Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2014 | 8-May-14 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'DWSN | ' |
Entity Registrant Name | 'DAWSON GEOPHYSICAL CO | ' |
Entity Central Index Key | '0000351231 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 8,063,906 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $26,326,000 | $52,405,000 |
Short-term investments | 24,500,000 | 23,500,000 |
Accounts receivable, net of allowance for doubtful accounts of $250,000 at March 31, 2014 and September 30, 2013 | 49,995,000 | 37,488,000 |
Prepaid expenses and other assets | 4,330,000 | 737,000 |
Current deferred tax asset | 2,786,000 | 1,664,000 |
Total current assets | 107,937,000 | 115,794,000 |
Property, plant and equipment | 351,860,000 | 325,464,000 |
Less accumulated depreciation | -166,759,000 | -152,231,000 |
Net property, plant and equipment | 185,101,000 | 173,233,000 |
Total assets | 293,038,000 | 289,027,000 |
Current liabilities: | ' | ' |
Accounts payable | 14,583,000 | 15,880,000 |
Accrued liabilities: | ' | ' |
Payroll costs and other taxes | 2,286,000 | 1,850,000 |
Other | 4,241,000 | 6,154,000 |
Deferred revenue | 7,086,000 | 3,438,000 |
Current maturities of notes payable and obligations under capital leases | 9,894,000 | 9,258,000 |
Total current liabilities | 38,090,000 | 36,580,000 |
Long-term liabilities: | ' | ' |
Notes payable and obligations under capital leases less current maturities | 7,665,000 | 3,697,000 |
Deferred tax liability | 35,504,000 | 35,690,000 |
Total long-term liabilities | 43,169,000 | 39,387,000 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock-par value $1.00 per share; 5,000,000 shares authorized, none outstanding | ' | ' |
Common stock-par value $.33 1/3 per share; 50,000,000 shares authorized, 8,063,906 and 8,056,943 shares issued and outstanding at March 31, 2014 and September 30, 2013, respectively | 2,688,000 | 2,686,000 |
Additional paid-in capital | 95,560,000 | 94,846,000 |
Retained earnings | 113,638,000 | 115,528,000 |
Other comprehensive loss, net of tax benefit of $63,000 | -107,000 | ' |
Total stockholders' equity | 211,779,000 | 213,060,000 |
Total liabilities and stockholders' equity | $293,038,000 | $289,027,000 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Allowance for doubtful accounts | $250,000 | $250,000 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.33 | $0.33 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 8,063,906 | 8,056,943 |
Common stock, shares outstanding | 8,063,906 | 8,056,943 |
Other comprehensive loss, tax benefit | $63,000 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Operating revenues | $76,766,000 | $83,350,000 | $144,947,000 | $159,979,000 |
Operating costs: | ' | ' | ' | ' |
Operating expenses | 60,091,000 | 59,666,000 | 119,199,000 | 118,401,000 |
General and administrative | 3,676,000 | 3,508,000 | 7,840,000 | 7,104,000 |
Depreciation | 10,177,000 | 9,578,000 | 20,053,000 | 18,682,000 |
Operating costs, Total | 73,944,000 | 72,752,000 | 147,092,000 | 144,187,000 |
Income (loss) from operations | 2,822,000 | 10,598,000 | -2,145,000 | 15,792,000 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 21,000 | 19,000 | 38,000 | 35,000 |
Interest expense | -161,000 | -174,000 | -296,000 | -365,000 |
Other (expense) income | -343,000 | 138,000 | -392,000 | 178,000 |
Income (loss) before income tax | 2,339,000 | 10,581,000 | -2,795,000 | 15,640,000 |
Income tax (expense) benefit | -687,000 | -4,302,000 | 1,550,000 | -6,433,000 |
Net income (loss) | 1,652,000 | 6,279,000 | -1,245,000 | 9,207,000 |
Other comprehensive loss: | ' | ' | ' | ' |
Foreign currency translation, net of tax benefit of $63,000 at three and six months ended March 31, 2014 | -107,000 | ' | -107,000 | ' |
Comprehensive income (loss) | $1,545,000 | $6,279,000 | ($1,352,000) | $9,207,000 |
Basic income (loss) per share attributable to common stock | $0.20 | $0.78 | ($0.16) | $1.15 |
Diluted income (loss) per share attributable to common stock | $0.20 | $0.78 | ($0.16) | $1.14 |
Cash dividend declared per share of common stock | $0.08 | ' | $0.08 | ' |
Weighted average equivalent common shares outstanding | 7,959,863 | 7,861,204 | 7,958,020 | 7,855,284 |
Weighted average equivalent common shares outstanding-assuming dilution | 7,997,721 | 7,901,636 | 7,958,020 | 7,888,906 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations and Comprehensive Income (Loss) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | |
Foreign currency translation, tax benefit | $63,000 | $63,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net (loss) income | ($1,245,000) | $9,207,000 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ' | ' |
Depreciation | 20,053,000 | 18,682,000 |
Noncash compensation | 702,000 | 995,000 |
Deferred income tax (benefit) expense | -1,245,000 | 5,542,000 |
Other | 342,000 | 162,000 |
Change in current assets and liabilities: | ' | ' |
Increase in accounts receivable | -12,507,000 | -13,390,000 |
Increase in prepaid expenses and other assets | -3,593,000 | -3,007,000 |
Decrease in accounts payable | -3,037,000 | -4,843,000 |
(Decrease) Increase in accrued liabilities | -1,477,000 | 409,000 |
Increase (Decrease) in deferred revenue | 3,648,000 | -1,344,000 |
Net cash provided by operating activities | 1,641,000 | 12,413,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Capital expenditures, net of noncash capital expenditures summarized below | -30,205,000 | -40,147,000 |
Proceeds from maturity of short-term investments | 16,250,000 | 3,000,000 |
Acquisition of short-term investments | -17,250,000 | -11,750,000 |
Proceeds from disposal of assets | 167,000 | 211,000 |
Net cash used by investing activities | -31,038,000 | -48,686,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from notes payable | 10,000,000 | 983,000 |
Principal payments on notes payable | -5,448,000 | -4,343,000 |
Principal payments on capital lease obligations | -433,000 | -329,000 |
Proceeds from exercise of stock options | 14,000 | 241,000 |
Dividends paid | -645,000 | ' |
Net cash provided (used) by financing activities | 3,488,000 | -3,448,000 |
Effect of exchange rate changes in cash | -170,000 | ' |
Net decrease in cash and cash equivalents | -26,079,000 | -39,721,000 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 52,405,000 | 57,373,000 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 26,326,000 | 17,652,000 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ' | ' |
Cash paid for interest | 285,000 | 377,000 |
Cash paid for income taxes | 110,000 | 882,000 |
