Gencor Industries (GENC) 10-Q 2 Aug 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2018	Jul. 27, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
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		12,204,837
Class B Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,288,857

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Current Assets:
Cash and cash equivalents	$ 24,911,000	$ 22,933,000
Marketable securities at fair value (cost $88,993,000 at June 30, 2018 and $86,967,000 at September 30, 2017)	87,900,000	87,886,000
Accounts receivable, less allowance for doubtful accounts of $267,000 at June 30, 2018 and $207,000 at September 30, 2017	1,599,000	1,184,000
Costs and estimated earnings in excess of billings	8,336,000	6,768,000
Inventories, net	16,244,000	16,687,000
Prepaid expenses and other current assets	955,000	1,660,000
Total Current Assets	139,945,000	137,118,000
Property and equipment, net	8,026,000	5,722,000
Other assets	53,000	53,000
Total Assets	148,024,000	142,893,000
Current Liabilities:
Accounts payable	3,093,000	1,320,000
Customer deposits	3,745,000	8,628,000
Accrued expenses and other current liabilities	2,522,000	2,426,000
Total Current Liabilities	9,360,000	12,374,000
Deferred and other income taxes	519,000	1,601,000
Total Liabilities	9,879,000	13,975,000
Commitments and contingencies
Shareholders' Equity:
Preferred stock, par value $.10 per share; 300,000 shares authorized; none issued
Capital in excess of par value	11,605,000	11,178,000
Retained earnings	125,091,000	116,299,000
Total Shareholders' Equity	138,145,000	128,918,000
Total Liabilities and Shareholders' Equity	148,024,000	142,893,000
Common Stock [Member]
Shareholders' Equity:
Common stock	1,220,000	1,215,000
Class B Stock [Member]
Shareholders' Equity:
Common stock	$ 229,000	$ 226,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Marketable securities, cost	$ 88,993,000	$ 86,967,000
Accounts receivable, allowance for doubtful accounts	$ 267,000	$ 207,000
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	12,204,837	12,154,829
Common stock, shares outstanding	12,204,837	12,154,829
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	2,288,857	2,263,857
Common stock, shares outstanding	2,288,857	2,263,857

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Net revenue	$ 24,118,000	$ 23,743,000	$ 78,069,000	$ 62,052,000
Costs and expenses:
Production costs	17,702,000	17,053,000	57,800,000	44,555,000
Product engineering and development	781,000	637,000	2,239,000	1,523,000
Selling, general and administrative	2,179,000	2,259,000	7,792,000	6,576,000
Total costs and expenses	20,662,000	19,949,000	67,831,000	52,654,000
Operating income	3,456,000	3,794,000	10,238,000	9,398,000
Other income (expense), net:
Interest and dividend income, net of fees	399,000	181,000	1,075,000	384,000
Net realized and unrealized gains (losses) on marketable securities	(503,000)	(253,000)	(1,061,000)	810,000
Other			7,000
Other income (expense), net	(104,000)	(72,000)	21,000	1,194,000
Income before income tax expense	3,352,000	3,722,000	10,259,000	10,592,000
Income tax expense	670,000	1,134,000	1,468,000	3,195,000
Net income	$ 2,682,000	$ 2,588,000	$ 8,791,000	$ 7,397,000
Basic Income per Common Share:
Net income per share	$ 0.19	$ 0.18	$ 0.61	$ 0.51
Diluted Income per Common Share:
Net income per share	$ 0.18	$ 0.18	$ 0.60	$ 0.50

