Haynes International (HAYN) 10-Q 8 May 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Mar. 31, 2014	1-May-14
Document and Entity Information	'	'
Entity Registrant Name	'HAYNES INTERNATIONAL INC	'
Entity Central Index Key	'0000858655	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--09-30	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	12,402,903
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Sep. 30, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$62,083	$68,326
Accounts receivable, less allowance for doubtful accounts of $1,199 and $1,111, respectively	79,063	82,562
Inventories	237,459	232,157
Income taxes receivable	147	4,433
Deferred income taxes	7,173	6,018
Other current assets	3,926	2,408
Total current assets	389,851	395,904
Property, plant and equipment, net	168,006	152,764
Deferred income taxes-long term portion	46,696	41,301
Prepayments and deferred charges	1,788	2,282
Other intangible assets, net	5,393	5,601
Total assets	611,734	597,852
Current liabilities:	'	'
Accounts payable	50,115	27,600
Accrued expenses	12,428	13,676
Accrued postretirement benefits	4,918	4,918
Deferred revenue-current portion	2,500	2,500
Total current liabilities	69,961	48,694
Long-term obligations (less current portion)	767	767
Deferred revenue (less current portion)	29,079	30,329
Accrued pension and postretirement benefits	161,405	162,259
Total liabilities	261,212	242,049
Commitments and contingencies (Note 6)	'	'
Stockholders' equity:	'	'
Common stock, $0.001 par value (40,000,000 shares authorized, 12,342,585 and 12,419,180 shares issued, 12,332,592 and 12,402,903 shares outstanding at September 30, 2013 and March 31, 2014, respectively)	12	12
Preferred stock, $0.001 par value (20,000,000 shares authorized, 0 shares issued and outstanding)	'	'
Additional paid-in capital	241,051	238,941
Accumulated earnings	163,994	174,154
Treasury stock, 9,993 shares at September 30, 2013 and 16,277 shares at March 31, 2014	-840	-505
Accumulated other comprehensive loss	-53,695	-56,799
Total stockholders' equity	350,522	355,803
Total liabilities and stockholders' equity	$611,734	$597,852

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Sep. 30, 2013
In Thousands, except Share data, unless otherwise specified
CONSOLIDATED BALANCE SHEETS	'	'
Accounts receivable, allowance for doubtful accounts (in dollars)	$1,111	$1,199
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	12,419,180	12,342,585
Common stock, shares outstanding (in shares)	12,402,903	12,332,592
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock, shares (in shares)	16,277	9,993

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF OPERATIONS	'	'	'	'
Net revenues	$115,350	$129,201	$209,050	$243,501
Cost of sales	106,286	109,117	194,736	204,643
Gross profit	9,064	20,084	14,314	38,858
Selling, general and administrative expense	9,482	9,414	19,438	19,225
Research and technical expense	885	852	1,763	1,710
Operating income (loss)	-1,303	9,818	-6,887	17,923
Interest income	-41	-25	-87	-54
Interest expense	21	17	39	34
Income (loss) before income taxes	-1,283	9,826	-6,839	17,943
Provision for (benefit from) income taxes	-60	3,390	-2,124	5,672
Net income (loss)	($1,223)	$6,436	($4,715)	$12,271
Net income (loss) per share:	'	'	'	'
Basic (in dollars per share)	($0.10)	$0.52	($0.38)	$1
Diluted (in dollars per share)	($0.10)	$0.52	($0.38)	$0.99
Dividend declared per common share (in dollars per share)	$0.22	$0.22	$0.44	$0.44

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)	'	'	'	'
Net income (loss)	($1,223)	$6,436	($4,715)	$12,271
Other comprehensive income (loss), net of tax:	'	'	'	'
Pension and post-retirement	712	'	1,423	'
Foreign currency translation adjustment	391	-3,064	1,681	-2,400
Comprehensive income (loss)	($120)	$3,372	($1,611)	$9,871

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income (loss)	($4,715)	$12,271
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:	'	'
Depreciation	7,439	6,437
Amortization	208	208
Pension and post-retirement expense - U.S. and U.K.	5,223	8,067
Stock compensation expense	1,044	712
Excess tax benefit from option exercises and restricted stock vesting	-253	-494
Deferred revenue	-1,250	-1,250
Deferred income taxes	-8,003	656
Loss on disposition of property	29	135
Change in assets and liabilities:	'	'
Accounts receivable	4,272	12,917
Inventories	-4,267	-1,669
Other assets	-1,007	-827
Accounts payable and accrued expenses	22,568	19
Income taxes	5,133	1,966
Accrued pension and postretirement benefits	-3,817	-10,090
Net cash provided by operating activities	22,604	29,058
Cash flows from investing activities:	'	'
Additions to property, plant and equipment	-24,285	-22,731
Net cash used in investing activities	-24,285	-22,731
Cash flows from financing activities:	'	'
Dividends paid	-5,445	-5,423
Proceeds from exercise of stock options	813	598
Payment for purchase of treasury stock	-335	-505
Excess tax benefit from option exercises and restricted stock vesting	253	494
Net cash used in financing activities	-4,714	-4,836
Effect of exchange rates on cash	152	-220
Increase in cash and cash equivalents	-6,243	1,271
Cash and cash equivalents, beginning of period	68,326	46,740
Cash and cash equivalents, end of period	62,083	48,011
Cash paid during period for:	'	'
Interest (net of capitalized interest)	3	1
Income taxes paid (net of refunds)	567	2,904
Capital expenditures incurred but not yet paid	$1,129	$3,390

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2014
Basis of Presentation	'
Basis of Presentation	'
	Note 1.         Basis of Presentation
	Interim Financial Statements
	The accompanying unaudited condensed interim consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America and such principles are applied on a basis consistent with information reflected in our Annual Report on Form 10-K for the fiscal year ended September 30, 2013 filed with the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to the rules and regulations promulgated by the SEC related to interim financial statements. In the opinion of management, the interim financial information includes all adjustments and accruals, consisting only of normal recurring adjustments, which are necessary for a fair presentation of results for the respective interim periods. The results of operations for the three or six months ended March 31, 2014 are not necessarily indicative of the results to be expected for the full fiscal year ending September 30, 2014 or any interim period.
	Principles of Consolidation
	The consolidated financial statements include the accounts of Haynes International, Inc. and its directly and indirectly wholly-owned subsidiaries (collectively, the “Company”). All intercompany transactions and balances are eliminated.

New_Accounting_Pronouncements

New Accounting Pronouncements	6 Months Ended
	Mar. 31, 2014
New Accounting Pronouncements	'
New Accounting Pronouncements	'
	Note 2.         New Accounting Pronouncements
	No new accounting pronouncements applicable to the Company were issued in the second quarter of fiscal 2014.

Inventories

Inventories	6 Months Ended
	Mar. 31, 2014
Inventories	'
Inventories	'
	Note 3.         Inventories
	The following is a summary of the major classes of inventories:
		September 30,		March 31,
		2013		2014
	Raw Materials	$	25,647	$	21,932
	Work-in-process	108,708		127,004
	Finished Goods	97,150		87,636
	Other	652		887
		$	232,157	$	237,459

Income_Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2014
Income Taxes	'
Income Taxes	'
	Note 4.         Income Taxes
	Income tax expense for the three and six months ended March 31, 2013 and 2014 differed from the U.S. federal statutory rate of 35% primarily due to state income taxes, differing tax rates on foreign earnings and discrete tax items that impacted income tax expense in these periods. The effective tax rate for the three months ended March 31, 2014 was 4.7% compared to 34.5% in the same period of fiscal 2013.  This decrease is primarily attributable to a reduction in the Indiana tax rate, which resulted in a decrease to the deferred tax asset, which caused a charge to tax expense in the amount of $330 in March 2014. The effective tax rate for the six months ended March 31, 2014 was 31.1% compared to 31.6% in the same period of fiscal 2013.

