Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2018 | Nov. 30, 2018 | Mar. 31, 2018 | |
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 Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,380,746 | ||
Entity Public Float | $ 253,809 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Current assets | ||
Cash and cash equivalents | $ 9,301,000 | $ 3,384,000 |
Market securities | 212,296,000 | 229,265,000 |
Accounts receivable, less allowance for doubtful accounts of $200,000 at September 30, 2018 and September 30, 2017 | 4,803,000 | 5,358,000 |
Inventories | 46,000 | 40,000 |
Prepaid expenses and other current assets | 512,000 | 798,000 |
Income tax receivable | 270,000 | 909,000 |
Total current assets | 227,228,000 | 239,754,000 |
Property, plant and equipment, at cost | ||
Land, buildings and improvements | 16,422,000 | 16,396,000 |
Furniture, office equipment and computer software | 2,877,000 | 2,724,000 |
Machinery and equipment | 1,749,000 | 1,799,000 |
21,048,000 | 20,919,000 | |
Less accumulated depreciation | (9,828,000) | (9,292,000) |
11,220,000 | 11,627,000 | |
Intangibles, net | 3,058,000 | |
Goodwill | 13,400,000 | 13,400,000 |
Deferred income taxes - Federal | 9,269,000 | 10,652,000 |
Deferred income taxes - State | 2,881,000 | 2,217,000 |
263,998,000 | 280,708,000 | |
Current liabilities | ||
Accounts payable | 2,820,000 | 3,049,000 |
Accrued liabilities | 4,402,000 | 3,112,000 |
Note payable collateralized by real estate | 121,000 | 115,000 |
Total current liabilities | 27,257,000 | 24,074,000 |
Long term liabilities | ||
Investment margin account borrowings | 29,493,000 | 29,493,000 |
Note payable collateralized by real estate | 1,835,000 | 1,956,000 |
Deferred maintenance agreements | 176,000 | 759,000 |
Accrued liabilities | 170,000 | 135,000 |
Deferred income taxes | 42,151,000 | 64,550,000 |
Total long term liabilities | 73,825,000 | 96,893,000 |
Commitments and contingencies (Notes 4 and 5) | ||
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 September 30, 2018 and September 30, 2017 | 14,000 | 14,000 |
Additional paid-in capital | 1,755,000 | 1,755,000 |
Retained earnings | 45,361,000 | 57,150,000 |
Accumulated other comprehensive income | 115,786,000 | 100,822,000 |
Total shareholders' equity | 162,916,000 | 159,741,000 |
263,998,000 | 280,708,000 | |
Subscription and Circulation [Member] | ||
Current liabilities | ||
Deferred revenue | 3,174,000 | 3,284,000 |
Installation Contracts [Member] | ||
Current liabilities | ||
Deferred revenue | 2,554,000 | 5,072,000 |
License and Maintenance [Member] | ||
Current liabilities | ||
Deferred revenue | $ 14,186,000 | $ 9,442,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Market securities | $ 212,296,000 | $ 229,265,000 |
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 |
Common Stock [Member] | ||
Market securities | $ 212,296,000 | $ 220,973,000 |
Fixed Income Securities [Member] | ||
Market securities | $ 0 | $ 8,292,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue | |||
Revenues | $ 40,703,000 | $ 41,384,000 | $ 41,612,000 |
Costs and expenses | |||
Salaries and employee benefits | 33,832,000 | 31,749,000 | 27,381,000 |
Outside services | 4,287,000 | 4,552,000 | 3,729,000 |
Postage and delivery expenses | 857,000 | 1,112,000 | 1,141,000 |
Newsprint and printing expenses | 780,000 | 877,000 | 912,000 |
Depreciation and amortization | 3,678,000 | 5,586,000 | 5,709,000 |
Other general and administrative expenses | 11,329,000 | 10,675,000 | 9,380,000 |
54,763,000 | 54,551,000 | 48,252,000 | |
Loss from operations | (14,060,000) | (13,167,000) | (6,640,000) |
Other income (expenses) | |||
Dividends and interest income | 4,808,000 | 4,844,000 | 4,085,000 |
Other income | 37,000 | 34,000 | 61,000 |
Interest and penalty expense reversal (accrual) for uncertain and unrecognized tax benefits | (112,000) | ||
Interest and penalty expense reversal for uncertain and unrecognized tax benefits | 743,000 | ||
Capital gains on sales of marketable securities and others | 3,182,000 | ||
Other-than-temporary impairment losses on investments | (4,560,000) | 0 | |
Loss before taxes | (11,339,000) | (8,068,000) | (2,978,000) |
Benefit from income taxes | 19,540,000 | 7,150,000 | 1,935,000 |
Net income (loss) | $ 8,201,000 | $ (918,000) | $ (1,043,000) |
Weighted average number of common shares outstanding – basic and diluted (in shares) | 1,380,746 | 1,380,746 | 1,380,746 |
Basic and diluted net (loss) income per share (in dollars per share) | $ 5.94 | $ (0.66) | $ (0.76) |
Comprehensive income (loss) | |||
Net income (loss) | $ 8,201,000 | $ (918,000) | $ (1,043,000) |
Net change in unrealized appreciation of investments (net of tax benefits of $1,258,000 for fiscal 2018; net of taxes of $22,300,000 for fiscal 2017, and net of tax benefits of $1,028,000 for fiscal 2016) | (5,823,000) | 35,316,000 | (2,214,000) |
Reclassification adjustment of other-than-temporary impairment losses recognized in net income (net of taxes of $1,210,000, $0 and $0 for fiscal 2018, 2017 and 2016, respectively) | 3,350,000 | ||
5,728,000 | 34,398,000 | (3,257,000) | |
Real Estate Bank Loan Secured by Logan Office [Member] | |||
Other income (expenses) | |||
Interest expense on debt | (95,000) | (100,000) | (88,000) |
Margin Account [Member] | |||
Other income (expenses) | |||
Interest expense on debt | (651,000) | (422,000) | (284,000) |
Advertising [Member] | |||
Revenue | |||
Revenues | 9,112,000 | 9,104,000 | 9,854,000 |
Subscription and Circulation [Member] | |||
Revenue | |||
Revenues | 5,401,000 | 5,654,000 | 5,912,000 |
Advertising Service Fees and Other [Member] | |||
Revenue | |||
Revenues | 2,659,000 | 2,812,000 | 2,651,000 |
License and Maintenance [Member] | |||
Revenue | |||
Revenues | 17,225,000 | 16,037,000 | 14,758,000 |
Consulting Fees [Member] | |||
Revenue | |||
Revenues | 2,832,000 | 4,476,000 | 4,085,000 |
Service, Other [Member] | |||
Revenue | |||
Revenues | $ 3,474,000 | $ 3,301,000 | $ 4,352,000 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net change in unrealized appreciation of investments, taxes | $ 1,258,000 | $ 22,300,000 | $ 1,028,000 |
Reclassification adjustment of other-than-temporary impairment losses recognized in net income, taxes | $ 1,210,000 | $ 0 | $ 0 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Sep. 30, 2015 | 1,805,053 | (424,307) | ||||
Balance at Sep. 30, 2015 | $ 18,000 | $ (4,000) | $ 1,755,000 | $ 59,111,000 | $ 67,720,000 | $ 128,600,000 |
Net income (loss) | (1,043,000) | (1,043,000) | ||||
Unrealized losses on investments, net | (2,214,000) | (2,214,000) | ||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax, Total | ||||||
Balance (in shares) at Sep. 30, 2016 | 1,805,053 | (424,307) | ||||
Balance at Sep. 30, 2016 | $ 18,000 | $ (4,000) | 1,755,000 | 58,068,000 | 65,506,000 | 125,343,000 |
Net income (loss) | (918,000) | (918,000) | ||||
Unrealized losses on investments, net | 35,316,000 | 35,316,000 | ||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax, Total | ||||||
Balance (in shares) at Sep. 30, 2017 | 1,805,053 | (424,307) | ||||
Balance at Sep. 30, 2017 | $ 18,000 | $ (4,000) | 1,755,000 | 57,150,000 | 100,822,000 | 159,741,000 |
Net income (loss) | 8,201,000 | 8,201,000 | ||||
Unrealized losses on investments, net | (5,823,000) | (5,823,000) | ||||
Sale of bond investments (net of taxes) | (2,553,000) | (2,553,000) | ||||
Reclassification of stranded tax effects | (19,990,000) | 19,990,000 | ||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax, Total | 3,350,000 | 3,350,000 | ||||
Balance (in shares) at Sep. 30, 2018 | 1,805,053 | (424,307) | ||||
Balance at Sep. 30, 2018 | $ 18,000 | $ (4,000) | $ 1,755,000 | $ 45,361,000 | $ 115,786,000 | $ 162,916,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities | |||
Net income (loss) | $ 8,201,000 | $ (918,000) | $ (1,043,000) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | |||
Depreciation and amortization | 3,678,000 | 5,586,000 | 5,709,000 |
Gains on sales of marketable securities | (3,182,000) | ||
Deferred income taxes | (19,241,000) | (4,574,000) | (1,637,000) |
Discount earned on bonds | (3,000) | (3,000) | |
Other-than-temporary impairment losses on investments | 4,560,000 | ||
(Increase) decrease in current assets | |||
Accounts receivable, net | 555,000 | (651,000) | 966,000 |
Inventories | (6,000) | 1,000 | 7,000 |
Prepaid expenses and other assets | 286,000 | 2,000 | (116,000) |
Income tax receivable | 639,000 | (19,000) | (125,000) |
Increase (decrease) in liabilities | |||
Accounts payable | (229,000) | 405,000 | (1,568,000) |
Accrued liabilities | 1,325,000 | (143,000) | (209,000) |
Income taxes | (2,723,000) | (268,000) | |
