Daily Journal (DJCO) 10-Q 8 Feb 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2015	Jan. 31, 2016
Entity Registrant Name	DAILY JOURNAL CORPORATION
Entity Central Index Key	783,412
Trading Symbol	djco
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		1,380,746
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Subscription Arrangement [Member]
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred revenue	$ 3,356,000	$ 3,474,000
Deferred Installation Contracts [Member]
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred revenue	7,269,000	7,820,000
Deferred Maintenance Agreement [Member]
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred revenue	6,203,000	6,815,000
Cash and cash equivalents	8,883,000	15,617,000
Marketable securities at fair value, including common stocks of $171,798,000 and bonds of $7,186,000 at December 31, 2015 and common stocks of $158,705,000 and bonds of $7,336,000 at September 30, 2015	178,984,000	166,041,000
Accounts receivable, less allowance for doubtful accounts of $250,000 at December 31, 2015 and September 30, 2015	5,228,000	5,673,000
Inventories	50,000	48,000
Prepaid expenses and other assets	733,000	684,000
Income tax receivable	690,000	765,000
Total current assets	194,568,000	188,828,000
Land, buildings and improvements	16,268,000	12,773,000
Furniture, office equipment and computer software	2,683,000	2,655,000
Machinery and equipment	1,864,000	1,864,000
	20,815,000	17,292,000
Less accumulated depreciation	(8,473,000)	(8,335,000)
	12,342,000	8,957,000
Intangibles, net	11,731,000	12,990,000
Goodwill	13,400,000	13,400,000
Deferred income taxes, net	6,455,000	4,021,000
	238,496,000	228,196,000
Accounts payable	2,576,000	4,212,000
Accrued liabilities	2,661,000	2,919,000
Note payable collaterized by real estate	106,000
Deferred income taxes, net	46,087,000	40,641,000
Total current liabilities	68,258,000	65,881,000
Investment margin account borrowings	29,493,000	29,493,000
Note payable collaterized by real estate	2,154,000
Deferred maintenance agreements	380,000	551,000
Income tax payable	2,925,000	2,991,000
Accrued interest and penalty for uncertain and unrecognized tax benefits	657,000	633,000
Accrued liabilities	52,000	47,000
Total long term liabilities	$ 35,661,000	$ 33,715,000
Commitments and contingencies (Note 10)
Preferred stock, $.01 par value, 5,000,000 shares authorized and no shares issued	$ 0	$ 0
Common stock, $.01 par value, 5,000,000 shares authorized; 1,805,053 shares issued, including 424,307 treasury shares, at December 31, 2015 and September 30, 2015	14,000	14,000
Additional paid-in capital	1,755,000	1,755,000
Retained earnings	59,161,000	59,111,000
Accumulated other comprehensive income	73,647,000	67,720,000
Total shareholders' equity	134,577,000	128,600,000
	$ 238,496,000	$ 228,196,000

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Market securities, common stock	$ 171,798,000	$ 158,705,000
Market securities, bonds	7,186,000	7,336,000
Accounts receivable, allowance for doubtful accounts	$ 250,000	$ 250,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, shares issued (in shares)	1,805,053	1,805,053
Common stock, treasury shares (in shares)	424,307	424,307

