Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Dec. 31, 2014 | Feb. 03, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | DWSN | |
Entity Registrant Name | DAWSON GEOPHYSICAL CO | |
Entity Central Index Key | 351231 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 8,077,580 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $14,644,000 | $22,753,000 |
Short-term investments | 28,750,000 | 27,000,000 |
Accounts receivable, net of allowance for doubtful accounts of $250,000 at December 31, 2014 and September 30, 2014 | 37,133,000 | 39,995,000 |
Prepaid expenses and other assets | 5,703,000 | 2,420,000 |
Current deferred tax asset | 2,369,000 | 5,977,000 |
Total current assets | 88,599,000 | 98,145,000 |
Property, plant and equipment | 339,245,000 | 337,922,000 |
Less accumulated depreciation | -181,453,000 | -173,428,000 |
Net property, plant and equipment | 157,792,000 | 164,494,000 |
Total assets | 246,391,000 | 262,639,000 |
Current liabilities: | ||
Accounts payable | 5,849,000 | 10,720,000 |
Accrued liabilities: | ||
Payroll costs and other taxes | 3,015,000 | 1,998,000 |
Other | 3,312,000 | 4,097,000 |
Deferred revenue | 1,752,000 | 801,000 |
Current maturities of notes payable and obligations under capital leases | 6,018,000 | 6,752,000 |
Total current liabilities | 19,946,000 | 24,368,000 |
Long-term liabilities: | ||
Notes payable and obligations under capital leases less current maturities | 4,209,000 | 4,933,000 |
Deferred tax liability | 27,920,000 | 33,808,000 |
Total long-term liabilities | 32,129,000 | 38,741,000 |
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, 8,077,580 and 8,065,233 shares issued and outstanding at December 31, 2014 and September 30, 2014, respectively | 2,694,000 | 2,688,000 |
Additional paid-in capital | 96,532,000 | 96,086,000 |
Retained earnings | 95,562,000 | 100,973,000 |
Accumulated other comprehensive loss, net of tax | -472,000 | -217,000 |
Total stockholders' equity | 194,316,000 | 199,530,000 |
Total liabilities and stockholders' equity | $246,391,000 | $262,639,000 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
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 | 0 | 0 |
Common stock, par value | $0.33 | $0.33 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 8,077,580 | 8,065,233 |
Common stock, shares outstanding | 8,077,580 | 8,065,233 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenues | $50,802,000 | $68,181,000 |
Operating costs: | ||
Operating expenses | 42,957,000 | 59,108,000 |
General and administrative | 5,093,000 | 4,164,000 |
Depreciation | 9,736,000 | 9,876,000 |
Operating costs, Total | 57,786,000 | 73,148,000 |
Loss from operations | -6,984,000 | -4,967,000 |
Other income (expense): | ||
Interest income | 20,000 | 17,000 |
Interest expense | -93,000 | -135,000 |
Other income (expense) | 154,000 | -49,000 |
Loss before income tax | -6,903,000 | -5,134,000 |
Income tax benefit | 2,138,000 | 2,237,000 |
Net loss | -4,765,000 | -2,897,000 |
Other comprehensive loss: | ||
Net unrealized loss on foreign exchange rate translation, net of tax | -255,000 | |
Comprehensive loss | ($5,020,000) | ($2,897,000) |
Basic loss per share attributable to common stock | ($0.60) | ($0.36) |
Diluted loss per share attributable to common stock | ($0.60) | ($0.36) |
Cash dividend declared per share of common stock | $0.08 | |
Weighted average equivalent common shares outstanding | 7,965,757 | 7,956,215 |
Weighted average equivalent common shares outstanding-assuming dilution | 7,965,757 | 7,956,215 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | ($4,765,000) | ($2,897,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 9,736,000 | 9,876,000 |
Noncash compensation | 451,000 | 404,000 |
Deferred income tax benefit | -2,331,000 | -1,818,000 |
Other | -613,000 | 243,000 |
Change in current assets and liabilities: | ||
Decrease (increase) in accounts receivable | 2,862,000 | -18,166,000 |
Increase in prepaid expenses and other assets | -3,283,000 | -3,533,000 |
Decrease in accounts payable | -4,923,000 | -4,327,000 |
Increase (decrease) in accrued liabilities | 232,000 | -1,038,000 |
Increase (decrease) in deferred revenue | 951,000 | -453,000 |
Net cash used in operating activities | -1,683,000 | -21,709,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures, net of noncash capital expenditures summarized below | -2,555,000 | -23,835,000 |
Proceeds from maturity of short-term investments | 7,750,000 | 8,000,000 |
Acquisition of short-term investments | -9,500,000 | -10,500,000 |