Pension_and_Postretirement_Ben

Pension and Post-retirement Benefits	6 Months Ended
	Mar. 31, 2014
Pension and Post-retirement Benefits	'
Pension and Post-retirement Benefits	'
	Note 5.         Pension and Post-retirement Benefits
	Components of net periodic pension and post-retirement benefit cost for the three and six months ended March 31, 2013 and 2014 are as follows:
		Three Months Ended March 31,												Six Months Ended March 31,
		Pension Benefits						Other Benefits						Pension Benefits						Other Benefits
		2013			2014			2013			2014			2013			2014			2013			2014
	Service cost	$	1,220		$	992		$	97		$	66		$	2,440		$	1,985		$	194		$	133
	Interest cost	2,657			2,845			1,082			1,144			5,195			5,700			2,164			2,289
	Expected return	(3,243		)	(3,566		)	—			—			(6,362		)	(7,144		)	—			—
	Amortizations	2,749			1,355			(518		)	(224		)	5,472			2,709			(1,036		)	(449		)
	Net periodic benefit cost	$	3,383		$	1,626		$	661		$	986		$	6,745		$	3,250		$	1,322		$	1,973
	The Company contributed $1,250 to Company sponsored domestic pension plans, $2,023 to its other post-retirement benefit plans and $500 to the U.K. pension plan for the six months ended March 31, 2014.  The Company presently expects future contributions of zero to its domestic pension plans, $2,800 to its other post-retirement benefit plans and $470 to the U.K. pension plan for the remainder of fiscal 2014.

Legal_Environmental_and_Other_

Legal, Environmental and Other Contingencies	6 Months Ended
	Mar. 31, 2014
Legal, Environmental and Other Contingencies	'
Legal, Environmental and Other Contingencies	'
	Note 6. Legal, Environmental and Other Contingencies
	The Company is regularly involved in litigation, both as a plaintiff and as a defendant, relating to its business and operations, including environmental, employment and intellectual property matters. Future expenditures for environmental, employment, intellectual property and other legal matters cannot be determined with any degree of certainty; however, based on the facts presently known, management does not believe that such costs will have a material effect on the Company’s financial position, results of operations or cash flows.
	The Company is currently, and has in the past been, subject to claims involving personal injuries allegedly relating to its products. For example, the Company is presently involved in two actions involving welding rod-related injuries, which were filed in California state court against numerous manufacturers, including the Company, in May 2006 and February 2007, respectively, alleging that the welding-related products of the defendant manufacturers harmed the users of such products through the inhalation of welding fumes containing manganese. The Company believes that it has defenses to these allegations and that, if the Company were to be found liable, the cases would not have a material effect on its financial position, results of operations or liquidity.
	The Company has received permits from the Indiana Department of Environmental Management, or IDEM, to close and to provide post-closure monitoring and care for certain areas at the Kokomo facility previously used for the storage and disposal of wastes, some of which are classified as hazardous under applicable regulations. Closure certification was received in fiscal 1988 for the South Landfill at the Kokomo facility, and post-closure monitoring and care is ongoing there. Closure certification was received in fiscal 1999 for the North Landfill at the Kokomo facility, and post-closure monitoring and care are permitted and ongoing there. In fiscal 2007, IDEM issued a single post-closure permit applicable to both the North and South Landfills, which contains monitoring and post-closure care requirements. In addition, IDEM required that a Resource Conservation and Recovery Act, or RCRA, Facility Investigation, or RFI, be conducted in order to further evaluate one area of concern and one solid waste management unit. The RFI commenced in fiscal 2008 and is ongoing. A post-closure permit renewal was issued in fiscal 2013.
	The Company has also received permits from the North Carolina Department of Environment and Natural Resources, or NCDENR, to close and provide post-closure monitoring and care for the hazardous waste lagoon at its Mountain Home, North Carolina facility. The lagoon area has been closed and is currently undergoing post-closure monitoring and care. The Company is required to monitor groundwater and to continue post-closure maintenance of the former disposal areas at each site. As a result, the Company is aware of elevated levels of certain contaminants in the groundwater and additional corrective action by the Company could be required.
	On August 3, 2012, the Company received an information request from the United States Environmental Protection Agency, or EPA, relating to the Company’s compliance with laws relating to air quality. The Company has responded to the request, and there has been no further action by the EPA.
	As of September 30, 2013 and March 31, 2014, the Company has accrued $845 for post-closure monitoring and maintenance activities. Accruals for these costs are calculated by estimating the cost to monitor and maintain each post-closure site and multiplying that amount by the number of years remaining in the 30 year post-closure monitoring period referred to above. At each fiscal year end, or earlier if necessary, the Company evaluates the accuracy of the estimates for these monitoring and maintenance costs for the upcoming fiscal year. The accrual was based upon the undiscounted amount of the obligation of $1,077 which was then discounted using an appropriate discount rate.

Deferred_Revenue

Deferred Revenue	6 Months Ended
	Mar. 31, 2014
Deferred Revenue	'
Deferred Revenue	'
	Note 7.  Deferred Revenue
	On November 17, 2006, the Company entered into a twenty-year agreement to provide conversion services to Titanium Metals Corporation (“TIMET”) for up to ten million pounds of titanium metal annually. TIMET paid the Company a $50,000 up-front fee and will also pay the Company for its processing services during the term of the agreement (20 years) at prices established by the terms of the agreement. TIMET may exercise an option to have ten million additional pounds of titanium converted annually, provided that it offers to loan up to $12,000 to the Company for certain capital expenditures which may be required to expand capacity. In addition to the volume commitment, the Company has granted TIMET a first priority security interest in its four-high Steckel rolling mill, along with rights of access if the Company enters into bankruptcy or defaults on any financing arrangements. The Company has agreed not to manufacture titanium products (other than cold reduced titanium tubing). The Company has also agreed not to provide titanium hot-rolling conversion services using the 4-high mill to any entity other than TIMET for the term of the Conversion Services Agreement. The agreement contains certain default provisions which could result in contract termination and damages, including liquidated damages of $25.0 million and the Company being required to return the unearned portion of the up-front fee. The Company considered each provision and the likelihood of the occurrence of a default that would result in liquidated damages.  Based on the nature of the events that could trigger the liquidated damages clause, and the availability of the cure periods set forth in the agreement, the Company determined and continues to believe that none of these circumstances are reasonably likely to occur.  Therefore, events resulting in liquidated damages have not been factored in as a reduction to the amount of revenue recognized over the life of the contract.  The cash received of $50,000 is recognized in income on a straight-line basis over the 20-year term of the agreement.  If an event of default occurred and was not cured within any applicable grace period, the Company would recognize the impact of the liquidated damages in the period of default and re-evaluate revenue recognition under the contract for future periods. The portion of the up-front fee not recognized in income is shown as deferred revenue on the consolidated balance sheet.

