Gencor Industries (GENC) 10-Q 3 Feb 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2016	Feb. 01, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	GENC
Entity Registrant Name	GENCOR INDUSTRIES INC
Entity Central Index Key	64,472
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,113,079
Class B Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,263,857

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Current assets:
Cash and cash equivalents	$ 20,562,000	$ 18,219,000
Marketable securities at fair value (cost $86,498,000 at December 31, 2016 and $86,203,000 at September 30, 2016)	86,386,000	85,938,000
Accounts receivable, less allowance for doubtful accounts of $192,000 at December 31, 2016 and $195,000 at September 30, 2016	794,000	1,110,000
Costs and estimated earnings in excess of billings	6,691,000	4,921,000
Inventories, net	12,537,000	11,634,000
Prepaid expenses & other current assets	1,536,000	1,598,000
Total Current Assets	128,506,000	123,420,000
Property and equipment, net of accumulated depreciation	5,181,000	5,239,000
Other assets	53,000	53,000
Total Assets	133,740,000	128,712,000
Current Liabilities:
Accounts payable	1,891,000	1,443,000
Customer deposits	7,517,000	4,484,000
Accrued expenses	2,343,000	2,264,000
Total Current Liabilities	11,751,000	8,191,000
Deferred and other income taxes	362,000	316,000
Total Liabilities	12,113,000	8,507,000
Commitments and contingencies
Shareholders' equity:
Preferred stock, par value $.10 per share; authorized 300,000 shares; none issued
Capital in excess of par value	10,915,000	10,887,000
Retained earnings	109,275,000	107,881,000
Total Shareholders' Equity	121,627,000	120,205,000
Total Liabilities and Shareholders' Equity	133,740,000	128,712,000
Common Stock [Member]
Shareholders' equity:
Common stock	1,211,000	1,211,000
Class B Stock [Member]
Shareholders' equity:
Common stock	$ 226,000	$ 226,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Marketable securities, cost	$ 86,498,000	$ 86,203,000
Accounts receivable, allowance for doubtful accounts	$ 192,000	$ 195,000
Preferred stock, par value	$ 0.10	$ 0.10
Preferred stock, shares authorized	300,000	300,000
Preferred stock, shares issued	0	0
Common Stock [Member]
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	12,113,079	12,111,079
Common stock, shares outstanding	12,113,079	12,111,079
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	2,263,857	2,263,857
Common stock, shares outstanding	2,263,857	2,263,857

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($)		3 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Net revenue		$ 15,783,000	$ 13,258,000
Costs and expenses:
Production costs		11,633,000	9,976,000
Product engineering and development		416,000	382,000
Selling, general and administrative		2,190,000	1,785,000
Total costs and expenses		14,239,000	12,143,000
Operating income		1,544,000	1,115,000
Other income (expense), net:
Interest and dividend income, net of fees		41,000	385,000
Realized and unrealized gains (losses) on marketable securities, net		407,000	593,000
Other			1,000
Other income (expense), net		448,000	979,000
Income before income tax expense		1,992,000	2,094,000
Income tax expense		598,000	519,000
Net income		$ 1,394,000	$ 1,575,000
Basic Income per Common Share:
Net income per share	[1]	$ 0.10	$ 0.11
Diluted Income per Common Share:
Net income per share	[1]	$ 0.10	$ 0.11
[1]	Prior year adjusted for three-for-two stock split

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income	$ 1,394,000	$ 1,575,000
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Purchases of marketable securities	(177,343,000)	(51,115,000)
Proceeds from sale and maturity of marketable securities	177,196,000	50,619,000
Change in fair value of marketable securities	(301,000)	(482,000)
Deferred income taxes	46,000	299,000
Depreciation and amortization	310,000	362,000
Provision for doubtful accounts	50,000	5,000
Stock-based compensation	18,000	5,000
Changes in assets and liabilities:
Accounts receivable	266,000	(150,000)
Costs and estimated earnings in excess of billings	(1,770,000)	(1,648,000)
Inventories	(903,000)	(2,301,000)
Prepaid expenses & other current assets	62,000	(125,000)
Accounts payable	448,000	339,000
Customer deposits	3,033,000	1,717,000
Accrued expenses	79,000	135,000
Total adjustments	1,191,000	(2,340,000)
Cash flows provided by (used in) operating activities	2,585,000	(765,000)
Cash flows from investing activities:
Capital expenditures	(252,000)	(29,000)
Cash flows used in investing activities	(252,000)	(29,000)
Cash flows from financing activities:
Proceeds from stock option exercises	10,000
Cash flows provided by financing activities	10,000
Net increase (decrease) in cash and cash equivalents	2,343,000	(794,000)
Cash and cash equivalents at:
Beginning of period	18,219,000	11,152,000
End of period	$ 20,562,000	$ 10,358,000

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [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. Operating results for the quarter ended December 31, 2016 are not necessarily indicative of the results that may be expected for the year ending September 30, 2017. The accompanying Condensed Consolidated Balance Sheet at September 30, 2016 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, 2016.

