Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2014 | Dec. 02, 2014 | Mar. 31, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CSP INC /MA/ | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -21 | ||
Entity Common Stock, Shares Outstanding | 3,619,148 | ||
Entity Public Float | $25,577,347 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 356037 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 30-Sep-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $16,448 | $18,619 |
Accounts receivable, net of allowances of $241 and $242 | 12,532 | 13,529 |
Inventories, net | 6,446 | 4,791 |
Refundable income taxes | 418 | 624 |
Deferred income taxes | 1,230 | 1,313 |
Other current assets | 2,372 | 2,042 |
Total current assets | 39,446 | 40,918 |
Property, equipment and improvements, net | 1,472 | 1,420 |
Other assets: | ||
Intangibles, net | 545 | 410 |
Deferred income taxes | 1,892 | 1,771 |
Cash surrender value of life insurance | 2,785 | 2,481 |
Other assets | 167 | 225 |
Total other assets | 5,389 | 4,887 |
Total assets | 46,307 | 47,225 |
Current liabilities: | ||
Accounts payable and accrued expenses | 9,751 | 10,503 |
Deferred revenue | 4,101 | 3,816 |
Pension and retirement plans | 658 | 746 |
Income taxes payable | 1 | 60 |
Total current liabilities | 14,511 | 15,125 |
Pension and retirement plans | 10,440 | 8,660 |
Other long term liabilities | 69 | 405 |
Total liabilities | 25,020 | 24,190 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock, $.01 par value per share; authorized, 7,500 shares; issued and outstanding 3,619 and 3,496 shares, respectively | 36 | 35 |
Additional paid-in capital | 11,658 | 11,137 |
Retained earnings | 17,517 | 17,728 |
Accumulated other comprehensive loss | -7,924 | -5,865 |
Total shareholders’ equity | 21,287 | 23,035 |
Total liabilities and shareholders’ equity | $46,307 | $47,225 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $241 | $242 |
Common stock par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 7,500 | 7,500 |
Common stock, shares issued | 3,619 | 3,496 |
Common stock, shares outstanding | 3,619 | 3,496 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Sales: | ||
Product | $58,877 | $65,844 |
Services | 25,742 | 21,775 |
Total sales | 84,619 | 87,619 |
Cost of sales: | ||
Product | 48,567 | 54,023 |
Services | 15,047 | 15,013 |
Amortization of inventory step up and intangibles | 184 | 0 |
Total cost of sales | 63,798 | 69,036 |
Gross profit | 20,821 | 18,583 |
Operating expenses: | ||
Engineering and development | 3,484 | 1,857 |
Selling, general and administrative | 16,116 | 16,025 |
Total operating expenses | 19,600 | 17,882 |
Bargain purchase gain | 462 | 0 |
Operating income | 1,683 | 701 |
Other (expense): | ||
Foreign exchange loss | -162 | -18 |
Other income (expense), net | -66 | 6 |
Total other (expense), net | -228 | -12 |
Income before income taxes | 1,455 | 689 |
Income tax expense | 121 | 321 |
Net income | 1,334 | 368 |
Net income attributable to common stockholders | $1,284 | $361 |
Net income per share – basic (in Dollars per share) | $0.37 | $0.11 |
Weighted average shares outstanding – basic (in Shares) | 3,448 | 3,389 |
Net income per share – diluted (in Dollars per share) | $0.37 | $0.10 |
Weighted average shares outstanding – diluted (in Shares) | 3,499 | 3,441 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Components of Accumulated Other Comprehensive Loss [Abstract] | ||
Net income | $1,334 | $368 |
Other comprehensive income (loss): | ||
Unrealized actuarial gain (loss) on minimum pension liability | -1,720 | 630 |
Foreign currency translation gain (loss) | -339 | 117 |
Other comprehensive income (loss) | -2,059 | 747 |
Total comprehensive income (loss) | ($725) | $1,115 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated other comprehensive loss |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Sep. 30, 2012 | $23,041 | $34 | $10,875 | $18,744 | ($6,612) |
Balance (in Shares) at Sep. 30, 2012 | 3,399,000 | ||||
Comprehensive loss: | |||||
Net income | 368 | 368 | |||
Other comprehensive (loss) gain | 747 | 747 | |||
Stock-based compensation | 4 | 4 | |||
Restricted stock shares issued | 145 | 1 | 144 | ||
Restricted stock shares issued (in Shares) | 56,000 | ||||
Exercise of stock options | 114 | 114 | |||
Exercise of stock options (in Shares) | 41,249 | 41,000 | |||
Cash dividends on common stock | -1,384 | -1,384 | |||
Balance at Sep. 30, 2013 | 23,035 | 35 | 11,137 | 17,728 | -5,865 |
Balance (in Shares) at Sep. 30, 2013 | 3,496,000 | 3,496,000 | |||
Comprehensive loss: | |||||
Net income | 1,334 | 1,334 | |||
Other comprehensive (loss) gain | -2,059 | -2,059 | |||
Stock-based compensation | 359 | 359 | |||