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Revenues
Advertising	$ 2,321,000	$ 2,704,000
Circulation	1,506,000	1,524,000
Advertising service fees and other	650,000	685,000
Licensing and maintenance fees	3,647,000	3,757,000
Consulting fees	1,376,000	1,192,000
Other public service fees	1,315,000	1,461,000
	10,815,000	11,323,000
Costs and expenses
Salaries and employee benefits	6,648,000	6,612,000
Other outside services	864,000	847,000
Postage and delivery expenses	286,000	332,000
Newsprint and printing expenses	217,000	342,000
Depreciation and amortization	1,415,000	1,360,000
Other general and administrative expenses	2,347,000	2,191,000
	11,777,000	11,684,000
Loss from operations	(962,000)	(361,000)
Other income (expense)
Dividends and interest income	903,000	828,000
Other income and capital gains	16,000	18,000
Interest expenses	(68,000)	(57,000)
Interest expense accrued for uncertain and unrecognized tax benefits	(24,000)	(20,000)
Income (loss) before taxes	(135,000)	408,000
Benefit from income taxes	185,000	25,000
Net income	$ 50,000	$ 433,000
Weighted average number of common shares outstanding - basic and diluted (in shares)	1,380,746	1,380,746
Basic and diluted net income per share (in dollars per share)	$ 0.04	$ 0.31
Comprehensive income (loss)
Net income	$ 50,000	$ 433,000
Net change in unrealized appreciation of investments (net of taxes)	5,927,000	(3,642,000)
(Loss) income before income taxes	$ 5,977,000	$ (3,209,000)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Subscription Arrangement [Member]
Increase (decrease) in liabilities (net of acquisitions)
Deferred Revenue Arrangements	$ (118,000)	$ (46,000)
Deferred Maintenance Agreement [Member]
Increase (decrease) in liabilities (net of acquisitions)
Deferred Revenue Arrangements	(783,000)	(1,810,000)
Deferred Installation Contracts [Member]
Increase (decrease) in liabilities (net of acquisitions)
Deferred Revenue Arrangements	(551,000)	(70,000)
Net income	50,000	433,000
Depreciation and amortization	$ 1,415,000	1,360,000
Gains on sales of marketable securities		(4,000)
Deferred income taxes	$ (165,000)	(351,000)
Discounts earned on bonds	(1,000)	(1,000)
Accounts receivable, net	445,000	734,000
Inventories	(2,000)	(4,000)
Prepaid expenses and other assets	(49,000)	65,000
Income tax receivable	75,000	1,357,000
Accounts payable	(1,636,000)	(1,023,000)
Accrued liabilities	(229,000)	(326,000)
Income taxes	(66,000)	(62,000)
Net cash (used for) provided by operating activities	$ (1,615,000)	252,000
Cash flows from investing activities
Sales of marketable securities		4,044,000
Purchases of marketable securities	$ (3,838,000)	(10,977,000)
Purchases of property, plant and equipment, including the Logan Utah office building	(3,541,000)	(69,000)
Net cash used in investing activities	(7,379,000)	$ (7,002,000)
Cash flows from financing activities
Note payable collaterized by real estate	2,260,000
Net cash provided from financing activities	2,260,000
Decrease in cash and cash equivalents	(6,734,000)	$ (6,750,000)
Cash and cash equivalents
Beginning of period	15,617,000	15,410,000
End of period	8,883,000	8,660,000
Interest paid during period	65,000	61,000
Net income taxes refunded during period	$ (29,000)	$ (969,000)

Note 1 - The Corporation and Op

Note 1 - The Corporation and Operations	3 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 - The Corporation and Operations Daily Journal Corporation (the “Company”) publishes newspapers and web sites covering California and Arizona and produces several specialized information services. It also serves as a newspaper representative specializing in public notice advertising. Journal Technologies, Inc. (“Journal Technologies”), a wholly-owned subsidiary, includes as of October 1, 2014, the combined operations of Sustain Technologies, Inc. (“Sustain”), a wholly-owned subsidiary since 2008; New Dawn Technologies, Inc. (“New Dawn”), acquired in December 2012; and ISD Technologies, Inc. (“ISD”), acquired in September 2013. Journal Technologies supplies case management software systems and related products to courts, prosecutor and public defender offices, probation departments and other justice agencies, including administrative law organizations, city and county governments and bar associations. These organizations use the Journal Technologies family of products to help manage cases and information electronically, to interface with other critical justice partners and to extend electronic services to bar members and the public, including a website to pay traffic citations online. These products are licensed to more than 500 organizations in 41 states and internationally. Essentially all of the Company’s operations are based in California, Arizona and Utah.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	3 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 2 - Basis of Presentation In the opinion of the Company, the accompanying interim unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of its financial position as of December 31, 2015, its results of operations for the three-month periods ended December 31, 2015 and 2014 and its cash flows for the three-month periods ended December 31, 2015 and 2014. The results of operations for the three months ended December 31, 2015 are not necessarily indicative of the results to be expected for the full year. The consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2015.