Marketable Securities

Marketable Securities	3 Months Ended
	Dec. 31, 2016
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 condensed consolidated statements of income. Net unrealized gains and losses are reported in the condensed consolidated statements of income 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, government securities, and cash and money funds 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 December 31, 2016: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 3,265,000 $ — $ — $ 3,265,000 Mutual Funds 5,275,000 — — 5,275,000 Exchange-Traded Funds 738,000 — — 738,000 Government Securities 69,757,000 — — 69,757,000 Cash and Money Funds 7,351,000 — — 7,351,000 Total $ 86,386,000 $ — $ — $ 86,386,000 Net unrealized gains and (losses) recognized during the quarter ended December 31, 2016 on trading securities still held as of December 31, 2016 were $153,000. There were no transfers of investments between Level 1 and Level 2 during the quarter ended December 31, 2016. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2016: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 2,408,000 $ — $ — $ 2,408,000 Mutual Funds 5,212,000 — — 5,212,000 Exchange-Traded Funds 510,000 — — 510,000 Government Securities 69,583,000 — — 69,583,000 Cash and Money Funds 8,225,000 — — 8,225,000 Total $ 85,938,000 $ — $ — $ 85,938,000 Net unrealized gains and (losses) recognized during the quarter ended December 31, 2015 on trading securities still held as of December 31, 2015 were $943,000. There were no transfers of investments between Level 1 and Level 2 during the quarter ended December 31, 2015. 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	3 Months Ended
	Dec. 31, 2016
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 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 carrying value of inventories three to four years old are reduced by 50%, while the carrying value of inventories four to five years old are reduced by 75%, and the carrying value 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. Net inventories at December 31, 2016 and September 30, 2016 consist of the following: December 31, 2016 September 30, 2016 Raw materials $ 7,752,000 $ 7,072,000 Work in process 329,000 976,000 Finished goods 4,415,000 3,545,000 Used equipment 41,000 41,000 $ 12,537,000 $ 11,634,000

Costs and Estimated Earnings in

Costs and Estimated Earnings in Excess of Billings	3 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Costs and Estimated Earnings in Excess of Billings	Note 4 – Costs and Estimated Earnings in Excess of Billings Costs and estimated earnings in excess of billings on uncompleted contracts as of December 31, 2016 and September 30, 2016 consist of the following: December 31, 2016 September 30, 2016 Costs incurred on uncompleted contracts $ 15,627,000 $ 8,898,000 Estimated earnings 6,012,000 3,124,000 21,639,000 12,022,000 Billings to date 14,948,000 7,101,000 Costs and estimated earnings in excess of billings $ 6,691,000 $ 4,921,000

Earnings per Share Data

Earnings per Share Data	3 Months Ended
	Dec. 31, 2016
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 ended December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Net income $ 1,394,000 $ 1,575,000 Common Shares: Weighted-average common shares outstanding 14,380,000 14,307,000 Effect of dilutive stock options 209,000 118,000 Weighted-average diluted shares outstanding 14,589,000 14,425,000 Basic: Net income per share $ 0.10 $ 0.11 Diluted: Net income per share $ 0.10 $ 0.11 Basic earnings per share is based on the weighted-average number of shares outstanding. Diluted earnings per share is based on the sum of the weighted-average number of shares outstanding plus common stock equivalents. On July 11, 2016, the Company’s Board of Directors approved a three-for-two split of the Company’s common and Class B stock to be effected in the form of a 50% stock dividend. As a result, shareholders received one additional share of common or Class B stock for every two shares they held of the respective class of stock as of the record date. These shares were distributed on August 1, 2016, to shareholders of record as of the end of business on July 22, 2016. All share and per share data (except par value) have been adjusted to reflect the effect of the stock split for all periods presented. The number of shares of common and Class B stock issuable upon exercise of outstanding stock options were proportionately increased in accordance with terms of the respective plans. The number of authorized shares, as reflected on the Condensed Consolidated Balance Sheets, was not affected by the stock split and, accordingly, has not been adjusted. Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter ended December 31, 2016 were 482,000, which equates to 209,000 dilutive common stock equivalents. Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter ended December 31, 2015 were 488,000, which equates to 118,000 dilutive common stock equivalents. Weighted-average shares issuable upon the exercise of stock options, which were not included in the diluted earnings per share calculations because they were anti-dilutive, were zero for the quarters ended December 31, 2016 and 2015.

