SIFCO Industries (SIF) 10-Q 5 May 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Mar. 31, 2015
Document Documentand Entity Information [Abstract]
Entity Registrant Name	SIFCO INDUSTRIES INC
Entity Central Index Key	90168
Current Fiscal Year End Date	-21
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding	5,448,007
Trading Symbol	SIF

Consolidated_Condensed_Stateme

Consolidated Condensed Statements of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Net sales	$24,615	$29,044	$44,695	$55,696
Cost of goods sold	20,914	22,740	37,992	43,822
Gross profit	3,701	6,304	6,703	11,874
Selling, general and administrative expenses	4,486	3,444	8,930	6,902
Amortization of intangible assets	520	545	1,040	1,090
Loss (gain) on disposal of operating assets	2	0	2	-2
Operating income (loss)	-1,307	2,315	-3,269	3,884
Interest income	-3	-5	-7	-9
Interest expense	48	51	108	136
Foreign currency exchange (gain) loss, net	-48	-1	-57	6
Other income, net	-107	-108	-214	-217
Income (loss) from continuing operations before income tax provision (benefit)	-1,197	2,378	-3,099	3,968
Income tax provision (benefit)	-334	867	-894	1,303
Income (loss) from continuing operations	-863	1,511	-2,205	2,665
Income (loss) from discontinued operations, net of tax	799	-85	736	-292
Net income (loss)	($64)	$1,426	($1,469)	$2,373
Income (loss) per share from continuing operations
Basic (in dollars per share)	($0.16)	$0.28	($0.41)	$0.49
Diluted (in dollars per share)	($0.16)	$0.28	($0.41)	$0.49
Income (loss) per share from discontinued operations, net of tax
Basic (in dollars per share)	$0.15	($0.02)	$0.14	($0.05)
Diluted (in dollars per share)	$0.15	($0.02)	$0.14	($0.05)
Net income (loss) per share
Basic (in dollars per share)	($0.01)	$0.26	($0.27)	$0.44
Diluted (in dollars per share)	($0.01)	$0.26	($0.27)	$0.44
Weighted-average common shares outstanding (basic) (in shares)	5,438	5,407	5,430	5,393
Weighted-average common shares outstanding (diluted) (in shares)	5,446	5,423	5,447	5,415

Consolidated_Condensed_Stateme1

Consolidated Condensed Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Net income (loss)	($64)	$1,426	($1,469)	$2,373
Other comprehensive income (loss), net of tax:
Retirement plan liability adjustment	132	153	261	302
Interest rate swap agreement adjustment	0	8	5	17
Comprehensive income (loss)	$68	$1,587	($1,203)	$2,692

Consolidated_Condensed_Balance

Consolidated Condensed Balance Sheets (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$4,687	$4,596
Receivables, net of allowance for doubtful accounts of $505 and $333, respectively	23,245	25,915
Inventories, net	25,660	18,919
Refundable income taxes	1,802	410
Deferred income taxes	791	791
Prepaid expenses and other current assets	3,302	1,878
Current assets of business from discontinued operations	0	392
Total current assets	59,487	52,901
Property, plant and equipment, net	36,729	37,148
Intangible assets, net	10,450	11,490
Goodwill	7,658	7,658
Other assets	521	500
Total assets	114,845	109,697
Current liabilities:
Current maturities of long-term debt	2,000	2,000
Accounts payable	9,617	10,526
Accrued liabilities	6,702	6,432
Current liabilities of business from discontinued operations	10	196
Total current liabilities	18,329	19,154
Long-term debt, net of current maturities	15,575	8,429
Deferred income taxes	772	774
Pension liability	4,056	4,331
Other long-term liabilities	331	389
Shareholders’ equity:
Serial preferred shares, no par value, authorized 1,000 shares	0	0
Common shares, par value $1 per share, authorized 10,000 shares; issued and outstanding shares – 5,470 at March 31, 2015 and 5,448 at September 30, 2014	5,470	5,448
Additional paid-in capital	9,444	9,102
Retained earnings	71,215	72,683
Accumulated other comprehensive loss	-10,347	-10,613
Total shareholders’ equity	75,782	76,620
Total liabilities and shareholders’ equity	$114,845	$109,697