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operations:
Net income	$ 8,791,000	$ 7,397,000
Adjustments to reconcile net income to cash flows provided by operating activities:
Purchases of marketable securities	(188,082,000)	(413,993,000)
Proceeds from sale and maturity of marketable securities	186,812,000	413,491,000
Change in fair value of marketable securities	1,256,000	(692,000)
Deferred income taxes	(1,082,000)	6,000
Depreciation and amortization	1,010,000	862,000
Provision for doubtful accounts	80,000	65,000
Stock-based compensation	53,000	54,000
Loss on sale of fixed assets	3,000
Changes in assets and liabilities:
Accounts receivable	(495,000)	(338,000)
Costs and estimated earnings in excess of billings	(1,568,000)	24,000
Inventories	443,000	(3,687,000)
Prepaid expenses and other current assets	705,000	(109,000)
Accounts payable	1,773,000	803,000
Customer deposits	(4,883,000)	2,740,000
Accrued expenses and other current liabilities	98,000	1,095,000
Total adjustments	(3,877,000)	321,000
Cash flows provided by operating activities	4,914,000	7,718,000
Cash flows used in investing activities:
Capital expenditures	(3,317,000)	(854,000)
Cash flows used in investing activities	(3,317,000)	(854,000)
Cash flows from financing activities:
Proceeds from stock option exercises	381,000	136,000
Cash flows provided by financing activities	381,000	136,000
Net increase in cash	1,978,000	7,000,000
Cash at:
Beginning of period	22,933,000	18,219,000
End of period	$ 24,911,000	$ 25,219,000

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 30, 2018
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 Regulation S-X. The accompanying condensed consolidated balance sheet at September 30, 2017 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

Marketable Securities

Marketable Securities	9 Months Ended
	Jun. 30, 2018
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. Changes in 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, 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 marketable securities measured at fair value as of June 30, 2018: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 12,288,000 $ — $ — $ 12,288,000 Mutual Funds 8,502,000 — — 8,502,000 Exchange-Traded Funds 5,581,000 — — 5,581,000 Corporate Bonds — 29,912,000 — 29,912,000 Government Securities 28,944,000 — — 28,944,000 Cash and Money Funds 2,673,000 — — 2,673,000 Total $ 57,988,000 $ 29,912,000 $ — $ 87,900,000 Changes in net unrealized gains and (losses) included in the consolidated statements of income for the quarter and nine months ended June 30, 2018, on trading securities still held as of June 30, 2018, were $(577,000) and $(2,012,000), respectively. There were no transfers of investments between Level 1 and Level 2 during the nine months ended June 30, 2018. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2017: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 11,338,000 $ — $ — $ 11,338,000 Mutual Funds 7,155,000 — — 7,155,000 Exchange-Traded Funds 3,417,000 — — 3,417,000 Corporate Bonds — 7,196,000 — 7,196,000 Government Securities 54,542,000 — — 54,542,000 Cash and Money Funds 4,238,000 — — 4,238,000 Total $ 80,690,000 $ 7,196,000 $ — $ 87,886,000 Changes in net unrealized gains and (losses) included in the consolidated statements of income for the quarter and nine months ended June 30, 2017, on trading securities still held as of June 30, 2017, were $(341,000) and $123,000, respectively. There were no transfers of investments between Level 1 and Level 2 during the nine months ended June 30, 2017. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term nature of these items.

Inventories

Inventories	9 Months Ended
	Jun. 30, 2018
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 trade-in Net inventories at June 30, 2018 and September 30, 2017 consist of the following: June 30, 2018 September 30, 2017 Raw materials $ 10,834,000 $ 9,407,000 Work in process 265,000 3,098,000 Finished goods 5,129,000 4,166,000 Used equipment 16,000 16,000 $ 16,244,000 $ 16,687,000

Costs and Estimated Earnings in

Costs and Estimated Earnings in Excess of Billings	9 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and September 30, 2017 consist of the following: June 30, 2018 September 30, 2017 Costs incurred on uncompleted contracts $ 15,408,000 $ 10,250,000 Estimated earnings 5,741,000 3,161,000 21,149,000 13,411,000 Billings to date 12,813,000 6,643,000 Costs and estimated earnings in excess of billings $ 8,336,000 $ 6,768,000