Note 3 - Accounting Standards A

Note 3 - Accounting Standards Adopted in Fiscal 2016 and Recent Accounting Pronouncements	3 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 3 - Accounting Standards Adopted in Fiscal 2016 and Recent Accounting Pronouncements Accounting Standards Adopted in Fiscal 201 6 In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity Other Recent Accounting Pronouncements The Company will evaluate new accounting pronouncements as detailed in its Annual Report on Form 10-K for the year ended September 30, 2015.

Note 4 - Basic and Diluted Inco

Note 4 - Basic and Diluted Income Per Share	3 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 4 - Basic and Diluted Income Per Share The Company does not have any common stock equivalents, and therefore the basic and diluted income per share are the same.

Note 5 - Intangible Assets

Note 5 - Intangible Assets	3 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	Note 5 - Intangible Assets Intangible Assets December 31, 2015 September 30, 2015 Customer Relationships Developed Technology Total Customer Relationships Developed Technology Total Gross intangible $ 22,104,000 $ 2,525,000 $ 24,629,000 $ 22,104,000 $ 2,525,000 $ 24,629,000 Accumulated amortization (11,539,000 ) (1,359,000 ) (12,898,000 ) (10,406,000 ) (1,233,000 ) (11,639,000 ) $ 10,565,000 $ 1,166,000 $ 11,731,000 $ 11,698,000 $ 1,292,000 $ 12,990,000 These identifiable intangible assets are being amortized over five years for financial statement purposes due to the short life cycle of technology that customer relationships depend on, and over a 15-year period on a straight line basis for tax purposes. The intangible amortization expenses were $1,259,000 for the three months ended December 31, 2015 as compared with $1,224,000 in the prior year period.

Note 6 - Goodwill

Note 6 - Goodwill	3 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Goodwill Disclosure [Text Block]	Note 6 – Goodwill The Company accounts for goodwill in accordance with ASC 350, Intangibles — Goodwill and Other In addition, ASC 2011-08, Testing Goodwill for Impairment

Note 7 - Revenue Recognition

Note 7 - Revenue Recognition	3 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Deferred Revenue Disclosure [Text Block]	Note 7 – Revenue Recognition Journal Technologies recognizes revenues in accordance with the provisions of ASC 985-605, Software—Revenue Recognition Construction-Type and Production-Type Contracts Approximately 59% and 57% of the Company’s revenues during the three months ended December 31, 2015 and 2014, respectively, were derived from Journal Technologies. The Company has established Vendor Specific Objective Evidence (VSOE) of fair value of the annual maintenance because a substantial majority of the Journal Technologies’ actual maintenance renewals is within a narrow range of pricing as a percentage of the underlying license fees for the legacy contracts and is deemed substantive.

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8 - Income Taxes For the three months ended December 31, 2015, the Company recorded an income tax benefit of $185,000 on pretax loss of $135,000. The income tax benefit was the result of applying the effective tax rate anticipated for fiscal 2016 to pretax loss for the first quarter of fiscal 2016. The effective tax rate was lower than the statutory rate primarily due to the dividends received deduction. On pretax income of $408,000 for the three months ended December 31, 2014, the Company recorded a tax benefit of $25,000 which was the net result of applying the effective tax rate anticipated for fiscal 2015 to pretax income for the first quarter of fiscal 2015. The Company’s effective tax rate was 137% and -6% for the three months ended December 31, 2015 and 2014, respectively. The Company files federal income tax returns in the United States and with various state jurisdictions and is no longer subject to examinations for fiscal years before fiscal 2012 with regard to federal income taxes and fiscal 2011 for state income taxes. At December 31, 2015, the Company had an accrued liability of approximately $2,925,000 for uncertain and unrecognized tax benefits relating to an acquisition in fiscal 2013, after a reduction of $319,000 resulting from the recognition of deferred revenues and from the amortization of goodwill for tax purposes. The Company does not anticipate a significant increase or decrease in this liability in the next twelve months. If recognized, it is expected that these unrecognized tax benefits would not have a significant impact to the Company’s effective tax rate. During the first quarter of fiscal 2015, interest expenses of approximately $24,000 were recorded as “interest and penalty expense accrued for uncertain and unrecognized tax benefits” in the Statement of Comprehensive Income.