Tax benefit from exercise of stock options | 47 | 47 | |||
Restricted stock shares issued | 1 | 1 | 0 | ||
Restricted stock shares issued (in Shares) | 106,000 | ||||
Issuance of shares under employee stock purchase plan | 99 | 99 | |||
Issuance of shares under employee stock purchase plan (in shares) | 13,507 | 14,000 | |||
Exercise of stock options | 16 | 16 | |||
Exercise of stock options (in Shares) | 3,050 | 3,000 | |||
Cash dividends on common stock | -1,545 | -1,545 | |||
Balance at Sep. 30, 2014 | $21,287 | $36 | $11,658 | $17,517 | ($7,924) |
Balance (in Shares) at Sep. 30, 2014 | 3,619,000 | 3,619,000 |
Consolidated_Statement_of_Shar1
Consolidated Statement of Shareholders' Equity (Parentheticals) (USD $) | 0 Months Ended | 12 Months Ended | |||||||
Aug. 06, 2014 | 14-May-14 | Feb. 11, 2014 | Dec. 17, 2013 | Aug. 07, 2013 | 8-May-13 | Dec. 10, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||||||||
Dividends per share | $0.11 | $0.11 | $0.11 | $0.10 | $0.10 | $0.10 | $0.20 | $0.43 | $0.40 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ||
Net income | $1,334 | $368 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Bargain purchase gain | -462 | 0 |
Depreciation and amortization | 510 | 438 |
Amortization of intangibles | 124 | 82 |
(Gain) Loss on disposal of fixed assets, net | 5 | -3 |
Foreign exchange loss | 162 | 18 |
Non-cash changes in accounts receivable | 1 | -2 |
Non-cash changes in inventory | 407 | 63 |
Stock-based compensation expense on stock options and restricted stock awards | 361 | 149 |
Deferred income taxes | -98 | 600 |
Decrease in cash surrender value of life insurance | -135 | -100 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | 647 | -1,135 |
Decrease in officer life insurance settlement receivable | 0 | 2,172 |
(Increase) decrease in inventories | -1,038 | 1,436 |
(Increase) decrease in refundable income taxes | 194 | -496 |
(Increase) decrease in other assets | -351 | 347 |
Decrease in accounts payable and accrued expenses | -656 | -3,250 |
Increase (decrease) in deferred revenue | 513 | -7 |
Increase (decrease) in pension and retirement plans liability | 252 | -304 |
Decrease in income taxes payable | -311 | -127 |
Decrease in other long term liabilities | -336 | -22 |
Net cash provided by operating activities | 1,123 | 227 |
Cash flows from investing activities: | ||
Life insurance premiums paid | -170 | -200 |
Proceeds from the sale of fixed assets | 6 | 17 |
Payments to Acquire Businesses, Net of Cash Acquired | -500 | 0 |
Purchases of property, equipment and improvements | -590 | -858 |
Net cash used in investing activities | -1,254 | -1,041 |
Cash flows from financing activities: | ||
Dividends paid | -1,545 | -1,384 |
Tax benefit from exercise of stock options | 47 | |
Proceeds from issuance of shares under equity compensation plans | 114 | 114 |
Net cash used in financing activities | -1,384 | -1,270 |
Effects of exchange rate on cash | -656 | 210 |
Net decrease in cash and cash equivalents | -2,171 | -1,874 |
Cash and cash equivalents, beginning of period | 18,619 | 20,493 |
Cash and cash equivalents, end of period | 16,448 | 18,619 |
Supplementary cash flow information: | ||
Cash paid for income taxes | 201 | 434 |
Cash paid for interest | $85 | $85 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||
Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant inter-company accounts and transactions have been eliminated. | ||||||||
Foreign Currency Translation | ||||||||
The U.S. Dollar is the reporting currency for all periods presented. The financial information for entities outside the United States is measured using the local currency as the functional currency. Assets and liabilities of the Company's foreign operations are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at average rates in effect during the period. The resulting translation adjustment is reflected as accumulated other comprehensive income (loss), a separate component of shareholders' equity on the consolidated balance sheets. The translation adjustment for intercompany foreign currency loans that are of a long-term-investment nature is also reflected as accumulated other comprehensive income (loss). Currency transaction gains and losses are recorded as other income (expense) in the statements of operations. | ||||||||
Cash Equivalents | ||||||||
For purposes of the consolidated statements of cash flows, highly liquid investments with original maturities of three months or less at the time of acquisition are considered cash equivalents. | ||||||||
Research and Development Expense | ||||||||
For the year ended September 30, 2014, our expenses for research and development were approximately $3.5 million compared to approximately $1.9 million for fiscal year 2013. Expenditures for research and development are expensed as they are incurred. | ||||||||
