,396,000 $ 344,000 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 4—PROPERTY AND EQUIPMENT Property and equipment consist of the following: September 30, 2015 2014 Land and improvements $ 3,323,000 $ 3,296,000 Buildings and improvements 12,883,000 12,875,000 Equipment 9,152,000 8,716,000 25,358,000 24,887,000 Less: Accumulated depreciation and amortization (18,970,000 ) (17,746,000 ) Property and equipment, net $ 6,388,000 $ 7,141,000 Property and equipment includes approximately $6,678,000 and $6,190,000 of fully depreciated assets, which remained in service during fiscal 2015 and 2014, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | NOTE 5—ACCRUED EXPENSES Accrued expenses consist of the following: September 30, 2015 2014 Payroll and related accruals $ 894,000 $ 974,000 Warranty and related accruals 204,000 368,000 Professional fees 97,000 84,000 Other 257,000 263,000 Accrued expenses $ 1,452,000 $ 1,689,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 6—INCOME TAXES The provision for income tax expense (benefit) consists of: Years Ended September 30, 2015 2014 Current: Federal $ 261,000 $ 667,000 State 37,000 65,000 Total current 298,000 732,000 Deferred: Federal (1,871,000 ) 190,000 State (154,000 ) 18,000 Total deferred (2,025,000 ) 208,000 Income tax expense (benefit) $ (1,727,000 ) $ 940,000 A reconciliation of the federal statutory tax rate to the total tax provision is as follows: Years Ended September 30, 2015 2014 Federal income taxes computed at the statutory rate (34.0 %) 34.0 % State income taxes, net of federal benefit (3.3 %) 3.3 % Research & development tax refunds & credits (5.2 %) (5.6 %) Dividend received deduction — (6.1 %) Domestic international sales corporation benefits (5.8 %) (4.2 %) Other, net (0.4 %) (0.1 %) Effective income tax rate (48.7 %) 21.3 % Deferred tax assets and liabilities consist of the following: September 30, 2015 2014 Deferred Tax Assets: Accrued liabilities and reserves $ 255,000 $ 288,000 Allowance for doubtful accounts 133,000 91,000 Inventory — 186,000 R&D tax credits carryforwards 1,114,000 671,000 Stock-based compensation 194,000 194,000 Net operating losses carryforwards 48,000 58,000 Unrealized loss on investments 1,023,000 — Other 14,000 24,000 Gross Deferred Tax Assets 2,781,000 1,512,000 Deferred and Other Tax Liabilities: Unrealized gain on investments — (798,000 ) Inventory (43,000 ) — Percentage of completion (415,000 ) (104,000 ) Property and equipment (806,000 ) (964,000 ) Unrecognized tax benefits (150,000 ) (300,000 ) Other (36,000 ) (39,000 ) Gross Deferred and Other Tax Liabilities (1,450,000 ) (2,205,000 ) Net Deferred and Other Income Tax Assets (Liabilities) $ 1,331,000 $ (693,000 ) The Company has evaluated the available evidence and the likelihood of realizing the benefit of its deferred tax asset as of September 30, 2015. Based on this evaluation, the weight of available evidence supports the conclusion that the Company, more likely than not, will realize all of the benefit of its deferred tax assets. Should the factors underlying management’s analysis change, future valuation adjustments to the Company’s net deferred tax asset may be necessary. If future losses are incurred, it may be necessary to record a valuation allowance related to the Company’s net deferred tax asset recorded as of September 30, 2015. It cannot presently be estimated what, if any, changes to the valuation of our deferred tax asset may be deemed appropriate in the future. Total income taxes paid in fiscal 2015 and 2014 were $200,000 and $1,981,000, respectively. 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, 2015 and 2014, the Company had UTB’s of $150,000 and $300,000, respectively. There were no additional accruals of UTB’s during fiscal years ended September 30, 2015 and 2014. 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, 2015 and 2014. 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. As of September 30, 2013 the Company had $805,000 in research and development tax credits (“R&D Credits”) carry-forwards. Of this amount, $313,000 reduced the Company’s current federal income taxes payable for the year ended September 30, 2014, leaving $492,000 in R&D Credits carry-forwards in the net deferred and other income tax liabilities of $693,000 in the consolidated balance sheet as of September 30, 2014. After the Company’s 2014 federal income tax return was filed, there was a net increase adjustment in R&D Credits carry-forwards of $275,000 taking the total to $767,000 from the original estimate of $492,000. In fiscal 2015, additional net R&D Credits carry-forwards of $133,000 were added bringing the total R&D Credits carry-forwards to $900,000 at September 30, 2015. The $900,000 of R&D Credits carry-forwards, which are included in net deferred and other