Document and Entity Information
Document and Entity Information | 3 Months Ended |
Dec. 31, 2015shares | |
Document Documentand Entity Information [Abstract] | |
Entity Registrant Name | SIFCO INDUSTRIES INC |
Entity Central Index Key | 90,168 |
Current Fiscal Year End Date | --09-30 |
Entity Filer Category | Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Dec. 31, 2015 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 5,456,123 |
Trading Symbol | SIF |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||
Net sales | $ 27,161 | $ 20,080 |
Cost of goods sold | 25,053 | 17,081 |
Gross profit | 2,108 | 2,999 |
Selling, general and administrative expenses | 5,620 | 4,444 |
Amortization of intangible assets | 714 | 520 |
Loss on disposal of operating assets | 2 | 0 |
Operating loss | (4,228) | (1,965) |
Interest income | (9) | (3) |
Interest expense | 408 | 60 |
Foreign currency exchange (gain) loss, net | 14 | (10) |
Other income, net | (107) | (107) |
Loss from continuing operations before income tax benefit | (4,534) | (1,905) |
Income tax benefit | (1,936) | (560) |
Loss from continuing operations | (2,598) | (1,345) |
Loss from discontinued operations, net of tax | 0 | (63) |
Net loss | $ (2,598) | $ (1,408) |
Loss per share from continuing operations | ||
Basic (in dollars per share) | $ (0.48) | $ (0.25) |
Diluted (in dollars per share) | (0.48) | (0.25) |
Loss per share from discontinued operations, net of tax | ||
Basic (in dollars per share) | 0 | (0.01) |
Diluted (in dollars per share) | 0 | (0.01) |
Net loss per share | ||
Basic (in dollars per share) | (0.48) | (0.26) |
Diluted (in dollars per share) | $ (0.48) | $ (0.26) |
Weighted-average number of common shares (basic) (in shares) | 5,452 | 5,422 |
Weighted-average number of common shares (diluted) (in shares) | 5,452 | 5,447 |
Consolidated Condensed Stateme3
Consolidated Condensed Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (2,598) | $ (1,408) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustment | (447) | 0 |
Retirement plan liability adjustment | 193 | 129 |
Interest rate swap agreement adjustment | 0 | 5 |
Comprehensive loss | $ (2,852) | $ (1,274) |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 1,337 | $ 667 |
Receivables, net of allowance for doubtful accounts of $716 and $1,127, respectively | 29,692 | 36,024 |
Inventories, net | 26,533 | 27,943 |
Refundable income taxes | 3,884 | 2,516 |
Deferred income taxes | 2,745 | 2,785 |
Prepaid expenses and other current assets | 1,447 | 1,600 |
Total current assets | 65,638 | 71,535 |
Property, plant and equipment, net | 52,706 | 54,865 |
Intangible assets, net | 12,883 | 13,265 |
Goodwill | 15,584 | 16,480 |
Other assets | 490 | 544 |
Total assets | 147,301 | 156,689 |
Current liabilities: | ||
Current maturities of long-term debt | 10,816 | 10,503 |
Accounts payable | 15,286 | 14,201 |
Accrued liabilities | 8,569 | 8,446 |
Total current liabilities | 34,671 | 33,150 |
Total long-term debt | 30,878 | 38,426 |
Deferred income taxes | 4,161 | 4,849 |
Pension liability | 6,602 | 6,743 |
Other long-term liabilities | 453 | 452 |
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 – 5,466 at December 31, 2015 and 5,468 at September 30, 2015 | 5,466 | 5,468 |
Additional paid-in capital | 10,097 | 9,778 |
Retained earnings | 67,215 | 69,811 |
Accumulated other comprehensive loss | (12,242) | (11,988) |
Total shareholders’ equity | 70,536 | 73,069 |
Total liabilities and shareholders’ equity | $ 147,301 | $ 156,689 |
Consolidated Condensed Balance5
Consolidated Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Receivables, allowance for doubtful accounts | $ 716 | $ 1,127 |
Serial preferred shares, no par value (in dollars per share) | ||
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 | 5,466,000 | 5,468,000 |
Common shares, number of shares outstanding | 5,466,000 | 5,468,000 |
Consolidated Condensed Stateme6
Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (2,598) | $ (1,408) |
Loss from discontinued operations, net of tax | 0 | 63 |
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 2,778 | 1,714 |
Amortization on debt issuance cost | 36 | 0 |
LIFO expense | 34 | 30 |
Share transactions under company stock plan | 317 | 337 |
Purchase price inventory adjustment | 266 | 0 |
Other long-term liabilities | 64 | (7) |
Deferred income taxes | (565) | 1 |
Changes in operating assets and liabilities: | ||
Receivables | 6,155 | 5,996 |
Inventories | 944 | (5,101) |
Refundable taxes | (1,367) | (635) |
Prepaid expenses and other current assets | 149 | (604) |
Other assets | 303 | (7) |