Fair Value Measurements | ||||||||
We follow current accounting standards for fair value measurements, which define fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” and establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There are three levels of inputs that may be used to measure fair value: | ||||||||
Level 1 | ||||||||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | ||||||||
Level 2 | ||||||||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | ||||||||
Level 3 | ||||||||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | ||||||||
Impairment of Long-Lived Assets | ||||||||
The Company reviews its long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Management assesses the recoverability of the long-lived assets (other than goodwill) by comparing the estimated undiscounted cash flows associated with the related asset or group of assets against their respective carrying amounts. The amount of impairment, if any, is calculated based on the excess of the carrying amount over the fair value of those assets. | ||||||||
Intangible Assets | ||||||||
Intangible assets that are not subject to amortization are also required to be tested annually, or more frequently if events or circumstances indicate that the asset may be impaired. We did not have intangible assets with indefinite lives at any time during the two years ended September 30, 2014. Intangible assets subject to amortization are amortized on a straight-line basis over their estimated useful lives, generally three to ten years, and are carried at cost, less accumulated amortization. The remaining useful lives of intangible assets are evaluated on an annual basis. Intangible assets subject to amortization are also tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the fair value of an intangible asset subject to amortization is determined to be less than its carrying value, then an impairment charge is recorded to write down that asset to its fair value. | ||||||||
Inventories | ||||||||
Inventories are stated at the lower of cost or market, with cost determined using the first-in, first-out method. The recoverability of inventories is based upon the types and levels of inventories held, forecasted demand, pricing, competition and changes in technology. We write down our inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. | ||||||||
Property, Equipment and Improvements | ||||||||
The components of property, equipment and improvements are stated at cost. The Company provides for depreciation by use of the straight-line method over the estimated useful lives of the related assets (three to seven years). Leasehold improvements are amortized by use of the straight-line method over the lesser of the estimated useful life of the asset or the lease term. Repairs and maintenance costs are expensed as incurred. Property, equipment and improvements are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. If the fair value of property, equipment and improvements is determined to be less than their carrying value, then an impairment charge is recorded to write down that asset to its fair value. | ||||||||
Trade Accounts Receivable and Allowance for Doubtful Accounts | ||||||||
Trade accounts receivable are stated at amounts that have been billed to customers less an allowance for doubtful accounts. Allowances for doubtful accounts are recorded for the estimated losses resulting from the inability of our customers to make required payments. The estimates for the allowance for doubtful accounts are based on the length of time the receivables are past due, current business environment and our historical experience. If the financial condition of our customers were to deteriorate, resulting in impairment of their ability to make payments, additional allowances may be required. Accounts receivable are charged off against the reserve when management has determined they are uncollectible. | ||||||||
Pension and Retirement Plans | ||||||||
The funded status of pension and other postretirement benefit plans is recognized on the balance sheet. Gains and losses, prior service costs and credits and any remaining transition amounts that have not yet been recognized through pension expense will be recognized in accumulated other comprehensive income, net of tax, until they are amortized as a component of net periodic pension/postretirement benefits expense. Additionally, plan assets and obligations are measured as of our fiscal year-end balance sheet date (September 30). | ||||||||