Consolidated_Condensed_Balance1

Consolidated Condensed Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, except Share data, unless otherwise specified
Receivables, allowance for doubtful accounts	$505	$333
Serial preferred shares, no par value (in dollars per share)	$0	$0
Serial preferred shares, number of shares authorized	1,000,000	1,000,000
Common shares, par value (in dollars per share)	$1	$1
Common shares, number of shares authorized	10,000,000	10,000,000
Common shares, number of shares issued	5,470,000	5,448,000
Common shares, number of shares outstanding	5,470,000	5,448,000

Consolidated_Condensed_Stateme2

Consolidated Condensed Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	($1,469)	$2,373
(Income) loss from discontinued operations, net of tax	-736	292
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization	3,535	3,358
Loss (gain) on disposal of operating assets	2	-2
LIFO (income) expense	185	-164
Share transactions under company stock plan	365	292
Other long-term liabilities	-68	-26
Deferred income taxes	-2	41
Changes in operating assets and liabilities:
Receivables	2,670	2,617
Inventories	-6,927	-2,871
Refundable taxes	-1,392	0
Prepaid expenses and other current assets	-1,424	-569
Other assets	-22	-40
Accounts payable	1,617	4,850
Other accrued liabilities	1,259	-380
Accrued income and other taxes	101	-1,258
Net cash provided by (used for) operating activities of continuing operations	-2,306	8,513
Net cash provided by (used for) operating activities of discontinued operations	-479	471
Cash flows from investing activities:
Proceeds from disposal of operating assets	2	0
Capital expenditures	-4,604	-3,714
Net cash used for investing activities of continuing operations	-4,602	-3,714
Net cash provided by investing activities of discontinued operations	1,422	950
Cash flows from financing activities:
Payments on long term debt	-1,000	-3,393
Proceeds from revolving credit agreement	27,154	17,027
Repayments of revolving credit agreement	-19,008	-18,774
Proceeds from exercise of stock options	0	4
Cash dividends paid	-1,090	-1,081
Net cash provided by (used for) financing activities of continuing operations	6,056	-6,217
Increase in cash and cash equivalents	91	3
Cash and cash equivalents at the beginning of the period	4,596	4,508
Cash and cash equivalents at the end of the period	4,687	4,511
Supplemental disclosure of cash flow information of continuing operations:
Cash paid for interest	-103	-108
Cash paid for income taxes, net	($817)	($1,268)