Accounts payable | 1,558 | (165) |
Other accrued liabilities | 360 | (1,792) |
Accrued income and other taxes | (151) | 21 |
Net cash provided by (used for) operating activities of continuing operations | 8,283 | (1,557) |
Net cash used for operating activities of discontinued operations | 0 | (9) |
Cash flows from investing activities: | ||
Capital expenditures | (694) | (3,488) |
Other | (44) | 0 |
Net cash used for investing activities of continuing operations | (738) | (3,488) |
Cash flows from financing activities: | ||
Payments on long term debt | (1,284) | (500) |
Proceeds from revolving credit agreement | 3,700 | 15,355 |
Repayments of revolving credit agreement | (9,830) | (8,332) |
Short-term debt borrowings | 757 | 0 |
Short-term debt repayments | (226) | 0 |
Cash dividends paid | 0 | (1,090) |
Net cash provided by (used for) financing activities of continuing operations | (6,883) | 5,433 |
Increase in cash and cash equivalents | 662 | 379 |
Cash and cash equivalents at the beginning of the period | 667 | 4,596 |
Effect of exchange rate changes on cash and cash equivalents | 8 | 0 |
Cash and cash equivalents at the end of the period | 1,337 | 4,975 |
Supplemental disclosure of cash flow information of continuing operations: | ||
Cash paid for interest | (409) | (70) |
Cash paid for income taxes, net | $ (162) | $ (17) |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Dec. 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. The functional currency for the Company's other non-U.S. subsidiaries is the Euro. Assets and liabilities are translated into U.S. dollars at the rates of exchange at the end of the period, and revenues and expenses are translated using average rates of exchange. 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 2015 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 2015 Annual Report on Form 10-K. C. Net Loss per Share The Company’s net loss per basic share has been computed based on the weighted-average number of common shares outstanding. Net 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 2015 2014 Loss from continuing operations $ (2,598 ) $ (1,345 ) Loss from discontinued operations, net of tax — (63 ) Net loss $ (2,598 ) $ (1,408 ) Weighted-average common shares outstanding (basic) 5,452 5,422 Effect of dilutive securities: Restricted shares — 25 Weighted-average common shares outstanding (diluted) 5,452 5,447 Net loss per share – basic Continuing operations $ (0.48 ) $ (0.25 ) Discontinued operations — (0.01 ) Net loss $ (0.48 ) $ (0.26 ) Net loss per share – diluted: Continuing operations $ (0.48 ) $ (0.25 ) Discontinued operations — (0.01 ) Net loss $ (0.48 ) $ (0.26 ) Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share 22 8 |
Inventories
Inventories | 3 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consist of: December 31, September 30, Raw materials and supplies $ 5,752 $ 7,212 Work-in-process 11,218 11,088 Finished goods 9,563 9,643 Total inventories $ 26,533 $ 27,943 Inventories are stated at the lower of cost or market. Cost is determined using the last-in, first-out (“LIFO”) method for 39% and 38% of the Company’s inventories at December 31, 2015 and September 30, 2015, 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 $8,542 and $8,508 higher than reported at December 31, 2015 and September 30, 2015 , respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: December 31, September 30, Foreign currency translation adjustment, net of tax $ (6,178 ) $ (5,731 ) Retirement plan liability adjustment, net of tax (6,064 ) (6,257 ) Total accumulated other comprehensive loss $ (12,242 ) $ (11,988 ) |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt consists of: December 31, September 30, Revolving credit agreement $ 10,370 $ 16,500 Foreign subsidiary borrowings 12,830 13,197 Capital lease obligations 211 252 Term loan 18,571 19,286 Less: unamortized debt issuance cost (288 ) (306 ) Term loan less unamortized debt issuance cost 18,283 18,980 Total Debt 41,694 48,929 Less – current maturities (10,816 ) (10,503 ) Total long-term debt $ 30,878 $ 38,426 On June 26, 2015 the Company entered into a new Credit and Security Agreement (the "Credit Agreement") with a new lender. The new credit facility is comprised of (i) a five year revolving credit facility with a maximum borrowing amount of up to $25,000 , which reduces to $20,000 on January 1, 2016, and (ii) a five year term loan of $20,000 . Amounts borrowed under the credit facility are secured by substantially all the assets of the Company and its U.S. subsidiaries and a pledge of 65% of the