Daily Journal (DJCO) 10-Q 9 May 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
Document Information [Line Items]
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	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2017	Sep. 30, 2016
ASSETS
Cash and cash equivalents	$ 4,050,000	$ 11,411,000
Marketable securities at fair value, including common stocks of $195,894,000 and bonds of $7,884,000 at March 31, 2017 and common stocks of $158,462,000 and bonds of $8,172,000 at September 30, 2016	203,778,000	166,634,000
Accounts receivable, less allowance for doubtful accounts of $200,000 at March 31, 2017 and September 30, 2016	5,285,000	4,707,000
Inventories	50,000	41,000
Prepaid expenses and other current assets	745,000	800,000
Income tax receivable	650,000	890,000
Total current assets	214,558,000	184,483,000
Land, buildings and improvements	16,404,000	16,306,000
Furniture, office equipment and computer software	2,777,000	2,743,000
Machinery and equipment	1,799,000	1,864,000
	20,980,000	20,913,000
Less accumulated depreciation	(9,056,000)	(8,849,000)
	11,924,000	12,064,000
Intangibles, net	5,506,000	7,953,000
Goodwill	13,400,000	13,400,000
Deferred income taxes, net	9,771,000	7,546,000
	255,159,000	225,446,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	3,158,000	2,644,000
Accrued liabilities	2,545,000	2,583,000
Note payable collateralized by real estate	113,000	110,000
Deferred income taxes, net	54,084,000	41,501,000
Total current liabilities	76,929,000	64,860,000
Investment margin account borrowings	29,493,000	29,493,000
Note payable collateralized by real estate	2,014,000	2,071,000
Deferred maintenance agreements	143,000	149,000
Income tax payable		2,723,000
Accrued interest and penalty for uncertain and unrecognized tax benefits		745,000
Accrued liabilities	72,000	62,000
Total long term liabilities	31,722,000	35,243,000
Commitments and contingencies (Note 10)
Shareholders' equity
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 March 31, 2017 and September 30, 2016	14,000	14,000
Additional paid-in capital	1,755,000	1,755,000
Retained earnings	59,576,000	58,068,000
Accumulated other comprehensive income	85,163,000	65,506,000
Total shareholders' equity	146,508,000	125,343,000
	255,159,000	225,446,000
Subscription Arrangement [Member]
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred revenue	3,280,000	3,402,000
Deferred Installation Contracts [Member]
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred revenue	5,148,000	6,536,000
Deferred Maintenance Agreement [Member]
LIABILITIES AND SHAREHOLDERS' EQUITY
Deferred revenue	$ 8,601,000	$ 8,084,000