Net cash (used in) provided by operating activities | (1,881,000) | (2,651,000) | 1,224,000 |
Cash flows from investing activities | |||
Sales of marketable securities | 8,125,000 | ||
Purchases of marketable securities | (5,013,000) | (3,832,000) | |
Purchases of property, plant and equipment, including the Logan Utah office building in fiscal 2016 | (212,000) | (253,000) | (3,779,000) |
Net cash provided by (used in) investing activities | 7,913,000 | (5,266,000) | (7,611,000) |
Cash flows from financing activities | |||
Note payable collateralized by real estate | 2,260,000 | ||
Payment of loan principal | (115,000) | (110,000) | (79,000) |
Net cash (used in) provided by financing activities | (115,000) | (110,000) | 2,181,000 |
Increase (decrease) in cash and cash equivalents | 5,917,000 | (8,027,000) | (4,206,000) |
Cash and cash equivalents | |||
Beginning of year | 3,384,000 | 11,411,000 | 15,617,000 |
End of year | 9,301,000 | 3,384,000 | 11,411,000 |
Interest paid during year | 736,000 | 516,000 | 361,000 |
Income taxes refunded during year | (1,077,000) | (3,000) | (13,000) |
Subscription and Circulation [Member] | |||
Increase (decrease) in liabilities | |||
Deferred revenue arrangements | (110,000) | (118,000) | (72,000) |
Installation Contracts [Member] | |||
Increase (decrease) in liabilities | |||
Deferred revenue arrangements | (2,518,000) | (2,268,000) | (1,284,000) |
License and Maintenance [Member] | |||
Increase (decrease) in liabilities | |||
Deferred revenue arrangements | $ 4,161,000 | $ 2,772,000 | $ 867,000 |
Note 1 - The Company and Operat
Note 1 - The Company and Operations | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Daily Journal Corporation (“Daily Journal”) 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, 2008; December 2012; September 2013. 500 42 Essentially all of the operations of Daily Journal and Journal Technologies are based in California, Arizona, Colorado and Utah. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Basis of Presentation: Certain reclassifications of previously reported amounts have been made to conform to the current year’s presentation. Concentrations of Credit Risk: The Company maintains the reserve account for estimated losses resulting from the inability of its customers to make required payments. If the financial condition of its customers were to deteriorate or its judgments about their abilities to pay are incorrect, additional allowances might be required and its results of operations could be materially affected. Cash Equivalents: three Fair Value of Financial Instruments: 1 820, Fair Value Measurement and Disclosures September 30, 2018, $212,296,000. $158,407,000 $42,151,000. three September 30, 2017, $229,265,000, $165,872,000 $64,550,000. All investments are classified as “Current assets” because they are available for sale at any time. In February 2018, $8,125,000, $3,180,000, $30,000 Investment in Financial Instruments September 30, 2018 September 30, 2017 Aggregate fair value Amortized/ Adjusted cost basis Pretax unrealized gains Aggregate fair value Amortized/ Adjusted cost basis Pretax unrealized gains Marketable securities Common stocks $ 212,296,000 $ 53,889,000 $ 158,407,000 $ 220,973,000 $ 58,449,000 $ 162,524,000 Bonds --- --- --- 8,292,000 4,944,000 3,348,000 $ 212,296,000 $ 53,889,000 $ 158,407,000 $ 229,265,000 $ 63,393,000 $ 165,872,000 The Company performed separate evaluations for equity securities with a fair value at September 30, 2018 2017 not September 30, 2018, one $4,560,000 $3,350,000 may 2017, no Intangible Assets: September 30, 2018 2017, $0 $2,776,000 $21,950,000 $19,174,000 $0 $282,000 $2,525,000 $2,243,000 five September 30, 2018. $3,058,000, $4,895,000 $5,037,000 2018, 2017 2016, Intangible Assets September 30, 2018 September 30, 2017 Customer Relationships Developed Technology Total Customer Relationships Developed Technology Total Gross intangible $ 21,950,000 $ 2,525,000 $ 24,475,000 $ 21,950,000 $ 2,525,000 $ 24,475,000 Accumulated amortization (21,950,000 ) (2,525,000 ) (24,475,000 ) (19,174,000 ) (2,243,000 ) (21,417,000 ) $ --- $ --- $ --- $ 2,776,000 $ 282,000 $ 3,058,000 Goodwill: 350, Intangibles — Goodwill and Other not may not no no 350. September 30, 2018 2017, $ 13,400,000 Prepaid Expenses and Other Current Assets: $0 $350,000 September 30, 2018 2017, 2013 not Inventories: first first not Property, plant and equipment: 3 39 September 30, 2018, 5 39 3 5 3 10 $620,000, $691,000 $672,000 2018, 2017 2016, Significant expenditures which extend the useful lives of existing assets are capitalized. Maintenance and repair costs are expensed as incurred. Gains or losses on dispositions of assets are reflected in current earnings. Impairment of Long-Lived Assets: may not no 2018 2017. Journal Technologies’ Software Development Costs: not The Company believes its process for developing software is essentially completed concurrent with the establishment of technological feasibility, and accordingly, no Revenue Recognition: The Company recognizes revenues in accordance with the provisions of ASU No. 2014 09, Revenue from Contracts with Customers (ASC Topic 606 October 1, 2017, 2018 For 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 agency commissions. Journal Technologies contracts may one third not third The adoption of ASC 606 no not Since the Company recognizes revenues when it can invoice the customer pursuant to the contract for the value of completed performance, as a practical expedient and because reliable estimates cannot be made, it has elected not not no not Approximately 58%, 58% 56% 2018, 2017 2016, The change in allowance for doubtful accounts is as follows: Allowance for Doubtful Accounts Description Balance at Beginning of Year Additions Charged to Costs and Expenses Accounts Charged off less Recoveries Balance at End of Year Fiscal 2018 Allowance for doubtful accounts $ 200,000 $ 6,000 $ (6,000 ) $ 200,000 Fiscal 2017 Allowance for doubtful accounts $ 200,000 $ 33,000 $ (33,000 ) $ 200,000 Fiscal 2016 Allowance for doubtful accounts $ 250,000 $ 5,000 $ (55,000 ) $ 200,000 Management Incentive Plan: 1987, 2003, three nine 65. In fiscal 2015, one 2015, 10 Certificate interests entitled participants to receive 6.09%, 5.12% 4.49% $367,400, $268,250 $271,350, 8.72%, 8.53% 8.30% $0, $0 $0 2018, 2017 2016, 8.2%, 8.2% 8.2% $0, $0 $0, 2018, 2017 2016, $170,000 $135,000 September 30, 2018 2017, 65. 2018 $35,000 $.03 2017 $75,000 $.06 6% 10 Income taxes: 740 10 two first not” second 50% no Net (loss) income per common share : 1,380,746 2018, 2017 2016. not Use of Estimates: 3 6% 10 Accounting Standards Adopted in Fiscal 2018 In November 2015, No. 2015 17, Income Taxes (Topic 740 October 1, 2017 no In February 2018, 220 10, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“AOCI”) December 15, 2018, first first January 1, 2018. not $19,960,000 In May 2014, No. 2014 09, Revenue from Contracts with Customers (ASC Topic 606 , 606 October 1, 2017 The Company has concluded that the adoption of the ASC Topic 606 2018 no not not 606, no New Accounting Pronouncements: In January 2016, No. 2016 01, Financial Instruments – Overall (Subtopic 825 10 December 15, 2017, 2019. October 1, 2018 may In February 2016, 2016 02, Leases (Topic 842 December 15, 2018, 2020. 2019 may In January 2017, No. 2017 04, Intangibles – Goodwill and Other (Topic 350 2 1, December 15, 2019, 2021. January 1, 2017. not may not No |
Note 3 - Income Taxes