Cash received for income taxes | 3,000 | 33,000 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Increase in accrued purchases of property and equipment | 1,740,000 | 2,273,000 |
Capital lease obligations incurred | $485,000 | $1,296,000 |
Organization_And_Nature_Of_Ope
Organization And Nature Of Operations | 6 Months Ended |
Mar. 31, 2014 | |
Organization And Nature Of Operations | ' |
1. ORGANIZATION AND NATURE OF OPERATIONS | |
Founded in 1952, the Company acquires and processes 2-D, 3-D and multi-component seismic data for its clients, ranging from major oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2014 | |
Summary Of Significant Accounting Policies | ' |
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
In the opinion of management of the Company, the accompanying unaudited financial statements reflect all adjustments, consisting only of normal recurring accruals, necessary for a fair statement of the results for the periods presented. The results of operations for the three months and the six months ended March 31, 2014 are not necessarily indicative of the results to be expected for the fiscal year. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted in this Form 10-Q report pursuant to certain rules and regulations of the Securities and Exchange Commission (the “SEC”). These financial statements should be read with the financial statements and notes included in the Company’s Form 10-K for the fiscal year ended September 30, 2013. | |
Significant Accounting Policies | |
The preparation of the Company’s financial statements in conformity with generally accepted accounting principles requires that certain assumptions and estimates be made that affect the reported amounts of assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Because of the use of assumptions and estimates inherent in the reporting process, actual results could differ from those estimates. | |
Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Dawson Seismic Services Holdings, Inc. and Dawson Seismic Services ULC (“DSS”). All significant intercompany balances and transactions have been eliminated in consolidation. | |
Cash Equivalents. For purposes of the financial statements, the Company considers demand deposits, certificates of deposit, overnight investments, money market funds and all highly liquid financial instruments purchased with an initial maturity of three months or less to be cash equivalents. | |
Allowance for Doubtful Accounts. Management prepares its allowance for doubtful accounts receivable based on its review of past-due accounts, its past experience of historical write-offs and its current client base. While the collectability of outstanding client invoices is continually assessed, the inherent volatility of the energy industry’s business cycle can cause swift and unpredictable changes in the financial stability of the Company’s clients. | |
Property, Plant and Equipment. Property, plant and equipment is capitalized at historical cost and depreciated over the useful life of the asset. Management’s estimation of this useful life is based on circumstances that exist in the seismic industry and information available at the time of the purchase of the asset. As circumstances change and new information becomes available, these estimates could change. | |
Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is reflected in the results of operations for the period. | |
Impairment of Long-lived Assets. Long-lived assets are reviewed for impairment when triggering events occur that suggest deterioration in the assets’ recoverability or fair value. Recognition of an impairment charge is required if future expected undiscounted net cash flows are insufficient to recover the carrying value of the assets and the fair value of the assets is below the carrying value of the assets. Management’s forecast of future cash flows used to perform impairment analysis includes estimates of future revenues and expenses based on the Company’s anticipated future results while considering anticipated future oil and natural gas prices, which is fundamental in assessing demand for the Company’s services. If the carrying amounts of the assets exceed the estimated expected undiscounted future cash flows, the Company measures the amount of possible impairment by comparing the carrying amount of the assets to the fair value. | |
Leases. The Company leases certain equipment and vehicles under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating or capital lease for financial reporting purposes. Any lease that does not meet the criteria for a capital lease is accounted for as an operating lease. The assets and liabilities under capital leases are recorded at the lower of the present value of the minimum lease payments or the fair market value of the related assets. Assets under capital leases are amortized using the straight-line method over the initial lease term. Amortization of assets under capital leases is included in depreciation expense. | |
Revenue Recognition. Services are provided under cancelable service contracts. These contracts are either “turnkey” or “term” agreements. Under both types of agreements, the Company recognizes revenues when revenue is realizable and services have been performed. Services are defined as the commencement of data acquisition or processing operations. Revenues are considered realizable when earned according to the terms of the service contracts. Under turnkey agreements, revenue is recognized on a per unit of data acquired rate as services are performed. Under term agreements, revenue is recognized on a per unit of time worked rate as services are performed. In the case of a cancelled service contract, revenue is recognized and the customer is billed for services performed up to the date of cancellation. | |
The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. Amounts billed to clients are recorded in revenue at the gross amount, including out-of-pocket expenses that are reimbursed by the client. | |
In some instances, customers are billed in advance of services performed. In those cases, the Company recognizes the liability as deferred revenue. As services are performed, those deferred revenue amounts are recognized as revenue. | |
In some instances, the contract contains certain permitting, surveying and drilling costs that are incorporated into the per unit of data acquired rate. In these circumstances, associated costs incurred prior to initiating revenue recognition are deferred and amortized as services are provided. | |