Note 9 - Investments in Marketa

Note 9 - Investments in Marketable Securities	3 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	Note 9 - Investments in Marketable Securities Investments in marketable securities categorized as “available-for-sale” are stated at fair value. The Company uses quoted prices in active markets for identical assets (consistent with the Level 1 definition in the fair value hierarchy) to measure the fair value of its investments on a recurring basis pursuant to ASC 820, Fair Value Measurement Investments in equity securities and securities with fixed maturity as of December 31, 2015 and September 30, 2015 are summarized below. December 31, 2015 September 30, 2015 (Unaudited) Aggregate fair value Amortized/Adjusted cost basis Pretax unrealized gains Aggregate fair value Amortized/Adjusted cost basis Pretax unrealized gains Marketable securities Common stocks $ 171,798,000 $ 53,442,000 $ 118,356,000 $ 158,705,000 $ 49,604,000 $ 109,101,000 Bonds 7,186,000 4,940,000 2,246,000 7,336,000 4,939,000 2,397,000 Total $ 178,984,000 $ 58,382,000 $ 120,602,000 $ 166,041,000 $ 54,543,000 $ 111,498,000 All investments are classified as “Current assets” because they are available for sale at any time. The bonds mature in 2039. As of December 31, 201 5, the Company perform ed separate evaluations for impaired equity securities to determine if the unrealized losses were other-than-temporary. This evaluation considers a number of factors including, but not limited to, the length of time and extent to which the fair value has been less than cost, the financial condition and near term prospects of the issuer and the Company’s ability and intent to hold the securities until fair value recovers. The assessment of the ability and intent to hold these securities to recovery focuses on liquidity need s, asset/liability management objectives and securities portfolio objectives. Based on the results of th e evaluation s, the Company concluded that as of December 3 1, 201 5, all unrealized losses related to the equity securities it owns were temporary.

Note 10 - Debt and Commitments

Note 10 - Debt and Commitments and Contingencies	3 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Commitments Disclosure [Text Block]	Note 10 - Debt and Commitments and Contingencies In December 2012, the Company borrowed from its investment margin account the purchase price of $14 million for the New Dawn acquisition, and in September 2013, it borrowed another $15.5 million for the ISD acquisition, in each case pledging its marketable securities as collateral. The interest rate for these investment margin account borrowings fluctuates based on the Federal Funds Rate plus 50 basis points with interest only payable monthly. The interest rate as of December 31, 2015 was 1%. These investment margin account borrowings do not mature. In November 2015, the Company purchased a 30,700 square foot office building constructed in 1998 on about 3.6 acres in Logan, Utah that had been previously leased for Journal Technologies. The Company paid $1.24 million and financed the balance with a real estate bank loan of $2.26 million which bears a fixed interest rate of 4.66% and is repayable in equal monthly installments of about $17,600 through 2030. This loan is secured by the Logan facility and can be paid off at any time without prepayment penalty. The Company owns its facilities in Los Angeles and leases space for its other Daily Journal offices under operating leases which expire at various dates through fiscal 2020. The Company is responsible for a portion of maintenance, insurance and property tax expenses relating to these leased properties and certain other leased properties. Rental expenses for three-month periods ended December 31, 2015 and 2014 were $250,000 and $283,000, respectively. From time to time, the Company is subject to litigation arising in the normal course of its business. While it is not possible to predict the results of such litigation, management does not believe the ultimate outcome of these matters will have a material effect on the Company’s financial position or results of operations or cash flows.