Intangible_Assets

Intangible Assets	6 Months Ended
	Mar. 31, 2014
Intangible Assets	'
Intangible Assets	'
	Note 8.    Intangible Assets
	The Company has patents, trademarks and other intangibles. As the patents have a definite life, they are amortized over lives ranging from two to fourteen years. The Company reviews patents for impairment whenever events or circumstances indicate that the carrying amount of a patent may not be recoverable. Recoverability of the patent asset is measured by a comparison of the carrying amount of the asset to the undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset.
	As the trademarks have an indefinite life, the Company tests them for impairment at least annually as of August 31 (the annual impairment testing date). If the carrying value exceeds the fair value (determined by calculating a fair value based upon a discounted cash flow of an assumed royalty rate), impairment of the trademark may exist, resulting in a charge to earnings to the extent of the impairment. No impairment was recognized in the years ended September 30, 2012 or 2013 because the fair value exceeded the carrying values. The Company also has non-compete agreements with a remaining life of 1.25 years.
	Amortization of the patents, non-competes and other intangibles was $103 and $104 for the three months ended March 31, 2013 and 2014, respectively, and $208 and $208 for the six months ended March 31, 2013 and 2014, respectively.
	The following represents a summary of intangible assets at September 30, 2013 and March 31, 2014:
	September 30, 2013	Gross		Accumulated			Carrying
		Amount		Amortization			Amount
	Patents	$	4,030	$	(2,533	)	$	1,497
	Trademarks	3,800		—			3,800
	Non-compete	500		(381		)	119
	Other	330		(145		)	185
		$	8,660	$	(3,059	)	$	5,601
	March 31, 2014	Gross		Accumulated			Carrying
		Amount		Amortization			Amount
	Patents	$	4,030	$	(2,672	)	$	1,358
	Trademarks	3,800		—			3,800
	Non-compete	500		(417		)	83
	Other	330		(178		)	152
		$	8,660	$	(3,267	)	$	5,393
	Estimate of Aggregate Amortization Expense:
	Year Ended September 30,
	2014 (remainder of fiscal year)	$	208
	2015	$	393
	2016	$	332
	2017	$	279
	2018	$	279
	Thereafter	$	102

Net_Income_Loss_Per_Share

Net Income (Loss) Per Share	6 Months Ended
	Mar. 31, 2014
Net Income (Loss) Per Share	'
Net Income (Loss) Per Share	'
	Note 9.   Net Income (Loss) Per Share
	The Company accounts for earnings per share using the two-class method. The two-class method is an earnings allocation that determines net income per share for each class of common stock and participating securities according to participation rights in undistributed earnings. Non-vested restricted stock awards that include non-forfeitable rights to dividends are considered participating securities. Per share amounts are computed by dividing net income attributable to common shareholders by the weighted average shares outstanding during each period. Basic earnings per share is computed by dividing net income available to common stockholders for the period by the weighted average number of common shares outstanding for the period. The computation of diluted earnings per share is similar to basic earnings per share, except the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. As a result of the loss in second quarter and the first six months of fiscal 2014, no additional common shares or restricted stock awards are included because their effect is antidilutive.
	The following table sets forth the computation of basic and diluted earnings per share:
		Three Months Ended						Six Months Ended
		March 31,						March 31,
	(in thousands, except share and per share data)	2013			2014			2013			2014
	Numerator: Basic and Diluted
	Net income (loss)	$	6,436		$	(1,223	)	$	12,271		$	(4,715	)
	Dividends paid	(2,713		)	(2,725		)	(5,423		)	(5,445		)
	Undistributed income (loss)	$	3,723		$	(3,948	)	$	6,848		$	(10,160	)
	Percentage allocated to common shares (a)	99.7		%	100		%	99.6		%	100		%
	Undistributed income (loss) allocated to common shares	$	3,711		$	(3,948	)	$	6,824		$	(10,160	)
	Dividends paid on common shares outstanding	2,704			2,725			5,403			5,445
	Net income (loss) available to common shares	$	6,415		$	(1,223	)	$	12,227		$	(4,715	)
	Denominator: Basic and Diluted
	Weighted average common shares	12,233			12,288			12,212			12,267
	Adjustment for dilutive potential common shares	41			—			44			—
	Weighted average shares - Diluted	12,274			12,288			12,256			12,267
	Per common share net income (loss)
	Basic	$	0.52		$	(0.10	)	$	1		$	(0.38	)
	Diluted	$	0.52		$	(0.10	)	$	0.99		$	(0.38	)
	Number of stock option shares excluded as their effect would be anti-dilutive	184,706			221,270			184,706			229,996
	Number of restrictive stock option shares as their effect would be anti-dilutive	—			97,600			—			97,600
	(a)  Percentage allocated to common shares - weighted average
	Common shares outstanding	12,233,308		12,287,907		12,211,769		12,267,463
	Unvested participating shares	41,083		—		43,788		—
		12,274,391		12,287,907		12,255,557		12,267,463

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Mar. 31, 2014
Stock-Based Compensation	'
Stock-Based Compensation	'
	Note 10.  Stock-Based Compensation
	Restricted Stock Plan
	On February 23, 2009, the Company adopted a restricted stock plan that reserved 400,000 shares of common stock for issuance. Grants of restricted stock are grants of shares of the Company’s common stock subject to transfer restrictions, which vest in accordance with the terms and conditions established by the Compensation Committee. The Compensation Committee may set vesting requirements based on the achievement of specific performance goals or the passage of time.
	Restricted shares are subject to forfeiture if employment or service terminates prior to the vesting period or if the performance goal is not met. The Company will assess, on an ongoing basis, the probability of whether the performance criteria will be achieved. The Company will recognize compensation expense over the performance period if it is deemed probable that the goal will be achieved. The fair value of the Company’s restricted stock is determined based upon the closing price of the Company’s common stock on the grant date. The plan provides for the adjustment of the number of shares covered by an outstanding grant and the maximum number of shares for which restricted stock may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event.
	On November 26, 2013 and December 2, 2013, the Company granted 34,700 and 3,000 shares, respectively, of restricted stock to certain key employees and non-employee directors. The shares of restricted stock granted to employees will vest on the third anniversary of their grant date, provided that (a) the recipient is still an employee of the Company and (b) the Company has met a three-year net income performance goal, if applicable. The shares of restricted stock granted to non-employee directors will vest on the earlier of (a) the third anniversary of the date of grant or (b) the failure of such non-employee director to be re-elected at an annual meeting of the stockholders of the Company as a result of such non-employee director being excluded from the nominations for any reason other than cause. The fair value of the grants were $52.78 and $54.22 per share, respectively, the closing price of the Company’s common stock on the trading day immediately preceding the day of the applicable grant.
	The following table summarizes the activity under the restricted stock plan for the six months ended March 31, 2014:
		Number of		Weighted
		Shares		Average Fair
				Value At
				Grant Date
	Unvested at September 30, 2013	96,750		$	47.74
	Granted	37,700		$	52.89
	Forfeited / Canceled	—		—
	Vested	(36,850	)	$	41.77
	Unvested at March 31, 2014	97,600		$	51.99
	Expected to vest	78,100		$	52.14
	Compensation expense related to restricted stock for the three months ended March 31, 2013 and 2014 was $387 and $486, respectively, and for the six months ended March 31, 2013 and 2014 was $503 and $811, respectively. The remaining unrecognized compensation expense at March 31, 2014 was $2,563, to be recognized over a weighted average period of 1.36 years. In the six months ended March 31, 2014, the Company repurchased 6,284 shares of stock from employees at an average purchase price paid per share of $53.38 to satisfy required employee-owned taxes on stock-based compensation.
	Stock Option Plans
	The Company has two stock option plans that authorize the granting of non-qualified stock options to certain key employees and non-employee directors for the purchase of a maximum of 1,500,000 shares of the Company’s common stock. The original option plan was adopted in August 2004 pursuant to the plan of reorganization and provides for the grant of options to purchase up to 1,000,000 shares of the Company’s common stock. In January 2007, the Company’s Board of Directors adopted a second option plan that provides for options to purchase up to 500,000 shares of the Company’s common stock. Each plan provides for the adjustment of the maximum number of shares for which options may be granted in the event of a stock split, extraordinary dividend or distribution or similar recapitalization event. Unless the Compensation Committee determines otherwise, options granted under the option plans are exercisable for a period of ten years from the date of grant and vest 331/3% per year over three years from the grant date. The amount of compensation cost recognized in the financial statements is measured based upon the grant date fair value.
	The fair value of option grants was estimated as of the date of the grant. The Company has elected to use the Black-Scholes option pricing model, which incorporates various assumptions including volatility, expected life, risk-free interest rates, expected forfeitures and dividend yields. The volatility is based on historical volatility of the Company’s common stock over the most recent period commensurate with the estimated expected term of the stock option granted. The Company uses historical volatility because management believes such volatility is representative of prospective trends. The expected term of an award is based on historical exercise data. The risk-free interest rate assumption is based upon observed interest rates appropriate for the expected term of the awards. The expected forfeiture rate is based upon historical experience. The dividend yield assumption is based on the Company’s history and expectations regarding dividend payouts at the time of the grant.  Valuation of future grants under the Black-Scholes model will include a dividend yield. The following assumptions were used for grants in the first quarter of fiscal 2014:
	Grant Date	Fair			Dividend		Risk-free		Expected		Expected
		Value			Yield		Interest Rate		Volatility		Life
	November 26, 2013	$	13.94		1.67	%	0.57	%	42	%	3 years
	On November 26, 2013, the Company granted 45,250 options at an exercise price of $52.78, the fair market value of the Company’s common stock the day of the grant. During the first six months of fiscal 2014, 38,895 options were exercised.
	The stock-based employee compensation expense for stock options for the three months ended March 31, 2013 and 2014 was $107 and $121, and for the six months ended March 31, 2013 and 2014 was $209 and $233, respectively.  The remaining unrecognized compensation expense at March 31, 2014 was $857, to be recognized over a weighted average vesting period of 1.77 years.
	The following table summarizes the activity under the stock option plans for the six months ended March 31, 2014:
		Number of		Aggregate			Weighted			Weighted
		Shares		Intrinsic			Average			Average
				Value			Exercise			Remaining
				(000s)			Prices			Contractual Life
	Outstanding at September 30, 2013	291,664					$	45.36
	Granted	45,250					$	52.78
	Exercised	(38,895	)				$	20.9
	Canceled	—					—
	Outstanding at March 31, 2014	298,019		$	2,224		$	49.68		5.65 yrs.
	Vested or expected to vest	285,044		$	2,158		$	49.7		5.53 yrs.
	Exercisable at March 31, 2014	221,270		$	2,019		$	49.05		4.44 yrs.
	Grant Date	Exercise			Remaining		Outstanding		Exercisable
		Price Per			Contractual		Number of		Number of
		Share			Life in Years		Shares		Shares
	August 31, 2004	$	12.8		0.42		12,216		12,216
	March 31, 2006	31			2		10,000		10,000
	March 30, 2007	72.93			3		47,500		47,500
	March 31, 2008	54			4		58,000		58,000
	October 1, 2008	46.83			4.5		20,000		20,000
	March 31, 2009	17.82			5		14,285		14,285
	January 8, 2010	34			5.75		14,001		14,001
	November 24, 2010	40.26			6.67		19,667		19,667
	November 25, 2011	55.88			7.67		19,700		13,135
	November 20, 2012	47.96			8.67		35,600		11,866
	December 10, 2012	48.39			8.67		1,800		600
	November 26, 2013	52.78			9.67		45,250		—
							298,019		221,270