Note 3 - Income Taxes | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 3. The benefit from income taxes consists of the following: 2018 2017 2016 Current: Federal $ (209,000 ) $ (2,570,000 ) $ (268,000 ) State (90,000 ) (6,000 ) (30,000 ) (299,000 ) (2,576,000 ) (298,000 ) Deferred: Federal (18,577,000 ) (3,854,000 ) (1,369,000 ) State (664,000 ) (720,000 ) (268,000 ) (19,241,000 ) (4,574,000 ) (1,637,000 ) $ (19,540,000 ) $ (7,150,000 ) $ (1,935,000 ) The difference between the statutory federal income tax rate and the Company’s effective rate is summarized below: 2018 2017 2016 Statutory federal income tax rate 24.3 % 34.0 % 34.0 % State franchise taxes (net of federal tax benefit) 5.7 6.2 5.2 Revalue of deferred taxes due to federal rate change 176.0 --- --- Effect of federal rate change on beginning net deferred tax liabilities (34.0 ) --- --- Business meals/gifts/other permanent differences (0.4 ) (0.8 ) (2.3 ) Domestic production activity deduction and deferred revenue (0.9 ) --- --- Dividends received deduction 5.8 10.0 24.5 Reversal of uncertain and unrecognized tax position --- 37.6 --- Penalties for uncertain and unrecognized tax benefits --- 2.0 --- Prior year true-up (1.8 ) 1.0 (2.0 ) Foreign tax credits --- 2.0 4.0 Effect of state rate change on beginning balance of deferred tax liabilities (0.7 ) (0.3 ) 1.4 Others (1.7 ) (3.0 ) 0.2 Effective tax rate 172.3 % 88.7 % 65.0 % The Company’s deferred income tax assets and liabilities were comprised of the following: 2018 2017 Deferred tax assets attributable to: Accrued liabilities, including supplemental compensation and vacation pay accrual $ (106,000 ) $ (69,000 ) Impairment losses on investments 2,215,000 1,376,000 Bad debt reserves not yet deductible 42,000 62,000 Depreciation and amortization 4,446,000 5,977,000 Deferred revenues 745,000 1,431,000 Net operating losses 4,643,000 3,100,000 Credits and other 455,000 1,303,000 Total deferred tax assets 12,440,000 13,180,000 Deferred tax liabilities attributable to: Unrealized gains on investments (42,151,000 ) (64,550,000 ) Goodwill (290,000 ) (311,000 ) Total deferred tax liabilities (42,441,000 ) (64,861,000 ) Net deferred income taxes $ (30,001,000 ) $ (51,681,000 ) The Tax Act reduced the maximum corporate income tax rate from 35% 21%, January 1, 2018. 24.28% 15, $16 2018 24.28% 2018 21% $20 $20 During fiscal 2018, $19,540,000 $11,339,000. On a pretax loss of $8,068,000 2017, $7,150,000 $2,665,000 2013. 2014 no $743,000. $352,000, On a pretax loss of $2,978,000 2016, $1,935,000. 172%, 89% 65% 2018, 2017 2016, The Company files consolidated federal income tax returns in the United States and with various state jurisdictions and is no 2015 2013 The Company has federal and state income tax net operating losses (“NOLs”). A portion of the fiscal 2017 September 30, 2018, $18.5 $6.2 4.3 2036 2038, Fiscal year ended Federal NOL California NOL Other State NOL (in millions) September 30, 2036 $ .8 $ --- $ --- September 30, 2037 6.5 .7 1.5 September 30, 2038 11.2 5.5 2.8 The Company believes it is more likely than not not |
Note 4 - Debts and Commitments
Note 4 - Debts and Commitments | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 4. During fiscal 2013, $29.5 two 50 September 30, 2018 2.50%. not In November 2015, 30,700 1998 3.6 $1.24 $2.26 4.66% $17,600 2030. $1.96 September 30, 2018. The Company also owns its facilities in Los Angeles and leases space for its other offices under operating leases which expire at various dates through fiscal 2021. 2014, five October 31, 2019 $28,000 6,200 2017, 9,800 August 2020) $21,000. The Company is responsible for a portion of maintenance, insurance and property tax expenses relating to the leased properties. Rental expenses for fiscal years 2018, 2017 2016 $996,000, $742,000 $745,000, The following table represents the Company’s future obligations: Payments due by Fiscal Year 2019 2020 2021 2022 2023 2024 and after Total Real estate loan $ 121,000 $ 126,000 $ 133,000 $ 139,000 $ 146,000 $ 1,291,000 $ 1,956,000 Obligations under operating leases 848,000 331,000 19,000 --- --- --- 1,198,000 Long-term accrued liabilities* --- 20,000 6,000 4,000 12,000 128,000 170,000 $ 969,000 $ 477,000 $ 158,000 $ 143,000 $ 158,000 $ 1,419,000 $ 3,324,000 * The long-term accrued liabilities for the Management Incentive Plan are discounted to the present value using a discount rate of 6%. |
Note 5 - Contingencies
Note 5 - Contingencies | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 5. From time to time, the Company is subject to litigation arising in the normal course of its business. While it is not not |
Note 6 - Reportable Segments
Note 6 - Reportable Segments | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 6. An operating segment is defined as a component of an enterprise which has discrete financial information that is evaluated regularly by the Company’s Chief Executive Officer to decide how to allocate resources and to access performance. In accordance with ASC 280 10, Segment Reporting two Summarized financial information concerning the Company’s reportable segments and Corporate income and expenses is shown in the following table: Reportable Segments Traditional Business Journal Technologies Corporate Total Fiscal 2018 Revenues Advertising, net $ 9,112,000 $ --- $ --- $ 9,112,000 Circulation 5,401,000 --- --- 5,401,000 Advertising service fees and other 2,659,000 --- --- 2,659,000 Licensing and maintenance fees --- 17,225,000 --- 17,225,000 Consulting fees --- 2,832,000 --- 2,832,000 Other public service fees --- 3,474,000 --- 3,474,000 Operating expenses 16,840,000 37,923,000 --- 54,763,000 Income (loss) from operations 332,000 (14,392,000 ) --- (14,060,000 ) Dividends and interest income --- --- 4,808,000 4,808,000 Other income --- --- 37,000 37,000 Interest expense on note payable collateralized by real estate (95,000 ) --- --- (95,000 ) Interest expense on margin loans --- --- (651,000 ) (651,000 ) Capital gains on sales of marketable securities and others --- --- 3,182,000 3,182,000 Other-than-temporary impairment losses on investments --- --- (4,560,000 ) (4,560,000 ) Pretax (loss) income 237,000 (14,392,000 ) 2,816,000 (11,339,000 ) Income tax benefit 490,000 695,000 18,355,000 19,540,000 Net (loss) income 727,000 (13,697,000 ) 21,171,000 8,201,000 Total assets 19,602,000 29,885,000 214,511,000 263,998,000 Capital expenditures 212,000 --- --- 212,000 Amortization of intangible assets --- 3,058,000 --- 3,058,000 Reportable Segments Traditional Business Journal Technologies Corporate Total Fiscal 2017 Revenues Advertising, net $ 9,104,000 $ --- $ --- $ 9,104,000 Circulation 5,654,000 --- --- 5,654,000 Advertising service fees and other 2,812,000 --- --- 2,812,000 Licensing and maintenance fees --- 16,037,000 --- 16,037,000 Consulting fees --- 4,476,000 --- 4,476,000 Other public service fees --- 3,301,000 --- 3,301,000 Operating expenses 17,852,000 36,699,000 --- 54,551,000 Loss from operations (282,000 ) (12,885,000 ) --- (13,167,000 ) Dividends and interest income --- --- 4,844,000 4,844,000 Other income 22,000 --- 12,000 34,000 Interest expense on note payable collateralized by real estate (100,000 ) --- --- (100,000 ) Interest expense on margin loans --- --- (422,000 ) (422,000 ) Interest and penalty expense reversal for uncertain and unrecognized tax benefits --- 743,000 --- 743,000 Pretax (loss) income (360,000 ) (12,142,000 ) 4,434,000 (8,068,000 ) Income tax benefit (expense) (2,000 ) 7,910,000 (758,000 ) 7,150,000 Net (loss) income (362,000 ) (4,232,000 ) 3,676,000 (918,000 ) Total assets 16,606,000 33,461,000 230,641,000 280,708,000 Capital expenditures 160,000 93,000 --- 253,000 Amortization of intangible assets --- 4,895,000 --- 4,895,000 Reportable Segments Traditional Business Journal Technologies Corporate Total Fiscal 2016 Revenues Advertising, net $ 9,854,000 $ --- $ --- $ 9,854,000 Circulation 5,912,000 --- --- 5,912,000 Advertising service fees and other 2,651,000 --- --- 2,651,000 Licensing and maintenance fees --- 14,758,000 --- 14,758,000 Consulting fees --- 4,085,000 --- 4,085,000 Other public service fees --- 4,352,000 --- 4,352,000 Operating expenses 17,240,000 31,012,000 --- 48,252,000 Income (loss) from operations 1,177,000 (7,817,000 ) --- (6,640,000 ) Dividends and interest income --- --- 4,085,000 4,085,000 Other income 52,000 --- 9,000 61,000 Interest expense on note payable collateralized by real estate (88,000 ) --- --- (88,000 ) Interest expense on margin loans --- --- (284,000 ) (284,000 ) Interest expense accrued for uncertain and unrecognized tax benefits --- (112,000 ) --- (112,000 ) Pretax income (loss) 1,141,000 (7,929,000 ) 3,810,000 (2,978,000 ) Income tax benefit (expense) (530,000 ) 3,140,000 (675,000 ) 1,935,000 Net income (loss) 611,000 (4,789,000 ) 3,135,000 (1,043,000 ) Total assets 17,644,000 39,786,000 168,016,000 225,446,000 Capital expenditures, including purchase of Logan building 3,662,000 117,000 --- 3,779,000 Amortization of intangible assets 142,000 4,895,000 --- 5,037,000 During fiscal 2018, 2017 2016, $17,172,000, $17,570,000 $18,417,000 $11,771,000, $11,916,000 $12,505,000, $5,401,000, $5,654,000 $5,912,000, $23,531,000, $23,814,000 $23,195,000, $7,437,000, $8,618,000 $9,735,000, $16,094,000, $15,196,000 $13,460,000, |
Note 7 - Results of Operations