Stock-Based Compensation. The Company measures all employee stock-based compensation awards, which include stock options, restricted stock and restricted stock units, using the fair value method and recognizes compensation cost, net of estimated forfeitures, in its consolidated financial statements. The Company records compensation expense as either operating or general and administrative expense as appropriate in the Consolidated Statements of Operations of Comprehensive Income (Loss) on a straight-line basis over the vesting period of the related stock options, restricted stock or restricted stock unit awards. | |
Income Taxes. The Company accounts for income taxes by recognizing amounts of taxes payable or refundable for the current year and by using an asset and liability approach in recognizing the amount of deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Management determines deferred taxes by identifying the types and amounts of existing temporary differences, measuring the total deferred tax asset or liability using the applicable tax rate in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates of deferred tax assets and liabilities is recognized in income in the year of an enacted rate change. The deferred tax asset is reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Management’s methodology for recording income taxes requires judgment regarding assumptions and the use of estimates, including determining the annual effective tax rate and the valuation of deferred tax assets, which can create variances between actual results and estimates and could have a material impact on the Company’s provision or benefit for income taxes. The Company’s effective tax rates differ from the statutory federal rate of 35% for certain items such as state and local taxes, non-deductible expenses, discrete items and expenses related to share-based compensation that are not expected to result in a tax deduction. | |
Reclassifications. Certain prior year amounts have been reclassified in the current year in order to be consistent with the current year presentation. | |
Recently Issued Accounting Pronouncements | |
None. |
ShortTerm_Investments
Short-Term Investments | 6 Months Ended |
Mar. 31, 2014 | |
Short-Term Investments | ' |
3. SHORT-TERM INVESTMENTS | |
The Company had short-term investments at March 31, 2014 and September 30, 2013 consisting of certificates of deposit with original maturities greater than three months, but less than a year. Certificates of deposit are limited to one per banking institution and no single investment exceeded the FDIC insurance limit at March 31, 2014 or September 30, 2013. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 6 Months Ended |
Mar. 31, 2014 | |
Fair Value Of Financial Instruments | ' |
4. FAIR VALUE OF FINANCIAL INSTRUMENTS | |
At March 31, 2014 and September 30, 2013, the Company’s financial instruments included cash and cash equivalents, short-term investments in certificates of deposit, trade and other receivables, other current assets, accounts payable, other current liabilities, the Term Note, the Second Term Note, the Third Term Note and the DSS Term Note (each as defined below). Due to the short-term maturities of cash and cash equivalents, short-term investments in certificates of deposit, trade and other receivables, other current assets, accounts payable and other current liabilities, the carrying amounts approximate fair value at the respective balance sheet dates. The carrying value of the Company’s Term Note, Second Term Note and Third Term Note approximate their fair value due to the fact that the interest rates on the Term Note, Second Term Note and Third Term Note are reset each month based on the prevailing market interest rate. The Company’s DSS Term Note approximates its fair value based on a comparison with the prevailing market interest rate. The fair values of the Company’s notes payable and investments in certificates of deposit are Level 2 measurements in the fair value hierarchy. |
Debt
Debt | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Debt | ' | ||||||||
5. DEBT | |||||||||
The Company’s revolving line of credit loan agreement is with Western National Bank. The agreement was renewed June 2, 2013 under the same terms as the previous agreement. The agreement permits the Company to borrow, repay and reborrow, from time to time until June 2, 2015, up to $20.0 million based on the borrowing base calculation as defined in the agreement. The Company’s obligations under this agreement are secured by a security interest in its accounts receivable, equipment and related collateral. Interest on the facility accrues at an annual rate equal to either the 30-day London Interbank Offered Rate (“LIBOR”), plus two and one-quarter percent, or the Prime Rate, minus three-quarters percent, as the Company directs monthly, subject to an interest rate floor of 4%. Interest on the outstanding amount under the loan agreement is payable monthly. The loan agreement contains customary covenants for credit facilities of this type, including limitations on disposition of assets, mergers and reorganizations. The Company is also obligated to meet certain financial covenants under the loan agreement, including maintaining specified ratios with respect to cash flow coverage, current assets and liabilities and debt to tangible net worth. The Company was in compliance with all covenants including specified ratios as of March 31, 2014 and has the full line of credit available for borrowing. The Company has not utilized the revolving line of credit during the current fiscal year or the fiscal year ended September 30, 2013. | |||||||||
The Company’s credit loan agreement includes a term loan feature under which the Company has three outstanding term loans. The first two term loans were confirmed and brought under the renewed credit loan agreement in June 2013, while the other term loan was entered into in December 2013. In June 2011, the Company entered into the first term loan by obtaining $16,427,000 in financing for the purchase of Geospace Technologies GSR equipment (“Term Note”). The Term Note is repayable over a period of 36 months at $485,444 per month plus any applicable interest in excess of 4%. Interest on the Term Note accrues at an annual rate equal to either the 30-day LIBOR, plus two and one-quarter percent, or the Prime Rate, minus three-quarters percent, as the Company directs monthly, subject to an interest rate floor of 4%, and otherwise has the same terms as the revolving line of credit. The Term Note is collateralized by a security interest in the Company’s accounts receivable, equipment and related collateral and matures with all outstanding balances due on June 30, 2014. | |||||||||
