Gencor Industries (GENC) 10-K 11 Dec 19 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Sep. 30, 2019	Dec. 01, 2019	Mar. 31, 2019
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	GENCOR INDUSTRIES INC
Trading Symbol	GENC
Entity Central Index Key	0000064472
Current Fiscal Year End Date	--09-30
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Security Exchange Name	NASDAQ
Entity Address, State or Province	FL
Entity Public Float			$ 129,500,000
Entity Incorporation, State or Country Code	DE
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,277,337
Class B Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,308,857

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Current assets:
Cash and cash equivalents	$ 10,302,000	$ 8,012,000	[1]
Marketable securities at fair value (cost of $104,176,000 at September 30, 2019 and $103,751,000 at September 30, 2018)	105,322,000	104,058,000	[1]
Accounts receivable, less allowance for doubtful accounts of $459,000 at September 30, 2019 and $313,000 at September 30, 2018	1,603,000	993,000	[1]
Costs and estimated earnings in excess of billings	13,838,000	11,900,000	[1]
Inventories, net	25,366,000	21,890,000	[1]
Prepaid expenses	499,000	1,348,000	[1]
Total current assets	156,930,000	148,201,000	[1]
Property and equipment, net	8,389,000	7,889,000	[1]
Other assets	53,000	53,000	[1]
Total Assets	165,372,000	156,143,000	[1]
Current liabilities:
Accounts payable	1,907,000	1,838,000	[1]
Customer deposits	1,918,000	4,563,000	[1]
Accrued expenses	2,660,000	2,085,000	[1]
Total current liabilities	6,485,000	8,486,000	[1]
Deferred and other income taxes	3,372,000	2,640,000	[1]
Total liabilities	9,857,000	11,126,000	[1]
Commitments and contingencies
Shareholders' equity:
Preferred stock, par value $.10 per share; 300,000 shares authorized; none issued
Capital in excess of par value	12,159,000	11,862,000	[1]
Retained earnings	141,897,000	131,701,000	[1]
Total shareholders' equity	155,515,000	145,017,000	[1]
Total Liabilities and Shareholders' Equity	165,372,000	156,143,000	[1]
Common Stock [Member]
Shareholders' equity:
Common stock	1,228,000	1,225,000	[1]
Total shareholders' equity	1,228,000	1,225,000	[2]
Class B Stock [Member]
Shareholders' equity:
Common stock	231,000	229,000	[1]
Total shareholders' equity	$ 231,000	$ 229,000	[2]
[1]	The amounts as of September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.
[2]	The balances as of September 30, 2017 and 2018, and the amounts for the year ended September 30, 2018, have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Marketable securities, cost	$ 104,176,000	$ 103,751,000
Accounts receivable, allowance for doubtful accounts	$ 459,000	$ 313,000
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	12,277,337	12,252,337
Common stock, shares outstanding	12,277,337	12,252,337
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	2,308,857	2,288,857
Common stock, shares outstanding	2,308,857	2,288,857

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)		12 Months Ended
		Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net revenue		$ 81,329,000	$ 98,614,000	[1]
Cost of goods sold		58,917,000	71,818,000	[1]
Gross profit		22,412,000	26,796,000	[1]
Operating expenses:
Product engineering and development		3,295,000	2,915,000	[1]
Selling, general and administrative		9,647,000	9,991,000	[1]
Total operating expenses		12,942,000	12,906,000	[1]
Operating income		9,470,000	13,890,000	[1]
Other income (expense), net:
Interest and dividend income, net of fees		2,307,000	1,535,000	[1]
Realized and unrealized gains (losses) on marketable securities, net		1,047,000	(363,000)	[1]
Other	[1]		2,000
Other income (expense),net		3,354,000	1,174,000	[1]
Income before income tax expense		12,824,000	15,064,000	[1]
Income tax expense		2,628,000	2,370,000	[1]
Net income		$ 10,196,000	$ 12,694,000	[2]
Basic earnings per common share		$ 0.70	$ 0.88	[1]
Diluted earnings per common share		$ 0.69	$ 0.86	[1]
[1]	The amounts for the year ended September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.
[2]	The balances as of September 30, 2017 and 2018, and the amounts for the year ended September 30, 2018, have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

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, 2017		$ 128,918,000		$ 11,178,000		$ 116,299,000		$ 1,215,000		$ 226,000
Beginning balance, shares at Sep. 30, 2017								12,154,829		2,263,857
Inventory accounting method change at Sep. 30, 2017	[1]	2,708,000				2,708,000
Beginning balance adjusted at Sep. 30, 2017	[1]	131,626,000		11,178,000		119,007,000		$ 1,215,000		$ 226,000
Beginning balance adjusted, shares at Sep. 30, 2017	[1]							12,154,829		2,263,857
Net income	[1]	12,694,000				12,694,000
Stock-based compensation		71,000		71,000
Stock options exercised		$ 626,000		613,000				$ 10,000		$ 3,000
Stock options exercised, shares		122,508						97,508		25,000
Ending balance at Sep. 30, 2018		$ 145,017,000	[2]	11,862,000	[1]	131,701,000	[1]	$ 1,225,000	[1]	$ 229,000	[1]
Ending balance, shares at Sep. 30, 2018	[1]							12,252,337		2,288,857
Net income		10,196,000				10,196,000
Stock-based compensation		71,000		71,000
Stock options exercised		$ 231,000		226,000				$ 3,000		$ 2,000
Stock options exercised, shares		45,000						25,000		20,000
Ending balance at Sep. 30, 2019		$ 155,515,000		$ 12,159,000		$ 141,897,000		$ 1,228,000		$ 231,000
Ending balance, shares at Sep. 30, 2019								12,277,337		2,308,857
[1]	The balances as of September 30, 2017 and 2018, and the amounts for the year ended September 30, 2018, have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.
[2]	The amounts as of September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)		12 Months Ended
		Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income		$ 10,196,000	$ 12,694,000	[1]
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Purchase of marketable securities		(188,066,000)	(256,124,000)	[1]
Proceeds from sale and maturity of marketable securities		188,047,000	239,462,000	[1]
Change in value of marketable securities		(1,245,000)	490,000	[1]
Deferred income taxes		732,000	262,000	[1]
Depreciation and amortization		1,600,000	1,380,000	[1]
Provision for doubtful accounts		175,000	210,000	[1]
Loss on sale of fixed assets		4,000	3,000
Stock-based compensation		71,000	71,000	[1]
Changes in assets and liabilities:
Accounts receivable		(785,000)	(19,000)	[1]
Costs and estimated earnings in excess of billings		(1,938,000)	(5,132,000)	[1]
Inventories		(3,476,000)	(1,702,000)	[1]
Prepaid expenses		849,000	312,000	[1]
Accounts payable		69,000	518,000	[1]
Customer deposits		(2,645,000)	(4,065,000)	[1]
Accrued expenses		575,000	(357,000)	[1]
Total adjustments		(6,033,000)	(24,691,000)	[1]
Cash flows provided by (used in) operating activities		4,163,000	(11,997,000)	[1]
Cash flows from investing activities:
Capital expenditures		(2,104,000)	(3,550,000)	[1]
Cash flows used in investing activities		(2,104,000)	(3,550,000)	[1]
Cash flows from financing activities:
Proceeds from stock option exercises		231,000	626,000	[1]
Cash flows provided by financing activities		231,000	626,000	[1]
Net increase (decrease) in cash and cash equivalents		2,290,000	(14,921,000)	[1]
Cash and cash equivalents at:
Beginning of year	[1]	8,012,000	22,933,000
End of year		$ 10,302,000	$ 8,012,000	[1]
[1]	The amounts for the year ended September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Nature of Operations and Summar