stock of its non-U.S. subsidiaries. The new term loan is repayable in quarterly installments of $714 starting September 30, 2015. The amounts borrowed under the Credit Agreement were used to repay the Company's previous revolver and term note, to fund the acquisition of C*Blade S.p.A. Forging & Manufacturing ("C*Blade" - see Note 8) and for working capital and general corporate purposes. The Credit Agreement also has an accordion feature, which allows the Company to increase the availability by up to $ 15,000 upon consent of the existing lenders or upon additional lenders being joined to the facility. Borrowings will bear interest at the LIBOR rate, prime rate, or the eurocurrency reference rate depending on the type of loan requested by the Company, in each case, plus the applicable margin as set forth in the Credit Agreement. The revolver has a rate based on LIBOR plus 2.75% spread and a Prime rate which resulted in a weighted average rate of 3.1% at December 31, 2015 and the term loan has a rate based on LIBOR plus 2.75% spread which was 3.4% at December 31, 2015. The new loans are subject to certain customary financial covenants including, without limitation, covenants that require the Company to not exceed a maximum debt to EBITDA ratio and to maintain a minimum fixed charge coverage ratio. There is also a commitment fee ranging from 0.15% to 0.35% to be incurred on the unused balance. The Company was in compliance with loan covenants required to be met as of December 31, 2015 . Subsequent to December 31, 2015, certain non-financial covenants that previously were included in the September 30, 2015 waiver had expired. As such, the Company obtained a waiver from its Lender and is in compliance with all covenants contained in its revolving credit facility and term loan. The Company expects to remain in compliance throughout fiscal 2016. As of December 31, 2015, the total foreign debt borrowings was $ 12,830 , of which $ 2,270 is the current portion. Interest rates range between 1.0% to 4.0% Euribor rate. The remaining $ 5,608 consists of short term borrowings and the factoring of a portion the Company's trade receivables. The factoring programs are uncommitted, whereby the Company offers receivables for sale to an unaffiliated financial institution, which are then subject to acceptance by the unaffiliated financial institution. Following the sale and transfer of the receivables to the unaffiliated financial institution, the receivables are not isolated from the Company, and effective control of the receivables is not passed to the unaffiliated financial institution, which does not have the right to pledge or sell the receivables. The Company accounts for the sale of receivables under this agreement as short-term debt and continues to carry the receivables on its consolidated balance sheets. There was $1,001 of short-term borrowings relating to this agreement at December 31, 2015 classified within short-term debt. The carrying value of the receivables pledged as collateral was $ 2,448 at December 31, 2015. |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 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 three months of fiscal 2016 was 43% , compared with 29% for the same period of fiscal 2015. This increase is primarily attributable to an increase in U.S federal tax credits applied against forecasted domestic results in fiscal 2016 as well as discrete tax benefits of $ 461 primarily related to the tax effects of legislation enacted during the quarter, applied to a year-to-date loss. The effective tax rate differs from the U.S. federal statutory rate due primarily to (i) application of U.S. tax credits, (ii) income and losses in foreign jurisdictions that are taxed at different rates than the U.S. statutory tax rate, and (iii) the tax effects of legislation enacted during the quarter. The Company is subject to income taxes in the U.S. federal jurisdiction, Ireland, Italy, 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 | 3 Months Ended |