Note 11 - Operating Segments

Note 11 - Operating Segments	3 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 11 - Operating Segments The Company’s reportable segments are: (i) the Traditional Business and (ii) Journal Technologies. All inter-segment transactions were eliminated. Summarized financial information concerning the Company’s reportable segments is shown in the following table: Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Three months ended December 31, 2015 Revenues Advertising, net $ 2,321,000 $ --- $ --- $ 2,321,000 Circulation 1,506,000 --- --- 1,506,000 Advertising service fees and other 650,000 --- --- 650,000 Licensing and maintenance fees --- 3,647,000 --- 3,647,000 Consulting fees --- 1,376,000 --- 1,376,000 Other public service fees --- 1,315,000 --- 1,315,000 Operating expenses 4,353,000 7,424,000 --- 11,777,000 Income (loss) from operations 124,000 (1,086,000 ) --- (962,000 ) Dividends and interest income --- --- 903,000 903,000 Other income 7,000 --- 9,000 16,000 Interest expenses on note payable collaterized by real estate and margin loans (9,000 ) --- (59,000 ) (68,000 ) Interest expense accrued for uncertain and unrecognized tax benefits --- (24,000 ) --- (24,000 ) Pretax income (loss) 122,000 (1,110,000 ) 853,000 (135,000 ) Income tax benefit (50,000 ) 395,000 (160,000 ) 185,000 Net income (loss) 72,000 (715,000 ) 693,000 50,000 Total assets 16,985,000 42,527,000 178,984,000 238,496,000 Capital expenditures, including purchase of Logan building 3,541,000 --- --- 3,541,000 Amortization of intangible assets 35,000 1,224,000 --- 1,259,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Three months ended December 31, 2014 Revenues Advertising, net $ 2,704,000 $ --- $ --- $ 2,704,000 Circulation 1,524,000 --- --- 1,524,000 Advertising service fees and other 685,000 --- --- 685,000 Licensing and maintenance fees --- 3,757,000 --- 3,757,000 Consulting fees --- 1,192,000 --- 1,192,000 Other public service fees --- 1,461,000 --- 1,461,000 Operating expenses 4,623,000 7,061,000 --- 11,684,000 Income (loss) from operations 290,000 (651,000 ) --- (361,000 ) Dividends and interest income --- --- 828,000 828,000 Other income and capital gains --- --- 18,000 18,000 Interest expenses on margin loans --- --- (57,000 ) (57,000 ) Interest expense accrued for uncertain and unrecognized tax benefits --- (20,000 ) --- (20,000 ) Pretax income (loss) 290,000 (671,000 ) 789,000 408,000 Income tax benefit (90,000 ) 250,000 (135,000 ) 25,000 Net income (loss) 200,000 (421,000 ) 654,000 433,000 Total assets 12,513,000 47,975,000 174,338,000 234,826,000 Capital expenditures 58,000 11,000 --- 69,000 Amortization of intangible assets --- 1,224,000 --- 1,224,000

Note 12 - Subsequent Events

Note 12 - Subsequent Events	3 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
Subsequent Events [Text Block]	Note 12 - Subsequent Events The Company has completed an evaluation of all subsequent events through the issuance date of these financial statements and concluded that no subsequent events occurred that required recognition to the financial statements or disclosures in the Notes to Consolidated Financial Statements or cash flows.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Accounting Standards Adopted in Fiscal 201 6 In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (“ASU”) No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity Other Recent Accounting Pronouncements The Company will evaluate new accounting pronouncements as detailed in its Annual Report on Form 10-K for the year ended September 30, 2015.