Nature of Operations and Summary of Significant Accounting Policies	12 Months Ended
	Sep. 30, 2019
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 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. Accounting Pronouncements and Policies In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers 2014-09”), 2014-09 2014-09 In February 2016, the FASB issued ASU No. 2016-02, Leases 2016-02”). right-of-use 2016-02 In May 2017, the FASB issued ASU 2017-09, Compensation - Scope of Modification Accounting 2017-09”). - 2017-09 2017-09 2017-09 No other accounting pronouncements recently issued or newly effective have had , , 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 The consolidated financial statements include basic and diluted earnings per share (“EPS”) information. Basic EPS is based on the weighted-average number of shares outstanding. Diluted EPS is 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 EPS calculation at September 30, 2019 were 307,000, which equates to 157,000 dilutive common stock equivalents. For the year ended September 30, 2018, the weighted-average shares issuable upon the exercise of stock options included in the diluted EPS calculation were 367,000, which equates to 231,000 dilutive common stock equivalents. Weighted-average shares issuable upon the exercise of stock options, which were not included in the diluted EPS calculation because they were anti-dilutive, were zero in 2019 and 2018. The following presents the calculation of the basic and diluted EPS for the years ended September 30, 2019 and 2018: 2019 2018 (as adjusted) Net Income Shares EPS Net Income Shares EPS Basic EPS $ 10,196,000 14,551,000 $ 0.70 $ 12,694,000 14,492,000 $ 0.88 Common stock equivalents 157,000 231,000 Diluted EPS $ 10,196,000 14,708,000 $ 0.69 $ 12,694,000 14,723,000 $ 0.86 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 income statements. Net changes in unrealized gains and losses are reported in the consolidated income statements in the current 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 (stocks), mutual funds, exchange-traded funds, government securities, and cash and money funds, are substantially based on quoted market prices (Level 1). Corporate bonds are valued using market standard valuation methodologies, including: discounted cash flow methodologies, and matrix pricing or other similar techniques. The inputs to these market standard valuation methodologies include, but are not limited to: interest rates, credit standing of the issuer or counterparty, industry sector of the issuer, coupon rate, call provisions, maturity, estimated duration and assumptions regarding liquidity and estimated future cash flows. In addition to bond characteristics, the valuation methodologies incorporate market data, such as actual trades completed, bids and actual dealer quotes, where such information is available. Accordingly, the estimated fair values are based on available market information and judgments about financial instruments (Level 2). Fair values of the Level 2 investments are provided by the Company’s professional investment management firms. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2019: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 10,412,000 $ — $ — $ 10,412,000 Mutual Funds 3,987,000 — — 3,987,000 Exchange-Traded Funds 5,163,000 — — 5,163,000 Corporate Bonds — 38,690,000 — 38,690,000 Government Securities 45,171,000 — — 45,171,000 Cash and Money Funds 1,899,000 — — 1,899,000 Total $ 66,632,000 $ 38,690,000 $ — $ 105,322,000 Net unrealized gains reported during fiscal 2019 on trading securities still held as of September 30, 2019, were $737,000. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2019. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2018: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 11,768,000 $ — $ — $ 11,768,000 Mutual Funds 3,811,000 — — 3,811,000 Exchange-Traded Funds 4,148,000 — — 4,148,000 Corporate Bonds — 29,884,000 — 29,884,000 Government Securities 53,883,000 — — 53,883,000 Cash and Money Funds 564,000 — — 564,000 Total $ 74,174,000 $ 29,884,000 $ — $ 104,058,000 Net unrealized losses reported during fiscal 2018 on trading securities still held as of September 30, 2018, were $612,000. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2018. In September 2018, the Company invested an additional $15.0 million of its operating cash in government securities. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, customer deposits and accrued expenses 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, 2019 and 2018. Risk Management Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist non-interest-bearing 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 Inventories Inventories are valued at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price of goods less reasonable costs of completion and delivery. During the fourth quarter of fiscal 2019, the Company changed its method for accounting for cost of inventories from the last-in, first-out first-in, first-out trade-in Changes in the allowance for slow - 2019 2018 (as adjusted) Balance, beginning of year $ 4,543,000 $ 4,575,000 Charged to cost of sales 304,000 283,000 Disposal of inventory, net of recoveries (147,000 ) (315,000 ) Balance, end of year $ 4,700,000 $ 4,543,000 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 15 Buildings & 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 of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. No such impairment losses were recorded during the years ended September 30, 2019 and 2018. Revenues and Expenses The Company adopted the provisions of ASU No. 2014-09 The following table disaggregates the Company’s net revenue by major source for the year s and 2018 : 2019 2018 Equipment sales recognized over time $ 43,489,000 $ 70,836,000 Equipment sales recognized at a point in time 19,987,000 11,521,000 Parts and component sales 13,356,000 11,580,000 Freight revenue 4,130,000 4,474,000 Other 367,000 203,000 Net revenue $ 81,329,000 $ 98,614,000 Revenues from contracts with customers for the design, manufacture and sale of custom equipment are recognized over time when the performance obligation is satisfied by transferring control of the equipment. Control of the equipment transfers over time , , Contract assets (excluding accounts receivable) under contracts with customers represent revenue recognized in excess of amounts billed on equipment sales recognized over time. These contract assets were $13,838,000 at September 30, 2019 and are included in current assets as costs and estimated earnings in excess of billings on the Company’s consolidated balance sheet at September 30, 2019. The Company anticipates that all of Revenues from all other contracts for the design and manufacture of equipment, for service and for parts sales, net of any discounts and return allowances, are recorded at a point in time when control of the goods or services has been transferred. Control of the goods or service typically transfers at time of shipment or upon completion of the service. Payment for equipment under contract with customers is typically due prior to shipment. Payment for services under contract with customers is due as certain milestones are completed. Accounts receivable related to contracts with customers for equipment sales was $301,000 at September 30, 2019. Product warranty costs are estimated using historical experience and known issues and are charged to production costs as revenue is recognized. Changes in the accrual for warranty and related costs are composed of the following: 2019 2018 Balance, beginning of year $ 400,000 $ 412,000 Warranties issued 140,000 225,000 Warranties settled (263,000 ) (237,000 ) Balance, end of year $ 277,000 $ 400,000 Provisions for estimated returns and allowances , Under certain contracts with customers, recognition of a portion of the consideration received may be deferred and recorded as a contract liability if the Company has to satisfy a future obligation, such as to provide installation assistance. There were no The Company records revenues earned for shipping and handling as freight revenue at the time of shipment, regardless of whether or not it is identified as a separate performance obligation. The cost of shipping and handling is classified as production costs concurrently with the revenue recognition. 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 collectibility less-than-90-day uncollectible Changes in the allowance for doubtful accounts are composed of the following: 2019 2018 Balance, beginning of year $ 313,000 $ 207,000 Provision for doubtful accounts 175,000 210,000 Provision for estimated returns and allowances 315,000 265,000 Uncollectible accounts writtenoff (71,000 ) (76,000 ) Returns and allowances issued (273,000 ) (293,000 ) Balance, end of year $ 459,000 $ 313,000 Shipping and Handling Costs Shipping and handling costs are included in production costs in the consolidated income statements. Income Taxes Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and primarily consist 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, 2019 and 2018. 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 for tax years beginning after December 31, 2017, implementing a territorial tax system and imposing repatriation tax on deemed repatriated earnings of foreign subsidiaries. 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 first quarter of fiscal 2018 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 Comprehensive Income For the years ended September 30, 2019 and 2018, other comprehensive income is equal to net income. Reporting Segments and Geographic Areas The Company has one reportable segment. For fiscal 2019 and 2018, total revenues of $81,329,000 and $98,614,000, and total long-term assets of $8,442,000 and $7,942,000, respectively, were attributed to the United States. Revenues are attributed to geographic areas based on the location of the assets producing the revenues. Customers with 10% (or greater) of Net Revenues No customer accounted for 10% or more of fiscal 2019 or 2018 net revenues. Subsequent Events Management has evaluated events occurring from September 30, 2019 through the date these financial statements were filed with the Securities and Exchange Commission