Dec. 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 2015 2014 Service cost $ 70 $ 37 Interest cost 256 245 Expected return on plan assets (408 ) (417 ) Amortization of net loss 210 141 Net periodic cost $ 128 $ 6 During the three months ended December 31, 2015 and 2014, the Company made no contributions 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 2016. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Dec. 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 three months of fiscal 2016, 91 performance share awards were granted under the 2007 Plan with a grant date fair value of $10.50 . 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 three months of fiscal 2016, 11 restricted shares vested 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 229 shares that remain available for award at December 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 $346 and $529 during the first three months of fiscal 2016 and 2015, respectively. As of December 31, 2015 , there was $1,866 of total unrecognized compensation cost related to the performance shares and restricted shares awarded under the 2007 Plan. The Company expects to recognize this cost over the next 2.8 years. |
Business Acquisition
Business Acquisition | 3 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Acquisition | Business Acquisition On July 1, 2015, the Company completed the acquisition of all of the outstanding equity of C*Blade S.p.A. Forging & Manufacturing, from Riello Investimenti Partners SGR S.p.A., Giorgio Visentini, Giorgio Frassini, Giancarlo Sclabi and Matteo Talmassons. The forging business is operated at two facilities, located in Maniago, Italy. The purchase price for the forging business and the assumption of debt was approximately $ 16,719 , after a $ 275 purchase price adjustment received in the first quarter of fiscal 2016 related to certain adjustments principally related to the final working capital level and indebtedness adjustment. The Company has substantially completed the purchase accounting related to the C*Blade acquisition. Changes in the net carrying amount of goodwill was as follows: Balance at September 30, 2015 $ 16,480 Goodwill purchase price adjustment (648 ) Currency translation $ (248 ) Balance at December 31, 2015 $ 15,584 The results of operation of C*Blade are included in the Company’s unaudited consolidated condensed statements of operations for the three months ended December 31, 2015. The following unaudited pro forma information presents a summary of the results of operations for the Company including C*Blade as if the acquisition had occurred on October 1, 2014: Three Months Ended December 31, 2014 (unaudited) Net sales $ 25,920 Net loss $ (691 ) Net loss per share (basic) $ (0.13 ) Net loss per share (diluted) $ (0.13 ) |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 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. The functional currency for the Company's other non-U.S. subsidiaries is the Euro. Assets and liabilities are translated into U.S. dollars at the rates of exchange at the end of the period, and revenues and expenses are translated using average rates of exchange. 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 2015 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 Loss per Share | Net Loss per Share The Company’s net loss per basic share has been computed based on the weighted-average number of common shares outstanding. Net loss per diluted share reflects the effect of the Company’s outstanding stock options, restricted shares and performance shares under the treasury stock method. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Dec. 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 2015 2014 Loss from continuing operations $ (2,598 ) $ (1,345 ) Loss from discontinued operations, net of tax — (63 ) Net loss $ (2,598 ) $ (1,408 ) Weighted-average common shares outstanding (basic) 5,452 5,422 Effect of dilutive securities: Restricted shares — 25 Weighted-average common shares outstanding (diluted) 5,452 5,447 Net loss per share – basic Continuing operations $ (0.48 ) $ (0.25 ) Discontinued operations — (0.01 ) Net loss $ (0.48 ) $ (0.26 ) Net loss per share – diluted: Continuing operations $ (0.48 ) $ (0.25 ) Discontinued operations — (0.01 ) Net loss $ (0.48 ) $ (0.26 ) Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share 22 8 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule for components of inventories | Inventories consist of: December 31, September 30, Raw materials and supplies $ 5,752 $ 7,212 Work-in-process 11,218 11,088 Finished goods 9,563 9,643 Total inventories $ 26,533 $ 27,943 |
Accumulated Other Comprehensi18