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies
	A. Principles of Consolidation
	The accompanying unaudited consolidated condensed financial statements include the accounts of SIFCO Industries, Inc. and its wholly-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated.
	The U.S. dollar is the functional currency for all of the Company’s U.S. operations and its Irish subsidiary. For these operations, all gains and losses from completed currency transactions are included in income currently. Foreign currency translation adjustments are reported as a component of accumulated other comprehensive loss in the unaudited consolidated condensed financial statements.
	These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s fiscal 2014 Annual Report on Form 10-K. The results of operations for any interim period are not necessarily indicative of the results to be expected for other interim periods or the full year.
	B. Accounting Policies
	A summary of the Company’s significant accounting policies is included in Note 1 to the audited consolidated financial statements of the Company's fiscal 2014 Annual Report on Form 10-K. Since the Annual Report, the Company has changed its estimates process for its workers' compensation reserve. The Company uses a third party actuary to evaluate its reserves annually. Effective in the first quarter of fiscal 2015, the Company changed to a new third party administrator that also evaluates the reserve on a monthly basis. The change in administrators resulted in a reduction in the Company's reserve and a corresponding decrease in expense of approximately $400. The change is reflected in the Company's first six months of fiscal 2015 results.
	C. Net Income (Loss) per Share
	The Company’s net income (loss) per basic share has been computed based on the weighted-average number of common shares outstanding. Net income (loss) per diluted share reflects the effect of the Company’s outstanding stock options, restricted shares and performance shares under the treasury stock method. The dilutive effect of the Company’s restricted shares and performance shares were as follows:
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
	Income (loss) from continuing operations	$	(863	)	$	1,511		$	(2,205	)	$	2,665
	Income (loss) from discontinued operations, net of tax	799			(85		)	736			(292		)
	Net income (loss)	$	(64	)	$	1,426		$	(1,469	)	$	2,373
	Weighted-average common shares outstanding (basic)	5,438			5,407			5,430			5,393
	Effect of dilutive securities:
	Restricted shares	6			13			16			15
	Performance shares	2			3			1			7
	Weighted-average common shares outstanding (diluted)	5,446			5,423			5,447			5,415
	Net income (loss) per share – basic
	Continuing operations	$	(0.16	)	$	0.28		$	(0.41	)	$	0.49
	Discontinued operations	0.15			(0.02		)	0.14			(0.05		)
	Net income (loss)	$	(0.01	)	$	0.26		$	(0.27	)	$	0.44
	Net income (loss) per share – diluted:
	Continuing operations	$	(0.16	)	$	0.28		$	(0.41	)	$	0.49
	Discontinued operations	0.15			(0.02		)	0.14			(0.05		)
	Net income (loss)	$	(0.01	)	$	0.26		$	(0.27	)	$	0.44
	Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share	20			24			14			22
	D. Derivative Financial Instruments
	The Company uses an interest rate swap agreement to reduce risk related to variable-rate debt, which is subject to changes in market rates of interest. The interest rate swap is designated as a cash flow hedge. At September 30, 2014, the Company held one interest rate swap agreement with a notional amount of $4,000. The interest rate swap matured as of December 31, 2014. Cash flows related to the interest rate swap agreement are included in interest expense. The Company’s interest rate swap agreement and its variable-rate term debt were based upon LIBOR. During the first quarter of fiscal 2015, the Company’s interest rate swap agreement qualified as a fully effective cash flow hedge against the Company’s variable-rate term note interest risk.
	E. Reclassifications
	Certain prior period amounts were reclassified to conform to the current consolidated financial statement presentation.

Inventories

Inventories	6 Months Ended
	Mar. 31, 2015
Inventory Disclosure [Abstract]
Inventories	Inventories
	Inventories consist of:
		March 31,		September 30,
		2015		2014
	Raw materials and supplies	$	6,843	$	5,957
	Work-in-process	9,682		6,232
	Finished goods	9,135		6,730
	Total inventories	$	25,660	$	18,919
	Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out (“LIFO”) method for 50% and 40% of the Company’s inventories at March 31, 2015 and September 30, 2014, respectively. The first-in, first-out (“FIFO”) method is used for the remainder of the inventories. If the FIFO method had been used for the inventories for which cost is determined using the LIFO method, inventories would have been $8,064 and $7,879 higher than reported at March 31, 2015 and September 30, 2014, respectively.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss	6 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss
	The components of accumulated other comprehensive loss are as follows:
		March 31,			September 30,
		2015			2014
	Foreign currency translation adjustment, net of tax	$	(5,851	)	$	(5,851	)
	Retirement plan liability adjustment, net of tax	(4,496		)	(4,757		)
	Interest rate swap agreement adjustment, net of tax	—			(5		)
	Total accumulated other comprehensive loss	$	(10,347	)	$	(10,613	)

LongTerm_Debt

Long-Term Debt	6 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt
	Long-term debt consists of:
		March 31,		September 30,
		2015		2014
	Revolving credit agreement	$	14,575	$	6,429
	Term loan	3,000		4,000
		17,575		10,429
	Less – current maturities	2,000		2,000
	Total long-term debt	$	15,575	$	8,429
	In October 2011, the Company entered into an amendment to its existing credit agreement (the “Credit Agreement Amendment”) with its bank increasing the maximum borrowing amount from $30,000 to $40,000, of which $10,000 is a five year term loan and $30,000 is a five year revolving loan, secured by substantially all of the assets of the Company and its U.S. subsidiaries and a pledge of 65% of the stock of its Irish subsidiary. The term loan is repayable in quarterly installments of $500 starting December 1, 2011.
	The term loan has a LIBOR-based variable interest rate that was 2.3% at March 31, 2015. Borrowing under the revolving loan bears interest at a rate equal to LIBOR plus 0.75% to 1.75%, which percentage fluctuates based on the Company’s leverage ratio of outstanding indebtedness to EBITDA. At March 31, 2015, the interest rate was 1.0%. The loans are subject to certain customary financial covenants including, without limitation, covenants that require the Company to not exceed a maximum leverage ratio and to maintain a minimum fixed charge coverage ratio. In September 2014, the Company entered into an amendment to its existing credit agreement to revise the definition of the fixed charge ratio. There is also a commitment fee ranging from 0.10% to 0.25% to be incurred on the unused balance. The Company was in compliance with all applicable loan covenants as of March 31, 2015.