Dividend

Dividend	6 Months Ended
	Mar. 31, 2014
Dividend	'
Dividend	'
	Note 11.    Dividend
	In the second quarter of fiscal 2014, the Company declared and paid a quarterly cash dividend. The dividend of $0.22 per outstanding share of the Company’s common stock was paid March 17, 2014 to stockholders of record at the close of business on March 3, 2014.  The dividend cash pay-out was $2,725 for the quarter based on the number of shares outstanding.
	On May 8, 2014, the Company announced that the Board of Directors declared a regular quarterly cash dividend of $0.22 per outstanding share of the Company’s common stock.  The dividend is payable June 16, 2014 to stockholders of record at the close of business on June 2, 2014.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2014
Fair Value Measurements	'
Fair Value Measurements	'
	Note 12.  Fair Value Measurements
	The fair value hierarchy has three levels based on the inputs used to determine fair value.
	·                                          Level 1 — Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities;
	·                                          Level 2 — Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs  are observable, either directly or indirectly; and
	·                                          Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
	When available, the Company uses unadjusted quoted market prices to measure fair value and classifies such items within Level 1. If quoted market prices are not available, fair value is based upon internally-developed models that use, where possible, current market-based or independently-sourced market parameters such as interest rates and currency rates. Items valued using internally-generated models are classified according to the lowest level input or value driver that is significant to the valuation. If quoted market prices are not available, the valuation model used depends on the specific asset or liability being valued. Money market funds included in cash and cash equivalents of $68,326 and $62,083 as of September 30, 2013 and March 31, 2014, respectively, are considered Level 1.

Changes_in_Accumulated_Other_C

Changes in Accumulated Other Comprehensive Income (Loss) by Component	6 Months Ended
	Mar. 31, 2014
Changes in Accumulated Other Comprehensive Income (Loss) by Component	'
Changes in Accumulated Other Comprehensive Income (Loss) by Component	'
	Note 13.  Changes in Accumulated Other Comprehensive Income (Loss) by Component
	Comprehensive income (loss) includes changes in equity that result from transactions and economic events from non-owner sources. Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss) items, including pension and foreign currency translation adjustments, net of tax when applicable.
	Accumulated Other Comprehensive Income (Loss)
		Three Months Ended March 31, 2014
		Pension			Postretirement			Foreign		Total
		Plan			Plan			Exchange
	Accumulated other comprehensive income (loss) as of December 31, 2013	$	(41,945	)	$	(16,106	)	$	3,253	$	(54,798	)
	Other comprehensive income (loss) before classifications	—			—			391		391
	Amounts reclassified from accumulated other comprehensive income (loss)	853			(141		)	—		712
	Net current-period other comprehensive income (loss)	853			(141		)	391		1,103
	Accumulated other comprehensive income (loss) as of March 31, 2014	$	(41,092	)	$	(16,247	)	$	3,644	$	(53,695	)
		Six Months Ended March 31, 2014
		Pension			Postretirement			Foreign		Total
		Plan			Plan			Exchange
	Accumulated other comprehensive income (loss) as of September 30, 2013	$	(42,798	)	$	(15,964	)	$	1,963	$	(56,799	)
	Other comprehensive income (loss) before classifications	—			—			1,681		1,681
	Amounts reclassified from accumulated other comprehensive income (loss)	1,706			(283		)	—		1,423
	Net current-period other comprehensive income (loss)	1,706			(283		)	1,681		3,104
	Accumulated other comprehensive income (loss) as of March 31, 2014	$	(41,092	)	$	(16,247	)	$	3,644	$	(53,695	)
	Reclassifications out of Accumulated Other Comprehensive Income
		Three Months Ended								Three Months Ended
		March 31, 2013								March 31, 2014
	Amortization of Pension and Postretirement Plan items	Pension			Post-			Total		Pension			Post-			Total
		Plan			retirement					Plan			retirement
					Plan								Plan
	Prior Service Costs (a)	$	—		$	—		$	—	$	(202	)	$	724		$	522
	Actuarial (losses) (a)	—			—			—		(1,153		)	(500		)	(1,653		)
	Total before tax	—			—			—		(1,355		)	224			(1,131		)
	Tax (expense) or benefit	—			—			—		502			(83		)	419
	Total reclassification for the period	$	—		$	—		$	—	$	(853	)	$	141		$	(712	)
		Six Months Ended								Six Months Ended
		March 31, 2013								March 31, 2014
	Amortization of Pension and Postretirement Plan items	Pension			Post-			Total		Pension			Post-			Total
		Plan			retirement					Plan			retirement
					Plan								Plan
	Prior Service Costs (a)	$	—		$	—		$	—	$	(404	)	$	1,447		$	1,043
	Actuarial (losses) (a)	—			—			—		(2,305		)	(998		)	(3,303		)
	Total before tax	—			—			—		(2,709		)	449			(2,260		)
	Tax (expense) or benefit	—			—			—		1,003			(166		)	837
	Total reclassification for the period	$	—		$	—		$	—	$	(1,706	)	$	283		$	(1,423	)
	(a)  These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	6 Months Ended
	Mar. 31, 2014
Basis of Presentation	'
Principles of Consolidation	'
	Principles of Consolidation
	The consolidated financial statements include the accounts of Haynes International, Inc. and its directly and indirectly wholly-owned subsidiaries (collectively, the “Company”). All intercompany transactions and balances are eliminated.