Note 7 - Results of Operations by Quarter (Unaudited) | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 7. Quarter ended December 31 March 31 June 30 September 30 (in thousands except per share amounts) 2018 Revenues $ 10,252 $ 9,338 $ 11,007 $ 10,106 Costs and expenses 13,697 13,711 13,716 13,639 Loss from operations (3,445 ) (4,373 ) (2,709 ) (3,533 ) Other income, net 1,334 4,041 1,027 879 Other-than-temporary impairment losses on investments --- --- --- (4,560 ) Loss before taxes (2,111 ) (332 ) (1,682 ) (7,214 ) Benefits from income taxes 16,850 100 710 1,880 Net income (loss) 14,739 (232 ) (972 ) (5,334 ) Basic and diluted net income (loss) per share 10.67 (.17 ) (.70 ) (3.86 ) 2017 Revenues $ 9,990 $ 10,279 $ 10,201 $ 10,914 Costs and expenses 12,843 13,545 13,834 14,329 Loss from operations (2,853 ) (3,266 ) (3,633 ) (3,415 ) Other income, net 1,072 2,005 817 1,205 Income (loss) before taxes (1,781 ) (1,261 ) (2,816 ) (2,210 ) Benefits from income taxes 310 4,240 1,465 1,135 Net (loss) income (1,471 ) 2,979 (1,351 ) (1,075 ) Basic and diluted net income (loss) per share (1.07 ) 2.16 (.98 ) (.77 ) |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 8. The Company has completed an evaluation of all subsequent events through the issuance date of these financial statements and concluded that no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation: |
Reclassification, Policy [Policy Text Block] | Certain reclassifications of previously reported amounts have been made to conform to the current year’s presentation. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk: The Company maintains the reserve account for estimated losses resulting from the inability of its customers to make required payments. If the financial condition of its customers were to deteriorate or its judgments about their abilities to pay are incorrect, additional allowances might be required and its results of operations could be materially affected. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents: three |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments: 1 820, Fair Value Measurement and Disclosures September 30, 2018, $212,296,000. $158,407,000 $42,151,000. three September 30, 2017, $229,265,000, $165,872,000 $64,550,000. All investments are classified as “Current assets” because they are available for sale at any time. In February 2018, $8,125,000, $3,180,000, $30,000 Investment in Financial Instruments September 30, 2018 September 30, 2017 Aggregate fair value Amortized/ Adjusted cost basis Pretax unrealized gains Aggregate fair value Amortized/ Adjusted cost basis Pretax unrealized gains Marketable securities Common stocks $ 212,296,000 $ 53,889,000 $ 158,407,000 $ 220,973,000 $ 58,449,000 $ 162,524,000 Bonds --- --- --- 8,292,000 4,944,000 3,348,000 $ 212,296,000 $ 53,889,000 $ 158,407,000 $ 229,265,000 $ 63,393,000 $ 165,872,000 The Company performed separate evaluations for equity securities with a fair value at September 30, 2018 2017 not September 30, 2018, one $4,560,000 $3,350,000 may 2017, no |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Intangible Assets: September 30, 2018 2017, $0 $2,776,000 $21,950,000 $19,174,000 $0 $282,000 $2,525,000 $2,243,000 five September 30, 2018. $3,058,000, $4,895,000 $5,037,000 2018, 2017 2016, Intangible Assets September 30, 2018 September 30, 2017 Customer Relationships Developed Technology Total Customer Relationships Developed Technology Total Gross intangible $ 21,950,000 $ 2,525,000 $ 24,475,000 $ 21,950,000 $ 2,525,000 $ 24,475,000 Accumulated amortization (21,950,000 ) (2,525,000 ) (24,475,000 ) (19,174,000 ) (2,243,000 ) (21,417,000 ) $ --- $ --- $ --- $ 2,776,000 $ 282,000 $ 3,058,000 Goodwill: 350, Intangibles — Goodwill and Other not may not no no 350. September 30, 2018 2017, $ 13,400,000 |
Prepaid and Other Current Assets Policy [Policy Text Block] | Prepaid Expenses and Other Current Assets: $0 $350,000 September 30, 2018 2017, 2013 not |
Inventory, Policy [Policy Text Block] | Inventories: first first not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment: 3 39 September 30, 2018, 5 39 3 5 3 10 $620,000, $691,000 $672,000 2018, 2017 2016, Significant expenditures which extend the useful lives of existing assets are capitalized. Maintenance and repair costs are expensed as incurred. Gains or losses on dispositions of assets are reflected in current earnings. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets: may not no 2018 2017. |
Research, Development, and Computer Software, Policy [Policy Text Block] | Journal Technologies’ Software Development Costs: not The Company believes its process for developing software is essentially completed concurrent with the establishment of technological feasibility, and accordingly, no |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: The Company recognizes revenues in accordance with the provisions of ASU No. 2014 09, Revenue from Contracts with Customers (ASC Topic 606 October 1, 2017, 2018 For 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 agency commissions. Journal Technologies contracts may one third not third The adoption of ASC 606 no not Since the Company recognizes revenues when it can invoice the customer pursuant to the contract for the value of completed performance, as a practical expedient and because reliable estimates cannot be made, it has elected not not no not Approximately 58%, 58% 56% 2018, 2017 2016, The change in allowance for doubtful accounts is as follows: Allowance for Doubtful Accounts Description Balance at Beginning of Year Additions Charged to Costs and Expenses Accounts Charged off less Recoveries Balance at End of Year Fiscal 2018 Allowance for doubtful accounts $ 200,000 $ 6,000 $ (6,000 ) $ 200,000 Fiscal 2017 Allowance for doubtful accounts $ 200,000 $ 33,000 $ (33,000 ) $ 200,000 Fiscal 2016 Allowance for doubtful accounts $ 250,000 $ 5,000 $ (55,000 ) $ 200,000 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Management Incentive Plan: 1987, 2003, three nine 65. In fiscal 2015, one 2015, 10 Certificate interests entitled participants to receive 6.09%, 5.12% 4.49% $367,400, $268,250 $271,350, 8.72%, 8.53% 8.30% $0, $0 $0 2018, 2017 2016, 8.2%, 8.2% 8.2% $0, $0 $0, 2018, 2017 2016, $170,000 $135,000 September 30, 2018 2017, 65. 2018 $35,000 $.03 2017 $75,000 $.06 6% 10 |
Income Tax, Policy [Policy Text Block] | Income taxes: 740 10 two first not” second 50% no |
Earnings Per Share, Policy [Policy Text Block] | Net (loss) income per common share : 1,380,746 2018, 2017 2016. not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: 3 6% 10 |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Adopted in Fiscal 2018 In November 2015, No. 2015 17, Income Taxes (Topic 740 October 1, 2017 no In February 2018, 220 10, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“AOCI”) December 15, 2018, first first January 1, 2018. not $19,960,000 In May 2014, No. 2014 09, Revenue from Contracts with Customers (ASC Topic 606 , 606 October 1, 2017 The Company has concluded that the adoption of the ASC Topic 606 2018 no not not 606, no New Accounting Pronouncements: In January 2016, No. 2016 01, Financial Instruments – Overall (Subtopic 825 10 December 15, 2017, 2019. October 1, 2018 may In February 2016, 2016 02, Leases (Topic 842 December 15, 2018, 2020. 2019 may In January 2017, No. 2017 04, Intangibles – Goodwill and Other (Topic 350 2 1, December 15, 2019, 2021. January 1, 2017. not may not No |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | September 30, 2018 September 30, 2017 Aggregate fair value Amortized/ Adjusted cost basis Pretax unrealized gains Aggregate fair value Amortized/ Adjusted cost basis Pretax unrealized gains Marketable securities Common stocks $ 212,296,000 $ 53,889,000 $ 158,407,000 $ 220,973,000 $ 58,449,000 $ 162,524,000 Bonds --- --- --- 8,292,000 4,944,000 3,348,000 $ 212,296,000 $ 53,889,000 $ 158,407,000 $ 229,265,000 $ 63,393,000 $ 165,872,000 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2018 September 30, 2017 Customer Relationships Developed Technology Total Customer Relationships Developed Technology Total Gross intangible $ 21,950,000 $ 2,525,000 $ 24,475,000 $ 21,950,000 $ 2,525,000 $ 24,475,000 Accumulated amortization (21,950,000 ) (2,525,000 ) (24,475,000 ) (19,174,000 ) (2,243,000 ) (21,417,000 ) $ --- $ --- $ --- $ 2,776,000 $ 282,000 $ 3,058,000 |
Valuation and Qualifying Accounts [Table Text Block] | Description Balance at Beginning of Year Additions Charged to Costs and Expenses Accounts Charged off less Recoveries Balance at End of Year Fiscal 2018 Allowance for doubtful accounts $ 200,000 $ 6,000 $ (6,000 ) $ 200,000 Fiscal 2017 Allowance for doubtful accounts $ 200,000 $ 33,000 $ (33,000 ) $ 200,000 Fiscal 2016 Allowance for doubtful accounts $ 250,000 $ 5,000 $ (55,000 ) $ 200,000 |
Note 3 - Income Taxes (Tables)