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule for components of accumulated other comprehensive loss | The components of accumulated other comprehensive loss are as follows: December 31, September 30, Foreign currency translation adjustment, net of tax $ (6,178 ) $ (5,731 ) Retirement plan liability adjustment, net of tax (6,064 ) (6,257 ) Total accumulated other comprehensive loss $ (12,242 ) $ (11,988 ) |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of components of long-term debt | Long-term debt consists of: December 31, September 30, Revolving credit agreement $ 10,370 $ 16,500 Foreign subsidiary borrowings 12,830 13,197 Capital lease obligations 211 252 Term loan 18,571 19,286 Less: unamortized debt issuance cost (288 ) (306 ) Term loan less unamortized debt issuance cost 18,283 18,980 Total Debt 41,694 48,929 Less – current maturities (10,816 ) (10,503 ) Total long-term debt $ 30,878 $ 38,426 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 3 Months Ended |
Dec. 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 2015 2014 Service cost $ 70 $ 37 Interest cost 256 245 Expected return on plan assets (408 ) (417 ) Amortization of net loss 210 141 Net periodic cost $ 128 $ 6 |
Business Acquisition (Tables)
Business Acquisition (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of goodwill activity for period end | Changes in the net carrying amount of goodwill was as follows: Balance at September 30, 2015 $ 16,480 Goodwill purchase price adjustment (648 ) Currency translation $ (248 ) Balance at December 31, 2015 $ 15,584 |
Pro forma results of operations | The following unaudited pro forma information presents a summary of the results of operations for the Company including C*Blade as if the acquisition had occurred on October 1, 2014: Three Months Ended December 31, 2014 (unaudited) Net sales $ 25,920 Net loss $ (691 ) Net loss per share (basic) $ (0.13 ) Net loss per share (diluted) $ (0.13 ) |
Dilutive Effect of Company's St
Dilutive Effect of Company's Stock Options Restricted Shares and Performance Shares (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Loss from continuing operations | $ (2,598) | $ (1,345) |
Loss from discontinued operations, net of tax | 0 | (63) |
Net loss | $ (2,598) | $ (1,408) |
Weighted-average common shares outstanding (basic) (in shares) | 5,452 | 5,422 |
Effect of dilutive securities: | ||
Weighted-average common shares outstanding (diluted) (in shares) | 5,452 | 5,447 |
Net loss per share – basic | ||
Continuing operations (in dollars per share) | $ (0.48) | $ (0.25) |
Discontinued operations (in dollars per share) | 0 | (0.01) |
Net loss (in dollars per share) | (0.48) | (0.26) |
Net loss per share – diluted: | ||
Continuing operations (in dollars per share) | (0.48) | (0.25) |
Discontinued operations (in dollars per share) | 0 | (0.01) |
Net loss (in dollars per share) | $ (0.48) | $ (0.26) |
Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share | 22 | 8 |
Restricted shares | ||
Effect of dilutive securities: | ||
Restricted shares (in shares) | 0 | 25 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 5,752 | $ 7,212 |
Work-in-process | 11,218 | 11,088 |
Finished goods | 9,563 | 9,643 |
Total inventories | $ 26,533 | $ 27,943 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Inventory Disclosure [Abstract] | ||
Percentage of inventories determined using LIFO method | 39.00% | 38.00% |
Difference between cost of inventories if FIFO method had been used | $ 8,542 | $ 8,508 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Equity [Abstract] | ||
Foreign currency translation adjustment, net of tax | $ (6,178) | $ (5,731) |
Retirement plan liability adjustment, net of tax | (6,064) | (6,257) |
Total accumulated other comprehensive loss | $ (12,242) | $ (11,988) |
Long-Term Debt (Detail)
Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Sep. 30, 2015 |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 41,694 | $ 48,929 |
Capital Lease Obligations | 211 | 252 |
Less – current maturities | (10,816) | (10,503) |
Total long-term debt | 30,878 | 38,426 |
Revolving credit agreement | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 10,370 | 16,500 |
Term loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 18,571 | 19,286 |
Less: unamortized debt issuance cost | (288) | (306) |
Long-term Debt | 18,283 | 18,980 |
Foreign Subsidiary Borrowings | ||
Debt Instrument [Line Items] | ||
Long-term Debt | 12,830 | $ 13,197 |
Less – current maturities | $ (2,270) |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Jun. 26, 2015 | Dec. 31, 2015 | Jan. 01, 2016 | Sep. 30, 2015 |
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 41,694,000 | $ 48,929,000 | ||
Current maturities of long-term debt | 10,816,000 | 10,503,000 | ||
Foreign Subsidiary Borrowings | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | 12,830,000 | $ 13,197,000 | ||
Current maturities of long-term debt | $ 2,270,000 | |||
London Interbank Offered Rate (LIBOR) | Revolving loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||