Income_Taxes

Income Taxes	6 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes
	For each interim reporting period, the Company makes an estimate of the effective tax rate it expects to be applicable for the full fiscal year for its continuing operations. This estimated effective rate is used in providing for income taxes on a year-to-date basis. The Company’s effective tax rate through the first six months of fiscal 2015 was 29%, compared with 33% for the same period of fiscal 2014. This decrease is primarily attributed to an increase in U.S. federal tax credits applied against forecasted income in fiscal 2015 as well as discrete tax expense of $63 related to prior periods, applied against a year-to-date domestic loss. The effective tax rate differs from the U.S. federal statutory rate due primarily to the application of U.S. tax credits as well as income in Ireland that is taxed at a rate that is less than the U.S. statutory federal income tax rate.
	The Internal Revenue Service finalized regulations, as of August 2014, governing the income tax treatment of acquisitions, dispositions, and repairs of tangible property. Taxpayers are required to follow the new regulations in taxable years beginning on or after January 1, 2014.  Management is currently assessing the impact of the regulations and does not expect they will have a material impact on the Company’s consolidated financial statements.
	The Company is subject to income taxes in the U.S. federal jurisdiction, Ireland and various states and local jurisdictions. The Company believes it has appropriate support for its federal income tax returns.

Retirement_Benefit_Plans

Retirement Benefit Plans	6 Months Ended
	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Retirement Benefit Plans	Retirement Benefit Plans
	The Company and certain of its subsidiaries sponsor defined benefit pension plans covering most of its employees. The components of net periodic benefit cost of the Company’s defined benefit plans are as follows:
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
	Service cost	$	37		$	30		$	73		$	61
	Interest cost	244			250			487			501
	Expected return on plan assets	(418		)	(393		)	(835		)	(786		)
	Amortization of net loss	136			151			273			301
	Settlement cost	—			50			—			125
	Net periodic cost	$	(1	)	$	88		$	(2	)	$	202
	During the six months ended March 31, 2015 and 2014, the Company has made no contributions and $255, respectively, to its defined benefit pension plans. The Company does not anticipate making any additional contributions to fund its defined benefit pension plans during the balance of fiscal 2015.

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation
	The Company has awarded performance and restricted shares under its shareholder approved 2007 Long-Term Incentive Plan (“2007 Plan”). The aggregate number of shares that may be awarded under the 2007 Plan is 600 less any shares previously awarded and subject to an adjustment for the forfeiture of any unvested shares. In addition, shares that may be awarded are subject to individual recipient award limitations. The shares awarded under the 2007 Plan may be made in multiple forms, including stock options, stock appreciation rights, restricted or unrestricted stock, and performance related shares. Any such award is exercisable no later than ten years from the date of the grant.
	The performance shares that have been awarded under the 2007 Plan generally provide for the vesting of the Company’s common shares upon the Company achieving certain defined financial performance objectives during a period up to three years following the making of such award. The ultimate number of common shares of the Company that may be earned pursuant to an award ranges from a minimum of no shares to a maximum of 150% of the initial target number of performance shares awarded, depending on the level of the Company’s achievement of its financial performance objectives.
	With respect to such performance shares, compensation expense is being accrued. During each future reporting period, such expense may be subject to adjustment based upon the Company's financial performance, which impacts the number of common shares that it expects to vest upon the completion of the performance period. The performance shares were valued at the closing market price of the Company’s common shares on the date of the grant. The vesting of such shares is determined at the end of the performance period.
	During the first six months of fiscal 2015, 56 performance share awards were granted, 11 performance shares were vested and 71 performance share awards expired or were forfeited under the 2007 Plan. The shares vest over a three year performance period.
	The Company has awarded restricted shares to its directors, officers, and other employees of the Company. The restricted shares were valued at the closing market price of the Company’s common shares on the date of the grant, and such value was recorded as unearned compensation. The unearned compensation is being amortized ratably over the restricted stock vesting period of one year.
	During the first six months months of fiscal 2015, 26 restricted shares were granted, 33 restricted shares were vested and 5 restricted shares were forfeited under the 2007 Plan. The shares vest over a one year service period.
	If all outstanding share awards are ultimately earned and vest at the target number of shares, there are approximately 283 shares that remain available for award at March 31, 2015. If any of the outstanding share awards are ultimately earned and vest at greater than the target number of shares, up to a maximum of 150% of such target, then a fewer number of shares would be available for award.
	Stock-based compensation under the 2007 Plan was $400 and $553 during the first six months of fiscal 2015 and 2014, and a benefit of $129 and expense of $315 during the second quarter of fiscal 2015 and 2014, respectively. Included in severance expense is stock-based compensation expense for shares issued to a former executive officer as part of the executive's severance package in the amount of $233 for the six months ended and three months ended of fiscal 2015. As of March 31, 2015, there was $2,174 of total unrecognized compensation cost related to the performance and restricted shares awarded under the 2007 Plan. The Company expects to recognize this cost over the next 2.5 years.