Inventories

Inventories	12 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Inventories	NOTE 2 – Inventories are valued at the lower of cost or net realizable value. During the fourth quarter of fiscal 2019, the Company changed its method for accounting for cost of inventories from the LIFO method to the FIFO method. The Company believes the FIFO method will improve financial reporting by better reflecting the current value of inventory on the consolidated balance sheets, by more closely aligning the flow of physical inventory with the accounting for the inventory, and by providing better matching of revenues and expenses. Net inventories consist of the following: September 30, 2019 2018 (as adjusted) Raw materials $ 14,158,000 $ 13,470,000 Work in process 1,397,000 1,247,000 Finished goods 9,811,000 7,157,000 Used equipment — 16,000 Inventories, net $ 25,366,000 $ 21,890,000 The fiscal 2018 consolidated 2,708,000 Slow - 4,700,000 4,543,000 As a result of the retrospective application of this change in accounting method, the following financial statement line items within the accompanying fiscal 2018 consolidated As Originally Effect of As Reported Consolidated Balance Sheets ASSETS Inventories, net $ 18,214,000 $ 3,676,000 $ 21,890,000 Prepaid expenses 1,904,000 (556,000 ) 1,348,000 LIABILITIES & SHAREHOLDERS’ EQUITY Deferred and other income taxes 2,358,000 282,000 2,640,000 Retained earnings 128,863,000 2,838,000 131,701,000 Consolidated Income Statements Cost of goods sold $ 71,993,000 $ (175,000 ) $ 71,818,000 Income before income tax expense 14,889,000 175,000 15,064,000 Income tax expense 2,325,000 45,000 2,370,000 Net income $ 12,564,000 $ 130,000 $ 12,694,000 Basic earnings per common share $ 0.87 $ 0.01 $ 0.88 Diluted earnings per common share $ 0.85 $ 0.01 $ 0.86 Consolidated Statements of Cash Flows Net income $ 12,564,000 $ 130,000 $ 12,694,000 Deferred and other income taxes 757,000 (495,000 ) 262,000 Inventories (1,527,000 ) (175,000 ) (1,702,000 ) Prepaid expenses (244,000 ) 556,000 312,000 Accrued expenses (341,000 ) (16,000 ) (357,000 ) There was no material results of operations or of income

Costs and Estimated Earnings in

Costs and Estimated Earnings in Excess of Billings	12 Months Ended
	Sep. 30, 2019
Text Block [Abstract]
Costs and Estimated Earnings in Excess of Billings	NOTE 3 - Costs and estimated earnings in excess of billings on uncompleted contracts as of September 30, 2019 and 2018 consisted of the following: September 30, 2019 2018 Costs incurred on uncompleted contracts $ 18,707,000 $ 17,437,000 Estimated earnings 9,063,000 7,335,000 27,770,000 24,772,000 Billings to date 13,932,000 12,872,000 Costs and estimated earnings in excess of billings $ 13,838,000 $ 11,900,000

Property and Equipment

Property and Equipment	12 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	NOTE 4 - Property and equipment consist of the following as of September 30, 2019 and 2018: September 30, 2019 2018 Land and improvements $ 3,323,000 $ 3,323,000 Buildings and improvements 13,462,000 13,350,000 Equipment 14,809,000 12,966,000 31,594,000 29,639,000 Less: Accumulated depreciation and amortization (23,205,000 ) (21,750,000 ) Property and equipment, net $ 8,389,000 $ 7,889,000 Property and equipment includes approximately $12,866,000 and $11,996,000 of fully depreciated assets, which remained in service during fiscal 2019 and 2018, respectively.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Sep. 30, 2019
Payables and Accruals [Abstract]
Accrued Expenses	NOTE 5 - Accrued expenses consist of the following as of September 30, 2019 and 2018: September 30, 2019 2018 Payroll and related accruals $ 1,759,000 $ 1,371,000 Warranty and related accruals 277,000 400,000 Professional fees 205,000 118,000 Income tax accruals 175,000 — Other 244,000 196,000 Accrued expenses $ 2,660,000 $ 2,085,000

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 6 - The fiscal 2018 comparative amounts have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements. The provision for income tax expense consists of: Year Ended September 30, 2019 2018 Current: Federal $ 2,297,000 $ 1,483,000 State 148,000 130,000 Total current 2,445,000 1,613,000 Deferred: Federal 52,000 631,000 State 131,000 126,000 Total deferred 183,000 757,000 Income tax expense $ 2,628,000 $ 2,370,000 A reconciliation of the federal statutory tax rate to the total tax provision is as follows: Year Ended September 30, 2019 2018 Federal income taxes computed at the statutory rate 21.0 % 24.3 % State income taxes, net of federal benefit 1.6 % 1.4 % Change in current tax rate — (2.9 %) Change in deferred tax rate — (2.3 %) Research & development tax refunds & credits (1.9 %) (1.8 %) Dividend received deduction (0.6 %) (0.9 %) Domestic production activities deduction — (1.2 %) Incentive stock options 0.2 % (1.0 %) Other, net 0.2 % 0.1 % Effective income tax rate 20.5 % 15.7 % Deferred income tax assets and liabilities consist of the following: September 30, 2019 2018 Deferred Tax Assets: Accrued liabilities and reserves $ 344,000 $ 218,000 Allowance for doubtful accounts 104,000 71,000 Inventory 98,000 212,000 R&D tax credits carryforwards — 87,000 Stock-based compensation 82,000 104,000 Net operating losses carryforwards 7,000 57,000 Gross Deferred Income Tax Assets 635,000 749,000 Deferred and Other Tax Liabilities: Domestic international sales corporation (464,000 ) (543,000 ) Percentage of completion (2,048,000 ) (1,717,000 ) Property and equipment (1,080,000 ) (904,000 ) Unrealized gain on investments (265,000 ) (75,000 ) Unrecognized tax benefits (150,000 ) (150,000 ) Gross Deferred and Other Income Tax Liabilities (4,007,000 ) (3,389,000 ) Net Deferred and Other Income Tax Assets (Liabilities) $ (3,372,000 ) $ (2,640,000 ) Total income taxes paid in fiscal 2019 and 2018 were $1,150,000 and $2,775,000, respectively. GAAP prescribes a comprehensive model for the financial recognition, measurement, classification, and disclosure of two-step 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, 2019 and 2018, the Company had UTB’s of $150,000. There were 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, 2019 and 2018. 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 income The effective income tax rate for fiscal 2019 was 20.5% versus 15.7% in fiscal 2018. In fiscal 2018, the Company generated $249,000 of federal research and development credits (“R&D Credits”) , all of which were used. In fiscal 2019, the Company generated $241,000 of R&D Credits, all of which were used. There were no As of September 30, 2017, the Company had $155,000 in Florida state research and development tax credits (“Florida R&D Credits”) carryforwards. The Company received additional Florida R&D Credits of $25,000 in fiscal 2018 and used $93,000, leaving $87,000 of Florida R&D Credits carryforwards as of September 30, 2018, which are included in net deferred and other income tax liabilities of $(3,091,000) at September 30, 2018. The Company did not receive any additional Florida R&D Credits in fiscal 2019 . The Company used the from fiscal 2018 in fiscal 2019 . There were no Florida R&D Credits carryforwards at September 30, 2019. The Company files U.S. federal income tax returns, as well as Florida and Iowa income tax returns. The Company’s U.S. federal income tax returns filed for tax years prior to fiscal year ended September 30, 2016 are generally 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, 2019
Retirement Benefits [Abstract]
Retirement Benefits	NOTE 7 - 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 $282,000 and $322,000 to expense under the provisions of the plan during the fiscal years 2019 and 2018, respectively.