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2017	Sep. 30, 2016
Market securities, common stock	$ 195,894,000	$ 158,462,000
Market securities, bonds	7,884,000	8,172,000
Accounts receivable, allowance for doubtful accounts	$ 200,000	$ 200,000
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 (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Revenues
Advertising	$ 2,123,000	$ 2,346,000	$ 4,433,000	$ 4,667,000
Circulation	1,424,000	1,458,000	2,873,000	2,964,000
Advertising service fees and other	695,000	644,000	1,333,000	1,294,000
Licensing and maintenance fees	3,882,000	4,107,000	7,848,000	7,754,000
Consulting fees	1,310,000	1,664,000	2,158,000	3,040,000
Other public service fees	845,000	1,223,000	1,624,000	2,538,000
	10,279,000	11,442,000	20,269,000	22,257,000
Costs and expenses
Salaries and employee benefits	8,097,000	7,029,000	15,738,000	13,677,000
Outside services	1,087,000	813,000	2,067,000	1,677,000
Postage and delivery expenses	285,000	292,000	563,000	578,000
Newsprint and printing expenses	230,000	219,000	439,000	436,000
Depreciation and amortization	1,389,000	1,428,000	2,781,000	2,843,000
Other general and administrative expenses	2,457,000	2,237,000	4,800,000	4,584,000
	13,545,000	12,018,000	26,388,000	23,795,000
Loss from operations	(3,266,000)	(576,000)	(6,119,000)	(1,538,000)
Other income (expense)
Dividends and interest income	1,368,000	833,000	2,539,000	1,736,000
Other income	6,000	14,000	21,000	30,000
Interest and penalty expense reversal (accrual) for uncertain and unrecognized tax benefits	752,000	(25,000)	743,000	(49,000)
(Loss) income before income taxes	(1,261,000)	152,000	(3,042,000)	17,000
Benefit from income taxes	4,240,000	55,000	4,550,000	240,000
Net income	$ 2,979,000	$ 207,000	$ 1,508,000	$ 257,000
Weighted average number of common shares outstanding - basic and diluted (in shares)	1,380,746	1,380,746	1,380,746	1,380,746
Basic and diluted net (loss) income per share (in dollars per share)	$ 2.16	$ 0.15	$ 1.09	$ 0.19
Comprehensive income (loss)
Net income	$ 2,979,000	$ 207,000	$ 1,508,000	$ 257,000
Net increase (decrease) in unrealized appreciation of marketable securities (net of taxes)	4,638,000	(10,058,000)	19,657,000	(4,131,000)
	7,617,000	(9,851,000)	21,165,000	(3,874,000)
Real Estate Bank Loan Secured by Logan Office [Member]
Other income (expense)
Interest expense on debt	(25,000)	(27,000)	(51,000)	(36,000)
Margin Account [Member]
Other income (expense)
Interest expense on debt	$ (96,000)	$ (67,000)	$ (175,000)	$ (126,000)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income	$ 1,508,000	$ 257,000
Adjustments to reconcile net income to net cash used in operations
Depreciation and amortization	2,781,000	2,843,000
Deferred income taxes	(2,115,000)	(498,000)
Discounts earned on bonds	(1,000)	(1,000)
Changes in assets and liabilities
Accounts receivable, net	(578,000)	(450,000)
Inventories	(9,000)	10,000
Prepaid expenses and other assets	55,000	20,000
Income tax receivable	240,000	413,000
Accounts payable	514,000	(1,595,000)
Accrued liabilities	(773,000)	(25,000)
Income taxes	(2,723,000)	(125,000)
Net cash used in operating activities	(2,100,000)	(1,157,000)
Cash flows from investing activities
Purchases of marketable securities	(5,013,000)	(3,838,000)
Purchases of property, plant and equipment, including the Logan, Utah office building in fiscal 2016	(194,000)	(3,628,000)
Net cash used in investing activities	(5,207,000)	(7,466,000)
Cash flows from financing activities
Note payable collateralized by real estate		2,260,000
Payment of real estate loan principal	(54,000)	(26,000)
Net cash (used in) provided by financing activities	(54,000)	2,234,000
Decrease in cash and cash equivalents	(7,361,000)	(6,389,000)
Beginning of period	11,411,000	15,617,000
End of period	4,050,000	9,228,000
Interest paid during period	220,000	158,000
Net income taxes paid (refunded) during period	16,000	(29,000)
Subscription Arrangement [Member]
Changes in assets and liabilities
Deferred revenue arrangements	(122,000)	17,000
Deferred Maintenance Agreement [Member]
Changes in assets and liabilities
Deferred revenue arrangements	511,000	(336,000)
Deferred Installation Contracts [Member]
Changes in assets and liabilities
Deferred revenue arrangements	$ (1,388,000)	$ (1,687,000)

Note 1 - The Corporation and Op

Note 1 - The Corporation and Operations	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 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, 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 42 Essentially all of the Company’s operations are based in California, Arizona, Colorado and Utah.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 2 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 presentation of its financial position as of March 31, 2017, three six March 31, 2017 2016 six March 31, 2017 2016. six March 31, 2017 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 September 30, 2016. Certain reclassifications of previously reported amounts have been made to conform to the current year’s presentation.

Note 3 - Recent Accounting Pron

Note 3 - Recent Accounting Pronouncements	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 3 Recent Accounting Pronouncements In January 2016, 2016 01, Financial Instruments – Overall (Subtopic 825 10): December 15, 2017, periods within that annual period, which is the Company’s fiscal 2019. may In January 2017, 2017 04, Intangibles – Goodwill and Other (Topic 350): 2 1 the fair value of a reporting unit with its carrying amount. A goodwill impairment should be recognized in the amount by which the carrying amount exceeds the reporting unit’s fair value. This ASU is effective for public business with fiscal years beginning after December 15, 2019, which is the Company’s fiscal 2021. Early adoption is permitted for annual and interim goodwill impairment testing dates after January 1, 2017. may In addition, the Company will evaluate the other new accounting pronouncements as detailed in its Annual Report on Form 10 September 30, 2016.