Discontinued_Operations_Assets

Discontinued Operations, Assets Held for Sale, and Business Divestiture	6 Months Ended
	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations, Assets Held for Sale, and Business Divestiture	Discontinued Operations, Assets Held for Sale, and Business Divestiture
	As part of the Company’s strategy to focus on the Aerospace and Energy ("A&E") market, the Company decided to exit the Turbine Component Service and Repair ("Repair Group") business in the fourth quarter of fiscal 2013.
	The table below presents the components of the balance sheet accounts classified as assets and liabilities of discontinued operations at March 31, 2015 and September 30, 2014, respectively.
		March 31,		September 30,
		2015		2014
	Assets:
	Receivables, net	$	—	$	91
	Deferred income taxes	—		15
	Prepaid expenses and other current assets	—		22
	Asset held for sale	—		264
	Total current assets of business from discontinued operations	$	—	$	392
	Liabilities:
	Accounts payable	$	10	$	23
	Accrued liabilities	—		173
	Total current liabilities of business from discontinued operations	$	10	$	196
	At September 30, 2014, certain assets were recorded at the lower of their carrying value or fair value. The Company completed a transaction on January 30, 2015 for the sale of the building and land for the cash proceeds of $1,422, net of selling expenses.
	The financial results of the Repair Group included in discontinued operations were as follows:
		Three Months Ended					Six Months Ended
		March 31,					March 31,
		2015		2014			2015		2014
	Net sales	$	—	$	—		$	—	$	1,339
	Income (loss) before income tax provision	1,259		(136		)	1,160		(467		)
	Income tax (benefit) expense	460		(51		)	424		(175		)
	Income (loss) from discontinued operations, net of tax	$	799	$	(85	)	$	736	$	(292	)