Proceeds from disposal of assets | 631,000 | 4,000 |
Net cash used in investing activities | -3,674,000 | -26,331,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from notes payable | 10,000,000 | |
Principal payments on notes payable | -1,783,000 | -2,313,000 |
Principal payments on capital lease obligations | -288,000 | -206,000 |
Proceeds from exercise of stock options | 14,000 | |
Dividends paid | -646,000 | |
Net cash (used in) provided by financing activities | -2,717,000 | 7,495,000 |
Effect of exchange rate changes in cash and cash equivalents | -35,000 | |
Net decrease in cash and cash equivalents | -8,109,000 | -40,545,000 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 22,753,000 | 52,405,000 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 14,644,000 | 11,860,000 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | 93,000 | 117,000 |
Cash received for income taxes | 18,000 | 3,000 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Increase in accrued purchases of property and equipment | 52,000 | 353,000 |
Capital lease obligations incurred | $651,000 |
Organization_And_Nature_Of_Ope
Organization And Nature Of Operations | 3 Months Ended |
Dec. 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 | 3 Months Ended |
Dec. 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 ended December 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 condensed or 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, 2014. | |
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. All significant intercompany balances and transactions have been eliminated in consolidation. | |
Cash Equivalents. The Company considers demand deposits, certificates of deposit, overnight investments, money market funds and all highly liquid debt 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, these set up costs that occur prior to initiating revenue recognition are capitalized and amortized as services are provided. | |
Stock-Based Compensation. The Company measures all employee stock-based compensation awards, which include, restricted stock, restricted stock units, stock options and common stock awards, using the fair value method and recognizes compensation cost, net of estimated forfeitures, in its consolidated financial statements. The Company records compensation expense as operating or general and administrative expense as appropriate in the Consolidated Statements of Operations and Comprehensive Loss on a straight-line basis over the vesting period of the related restricted stock awards or stock options. | |
Foreign Currency Translation. The U.S. Dollar is the reporting currency for all periods presented. The functional currency of the Company’s foreign subsidiaries is generally the local currency. All assets and liabilities denominated in a foreign currency are translated into U.S. Dollars at the exchange rate on the balance sheet date. Income and expenses are translated at the average exchange rate during the period. Equity transactions are translated using historical exchange rates. Adjustments resulting from translation are recorded as a separate component of accumulated other comprehensive loss in the consolidated balance sheets. Foreign currency gains (losses) are included in the Consolidated Statements of Operations and Comprehensive Loss. | |
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 on 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 were not expected to result in a tax deduction. | |
Use of Estimates in the Preparation of Financial Statements. Preparation of the accompanying financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the use of assumptions and estimates inherent in the reporting process, actual results could differ from those estimates. | |
Recently Issued Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 that introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements and the method of adoption. | |
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern” (Subtopic 205-40). This ASU provides guidance on management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and in certain circumstances to provide related footnote disclosures. This ASU is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the new guidance, however does not expect any impact on its consolidated financial statements. |
ShortTerm_Investments
Short-Term Investments | 3 Months Ended |
Dec. 31, 2014 | |
Short-Term Investments | 3. SHORT-TERM INVESTMENTS |