Long-Term Debt

Long-Term Debt	12 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt	NOTE 8 - The Company had no long-term debt outstanding at September 30, 2019 or 2018. The Company does not currently require a credit facility. As of September 30, 2019, total cash deposits with insurance companies covering collateral needs were $135,000.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 9 - Leases The Company leases certain equipment under non-cancelable Litigation The Company is involved in legal proceedings arising out of the normal course of business, none of which we believe will have a material adverse effect on our business, financial condition or results of operations. Claims made in the ordinary course of business may be covered in whole or in part by insurance.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Sep. 30, 2019
Federal Home Loan Banks [Abstract]
Shareholders' Equity	NOTE 10 - Under the Company’s Certificate of Incorporation, as amended, 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, holders of Class B stock will be entitled to elect approximately 75% of the Company’s Board of Directors. During the period when shares of 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, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	NOTE 11 – STOCK-BASED COMPENSATION The Company maintains a stock-based compensation plan, which provides 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. As of September 30, 2019, all outstanding common stock options had been fully vested. These options amounted to 197,492 at September 30, 2019. As long as the employee remains employed by the Company, these options are exercisable through October 1, 2021. As of September 30, 2019, 45,000 October 1, 2021 30,000 stock 75 September 26, 2026 As of September 30, 2019, 482,000 shares of Company common stock and 100,000 shares of Class B stock are available for granting of Awards under the 2009 Plan. The following table summarizes option activity under the 2009 Plan: Number of Average Options outstanding at September 30, 2017 440,000 $ 5.739 Options exercised during fiscal 2018 (122,508 ) $ 5.104 Options outstanding at September 30, 2018 317,492 $ 5.984 Options exercised during fiscal 2019 (45,000 ) $ 5.126 Options outstanding at September 30, 2019 272,492 $ 6.126 No options were granted, forfeited or cancelled during the year ended September 30, 2019. The weighted average remaining contractual life on the options outstanding as of September 30, 2019 is 2.5 years under the 2009 Plan.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 12 - - Marcar Leasing Corporation (“Marcar”) was engaged in leasing vehicles and forklifts to the Company. Marcar is owned by a family member of the Company’s chairman. New leases between the Company and Marcar provided for equal monthly payments. On October 5, 2017, the Company agreed to purchase leased vehicles and forklifts under contract with Marcar for $320,000. There were no lease payments made to Marcar during fiscal 2018. The Company has no further obligation to Marcar.

Nature of Operations and Summ_2

Nature of Operations and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounting Pronouncements and Policies	Accounting Pronouncements and Policies In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers 2014-09”), 2014-09 2014-09 In February 2016, the FASB issued ASU No. 2016-02, Leases 2016-02”). right-of-use 2016-02 In May 2017, the FASB issued ASU 2017-09, Compensation - Scope of Modification Accounting 2017-09”). - 2017-09 2017-09 2017-09 No other accounting pronouncements recently issued or newly effective have had , ,
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	Earnings per Share The consolidated financial statements include basic and diluted earnings per share (“EPS”) information. Basic EPS is based on the weighted-average number of shares outstanding. Diluted EPS is 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 EPS calculation at September 30, 2019 were 307,000, which equates to 157,000 dilutive common stock equivalents. For the year ended September 30, 2018, the weighted-average shares issuable upon the exercise of stock options included in the diluted EPS calculation were 367,000, which equates to 231,000 dilutive common stock equivalents. Weighted-average shares issuable upon the exercise of stock options, which were not included in the diluted EPS calculation because they were anti-dilutive, were zero in 2019 and 2018. The following presents the calculation of the basic and diluted EPS for the years ended September 30, 2019 and 2018: 2019 2018 (as adjusted) Net Income Shares EPS Net Income Shares EPS Basic EPS $ 10,196,000 14,551,000 $ 0.70 $ 12,694,000 14,492,000 $ 0.88 Common stock equivalents 157,000 231,000 Diluted EPS $ 10,196,000 14,708,000 $ 0.69 $ 12,694,000 14,723,000 $ 0.86
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 income statements. Net changes in unrealized gains and losses are reported in the consolidated income statements in the current 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 (stocks), mutual funds, exchange-traded funds, government securities, and cash and money funds, are substantially based on quoted market prices (Level 1). Corporate bonds are valued using market standard valuation methodologies, including: discounted cash flow methodologies, and matrix pricing or other similar techniques. The inputs to these market standard valuation methodologies include, but are not limited to: interest rates, credit standing of the issuer or counterparty, industry sector of the issuer, coupon rate, call provisions, maturity, estimated duration and assumptions regarding liquidity and estimated future cash flows. In addition to bond characteristics, the valuation methodologies incorporate market data, such as actual trades completed, bids and actual dealer quotes, where such information is available. Accordingly, the estimated fair values are based on available market information and judgments about financial instruments (Level 2). Fair values of the Level 2 investments are provided by the Company’s professional investment management firms. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2019: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 10,412,000 $ — $ — $ 10,412,000 Mutual Funds 3,987,000 — — 3,987,000 Exchange-Traded Funds 5,163,000 — — 5,163,000 Corporate Bonds — 38,690,000 — 38,690,000 Government Securities 45,171,000 — — 45,171,000 Cash and Money Funds 1,899,000 — — 1,899,000 Total $ 66,632,000 $ 38,690,000 $ — $ 105,322,000 Net unrealized gains reported during fiscal 2019 on trading securities still held as of September 30, 2019, were $737,000. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2019. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2018: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 11,768,000 $ — $ — $ 11,768,000 Mutual Funds 3,811,000 — — 3,811,000 Exchange-Traded Funds 4,148,000 — — 4,148,000 Corporate Bonds — 29,884,000 — 29,884,000 Government Securities 53,883,000 — — 53,883,000 Cash and Money Funds 564,000 — — 564,000 Total $ 74,174,000 $ 29,884,000 $ — $ 104,058,000 Net unrealized losses reported during fiscal 2018 on trading securities still held as of September 30, 2018, were $612,000. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2018. In September 2018, the Company invested an additional $15.0 million of its operating cash in government securities. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, customer deposits and accrued expenses 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, 2019 and 2018.
Risk Management	Risk Management Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist non-interest-bearing 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
Inventories	Inventories Inventories are valued at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price of goods less reasonable costs of completion and delivery. During the fourth quarter of fiscal 2019, the Company changed its method for accounting for cost of inventories from the last-in, first-out first-in, first-out trade-in Changes in the allowance for slow - 2019 2018 (as adjusted) Balance, beginning of year $ 4,543,000 $ 4,575,000 Charged to cost of sales 304,000 283,000 Disposal of inventory, net of recoveries (147,000 ) (315,000 ) Balance, end of year $ 4,700,000 $ 4,543,000
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 15 Buildings & 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 of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. No such impairment losses were recorded during the years ended September 30, 2019 and 2018.
Revenues and Expenses	Revenues and Expenses The Company adopted the provisions of ASU No. 2014-09 The following table disaggregates the Company’s net revenue by major source for the year s and 2018 : 2019 2018 Equipment sales recognized over time $ 43,489,000 $ 70,836,000 Equipment sales recognized at a point in time 19,987,000 11,521,000 Parts and component sales 13,356,000 11,580,000 Freight revenue 4,130,000 4,474,000 Other 367,000 203,000 Net revenue $ 81,329,000 $ 98,614,000 Revenues from contracts with customers for the design, manufacture and sale of custom equipment are recognized over time when the performance obligation is satisfied by transferring control of the equipment. Control of the equipment transfers over time , , Contract assets (excluding accounts receivable) under contracts with customers represent revenue recognized in excess of amounts billed on equipment sales recognized over time. These contract assets were $13,838,000 at September 30, 2019 and are included in current assets as costs and estimated earnings in excess of billings on the Company’s consolidated balance sheet at September 30, 2019. The Company anticipates that all of Revenues from all other contracts for the design and manufacture of equipment, for service and for parts sales, net of any discounts and return allowances, are recorded at a point in time when control of the goods or services has been transferred. Control of the goods or service typically transfers at time of shipment or upon completion of the service. Payment for equipment under contract with customers is typically due prior to shipment. Payment for services under contract with customers is due as certain milestones are completed. Accounts receivable related to contracts with customers for equipment sales was $301,000 at September 30, 2019. Product warranty costs are estimated using historical experience and known issues and are charged to production costs as revenue is recognized. Changes in the accrual for warranty and related costs are composed of the following: 2019 2018 Balance, beginning of year $ 400,000 $ 412,000 Warranties issued 140,000 225,000 Warranties settled (263,000 ) (237,000 ) Balance, end of year $ 277,000 $ 400,000 Provisions for estimated returns and allowances , Under certain contracts with customers, recognition of a portion of the consideration received may be deferred and recorded as a contract liability if the Company has to satisfy a future obligation, such as to provide installation assistance. There were no The Company records revenues earned for shipping and handling as freight revenue at the time of shipment, regardless of whether or not it is identified as a separate performance obligation. The cost of shipping and handling is classified as production costs concurrently with the revenue recognition. 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 collectibility less-than-90-day uncollectible Changes in the allowance for doubtful accounts are composed of the following: 2019 2018 Balance, beginning of year $ 313,000 $ 207,000 Provision for doubtful accounts 175,000 210,000 Provision for estimated returns and allowances 315,000 265,000 Uncollectible accounts writtenoff (71,000 ) (76,000 ) Returns and allowances issued (273,000 ) (293,000 ) Balance, end of year $ 459,000 $ 313,000
Shipping and Handling Costs	Shipping and Handling Costs Shipping and handling costs are included in production costs in the consolidated income statements.
Income Taxes	Income Taxes Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and primarily consist 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, 2019 and 2018. 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 for tax years beginning after December 31, 2017, implementing a territorial tax system and imposing repatriation tax on deemed repatriated earnings of foreign subsidiaries. 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 first quarter of fiscal 2018 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
Comprehensive Income	Comprehensive Income For the years ended September 30, 2019 and 2018, other comprehensive income is equal to net income.
Reporting Segments and Geographic Areas	Reporting Segments and Geographic Areas The Company has one reportable segment. For fiscal 2019 and 2018, total revenues of $81,329,000 and $98,614,000, and total long-term assets of $8,442,000 and $7,942,000, respectively, were attributed to the United States. Revenues are attributed to geographic areas based on the location of the assets producing the revenues.
Customers with 10% (or greater) of Net Revenues	Customers with 10% (or greater) of Net Revenues No customer accounted for 10% or more of fiscal 2019 or 2018 net revenues.
Subsequent Events	Subsequent Events Management has evaluated events occurring from September 30, 2019 through the date these financial statements were filed with the Securities and Exchange Commission