Note 5 - Intangible Assets (Tab

Note 5 - Intangible Assets (Tables)	3 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Intangible Assets December 31, 2015 September 30, 2015 Customer Relationships Developed Technology Total Customer Relationships Developed Technology Total Gross intangible $ 22,104,000 $ 2,525,000 $ 24,629,000 $ 22,104,000 $ 2,525,000 $ 24,629,000 Accumulated amortization (11,539,000 ) (1,359,000 ) (12,898,000 ) (10,406,000 ) (1,233,000 ) (11,639,000 ) $ 10,565,000 $ 1,166,000 $ 11,731,000 $ 11,698,000 $ 1,292,000 $ 12,990,000

Note 9 - Investments in Marke20

Note 9 - Investments in Marketable Securities (Tables)	3 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	December 31, 2015 September 30, 2015 (Unaudited) Aggregate fair value Amortized/Adjusted cost basis Pretax unrealized gains Aggregate fair value Amortized/Adjusted cost basis Pretax unrealized gains Marketable securities Common stocks $ 171,798,000 $ 53,442,000 $ 118,356,000 $ 158,705,000 $ 49,604,000 $ 109,101,000 Bonds 7,186,000 4,940,000 2,246,000 7,336,000 4,939,000 2,397,000 Total $ 178,984,000 $ 58,382,000 $ 120,602,000 $ 166,041,000 $ 54,543,000 $ 111,498,000

Note 11 - Operating Segments (T

Note 11 - Operating Segments (Tables)	3 Months Ended
	Dec. 31, 2015
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Three months ended December 31, 2015 Revenues Advertising, net $ 2,321,000 $ --- $ --- $ 2,321,000 Circulation 1,506,000 --- --- 1,506,000 Advertising service fees and other 650,000 --- --- 650,000 Licensing and maintenance fees --- 3,647,000 --- 3,647,000 Consulting fees --- 1,376,000 --- 1,376,000 Other public service fees --- 1,315,000 --- 1,315,000 Operating expenses 4,353,000 7,424,000 --- 11,777,000 Income (loss) from operations 124,000 (1,086,000 ) --- (962,000 ) Dividends and interest income --- --- 903,000 903,000 Other income 7,000 --- 9,000 16,000 Interest expenses on note payable collaterized by real estate and margin loans (9,000 ) --- (59,000 ) (68,000 ) Interest expense accrued for uncertain and unrecognized tax benefits --- (24,000 ) --- (24,000 ) Pretax income (loss) 122,000 (1,110,000 ) 853,000 (135,000 ) Income tax benefit (50,000 ) 395,000 (160,000 ) 185,000 Net income (loss) 72,000 (715,000 ) 693,000 50,000 Total assets 16,985,000 42,527,000 178,984,000 238,496,000 Capital expenditures, including purchase of Logan building 3,541,000 --- --- 3,541,000 Amortization of intangible assets 35,000 1,224,000 --- 1,259,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Three months ended December 31, 2014 Revenues Advertising, net $ 2,704,000 $ --- $ --- $ 2,704,000 Circulation 1,524,000 --- --- 1,524,000 Advertising service fees and other 685,000 --- --- 685,000 Licensing and maintenance fees --- 3,757,000 --- 3,757,000 Consulting fees --- 1,192,000 --- 1,192,000 Other public service fees --- 1,461,000 --- 1,461,000 Operating expenses 4,623,000 7,061,000 --- 11,684,000 Income (loss) from operations 290,000 (651,000 ) --- (361,000 ) Dividends and interest income --- --- 828,000 828,000 Other income and capital gains --- --- 18,000 18,000 Interest expenses on margin loans --- --- (57,000 ) (57,000 ) Interest expense accrued for uncertain and unrecognized tax benefits --- (20,000 ) --- (20,000 ) Pretax income (loss) 290,000 (671,000 ) 789,000 408,000 Income tax benefit (90,000 ) 250,000 (135,000 ) 25,000 Net income (loss) 200,000 (421,000 ) 654,000 433,000 Total assets 12,513,000 47,975,000 174,338,000 234,826,000 Capital expenditures 58,000 11,000 --- 69,000 Amortization of intangible assets --- 1,224,000 --- 1,224,000