Note 3 - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2018 2017 2016 Current: Federal $ (209,000 ) $ (2,570,000 ) $ (268,000 ) State (90,000 ) (6,000 ) (30,000 ) (299,000 ) (2,576,000 ) (298,000 ) Deferred: Federal (18,577,000 ) (3,854,000 ) (1,369,000 ) State (664,000 ) (720,000 ) (268,000 ) (19,241,000 ) (4,574,000 ) (1,637,000 ) $ (19,540,000 ) $ (7,150,000 ) $ (1,935,000 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2018 2017 2016 Statutory federal income tax rate 24.3 % 34.0 % 34.0 % State franchise taxes (net of federal tax benefit) 5.7 6.2 5.2 Revalue of deferred taxes due to federal rate change 176.0 --- --- Effect of federal rate change on beginning net deferred tax liabilities (34.0 ) --- --- Business meals/gifts/other permanent differences (0.4 ) (0.8 ) (2.3 ) Domestic production activity deduction and deferred revenue (0.9 ) --- --- Dividends received deduction 5.8 10.0 24.5 Reversal of uncertain and unrecognized tax position --- 37.6 --- Penalties for uncertain and unrecognized tax benefits --- 2.0 --- Prior year true-up (1.8 ) 1.0 (2.0 ) Foreign tax credits --- 2.0 4.0 Effect of state rate change on beginning balance of deferred tax liabilities (0.7 ) (0.3 ) 1.4 Others (1.7 ) (3.0 ) 0.2 Effective tax rate 172.3 % 88.7 % 65.0 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2018 2017 Deferred tax assets attributable to: Accrued liabilities, including supplemental compensation and vacation pay accrual $ (106,000 ) $ (69,000 ) Impairment losses on investments 2,215,000 1,376,000 Bad debt reserves not yet deductible 42,000 62,000 Depreciation and amortization 4,446,000 5,977,000 Deferred revenues 745,000 1,431,000 Net operating losses 4,643,000 3,100,000 Credits and other 455,000 1,303,000 Total deferred tax assets 12,440,000 13,180,000 Deferred tax liabilities attributable to: Unrealized gains on investments (42,151,000 ) (64,550,000 ) Goodwill (290,000 ) (311,000 ) Total deferred tax liabilities (42,441,000 ) (64,861,000 ) Net deferred income taxes $ (30,001,000 ) $ (51,681,000 ) |
Summary of Operating Loss Carryforwards [Table Text Block] | Fiscal year ended Federal NOL California NOL Other State NOL (in millions) September 30, 2036 $ .8 $ --- $ --- September 30, 2037 6.5 .7 1.5 September 30, 2038 11.2 5.5 2.8 |
Note 4 - Debts and Commitments
Note 4 - Debts and Commitments (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] | Payments due by Fiscal Year 2019 2020 2021 2022 2023 2024 and after Total Real estate loan $ 121,000 $ 126,000 $ 133,000 $ 139,000 $ 146,000 $ 1,291,000 $ 1,956,000 Obligations under operating leases 848,000 331,000 19,000 --- --- --- 1,198,000 Long-term accrued liabilities* --- 20,000 6,000 4,000 12,000 128,000 170,000 $ 969,000 $ 477,000 $ 158,000 $ 143,000 $ 158,000 $ 1,419,000 $ 3,324,000 |
Note 6 - Reportable Segments (T
Note 6 - Reportable Segments (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Reportable Segments Traditional Business Journal Technologies Corporate Total Fiscal 2018 Revenues Advertising, net $ 9,112,000 $ --- $ --- $ 9,112,000 Circulation 5,401,000 --- --- 5,401,000 Advertising service fees and other 2,659,000 --- --- 2,659,000 Licensing and maintenance fees --- 17,225,000 --- 17,225,000 Consulting fees --- 2,832,000 --- 2,832,000 Other public service fees --- 3,474,000 --- 3,474,000 Operating expenses 16,840,000 37,923,000 --- 54,763,000 Income (loss) from operations 332,000 (14,392,000 ) --- (14,060,000 ) Dividends and interest income --- --- 4,808,000 4,808,000 Other income --- --- 37,000 37,000 Interest expense on note payable collateralized by real estate (95,000 ) --- --- (95,000 ) Interest expense on margin loans --- --- (651,000 ) (651,000 ) Capital gains on sales of marketable securities and others --- --- 3,182,000 3,182,000 Other-than-temporary impairment losses on investments --- --- (4,560,000 ) (4,560,000 ) Pretax (loss) income 237,000 (14,392,000 ) 2,816,000 (11,339,000 ) Income tax benefit 490,000 695,000 18,355,000 19,540,000 Net (loss) income 727,000 (13,697,000 ) 21,171,000 8,201,000 Total assets 19,602,000 29,885,000 214,511,000 263,998,000 Capital expenditures 212,000 --- --- 212,000 Amortization of intangible assets --- 3,058,000 --- 3,058,000 Reportable Segments Traditional Business Journal Technologies Corporate Total Fiscal 2017 Revenues Advertising, net $ 9,104,000 $ --- $ --- $ 9,104,000 Circulation 5,654,000 --- --- 5,654,000 Advertising service fees and other 2,812,000 --- --- 2,812,000 Licensing and maintenance fees --- 16,037,000 --- 16,037,000 Consulting fees --- 4,476,000 --- 4,476,000 Other public service fees --- 3,301,000 --- 3,301,000 Operating expenses 17,852,000 36,699,000 --- 54,551,000 Loss from operations (282,000 ) (12,885,000 ) --- (13,167,000 ) Dividends and interest income --- --- 4,844,000 4,844,000 Other income 22,000 --- 12,000 34,000 Interest expense on note payable collateralized by real estate (100,000 ) --- --- (100,000 ) Interest expense on margin loans --- --- (422,000 ) (422,000 ) Interest and penalty expense reversal for uncertain and unrecognized tax benefits --- 743,000 --- 743,000 Pretax (loss) income (360,000 ) (12,142,000 ) 4,434,000 (8,068,000 ) Income tax benefit (expense) (2,000 ) 7,910,000 (758,000 ) 7,150,000 Net (loss) income (362,000 ) (4,232,000 ) 3,676,000 (918,000 ) Total assets 16,606,000 33,461,000 230,641,000 280,708,000 Capital expenditures 160,000 93,000 --- 253,000 Amortization of intangible assets --- 4,895,000 --- 4,895,000 Reportable Segments Traditional Business Journal Technologies Corporate Total Fiscal 2016 Revenues Advertising, net $ 9,854,000 $ --- $ --- $ 9,854,000 Circulation 5,912,000 --- --- 5,912,000 Advertising service fees and other 2,651,000 --- --- 2,651,000 Licensing and maintenance fees --- 14,758,000 --- 14,758,000 Consulting fees --- 4,085,000 --- 4,085,000 Other public service fees --- 4,352,000 --- 4,352,000 Operating expenses 17,240,000 31,012,000 --- 48,252,000 Income (loss) from operations 1,177,000 (7,817,000 ) --- (6,640,000 ) Dividends and interest income --- --- 4,085,000 4,085,000 Other income 52,000 --- 9,000 61,000 Interest expense on note payable collateralized by real estate (88,000 ) --- --- (88,000 ) Interest expense on margin loans --- --- (284,000 ) (284,000 ) Interest expense accrued for uncertain and unrecognized tax benefits --- (112,000 ) --- (112,000 ) Pretax income (loss) 1,141,000 (7,929,000 ) 3,810,000 (2,978,000 ) Income tax benefit (expense) (530,000 ) 3,140,000 (675,000 ) 1,935,000 Net income (loss) 611,000 (4,789,000 ) 3,135,000 (1,043,000 ) Total assets 17,644,000 39,786,000 168,016,000 225,446,000 Capital expenditures, including purchase of Logan building 3,662,000 117,000 --- 3,779,000 Amortization of intangible assets 142,000 4,895,000 --- 5,037,000 |
Note 7 - Results of Operation_2
Note 7 - Results of Operations by Quarter (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter ended December 31 March 31 June 30 September 30 (in thousands except per share amounts) 2018 Revenues $ 10,252 $ 9,338 $ 11,007 $ 10,106 Costs and expenses 13,697 13,711 13,716 13,639 Loss from operations (3,445 ) (4,373 ) (2,709 ) (3,533 ) Other income, net 1,334 4,041 1,027 879 Other-than-temporary impairment losses on investments --- --- --- (4,560 ) Loss before taxes (2,111 ) (332 ) (1,682 ) (7,214 ) Benefits from income taxes 16,850 100 710 1,880 Net income (loss) 14,739 (232 ) (972 ) (5,334 ) Basic and diluted net income (loss) per share 10.67 (.17 ) (.70 ) (3.86 ) 2017 Revenues $ 9,990 $ 10,279 $ 10,201 $ 10,914 Costs and expenses 12,843 13,545 13,834 14,329 Loss from operations (2,853 ) (3,266 ) (3,633 ) (3,415 ) Other income, net 1,072 2,005 817 1,205 Income (loss) before taxes (1,781 ) (1,261 ) (2,816 ) (2,210 ) Benefits from income taxes 310 4,240 1,465 1,135 Net (loss) income (1,471 ) 2,979 (1,351 ) (1,075 ) Basic and diluted net income (loss) per share (1.07 ) 2.16 (.98 ) (.77 ) |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Feb. 28, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Available-for-sale Securities, Total | $ 212,296,000 | $ 212,296,000 | $ 229,265,000 | |||||
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax, Total | 158,407,000 | 158,407,000 | 165,872,000 | |||||
Deferred Tax Liabilities, Investments | 42,151,000 | 42,151,000 | 64,550,000 | |||||
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net, Available-for-sale Securities | 4,560,000 | 4,560,000 | 0 | |||||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI for Write-down of Securities, Net of Tax, Total | 3,350,000 | |||||||
Finite-Lived Intangible Assets, Net, Ending Balance | 3,058,000 | |||||||
Finite-Lived Intangible Assets, Accumulated Amortization | 24,475,000 | $ 24,475,000 | 21,417,000 | |||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 3,058,000 | $ 3,058,000 | ||||||
Amortization of Intangible Assets, Total | 3,058,000 | 4,895,000 | 5,037,000 | |||||
Goodwill, Ending Balance | 13,400,000 | 13,400,000 | 13,400,000 | |||||