The Company had short-term investments at December 31, 2014 and September 30, 2014 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 December 31, 2014 or September 30, 2014. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended |
Dec. 31, 2014 | |
Fair Value of Financial Instruments | 4. FAIR VALUE OF FINANCIAL INSTRUMENTS |
At December 31, 2014 and September 30, 2014, 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 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, 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 Second Term Note approximates its fair value due to the fact that the interest is reset each month based on the prevailing market interest rate. The carrying value of the Company’s Third Term Note and DSS Term Note approximate their fair value based on a comparison with the prevailing market interest rate. Due to the short-term maturities of the Company’s investments in certificates of deposit, the carrying amounts approximate fair value at the respective balance sheet dates. 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 | 3 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Debt | 5. DEBT | ||||||||
The Company’s revolving line of credit loan agreement is with Frost Bank. 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 December 31, 2014 and has the full line of credit available for borrowing. The Company did not utilize the revolving line of credit during the current fiscal year or the fiscal year ended September 30, 2014. | |||||||||
The Company’s credit loan agreement includes a term loan feature under which the Company has two outstanding term loans. In June 2011, the Company entered into the first term loan (“Term Note”). The Term Note was repaid according to its terms on June 30, 2014. | |||||||||
In May 2012, the Company entered into a Multiple Advance Term Note (“Second Term Note”) under its credit loan agreement. Subject to the terms of the Third Term Note described below, 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. In July 2012, the Company borrowed $9,346,000 under the Second Term Note to purchase Geospace Technologies GSR recording equipment. 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 December 2013, the Company entered into a second Multiple Advance Term Note (“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. In December 2013, the Company borrowed the full amount of $10.0 million under the Third Term Note to purchase Geospace Technologies GSX recording equipment. 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. | |||||||||
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 December 31, 2014, the Company had leased 112 vehicles under these capital leases. | |||||||||
The Company’s notes payable and obligations under capital leases consist of the following: | |||||||||
December 31, | September 30, | ||||||||
2014 | 2014 | ||||||||
Second Term Note | $ | 1,435,000 | $ | 2,287,000 | |||||
Third Term Note | 6,780,000 | 7,594,000 | |||||||
DSS Term Note | 362,000 | 483,000 | |||||||
Revolving line of credit | — | — | |||||||
Obligations under capital leases | 1,650,000 | 1,321,000 | |||||||
10,227,000 | 11,685,000 | ||||||||
Less current maturities of notes payable and obligations under capital leases | (6,018,000 | ) | (6,752,000 | ) | |||||
$ | 4,209,000 | $ | 4,933,000 | ||||||
The aggregate maturities of the notes payable and obligations under capital leases at December 31, 2014 are as follows: | |||||||||
January 2015 – December 2015 | $ | 6,018,000 | |||||||
January 2016 – December 2016 | 3,961,000 | ||||||||
January 2017 – December 2017 | 248,000 | ||||||||
$ | 10,227,000 | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||||||||||||||
Dec. 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 December 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) | $ | 2,287 | $ | 931 | $ | 962 | $ | 299 | $ | 95 | |||||||||||
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 $240,000 for the three month periods ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
As of December 31, 2014, the Company had unused letters of credit totaling approximately $233,000. The Company’s letters of credit principally back obligations associated with the Company’s self-insured retention on workers’ compensation claims. The Company was no longer self-insured for workers’ compensation claims after October 1, 2011. The unused letters of credit outstanding at December 31, 2014 are associated with workers’ compensation claims outstanding prior to October 1, 2011. |
Net_Loss_Income_Per_Share_Attr