Nature of Operations and Summ_3

Nature of Operations and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basic and Diluted EPS	The following presents the calculation of the basic and diluted EPS for the years ended September 30, 2019 and 2018: 2019 2018 (as adjusted) Net Income Shares EPS Net Income Shares EPS Basic EPS $ 10,196,000 14,551,000 $ 0.70 $ 12,694,000 14,492,000 $ 0.88 Common stock equivalents 157,000 231,000 Diluted EPS $ 10,196,000 14,708,000 $ 0.69 $ 12,694,000 14,723,000 $ 0.86
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, 2019: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 10,412,000 $ — $ — $ 10,412,000 Mutual Funds 3,987,000 — — 3,987,000 Exchange-Traded Funds 5,163,000 — — 5,163,000 Corporate Bonds — 38,690,000 — 38,690,000 Government Securities 45,171,000 — — 45,171,000 Cash and Money Funds 1,899,000 — — 1,899,000 Total $ 66,632,000 $ 38,690,000 $ — $ 105,322,000 The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2018: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 11,768,000 $ — $ — $ 11,768,000 Mutual Funds 3,811,000 — — 3,811,000 Exchange-Traded Funds 4,148,000 — — 4,148,000 Corporate Bonds — 29,884,000 — 29,884,000 Government Securities 53,883,000 — — 53,883,000 Cash and Money Funds 564,000 — — 564,000 Total $ 74,174,000 $ 29,884,000 $ — $ 104,058,000
Schedule of Changes in Allowance for Slow Moving and Obsolete Inventories	Changes in the allowance for slow - 2019 2018 (as adjusted) Balance, beginning of year $ 4,543,000 $ 4,575,000 Charged to cost of sales 304,000 283,000 Disposal of inventory, net of recoveries (147,000 ) (315,000 ) Balance, end of year $ 4,700,000 $ 4,543,000
Estimated Useful Lives of Assets	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 15 Buildings & improvements 6-40 Equipment 2-10
Disaggregation of Company's Net Revenue by Major Source	The following table disaggregates the Company’s net revenue by major source for the year s and 2018 : 2019 2018 Equipment sales recognized over time $ 43,489,000 $ 70,836,000 Equipment sales recognized at a point in time 19,987,000 11,521,000 Parts and component sales 13,356,000 11,580,000 Freight revenue 4,130,000 4,474,000 Other 367,000 203,000 Net revenue $ 81,329,000 $ 98,614,000
Schedule of Changes in Accrual for Warranty and Related Costs	Changes in the accrual for warranty and related costs are composed of the following: 2019 2018 Balance, beginning of year $ 400,000 $ 412,000 Warranties issued 140,000 225,000 Warranties settled (263,000 ) (237,000 ) Balance, end of year $ 277,000 $ 400,000
Schedule of Changes in Allowance for Doubtful Accounts	Changes in the allowance for doubtful accounts are composed of the following: 2019 2018 Balance, beginning of year $ 313,000 $ 207,000 Provision for doubtful accounts 175,000 210,000 Provision for estimated returns and allowances 315,000 265,000 Uncollectible accounts writtenoff (71,000 ) (76,000 ) Returns and allowances issued (273,000 ) (293,000 ) Balance, end of year $ 459,000 $ 313,000