Depreciation, Total | $ 620,000 | $ 691,000 | $ 672,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 1,380,746 | 1,380,746 | 1,380,746 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 19,960,000 | $ 19,960,000 | ||||||
Measurement Input, Discount Rate [Member] | ||||||||
Incentive Plan Future Commitment, Measurement Input | 6.00% | 6.00% | ||||||
Management Incentive Plan, Future Commitment [Member] | ||||||||
Other Accrued Liabilities | $ 170,000 | $ 170,000 | $ 135,000 | |||||
Increase (Decrease) in Other Accrued Liabilities | $ 35,000 | $ 75,000 | ||||||
Other Accrued Liabilities Impact on Earnings Per Share | $ 0.03 | $ 0.06 | ||||||
Daily Journal Non-Consolidated [Member] | ||||||||
Management Incentive Plan Total Percentage of Pre Tax Earnings | 6.09% | 5.12% | 4.49% | |||||
Management Incentive Plan Total Amount Paid | $ 367,400 | $ 268,250 | $ 271,350 | |||||
Journal Technologies [Member] | ||||||||
Management Incentive Plan Total Percentage of Pre Tax Earnings | 8.72% | 8.53% | 8.30% | |||||
Management Incentive Plan Total Amount Paid | $ 0 | $ 0 | $ 0 | |||||
Daily Journal Consolidated [Member] | ||||||||
Management Incentive Plan Total Percentage of Pre Tax Earnings | 8.20% | 8.20% | 8.20% | |||||
Management Incentive Plan Total Amount Paid | $ 0 | $ 0 | $ 0 | |||||
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||||
Concentration Risk, Percentage | 58.00% | 58.00% | 56.00% | |||||
Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||
Minimum [Member] | Building and Building Improvements [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||||
Minimum [Member] | Furniture, Office Equipment, and Software [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||
Minimum [Member] | Machinery and Equipment [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||
Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 39 years | |||||||
Maximum [Member] | Building and Building Improvements [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 39 years | |||||||
Maximum [Member] | Furniture, Office Equipment, and Software [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||||
Maximum [Member] | Machinery and Equipment [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 10 years | |||||||
Prepaid Expenses and Other Current Assets [Member] | New Dawn [Member] | ||||||||
Contract with Customer, Asset, Net, Current, Total | 0 | $ 0 | $ 350,000 | |||||
Customer Relationships [Member] | ||||||||
Finite-Lived Intangible Assets, Net, Ending Balance | 0 | 0 | 2,776,000 | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | 21,950,000 | 21,950,000 | 19,174,000 | |||||
Developed Technology Rights [Member] | ||||||||
Finite-Lived Intangible Assets, Net, Ending Balance | 0 | 0 | 282,000 | |||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 2,525,000 | $ 2,525,000 | $ 2,243,000 | |||||
Bonds [Member] | ||||||||
Proceeds from Sale of Available-for-sale Securities, Total | $ 8,125,000 | |||||||
Debt Securities, Available-for-sale, Realized Gain (Loss), Total | 3,180,000 | |||||||
Reclassification of Tax Effect from AOCI to Retained Earnings | $ 30,000 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Investment in Financial Instruments (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Marketable securities, fair value | $ 212,296,000 | $ 229,265,000 |
Marketable securities, amortized cost | 53,889,000 | 63,393,000 |
Marketable securities, gross unrealized gains | 158,407,000 | 165,872,000 |
Common Stock [Member] | ||
Marketable securities, fair value | 212,296,000 | 220,973,000 |
Marketable securities, amortized cost | 53,889,000 | 58,449,000 |
Marketable securities, gross unrealized gains | 158,407,000 | 162,524,000 |
Fixed Income Securities [Member] | ||
Marketable securities, fair value | 8,292,000 | |
Marketable securities, amortized cost | 4,944,000 | |
Marketable securities, gross unrealized gains | $ 3,348,000 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Gross intangible | $ 24,475,000 | $ 24,475,000 |
Accumulated amortization | (24,475,000) | (21,417,000) |
3,058,000 | ||
Customer Relationships [Member] | ||
Gross intangible | 21,950,000 | 21,950,000 |
Accumulated amortization | (21,950,000) | (19,174,000) |
0 | 2,776,000 | |
Developed Technology Rights [Member] | ||
Gross intangible | 2,525,000 | 2,525,000 |
Accumulated amortization | (2,525,000) | (2,243,000) |
$ 0 | $ 282,000 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Allowance for doubtful accounts | $ 200,000 | $ 200,000 | $ 250,000 |
Additions Charged to Costs and Expenses | 6,000 | 33,000 | 5,000 |
Accounts Charged off less Recoveries | (6,000) | (33,000) | (55,000) |
Allowance for doubtful accounts | $ 200,000 | $ 200,000 | $ 200,000 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) | Jan. 01, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 24.28% | 35.00% | 34.00% | 34.00% | ||||||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (16,000,000) | ||||||||||||
Income Tax Expense (Benefit), Continuing Operations, Revaluation Differences in Deferred Taxes | (20,000,000) | ||||||||||||
Income Tax Expense (Benefit), Total | $ (1,880,000) | $ (710,000) | $ (100,000) | $ (16,850,000) | $ (1,135,000) | $ (1,465,000) | $ (4,240,000) | $ (310,000) | (19,540,000) | $ (7,150,000) | $ (1,935,000) | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total | (2,210,000) | $ (2,816,000) | $ (1,261,000) | $ (1,781,000) | $ (11,339,000) | (8,068,000) | $ (2,978,000) | ||||||
Liability For Uncertain Tax Positions, Reversal | 2,665,000 | 2,665,000 | |||||||||||
Unrecognized Tax Benefits, Accumulated Reduction | $ 743,000 | 743,000 | |||||||||||
Deferred Tax Liability, Reversal | $ 352,000 | ||||||||||||
Effective Income Tax Rate Reconciliation, Percent, Total | 172.30% | 88.70% | 65.00% | ||||||||||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||||||||||||
Operating Loss Carryforwards, Total | 18,500,000 | $ 18,500,000 | |||||||||||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | |||||||||||||
Open Tax Year | 2,015 | ||||||||||||
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |||||||||||||
Operating Loss Carryforwards, Total | 6,200,000 | $ 6,200,000 | |||||||||||
State and Local Jurisdiction [Member] | Other State [Member] | |||||||||||||
Operating Loss Carryforwards, Total | $ 4,300,000 | $ 4,300,000 | |||||||||||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | |||||||||||||
Open Tax Year | 2,013 |
Note 3 - Income Taxes - Provisi
Note 3 - Income Taxes - Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Federal | $ (209,000) | $ (2,570,000) | $ (268,000) | ||||||||
State | (90,000) | (6,000) | (30,000) | ||||||||
(299,000) | (2,576,000) | (298,000) | |||||||||
Federal | (18,577,000) | (3,854,000) | (1,369,000) | ||||||||
State | (664,000) | (720,000) | (268,000) | ||||||||
(19,241,000) | (4,574,000) | (1,637,000) | |||||||||
$ (1,880,000) | $ (710,000) | $ (100,000) | $ (16,850,000) | $ (1,135,000) | $ (1,465,000) | $ (4,240,000) | $ (310,000) | $ (19,540,000) | $ (7,150,000) | $ (1,935,000) |
Note 3 - Income Taxes - Summary
Note 3 - Income Taxes - Summary of the Difference Between Statutory Federal Income Tax Rate and Effective Rate (Details) | Jan. 01, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 |
Statutory federal income tax rate | 21.00% | 24.28% | 35.00% | 34.00% | 34.00% |
State franchise taxes (net of federal tax benefit) | 5.70% | 6.20% | 5.20% | ||
Revalue of deferred taxes due to federal rate change | 176.00% | ||||
Effect of federal rate change on beginning net deferred tax liabilities | (34.00%) | ||||
Business meals/gifts/other permanent differences | (0.40%) | (0.80%) | (2.30%) | ||
Domestic production activity deduction and deferred revenue | (0.90%) | ||||
Dividends received deduction | 5.80% | 10.00% | 24.50% | ||
Reversal of uncertain and unrecognized tax position | 37.60% | ||||
Penalties for uncertain and unrecognized tax benefits | 2.00% | ||||
Prior year true-up | (1.80%) | 1.00% | (2.00%) | ||
Foreign tax credits | 2.00% | 4.00% | |||
Effect of state rate change on beginning balance of deferred tax liabilities | (0.70%) | (0.30%) | 1.40% | ||
Others | (1.70%) | (3.00%) | 0.20% | ||
Effective tax rate | 172.30% | 88.70% | 65.00% |
Note 3 - Income Taxes - Deferre
Note 3 - Income Taxes - Deferred Income Taxes (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Accrued liabilities, including supplemental compensation and vacation pay accrual | $ (106,000) | $ (69,000) |
Impairment losses on investments | 2,215,000 | 1,376,000 |
Bad debt reserves not yet deductible | 42,000 | 62,000 |
Depreciation and amortization | 4,446,000 | 5,977,000 |
Deferred revenues | 745,000 | 1,431,000 |
Net operating losses | 4,643,000 | 3,100,000 |
Credits and other | 455,000 | 1,303,000 |