Earnings per Share Data

Earnings per Share Data	9 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Earnings per Share Data	Note 5 – Earnings per Share Data The following table sets forth the computation of basic and diluted earnings per share for the quarters and nine months ended June 30, 2018 and 2017: Quarter Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Net Income $ 2,682,000 $ 2,588,000 $ 8,791,000 $ 7,397,000 Common Shares: Weighted average common shares outstanding 14,492,000 14,400,000 14,477,000 14,390,000 Effect of dilutive stock options 232,000 299,000 247,000 290,000 Diluted shares outstanding 14,724,000 14,699,000 14,724,000 14,680,000 Basic: Net earnings per share $ 0.19 $ 0.18 $ 0.61 $ 0.51 Diluted: Net earnings per share $ 0.18 $ 0.18 $ 0.60 $ 0.50 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. The weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter and nine months ended June 30, 2018 were 367,000 and 382,000, respectively, which equates to 232,000 and 247,000 dilutive common stock equivalents, respectively. The weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter and nine months ended June 30, 2017 were 459,000 and 469,000, respectively, which equates to 299,000 and 290,000 dilutive common stock equivalents, respectively. There were no anti-dilutive shares for the quarters and nine months ended June 30, 2018 and June 30, 2017.

Customers with 10% (or greater)

Customers with 10% (or greater) of Net Revenues	9 Months Ended
	Jun. 30, 2018
Risks and Uncertainties [Abstract]
Customers with 10% (or greater) of Net Revenues	Note 6 – Customers with 10% (or greater) of Net Revenues During the quarter and nine months ended June 30, 2018, 27.3% and 9.2% of net revenues, respectively, were from entities owned by one global company. Two other customers accounted for 16.3% and 12.6% of net revenues, respectively, for the quarter ended June 30, 2018, and 5.1% and 3.9% of net revenues, respectively, for the nine months ended June 30, 2018. During the quarter and nine months ended June 30, 2017, 15.1% and 11.6% of net revenues, respectively, were from entities owned by one global company. Two other customers accounted for 12.8% and 14.8% of net revenues, respectively, for the quarter ended June 30, 2017, and 4.9% and 5.7% of net revenues, respectively, for the nine months ended June 30, 2017.

Income Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 7 – Income Taxes On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law by President Donald Trump. The Tax Reform Act significantly lowered the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018, while also repealing the deduction for domestic production activities, implementing a territorial tax system and imposing repatriation tax on deemed repatriated earnings of foreign subsidiaries. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. As a result of the Tax Reform Act, the Company recorded a tax benefit of $0.7 million due to re-measurement The Company’s income tax provision is based on management’s estimate of the effective tax rate for the full year. The tax provision in any period will be affected by, among other things, permanent, as well as temporary differences in the deductibility of certain items, in addition to changes in tax legislation. As a result, the Company may experience significant fluctuations in the effective book tax rate (that is, its tax expense divided by pre-tax book income) from period to period. For fiscal 2018, the Company generally expects its effective tax rate to decline compared to fiscal 2017, primarily due to the implementation of the Tax Reform Act.

Marketable Securities (Policies

Marketable Securities (Policies)	9 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
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. Changes in 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	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, 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 marketable securities measured at fair value as of June 30, 2018: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 12,288,000 $ — $ — $ 12,288,000 Mutual Funds 8,502,000 — — 8,502,000 Exchange-Traded Funds 5,581,000 — — 5,581,000 Corporate Bonds — 29,912,000 — 29,912,000 Government Securities 28,944,000 — — 28,944,000 Cash and Money Funds 2,673,000 — — 2,673,000 Total $ 57,988,000 $ 29,912,000 $ — $ 87,900,000 Changes in net unrealized gains and (losses) included in the consolidated statements of income for the quarter and nine months ended June 30, 2018, on trading securities still held as of June 30, 2018, were $(577,000) and $(2,012,000), respectively. There were no transfers of investments between Level 1 and Level 2 during the nine months ended June 30, 2018. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2017: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 11,338,000 $ — $ — $ 11,338,000 Mutual Funds 7,155,000 — — 7,155,000 Exchange-Traded Funds 3,417,000 — — 3,417,000 Corporate Bonds — 7,196,000 — 7,196,000 Government Securities 54,542,000 — — 54,542,000 Cash and Money Funds 4,238,000 — — 4,238,000 Total $ 80,690,000 $ 7,196,000 $ — $ 87,886,000 Changes in net unrealized gains and (losses) included in the consolidated statements of income for the quarter and nine months ended June 30, 2017, on trading securities still held as of June 30, 2017, were $(341,000) and $123,000, respectively. There were no transfers of investments between Level 1 and Level 2 during the nine months ended June 30, 2017. 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 are valued at the lower of cost or market, with cost being determined principally by using the last-in, first-out trade-in