In May 2012, the Company entered into a Multiple Advance Term Note (“Second Term Note”) under its credit loan agreement. The Second Term Note allows the Company to borrow from time to time up to $15.0 million to purchase equipment. The outstanding principal under the Second Term Note is amortized over a period of 36 months. The Second Term Note bears interest at an annual rate equal to either the 30-day LIBOR, plus two and one-quarter percent, or the Prime Rate, minus three-quarters percent, as the Company directs monthly, subject to an interest rate floor of 3.75%, and otherwise has the same terms as the revolving line of credit. The Second Term Note is collateralized by a security interest in the Company’s accounts receivable, equipment and related collateral and matures with all outstanding balances due on May 2, 2015. In July 2012, the Company borrowed $9,346,000 under the Second Term Note to purchase Geospace Technologies GSR recording equipment. | |||||||||
On December 4, 2013, the Company entered into a second Multiple Advance Term Note dated as of December 2, 2013 (“Third Term Note”) under its credit loan agreement. The Third Term Note allows the Company to borrow from time to time up to $10.0 million to purchase equipment. Per the agreement, the Company will be unable to receive an advance for the remainder of the $15.0 million balance of the Second Term Note. The outstanding principal under the Third Term Note is amortized over a period of 36 months. The Third Term Note bears interest at an annual fixed rate equal to 3.16%, and otherwise has the same terms as the revolving line of credit. The Third Term Note is collateralized by a security interest in the Company’s accounts receivable, equipment and related collateral and matures with all outstanding balances due on December 2, 2016. On December 5, 2013, the Company borrowed the full amount of $10.0 million under the Third Term Note to purchase Geospace Technologies GSX recording equipment. | |||||||||
In February 2013, the Company’s subsidiary DSS entered into a promissory note (“DSS Term Note”) with Wells Fargo Equipment Finance Company. DSS obtained $983,000 in financing for the purchase of equipment. The DSS Term Note is repayable over a period of 36 months at $28,980 per month and bears interest at an implied annual fixed rate of 3.84%. The DSS Term Note is collateralized by a security interest in the DSS equipment and matures with all outstanding balances due on February 5, 2016. | |||||||||
During fiscal 2012, the Company began leasing vehicles from Enterprise Fleet Management under capital leases. These capital lease obligations are payable in 36 to 60 monthly installments and mature between December 2014 and November 2017. At March 31, 2014, the Company had leased 101 vehicles under these capital leases. | |||||||||
The Company’s notes payable and obligations under capital leases consist of the following: | |||||||||
March 31, | September 30, | ||||||||
2014 | 2013 | ||||||||
Term Note | $ | 1,930,000 | $ | 4,770,000 | |||||
Second Term Note | 3,967,000 | 5,616,000 | |||||||
Third Term Note | 9,201,000 | — | |||||||
DSS Term Note | 641,000 | 801,000 | |||||||
Revolving line of credit | — | — | |||||||
Obligations under capital leases | 1,820,000 | 1,768,000 | |||||||
17,559,000 | 12,955,000 | ||||||||
Less current maturities of notes payable and obligations under capital leases | (9,894,000 | ) | (9,258,000 | ) | |||||
$ | 7,665,000 | $ | 3,697,000 | ||||||
The aggregate maturities of the notes payable and obligations under capital leases at March 31, 2014 are as follows: | |||||||||
April 2014 – March 2015 | $ | 9,894,000 | |||||||
April 2015 – March 2016 | 4,792,000 | ||||||||
April 2016 – March 2017 | 2,854,000 | ||||||||
April 2017 – March 2018 | 19,000 | ||||||||
April 2018 – March 2019 | — | ||||||||
$ | 17,559,000 | ||||||||
Commitments_And_Contingencies
Commitments And Contingencies | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Commitments And Contingencies | ' | ||||||||||||||||||||
6. COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||
From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. Although the Company cannot predict the outcomes of any such legal proceedings, management believes that the resolution of pending legal actions will not have a material adverse effect on the Company’s financial condition, results of operations or liquidity, as the Company believes it is adequately indemnified and insured. | |||||||||||||||||||||
The Company experiences contractual disputes with its clients from time to time regarding the payment of invoices or other matters. While the Company seeks to minimize these disputes and maintain good relations with its clients, the Company has in the past experienced, and may in the future experience, disputes that could affect its revenues and results of operations in any period. | |||||||||||||||||||||
The Company has non-cancelable operating leases for office space in Midland, Houston, Denver, Oklahoma City, Pittsburgh and Calgary, Alberta. | |||||||||||||||||||||
The following table summarizes payments due in specific periods related to the Company’s contractual obligations with initial terms exceeding one year as of March 31, 2014. | |||||||||||||||||||||
Payments Due by Period (in 000’s) | |||||||||||||||||||||
Total | Within | 2-3 Years | 4-5 Years | After | |||||||||||||||||
1 Year | 5 Years | ||||||||||||||||||||
Operating lease obligations (office space) | $ | 3,024 | $ | 987 | $ | 1,491 | $ | 355 | $ | 191 | |||||||||||
Some of the Company’s operating leases contain predetermined fixed increases of the minimum rental rate during the initial lease term. For these leases, the Company recognizes the related expense on a straight-line basis and records deferred rent as the difference between the amount charged to expense and the rent paid. Rental expense under the Company’s operating leases with initial terms exceeding one year was $242,000 and $222,000 for the three months ended March 31, 2014 and 2013, respectively and $482,000 and $444,000 for the six months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||
As of March 31, 2014, the Company had unused letters of credit totaling approximately $580,000. The Company’s unused letters of credit principally back obligations associated with the Company’s self-insured retention on workers’ compensation claims outstanding prior to October 1, 2011. |
Net_Income_Loss_Per_Share_Attr