Note 4 - Basic and Diluted Inco

Note 4 - Basic and Diluted Income Per Share	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 4 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	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	Note 5 Intangible Assets March 31, 2017 September 30, 2016 Customer Relationships Developed Technology Total Customer Relationships Developed Technology Total Gross intangibles $ 21,950,000 $ 2,525,000 $ 24,475,000 $ 22,104,000 $ 2,525,000 $ 24,629,000 Accumulated amortization (16,979,000 ) (1,990,000 ) (18,969,000 ) (14,938,000 ) (1,738,000 ) (16,676,000 ) $ 4,971,000 $ 535,000 $ 5,506,000 $ 7,166,000 $ 787,000 $ 7,953,000 These gross intangible assets are being amortized over five 15 $2,447,000 six March 31, 2017 $2,518,000

Note 6 - Goodwill

Note 6 - Goodwill	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Goodwill Disclosure [Text Block]	Note 6 The Company accounts for goodwill in accordance with Accounting Standards Codification (ASC) 350, Intangibles — Goodwill and Other 15 may In addition, ASU 2011 08, Intangible – Goodwill and Others -- Testing Goodwill for Impairment second 2016 no six March 31, 2017 2016.

Note 7 - Revenue Recognition

Note 7 - Revenue Recognition	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Deferred Revenue Disclosure [Text Block]	Note 7 For the Company’s traditional publishing business (the “Traditional Business”), proceeds from the sale of subscriptions for newspapers, court rule books and other publications and other services are recorded as deferred revenue and are included in earned revenue only when the services are provided, generally over the subscription term. Advertising revenues are recognized when advertisements are published and are net of commissions. Journal Technologies recognizes revenues in accordance with the provisions of ASC 985 605, Software—Revenue Recognition The Company has established Vendor Specific Objective Evidence (VSOE) of the fair value of annual maintenance because a substantial majority of 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. Approximately 57% 60% six March 31, 2017 2016,

Note 8 - Income Taxes

Note 8 - Income Taxes	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 8 Taxes For the six March 31, 2017, $4,550,000 $3,042,000. The Company had an accrued liability of approximately $2,655,000 2013. 2014 $743,000. $352,000, The income tax benefit was also the result of applying the effective tax rate anticipated for fiscal 2017 six March 31, 2017. $17,000 six March 31, 2016, $240,000 2016 six March 31, 2016. 150% 1,412% six March 31, 2017 2016, The Company files consolidated 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 2015 2013

Note 9 - Investments in Marketa

Note 9 - Investments in Marketable Securities	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	Note 9 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 1 820, Fair Value Measurement March 31, 2017 September 30, 2016, $140,386,000 $108,256,000, $54,723,000 $42,250,000, three Investments in equity securities and securities with fixed maturity as of March 31, 2017 September 30, 2016 March 31, 2017 September 30, 2016 (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 $ 195,894,000 $ 58,449,000 $ 137,445,000 $ 158,462,000 $ 53,436,000 $ 105,026,000 Bonds 7,884,000 4,943,000 2,941,000 8,172,000 4,942,000 3,230,000 Total $ 203,778,000 $ 63,392,000 $ 140,386,000 $ 166,634,000 $ 58,378,000 $ 108,256,000 All investments are classified as “Current assets” because they are available for sale at any time. The bonds mature in 2039. As of March 31, 2017, March 31, 2017,