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Company's Marketable Securities Measured at Fair Value	The following table sets forth, by level, within the fair value hierarchy, the Company’s marketable securities measured at fair value as of June 30, 2018: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 12,288,000 $ — $ — $ 12,288,000 Mutual Funds 8,502,000 — — 8,502,000 Exchange-Traded Funds 5,581,000 — — 5,581,000 Corporate Bonds — 29,912,000 — 29,912,000 Government Securities 28,944,000 — — 28,944,000 Cash and Money Funds 2,673,000 — — 2,673,000 Total $ 57,988,000 $ 29,912,000 $ — $ 87,900,000 Changes in net unrealized gains and (losses) included in the consolidated statements of income for the quarter and nine months ended June 30, 2018, on trading securities still held as of June 30, 2018, were $(577,000) and $(2,012,000), respectively. There were no transfers of investments between Level 1 and Level 2 during the nine months ended June 30, 2018. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2017: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 11,338,000 $ — $ — $ 11,338,000 Mutual Funds 7,155,000 — — 7,155,000 Exchange-Traded Funds 3,417,000 — — 3,417,000 Corporate Bonds — 7,196,000 — 7,196,000 Government Securities 54,542,000 — — 54,542,000 Cash and Money Funds 4,238,000 — — 4,238,000 Total $ 80,690,000 $ 7,196,000 $ — $ 87,886,000

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Net Inventories	Net inventories at June 30, 2018 and September 30, 2017 consist of the following: June 30, 2018 September 30, 2017 Raw materials $ 10,834,000 $ 9,407,000 Work in process 265,000 3,098,000 Finished goods 5,129,000 4,166,000 Used equipment 16,000 16,000 $ 16,244,000 $ 16,687,000

Costs and Estimated Earnings 16

Costs and Estimated Earnings in Excess of Billings (Tables)	9 Months Ended
	Jun. 30, 2018
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 June 30, 2018 and September 30, 2017 consist of the following: June 30, 2018 September 30, 2017 Costs incurred on uncompleted contracts $ 15,408,000 $ 10,250,000 Estimated earnings 5,741,000 3,161,000 21,149,000 13,411,000 Billings to date 12,813,000 6,643,000 Costs and estimated earnings in excess of billings $ 8,336,000 $ 6,768,000

Earnings per Share Data (Tables

Earnings per Share Data (Tables)	9 Months Ended
	Jun. 30, 2018
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 and nine months ended June 30, 2018 and 2017: Quarter Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Net Income $ 2,682,000 $ 2,588,000 $ 8,791,000 $ 7,397,000 Common Shares: Weighted average common shares outstanding 14,492,000 14,400,000 14,477,000 14,390,000 Effect of dilutive stock options 232,000 299,000 247,000 290,000 Diluted shares outstanding 14,724,000 14,699,000 14,724,000 14,680,000 Basic: Net earnings per share $ 0.19 $ 0.18 $ 0.61 $ 0.51 Diluted: Net earnings per share $ 0.18 $ 0.18 $ 0.60 $ 0.50

Marketable Securities - Company

Marketable Securities - Company's Marketable Securities Measured at Fair Value (Detail) - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Investment Holdings [Line Items]
Total	$ 87,900,000	$ 87,886,000
Equities [Member]
Investment Holdings [Line Items]
Total	12,288,000	11,338,000
Mutual Funds [Member]
Investment Holdings [Line Items]
Total	8,502,000	7,155,000
Exchange Traded Funds [Member]
Investment Holdings [Line Items]
Total	5,581,000	3,417,000
Corporate Bonds [Member]
Investment Holdings [Line Items]
Total	29,912,000	7,196,000
Government Securities [Member]
Investment Holdings [Line Items]
Total	28,944,000	54,542,000
Cash and Money Funds [Member]
Investment Holdings [Line Items]
Total	2,673,000	4,238,000
Level 1 [Member]
Investment Holdings [Line Items]
Total	57,988,000	80,690,000
Level 1 [Member] | Equities [Member]
Investment Holdings [Line Items]
Total	12,288,000	11,338,000
Level 1 [Member] | Mutual Funds [Member]
Investment Holdings [Line Items]
Total	8,502,000	7,155,000
Level 1 [Member] | Exchange Traded Funds [Member]
Investment Holdings [Line Items]
Total	5,581,000	3,417,000
Level 1 [Member] | Government Securities [Member]
Investment Holdings [Line Items]
Total	28,944,000	54,542,000
Level 1 [Member] | Cash and Money Funds [Member]
Investment Holdings [Line Items]
Total	2,673,000	4,238,000
Level 2 [Member]
Investment Holdings [Line Items]
Total	29,912,000	7,196,000
Level 2 [Member] | Corporate Bonds [Member]
Investment Holdings [Line Items]
Total	$ 29,912,000	$ 7,196,000