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation
	The accompanying unaudited consolidated condensed financial statements include the accounts of SIFCO Industries, Inc. and its wholly-owned subsidiaries (the “Company”). All significant intercompany accounts and transactions have been eliminated.
	The U.S. dollar is the functional currency for all of the Company’s U.S. operations and its Irish subsidiary. For these operations, all gains and losses from completed currency transactions are included in income currently. Foreign currency translation adjustments are reported as a component of accumulated other comprehensive loss in the unaudited consolidated condensed financial statements.
	These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s fiscal 2014 Annual Report on Form 10-K. The results of operations for any interim period are not necessarily indicative of the results to be expected for other interim periods or the full year.
Net Income per Share	Net Income (Loss) per Share
	The Company’s net income (loss) per basic share has been computed based on the weighted-average number of common shares outstanding. Net income (loss) per diluted share reflects the effect of the Company’s outstanding stock options, restricted shares and performance shares under the treasury stock method.
Derivative Financial Instruments	Derivative Financial Instruments
	The Company uses an interest rate swap agreement to reduce risk related to variable-rate debt, which is subject to changes in market rates of interest. The interest rate swap is designated as a cash flow hedge. At September 30, 2014, the Company held one interest rate swap agreement with a notional amount of $4,000. The interest rate swap matured as of December 31, 2014. Cash flows related to the interest rate swap agreement are included in interest expense. The Company’s interest rate swap agreement and its variable-rate term debt were based upon LIBOR. During the first quarter of fiscal 2015, the Company’s interest rate swap agreement qualified as a fully effective cash flow hedge against the Company’s variable-rate term note interest risk.
Reclassifications	Reclassifications
	Certain prior period amounts were reclassified to conform to the current consolidated financial statement presentation.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Schedule of dilutive effect of company's stock options	The dilutive effect of the Company’s restricted shares and performance shares were as follows:
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
	Income (loss) from continuing operations	$	(863	)	$	1,511		$	(2,205	)	$	2,665
	Income (loss) from discontinued operations, net of tax	799			(85		)	736			(292		)
	Net income (loss)	$	(64	)	$	1,426		$	(1,469	)	$	2,373
	Weighted-average common shares outstanding (basic)	5,438			5,407			5,430			5,393
	Effect of dilutive securities:
	Restricted shares	6			13			16			15
	Performance shares	2			3			1			7
	Weighted-average common shares outstanding (diluted)	5,446			5,423			5,447			5,415
	Net income (loss) per share – basic
	Continuing operations	$	(0.16	)	$	0.28		$	(0.41	)	$	0.49
	Discontinued operations	0.15			(0.02		)	0.14			(0.05		)
	Net income (loss)	$	(0.01	)	$	0.26		$	(0.27	)	$	0.44
	Net income (loss) per share – diluted:
	Continuing operations	$	(0.16	)	$	0.28		$	(0.41	)	$	0.49
	Discontinued operations	0.15			(0.02		)	0.14			(0.05		)
	Net income (loss)	$	(0.01	)	$	0.26		$	(0.27	)	$	0.44
	Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share	20			24			14			22

Inventories_Tables

Inventories (Tables)	6 Months Ended
	Mar. 31, 2015
Inventory Disclosure [Abstract]
Schedule for components of inventories	Inventories consist of:
		March 31,		September 30,
		2015		2014
	Raw materials and supplies	$	6,843	$	5,957
	Work-in-process	9,682		6,232
	Finished goods	9,135		6,730
	Total inventories	$	25,660	$	18,919

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Schedule for components of accumulated other comprehensive loss	The components of accumulated other comprehensive loss are as follows:
		March 31,			September 30,
		2015			2014
	Foreign currency translation adjustment, net of tax	$	(5,851	)	$	(5,851	)
	Retirement plan liability adjustment, net of tax	(4,496		)	(4,757		)
	Interest rate swap agreement adjustment, net of tax	—			(5		)
	Total accumulated other comprehensive loss	$	(10,347	)	$	(10,613	)

LongTerm_Debt_Tables

Long-Term Debt (Tables)	6 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Schedule of components of long-term debt	Long-term debt consists of:
		March 31,		September 30,
		2015		2014
	Revolving credit agreement	$	14,575	$	6,429
	Term loan	3,000		4,000
		17,575		10,429
	Less – current maturities	2,000		2,000
	Total long-term debt	$	15,575	$	8,429

Retirement_Benefit_Plans_Table

Retirement Benefit Plans (Tables)	6 Months Ended
	Mar. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of components of net periodic benefit cost	The components of net periodic benefit cost of the Company’s defined benefit plans are as follows:
		Three Months Ended						Six Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
	Service cost	$	37		$	30		$	73		$	61
	Interest cost	244			250			487			501
	Expected return on plan assets	(418		)	(393		)	(835		)	(786		)
	Amortization of net loss	136			151			273			301
	Settlement cost	—			50			—			125
	Net periodic cost	$	(1	)	$	88		$	(2	)	$	202