Inventories_Tables

Inventories (Tables)	6 Months Ended
	Mar. 31, 2014
Inventories	'
Summary of major classes of inventories	'
		September 30,		March 31,
		2013		2014
	Raw Materials	$	25,647	$	21,932
	Work-in-process	108,708		127,004
	Finished Goods	97,150		87,636
	Other	652		887
		$	232,157	$	237,459

Pension_and_Postretirement_Ben1

Pension and Post-retirement Benefits (Tables)	6 Months Ended
	Mar. 31, 2014
Pension and Post-retirement Benefits	'
Schedule of components of net periodic pension and postretirement benefit cost	'
		Three Months Ended March 31,												Six Months Ended March 31,
		Pension Benefits						Other Benefits						Pension Benefits						Other Benefits
		2013			2014			2013			2014			2013			2014			2013			2014
	Service cost	$	1,220		$	992		$	97		$	66		$	2,440		$	1,985		$	194		$	133
	Interest cost	2,657			2,845			1,082			1,144			5,195			5,700			2,164			2,289
	Expected return	(3,243		)	(3,566		)	—			—			(6,362		)	(7,144		)	—			—
	Amortizations	2,749			1,355			(518		)	(224		)	5,472			2,709			(1,036		)	(449		)
	Net periodic benefit cost	$	3,383		$	1,626		$	661		$	986		$	6,745		$	3,250		$	1,322		$	1,973

Intangible_Assets_Tables

Intangible Assets (Tables)	6 Months Ended
	Mar. 31, 2014
Intangible Assets	'
Summary of intangible assets	'
	September 30, 2013	Gross		Accumulated			Carrying
		Amount		Amortization			Amount
	Patents	$	4,030	$	(2,533	)	$	1,497
	Trademarks	3,800		—			3,800
	Non-compete	500		(381		)	119
	Other	330		(145		)	185
		$	8,660	$	(3,059	)	$	5,601
	March 31, 2014	Gross		Accumulated			Carrying
		Amount		Amortization			Amount
	Patents	$	4,030	$	(2,672	)	$	1,358
	Trademarks	3,800		—			3,800
	Non-compete	500		(417		)	83
	Other	330		(178		)	152
		$	8,660	$	(3,267	)	$	5,393
Schedule of estimate of aggregate amortization expense	'
	Estimate of Aggregate Amortization Expense:
	Year Ended September 30,
	2014 (remainder of fiscal year)	$	208
	2015	$	393
	2016	$	332
	2017	$	279
	2018	$	279
	Thereafter	$	102

Net_Income_Loss_Per_Share_Tabl

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Mar. 31, 2014
Net Income (Loss) Per Share	'
Schedule of basic and diluted earnings per share	'
		Three Months Ended						Six Months Ended
		March 31,						March 31,
	(in thousands, except share and per share data)	2013			2014			2013			2014
	Numerator: Basic and Diluted
	Net income (loss)	$	6,436		$	(1,223	)	$	12,271		$	(4,715	)
	Dividends paid	(2,713		)	(2,725		)	(5,423		)	(5,445		)
	Undistributed income (loss)	$	3,723		$	(3,948	)	$	6,848		$	(10,160	)
	Percentage allocated to common shares (a)	99.7		%	100		%	99.6		%	100		%
	Undistributed income (loss) allocated to common shares	$	3,711		$	(3,948	)	$	6,824		$	(10,160	)
	Dividends paid on common shares outstanding	2,704			2,725			5,403			5,445
	Net income (loss) available to common shares	$	6,415		$	(1,223	)	$	12,227		$	(4,715	)
	Denominator: Basic and Diluted
	Weighted average common shares	12,233			12,288			12,212			12,267
	Adjustment for dilutive potential common shares	41			—			44			—
	Weighted average shares - Diluted	12,274			12,288			12,256			12,267
	Per common share net income (loss)
	Basic	$	0.52		$	(0.10	)	$	1		$	(0.38	)
	Diluted	$	0.52		$	(0.10	)	$	0.99		$	(0.38	)
	Number of stock option shares excluded as their effect would be anti-dilutive	184,706			221,270			184,706			229,996
	Number of restrictive stock option shares as their effect would be anti-dilutive	—			97,600			—			97,600
	(a)  Percentage allocated to common shares - weighted average
	Common shares outstanding	12,233,308		12,287,907		12,211,769		12,267,463
	Unvested participating shares	41,083		—		43,788		—
		12,274,391		12,287,907		12,255,557		12,267,463

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	6 Months Ended
	Mar. 31, 2014
Stock-Based Compensation	'
Summary of activity under the restricted stock plan	'
		Number of		Weighted
		Shares		Average Fair
				Value At
				Grant Date
	Unvested at September 30, 2013	96,750		$	47.74
	Granted	37,700		$	52.89
	Forfeited / Canceled	—		—
	Vested	(36,850	)	$	41.77
	Unvested at March 31, 2014	97,600		$	51.99
	Expected to vest	78,100		$	52.14
Schedule of fair value assumptions used for grants under the stock option plan	'
	Grant Date	Fair			Dividend		Risk-free		Expected		Expected
		Value			Yield		Interest Rate		Volatility		Life
	November 26, 2013	$	13.94		1.67	%	0.57	%	42	%	3 years
Summary of activity under the stock option plans	'
		Number of		Aggregate			Weighted			Weighted
		Shares		Intrinsic			Average			Average
				Value			Exercise			Remaining
				(000s)			Prices			Contractual Life
	Outstanding at September 30, 2013	291,664					$	45.36
	Granted	45,250					$	52.78
	Exercised	(38,895	)				$	20.9
	Canceled	—					—
	Outstanding at March 31, 2014	298,019		$	2,224		$	49.68		5.65 yrs.
	Vested or expected to vest	285,044		$	2,158		$	49.7		5.53 yrs.
	Exercisable at March 31, 2014	221,270		$	2,019		$	49.05		4.44 yrs.
	Grant Date	Exercise			Remaining		Outstanding		Exercisable
		Price Per			Contractual		Number of		Number of
		Share			Life in Years		Shares		Shares
	August 31, 2004	$	12.8		0.42		12,216		12,216
	March 31, 2006	31			2		10,000		10,000
	March 30, 2007	72.93			3		47,500		47,500
	March 31, 2008	54			4		58,000		58,000
	October 1, 2008	46.83			4.5		20,000		20,000
	March 31, 2009	17.82			5		14,285		14,285
	January 8, 2010	34			5.75		14,001		14,001
	November 24, 2010	40.26			6.67		19,667		19,667
	November 25, 2011	55.88			7.67		19,700		13,135
	November 20, 2012	47.96			8.67		35,600		11,866
	December 10, 2012	48.39			8.67		1,800		600
	November 26, 2013	52.78			9.67		45,250		—
							298,019		221,270