Total deferred tax assets | 12,440,000 | 13,180,000 |
Unrealized gains on investments | (42,151,000) | (64,550,000) |
Goodwill | (290,000) | (311,000) |
Total deferred tax liabilities | (42,441,000) | (64,861,000) |
Net deferred income taxes | $ (30,001,000) | $ (51,681,000) |
Note 3 - Income Taxes - Operati
Note 3 - Income Taxes - Operating Loss Carryforwards (Details) | Sep. 30, 2018USD ($) |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Operating Loss Carryforward | $ 18,500,000 |
Domestic Tax Authority [Member] | Expires at Fiscal Year Ended September 30, 2036 [Member] | Internal Revenue Service (IRS) [Member] | |
Operating Loss Carryforward | 800,000 |
Domestic Tax Authority [Member] | Expires at Fiscal Year Ended September 30, 2037 [Member] | Internal Revenue Service (IRS) [Member] | |
Operating Loss Carryforward | 6,500,000 |
Domestic Tax Authority [Member] | Expires at Fiscal Year Ended September 30, 2038 [Member] | Internal Revenue Service (IRS) [Member] | |
Operating Loss Carryforward | 11,200,000 |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | |
Operating Loss Carryforward | 6,200,000 |
State and Local Jurisdiction [Member] | Other State [Member] | |
Operating Loss Carryforward | 4,300,000 |
State and Local Jurisdiction [Member] | Expires at Fiscal Year Ended September 30, 2036 [Member] | California Franchise Tax Board [Member] | |
Operating Loss Carryforward | |
State and Local Jurisdiction [Member] | Expires at Fiscal Year Ended September 30, 2036 [Member] | Other State [Member] | |
Operating Loss Carryforward | |
State and Local Jurisdiction [Member] | Expires at Fiscal Year Ended September 30, 2037 [Member] | California Franchise Tax Board [Member] | |
Operating Loss Carryforward | 700,000 |
State and Local Jurisdiction [Member] | Expires at Fiscal Year Ended September 30, 2037 [Member] | Other State [Member] | |
Operating Loss Carryforward | 1,500,000 |
State and Local Jurisdiction [Member] | Expires at Fiscal Year Ended September 30, 2038 [Member] | California Franchise Tax Board [Member] | |
Operating Loss Carryforward | 5,500,000 |
State and Local Jurisdiction [Member] | Expires at Fiscal Year Ended September 30, 2038 [Member] | Other State [Member] | |
Operating Loss Carryforward | $ 2,800,000 |
Note 4 - Debts and Commitment_2
Note 4 - Debts and Commitments (Details Textual) | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2015USD ($)ft²a | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($)ft² | Sep. 30, 2016USD ($) | Sep. 30, 2013USD ($) | Sep. 30, 2014ft² | |
Payments to Acquire Property, Plant, and Equipment, Total | $ 212,000 | $ 253,000 | $ 3,779,000 | |||
Operating Leases, Rent Expense, Net, Total | $ 996,000 | $ 742,000 | $ 745,000 | |||
Measurement Input, Discount Rate [Member] | ||||||
Incentive Plan Future Commitment, Measurement Input | 6.00% | |||||
San Francisco Office [Member] | ||||||
Area of Real Estate Property | ft² | 6,200 | |||||
Lessee, Operating Lease, Renewal Term | 5 years | |||||
Operating Lease, Monthly Rent | $ 28,000 | |||||
Englewood, Colorado Office [member] | ||||||
Area of Real Estate Property | ft² | 9,800 | |||||
Operating Lease, Monthly Rent | $ 21,000 | |||||
UTAH | 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, Total | $ 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 | 2.50% | |||||
Real Estate Bank Loan Secured by Logan Office [Member] | ||||||
Loans Payable to Bank, Total | $ 2,260,000 | $ 1,960,000 | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.66% | |||||
Debt Instrument, Periodic Payment, Total | $ 17,600 |
Note 4 - Debts and Commitment_3
Note 4 - Debts and Commitments - Future Obligations (Details) | Sep. 30, 2018USD ($) | |
Payments due by Fiscal Year 2017 | $ 848,000 | |
Payments due by Fiscal Year 2018 | 331,000 | |
Payments due by Fiscal Year 2019 | 19,000 | |
Payments due by Fiscal Year 2020 | ||
Payments due by Fiscal Year 2021 | ||
Payments due by Fiscal Year 2022 and after | ||
Payments due by Fiscal Year Total | 1,198,000 | |
Payments due by Fiscal Year 2017 | 969,000 | |
Payments due by Fiscal Year 2018 | 477,000 | |
Payments due by Fiscal Year 2019 | 158,000 | |
Payments due by Fiscal Year 2020 | 143,000 | |
Payments due by Fiscal Year 2021 | 158,000 | |
Payments due by Fiscal Year 2022 and after | 1,419,000 | |
Payments due by Fiscal Year Total | 3,324,000 | |
Real Estate Loan [Member] | ||
Payments due by Fiscal Year 2017 | 121,000 | |
Payments due by Fiscal Year 2018 | 126,000 | |
Payments due by Fiscal Year 2019 | 133,000 | |
Payments due by Fiscal Year 2020 | 139,000 | |
Payments due by Fiscal Year 2021 | 146,000 | |
Payments due by Fiscal Year 2022 and after | 1,291,000 | |
Payments due by Fiscal Year Total | 1,956,000 | |
Long Term Accrued Liabilities [Member] | ||
Payments due by Fiscal Year 2017 | [1] | |
Payments due by Fiscal Year 2018 | 20,000 | [1] |
Payments due by Fiscal Year 2019 | 6,000 | [1] |
Payments due by Fiscal Year 2020 | 4,000 | [1] |
Payments due by Fiscal Year 2021 | 12,000 | [1] |
Payments due by Fiscal Year 2022 and after | 128,000 | [1] |
Payments due by Fiscal Year Total | $ 170,000 | [1] |
[1] | The long-term accrued liabilities for the Management Incentive Plan are discounted to the present value using a discount rate of 6%. |
Note 6 - Reportable Segments (D
Note 6 - Reportable Segments (Details Textual) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | |
Revenue from Contract with Customer, Including Assessed Tax | $ 10,106,000 | $ 11,007,000 | $ 9,338,000 | $ 10,252,000 | $ 10,914,000 | $ 10,201,000 | $ 10,279,000 | $ 9,990,000 | $ 40,703,000 | $ 41,384,000 | $ 41,612,000 |
Number of Reportable Segments | 2 | ||||||||||
Traditional Business [Member] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 17,172,000 | 17,570,000 | 18,417,000 | ||||||||
Traditional Business [Member] | Transferred at Point in Time [Member] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 11,771,000 | 11,916,000 | 12,505,000 | ||||||||
Traditional Business [Member] | Transferred over Time [Member] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 5,401,000 | 5,654,000 | 5,912,000 | ||||||||
Journal Technologies [Member] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 23,531,000 | 23,814,000 | 23,195,000 | ||||||||
Journal Technologies [Member] | Transferred at Point in Time [Member] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | 7,437,000 | 8,618,000 | 9,735,000 | ||||||||
Journal Technologies [Member] | Transferred over Time [Member] | |||||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 16,094,000 | $ 15,196,000 | $ 13,460,000 |
Note 6 - Reportable Segments -
Note 6 - Reportable Segments - Summarized Financial Information for Reportable Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | $ 10,106,000 | $ 11,007,000 | $ 9,338,000 | $ 10,252,000 | $ 10,914,000 | $ 10,201,000 | $ 10,279,000 | $ 9,990,000 | $ 40,703,000 | $ 41,384,000 | $ 41,612,000 |
Operating expenses | 54,763,000 | 54,551,000 | 48,252,000 | ||||||||
Income (loss) from operations | (14,060,000) | (13,167,000) | (6,640,000) | ||||||||
Dividends and interest income | 4,808,000 | 4,844,000 | 4,085,000 | ||||||||
Other income | 37,000 | 34,000 | 61,000 | ||||||||
Capital gains on sales of marketable securities and others | 3,182,000 | ||||||||||
Other-than-temporary impairment losses on investments | (4,560,000) | (4,560,000) | 0 | ||||||||
Pretax (loss) income | (7,214,000) | (1,682,000) | (332,000) | (2,111,000) | (11,339,000) | (8,068,000) | (2,978,000) | ||||
Income tax benefit | 1,880,000 | 710,000 | 100,000 | 16,850,000 | 1,135,000 | 1,465,000 | 4,240,000 | 310,000 | 19,540,000 | 7,150,000 | 1,935,000 |
Net income (loss) | (5,334,000) | $ (972,000) | $ (232,000) | $ 14,739,000 | (1,075,000) | $ (1,351,000) | $ 2,979,000 | $ (1,471,000) | 8,201,000 | (918,000) | (1,043,000) |
Total assets | 263,998,000 | 280,708,000 | 263,998,000 | 280,708,000 | 225,446,000 | ||||||
Capital expenditures | 212,000 | 253,000 | 3,779,000 | ||||||||
Amortization of intangible assets | 3,058,000 | 4,895,000 | 5,037,000 | ||||||||
Interest and penalty expense reversal for uncertain and unrecognized tax benefits | 743,000 | ||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | 212,000 | 253,000 | 3,779,000 | ||||||||
Interest and penalty expense reversal (accrual) for uncertain and unrecognized tax benefits | (112,000) | ||||||||||
Real Estate Bank Loan Secured by Logan Office [Member] | |||||||||||
Interest expense on debt | (95,000) | (100,000) | (88,000) | ||||||||
Margin Account [Member] | |||||||||||
Interest expense on debt | (651,000) | (422,000) | (284,000) | ||||||||
Advertising [Member] | |||||||||||