Net Income (Loss) Per Share Attributable To Common Stock | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Net Income (Loss) Per Share Attributable To Common Stock | ' | ||||||||||||||||
7. NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCK | |||||||||||||||||
Net income (loss) per share attributable to common stock is calculated using the two-class method. The two-class method is an allocation method of calculating (loss) earnings per share when a company’s capital structure includes participating securities that have rights to undistributed earnings. The Company’s employees and officers that hold unvested restricted stock are entitled to dividends on the same terms as the Company’s shareholders holding unrestricted common stock. | |||||||||||||||||
The Company’s basic net income (loss) per share attributable to common stock is computed by reducing the Company’s net income by the net income allocable to unvested restricted stockholders that have a right to participate in undistributed earnings. The Company’s employees and officers that hold unvested restricted stock do not participate in losses because they are not contractually obligated to do so. Accordingly, no losses are allocated to these unvested restricted stockholders. The undistributed earnings are allocated based on the percentage of the weighted average number of unvested restricted stock awards relative to the total of the weighted average common shares outstanding and the weighted average number of unvested restricted stock awards outstanding. The basic net income (loss) per share attributable to common stock is computed by dividing the net income (loss) attributable to common stock by the weighted average shares outstanding. The Company’s dilutive net income (loss) per share attributable to common stock is computed by adjusting basic net income (loss) per share attributable to common stock by diluted income allocable to unvested restricted stock divided by weighted average diluted shares outstanding. A reconciliation of the basic and diluted income (loss) earnings per share attributable to common stock is as follows: | |||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in 000’s) | (in 000’s) | ||||||||||||||||
Net income (loss) | $ | 1,652 | $ | 6,279 | $ | (1,245 | ) | $ | 9,207 | ||||||||
Income allocable to unvested restricted stock | (21 | ) | (144 | ) | — | (211 | ) | ||||||||||
Basic income (loss) attributable to common stock | $ | 1,631 | $ | 6,135 | $ | (1,245 | ) | $ | 8,996 | ||||||||
Reallocation of participating earnings | — | 1 | — | — | |||||||||||||
Diluted income (loss) attributable to common stock | $ | 1,631 | $ | 6,136 | $ | (1,245 | ) | $ | 8,996 | ||||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic: | 7,959,863 | 7,861,204 | 7,958,020 | 7,855,284 | |||||||||||||
Dilutive common stock options and restricted stock units | 37,858 | 40,432 | — | 33,622 | |||||||||||||
Diluted: | 7,997,721 | 7,901,636 | 7,958,020 | 7,888,906 | |||||||||||||
Basic income (loss) attributable to a share of common stock | $ | 0.2 | $ | 0.78 | $ | (0.16 | ) | $ | 1.15 | ||||||||
Diluted income (loss) attributable to a share of common stock | $ | 0.2 | $ | 0.78 | $ | (0.16 | ) | $ | 1.14 | ||||||||
The Company had a net loss for the six months ended March 31, 2014. As a result, the numerator for diluted loss per share attributable to common stock is the same as for basic loss per share attributable to common stock and the denominator for diluted loss per share attributable to common stock is the same as the denominator for basic loss per share attributable to common stock for this period. | |||||||||||||||||
The following weighted average numbers of certain securities have been excluded from the calculation of diluted income (loss) per share attributable to common stock, as their effect would be anti-dilutive. | |||||||||||||||||
Six Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Stock options | 92,315 | — | |||||||||||||||
Restricted stock | 103,500 | — | |||||||||||||||
Restricted stock units | 15,832 | — | |||||||||||||||
Total | 211,647 | — | |||||||||||||||
There were no securities that had an anti-dilutive effect on the calculation of diluted income (loss) attributable to common stock for the quarter ended March 31, 2014 or 2013. |
Dividends
Dividends | 6 Months Ended |
Mar. 31, 2014 | |
Dividends | ' |
8. DIVIDENDS | |
On February 3, 2014, the Company’s Board of Directors approved the commencement of the payment of an $0.08 per share quarterly cash dividend to shareholders, subject to capital availability and a determination that cash dividends continue to be in the best interest of the Company. The first such quarterly dividend was paid on February 24, 2014 to shareholders of record at the close of business on February 14, 2014, representing an aggregate dividend of approximately $645,000 based on the number of issued and outstanding shares of Common Stock as of the declaration date, or approximately $2,580,000 on an annualized basis. | |
The Board of Directors may from time to time, in conjunction with management, evaluate supplemental dividend payments depending on the Company’s financial results, capital requirements and overall market conditions. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Mar. 31, 2014 | |
Subsequent Events | ' |
9. SUBSEQUENT EVENTS | |
On May 5, 2014, the Company’s Board of Directors approved the payment of an $0.08 per share quarterly cash dividend to Company’s shareholders of record at the close of business on May 16, 2014. The quarterly dividend represents an aggregate distribution of approximately $645,000 based on outstanding number of shares of Common Stock as of the declaration date, or approximately $2,580,000 on an annualized basis. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2014 | |
Principles of Consolidation | ' |
Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Dawson Seismic Services Holdings, Inc. and Dawson Seismic Services ULC (“DSS”). All significant intercompany balances and transactions have been eliminated in consolidation. | |
Cash Equivalents | ' |
Cash Equivalents. For purposes of the financial statements, the Company considers demand deposits, certificates of deposit, overnight investments, money market funds and all highly liquid financial instruments purchased with an initial maturity of three months or less to be cash equivalents. | |
Allowance for Doubtful Accounts | ' |