London Interbank Offered Rate (LIBOR) | Term loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||
Effective interest rate | 3.40% | |||
Euro Interbank Offered Rate (Euribor) | Foreign Subsidiary Borrowings | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest rate spread | 1.00% | |||
Euro Interbank Offered Rate (Euribor) | Foreign Subsidiary Borrowings | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest rate spread | 4.00% | |||
Credit And Security Agreement | ||||
Debt Instrument [Line Items] | ||||
Assets pledged as collateral, percent | 65.00% | |||
Periodic payment | $ 714,000 | |||
Accordion feature, increase limit | $ 15,000,000 | |||
Credit And Security Agreement | Minimum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.15% | |||
Credit And Security Agreement | Maximum | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage | 0.35% | |||
Credit And Security Agreement | Revolving loan | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 5 years | |||
Line of credit facility, maximum borrowing Capacity | $ 25,000,000 | |||
Credit And Security Agreement | Term loan | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 5 years | |||
Debt instrument, face amount | $ 20,000,000 | |||
Credit And Security Agreement | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate | 3.10% | |||
Unsecured Debt and Short Term Borrowing | Foreign Subsidiary Borrowings | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt | $ 5,608,000 | |||
Fair Value, Inputs, Level 2 | ||||
Debt Instrument [Line Items] | ||||
Short-term debt | 1,001,000 | |||
Debt Instrument, Collateral Amount | $ 2,448,000 | |||
Subsequent Event | Credit And Security Agreement | Revolving loan | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing Capacity | $ 20,000,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 43.00% | 29.00% |
Income Tax Expense (Benefit) | $ 461 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Service cost | $ 70 | $ 37 |
Interest cost | 256 | 245 |
Expected return on plan assets | (408) | (417) |
Amortization of net loss | 210 | 141 |
Net periodic cost | $ 128 | $ 6 |
Retirement Benefit Plans - Addi
Retirement Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Contributions amount in defined benefit pension plans | $ 0 | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
2007 Plan | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Aggregate number of shares that may be awarded | 600,000 | |
Stock options, vesting period (in years) | 10 years | |
Performance period (in years) | 3 years | |
Stock options may be awarded (in shares) | 229,000 | |
Compensation expense related to performance and restricted shares awarded | $ 346 | $ 529 |
Total unrecognized compensation cost related to performance and restricted shares awarded | $ 1,866 | |
Period of recognized compensation cost (in years) | 2 years 9 months | |
2007 Plan | Maximum | ||
Schedule Of Earnings Per Share Basic And Diluted [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 | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ 10.50 | |
Performance shares | 2007 Plan | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Stock options, vesting period (in years) | 3 years | |
Share granted (in shares) | 91,000 | |
Restricted shares | Minimum | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Stock options, vesting period (in years) | 1 year | |
Restricted shares | 2007 Plan | ||
Schedule Of Earnings Per Share Basic And Diluted [Line Items] | ||
Stock options, vesting period (in years) | 1 year | |
Shares vested (in shares) | 11,000 |
Business Acquisition (Details T
Business Acquisition (Details Textual) - CBlade S.p.A. Forging & Manufacturing $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2015facility | |
Business Acquisition [Line Items] | |||
Number of operated facilities | facility | 2 | ||
Purchase price | $ 16,719 | ||
Purchase price adjustment | $ 275 |
Business Acquisition Schedule o
Business Acquisition Schedule of Goodwill (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill Net Carrying Amount | |
Balance at September 30, 2015 | $ 16,480 |
Goodwill purchase price adjustment | (648) |
Currency translation | (248) |
Balance at December 31, 2015 | $ 15,584 |
Pro Forma Results of Operations
Pro Forma Results of Operations (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Dec. 31, 2015USD ($)$ / shares | |
Business Combinations [Abstract] | |
Net sales | $ | $ 25,920 |
Net loss | $ | $ (691) |
Net income per share (basic) (in dollars per share) | $ / shares | $ (0.13) |
Net income per share (diluted) (in dollars per share) | $ / shares | $ (0.13) |