Net (Loss) Income Per Share Attributable To Common Stock | 3 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Net (Loss) Income Per Share Attributable To Common Stock | 7. NET (LOSS) INCOME PER SHARE ATTRIBUTABLE TO COMMON STOCK | ||||||||
Net (loss) income 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 when the Company pays dividends. | |||||||||
The Company’s basic net (loss) income per share attributable to common stock is computed by reducing the Company’s net (loss) income by the net (loss) income allocable to unvested restricted stockholders that have a right to participate in 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. The undistributed earnings are allocated based on the relative percentage of the weighted average unvested restricted stock awards. The basic net (loss) income per share attributable to common stock is computed by dividing the net (loss) income attributable to common stock by the weighted average shares outstanding. The Company’s dilutive net (loss) income per share attributable to common stock is computed by adjusting basic net (loss) income per share attributable to common stock by diluted (loss) income allocable to unvested restricted stock divided by weighted average diluted shares outstanding. A reconciliation of the basic and diluted loss per share attributable to common stock is as follows: | |||||||||
Three Months Ended December 31, | |||||||||
2014 | 2013 | ||||||||
(in 000’s) | |||||||||
Net loss | $ | (4,765 | ) | $ | (2,897 | ) | |||
Income allocable to unvested restricted stock | (8 | ) | — | ||||||
Basic loss attributable to common stock | $ | (4,773 | ) | $ | (2,897 | ) | |||
Reallocation of participating earnings | — | — | |||||||
Diluted loss attributable to common stock | $ | (4,773 | ) | $ | (2,897 | ) | |||
Weighted average common shares outstanding: | |||||||||
Basic | 7,965,757 | 7,956,215 | |||||||
Dilutive common stock options and restricted stock units | — | — | |||||||
Diluted | 7,965,757 | 7,956,215 | |||||||
Basic loss attributable to a share of common stock | $ | (.60 | ) | $ | (0.36 | ) | |||
Diluted loss attributable to a share of common stock | $ | (.60 | ) | $ | (0.36 | ) | |||
The Company had a net loss in the three months ended December 31, 2014 and 2013. As a result, all stock options and restricted stock units were anti-dilutive and excluded from weighted average shares used in determining the loss attributable to share of common stock for the respective periods. | |||||||||
The following weighted average numbers of certain securities have been excluded from the calculation of diluted loss per share attributable to common stock, as their effect would be anti-dilutive: | |||||||||
Three Months Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Stock options | 91,150 | 92,476 | |||||||
Restricted stock units | 37,737 | 8,647 | |||||||
Total | 128,887 | 101,123 | |||||||
Shares of 103,500 unvested restricted stock at December 31, 2014 and 2013 are included in common stock outstanding as such shares have a nonforfeitable right to participate in any dividends that might be declared and have the right to vote. |
Quarterly_Dividend
Quarterly Dividend | 3 Months Ended |
Dec. 31, 2014 | |
Quarterly Dividend | 8. QUARTERLY DIVIDEND |
Quarterly Dividend | |
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. Quarterly dividends were paid on February 24, 2014, May 30, 2014, August 29, 2014 and December 8, 2014 to shareholders of record at the close of business on February 14, 2014, May 16, 2014, August 15, 2014 and November 24, 2014, respectively, 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. | |
No determination has been made regarding the payment of dividends following the Company’s pending merger transaction with TGC, as described below. |
Pending_Merger_Transaction
Pending Merger Transaction | 3 Months Ended | |||
Dec. 31, 2014 | ||||
Pending Merger Transaction | 9. PENDING MERGER TRANSACTION | |||
On October 8, 2014, the Company entered into a merger agreement (the “Merger Agreement”) with TGC Industries, Inc., a Texas corporation (“TGC”), and Riptide Acquisition Corp., a Texas corporation and a wholly owned subsidiary of TGC (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company continuing after the merger as the surviving entity and a wholly owned subsidiary of TGC (the “Merger”). | ||||