Note 10 - Debt and Commitments

Note 10 - Debt and Commitments and Contingencies	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments Disclosure [Text Block]	Note 10 The Company borrowed from its investment margin account during fiscal 2013 two $29.5 50 March 31, 2017 1.5%. In November 2015, 30,700 1998 3.6 $1.24 $2.26 4.66% $17,600 2030. $2.13 March 31, 2017. The Company owns its facilities in Los Angeles and leases space for its other offices under operating leases which expire at various dates through fiscal 2020. $356,000 six March 31, 2017 $415,000 From time to time, the Company is subject to contingencies, including litigation, arising in the normal course of its business. While it is not possible to predict the results of such contingencies, 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	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 11 The Company’s reportable segments are: (i) the Traditional Business and (ii) Journal Technologies. All inter-segment transactions were eliminated. Summarized financial information regarding the Company’s reportable segments is shown in the following table: Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Six months ended March 31, 2017 Revenues Advertising $ 4,433,000 $ --- $ --- $ 4,433,000 Circulation 2,873,000 --- --- 2,873,000 Advertising service fees and other 1,333,000 --- --- 1,333,000 Licensing and maintenance fees --- 7,848,000 --- 7,848,000 Consulting fees --- 2,158,000 --- 2,158,000 Other public service fees --- 1,624,000 --- 1,624,000 Operating expenses 8,863,000 17,525,000 --- 26,388,000 Loss from operations (224,000 ) (5,895,000 ) --- (6,119,000 ) Dividends and interest income --- --- 2,539,000 2,539,000 Other income 21,000 --- --- 21,000 Interest expenses on note payable collateralized by real estate (51,000 ) --- --- (51,000 ) Interest expenses on margin loans --- --- (175,000 ) (175,000 ) Interest and penalty expense reversal for uncertain and unrecognized tax benefits --- 743,000 --- 743,000 Pretax income (loss) (254,000 ) (5,152,000 ) 2,364,000 (3,042,000 ) Income tax (expense) benefit (75,000 ) 5,120,000 (495,000 ) 4,550,000 Net income (loss) (329,000 ) (32,000 ) 1,869,000 1,508,000 Total assets 15,618,000 35,763,000 203,778,000 255,159,000 Capital expenditures 160,000 34,000 --- 194,000 Amortization of intangible assets --- 2,447,000 --- 2,447,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Six months ended March 31, 2016 Revenues Advertising $ 4,667,000 $ --- $ --- $ 4,667,000 Circulation 2,964,000 --- --- 2,964,000 Advertising service fees and other 1,294,000 --- --- 1,294,000 Licensing and maintenance fees --- 7,754,000 --- 7,754,000 Consulting fees --- 3,040,000 --- 3,040,000 Other public service fees --- 2,538,000 --- 2,538,000 Operating expenses 8,775,000 15,020,000 --- 23,795,000 Income (loss) from operations 150,000 (1,688,000 ) --- (1,538,000 ) Dividends and interest income --- --- 1,736,000 1,736,000 Other income 21,000 --- 9,000 30,000 Interest expenses on note payable collateralized by real estate (36,000 ) --- --- (36,000 ) Interest expenses on margin loans --- --- (126,000 ) (126,000 ) Interest expense accrued for uncertain and unrecognized tax benefits --- (49,000 ) --- (49,000 ) Pretax income (loss) 135,000 (1,737,000 ) 1,619,000 17,000 Income tax (expense) benefit (165,000 ) 670,000 (265,000 ) 240,000 Net income (loss) (30,000 ) (1,067,000 ) 1,354,000 257,000 Total assets 16,946,000 42,485,000 162,531,000 221,962,000 Capital expenditures, including purchase of Logan building 3,625,000 3,000 --- 3,628,000 Amortization of intangible assets 71,000 2,447,000 --- 2,518,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Three months ended March 31, 2017 Revenues Advertising $ 2,123,000 $ --- $ --- $ 2,123,000 Circulation 1,424,000 --- --- 1,424,000 Advertising service fees and other 695,000 --- --- 695,000 Licensing and maintenance fees --- 3,882,000 --- 3,882,000 Consulting fees --- 1,310,000 --- 1,310,000 Other public service fees --- 845,000 --- 845,000 Operating expenses 4,463,000 9,082,000 --- 13,545,000 Loss from operations (221,000 ) (3,045,000 ) --- (3,266,000 ) Dividends and interest income --- --- 1,368,000 1,368,000 Other income 6,000 --- --- 6,000 Interest expenses on note payable collateralized by real estate (25,000 ) --- --- (25,000 ) Interest expenses on margin loans --- --- (96,000 ) (96,000 ) Interest and penalty expense reversal for uncertain and unrecognized tax benefits --- 752,000 --- 752,000 Pretax income (loss) (240,000 ) (2,293,000 ) 1,272,000 (1,261,000 ) Income tax (expense) benefit (75,000 ) 4,345,000 (30,000 ) 4,240,000 Net income (loss) (315,000 ) 2,052,000 1,242,000 2,979,000 Total assets 15,618,000 35,763,000 203,778,000 255,159,000 Capital expenditures --- 7,000 --- 7,000 Amortization of intangible assets --- 1,223,000 --- 1,223,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Three months ended March 31, 2016 Revenues Advertising $ 2,346,000 $ --- $ --- $ 2,346,000 Circulation 1,458,000 --- --- 1,458,000 Advertising service fees and other 644,000 --- --- 644,000 Licensing and maintenance fees --- 4,107,000 --- 4,107,000 Consulting fees --- 1,664,000 --- 1,664,000 Other public service fees --- 1,223,000 --- 1,223,000 Operating expenses 4,422,000 7,596,000 --- 12,018,000 Income (loss) from operations 26,000 (602,000 ) --- (576,000 ) Dividends and interest income --- --- 833,000 833,000 Other income 14,000 --- --- 14,000 Interest expenses on note payable collateralized by real estate (27,000 ) --- --- (27,000 ) Interest expenses on margin loans --- --- (67,000 ) (67,000 ) Interest expense accrued for uncertain and unrecognized tax benefits --- (25,000 ) --- (25,000 ) Pretax income (loss) 13,000 (627,000 ) 766,000 152,000 Income tax (expense) benefit (115,000 ) 275,000 (105,000 ) 55,000 Net income (loss) (102,000 ) (352,000 ) 661,000 207,000 Total assets 16,946,000 42,485,000 162,531,000 221,962,000 Capital expenditures 84,000 3,000 --- 87,000 Amortization of intangible assets 36,000 1,223,000 --- 1,259,000

Note 12 - Subsequent Events

Note 12 - Subsequent Events	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	Note 12 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.