Allowance for Doubtful Accounts. Management prepares its allowance for doubtful accounts receivable based on its review of past-due accounts, its past experience of historical write-offs and its current client base. While the collectability of outstanding client invoices is continually assessed, the inherent volatility of the energy industry’s business cycle can cause swift and unpredictable changes in the financial stability of the Company’s clients. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment. Property, plant and equipment is capitalized at historical cost and depreciated over the useful life of the asset. Management’s estimation of this useful life is based on circumstances that exist in the seismic industry and information available at the time of the purchase of the asset. As circumstances change and new information becomes available, these estimates could change. | |
Depreciation is computed using the straight-line method. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the balance sheet, and any resulting gain or loss is reflected in the results of operations for the period. | |
Impairment of Long-lived Assets | ' |
Impairment of Long-lived Assets. Long-lived assets are reviewed for impairment when triggering events occur that suggest deterioration in the assets’ recoverability or fair value. Recognition of an impairment charge is required if future expected undiscounted net cash flows are insufficient to recover the carrying value of the assets and the fair value of the assets is below the carrying value of the assets. Management’s forecast of future cash flows used to perform impairment analysis includes estimates of future revenues and expenses based on the Company’s anticipated future results while considering anticipated future oil and natural gas prices, which is fundamental in assessing demand for the Company’s services. If the carrying amounts of the assets exceed the estimated expected undiscounted future cash flows, the Company measures the amount of possible impairment by comparing the carrying amount of the assets to the fair value. | |
Leases | ' |
Leases. The Company leases certain equipment and vehicles under lease agreements. The Company evaluates each lease to determine its appropriate classification as an operating or capital lease for financial reporting purposes. Any lease that does not meet the criteria for a capital lease is accounted for as an operating lease. The assets and liabilities under capital leases are recorded at the lower of the present value of the minimum lease payments or the fair market value of the related assets. Assets under capital leases are amortized using the straight-line method over the initial lease term. Amortization of assets under capital leases is included in depreciation expense. | |
Revenue Recognition | ' |
Revenue Recognition. Services are provided under cancelable service contracts. These contracts are either “turnkey” or “term” agreements. Under both types of agreements, the Company recognizes revenues when revenue is realizable and services have been performed. Services are defined as the commencement of data acquisition or processing operations. Revenues are considered realizable when earned according to the terms of the service contracts. Under turnkey agreements, revenue is recognized on a per unit of data acquired rate as services are performed. Under term agreements, revenue is recognized on a per unit of time worked rate as services are performed. In the case of a cancelled service contract, revenue is recognized and the customer is billed for services performed up to the date of cancellation. | |
The Company receives reimbursements for certain out-of-pocket expenses under the terms of the service contracts. Amounts billed to clients are recorded in revenue at the gross amount, including out-of-pocket expenses that are reimbursed by the client. | |
In some instances, customers are billed in advance of services performed. In those cases, the Company recognizes the liability as deferred revenue. As services are performed, those deferred revenue amounts are recognized as revenue. | |
In some instances, the contract contains certain permitting, surveying and drilling costs that are incorporated into the per unit of data acquired rate. In these circumstances, associated costs incurred prior to initiating revenue recognition are deferred and amortized as services are provided. | |
Stock-Based Compensation | ' |
Stock-Based Compensation. The Company measures all employee stock-based compensation awards, which include stock options, restricted stock and restricted stock units, using the fair value method and recognizes compensation cost, net of estimated forfeitures, in its consolidated financial statements. The Company records compensation expense as either operating or general and administrative expense as appropriate in the Consolidated Statements of Operations of Comprehensive Income (Loss) on a straight-line basis over the vesting period of the related stock options, restricted stock or restricted stock unit awards. | |
Income Taxes | ' |
Income Taxes. The Company accounts for income taxes by recognizing amounts of taxes payable or refundable for the current year and by using an asset and liability approach in recognizing the amount of deferred tax assets and liabilities for the future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. Management determines deferred taxes by identifying the types and amounts of existing temporary differences, measuring the total deferred tax asset or liability using the applicable tax rate in effect for the year in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates of deferred tax assets and liabilities is recognized in income in the year of an enacted rate change. The deferred tax asset is reduced by a valuation allowance if, based on available evidence, it is more likely than not that some portion or all of the deferred tax asset will not be realized. Management’s methodology for recording income taxes requires judgment regarding assumptions and the use of estimates, including determining the annual effective tax rate and the valuation of deferred tax assets, which can create variances between actual results and estimates and could have a material impact on the Company’s provision or benefit for income taxes. The Company’s effective tax rates differ from the statutory federal rate of 35% for certain items such as state and local taxes, non-deductible expenses, discrete items and expenses related to share-based compensation that are not expected to result in a tax deduction. | |
Reclassifications | ' |