income tax assets of $1,114,000 at September 30, 2015, expire in fiscal years 2031 through 2034. During fiscal 2014, the Company also received $244,000 of Florida state research and development credits. $65,000 of these credits reduced the Company’s state income taxes payable in fiscal 2014 and $179,000 was included in the net deferred and other income tax liabilities of $693,000 in the consolidated balance sheet as of September 30, 2014. After the Company’s 2014 state income tax return was filed, there was a net increase adjustment in the Florida state research and development credits of $35,000 taking the total carry-forwards to $214,000 from the original estimate of $179,000. The $214,000 of Florida state research and development credits carry-forwards, which are included in net deferred and other income tax assets of $1,114,000 at September 30, 2015, expire in fiscal 2019. The Company did not receive any Florida state research and development credits in fiscal 2015. 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, 2012 are no longer subject to examination by taxing authorities due to the expiration of the statute of limitations. |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Sep. 30, 2015 | |
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 $159,000 and $156,000 to expense under the provisions of the plan during the fiscal years 2015 and 2014, respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 8—LONG-TERM DEBT The Company had no long-term debt outstanding at September 30, 2015 or 2014. 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, 2015, total cash deposits with insurance companies covering collateral needs were $135,000. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 totaled $14,000 and are due over the next two years. Total rental expense for the fiscal years ended September 30, 2015 and 2014 was $182,000 and $193,000, 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, 2015 | |
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. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based 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, 2015, the fair value of these options had been fully expensed. The following assumptions were used to determine the fair value of the stock options at time of grant: Risk-free interest rate 2.0 % Expected life of options 10.0 years Dividend yield 0.0 % 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, 2015, $11,000 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 2.0 % Expected life of options 9.4 years Dividend yield 0.0 % Volatility 32.7 % As of September 30, 2015, 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 Average Options outstanding at September 30, 2013 318,000 $ 7.655 Options exercised during fiscal 2014 (1,500 ) $ 7.689 Options outstanding at September 30, 2014 316,500 $ 7.655 Options exercised during fiscal 2015 (18,750 ) $ 7.258 Options outstanding at September 30, 2015 297,750 $ 7.680 No options were granted, forfeited or cancelled during the year ended September 30, 2015. The weighted average remaining contractual life on the options outstanding as of September 30, 2015 is 6 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, 2015, 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 Price Outstanding at September 30, 2015, 2014 and 2013 27,500 $ 9.32 The weighted average remaining contractual life on the options outstanding as of September 30, 2015 is 1 year under the 1997 Plan. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2015 | |
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. New leases between the Company and Marcar provide for equal monthly payments. During fiscal 2015 and 2014, the Company made lease payments to Marcar totaling $136,000 and $125,000, respectively. |
Nature of Operations and Summ19
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements and Policies | New Accounting Pronouncements and Policies In November 2015, the Financial Accounting Standards Board issued guidance on the balance sheet classification of deferred taxes, which requires that deferred tax liabilities and assets be classified as noncurrent in a classified balance sheet. The guidance is effective for financial statements issued for annual and interim periods beginning after December 15, 2016, with earlier application permitted. The Company applied this guidance to their financial statements for the year ended September 30, 2015 and retrospectively to all periods presented. The retrospective implementation did not result in any changes to the Company’s financial statements for the year ended September 30, 2014. No other 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 (loss) per share (“EPS”) 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, 2014 were 337,000 which equates to 72,000 dilutive common stock equivalents. For the year ended September 30, 2015, 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 341,000 in 2015 and 8,000 in 2014. The following presents the calculation of the basic and diluted earnings (loss) per share for the years ended September 30, 2015 and 2014: 2015 2014 Net Loss Shares EPS Net Income Shares EPS Basic EPS $ (1,819,000 ) 9,522,000 $ (0.19 ) $ 3,473,000 9,518,000 $ 0.36 Common stock equivalents — 72,000 Diluted EPS $ (1,819,000 ) 9,522,000 $ (0.19 ) $ 3,473,000 9,590,000 $ 0.36 |