Note 5 - Intangible Assets (Tab

Note 5 - Intangible Assets (Tables)	6 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	Intangible Assets March 31, 2017 September 30, 2016 Customer Relationships Developed Technology Total Customer Relationships Developed Technology Total Gross intangibles $ 21,950,000 $ 2,525,000 $ 24,475,000 $ 22,104,000 $ 2,525,000 $ 24,629,000 Accumulated amortization (16,979,000 ) (1,990,000 ) (18,969,000 ) (14,938,000 ) (1,738,000 ) (16,676,000 ) $ 4,971,000 $ 535,000 $ 5,506,000 $ 7,166,000 $ 787,000 $ 7,953,000

Note 9 - Investments in Marke19

Note 9 - Investments in Marketable Securities (Tables)	6 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	March 31, 2017 September 30, 2016 (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 $ 195,894,000 $ 58,449,000 $ 137,445,000 $ 158,462,000 $ 53,436,000 $ 105,026,000 Bonds 7,884,000 4,943,000 2,941,000 8,172,000 4,942,000 3,230,000 Total $ 203,778,000 $ 63,392,000 $ 140,386,000 $ 166,634,000 $ 58,378,000 $ 108,256,000

Note 11 - Operating Segments (T

Note 11 - Operating Segments (Tables)	6 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Six months ended March 31, 2017 Revenues Advertising $ 4,433,000 $ --- $ --- $ 4,433,000 Circulation 2,873,000 --- --- 2,873,000 Advertising service fees and other 1,333,000 --- --- 1,333,000 Licensing and maintenance fees --- 7,848,000 --- 7,848,000 Consulting fees --- 2,158,000 --- 2,158,000 Other public service fees --- 1,624,000 --- 1,624,000 Operating expenses 8,863,000 17,525,000 --- 26,388,000 Loss from operations (224,000 ) (5,895,000 ) --- (6,119,000 ) Dividends and interest income --- --- 2,539,000 2,539,000 Other income 21,000 --- --- 21,000 Interest expenses on note payable collateralized by real estate (51,000 ) --- --- (51,000 ) Interest expenses on margin loans --- --- (175,000 ) (175,000 ) Interest and penalty expense reversal for uncertain and unrecognized tax benefits --- 743,000 --- 743,000 Pretax income (loss) (254,000 ) (5,152,000 ) 2,364,000 (3,042,000 ) Income tax (expense) benefit (75,000 ) 5,120,000 (495,000 ) 4,550,000 Net income (loss) (329,000 ) (32,000 ) 1,869,000 1,508,000 Total assets 15,618,000 35,763,000 203,778,000 255,159,000 Capital expenditures 160,000 34,000 --- 194,000 Amortization of intangible assets --- 2,447,000 --- 2,447,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Six months ended March 31, 2016 Revenues Advertising $ 4,667,000 $ --- $ --- $ 4,667,000 Circulation 2,964,000 --- --- 2,964,000 Advertising service fees and other 1,294,000 --- --- 1,294,000 Licensing and maintenance fees --- 7,754,000 --- 7,754,000 Consulting fees --- 3,040,000 --- 3,040,000 Other public service fees --- 2,538,000 --- 2,538,000 Operating expenses 8,775,000 15,020,000 --- 23,795,000 Income (loss) from operations 150,000 (1,688,000 ) --- (1,538,000 ) Dividends and interest income --- --- 1,736,000 1,736,000 Other income 21,000 --- 9,000 30,000 Interest expenses on note payable collateralized by real estate (36,000 ) --- --- (36,000 ) Interest expenses on margin loans --- --- (126,000 ) (126,000 ) Interest expense accrued for uncertain and unrecognized tax benefits --- (49,000 ) --- (49,000 ) Pretax income (loss) 135,000 (1,737,000 ) 1,619,000 17,000 Income tax (expense) benefit (165,000 ) 670,000 (265,000 ) 240,000 Net income (loss) (30,000 ) (1,067,000 ) 1,354,000 257,000 Total assets 16,946,000 42,485,000 162,531,000 221,962,000 Capital expenditures, including purchase of Logan building 3,625,000 3,000 --- 3,628,000 Amortization of intangible assets 71,000 2,447,000 --- 2,518,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Three