The Merger Agreement has been approved by both companies’ boards of directors. Under the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”) TGC will amend its certificate of formation to change its name to “Dawson Geophysical Company.” Immediately prior to the Effective Time, TGC will effect a reverse stock split with respect to its common stock, par value $0.01 per share (“TGC Common Stock”), on a one-for-three ratio (the “Reverse Stock Split”) to reduce the total number of shares of TGC Common Stock outstanding from approximately 22,001,125 to approximately 7,333,708. After giving effect to the Reverse Stock Split, in connection with the Merger each issued and outstanding share of common stock, par value $0.33-1/3 per share of the Company (the “Company Common Stock”) (other than shares of Company Common Stock owned by TGC, Merger Sub or the Company or any wholly owned subsidiary of the Company) will be automatically converted into the right to receive 1.760 shares of TGC split-effected Common Stock. | ||||
The parties have made customary representations and warranties and agreed to customary covenants in the Merger Agreement. In addition, the Company and TGC have each agreed to certain pre-closing covenants in the Merger Agreement, including, among other things, covenants that the Company and TGC will, and will cause its subsidiaries to, during the period between the date of the Merger Agreement and the Effective Time, conduct its business only in the ordinary course of business consistent with past practice and that each of the Company and TGC will not engage in certain types of transactions without the consent of the other during such period. | ||||
The Company is required to pay TGC a termination fee of $2.0 million in the event the Merger Agreement is terminated because: | ||||
• | an acquisition proposal relating to at least 50% of the Company’s common stock or assets is made public and subsequent to such public announcement, | |||
• | the Merger Agreement is terminated due to (1) the Merger not closing on or before March 31, 2015 (or, in certain circumstances, May 31, 2015), (2) the Company’s shareholders not approving the Merger Agreement or (3) the Company breaching or failing to perform any of its representations and warranties, covenants or agreements in the Merger Agreement, and | |||
• | the Company enters into a definitive agreement relating to an acquisition proposal within one year after termination of the Merger Agreement; | |||
• | the Company’s board of directors changes, or fails to reaffirm when requested by TGC, its recommendation that the Company’s shareholders approve the Merger Agreement; or | |||
• | the Company enters into a superior proposal. | |||
Furthermore, either the Company or TGC will have to pay to the other party out-of-pocket expenses, including all fees and expenses payable to all legal, accounting, financial, public relations and other professional advisors arising out of, in connection with, or related to the Merger, up to a maximum of $1.5 million in the aggregate, if the Merger Agreement is terminated under certain circumstances. | ||||
The special meetings of the shareholders of the Company and TGC have been scheduled for February 9, 2015. Completion of the Merger is subject to certain customary conditions. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Dec. 31, 2014 | |
Subsequent Events | 10. SUBSEQUENT EVENTS |
On January 7, 2015, Andrew Speese, through his attorney, filed a purported shareholder class action and derivative action on behalf of himself and our other shareholders in the United States District Court for the Western District of Texas (Midland/Odessa Division), against the Company, the Company’s current directors, TGC and Merger Sub relating to the pending merger transaction with TGC. For a discussion of this litigation, please refer to “Part II. Other Information—Item 1. Legal Proceedings.” |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 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. All significant intercompany balances and transactions have been eliminated in consolidation. |
Cash Equivalents | Cash Equivalents. The Company considers demand deposits, certificates of deposit, overnight investments, money market funds and all highly liquid debt 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, these set up costs that occur prior to initiating revenue recognition are capitalized and amortized as services are provided. | |