Customers with 10% (or greater)

Customers with 10% (or greater) of Net Revenues	3 Months Ended
	Dec. 31, 2016
Risks and Uncertainties [Abstract]
Customers with 10% (or greater) of Net Revenues	Note 6 – Customers with 10% (or greater) of Net Revenues Approximately 10.0% of net revenues in the quarter ended December 31, 2016 and 2.7% of net revenues for the quarter ended December 31, 2015 were from entities owned by a global company.

Marketable Securities (Policies

Marketable Securities (Policies)	3 Months Ended
	Dec. 31, 2016
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, mutual funds, exchange-traded funds, government securities, and cash and money funds 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 December 31, 2016: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 3,265,000 $ — $ — $ 3,265,000 Mutual Funds 5,275,000 — — 5,275,000 Exchange-Traded Funds 738,000 — — 738,000 Government Securities 69,757,000 — — 69,757,000 Cash and Money Funds 7,351,000 — — 7,351,000 Total $ 86,386,000 $ — $ — $ 86,386,000 Net unrealized gains and (losses) recognized during the quarter ended December 31, 2016 on trading securities still held as of December 31, 2016 were $153,000. There were no transfers of investments between Level 1 and Level 2 during the quarter ended December 31, 2016. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2016: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 2,408,000 $ — $ — $ 2,408,000 Mutual Funds 5,212,000 — — 5,212,000 Exchange-Traded Funds 510,000 — — 510,000 Government Securities 69,583,000 — — 69,583,000 Cash and Money Funds 8,225,000 — — 8,225,000 Total $ 85,938,000 $ — $ — $ 85,938,000 Net unrealized gains and (losses) recognized during the quarter ended December 31, 2015 on trading securities still held as of December 31, 2015 were $943,000. There were no transfers of investments between Level 1 and Level 2 during the quarter ended December 31, 2015. 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)	3 Months Ended
	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
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 December 31, 2016: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 3,265,000 $ — $ — $ 3,265,000 Mutual Funds 5,275,000 — — 5,275,000 Exchange-Traded Funds 738,000 — — 738,000 Government Securities 69,757,000 — — 69,757,000 Cash and Money Funds 7,351,000 — — 7,351,000 Total $ 86,386,000 $ — $ — $ 86,386,000 Net unrealized gains and (losses) recognized during the quarter ended December 31, 2016 on trading securities still held as of December 31, 2016 were $153,000. There were no transfers of investments between Level 1 and Level 2 during the quarter ended December 31, 2016. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2016: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 2,408,000 $ — $ — $ 2,408,000 Mutual Funds 5,212,000 — — 5,212,000 Exchange-Traded Funds 510,000 — — 510,000 Government Securities 69,583,000 — — 69,583,000 Cash and Money Funds 8,225,000 — — 8,225,000 Total $ 85,938,000 $ — $ — $ 85,938,000

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 31, 2016
Inventory Disclosure [Abstract]
Net Inventories	Net inventories at December 31, 2016 and September 30, 2016 consist of the following: December 31, 2016 September 30, 2016 Raw materials $ 7,752,000 $ 7,072,000 Work in process 329,000 976,000 Finished goods 4,415,000 3,545,000 Used equipment 41,000 41,000 $ 12,537,000 $ 11,634,000

Costs and Estimated Earnings 15

Costs and Estimated Earnings in Excess of Billings (Tables)	3 Months Ended
	Dec. 31, 2016
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 December 31, 2016 and September 30, 2016 consist of the following: December 31, 2016 September 30, 2016 Costs incurred on uncompleted contracts $ 15,627,000 $ 8,898,000 Estimated earnings 6,012,000 3,124,000 21,639,000 12,022,000 Billings to date 14,948,000 7,101,000 Costs and estimated earnings in excess of billings $ 6,691,000 $ 4,921,000

Earnings per Share Data (Tables

Earnings per Share Data (Tables)	3 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share for the quarters ended December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Net income $ 1,394,000 $ 1,575,000 Common Shares: Weighted-average common shares outstanding 14,380,000 14,307,000 Effect of dilutive stock options 209,000 118,000 Weighted-average diluted shares outstanding 14,589,000 14,425,000 Basic: Net income per share $ 0.10 $ 0.11 Diluted: Net income per share $ 0.10 $ 0.11