months ended March 31, 2017 Revenues Advertising $ 2,123,000 $ --- $ --- $ 2,123,000 Circulation 1,424,000 --- --- 1,424,000 Advertising service fees and other 695,000 --- --- 695,000 Licensing and maintenance fees --- 3,882,000 --- 3,882,000 Consulting fees --- 1,310,000 --- 1,310,000 Other public service fees --- 845,000 --- 845,000 Operating expenses 4,463,000 9,082,000 --- 13,545,000 Loss from operations (221,000 ) (3,045,000 ) --- (3,266,000 ) Dividends and interest income --- --- 1,368,000 1,368,000 Other income 6,000 --- --- 6,000 Interest expenses on note payable collateralized by real estate (25,000 ) --- --- (25,000 ) Interest expenses on margin loans --- --- (96,000 ) (96,000 ) Interest and penalty expense reversal for uncertain and unrecognized tax benefits --- 752,000 --- 752,000 Pretax income (loss) (240,000 ) (2,293,000 ) 1,272,000 (1,261,000 ) Income tax (expense) benefit (75,000 ) 4,345,000 (30,000 ) 4,240,000 Net income (loss) (315,000 ) 2,052,000 1,242,000 2,979,000 Total assets 15,618,000 35,763,000 203,778,000 255,159,000 Capital expenditures --- 7,000 --- 7,000 Amortization of intangible assets --- 1,223,000 --- 1,223,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Three months ended March 31, 2016 Revenues Advertising $ 2,346,000 $ --- $ --- $ 2,346,000 Circulation 1,458,000 --- --- 1,458,000 Advertising service fees and other 644,000 --- --- 644,000 Licensing and maintenance fees --- 4,107,000 --- 4,107,000 Consulting fees --- 1,664,000 --- 1,664,000 Other public service fees --- 1,223,000 --- 1,223,000 Operating expenses 4,422,000 7,596,000 --- 12,018,000 Income (loss) from operations 26,000 (602,000 ) --- (576,000 ) Dividends and interest income --- --- 833,000 833,000 Other income 14,000 --- --- 14,000 Interest expenses on note payable collateralized by real estate (27,000 ) --- --- (27,000 ) Interest expenses on margin loans --- --- (67,000 ) (67,000 ) Interest expense accrued for uncertain and unrecognized tax benefits --- (25,000 ) --- (25,000 ) Pretax income (loss) 13,000 (627,000 ) 766,000 152,000 Income tax (expense) benefit (115,000 ) 275,000 (105,000 ) 55,000 Net income (loss) (102,000 ) (352,000 ) 661,000 207,000 Total assets 16,946,000 42,485,000 162,531,000 221,962,000 Capital expenditures 84,000 3,000 --- 87,000 Amortization of intangible assets 36,000 1,223,000 --- 1,259,000

Note 5 - Intangible Assets (Det

Note 5 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Finite-Lived Intangible Asset, Useful Life			5 years
Finite Lived Intangible Asset, Useful Life for Tax Purposes			15 years
Amortization of Intangible Assets	$ 1,223,000	$ 1,259,000	$ 2,447,000	$ 2,518,000

Note 5 - Intangible Assets - Su

Note 5 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($)	Mar. 31, 2017	Sep. 30, 2016
Gross intangibles	$ 24,475,000	$ 24,629,000
Accumulated amortization	(18,969,000)	(16,676,000)
	5,506,000	7,953,000
Customer Relationships [Member]
Gross intangibles	21,950,000	22,104,000
Accumulated amortization	(16,979,000)	(14,938,000)
	4,971,000	7,166,000
Developed Technology Rights [Member]
Gross intangibles	2,525,000	2,525,000
Accumulated amortization	(1,990,000)	(1,738,000)
	$ 535,000	$ 787,000

Note 6 - Goodwill (Details Text

Note 6 - Goodwill (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Goodwill, Useful Life for Tax Purposes	15 years
Goodwill, Impairment Loss	$ 0	$ 0

Note 7 - Revenue Recognition (D

Note 7 - Revenue Recognition (Details Textual)	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Product Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk, Percentage	57.00%	60.00%