Changes_in_Accumulated_Other_C1

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables)	6 Months Ended
	Mar. 31, 2014
Changes in Accumulated Other Comprehensive Income (Loss) by Component	'
Schedule of accumulated other comprehensive income (loss)	'
		Three Months Ended March 31, 2014
		Pension			Postretirement			Foreign		Total
		Plan			Plan			Exchange
	Accumulated other comprehensive income (loss) as of December 31, 2013	$	(41,945	)	$	(16,106	)	$	3,253	$	(54,798	)
	Other comprehensive income (loss) before classifications	—			—			391		391
	Amounts reclassified from accumulated other comprehensive income (loss)	853			(141		)	—		712
	Net current-period other comprehensive income (loss)	853			(141		)	391		1,103
	Accumulated other comprehensive income (loss) as of March 31, 2014	$	(41,092	)	$	(16,247	)	$	3,644	$	(53,695	)
		Six Months Ended March 31, 2014
		Pension			Postretirement			Foreign		Total
		Plan			Plan			Exchange
	Accumulated other comprehensive income (loss) as of September 30, 2013	$	(42,798	)	$	(15,964	)	$	1,963	$	(56,799	)
	Other comprehensive income (loss) before classifications	—			—			1,681		1,681
	Amounts reclassified from accumulated other comprehensive income (loss)	1,706			(283		)	—		1,423
	Net current-period other comprehensive income (loss)	1,706			(283		)	1,681		3,104
	Accumulated other comprehensive income (loss) as of March 31, 2014	$	(41,092	)	$	(16,247	)	$	3,644	$	(53,695	)
Schedule of reclassifications out of accumulated other comprehensive income	'
		Three Months Ended								Three Months Ended
		March 31, 2013								March 31, 2014
	Amortization of Pension and Postretirement Plan items	Pension			Post-			Total		Pension			Post-			Total
		Plan			retirement					Plan			retirement
					Plan								Plan
	Prior Service Costs (a)	$	—		$	—		$	—	$	(202	)	$	724		$	522
	Actuarial (losses) (a)	—			—			—		(1,153		)	(500		)	(1,653		)
	Total before tax	—			—			—		(1,355		)	224			(1,131		)
	Tax (expense) or benefit	—			—			—		502			(83		)	419
	Total reclassification for the period	$	—		$	—		$	—	$	(853	)	$	141		$	(712	)
		Six Months Ended								Six Months Ended
		March 31, 2013								March 31, 2014
	Amortization of Pension and Postretirement Plan items	Pension			Post-			Total		Pension			Post-			Total
		Plan			retirement					Plan			retirement
					Plan								Plan
	Prior Service Costs (a)	$	—		$	—		$	—	$	(404	)	$	1,447		$	1,043
	Actuarial (losses) (a)	—			—			—		(2,305		)	(998		)	(3,303		)
	Total before tax	—			—			—		(2,709		)	449			(2,260		)
	Tax (expense) or benefit	—			—			—		1,003			(166		)	837
	Total reclassification for the period	$	—		$	—		$	—	$	(1,706	)	$	283		$	(1,423	)
	(a)  These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

New_Accounting_Pronouncements_

New Accounting Pronouncements Details	3 Months Ended
	Mar. 31, 2014
	item
New Accounting Pronouncements	'
Number of new accounting pronouncements applicable to the company issued	0

Inventories_Details

Inventories (Details) (USD $)	Mar. 31, 2014	Sep. 30, 2013
In Thousands, unless otherwise specified
Inventories	'	'
Raw Materials	$21,932	$25,647
Work-in-process	127,004	108,708
Finished Goods	87,636	97,150
Other	887	652
Total	$237,459	$232,157

Income_Taxes_Details

Income Taxes (Details) (USD $)	1 Months Ended	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Income Taxes	'	'	'	'	'
Statutory federal tax rate (as a percent)	'	35.00%	35.00%	35.00%	35.00%
Effective tax rate (as a percent)	'	4.70%	34.50%	31.10%	31.60%
Charge to tax expense due to decrease in deferred tax asset	$330	'	'	'	'

Pension_and_Postretirement_Ben2

Pension and Post-retirement Benefits (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Pension Benefits	'	'	'	'
Pension and post-retirement benefits	'	'	'	'
Service cost	$992	$1,220	$1,985	$2,440
Interest cost	2,845	2,657	5,700	5,195
Expected return	-3,566	-3,243	-7,144	-6,362
Amortizations	1,355	2,749	2,709	5,472
Net periodic benefit cost	1,626	3,383	3,250	6,745
Domestic pension plans	'	'	'	'
Pension and post-retirement benefits	'	'	'	'
Employer contribution	'	'	1,250	'
Expected future employer contribution	'	'	0	'
U.K. pension plan	'	'	'	'
Pension and post-retirement benefits	'	'	'	'
Employer contribution	'	'	500	'
Expected future employer contribution	'	'	470	'
Other Benefits	'	'	'	'
Pension and post-retirement benefits	'	'	'	'
Service cost	66	97	133	194
Interest cost	1,144	1,082	2,289	2,164
Amortizations	-224	-518	-449	-1,036
Net periodic benefit cost	986	661	1,973	1,322
Employer contribution	'	'	2,023	'
Expected future employer contribution	'	'	$2,800	'

Legal_Environmental_and_Other_1

Legal, Environmental and Other Contingencies (Details) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Sep. 30, 2013
Legal, Environmental and Other Contingencies	'	'
Accrual for post-closure monitoring and maintenance activities	$845	$845
Post-closure monitoring period	'30 years	'30 years
Undiscounted amount of obligation	$1,077	'
Claims involving personal injuries | Pending litigation	'	'
Legal, Environmental and Other Contingencies	'	'
Number of actions in which the entity is involved relating to welding rod-related injuries	2	'
Site contingency	'	'
Legal, Environmental and Other Contingencies	'	'
Number of areas of concern that required investigation	1	'
Number of solid waste management units evaluated under RCRA, as required by IDEM	1	'

Deferred_Revenue_Details

Deferred Revenue (Details) (Conversion Services Agreement, USD $)	0 Months Ended	6 Months Ended
	Nov. 17, 2006	Mar. 31, 2014
		lb
Deferred revenue	'	'
Term of agreement to provide conversion services	'20 years	'
Up-front fees received	$50,000,000	'
Additional volume of titanium metal to be converted on exercise of option by service receiver (in pounds)	'	10,000,000
Revenue recognition period	'20 years	'
Liquidated damages	'	25,000,000
Maximum	'	'
Deferred revenue	'	'
Annual volume of titanium metal to be converted (in pounds)	10,000,000	'
Amount of loan offered by counterparty	'	$12,000,000

Intangible_Assets_Details

Intangible Assets (Details) (USD $)	3 Months Ended		6 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Sep. 30, 2013	Sep. 30, 2012
Intangible Assets	'	'	'	'	'	'
Impairment charges recognized	'	'	'	'	$0	$0
Amortization expense of patents, non-competes and other intangibles	104	103	208	208	'	'
Total intangible assets, Gross Amount	8,660	'	8,660	'	8,660	'
Finite-lived intangible assets, Accumulated Amortization	-3,267	'	-3,267	'	-3,059	'
Carrying Amount	5,393	'	5,393	'	5,601	'
Patents	'	'	'	'	'	'
Intangible Assets	'	'	'	'	'	'
Finite-lived intangible assets, Gross Amount	4,030	'	4,030	'	4,030	'
Finite-lived intangible assets, Accumulated Amortization	-2,672	'	-2,672	'	-2,533	'
Finite-lived intangible assets, Carrying Amount	1,358	'	1,358	'	1,497	'
Patents | Minimum	'	'	'	'	'	'
Intangible Assets	'	'	'	'	'	'
Useful life	'	'	'2 years	'	'	'
Patents | Maximum	'	'	'	'	'	'
Intangible Assets	'	'	'	'	'	'
Useful life	'	'	'14 years	'	'	'
Non-compete	'	'	'	'	'	'
Intangible Assets	'	'	'	'	'	'
Useful life	'	'	'1 year 3 months	'	'	'
Finite-lived intangible assets, Gross Amount	500	'	500	'	500	'
Finite-lived intangible assets, Accumulated Amortization	-417	'	-417	'	-381	'
Finite-lived intangible assets, Carrying Amount	83	'	83	'	119	'
Other	'	'	'	'	'	'
Intangible Assets	'	'	'	'	'	'
Finite-lived intangible assets, Gross Amount	330	'	330	'	330	'
Finite-lived intangible assets, Accumulated Amortization	-178	'	-178	'	-145	'
Finite-lived intangible assets, Carrying Amount	152	'	152	'	185	'
Trademarks	'	'	'	'	'	'
Intangible Assets	'	'	'	'	'	'
Indefinite-lived intangible assets	$3,800	'	$3,800	'	$3,800	'