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 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 (if any) 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 assets measured at fair value as of September 30, 2015: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 20,915,000 $ — $ — $ 20,915,000 Mutual Funds 11,885,000 — — 11,885,000 Exchange-Traded Funds 4,086,000 — — 4,086,000 Government Securities 43,883,000 — — 43,883,000 Cash and Money Funds 3,588,000 — — 3,588,000 Total $ 84,357,000 $ — $ — $ 84,357,000 Net unrealized gains and (losses) recognized during fiscal 2015 on trading securities still held as of September 30, 2015, were $(4,882,000). There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2015. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2014: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 17,102,000 $ — $ — $ 17,102,000 Mutual Funds 19,088,000 — — 19,088,000 Exchange-Traded Funds 1,764,000 — — 1,764,000 Government Securities 43,999,000 — — 43,999,000 Cash and Money Funds 5,159,000 — — 5,159,000 Total $ 87,112,000 $ — $ — $ 87,112,000 Net unrealized gains and (losses) recognized during fiscal 2014 on trading securities still held as of September 30, 2014, were $167,000. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2014. 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, 2015 and 2014. |
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 cash and money funds, mutual funds, exchange-traded funds (ETF’s), government securities and stocks 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 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. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost (see Note 4). Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the related assets, as follows: Years Land improvements 5 Buildings and improvements 6-40 Equipment 2-10 |
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, 2015 and 2014. |
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, 2015, 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. 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, the Company is more likely than not to realize the benefit of a deferred tax asset and whether 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, 2015 and 2014. |
Comprehensive Income | Comprehensive Income For the years ended September 30, 2015 and 2014, other comprehensive income is equal to net income. |
Reporting Segments | Reporting Segments Information concerning principal geographic areas is as follows: 2015 2014 Revenues Long-Term Revenues Long-Term United States $ 39,230,000 $ 7,778,000 $ 40,017,000 $ 7,209,000 United Kingdom — — — — Total $ 39,230,000 $ 7,778,000 $ 40,017,000 $ 7,209,000 Revenues are attributed to geographic areas based on the location of the assets producing the revenues. Assets associated with the United Kingdom were disposed of during fiscal 2014. |
Customers with 10% (or greater) of Net Revenues | Customers with 10% (or greater) of Net Revenues Approximately 34% of total net revenue in the quarter ended September 30, 2015 and 5% of total net revenue for the quarter ended September 30, 2014 was from one or more separate U.S. corporate entities ultimately affiliated with a foreign-based global company. For the years ended September 30, 2015 and 2014, this company represented 15% and 16% of total net revenue, respectively. |
Nature of Operations and Summ20
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basic and Diluted Earnings (Loss) Per Share | The following presents the calculation of the basic and diluted earnings (loss) per share for the years ended September 30, 2015 and 2014: 2015 2014 Net Loss Shares EPS Net Income Shares EPS Basic EPS $ (1,819,000 ) 9,522,000 $ (0.19 ) $ 3,473,000 9,518,000 $ 0.36 Common stock equivalents — 72,000 Diluted EPS $ (1,819,000 ) 9,522,000 $ (0.19 ) $ 3,473,000 9,590,000 $ 0.36 |
Company's Assets Measured at Fair Value | The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2015: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 20,915,000 $ — $ — $ 20,915,000 Mutual Funds 11,885,000 — — 11,885,000 Exchange-Traded Funds 4,086,000 — — 4,086,000 Government Securities 43,883,000 — — 43,883,000 Cash and Money Funds 3,588,000 — — 3,588,000 Total $ 84,357,000 $ — $ — $ 84,357,000 The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2014: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 17,102,000 $ — $ — $ 17,102,000 Mutual Funds 19,088,000 — — 19,088,000 Exchange-Traded Funds 1,764,000 — — 1,764,000 Government Securities 43,999,000 — — 43,999,000 Cash and Money Funds 5,159,000 — — 5,159,000 Total $ 87,112,000 $ — $ — $ 87,112,000 |