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2014
Income Tax Expense (Benefit)	$ (4,240,000)	$ (55,000)	$ (4,550,000)	$ (240,000)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(1,261,000)	$ 152,000	(3,042,000)	$ 17,000
Liability for Uncertainty in Income Taxes, Noncurrent					$ 2,655,000
Unrecognized Tax Benefits, Accumulated Reduction	$ 743,000		743,000
Deferred Tax Liability, Reversal			$ 352,000
Effective Income Tax Rate Reconciliation, Percent			150.00%	(1412.00%)

Note 9 - Investments in Marke26

Note 9 - Investments in Marketable Securities (Details Textual) - USD ($)	Mar. 31, 2017	Sep. 30, 2016
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax	$ 140,386,000	$ 108,256,000
Deferred Tax Liabilities, Investments	$ 54,723,000	$ 42,250,000

Note 9 - Investments in Marke27

Note 9 - Investments in Marketable Securities - Summary of Investments (Details) - USD ($)	Mar. 31, 2017	Sep. 30, 2016
Aggregate fair value	$ 203,778,000	$ 166,634,000
Amortized/Adjusted cost basis	63,392,000	58,378,000
Pretax unrealized gains	140,386,000	108,256,000
Equity Securities [Member]
Aggregate fair value	195,894,000	158,462,000
Amortized/Adjusted cost basis	58,449,000	53,436,000
Pretax unrealized gains	137,445,000	105,026,000
Debt Securities [Member]
Aggregate fair value	7,884,000	8,172,000
Amortized/Adjusted cost basis	4,943,000	4,942,000
Pretax unrealized gains	$ 2,941,000	$ 3,230,000

Note 10 - Debt and Commitment28

Note 10 - Debt and Commitments and Contingencies (Details Textual)	1 Months Ended			3 Months Ended		6 Months Ended
	Nov. 30, 2015USD ($)ft²a	Sep. 30, 2013	Dec. 31, 2012USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)
Payments to Acquire Property, Plant, and Equipment				$ 7,000	$ 87,000	$ 194,000	$ 3,628,000
Operating Leases, Rent Expense						$ 356,000	$ 415,000
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
Margin Account [Member]
Proceeds from Issuance of Debt			$ 29,500,000
Margin Account [Member] | Fed Funds Rate [Member]
Debt Instrument, Basis Spread on Variable Rate		0.50%
Debt Instrument, Interest Rate, Effective Percentage				1.50%		1.50%
Real Estate Bank Loan Secured by Logan Office [Member]
Loans Payable to Bank	$ 2,260,000			$ 2,130,000		$ 2,130,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.66%
Debt Instrument, Periodic Payment	$ 17,600