Reclassifications. Certain prior year amounts have been reclassified in the current year in order to be consistent with the current year presentation. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
None |
Debt_Tables
Debt (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Summary of Notes Payable and Obligations under Capital Leases | ' | ||||||||
The Company’s notes payable and obligations under capital leases consist of the following: | |||||||||
March 31, | September 30, | ||||||||
2014 | 2013 | ||||||||
Term Note | $ | 1,930,000 | $ | 4,770,000 | |||||
Second Term Note | 3,967,000 | 5,616,000 | |||||||
Third Term Note | 9,201,000 | — | |||||||
DSS Term Note | 641,000 | 801,000 | |||||||
Revolving line of credit | — | — | |||||||
Obligations under capital leases | 1,820,000 | 1,768,000 | |||||||
17,559,000 | 12,955,000 | ||||||||
Less current maturities of notes payable and obligations under capital leases | (9,894,000 | ) | (9,258,000 | ) | |||||
$ | 7,665,000 | $ | 3,697,000 | ||||||
Aggregate Maturities of Notes Payable and Obligations under Capital Leases | ' | ||||||||
The aggregate maturities of the notes payable and obligations under capital leases at March 31, 2014 are as follows: | |||||||||
April 2014 – March 2015 | $ | 9,894,000 | |||||||
April 2015 – March 2016 | 4,792,000 | ||||||||
April 2016 – March 2017 | 2,854,000 | ||||||||
April 2017 – March 2018 | 19,000 | ||||||||
April 2018 – March 2019 | — | ||||||||
$ | 17,559,000 | ||||||||
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Company's Contractual Obligations | ' | ||||||||||||||||||||
The following table summarizes payments due in specific periods related to the Company’s contractual obligations with initial terms exceeding one year as of March 31, 2014. | |||||||||||||||||||||
Payments Due by Period (in 000’s) | |||||||||||||||||||||
Total | Within | 2-3 Years | 4-5 Years | After | |||||||||||||||||
1 Year | 5 Years | ||||||||||||||||||||
Operating lease obligations (office space) | $ | 3,024 | $ | 987 | $ | 1,491 | $ | 355 | $ | 191 | |||||||||||
Net_Income_Loss_Per_Share_Attr1
Net Income (Loss) Per Share Attributable To Common Stock (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Reconciliation of Basic and Diluted Earnings per Share Attributable to Common Stock | ' | ||||||||||||||||
A reconciliation of the basic and diluted income (loss) earnings per share attributable to common stock is as follows: | |||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(in 000’s) | (in 000’s) | ||||||||||||||||
Net income (loss) | $ | 1,652 | $ | 6,279 | $ | (1,245 | ) | $ | 9,207 | ||||||||
Income allocable to unvested restricted stock | (21 | ) | (144 | ) | — | (211 | ) | ||||||||||
Basic income (loss) attributable to common stock | $ | 1,631 | $ | 6,135 | $ | (1,245 | ) | $ | 8,996 | ||||||||
Reallocation of participating earnings | — | 1 | — | — | |||||||||||||
Diluted income (loss) attributable to common stock | $ | 1,631 | $ | 6,136 | $ | (1,245 | ) | $ | 8,996 | ||||||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic: | 7,959,863 | 7,861,204 | 7,958,020 | 7,855,284 | |||||||||||||
Dilutive common stock options and restricted stock units | 37,858 | 40,432 | — | 33,622 | |||||||||||||
Diluted: | 7,997,721 | 7,901,636 | 7,958,020 | 7,888,906 | |||||||||||||
Basic income (loss) attributable to a share of common stock | $ | 0.2 | $ | 0.78 | $ | (0.16 | ) | $ | 1.15 | ||||||||
Diluted income (loss) attributable to a share of common stock | $ | 0.2 | $ | 0.78 | $ | (0.16 | ) | $ | 1.14 | ||||||||
Weighted Average Numbers of Securities Excluded from Calculation of Diluted Income (Loss) per Share Attributable to Common Stock | ' | ||||||||||||||||
The following weighted average numbers of certain securities have been excluded from the calculation of diluted income (loss) per share attributable to common stock, as their effect would be anti-dilutive. | |||||||||||||||||
Six Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Stock options | 92,315 | — | |||||||||||||||
Restricted stock | 103,500 | — | |||||||||||||||
Restricted stock units | 15,832 | — | |||||||||||||||
Total | 211,647 | — | |||||||||||||||
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) | 6 Months Ended |
Mar. 31, 2014 | |
Significant Accounting Policies [Line Items] | ' |
Federal statutory effective income tax rate | 35.00% |
Short_Term_Investments_Additio
Short Term Investments - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Sep. 30, 2013 | |
Investment | Investment | |
Investment [Line Items] | ' | ' |
Maturity Period of certificates of deposit | '3 months | '3 months |
Maturity Period of certificates of deposit | '1 year | '1 year |
Number of certificates of deposit limited to banking institution | 1 | 1 |
Investments exceeding FDIC limit | $0 | $0 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | 1 Months Ended | 6 Months Ended | |||||
Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2011 | 31-May-12 | Mar. 31, 2014 | Jul. 31, 2012 | Dec. 04, 2013 | Mar. 31, 2014 | Dec. 05, 2013 | Feb. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Installment | Term Note | Term Note | Second Term Note | Second Term Note | Second Term Note | Third Term Note | Third Term Note | Third Term Note | DSS Term Note | DSS Term Note | Option One | Option Two | ||
Vehicle | Dawson Seismic Services ULC | Dawson Seismic Services ULC | ||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing, repaying and reborrowing capacity | $20,000,000 | ' | ' | ' | $15,000,000 | ' | ' | $10,000,000 | ' | ' | ' | ' | ' | ' |
Line of credit facility, interest rate description | 'Interest on the facility accrues at an annual rate equal to either the 30-day London Interbank Offered Rate ("LIBOR"), plus two and one-quarter percent, or the Prime Rate, minus three-quarters percent, as the Company directs monthly, subject to an interest rate floor of 4% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility agreement effective date | 2-Jun-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility agreement expiry date | 2-Jun-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term Note, interest rate description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The Prime Rate, minus three-quarters percent | '30-day London Interbank Offered Rate ("LIBOR"), plus two and one-quarter percent |
Term Note interest rate over which, interest is to be paid separately | ' | ' | 4.00% | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Covenant compliance of line of credit facility | 'The Company was in compliance with all covenants including specified ratios as of March 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility utilized | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funds obtained under term notes | ' | ' | ' | 16,427,000 | ' | ' | 9,346,000 | ' | ' | 10,000,000 | 983,000 | ' | ' | ' |