Estimated Useful Lives of Assets | Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the related assets, as follows: Years Land improvements 5 Buildings and improvements 6-40 Equipment 2-10 |
Revenues and Long-Term Assets Information Concerning Principal Geographic Areas | Information concerning principal geographic areas is as follows: 2015 2014 Revenues Long-Term Revenues Long-Term United States $ 39,230,000 $ 7,778,000 $ 40,017,000 $ 7,209,000 United Kingdom — — — — Total $ 39,230,000 $ 7,778,000 $ 40,017,000 $ 7,209,000 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Net Inventories | Net inventories consist of the following: September 30, 2015 2014 Raw materials $ 6,090,000 $ 6,097,000 Work in process 1,849,000 2,414,000 Finished goods 4,563,000 4,988,000 Used equipment 268,000 174,000 $ 12,770,000 $ 13,673,000 |
Costs and Estimated Earnings 22
Costs and Estimated Earnings in Excess of Billings (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
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, 2015 and 2014 consisted of the following: September 30, September 30, Costs incurred on uncompleted contracts $ 4,547,000 $ 846,000 Estimated earnings 1,114,000 279,000 5,661,000 1,125,000 Billings to date 3,265,000 781,000 Costs and estimated earnings in excess of billings $ 2,396,000 $ 344,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following: September 30, 2015 2014 Land and improvements $ 3,323,000 $ 3,296,000 Buildings and improvements 12,883,000 12,875,000 Equipment 9,152,000 8,716,000 25,358,000 24,887,000 Less: Accumulated depreciation and amortization (18,970,000 ) (17,746,000 ) Property and equipment, net $ 6,388,000 $ 7,141,000 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consist of the following: September 30, 2015 2014 Payroll and related accruals $ 894,000 $ 974,000 Warranty and related accruals 204,000 368,000 Professional fees 97,000 84,000 Other 257,000 263,000 Accrued expenses $ 1,452,000 $ 1,689,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Tax Expense (Benefit) | The provision for income tax expense (benefit) consists of: Years Ended September 30, 2015 2014 Current: Federal $ 261,000 $ 667,000 State 37,000 65,000 Total current 298,000 732,000 Deferred: Federal (1,871,000 ) 190,000 State (154,000 ) 18,000 Total deferred (2,025,000 ) 208,000 Income tax expense (benefit) $ (1,727,000 ) $ 940,000 |
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, 2015 2014 Federal income taxes computed at the statutory rate (34.0 %) 34.0 % State income taxes, net of federal benefit (3.3 %) 3.3 % Research & development tax refunds & credits (5.2 %) (5.6 %) Dividend received deduction — (6.1 %) Domestic international sales corporation benefits (5.8 %) (4.2 %) Other, net (0.4 %) (0.1 %) Effective income tax rate (48.7 %) 21.3 % |
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities consist of the following: September 30, 2015 2014 Deferred Tax Assets: Accrued liabilities and reserves $ 255,000 $ 288,000 Allowance for doubtful accounts 133,000 91,000 Inventory — 186,000 R&D tax credits carryforwards 1,114,000 671,000 Stock-based compensation 194,000 194,000 Net operating losses carryforwards 48,000 58,000 Unrealized loss on investments 1,023,000 — Other 14,000 24,000 Gross Deferred Tax Assets 2,781,000 1,512,000 Deferred and Other Tax Liabilities: Unrealized gain on investments — (798,000 ) Inventory (43,000 ) — Percentage of completion (415,000 ) (104,000 ) Property and equipment (806,000 ) (964,000 ) Unrecognized tax benefits (150,000 ) (300,000 ) Other (36,000 ) (39,000 ) Gross Deferred and Other Tax Liabilities (1,450,000 ) (2,205,000 ) Net Deferred and Other Income Tax Assets (Liabilities) $ 1,331,000 $ (693,000 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2015 | |
July 1, 2011 Common Stock Options Issued [Member] | |
Fair Value of 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 2.0 % Expected life of options 10.0 years Dividend yield 0.0 % Volatility 34.2 % |
May 28, 2012 Common Stock Options Issued [Member] | |
Fair Value of 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 2.0 % Expected life of options 9.4 years Dividend yield 0.0 % Volatility 32.7 % |
2009 Plan [Member] | |
Option Activity under Stock-Based Compensation Plan | The following table summarizes option activity under the 2009 Plan: Number Average Options outstanding at September 30, 2013 318,000 $ 7.655 Options exercised during fiscal 2014 (1,500 ) $ 7.689 Options outstanding at September 30, 2014 316,500 $ 7.655 Options exercised during fiscal 2015 (18,750 ) $ 7.258 Options outstanding at September 30, 2015 297,750 $ 7.680 |