We have defined benefit and defined contribution plans in the United Kingdom (the “U.K.”), Germany and in the U.S. In the U.K. and Germany, the Company provides defined benefit pension plans for certain employees and former employees and defined contribution plans for the majority of the employees. The defined benefit plans in both the U.K. and Germany are closed to newly hired employees and have been for the two years ended September 30, 2014. In the U.S., the Company also provides defined contribution plans that cover most employees and supplementary retirement plans to certain employees and former employees who are now retired. These supplementary retirement plans are also closed to newly hired employees and have been for the two years ended September 30, 2014. These supplementary plans are funded through whole life insurance policies. The Company expects to recover all insurance premiums paid under these policies in the future, through the cash surrender value of the policies and any death benefits or portions thereof to be paid upon the death of the participant. These whole life insurance policies are carried on the balance sheet at their cash surrender values as they are owned by the Company and not assets of the defined benefit plans. In the U.S., the Company also provides for officer death benefits and post-retirement health insurance benefits through supplemental post-retirement plans to certain officers. The Company also funds these supplemental plans' obligations through whole life insurance policies on the officers. | ||||||||
Pension expense is based on an actuarial computation of current future benefits using estimates for expected return on assets, expected compensation increases and applicable discount rates. Management has reviewed the discount rates and rates of return with our consulting actuaries and investment advisor and concluded they were reasonable. A decrease in the expected return on pension assets would increase pension expense. Expected compensation increases are estimated based on historical and expected increases in the future. Increases in estimated compensation increases would result in higher pension expense while decreases would lower pension expense. Discount rates are selected based upon rates of return on high quality fixed income investments currently available and expected to be available during the period to maturity of the pension benefit. A decrease in the discount rate would result in greater pension expense while an increase in the discount rate would decrease pension expense. | ||||||||
The Company funds its pension plans in amounts sufficient to meet the requirements set forth in applicable employee benefits laws and local tax laws. Liabilities for amounts in excess of these funding levels are accrued and reported in the consolidated balance sheets. | ||||||||
Revenue Recognition | ||||||||
The Company recognizes product revenue from customers at the time of transfer of title and risk of loss which is generally at the time of shipment, provided that persuasive evidence of an arrangement exists, the price is fixed or determinable and collectability of sales proceeds is reasonably assured. We include freight billed to our customers as sales and the related freight costs as cost of sales. The Company reduces revenue for estimated customer returns. | ||||||||
The Company recognizes revenue from software licenses when persuasive evidence of an arrangement exists, delivery of the product has occurred and the fee is fixed or determinable and collectability is probable, in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("FASC") Section 985-605-25 Software - Revenue Recognition ("FASC 985-605-25"). When delivery of services accompany software sales, and VSOE does not exist, and the only undelivered element is services that do not involve significant modification, or customization, of software, then the entire fee is recognized as the services are performed. If no pattern of performance is discernible, the fee is recognized straight line over the service period. In accordance with FASC 985-605-25, for tangible products containing software components and non-software components, we determine whether these elements function together to deliver the tangible product essential functionality. If the software and non-software components of the tangible product function together to deliver the tangible product's essential functionality, software revenue recognition guidance is not applied, but rather other appropriate revenue recognition guidance is followed. | ||||||||