Note 5 - Intangible Assets (Det

Note 5 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Tax Purposes [Member]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	15 years
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	5 years
Amortization of Intangible Assets	$ 1,259,000	$ 1,224,000

Note 5 - Summary of Intangible

Note 5 - Summary of Intangible Assets (Details) - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Customer Relationships [Member]
Gross intangible	$ 22,104,000	$ 22,104,000
Accumulated amortization	(11,539,000)	(10,406,000)
Net intangibles	10,565,000	11,698,000
Developed Technology Rights [Member]
Gross intangible	2,525,000	2,525,000
Accumulated amortization	(1,359,000)	(1,233,000)
Net intangibles	1,166,000	1,292,000
Gross intangible	24,629,000	24,629,000
Accumulated amortization	(12,898,000)	(11,639,000)
Net intangibles	$ 11,731,000	$ 12,990,000

Note 6 - Goodwill (Details Text

Note 6 - Goodwill (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Goodwill, Impairment Loss	$ 0	$ 0
Goodwill Useful Life for Tax Purposes	15 years

Note 7 - Revenue Recognition (D

Note 7 - Revenue Recognition (Details Textual)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Sales Revenue, Net [Member] | Product Concentration Risk [Member]
Concentration Risk, Percentage	59.00%	57.00%

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Tax Expense (Benefit)	$ (185,000)	$ (25,000)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ (135,000)	$ 408,000
Effective Income Tax Rate Reconciliation, Percent	137.00%	(6.00%)
Liability for Uncertain Tax Positions, Noncurrent	$ 2,925,000
Unrecognized Tax Benefits, Accumulated Reduction	(319,000)
Unrecognized Tax Benefits, Interest on Income Taxes Expense	$ 24,000	$ 20,000

Note 9 - Investments in Marke27

Note 9 - Investments in Marketable Securities (Details Textual) - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	$ 120,602,000	$ 111,498,000
Deferred Tax Liabilities, Investments	$ 46,455,000	$ 43,278,000

Note 9 - Summary of Investments

Note 9 - Summary of Investments (Details) - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Equity Securities [Member]
Marketable securities
Aggregate fair value	$ 171,798,000	$ 158,705,000
Amortized/Adjusted cost basis	53,442,000	49,604,000
Pretax unrealized gains	118,356,000	109,101,000
Debt Securities [Member]
Marketable securities
Aggregate fair value	7,186,000	7,336,000
Amortized/Adjusted cost basis	4,940,000	4,939,000
Pretax unrealized gains	2,246,000	2,397,000
Aggregate fair value	178,984,000	166,041,000
Amortized/Adjusted cost basis	58,382,000	54,543,000
Pretax unrealized gains	$ 120,602,000	$ 111,498,000

Note 10 - Debt and Commitment29

Note 10 - Debt and Commitments and Contingencies (Details Textual)	Sep. 13, 2013USD ($)	Dec. 04, 2012USD ($)	Nov. 30, 2015USD ($)aft²	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Jun. 30, 2015
New Dawn [Member] | Margin Account [Member]
Proceeds from Other Debt		$ 14,000,000
ISD Corporation [Member] | Margin Account [Member]
Proceeds from Other Debt	$ 15,500,000
Margin Account [Member] | Fed Funds Rate [Member]
Debt Instrument, Basis Spread on Variable Rate						0.50%
Real Estate Bank Loan Secured by Logan Office [Member]
Loans Payable to Bank			$ 2,260,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			4.66%
Debt Instrument, Periodic Payment			$ 17,600
Utah [Member] | Building [Member]
Area of Real Estate Property | ft²			30,700
Utah [Member] | Land [Member]
Area of Land | a			3.6
Utah [Member] | Land and Building [Member]
Payments to Acquire Property, Plant, and Equipment			$ 1,240,000
Debt Instrument, Interest Rate, Effective Percentage				1.00%
Payments to Acquire Property, Plant, and Equipment				$ 3,541,000	$ 69,000
Operating Leases, Rent Expense				$ 250,000	$ 283,000