1997 Plan [Member] | |
Option Activity under Stock-Based Compensation Plan | The following table summarizes option activity under the 1997 Plan: Number of Exercise Price Outstanding at September 30, 2015, 2014 and 2013 27,500 $ 9.32 |
Nature of Operations and Summ27
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Exercisable stock options, included in the diluted earnings per share calculation | 337,000 | |||||
Effect of dilutive stock options | 0 | 72,000 | ||||
Anti-dilutive exercisable stock options, not included in the diluted earnings per share calculation | 341,000 | 8,000 | ||||
Net unrealized gains (losses) | $ (4,882,000) | $ 167,000 | ||||
Transfers of investments between Level 1 and Level 2 | 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Impairment loss recognized on an asset group | $ 0 | 0 | ||||
Time for the collection of cost associated with Pre- contract | 1 year | |||||
Valuation allowance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Entities Owned by One Global Company [Member] | Revenue [Member] | ||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of concentration | 34.00% | 5.00% | 15.00% | 16.00% | ||
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% | |||||
Inventory, minimum time period on the shelf, years | 3 years | |||||
Inventory, maximum 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% | |||||
Inventory, minimum time period on the shelf, years | 4 years | |||||
Inventory, maximum 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, minimum time period on the shelf, years | 5 years | |||||
Inventory valuation estimate | $ 0 |
Nature of Operations and Summ28
Nature of Operations and Summary of Significant Accounting Policies - Basic and Diluted Earning (Loss) per Share (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||
Net Income | $ (1,819,000) | $ 3,473,000 |
Net Income Diluted | $ (1,819,000) | $ 3,473,000 |
Weighted average common shares outstanding | 9,522,000 | 9,518,000 |
Common Stock Equivalents | 0 | 72,000 |
Diluted shares outstanding | 9,522,000 | 9,590,000 |
Basic earnings per common share: | ||
Basic earnings per share | $ (0.19) | $ 0.36 |
Diluted earnings per common share: | ||
Diluted earnings per share | $ (0.19) | $ 0.36 |
Nature of Operations and Summ29
Nature of Operations and Summary of Significant Accounting Policies - Company's Assets Measured at Fair Value (Detail) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Investment Holdings [Line Items] | ||
Total | $ 84,357,000 | $ 87,112,000 |
Equities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 20,915,000 | 17,102,000 |
Mutual Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 11,885,000 | 19,088,000 |
Exchange Traded Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 4,086,000 | 1,764,000 |
Government Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 43,883,000 | 43,999,000 |
Cash and Money Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 3,588,000 | 5,159,000 |
Level 1 [Member] | ||
Investment Holdings [Line Items] | ||
Total | 84,357,000 | 87,112,000 |
Level 1 [Member] | Equities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 20,915,000 | 17,102,000 |
Level 1 [Member] | Mutual Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 11,885,000 | 19,088,000 |
Level 1 [Member] | Exchange Traded Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 4,086,000 | 1,764,000 |
Level 1 [Member] | Government Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 43,883,000 | 43,999,000 |
Level 1 [Member] | Cash and Money Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | $ 3,588,000 | $ 5,159,000 |
Nature of Operations and Summ30
Nature of Operations and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Sep. 30, 2015 | |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 5 years |
Buildings and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 6 years |
Buildings and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 2 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Nature of Operations and Summ31
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, 2015 | Sep. 30, 2014 | |
Segment Reporting Information [Line Items] | ||
Net revenues | $ 39,230,000 | $ 40,017,000 |
Long-Term Assets | 7,778,000 | 7,209,000 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 39,230,000 | 40,017,000 |
Long-Term Assets | $ 7,778,000 | $ 7,209,000 |
Inventories, Net - Net Inventor
Inventories, Net - Net Inventories (Detail) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Inventory, Net [Abstract] | ||
Raw materials | $ 6,090,000 | $ 6,097,000 |
Work in process | 1,849,000 | 2,414,000 |