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Sep. 30, 2019
Inventory Disclosure [Abstract]
Net Inventories	Net inventories consist of the following: September 30, 2019 2018 (as adjusted) Raw materials $ 14,158,000 $ 13,470,000 Work in process 1,397,000 1,247,000 Finished goods 9,811,000 7,157,000 Used equipment — 16,000 Inventories, net $ 25,366,000 $ 21,890,000
Schedule Of Retrospective Application of Change In Accounting Method Of Inventory	As a result of the retrospective application of this change in accounting method, the following financial statement line items within the accompanying fiscal 2018 consolidated As Originally Effect of As Reported Consolidated Balance Sheets ASSETS Inventories, net $ 18,214,000 $ 3,676,000 $ 21,890,000 Prepaid expenses 1,904,000 (556,000 ) 1,348,000 LIABILITIES & SHAREHOLDERS’ EQUITY Deferred and other income taxes 2,358,000 282,000 2,640,000 Retained earnings 128,863,000 2,838,000 131,701,000 Consolidated Income Statements Cost of goods sold $ 71,993,000 $ (175,000 ) $ 71,818,000 Income before income tax expense 14,889,000 175,000 15,064,000 Income tax expense 2,325,000 45,000 2,370,000 Net income $ 12,564,000 $ 130,000 $ 12,694,000 Basic earnings per common share $ 0.87 $ 0.01 $ 0.88 Diluted earnings per common share $ 0.85 $ 0.01 $ 0.86 Consolidated Statements of Cash Flows Net income $ 12,564,000 $ 130,000 $ 12,694,000 Deferred and other income taxes 757,000 (495,000 ) 262,000 Inventories (1,527,000 ) (175,000 ) (1,702,000 ) Prepaid expenses (244,000 ) 556,000 312,000 Accrued expenses (341,000 ) (16,000 ) (357,000 )

Costs and Estimated Earnings _2

Costs and Estimated Earnings in Excess of Billings (Tables)	12 Months Ended
	Sep. 30, 2019
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, 2019 and 2018 consisted of the following: September 30, 2019 2018 Costs incurred on uncompleted contracts $ 18,707,000 $ 17,437,000 Estimated earnings 9,063,000 7,335,000 27,770,000 24,772,000 Billings to date 13,932,000 12,872,000 Costs and estimated earnings in excess of billings $ 13,838,000 $ 11,900,000

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Sep. 30, 2019
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and equipment consist of the following as of September 30, 2019 and 2018: September 30, 2019 2018 Land and improvements $ 3,323,000 $ 3,323,000 Buildings and improvements 13,462,000 13,350,000 Equipment 14,809,000 12,966,000 31,594,000 29,639,000 Less: Accumulated depreciation and amortization (23,205,000 ) (21,750,000 ) Property and equipment, net $ 8,389,000 $ 7,889,000

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Sep. 30, 2019
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consist of the following as of September 30, 2019 and 2018: September 30, 2019 2018 Payroll and related accruals $ 1,759,000 $ 1,371,000 Warranty and related accruals 277,000 400,000 Professional fees 205,000 118,000 Income tax accruals 175,000 — Other 244,000 196,000 Accrued expenses $ 2,660,000 $ 2,085,000

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Provision for Income Tax Expense	The provision for income tax expense consists of: Year Ended September 30, 2019 2018 Current: Federal $ 2,297,000 $ 1,483,000 State 148,000 130,000 Total current 2,445,000 1,613,000 Deferred: Federal 52,000 631,000 State 131,000 126,000 Total deferred 183,000 757,000 Income tax expense $ 2,628,000 $ 2,370,000
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: Year Ended September 30, 2019 2018 Federal income taxes computed at the statutory rate 21.0 % 24.3 % State income taxes, net of federal benefit 1.6 % 1.4 % Change in current tax rate — (2.9 %) Change in deferred tax rate — (2.3 %) Research & development tax refunds & credits (1.9 %) (1.8 %) Dividend received deduction (0.6 %) (0.9 %) Domestic production activities deduction — (1.2 %) Incentive stock options 0.2 % (1.0 %) Other, net 0.2 % 0.1 % Effective income tax rate 20.5 % 15.7 %
Deferred Income Tax Assets and Liabilities	Deferred income tax assets and liabilities consist of the following: September 30, 2019 2018 Deferred Tax Assets: Accrued liabilities and reserves $ 344,000 $ 218,000 Allowance for doubtful accounts 104,000 71,000 Inventory 98,000 212,000 R&D tax credits carryforwards — 87,000 Stock-based compensation 82,000 104,000 Net operating losses carryforwards 7,000 57,000 Gross Deferred Income Tax Assets 635,000 749,000 Deferred and Other Tax Liabilities: Domestic international sales corporation (464,000 ) (543,000 ) Percentage of completion (2,048,000 ) (1,717,000 ) Property and equipment (1,080,000 ) (904,000 ) Unrealized gain on investments (265,000 ) (75,000 ) Unrecognized tax benefits (150,000 ) (150,000 ) Gross Deferred and Other Income Tax Liabilities (4,007,000 ) (3,389,000 ) Net Deferred and Other Income Tax Assets (Liabilities) $ (3,372,000 ) $ (2,640,000 )

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Sep. 30, 2019
2009 Plan [Member]
Summary of Option Activity under Stock-Based Compensation Plan	The following table summarizes option activity under the 2009 Plan: Number of Average Options outstanding at September 30, 2017 440,000 $ 5.739 Options exercised during fiscal 2018 (122,508 ) $ 5.104 Options outstanding at September 30, 2018 317,492 $ 5.984 Options exercised during fiscal 2019 (45,000 ) $ 5.126 Options outstanding at September 30, 2019 272,492 $ 6.126

Nature of Operations and Summ_4

Nature of Operations and Summary of Significant Accounting Policies - Basic and Diluted EPS (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net income (loss)	$ 10,196,000	$ 12,694,000	[1]
Net Income Diluted	$ 10,196,000	$ 12,694,000
Weighted average common shares outstanding	14,551,000	14,492,000
Common Stock Equivalents	157,000	231,000
Diluted shares outstanding	14,708,000	14,723,000
Basic earnings per common share:
Basic earnings per share	$ 0.70	$ 0.88	[2]
Diluted earnings per common share:
Diluted earnings per share	$ 0.69	$ 0.86	[2]
[1]	The balances as of September 30, 2017 and 2018, and the amounts for the year ended September 30, 2018, have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.
[2]	The amounts for the year ended September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Nature of Operations and Summ_5

Nature of Operations and Summary of Significant Accounting Policies - Company's Assets Measured at Fair Value (Detail) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Investment Holdings [Line Items]
Total	$ 105,322,000	$ 104,058,000	[1]
Level 1 [Member]
Investment Holdings [Line Items]
Total	66,632,000	74,174,000
Level 2 [Member]
Investment Holdings [Line Items]
Total	38,690,000	29,884,000
Equities [Member]
Investment Holdings [Line Items]
Total	10,412,000	11,768,000
Equities [Member] | Level 1 [Member]
Investment Holdings [Line Items]
Total	10,412,000	11,768,000
Mutual Funds [Member]
Investment Holdings [Line Items]
Total	3,987,000	3,811,000
Mutual Funds [Member] | Level 1 [Member]
Investment Holdings [Line Items]
Total	3,987,000	3,811,000
Exchange Traded Funds [Member]
Investment Holdings [Line Items]
Total	5,163,000	4,148,000
Exchange Traded Funds [Member] | Level 1 [Member]
Investment Holdings [Line Items]
Total	5,163,000	4,148,000
Corporate Bonds [Member]
Investment Holdings [Line Items]
Total	38,690,000	29,884,000
Corporate Bonds [Member] | Level 2 [Member]
Investment Holdings [Line Items]
Total	38,690,000	29,884,000
Government Securities [Member]
Investment Holdings [Line Items]
Total	45,171,000	53,883,000
Government Securities [Member] | Level 1 [Member]
Investment Holdings [Line Items]
Total	45,171,000	53,883,000
Cash and Money Funds [Member]
Investment Holdings [Line Items]
Total	1,899,000	564,000
Cash and Money Funds [Member] | Level 1 [Member]
Investment Holdings [Line Items]
Total	$ 1,899,000	$ 564,000
[1]	The amounts as of September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Nature of Operations and Summ_6