Discontinued_Operations_Assets1

Discontinued Operations, Assets Held for Sale, and Business Divestiture (Tables)	6 Months Ended
	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule for components of balance sheet accounts classified as assets and liabilities held for sale	The table below presents the components of the balance sheet accounts classified as assets and liabilities of discontinued operations at March 31, 2015 and September 30, 2014, respectively.
		March 31,		September 30,
		2015		2014
	Assets:
	Receivables, net	$	—	$	91
	Deferred income taxes	—		15
	Prepaid expenses and other current assets	—		22
	Asset held for sale	—		264
	Total current assets of business from discontinued operations	$	—	$	392
	Liabilities:
	Accounts payable	$	10	$	23
	Accrued liabilities	—		173
	Total current liabilities of business from discontinued operations	$	10	$	196
Schedule of financial results in discontinued operations	The financial results of the Repair Group included in discontinued operations were as follows:
		Three Months Ended					Six Months Ended
		March 31,					March 31,
		2015		2014			2015		2014
	Net sales	$	—	$	—		$	—	$	1,339
	Income (loss) before income tax provision	1,259		(136		)	1,160		(467		)
	Income tax (benefit) expense	460		(51		)	424		(175		)
	Income (loss) from discontinued operations, net of tax	$	799	$	(85	)	$	736	$	(292	)

Dilutive_Effect_of_Companys_St

Dilutive Effect of Company's Stock Options Restricted Shares and Performance Shares (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Income (loss) from continuing operations	($863)	$1,511	($2,205)	$2,665
Income (loss) from discontinued operations, net of tax	799	-85	736	-292
Net income (loss)	($64)	$1,426	($1,469)	$2,373
Weighted-average common shares outstanding (basic) (in shares)	5,438	5,407	5,430	5,393
Weighted-average common shares outstanding (diluted) (in shares)	5,446	5,423	5,447	5,415
Net income (loss) per share – basic
Continuing operations (in dollars per share)	($0.16)	$0.28	($0.41)	$0.49
Discontinued operations (in dollars per share)	$0.15	($0.02)	$0.14	($0.05)
Net income (in dollars per share)	($0.01)	$0.26	($0.27)	$0.44
Net income (loss) per share – diluted:
Continuing operations (in dollars per share)	($0.16)	$0.28	($0.41)	$0.49
Discontinued operations (in dollars per share)	$0.15	($0.02)	$0.14	($0.05)
Net income (in dollars per share)	($0.01)	$0.26	($0.27)	$0.44
Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share (in shares)	20	24	14	22
Restricted shares
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Effect of dilutive securities (in shares)	6	13	16	15
Performance shares
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Effect of dilutive securities (in shares)	2	3	1	7

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Sep. 30, 2014
Interest Rate Swap
Accounting Policies [Line Items]
Interest rate swap agreement amount		$4,000
Change in Third Party Actuary | Adjustment
Accounting Policies [Line Items]
Decrease in workers compensation expense	400
Change in workers compensation reserve	$400

Inventories_Detail

Inventories (Detail) (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]
Raw materials and supplies	$6,843	$5,957
Work-in-process	9,682	6,232
Finished goods	9,135	6,730
Total inventories	$25,660	$18,919

Inventories_Additional_Informa

Inventories - Additional Information (Detail) (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]
Percentage of inventories determined using LIFO method	50.00%	40.00%
Difference between cost of inventories if FIFO method had been used	$8,064	$7,879

Components_of_Accumulated_Othe

Components of Accumulated Other Comprehensive Loss (Detail) (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, unless otherwise specified
Equity [Abstract]
Foreign currency translation adjustment, net of tax	($5,851)	($5,851)
Retirement plan liability adjustment, net of tax	-4,496	-4,757
Interest rate swap agreement adjustment, net of tax	0	-5
Total accumulated other comprehensive loss	($10,347)	($10,613)

LongTerm_Debt_Detail

Long-Term Debt (Detail) (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, unless otherwise specified
Debt Instrument [Line Items]
Long-term debt, gross	$17,575	$10,429
Less – current maturities	-2,000	-2,000
Long-term debt, net of current maturities	15,575	8,429
Revolving credit agreement
Debt Instrument [Line Items]
Long-term debt, gross	14,575	6,429
Term loan
Debt Instrument [Line Items]
Long-term debt, gross	$3,000	$4,000