Stock-Based Compensation | Stock-Based Compensation. The Company measures all employee stock-based compensation awards, which include, restricted stock, restricted stock units, stock options and common stock awards, using the fair value method and recognizes compensation cost, net of estimated forfeitures, in its consolidated financial statements. The Company records compensation expense as operating or general and administrative expense as appropriate in the Consolidated Statements of Operations and Comprehensive Loss on a straight-line basis over the vesting period of the related restricted stock awards or stock options. |
Foreign Currency Translation | Foreign Currency Translation. The U.S. Dollar is the reporting currency for all periods presented. The functional currency of the Company’s foreign subsidiaries is generally the local currency. All assets and liabilities denominated in a foreign currency are translated into U.S. Dollars at the exchange rate on the balance sheet date. Income and expenses are translated at the average exchange rate during the period. Equity transactions are translated using historical exchange rates. Adjustments resulting from translation are recorded as a separate component of accumulated other comprehensive loss in the consolidated balance sheets. Foreign currency gains (losses) are included in the Consolidated Statements of Operations and Comprehensive Loss. |
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 on 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 were not expected to result in a tax deduction. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements. Preparation of the accompanying financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Because of the use of assumptions and estimates inherent in the reporting process, actual results could differ from those estimates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09 that introduces a new five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. Entities have the option of using either a full retrospective or modified approach to adopt ASU 2014-09. The Company is currently evaluating the new guidance to determine the impact it will have on its consolidated financial statements and the method of adoption. | |
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements - Going Concern” (Subtopic 205-40). This ASU provides guidance on management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and in certain circumstances to provide related footnote disclosures. This ASU is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company is currently evaluating the new guidance, however does not expect any impact on its consolidated financial statements. |
Debt_Tables
Debt (Tables) | 3 Months Ended | ||||||||
Dec. 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: | ||||||||
December 31, | September 30, | ||||||||
2014 | 2014 | ||||||||
Second Term Note | $ | 1,435,000 | $ | 2,287,000 | |||||
Third Term Note | 6,780,000 | 7,594,000 | |||||||
DSS Term Note | 362,000 | 483,000 | |||||||
Revolving line of credit | — | — | |||||||
Obligations under capital leases | 1,650,000 | 1,321,000 | |||||||
10,227,000 | 11,685,000 | ||||||||
Less current maturities of notes payable and obligations under capital leases | (6,018,000 | ) | (6,752,000 | ) | |||||
$ | 4,209,000 | $ | 4,933,000 | ||||||
Aggregate Maturities of Notes Payable and Obligations Under Capital Leases | The aggregate maturities of the notes payable and obligations under capital leases at December 31, 2014 are as follows: | ||||||||
January 2015 – December 2015 | $ | 6,018,000 | |||||||
January 2016 – December 2016 | 3,961,000 | ||||||||
January 2017 – December 2017 | 248,000 | ||||||||
$ | 10,227,000 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||||||||||
Dec. 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 December 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) | $ | 2,287 | $ | 931 | $ | 962 | $ | 299 | $ | 95 | |||||||||||
Net_Loss_Income_Per_Share_Attr1
Net (Loss) Income Per Share Attributable To Common Stock (Tables) | 3 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Reconciliation of Basic and Diluted Loss per Share Attributable to Common Stock | A reconciliation of the basic and diluted loss per share attributable to common stock is as follows: | ||||||||
Three Months Ended December 31, | |||||||||
2014 | 2013 | ||||||||
(in 000’s) | |||||||||
Net loss | $ | (4,765 | ) | $ | (2,897 | ) | |||
Income allocable to unvested restricted stock | (8 | ) | — | ||||||
Basic loss attributable to common stock | $ | (4,773 | ) | $ | (2,897 | ) | |||
Reallocation of participating earnings | — | — | |||||||
Diluted loss attributable to common stock | $ | (4,773 | ) | $ | (2,897 | ) | |||