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Marketable Securities [Abstract]
Net unrealized gains (losses)	$ (577,000)	$ (341,000)	$ (2,012,000)	$ 123,000
Transfers of investments between Level 1 and Level 2	$ 0	$ 0	$ 0	$ 0

Inventories - Additional Inform

Inventories - Additional Information (Detail)	9 Months Ended
	Jun. 30, 2018USD ($)
Three to Four Years Old Inventory [Member]
Inventory [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]
Inventory [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]
Inventory [Line Items]
Inventory, minimum time period on the shelf, years	5 years
Inventory valuation estimate	$ 0
Provisions on obsolescence	$ 0

Inventories - Net Inventories (

Inventories - Net Inventories (Detail) - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Inventory, Net [Abstract]
Raw materials	$ 10,834,000	$ 9,407,000
Work in process	265,000	3,098,000
Finished goods	5,129,000	4,166,000
Used equipment	16,000	16,000
Inventories, net	$ 16,244,000	$ 16,687,000

Costs and Estimated Earnings 22

Costs and Estimated Earnings in Excess of Billings - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Detail) - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Costs in Excess of Billings on Uncompleted Contracts or Programs [Abstract]
Costs incurred on uncompleted contracts	$ 15,408,000	$ 10,250,000
Estimated earnings	5,741,000	3,161,000
Costs and estimated earnings on uncompleted contracts	21,149,000	13,411,000
Costs and estimated earnings on uncompleted contracts	21,149,000	13,411,000
Billings to date	12,813,000	6,643,000
Costs and estimated earnings in excess of billings	$ 8,336,000	$ 6,768,000

Earning Per Share Data - Basic

Earning Per Share Data - Basic and Diluted Earnings Per Share (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Net Income	$ 2,682,000	$ 2,588,000	$ 8,791,000	$ 7,397,000
Common Shares:
Weighted average common shares outstanding	14,492,000	14,400,000	14,477,000	14,390,000
Effect of dilutive stock options	232,000	299,000	247,000	290,000
Diluted shares outstanding	14,724,000	14,699,000	14,724,000	14,680,000
Basic:
Net earnings per share	$ 0.19	$ 0.18	$ 0.61	$ 0.51
Diluted:
Net earnings per share	$ 0.18	$ 0.18	$ 0.60	$ 0.50

Earnings Per Share Data - Addit

Earnings Per Share Data - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Exercisable stock options, included in the diluted earnings per share calculation	367,000	459,000	382,000	469,000
Effect of dilutive stock options	232,000	299,000	247,000	290,000
Anti-dilutive shares	0	0	0	0

Customers with 10% (or greate25

Customers with 10% (or greater) of Net Revenues - Additional Information (Detail) - Entities Owned by One Global Company [Member] - Revenue [Member]	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Customer One [Member]
Concentration Risk [Line Items]
Percentage of concentration	27.30%	15.10%	9.20%	11.60%
Customer Two [Member]
Concentration Risk [Line Items]
Percentage of concentration	16.30%	12.80%	5.10%	4.90%
Customer Three [Member]
Concentration Risk [Line Items]
Percentage of concentration	12.60%	14.80%	3.90%	5.70%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2017	Jun. 30, 2018
Income Tax Disclosure [Abstract]
U.S. corporate income tax rate	35.00%		21.00%
Tax benefit recorded due to re-measurement of deferred tax liability		$ 0.7