Revenues | 9,112,000 | 9,104,000 | 9,854,000 | ||||||||
Subscription and Circulation [Member] | |||||||||||
Revenues | 5,401,000 | 5,654,000 | 5,912,000 | ||||||||
Advertising Service Fees and Other [Member] | |||||||||||
Revenues | 2,659,000 | 2,812,000 | 2,651,000 | ||||||||
License and Maintenance [Member] | |||||||||||
Revenues | 17,225,000 | 16,037,000 | 14,758,000 | ||||||||
Consulting Fees [Member] | |||||||||||
Revenues | 2,832,000 | 4,476,000 | 4,085,000 | ||||||||
Service, Other [Member] | |||||||||||
Revenues | 3,474,000 | 3,301,000 | 4,352,000 | ||||||||
Traditional Business [Member] | |||||||||||
Revenues | 17,172,000 | 17,570,000 | 18,417,000 | ||||||||
Journal Technologies [Member] | |||||||||||
Revenues | 23,531,000 | 23,814,000 | 23,195,000 | ||||||||
Operating Segments [Member] | Traditional Business [Member] | |||||||||||
Operating expenses | 16,840,000 | 17,852,000 | 17,240,000 | ||||||||
Income (loss) from operations | 332,000 | (282,000) | 1,177,000 | ||||||||
Dividends and interest income | |||||||||||
Other income | 22,000 | 52,000 | |||||||||
Capital gains on sales of marketable securities and others | |||||||||||
Other-than-temporary impairment losses on investments | |||||||||||
Pretax (loss) income | 237,000 | (360,000) | 1,141,000 | ||||||||
Income tax benefit | 490,000 | (2,000) | (530,000) | ||||||||
Net income (loss) | 727,000 | (362,000) | 611,000 | ||||||||
Total assets | 19,602,000 | 16,606,000 | 19,602,000 | 16,606,000 | 17,644,000 | ||||||
Capital expenditures | 212,000 | 160,000 | 3,662,000 | ||||||||
Amortization of intangible assets | 142,000 | ||||||||||
Interest and penalty expense reversal for uncertain and unrecognized tax benefits | |||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | 212,000 | 160,000 | 3,662,000 | ||||||||
Interest and penalty expense reversal (accrual) for uncertain and unrecognized tax benefits | |||||||||||
Operating Segments [Member] | Traditional Business [Member] | Real Estate Bank Loan Secured by Logan Office [Member] | |||||||||||
Interest expense on debt | (95,000) | (100,000) | (88,000) | ||||||||
Operating Segments [Member] | Traditional Business [Member] | Margin Account [Member] | |||||||||||
Interest expense on debt | |||||||||||
Operating Segments [Member] | Traditional Business [Member] | Advertising [Member] | |||||||||||
Revenues | 9,112,000 | 9,104,000 | 9,854,000 | ||||||||
Operating Segments [Member] | Traditional Business [Member] | Subscription and Circulation [Member] | |||||||||||
Revenues | 5,401,000 | 5,654,000 | 5,912,000 | ||||||||
Operating Segments [Member] | Traditional Business [Member] | Advertising Service Fees and Other [Member] | |||||||||||
Revenues | 2,659,000 | 2,812,000 | 2,651,000 | ||||||||
Operating Segments [Member] | Traditional Business [Member] | License and Maintenance [Member] | |||||||||||
Revenues | |||||||||||
Operating Segments [Member] | Traditional Business [Member] | Consulting Fees [Member] | |||||||||||
Revenues | |||||||||||
Operating Segments [Member] | Traditional Business [Member] | Service, Other [Member] | |||||||||||
Revenues | |||||||||||
Operating Segments [Member] | Journal Technologies [Member] | |||||||||||
Operating expenses | 37,923,000 | 36,699,000 | 31,012,000 | ||||||||
Income (loss) from operations | (14,392,000) | (12,885,000) | (7,817,000) | ||||||||
Dividends and interest income | |||||||||||
Other income | |||||||||||
Capital gains on sales of marketable securities and others | |||||||||||
Other-than-temporary impairment losses on investments | |||||||||||
Pretax (loss) income | (14,392,000) | (12,142,000) | (7,929,000) | ||||||||
Income tax benefit | 695,000 | 7,910,000 | 3,140,000 | ||||||||
Net income (loss) | (13,697,000) | (4,232,000) | (4,789,000) | ||||||||
Total assets | 29,885,000 | 33,461,000 | 29,885,000 | 33,461,000 | 39,786,000 | ||||||
Capital expenditures | 93,000 | 117,000 | |||||||||
Amortization of intangible assets | 3,058,000 | 4,895,000 | 4,895,000 | ||||||||
Interest and penalty expense reversal for uncertain and unrecognized tax benefits | 743,000 | ||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | 93,000 | 117,000 | |||||||||
Interest and penalty expense reversal (accrual) for uncertain and unrecognized tax benefits | (112,000) | ||||||||||
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 | |||||||||||
Operating Segments [Member] | Journal Technologies [Member] | Advertising [Member] | |||||||||||
Revenues | |||||||||||
Operating Segments [Member] | Journal Technologies [Member] | Subscription and Circulation [Member] | |||||||||||
Revenues | |||||||||||
Operating Segments [Member] | Journal Technologies [Member] | Advertising Service Fees and Other [Member] | |||||||||||
Revenues | |||||||||||
Operating Segments [Member] | Journal Technologies [Member] | License and Maintenance [Member] | |||||||||||
Revenues | 17,225,000 | 16,037,000 | 14,758,000 | ||||||||
Operating Segments [Member] | Journal Technologies [Member] | Consulting Fees [Member] | |||||||||||
Revenues | 2,832,000 | 4,476,000 | 4,085,000 | ||||||||
Operating Segments [Member] | Journal Technologies [Member] | Service, Other [Member] | |||||||||||
Revenues | 3,474,000 | 3,301,000 | 4,352,000 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Operating expenses | |||||||||||
Income (loss) from operations | |||||||||||
Dividends and interest income | 4,808,000 | 4,844,000 | 4,085,000 | ||||||||
Other income | 37,000 | 12,000 | 9,000 | ||||||||
Capital gains on sales of marketable securities and others | 3,182,000 | ||||||||||
Other-than-temporary impairment losses on investments | (4,560,000) | ||||||||||
Pretax (loss) income | 2,816,000 | 4,434,000 | 3,810,000 | ||||||||
Income tax benefit | 18,355,000 | (758,000) | (675,000) | ||||||||
Net income (loss) | 21,171,000 | 3,676,000 | 3,135,000 | ||||||||
Total assets | $ 214,511,000 | $ 230,641,000 | 214,511,000 | 230,641,000 | 168,016,000 | ||||||
Capital expenditures | |||||||||||
Amortization of intangible assets | |||||||||||
Interest and penalty expense reversal for uncertain and unrecognized tax benefits | |||||||||||
Payments to Acquire Property, Plant, and Equipment, Total | |||||||||||
Interest and penalty expense reversal (accrual) for uncertain and unrecognized tax benefits | |||||||||||
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 | (651,000) | (422,000) | (284,000) | ||||||||
Corporate, Non-Segment [Member] | Advertising [Member] | |||||||||||
Revenues | |||||||||||
Corporate, Non-Segment [Member] | Subscription and Circulation [Member] | |||||||||||
Revenues | |||||||||||
Corporate, Non-Segment [Member] | Advertising Service Fees and Other [Member] | |||||||||||
Revenues | |||||||||||
Corporate, Non-Segment [Member] | License and Maintenance [Member] | |||||||||||
Revenues | |||||||||||
Corporate, Non-Segment [Member] | Consulting Fees [Member] | |||||||||||
Revenues | |||||||||||
Corporate, Non-Segment [Member] | Service, Other [Member] | |||||||||||
Revenues |
Note 7 - Results of Operation_3
Note 7 - Results of Operations by Quarter (Unaudited) - Summary of Operations by Quarter (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 10,106,000 | $ 11,007,000 | $ 9,338,000 | $ 10,252,000 | $ 10,914,000 | $ 10,201,000 | $ 10,279,000 | $ 9,990,000 | $ 40,703,000 | $ 41,384,000 | $ 41,612,000 | |
Costs and expenses | 13,639,000 | 13,716,000 | 13,711,000 | 13,697,000 | 14,329,000 | 13,834,000 | 13,545,000 | 12,843,000 | ||||
Loss from operations | (3,533,000) | (2,709,000) | (4,373,000) | (3,445,000) | (3,415,000) | (3,633,000) | (3,266,000) | (2,853,000) | ||||
Other income, net | 879,000 | 1,027,000 | 4,041,000 | 1,334,000 | 1,205,000 | [1] | 817,000 | 2,005,000 | 1,072,000 | |||
Other-than-temporary impairment losses on investments | (4,560,000) | (4,560,000) | 0 | |||||||||
Loss before taxes | (7,214,000) | (1,682,000) | (332,000) | (2,111,000) | (11,339,000) | (8,068,000) | (2,978,000) | |||||
Benefit from income taxes | 1,880,000 | 710,000 | 100,000 | 16,850,000 | 1,135,000 | 1,465,000 | 4,240,000 | 310,000 | 19,540,000 | 7,150,000 | 1,935,000 | |
Net income (loss) | $ (5,334,000) | $ (972,000) | $ (232,000) | $ 14,739,000 | $ (1,075,000) | $ (1,351,000) | $ 2,979,000 | $ (1,471,000) | $ 8,201,000 | $ (918,000) | $ (1,043,000) | |
Basic and diluted net (loss) income per share (in dollars per share) | $ (3.86) | $ (0.70) | $ (0.17) | $ 10.67 | $ (0.77) | $ (0.98) | $ 2.16 | $ (1.07) | $ 5.94 | $ (0.66) | $ (0.76) | |
Income (loss) before taxes | $ (2,210,000) | $ (2,816,000) | $ (1,261,000) | $ (1,781,000) | $ (11,339,000) | $ (8,068,000) | $ (2,978,000) | |||||
[1] | Includes other-than-temporary impairment losses on investments of $376,000 |