Weighted average common shares outstanding: | |||||||||
Basic | 7,965,757 | 7,956,215 | |||||||
Dilutive common stock options and restricted stock units | — | — | |||||||
Diluted | 7,965,757 | 7,956,215 | |||||||
Basic loss attributable to a share of common stock | $ | (.60 | ) | $ | (0.36 | ) | |||
Diluted loss attributable to a share of common stock | $ | (.60 | ) | $ | (0.36 | ) | |||
Weighted Average Numbers of Securities Excluded from Calculation of Diluted Loss per Share Attributable to Common Stock | The following weighted average numbers of certain securities have been excluded from the calculation of diluted loss per share attributable to common stock, as their effect would be anti-dilutive: | ||||||||
Three Months Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Stock options | 91,150 | 92,476 | |||||||
Restricted stock units | 37,737 | 8,647 | |||||||
Total | 128,887 | 101,123 | |||||||
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended |
Dec. 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 $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Sep. 30, 2014 | |
Investment | Investment | |
Investment [Line Items] | ||
Maturity Period of certificates of deposit, minimum | 3 months | 3 months |
Maturity Period of certificates of deposit, maximum | 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 $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2014 | Sep. 30, 2014 | 31-May-12 | Dec. 31, 2013 | Feb. 28, 2013 | Jul. 31, 2012 | Dec. 05, 2013 | |
Installment | |||||||
Vehicle | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing, repaying and reborrowing capacity | $20,000,000 | ||||||
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 expiry date | 2-Jun-15 | ||||||
Covenant compliance of line of credit facility | The Company was in compliance with all covenants including specified ratios as of December 31, 2014 | ||||||
Line of credit facility utilized | 0 | 0 | |||||
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 | 112 | ||||||
Term Note | |||||||
Line of Credit Facility [Line Items] | |||||||
Term Note interest rate over which, interest is to be paid separately | 4.00% | ||||||
Second Term Note | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing, repaying and reborrowing capacity | 15,000,000 | ||||||
Term Note interest rate over which, interest is to be paid separately | 3.75% | ||||||
Maturity of term loans | 2-May-15 | ||||||
Funds obtained under term notes | 9,346,000 | ||||||
Third Term Note | |||||||
Line of Credit Facility [Line Items] | |||||||
Borrowing, repaying and reborrowing capacity | 10,000,000 | ||||||
Maturity of term loans | 2-Dec-16 | ||||||
Funds obtained under term notes | 10,000,000 | ||||||
Term Note repayable over a period | 36 months | ||||||
Term note, annual fixed interest rate | 3.16% | ||||||
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 | ||||||
DSS Term Note | Dawson Seismic Services ULC | |||||||
Line of Credit Facility [Line Items] | |||||||
Maturity of term loans | 5-Feb-16 | ||||||
Funds obtained under term notes | 983,000 | ||||||
Term Note repayable over a period | 36 months | ||||||
Term note, annual fixed interest rate | 3.84% | ||||||
Monthly term note repayment amount | $28,980 | ||||||
Option One | |||||||
Line of Credit Facility [Line Items] | |||||||
Term Note, interest rate description | The Prime Rate, minus three-quarters percent | ||||||
Option Two | |||||||
Line of Credit Facility [Line Items] | |||||||
Term Note, interest rate description | 30-day London Interbank Offered Rate ("LIBOR"), plus two and one-quarter percent |
Summary_of_Notes_Payable_and_O
Summary of Notes Payable and Obligations under Capital Leases (Detail) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 |
Debt Instrument [Line Items] | ||
Notes payable and obligations under capital leases | $10,227,000 | $11,685,000 |
Less current maturities of notes payable and obligations under capital leases | -6,018,000 | -6,752,000 |
Notes payable and obligations under capital leases less current maturities | 4,209,000 | 4,933,000 |
Obligations under capital leases | ||
Debt Instrument [Line Items] | ||
Notes payable and obligations under capital leases | 1,650,000 | 1,321,000 |
Second Term Note | ||
Debt Instrument [Line Items] | ||
Notes payable and obligations under capital leases | 1,435,000 | 2,287,000 |
Third Term Note | ||
Debt Instrument [Line Items] | ||
Notes payable and obligations under capital leases | 6,780,000 | 7,594,000 |
DSS Term Note | ||
Debt Instrument [Line Items] | ||