LongTerm_Debt_Additional_Infor

Long-Term Debt - Additional Information (Detail) (USD $)	6 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Oct. 31, 2011
Debt Instrument [Line Items]
Proceeds from revolving credit agreement	$27,154,000	$17,027,000
Interest rate	1.00%
Promissory note payable period	2013-11
Revolving loan
Debt Instrument [Line Items]
Credit agreement, maximum borrowing amount			30,000,000
Revolving loan | Minimum
Debt Instrument [Line Items]
Interest rate on revolving loan, percentage added to Libor	0.75%
Commitment fee	0.10%
Revolving loan | Maximum
Debt Instrument [Line Items]
Interest rate on revolving loan, percentage added to Libor	1.75%
Commitment fee	0.25%
Credit Agreement Amendment
Debt Instrument [Line Items]
Credit agreement, maximum borrowing amount			40,000,000
Percentage of stock of non-U.S. subsidiaries pledged			65.00%
Term loan
Debt Instrument [Line Items]
Quarterly installments payment			500,000
Quarterly installments payment starting date	1-Dec-11
Libor-based variable interest rate of term loan	2.30%
Credit Facility Term One | Credit Agreement Amendment
Debt Instrument [Line Items]
Proceeds from revolving credit agreement			10,000,000
Period of credit agreement (in years)			5 years
Credit Facility Term Two | Credit Agreement Amendment
Debt Instrument [Line Items]
Proceeds from revolving credit agreement			$30,000,000
Period of credit agreement (in years)			5 years

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail)	6 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Income Tax Disclosure [Abstract]
Effective tax rate	29.00%	33.00%

Components_of_Net_Periodic_Ben

Components of Net Periodic Benefit Cost (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Service cost	$37	$30	$73	$61
Interest cost	244	250	487	501
Expected return on plan assets	-418	-393	-835	-786
Amortization of net loss	136	151	273	301
Settlement cost	0	50	0	125
Net periodic cost	($1)	$88	($2)	$202

Retirement_Benefit_Plans_Addit

Retirement Benefit Plans - Additional Information (Detail) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Contributions amount in defined benefit pension plans	$0	$255

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
2007 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares that may be awarded	600,000		600,000
Stock options, vesting period (in years)			10 years
Performance period (in years)			3 years
Stock options may be awarded (in shares)	283,000		283,000
Compensation expense related to performance and restricted shares awarded	$129	$315	$400	$553
Total unrecognized compensation cost related to performance and restricted shares awarded	2,174		2,174
Period of recognized compensation cost (in years)			2 years 6 months
2007 Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares earned as percentage of initial target number shares awarded			150.00%
Outstanding share awards earned and issued at greater than the target number of shares			150.00%
Performance shares | 2007 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period (in years)			3 years
Share granted (in shares)			56,000
Shares vested (in shares)			11,000
Shares expired and forfeited (in shares)			71,000
Restricted shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period (in years)			1 year
Restricted shares | 2007 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period (in years)			1 year
Share granted (in shares)			26,000
Shares vested (in shares)			33,000
Shares forfeited (in shares)			5,000
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Severance costs	$233		$233

Discontinued_Operations_Assets2

Discontinued Operations, Assets Held for Sale, and Business Divestiture - Components of Balance Sheet Accounts Classified as Assets and Liabilities Held for Sale (Detail) (USD $)	Mar. 31, 2015	Jan. 30, 2015	Sep. 30, 2014
In Thousands, unless otherwise specified
Assets:
Receivables, net	$0		$91
Deferred income taxes	0		15
Prepaid expenses and other current assets	0		22
Asset held for sale	0		264
Current assets of business from discontinued operations	0		392
Liabilities:
Accounts payable	10		23
Accrued liabilities	0		173
Total current liabilities of business from discontinued operations	10		196
Cash proceeds from sale of building and land, net of selling expenses		$1,422

Discontinued_Operations_Assets3

Discontinued Operations, Assets Held for Sale, and Business Divestiture - Financial Results in Discontinued Operations (Detail) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax			($736)	$292
Repair Group
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	0	0	0	1,339
Income (loss) before income tax provision	1,259	-136	1,160	-467
Income tax (benefit) expense	460	-51	424	-175
Income (loss) from discontinued operations, net of tax	$799	($85)	$736	($292)