Marketable Securities - Company

Marketable Securities - Company's Assets Measured at Fair Value (Detail) - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Investment Holdings [Line Items]
Total	$ 86,386,000	$ 85,938,000
Equities [Member]
Investment Holdings [Line Items]
Total	3,265,000	2,408,000
Mutual Funds [Member]
Investment Holdings [Line Items]
Total	5,275,000	5,212,000
Exchange Traded Funds [Member]
Investment Holdings [Line Items]
Total	738,000	510,000
Government Securities [Member]
Investment Holdings [Line Items]
Total	69,757,000	69,583,000
Cash and Money Funds [Member]
Investment Holdings [Line Items]
Total	7,351,000	8,225,000
Level 1 [Member]
Investment Holdings [Line Items]
Total	86,386,000	85,938,000
Level 1 [Member] | Equities [Member]
Investment Holdings [Line Items]
Total	3,265,000	2,408,000
Level 1 [Member] | Mutual Funds [Member]
Investment Holdings [Line Items]
Total	5,275,000	5,212,000
Level 1 [Member] | Exchange Traded Funds [Member]
Investment Holdings [Line Items]
Total	738,000	510,000
Level 1 [Member] | Government Securities [Member]
Investment Holdings [Line Items]
Total	69,757,000	69,583,000
Level 1 [Member] | Cash and Money Funds [Member]
Investment Holdings [Line Items]
Total	$ 7,351,000	$ 8,225,000

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Marketable Securities [Abstract]
Net unrealized gains (losses)	$ 153,000	$ 943,000
Transfers of investments between Level 1 and Level 2	$ 0	$ 0

Inventories - Additional Inform

Inventories - Additional Information (Detail)	3 Months Ended
	Dec. 31, 2016USD ($)
Three to Four Years Old Inventory [Member]
Inventory [Line Items]
Carrying value 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]
Inventory [Line Items]
Carrying value 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]
Inventory [Line Items]
Inventory, minimum time period on the shelf, years	5 years
Inventory valuation estimate	$ 0

Inventories - Net Inventories (

Inventories - Net Inventories (Detail) - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Inventory, Net [Abstract]
Raw materials	$ 7,752,000	$ 7,072,000
Work in process	329,000	976,000
Finished goods	4,415,000	3,545,000
Used equipment	41,000	41,000
Inventories, net	$ 12,537,000	$ 11,634,000

Costs and Estimated Earnings 21

Costs and Estimated Earnings in Excess of Billings - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Detail) - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Costs in Excess of Billings on Uncompleted Contracts or Programs [Abstract]
Costs incurred on uncompleted contracts	$ 15,627,000	$ 8,898,000
Estimated earnings	6,012,000	3,124,000
Costs and estimated earnings on uncompleted contracts	21,639,000	12,022,000
Costs and estimated earnings on uncompleted contracts	21,639,000	12,022,000
Billings to date	14,948,000	7,101,000
Costs and estimated earnings in excess of billings	$ 6,691,000	$ 4,921,000

Earning Per Share Data - Basic

Earning Per Share Data - Basic and Diluted Earnings Per Share (Detail) - USD ($)		3 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net income		$ 1,394,000	$ 1,575,000
Common Shares:
Weighted-average common shares outstanding		14,380,000	14,307,000
Effect of dilutive stock options		209,000	118,000
Weighted-average diluted shares outstanding		14,589,000	14,425,000
Basic:
Net income per share	[1]	$ 0.10	$ 0.11
Diluted:
Net income per share	[1]	$ 0.10	$ 0.11
[1]	Prior year adjusted for three-for-two stock split

Earnings Per Share Data - Addit

Earnings Per Share Data - Additional Information (Detail)	Jul. 11, 2016	Dec. 31, 2016shares	Dec. 31, 2015shares
Earnings Per Share [Line Items]
Exercisable stock options, included in the diluted earnings per share calculation		482,000	488,000
Effect of dilutive stock options		209,000	118,000
Anti-dilutive exercisable stock options, not included in the diluted earnings per share calculation		0	0
Common and Class B Stock [Member]
Earnings Per Share [Line Items]
Stock split ratio	1.5
Stock dividend percentage	50.00%
Stock split ratio description		On July 11, 2016, the Company's Board of Directors approved a three-for-two split of the Company's common and Class B stock to be effected in the form of a 50% stock dividend. As a result, shareholders received one additional share of common or Class B stock for every two shares they held of the respective class of stock as of the record date.

Customers with 10% (or greate24

Customers with 10% (or greater) of Net Revenues - Additional Information (Detail)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Entities Owned by One Global Company [Member] | Revenue [Member]
Concentration Risk [Line Items]
Percentage of concentration	10.00%	2.70%