Notes payable and obligations under capital leases | $362,000 | $483,000 |
Aggregate_Maturities_of_Notes_
Aggregate Maturities of Notes Payable and Obligations Under Capital Leases (Detail) (USD $) | Dec. 31, 2014 |
Notes Payable And Capital Lease Obligations [Line Items] | |
January 2015 - December 2015 | $6,018,000 |
January 2016 - December 2016 | 3,961,000 |
January 2017 - December 2017 | 248,000 |
Total | $10,227,000 |
Companys_Contractual_Obligatio
Company's Contractual Obligations (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Lease Obligations [Line Items] | |
Operating lease obligations (office space), Total | $2,287 |
Operating lease obligations (office space), Within 1 Year | 931 |
Operating lease obligations (office space), 2-3 Years | 962 |
Operating lease obligations (office space), 4-5 Years | 299 |
Operating lease obligations (office space), After 5 Years | $95 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Lease Obligations [Line Items] | ||
Rental expense under operating leases with initial terms exceeding one year | $242,000 | $240,000 |
Unused letters of credit, total | $233,000 |
Reconciliation_of_Basic_and_Di
Reconciliation of Basic and Diluted Loss Per Share Attributable to Common Stock (Detail) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Per Common Share [Line Items] | ||
Net loss | ($4,765,000) | ($2,897,000) |
Income allocable to unvested restricted stock | -8,000 | |
Basic loss attributable to common stock | -4,773,000 | -2,897,000 |
Reallocation of participating earnings | 0 | 0 |
Diluted loss attributable to common stock | ($4,773,000) | ($2,897,000) |
Weighted average common shares outstanding: | ||
Basic | 7,965,757 | 7,956,215 |
Dilutive common stock options and restricted stock units | 0 | 0 |
Diluted | 7,965,757 | 7,956,215 |
Basic loss attributable to a share of common stock | ($0.60) | ($0.36) |
Diluted loss attributable to a share of common stock | ($0.60) | ($0.36) |
Securities_Excluded_from_Calcu
Securities Excluded from Calculation of Diluted Loss Per Share (Detail) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted average number of securities excluded from computation | 128,887 | 101,123 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted average number of securities excluded from computation | 91,150 | 92,476 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Weighted average number of securities excluded from computation | 37,737 | 8,647 |
Net_Loss_Income_Per_Share_Attr2
Net (Loss) Income Per Share Attributable to Common Stock - Additional Information (Detail) (Restricted stock) | Dec. 31, 2014 | Dec. 31, 2013 |
Restricted stock | ||
Income Per Common Share [Line Items] | ||
Unvested restricted stock included in common stock outstanding | 103,500 | 103,500 |
Quarterly_Dividend_Additional_
Quarterly Dividend - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended |
Feb. 03, 2014 | Dec. 31, 2014 | |
Dividends Payable [Line Items] | ||
Dividend payable per share | $0.08 | |
Dividend declared date | 3-Feb-14 | |
Quarterly dividend paid amount | $645,000 | |
Dividend paid amount on annualized basis | $2,580,000 | |
Period One | ||
Dividends Payable [Line Items] | ||
Dividend paid date | 24-Feb-14 | |
Dividend record date | 14-Feb-14 | |
Period Two | ||
Dividends Payable [Line Items] | ||
Dividend paid date | 30-May-14 | |
Dividend record date | 16-May-14 | |
Period Three | ||
Dividends Payable [Line Items] | ||
Dividend paid date | 29-Aug-14 | |
Dividend record date | 15-Aug-14 | |
Period Four | ||
Dividends Payable [Line Items] | ||
Dividend paid date | 8-Dec-14 | |
Dividend record date | 24-Nov-14 |
Pending_Merger_Transaction_Add
Pending Merger Transaction - Additional Information (Detail) (USD $) | 0 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Oct. 08, 2014 | Dec. 31, 2014 | Oct. 08, 2014 | Sep. 30, 2014 |
Business Acquisition [Line Items] | ||||
Common stock, par value | $0.33 | $0.33 | $0.33 | $0.33 |
Reverse stock split | 0.3333 | |||
Common stock, shares outstanding | 7,333,708 | 8,077,580 | 7,333,708 | 8,065,233 |
Split-effected Common Stock | 1.76 | |||
Amount payable in the event of Merger Agreement termination | $2 | $2 | ||
Company or TGC | Maximum | ||||
Business Acquisition [Line Items] | ||||
Amount payable in the event of Merger Agreement termination | $1.50 | $1.50 | ||
Before Reverse Stock Split | ||||
Business Acquisition [Line Items] | ||||
Common stock, par value | $0.01 | $0.01 | ||
Common stock, shares outstanding | 22,001,125 | 22,001,125 |