Nature of Operations and Summary of Significant Accounting Policies - Schedule of Changes in Allowance for Slow Moving and Obsolete Inventories (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Inventory Disclosure [Abstract]
Balance, beginning of year	$ 4,543,000	$ 4,575,000
Charged to cost of sales	304,000	283,000
Disposal of inventory, net of recoveries	(147,000)	(315,000)
Balance, end of year	$ 4,700,000	$ 4,543,000

Nature of Operations and Summ_7

Nature of Operations and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail)	12 Months Ended
	Sep. 30, 2019
Land Improvements [Member]
Estimated useful lives of assets	15 years
Buildings and Improvements [Member] | Maximum [Member]
Estimated useful lives of assets	40 years
Buildings and Improvements [Member] | Minimum [Member]
Estimated useful lives of assets	6 years
Equipment [Member] | Maximum [Member]
Estimated useful lives of assets	10 years
Equipment [Member] | Minimum [Member]
Estimated useful lives of assets	2 years

Nature of Operations and Summ_8

Nature of Operations and Summary of Significant Accounting Policies - Disaggregation of Company's Net Revenue by Major Source (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Net revenue	$ 81,329,000	$ 98,614,000	[1]
Equipment Sales [Member] | Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Net revenue	43,489,000	70,836,000
Equipment Sales [Member] | Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Net revenue	19,987,000	11,521,000
Parts and Component Sales [Member]
Disaggregation of Revenue [Line Items]
Net revenue	13,356,000	11,580,000
Freight Revenue [Member]
Disaggregation of Revenue [Line Items]
Net revenue	4,130,000	4,474,000
Other [Member]
Disaggregation of Revenue [Line Items]
Net revenue	$ 367,000	$ 203,000
[1]	The amounts for the year ended September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Nature of Operations and Summ_9

Nature of Operations and Summary of Significant Accounting Policies - Schedule of Changes in Accrual for Warranty and Related Costs (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Product Warranty Liability [Abstract]
Balance, beginning of year	$ 400,000	$ 412,000
Warranties issued	140,000	225,000
Warranties settled	(263,000)	(237,000)
Balance, end of year	$ 277,000	$ 400,000

Nature of Operations and Sum_10

Nature of Operations and Summary of Significant Accounting Policies - Schedule of Changes in Allowance for Doubtful Accounts (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Receivables [Abstract]
Balance, beginning of year	$ 313,000	$ 207,000
Provision for doubtful accounts	175,000	210,000	[1]
Provision for estimated returns and allowances	315,000	265,000
Uncollectible accounts writtenoff	(71,000)	(76,000)
Returns and allowances issued	(273,000)	(293,000)
Balance, end of year	$ 459,000	$ 313,000
[1]	The amounts for the year ended September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Nature of Operations and Sum_11

Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Jan. 01, 2018	Dec. 31, 2017	Sep. 30, 2018		Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items]
Exercisable stock options, included in the diluted EPS calculation						307,000	367,000
Effect of dilutive stock options						157,000	231,000
Anti-dilutive exercisable stock options, not included in the diluted EPS calculation						0	0
Net unrealized gains (losses)						$ 737,000	$ 612,000
Transfers of investments between Level 1 and Level 2			$ 0			0	0
Payments to acquire marketable securities						188,066,000	256,124,000	[1]
Impairment loss recognized on an asset group						0	0
Valuation allowance			0			$ 0	$ 0
U.S. corporate income tax rate	21.00%	35.00%				21.00%	24.30%
Tax benefit recorded due to re-measurement of deferred tax liability			100,000		$ 700,000
Net revenue						$ 81,329,000	$ 98,614,000	[1]
Total long-term assets			7,942,000			8,442,000	7,942,000
Costs and estimated earnings in excess of billings			$ 11,900,000	[2]		13,838,000	$ 11,900,000	[2]
Accounts receivable related to contracts with customers						301,000
Current Liabilities [Member]
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items]
Customer deposits related to contracts with customers						$ 1,918,000
Entities Owned by One Global Company [Member] | Revenue [Member] | Customer One [Member]
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items]
Percentage of concentration						10.00%	10.00%
Three to Four Years Old Inventory [Member]
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items]
Inventory, minimum time period on the shelf, years						3 years
Inventory, maximum time period on the shelf, years						4 years
Cost basis reduction in inventory, percentage						50.00%
Four to Five Years Old Inventory [Member]
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items]
Inventory, minimum time period on the shelf, years						4 years
Inventory, maximum time period on the shelf, years						5 years
Cost basis reduction in inventory, percentage						75.00%
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
Government Securities [Member]
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items]
Payments to acquire marketable securities							$ 15,000,000
[1]	The amounts for the year ended September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.
[2]	The amounts as of September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Inventory [Line Items]
Slow moving and obsolete inventory reserve	$ 4,700,000	$ 4,543,000	$ 4,575,000
Inventory Valuation Adjustment [Member]
Inventory [Line Items]
Cumulative impact of change in accounting method inventory	$ 2,708,000

Inventories - Net Inventories (

Inventories - Net Inventories (Detail) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Inventory, Net [Abstract]
Raw materials	$ 14,158,000	$ 13,470,000
Work in process	1,397,000	1,247,000
Finished goods	9,811,000	7,157,000
Used equipment		16,000
Inventories, net	$ 25,366,000	$ 21,890,000	[1]
[1]	The amounts as of September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Inventories - Schedule Of Retro

Inventories - Schedule Of Retrospective Application of Change In Accounting Method Of Inventory (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
ASSETS
Inventories, net	$ 25,366,000	$ 21,890,000	[1]
Prepaid expenses	499,000	1,348,000	[1]
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred and other income taxes	3,372,000	2,640,000	[1]
Retained earnings	141,897,000	131,701,000	[1]
Consolidated Income Statements
Cost of goods sold	58,917,000	71,818,000	[2]
Income before income tax expense	12,824,000	15,064,000	[2]
Income tax expense	2,628,000	2,370,000	[2]
Net income	$ 10,196,000	$ 12,694,000	[3]
Basic earnings per common share	$ 0.70	$ 0.88	[2]
Diluted earnings per common share	$ 0.69	$ 0.86	[2]
Consolidated Statements of Cash Flows
Net income	$ 10,196,000	$ 12,694,000	[2]
Deferred and other income taxes	(732,000)	(262,000)	[2]
Inventories	3,476,000	1,702,000	[2]
Accrued expenses	$ 575,000	(357,000)	[2]
Previously Reported [Member]
ASSETS
Inventories, net		18,214,000
Prepaid expenses		1,904,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred and other income taxes		2,358,000
Retained earnings		128,863,000
Consolidated Income Statements
Cost of goods sold		71,993,000
Income before income tax expense		14,889,000
Income tax expense		2,325,000
Net income		$ 12,564,000
Basic earnings per common share		$ 0.87
Diluted earnings per common share		$ 0.85
Consolidated Statements of Cash Flows
Net income		$ 12,564,000
Deferred and other income taxes		757,000
Inventories		(1,527,000)
Prepaid expenses		(244,000)
Accrued expenses		(341,000)
Restatement Adjustment [Member]
ASSETS
Inventories, net		3,676,000
Prepaid expenses		(556,000)
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred and other income taxes		282,000
Retained earnings		2,838,000
Consolidated Income Statements
Cost of goods sold		(175,000)
Income before income tax expense		175,000
Income tax expense		45,000
Net income		$ 130,000
Basic earnings per common share		$ 0.01
Diluted earnings per common share		$ 0.01
Consolidated Statements of Cash Flows
Net income		$ 130,000
Deferred and other income taxes		(495,000)
Inventories		(175,000)
Prepaid expenses		556,000
Accrued expenses		(16,000)
As Reported Under FIFO [Member]
ASSETS
Inventories, net		21,890,000
Prepaid expenses		1,348,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred and other income taxes		2,640,000
Retained earnings		131,701,000
Consolidated Income Statements
Cost of goods sold		71,818,000
Income before income tax expense		15,064,000
Income tax expense		2,370,000
Net income		$ 12,694,000
Basic earnings per common share		$ 0.88
Diluted earnings per common share		$ 0.86
Consolidated Statements of Cash Flows
Net income		$ 12,694,000
Deferred and other income taxes		262,000
Inventories		(1,702,000)
Prepaid expenses		312,000
Accrued expenses		$ (357,000)
[1]	The amounts as of September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.
[2]	The amounts for the year ended September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.
[3]	The balances as of September 30, 2017 and 2018, and the amounts for the year ended September 30, 2018, have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Costs and Estimated Earnings _3