Intangible_Assets_Details_2

Intangible Assets (Details 2) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Estimate of Aggregate Amortization Expense:	'
2014 (remainder of fiscal year)	$208
2015	393
2016	332
2017	279
2018	279
Thereafter	$102

Net_Income_Loss_Per_Share_Deta

Net Income (Loss) Per Share (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Numerator: Basic and Diluted	'	'	'	'
Net income (loss)	($1,223)	$6,436	($4,715)	$12,271
Dividends paid	-2,725	-2,713	-5,445	-5,423
Undistributed income (loss)	-3,948	3,723	-10,160	6,848
Percentage allocated to common shares (a)	100.00%	99.70%	100.00%	99.60%
Undistributed income (loss) allocated to common shares	-3,948	3,711	-10,160	6,824
Dividends paid on common shares outstanding	2,725	2,704	5,445	5,403
Net income available for diluted common shares	($1,223)	$6,415	($4,715)	$12,227
Denominator: Basic and Diluted	'	'	'	'
Weighted average common shares	12,287,907	12,233,308	12,267,463	12,211,769
Adjustment for dilutive potential common shares	'	41,083	'	43,788
Weighted average shares - Diluted	12,287,907	12,274,391	12,267,463	12,255,557
Per common share net income (loss)	'	'	'	'
Basic (in dollars per share)	($0.10)	$0.52	($0.38)	$1
Diluted (in dollars per share)	($0.10)	$0.52	($0.38)	$0.99
Stock option	'	'	'	'
Antidilutive securities	'	'	'	'
Number of shares excluded as their effect would be anti-dilutive	221,270	184,706	229,996	184,706
Restricted stock	'	'	'	'
Antidilutive securities	'	'	'	'
Number of shares excluded as their effect would be anti-dilutive	97,600	'	97,600	'

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (Restricted Stock Plan, USD $)	3 Months Ended		6 Months Ended		0 Months Ended		3 Months Ended	6 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Dec. 02, 2013	Nov. 26, 2013	Mar. 31, 2014	Mar. 31, 2014
					Key Employees and Non-Employee Directors	Key Employees and Non-Employee Directors	Key Employees and Non-Employee Directors	Employee
Stock-Based Compensation	'	'	'	'	'	'	'	'
Number of shares of common stock reserved for issuance	400,000	'	400,000	'	'	'	'	'
Threshold performance period for vesting of stock granted	'	'	'	'	'	'	'3 years	'
Fair Value (in dollars per share)	'	'	'	'	$54.22	$52.78	'	'
Restricted stock plan activity, number of shares	'	'	'	'	'	'	'	'
Unvested at beginning of the period (in shares)	'	'	96,750	'	'	'	'	'
Granted (in shares)	'	'	37,700	'	3,000	34,700	'	'
Vested (in shares)	'	'	-36,850	'	'	'	'	'
Unvested at end of the period (in shares)	97,600	'	97,600	'	'	'	'	'
Expected to vest (in shares)	78,100	'	78,100	'	'	'	'	'
Restricted stock plan activity, Weighted Average Fair Value at Grant Date	'	'	'	'	'	'	'	'
Unvested at beginning of the period (in dollars per share)	'	'	$47.74	'	'	'	'	'
Granted (in dollars per share)	'	'	$52.89	'	'	'	'	'
Vested (in dollars per share)	'	'	$41.77	'	'	'	'	'
Unvested at end of the period (in dollars per share)	$51.99	'	$51.99	'	'	'	'	'
Expected to vest (in dollars per share)	$52.14	'	$52.14	'	'	'	'	'
Restricted stock plan activity, other disclosures	'	'	'	'	'	'	'	'
Compensation expense	$486	$387	$811	$503	'	'	'	'
Remaining unrecognized compensation expense	$2,563	'	$2,563	'	'	'	'	'
Weighted average period for recognition	'	'	'1 year 4 months 10 days	'	'	'	'	'
Repurchase of stock from employees (in shares)	'	'	'	'	'	'	'	6,284
Average purchase price (in dollars per share)	'	'	'	'	'	'	'	$53.38

StockBased_Compensation_Detail1

Stock-Based Compensation (Details 2) (USD $)	0 Months Ended	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Nov. 26, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
				item
Original option plan August 2004	'	'	'	'	'
Information relating to stock options	'	'	'	'	'
Number of shares of common stock reserved for issuance	'	1,000,000	'	1,000,000	'
Second option plan January 2007	'	'	'	'	'
Information relating to stock options	'	'	'	'	'
Number of shares of common stock reserved for issuance	'	500,000	'	500,000	'
Stock Option Plans	'	'	'	'	'
Information relating to stock options	'	'	'	'	'
Number of plans	'	'	'	2	'
Number of shares of common stock reserved for issuance	'	1,500,000	'	1,500,000	'
Period during which options are exercisable	'	'	'	'10 years	'
Vesting of awards per year (as a percent)	'	'	'	33.33%	'
Award vesting period	'	'	'	'3 years	'
Fair value assumptions	'	'	'	'	'
Fair Value (in dollars per share)	$13.94	'	'	'	'
Dividend Yield (as a percent)	1.67%	'	'	'	'
Risk-Free Interest Rate (as a percent)	0.57%	'	'	'	'
Expected Volatility (as a percent)	42.00%	'	'	'	'
Expected Life	'3 years	'	'	'	'
Stock-based employee compensation expense	'	$121	$107	$233	$209
Remaining unrecognized compensation expense	'	857	'	857	'
Weighted average period for recognition	'	'	'	'1 year 9 months 7 days	'
Activity under stock option plans, number of shares	'	'	'	'	'
Outstanding at beginning of the period (in shares)	'	'	'	291,664	'
Granted (in shares)	'	'	'	45,250	'
Exercised (in shares)	'	'	'	-38,895	'
Outstanding at end of the period (in shares)	'	298,019	'	298,019	'
Vested or expected to vest (in shares)	'	285,044	'	285,044	'
Exercisable at end of period (in shares)	'	221,270	'	221,270	'
Outstanding at end of period, Aggregate Intrinsic Value	'	2,224	'	2,224	'
Vested or expected to vest, Aggregate Intrinsic Value	'	2,158	'	2,158	'
Exercisable at end of the period, Aggregate Intrinsic Value	'	$2,019	'	$2,019	'
Weighted Average Exercise Prices	'	'	'	'	'
Outstanding at beginning of the period (in dollars per share)	'	'	'	$45.36	'
Granted (in dollars per share)	'	'	'	$52.78	'
Exercised (in dollars per share)	'	'	'	$20.90	'
Outstanding at end of period (in dollars per share)	'	$49.68	'	$49.68	'
Vested or expected to vest (in dollars per share)	'	$49.70	'	$49.70	'
Exercisable at end of the period (in dollars per share)	'	$49.05	'	$49.05	'
Outstanding at end of the period, Weighted Average Remaining Contractual Life	'	'	'	'5 years 7 months 24 days	'
Vested or expected to vest, Weighted Average Remaining Contractual Life	'	'	'	'5 years 6 months 11 days	'
Exercisable at end of the period, Weighted Average Remaining Contractual Life	'	'	'	'4 years 5 months 8 days	'
Stock Option Plans | Certain Employees	'	'	'	'	'
Activity under stock option plans, number of shares	'	'	'	'	'
Granted (in shares)	45,250	'	'	'	'
Weighted Average Exercise Prices	'	'	'	'	'
Granted (in dollars per share)	$52.78	'	'	'	'