Note 11 - Operating Segments -

Note 11 - Operating Segments - Summarized Financial Information for Reportable Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2016
Advertising	$ 2,123,000	$ 2,346,000	$ 4,433,000	$ 4,667,000
Circulation	1,424,000	1,458,000	2,873,000	2,964,000
Advertising service fees and other	695,000	644,000	1,333,000	1,294,000
Licensing and maintenance fees	3,882,000	4,107,000	7,848,000	7,754,000
Consulting fees	1,310,000	1,664,000	2,158,000	3,040,000
Other public service fees	845,000	1,223,000	1,624,000	2,538,000
Operating expenses	13,545,000	12,018,000	26,388,000	23,795,000
Loss from operations	(3,266,000)	(576,000)	(6,119,000)	(1,538,000)
Dividends and interest income	1,368,000	833,000	2,539,000	1,736,000
Other income and capital gains	6,000	14,000	21,000	30,000
Interest and penalty expense reversal for uncertain and unrecognized tax benefits	752,000	(25,000)	743,000	(49,000)
Pretax income (loss)	(1,261,000)	152,000	(3,042,000)	17,000
Income tax (expense) benefit	4,240,000	55,000	4,550,000	240,000
Net income	2,979,000	207,000	1,508,000	257,000
Total assets	255,159,000	221,962,000	255,159,000	221,962,000	$ 225,446,000
Payments to Acquire Property, Plant, and Equipment	7,000	87,000	194,000	3,628,000
Amortization of intangible assets	1,223,000	1,259,000	2,447,000	2,518,000
Operating expenses	13,545,000	12,018,000	26,388,000	23,795,000
Income (loss) from operations	(3,266,000)	(576,000)	(6,119,000)	(1,538,000)
Other income	6,000	14,000	21,000	30,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(1,261,000)	152,000	(3,042,000)	17,000
Real Estate Bank Loan Secured by Logan Office [Member]
Interest expense on debt	(25,000)	(27,000)	(51,000)	(36,000)
Margin Account [Member]
Interest expense on debt	(96,000)	(67,000)	(175,000)	(126,000)
Operating Segments [Member] | Traditional Business [Member]
Advertising	2,123,000	2,346,000	4,433,000	4,667,000
Circulation	1,424,000	1,458,000	2,873,000	2,964,000
Advertising service fees and other	695,000	644,000	1,333,000	1,294,000
Licensing and maintenance fees
Consulting fees
Other public service fees
Operating expenses	4,463,000	4,422,000	8,863,000	8,775,000
Loss from operations	(221,000)	26,000	(224,000)	150,000
Dividends and interest income
Other income and capital gains	6,000	14,000	21,000	21,000
Interest and penalty expense reversal for uncertain and unrecognized tax benefits
Pretax income (loss)	(240,000)	13,000	(254,000)	135,000
Income tax (expense) benefit	(75,000)	(115,000)	(75,000)	(165,000)
Net income	(315,000)	(102,000)	(329,000)	(30,000)
Total assets	15,618,000	16,946,000	15,618,000	16,946,000
Payments to Acquire Property, Plant, and Equipment		84,000	160,000	3,625,000
Amortization of intangible assets		36,000		71,000
Operating expenses	4,463,000	4,422,000	8,863,000	8,775,000
Income (loss) from operations	(221,000)	26,000	(224,000)	150,000
Other income	6,000	14,000	21,000	21,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(240,000)	13,000	(254,000)	135,000
Operating Segments [Member] | Traditional Business [Member] | Real Estate Bank Loan Secured by Logan Office [Member]
Interest expense on debt	(25,000)	(27,000)	(51,000)	(36,000)
Operating Segments [Member] | Traditional Business [Member] | Margin Account [Member]
Interest expense on debt
Operating Segments [Member] | Journal Technologies [Member]
Advertising
Circulation
Advertising service fees and other
Licensing and maintenance fees	3,882,000	4,107,000	7,848,000	7,754,000
Consulting fees	1,310,000	1,664,000	2,158,000	3,040,000
Other public service fees	845,000	1,223,000	1,624,000	2,538,000
Operating expenses	9,082,000	7,596,000	17,525,000	15,020,000
Loss from operations	(3,045,000)	(602,000)	(5,895,000)	(1,688,000)
Dividends and interest income
Other income and capital gains
Interest and penalty expense reversal for uncertain and unrecognized tax benefits	752,000	(25,000)	743,000	(49,000)
Pretax income (loss)	(2,293,000)	(627,000)	(5,152,000)	(1,737,000)
Income tax (expense) benefit	4,345,000	275,000	5,120,000	670,000
Net income	2,052,000	(352,000)	(32,000)	(1,067,000)
Total assets	35,763,000	42,485,000	35,763,000	42,485,000
Payments to Acquire Property, Plant, and Equipment	7,000	3,000	34,000	3,000
Amortization of intangible assets	1,223,000	1,223,000	2,447,000	2,447,000
Operating expenses	9,082,000	7,596,000	17,525,000	15,020,000
Income (loss) from operations	(3,045,000)	(602,000)	(5,895,000)	(1,688,000)
Other income
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	(2,293,000)	(627,000)	(5,152,000)	(1,737,000)
Operating Segments [Member] | Journal Technologies [Member] | Real Estate Bank Loan Secured by Logan Office [Member]
Interest expense on debt
Operating Segments [Member] | Journal Technologies [Member] | Margin Account [Member]
Interest expense on debt
Corporate, Non-Segment [Member]
Advertising
Circulation
Advertising service fees and other
Licensing and maintenance fees
Consulting fees
Other public service fees
Operating expenses
Loss from operations
Dividends and interest income	1,368,000	833,000	2,539,000	1,736,000
Other income and capital gains				9,000
Interest and penalty expense reversal for uncertain and unrecognized tax benefits
Pretax income (loss)	1,272,000	766,000	2,364,000	1,619,000
Income tax (expense) benefit	(30,000)	(105,000)	(495,000)	(265,000)
Net income	1,242,000	661,000	1,869,000	1,354,000
Total assets	203,778,000	162,531,000	203,778,000	162,531,000
Payments to Acquire Property, Plant, and Equipment
Amortization of intangible assets
Operating expenses
Income (loss) from operations
Other income				9,000
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest	1,272,000	766,000	2,364,000	1,619,000
Corporate, Non-Segment [Member] | Real Estate Bank Loan Secured by Logan Office [Member]
Interest expense on debt
Corporate, Non-Segment [Member] | Margin Account [Member]
Interest expense on debt	$ (96,000)	$ (67,000)	$ (175,000)	$ (126,000)