Finished goods | 4,563,000 | 4,988,000 |
Used equipment | 268,000 | 174,000 |
Inventories, net | $ 12,770,000 | $ 13,673,000 |
Inventories, Net - Additional I
Inventories, Net - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Inventory Disclosure [Abstract] | ||
LIFO reserves of inventories | $ 5,343,000 | $ 5,472,000 |
Slow moving and obsolete inventory reserve | $ 3,310,000 | $ 3,139,000 |
Costs and Estimated Earnings 34
Costs and Estimated Earnings in Excess of Billings - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Detail) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Costs in Excess of Billings on Uncompleted Contracts or Programs [Abstract] | ||
Costs incurred on uncompleted contracts | $ 4,547,000 | $ 846,000 |
Estimated earnings | 1,114,000 | 279,000 |
Costs and estimated earnings on uncompleted contracts | 5,661,000 | 1,125,000 |
Costs and estimated earnings on uncompleted contracts | 5,661,000 | 1,125,000 |
Billings to date | 3,265,000 | 781,000 |
Costs and estimated earnings in excess of billings | $ 2,396,000 | $ 344,000 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 25,358,000 | $ 24,887,000 |
Less: Accumulated depreciation and amortization | (18,970,000) | (17,746,000) |
Property and equipment, net | 6,388,000 | 7,141,000 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,323,000 | 3,296,000 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 12,883,000 | 12,875,000 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 9,152,000 | $ 8,716,000 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Property and equipment (fully depreciated assets) | $ 6,678,000 | $ 6,190,000 |
Accrued Expenses - Accrued Expe
Accrued Expenses - Accrued Expenses (Detail) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Payables and Accruals [Abstract] | ||
Payroll and related accruals | $ 894,000 | $ 974,000 |
Warranty and related accruals | 204,000 | 368,000 |
Professional fees | 97,000 | 84,000 |
Other | 257,000 | 263,000 |
Accrued expenses | $ 1,452,000 | $ 1,689,000 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Tax Expense (Benefit) (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Current: | ||
Federal | $ 261,000 | $ 667,000 |
State | 37,000 | 65,000 |
Total current | 298,000 | 732,000 |
Deferred | ||
Federal | (1,871,000) | 190,000 |
State | (154,000) | 18,000 |
Total deferred | (2,025,000) | 208,000 |
Income tax expense (benefit) | $ (1,727,000) | $ 940,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Tax Rate to the Total Tax Provision (Detail) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
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%) | 3.30% |
Research & development tax refunds & credits | (5.20%) | (5.60%) |
Dividend received deduction | (6.10%) | |
Domestic international sales corporation benefits | (5.80%) | (4.20%) |
Other, net | (0.40%) | (0.10%) |
Effective income tax rate | (48.70%) | 21.30% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Deferred Tax Assets: | ||
Accrued liabilities and reserves | $ 255,000 | $ 288,000 |
Allowance for doubtful accounts | 133,000 | 91,000 |
Inventory | 186,000 | |
R&D tax credits carryforwards | 1,114,000 | 671,000 |
Stock-based compensation | 194,000 | 194,000 |
Net operating losses carryforwards | 48,000 | 58,000 |
Unrealized loss on investments | 1,023,000 | |
Other | 14,000 | 24,000 |
Gross Deferred Tax Assets | 2,781,000 | 1,512,000 |
Deferred and Other Tax Liabilities: | ||
Unrealized gain on investments | (798,000) | |
Inventory | (43,000) | |
Percentage of completion | (415,000) | (104,000) |
Property and equipment | (806,000) | (964,000) |
Unrecognized tax benefits | (150,000) | (300,000) |
Other | (36,000) | (39,000) |
Gross Deferred and Other Tax Liabilities | (1,450,000) | (2,205,000) |
Net Deferred and Other Income Tax Assets | $ 1,331,000 | |
Net deferred and other income tax liabilities | $ (693,000) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Taxes [Line Items] | |||
Total incomes taxes paid | $ 200,000 | $ 1,981,000 | |
Unrecognized tax benefits | 150,000 | 300,000 | |
Additional accruals of UTB's | 0 | 0 | |
Additional accruals of interest expense nor penalties | 0 | 0 | |
R&D tax credits carryforwards | 1,114,000 | 671,000 | |
Net deferred and other income tax liabilities | (693,000) | ||
Net deferred and other income tax assets | 1,114,000 | ||
Florida [Member] | |||
Income Taxes [Line Items] | |||
R&D tax credits carryforwards | 179,000 | ||
Reduction for income taxes payable | $ 65,000 | ||
Tax Credit Carryforward, Expiration Date | Sep. 30, 2019 | ||
R&D Credits | 0 | $ 244,000 | |
Florida [Member] | 2014 State Income Tax Return [Member] | |||
Income Taxes [Line Items] | |||
R&D tax credits carryforwards | 214,000 | ||
Amount increase adjustment in R&D tax credits carryforwards | 35,000 | ||