Costs and Estimated Earnings in Excess of Billings - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Detail) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Costs in Excess of Billings on Uncompleted Contracts or Programs [Abstract]
Costs incurred on uncompleted contracts	$ 18,707,000	$ 17,437,000
Estimated earnings	9,063,000	7,335,000
Costs and estimated earnings on uncompleted contracts	27,770,000	24,772,000
Billings to date	13,932,000	12,872,000
Costs and estimated earnings in excess of billings	$ 13,838,000	$ 11,900,000	[1]
[1]	The amounts as of September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Property, Plant and Equipment [Abstract]
Property and equipment (fully depreciated assets)	$ 12,866,000	$ 11,996,000

Property and Equipment - Proper

Property and Equipment - Property and Equipment (Detail) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 31,594,000	$ 29,639,000
Less: Accumulated depreciation and amortization	(23,205,000)	(21,750,000)
Property and equipment, net	8,389,000	7,889,000	[1]
Land and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	3,323,000	3,323,000
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	13,462,000	13,350,000
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 14,809,000	$ 12,966,000
[1]	The amounts as of September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Accrued Expenses - Accrued Expe

Accrued Expenses - Accrued Expenses (Detail) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Payables and Accruals [Abstract]
Payroll and related accruals	$ 1,759,000	$ 1,371,000
Warranty and related accruals	277,000	400,000
Professional fees	205,000	118,000
Income tax accruals	175,000
Other	244,000	196,000
Accrued expenses	$ 2,660,000	$ 2,085,000	[1]
[1]	The amounts as of September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
IncomeTaxes [Line Items]
Total incomes taxes paid	$ 1,150,000	$ 2,775,000
Unrecognized tax benefits	150,000	150,000
Additional accruals of UTB's	0	0
Additional accruals of interest expense nor penalties	$ 0	$ 0
Effective income tax rate	20.50%	15.70%
R&D tax credits carryforwards		$ 87,000
Net usage of R&D tax credits carryforwards		93,000
Net deferred and other income tax liabilities	$ (3,372,000)	(2,640,000)
Tax Credit Carryforward, Expiration Date	Sep. 30, 2022
Florida R&D Credits [Member]
IncomeTaxes [Line Items]
R&D tax credits carryforwards			$ 155,000
R&D Credits	$ 87,000	25,000
Federal [Member]
IncomeTaxes [Line Items]
R&D tax credits carryforwards	0	0
R&D Credits	$ 241,000	$ 249,000

Income Taxes - Provision for In

Income Taxes - Provision for Income Tax Expense (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Current:
Federal	$ 2,297,000	$ 1,483,000
State	148,000	130,000
Total current	2,445,000	1,613,000
Deferred:
Federal	52,000	631,000
State	131,000	126,000
Total deferred	183,000	757,000
Income tax expense	$ 2,628,000	$ 2,370,000	[1]
[1]	The amounts for the year ended September 30, 2018 have been adjusted to reflect the change in inventory accounting method, as described in Notes 1 and 2 to the Consolidated Financial Statements.

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of the Federal Statutory Tax Rate to the Total Tax Provision (Detail)	Jan. 01, 2018	Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Federal income taxes computed at the statutory rate	21.00%	35.00%	21.00%	24.30%
State income taxes, net of federal benefit			1.60%	1.40%
Change in current tax rate				(2.90%)
Change in deferred tax rate				(2.30%)
Research & development tax refunds & credits			(1.90%)	(1.80%)
Dividend received deduction			(0.60%)	(0.90%)
Domestic production activities deduction				(1.20%)
Incentive stock options			0.20%	(1.00%)
Other, net			0.20%	0.10%
Effective income tax rate			20.50%	15.70%

Income Taxes - Deferred Income

Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Deferred Tax Assets:
Accrued liabilities and reserves	$ 344,000	$ 218,000
Allowance for doubtful accounts	104,000	71,000
Inventory	98,000	212,000
R&D tax credits carryforwards		87,000
Stock-based compensation	82,000	104,000
Net operating losses carryforwards	7,000	57,000
Gross Deferred Income Tax Assets	635,000	749,000
Deferred and Other Tax Liabilities:
Domestic international sales corporation	(464,000)	(543,000)
Percentage of completion	(2,048,000)	(1,717,000)
Property and equipment	(1,080,000)	(904,000)
Unrealized gain on investment	(265,000)	(75,000)
Unrecognized tax benefits	(150,000)	(150,000)
Gross Deferred and Other Income Tax Liabilities	(4,007,000)	(3,389,000)
Net Deferred and Other Income Tax Assets (Liabilities)	$ (3,372,000)	$ (2,640,000)

Retirement Benefits - Additiona

Retirement Benefits - Additional Information (Detail) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Retirement Benefits [Abstract]
Retirement benefits expense under the provisions of the plan	$ 282,000	$ 322,000

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
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, 2019	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Total rental expense	$ 40,000	$ 38,000

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Detail)	12 Months Ended
	Sep. 30, 2019
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) - shares	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Mar. 17, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock options issued to employees	197,492
Number of shares, options outstanding	272,492	317,492	440,000
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	2 years 6 months
Number of options, forfeited or cancelled	0
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
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	100,000
Class B Stock [Member] | 2009 Plan [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, options outstanding	45,000
Share based payments, options, expiration date	Oct. 1, 2021
Class B Stock [Member] | 2009 Plan [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, options outstanding	30,000
Share based payments, options, expiration date	Sep. 26, 2026
Share based payments, options, vesting percentage	75.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Option Activity under Stock-Based Compensation Plan (Detail) - $ / shares	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Shares, Options exercised	(45,000)	(122,508)
Number of Shares, Options outstanding	272,492	317,492	440,000
Average Exercise Price Per Share, Options exercised	$ 5.126	$ 5.104
Average Exercise Price Per Share, Options outstanding	$ 6.126	$ 5.984	$ 5.739

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Marcar [Member] - USD ($)	Oct. 05, 2017	Sep. 30, 2018
Related Party Transaction [Line Items]
Lease payments to Marcar		$ 0
Leased vehicles and forklifts under contract [Member]
Related Party Transaction [Line Items]
Purchase of leased vehicles under contract	$ 320,000