StockBased_Compensation_Detail2

Stock-Based Compensation (Details 3) (Stock Option Plans, USD $)	6 Months Ended
	Mar. 31, 2014
Stock-Based Compensation	'
Outstanding Number of Shares	298,019
Exercisable Number of Shares	221,270
Exercise Price Per Share $12.80	'
Stock-Based Compensation	'
Exercise Price Per Share (in dollars per share)	$12.80
Remaining Contractual Life	'5 months 1 day
Outstanding Number of Shares	12,216
Exercisable Number of Shares	12,216
Exercise Price Per Share $31.00	'
Stock-Based Compensation	'
Exercise Price Per Share (in dollars per share)	$31
Remaining Contractual Life	'2 years
Outstanding Number of Shares	10,000
Exercisable Number of Shares	10,000
Exercise Price Per Share $72.93	'
Stock-Based Compensation	'
Exercise Price Per Share (in dollars per share)	$72.93
Remaining Contractual Life	'3 years
Outstanding Number of Shares	47,500
Exercisable Number of Shares	47,500
Exercise Price Per Share $54.00	'
Stock-Based Compensation	'
Exercise Price Per Share (in dollars per share)	$54
Remaining Contractual Life	'4 years
Outstanding Number of Shares	58,000
Exercisable Number of Shares	58,000
Exercise Price Per Share $46.83	'
Stock-Based Compensation	'
Exercise Price Per Share (in dollars per share)	$46.83
Remaining Contractual Life	'4 years 6 months
Outstanding Number of Shares	20,000
Exercisable Number of Shares	20,000
Exercise Price Per Share $17.82	'
Stock-Based Compensation	'
Exercise Price Per Share (in dollars per share)	$17.82
Remaining Contractual Life	'5 years
Outstanding Number of Shares	14,285
Exercisable Number of Shares	14,285
Exercise Price Per Share $34.00	'
Stock-Based Compensation	'
Exercise Price Per Share (in dollars per share)	$34
Remaining Contractual Life	'5 years 9 months
Outstanding Number of Shares	14,001
Exercisable Number of Shares	14,001
Exercise Price Per Share $40.26	'
Stock-Based Compensation	'
Exercise Price Per Share (in dollars per share)	$40.26
Remaining Contractual Life	'6 years 8 months 1 day
Outstanding Number of Shares	19,667
Exercisable Number of Shares	19,667
Exercise Price Per Share $55.88	'
Stock-Based Compensation	'
Exercise Price Per Share (in dollars per share)	$55.88
Remaining Contractual Life	'7 years 8 months 1 day
Outstanding Number of Shares	19,700
Exercisable Number of Shares	13,135
Exercise Price Per Share $47.96	'
Stock-Based Compensation	'
Exercise Price Per Share (in dollars per share)	$47.96
Remaining Contractual Life	'8 years 8 months 1 day
Outstanding Number of Shares	35,600
Exercisable Number of Shares	11,866
Exercise Price Per Share $48.39	'
Stock-Based Compensation	'
Exercise Price Per Share (in dollars per share)	$48.39
Remaining Contractual Life	'8 years 8 months 1 day
Outstanding Number of Shares	1,800
Exercisable Number of Shares	600
Exercise Price Per Share $52.78	'
Stock-Based Compensation	'
Exercise Price Per Share (in dollars per share)	$52.78
Remaining Contractual Life	'9 years 8 months 1 day
Outstanding Number of Shares	45,250

Dividend_Details

Dividend (Details) (USD $)	0 Months Ended		3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	8-May-14	Mar. 17, 2014	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Common stock dividend	'	'	'	'	'	'
Cash dividend (in dollars per share)	'	$0.22	'	'	'	'
Dividend paid (in dollars)	'	'	$2,725	'	$5,445	$5,423
Cash dividend declared (in dollars per share)	$0.22	'	$0.22	$0.22	$0.44	$0.44

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Fair value measurements on recurring basis, Level 1, Cash and money market funds, USD $)	Mar. 31, 2014	Sep. 30, 2013
In Thousands, unless otherwise specified
Fair value measurements on recurring basis | Level 1 | Cash and money market funds	'	'
Assets:	'	'
Total fair value	$62,083	$68,326

Changes_in_Accumulated_Other_C2

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details) (USD $)	3 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2014
Accumulated other comprehensive income (loss)	'	'
Accumulated other comprehensive income (loss) at the beginning of the period	($54,798)	($56,799)
Other comprehensive income (loss) before classifications	391	1,681
Amounts reclassified from accumulated other comprehensive income (loss)	712	1,423
Net current-period other comprehensive income (loss)	1,103	3,104
Accumulated other comprehensive income (loss) at the end of the period	-53,695	-53,695
Defined Benefit Plans | Pension Plan	'	'
Accumulated other comprehensive income (loss)	'	'
Accumulated other comprehensive income (loss) at the beginning of the period	-41,945	-42,798
Amounts reclassified from accumulated other comprehensive income (loss)	853	1,706
Net current-period other comprehensive income (loss)	853	1,706
Accumulated other comprehensive income (loss) at the end of the period	-41,092	-41,092
Defined Benefit Plans | Post-retirement Plan	'	'
Accumulated other comprehensive income (loss)	'	'
Accumulated other comprehensive income (loss) at the beginning of the period	-16,106	-15,964
Amounts reclassified from accumulated other comprehensive income (loss)	-141	-283
Net current-period other comprehensive income (loss)	-141	-283
Accumulated other comprehensive income (loss) at the end of the period	-16,247	-16,247
Foreign Exchange	'	'
Accumulated other comprehensive income (loss)	'	'
Accumulated other comprehensive income (loss) at the beginning of the period	3,253	1,963
Other comprehensive income (loss) before classifications	391	1,681
Net current-period other comprehensive income (loss)	391	1,681
Accumulated other comprehensive income (loss) at the end of the period	$3,644	$3,644

Changes_in_Accumulated_Other_C3

Changes in Accumulated Other Comprehensive Income (Loss) by Component (Details 2) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Reclassifications out of accumulated other comprehensive income	'	'	'	'
Tax (expense) or benefit	($60)	$3,390	($2,124)	$5,672
Total reclassification for the period	-712	'	-1,423	'
Reclassifications out of accumulated other comprehensive income	'	'	'	'
Reclassifications out of accumulated other comprehensive income	'	'	'	'
Prior Service Costs	522	'	1,043	'
Actuarial (losses)	-1,653	'	-3,303	'
Total before tax	-1,131	'	-2,260	'
Tax (expense) or benefit	419	'	837	'
Total reclassification for the period	-712	'	-1,423	'
Defined Benefit Plans | Pension Plan	'	'	'	'
Reclassifications out of accumulated other comprehensive income	'	'	'	'
Total reclassification for the period	-853	'	-1,706	'
Defined Benefit Plans | Pension Plan | Reclassifications out of accumulated other comprehensive income	'	'	'	'
Reclassifications out of accumulated other comprehensive income	'	'	'	'
Prior Service Costs	-202	'	-404	'
Actuarial (losses)	-1,153	'	-2,305	'
Total before tax	-1,355	'	-2,709	'
Tax (expense) or benefit	502	'	1,003	'
Total reclassification for the period	-853	'	-1,706	'
Defined Benefit Plans | Post-retirement Plan	'	'	'	'
Reclassifications out of accumulated other comprehensive income	'	'	'	'
Total reclassification for the period	141	'	283	'
Defined Benefit Plans | Post-retirement Plan | Reclassifications out of accumulated other comprehensive income	'	'	'	'
Reclassifications out of accumulated other comprehensive income	'	'	'	'
Prior Service Costs	724	'	1,447	'
Actuarial (losses)	-500	'	-998	'
Total before tax	224	'	449	'
Tax (expense) or benefit	-83	'	-166	'
Total reclassification for the period	$141	'	$283	'