Note 11 - Summarized Financial

Note 11 - Summarized Financial Information for Reportable Segments (Details) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating Segments [Member] | Traditional Business [Member]
Advertising, net	$ 2,321,000	$ 2,704,000
Circulation	1,506,000	1,524,000
Advertising service fees and other	$ 650,000	$ 685,000
Licensing and maintenance fees
Consulting fees
Other public service fees
Operating expenses	$ 4,353,000	$ 4,623,000
Income (loss) from operations	$ 124,000	$ 290,000
Dividends and interest income
Other income and capital gains	$ 7,000
Interest expenses on note payable collaterized by real estate and margin loans	$ (9,000)
Interest expense accrued for uncertain and unrecognized tax benefits
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 122,000	$ 290,000
Income tax benefit	(50,000)	(90,000)
Net income	72,000	200,000
Total assets	16,985,000	12,513,000
Payments to Acquire Property, Plant, and Equipment	3,541,000	$ 58,000
Amortization of Intangible Assets	$ 35,000
Operating Segments [Member] | Journal Technologies [Member]
Advertising, net
Circulation
Advertising service fees and other
Licensing and maintenance fees	$ 3,647,000	$ 3,757,000
Consulting fees	1,376,000	1,192,000
Other public service fees	1,315,000	1,461,000
Operating expenses	7,424,000	7,061,000
Income (loss) from operations	$ (1,086,000)	$ (651,000)
Dividends and interest income
Other income and capital gains
Interest expenses on note payable collaterized by real estate and margin loans
Interest expense accrued for uncertain and unrecognized tax benefits	$ (24,000)	$ (20,000)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	(1,110,000)	(671,000)
Income tax benefit	395,000	250,000
Net income	(715,000)	(421,000)
Total assets	$ 42,527,000	47,975,000
Payments to Acquire Property, Plant, and Equipment		11,000
Amortization of Intangible Assets	$ 1,224,000	$ 1,224,000
Corporate, Non-Segment [Member]
Advertising, net
Circulation
Advertising service fees and other
Licensing and maintenance fees
Consulting fees
Other public service fees
Operating expenses
Income (loss) from operations
Dividends and interest income	$ 903,000	$ 828,000
Other income and capital gains	9,000	18,000
Interest expenses on note payable collaterized by real estate and margin loans	$ (59,000)	$ (57,000)
Interest expense accrued for uncertain and unrecognized tax benefits
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	$ 853,000	$ 789,000
Income tax benefit	(160,000)	(135,000)
Net income	693,000	654,000
Total assets	$ 178,984,000	$ 174,338,000
Payments to Acquire Property, Plant, and Equipment
Amortization of Intangible Assets
Advertising, net	$ 2,321,000	$ 2,704,000
Circulation	1,506,000	1,524,000
Advertising service fees and other	650,000	685,000
Licensing and maintenance fees	3,647,000	3,757,000
Consulting fees	1,376,000	1,192,000
Other public service fees	1,315,000	1,461,000
Operating expenses	11,777,000	11,684,000
Income (loss) from operations	(962,000)	(361,000)
Dividends and interest income	903,000	828,000
Other income and capital gains	16,000	18,000
Interest expenses on note payable collaterized by real estate and margin loans	(68,000)	(57,000)
Interest expense accrued for uncertain and unrecognized tax benefits	(24,000)	(20,000)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest	(135,000)	408,000
Income tax benefit	185,000	25,000
Net income	50,000	433,000
Total assets	238,496,000	234,826,000
Payments to Acquire Property, Plant, and Equipment	3,541,000	69,000
Amortization of Intangible Assets	$ 1,259,000	$ 1,224,000