Federal [Member] | |||
Income Taxes [Line Items] | |||
R&D tax credits carryforwards | 900,000 | 492,000 | $ 805,000 |
Reduction for income taxes payable | 313,000 | ||
Amount increase adjustment in R&D tax credits carryforwards | $ 133,000 | 275,000 | |
Federal [Member] | 2014 Federal Income Tax Return [Member] | |||
Income Taxes [Line Items] | |||
R&D tax credits carryforwards | $ 767,000 | ||
Federal [Member] | Earliest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Tax Credit Carryforward, Expiration Date | Sep. 30, 2031 | ||
Federal [Member] | Latest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Tax Credit Carryforward, Expiration Date | Sep. 30, 2034 |
Retirement Benefits - Additiona
Retirement Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Retirement benefits expense under the provisions of the plan | $ 159,000 | $ 156,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Sep. 30, 2014 |
Debt Disclosure [Abstract] | ||
Long term debt outstanding | $ 0 | $ 0 |
Total cash deposits with insurance companies covering collateral needs | $ 135,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Future minimum rental commitments | $ 14,000 | |
Future minimum rental commitments due over period | 2 years | |
Total rental expense | $ 182,000 | $ 193,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2015 | |
Common Stock [Member] | |
Class of Stock [Line Items] | |
Right of holders to elect company's board of directors | 25.00% |
Class B Stock [Member] | |
Class of Stock [Line Items] | |
Right of holders to elect company's board of directors | 75.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | May. 28, 2012 | Jul. 01, 2011 | Sep. 30, 2015 | Mar. 17, 2009 |
2009 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock options issued to employees | 0 | |||
Remaining contractual life on the options outstanding | 6 years | |||
Number of options, forfeited or cancelled | 0 | |||
1997 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for granting | 0 | |||
Remaining contractual life on the options outstanding | 1 year | |||
July 1, 2011 Common Stock Options Issued [Member] | 2009 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock options issued to employees | 298,000 | |||
Options vesting rate | 25.00% | |||
Options vesting period | Options vest at 25% per year starting on October 1, 2012 and each year thereafter through October 1, 2015 | |||
Options exercisable | Oct. 1, 2021 | |||
Estimated fair value of options at time of grant | $ 941,000 | |||
May 28, 2012 Common Stock Options Issued [Member] | 2009 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock options issued to employees | 20,000 | |||
Options vesting rate | 25.00% | |||
Options vesting period | Options vest at 25% per year starting on May 28, 2013 and each year thereafter through May 28, 2016 | |||
Options exercisable | Oct. 1, 2021 | |||
Estimated fair value of options at time of grant | $ 63,000 | |||
Compensation expense remaining to be expensed | $ 11,000 | |||
Common Stock [Member] | 2009 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares granting of awards | 800,000 | |||
Shares available for granting | 482,000 | |||
Common Stock [Member] | 1997 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive and nonqualified stock options, Number of shares authorized to purchase | 1,200,000 | |||
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 | |||
Class B Stock [Member] | 2009 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of shares granting of awards | 160,000 | |||
Shares available for granting | 160,000 | |||
Class B Stock [Member] | 1997 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive and nonqualified stock options, Number of shares authorized to purchase | 1,200,000 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Stock Options at Time of Grant (Detail) | 12 Months Ended |
Sep. 30, 2015 | |
July 1, 2011 Common Stock Options Issued [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% |
May 28, 2012 Common Stock Options Issued [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% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Option Activity under Stock-Based Compensation Plan (Detail) - $ / shares | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | |
2009 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Options exercised | (18,750) | (1,500) | |
Number of Shares, Options outstanding | 297,750 | 316,500 | 318,000 |
Average Exercise Price Per Share, Options exercised | $ 7.258 | $ 7.689 | |
Average Exercise Price Per Share, Options outstanding | $ 7.680 | $ 7.655 | $ 7.655 |
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 - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Marcar [Member] | ||
Related Party Transaction [Line Items] | ||
Lease payments to Marcar | $ 136,000 | $ 125,000 |