Term Note repayable over a period | ' | ' | '36 months | ' | ' | ' | ' | '36 months | ' | ' | '36 months | ' | ' | ' |
Monthly term note repayment amount | ' | ' | $485,444 | ' | ' | ' | ' | ' | ' | ' | $28,980 | ' | ' | ' |
Maturity of term loans | ' | ' | 30-Jun-14 | ' | ' | 2-May-15 | ' | ' | 2-Dec-16 | ' | ' | 5-Feb-16 | ' | ' |
Term Note, frequency of interest payment | ' | ' | 'Monthly | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term note, annual fixed interest rate | ' | ' | ' | ' | ' | ' | ' | 3.16% | ' | ' | 3.84% | ' | ' | ' |
Term loan agreement condition | ' | ' | ' | ' | ' | ' | ' | ' | 'Per the agreement, the Company will be unable to receive an advance for the remainder of the $15.0 million balance of the Second Term Note | ' | ' | ' | ' | ' |
Number of installments in which capital leases are payable, minimum | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of installments in which capital leases are payable, maximum | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital lease obligations maturity period | 'December 2014 and November 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vehicles leased under capital leases | 101 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Notes_Payable_and_O
Summary of Notes Payable and Obligations under Capital Leases (Detail) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Line of Credit Facility [Line Items] | ' | ' |
Notes payable and obligations under capital leases | $17,559,000 | $12,955,000 |
Less current maturities of notes payable and obligations under capital leases | -9,894,000 | -9,258,000 |
Notes payable and obligations under capital leases less current maturities | 7,665,000 | 3,697,000 |
Obligations under capital leases | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Notes payable and obligations under capital leases | 1,820,000 | 1,768,000 |
Term Note | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Notes payable and obligations under capital leases | 1,930,000 | 4,770,000 |
Second Term Note | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Notes payable and obligations under capital leases | 3,967,000 | 5,616,000 |
Third Term Note | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Notes payable and obligations under capital leases | 9,201,000 | ' |
DSS Term Note | Dawson Seismic Services ULC | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Notes payable and obligations under capital leases | $641,000 | $801,000 |
Aggregate_Maturities_of_the_No
Aggregate Maturities of the Notes Payable and Obligations Under Capital Leases (Detail) (USD $) | Mar. 31, 2014 |
Notes Payable And Capital Lease Obligations [Line Items] | ' |
April 2014 - March 2015 | $9,894,000 |
April 2015 - March 2016 | 4,792,000 |
April 2016 - March 2017 | 2,854,000 |
April 2017 - March 2018 | 19,000 |
April 2018 - March 2019 | ' |
Total | $17,559,000 |
Companys_Contractual_Obligatio
Company's Contractual Obligations (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Lease Obligations [Line Items] | ' |
Operating lease obligations (office space), Total | $3,024 |
Operating lease obligations (office space), Within 1 Year | 987 |
Operating lease obligations (office space), 2-3 Years | 1,491 |
Operating lease obligations (office space), 4-5 Years | 355 |
Operating lease obligations (office space), After 5 Years | $191 |
Recovered_Sheet2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Operating Lease Obligations [Line Items] | ' | ' | ' | ' |
Rental expense under operating leases with initial terms exceeding one year | $242,000 | $222,000 | $482,000 | $444,000 |
Unused letters of credit, total | $580,000 | ' | $580,000 | ' |
Reconciliation_of_Basic_and_Di
Reconciliation of Basic and Diluted Earnings Per Share Attributable to Common Stock (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Income Per Common Share [Line Items] | ' | ' | ' | ' |
Net income (loss) | $1,652,000 | $6,279,000 | ($1,245,000) | $9,207,000 |
Income allocable to unvested restricted stock | -21,000 | -144,000 | ' | -211,000 |
Basic income (loss) attributable to common stock | 1,631,000 | 6,135,000 | -1,245,000 | 8,996,000 |
Reallocation of participating earnings | ' | 1,000 | ' | ' |
Diluted income (loss) attributable to common stock | $1,631,000 | $6,136,000 | ($1,245,000) | $8,996,000 |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic: | 7,959,863 | 7,861,204 | 7,958,020 | 7,855,284 |
Dilutive common stock options and restricted stock units | 37,858 | 40,432 | ' | 33,622 |
Diluted: | 7,997,721 | 7,901,636 | 7,958,020 | 7,888,906 |
Basic income (loss) attributable to a share of common stock | $0.20 | $0.78 | ($0.16) | $1.15 |
Diluted income (loss) attributable to a share of common stock | $0.20 | $0.78 | ($0.16) | $1.14 |
Securities_Excluded_from_Calcu
Securities Excluded from Calculation of Diluted Net Income Loss Per Share (Detail) | 6 Months Ended |
Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Weighted average number of securities excluded from computation | 211,647 |
Stock options | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Weighted average number of securities excluded from computation | 92,315 |
Restricted stock | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Weighted average number of securities excluded from computation | 103,500 |
Restricted stock units | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Weighted average number of securities excluded from computation | 15,832 |
Dividends_Additional_Informati
Dividends - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended |
Feb. 24, 2014 | Mar. 31, 2014 | |
Dividends Payable [Line Items] | ' | ' |
Dividend payable per share | $0.08 | ' |
Dividend paid date | ' | 24-Feb-14 |
Dividend record date | ' | 14-Feb-14 |
Dividend declared date | ' | 3-Feb-14 |
Dividend paid amount | $645,000 | ' |
Annualized Dividend | ' | ' |
Dividends Payable [Line Items] | ' | ' |
Dividend paid amount | $2,580,000 | ' |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | 1 Months Ended | ||
Feb. 24, 2014 | Mar. 31, 2014 | Feb. 24, 2014 | 5-May-14 | 5-May-14 | |
Annualized Dividend | Subsequent Event | Subsequent Event | |||
Annualized Dividend | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Dividend payable per share | $0.08 | ' | ' | $0.08 | ' |
Dividend record date | ' | 14-Feb-14 | ' | 16-May-14 | ' |
Dividend declared amount | $645,000 | ' | $2,580,000 | $645,000 | $2,580,000 |