The Company also offers training, maintenance agreements and support services. The Company has established fair value on its training, maintenance and support services based on prices charged in separate sales to customers at prices established and published in its standard price lists. These prices are not discounted. Revenue from these service obligations under maintenance contracts is deferred and recognized on a straight-line basis over the contractual period, which is typically 3 to 12 months, if all other revenue recognition criteria have been met. Support services provided on a time and material basis are recognized as provided if all of the revenue recognition criteria have been met for that element and the support services have been provided. Training revenue is recognized when performed. | ||||||||
In certain multiple-element revenue arrangements, the Company is obligated to deliver to its customers multiple products and/or services (“multiple elements”). In these transactions, the Company allocates the total revenue to be earned under the arrangement among the various elements based on the Company's best estimate of the standalone selling price. The allocation is based on vendor specific objective evidence, third party evidence or estimated selling price when that element is sold separately. The Company recognizes revenue related to the delivered products or services only if the above revenue recognition criteria are met and the delivered element has standalone value. | ||||||||
The Company follows Sections 605-25 Revenue Recognition - Multiple Element Arrangements ("FASC 605-25"). FASC 605-25 provides accounting principles and application guidance on whether multiple deliverables exist, how the arrangement should be separated, and how the consideration should be allocated. This guidance provides for separate revenue recognition based upon management's estimate of the selling price for an undelivered item when there is no other means to determine the fair value of that undelivered item. | ||||||||
Description of multiple-deliverable arrangements and Software Elements | ||||||||
In many cases, our multiple-deliverable arrangements involve initial shipment of hardware (including tangible products that include software and non-software elements), software products and subsequent delivery of services which add value to the products that have been shipped. In some instances, services are performed prior to product shipment, but more typically services are performed subsequent to shipment of the hardware products. The timing of the delivery and performance of deliverables may vary case-by-case. In accordance with FASC 605-25, we evaluate whether we can determine VSOE or third-party evidence to allocate revenue among the various elements in an arrangement. When VSOE or third-party evidence cannot be determined, we use estimated selling prices to allocate revenue to the various elements. Estimated selling prices are determined using the targeted gross margin for each element and calculating the gross revenue for each element that would have been required to achieve the targeted gross margin, and allocating revenue to each element based on those relative values. | ||||||||
Typically, product revenue which may consist of hardware (including tangible products that include software and non-software elements) and/or software elements are recognized upon shipment, or when risk of loss passes to the customer. Services elements are typically recognized upon completion for fixed-price service arrangements, and as services are performed for time and materials service arrangements. | ||||||||
The following policies are applicable to the Company's major categories of segment revenue transactions: | ||||||||
HPPS segment Revenue | ||||||||
Revenue in the HPPS segment consists of product and service revenue. Generally, product revenue is recognized when product is shipped, provided that all revenue recognition criteria are met. Service revenue consists principally of royalty revenue related to the licensing of certain of the Company's proprietary system technology and repair services. The Company recognizes royalty revenues upon notification by the customer of shipment of the systems produced pursuant to the royalty agreement. Repair service revenue is generally based upon a fixed price and is recognized upon completion of the repair. | ||||||||
We enter into multiple element arrangements in the HPPS segment. We follow the accounting policies described above for such arrangements. | ||||||||
The Company's standard sales agreements generally do not include customer acceptance provisions. However, in certain instances when arrangements include a customer acceptance provision or there is uncertainty about customer acceptance, revenue is deferred until the Company has evidence of customer acceptance. Customers generally do not have the right of return, once customer acceptance has occurred. | ||||||||
ITS Segment Revenue | ||||||||
Revenue in the ITS Segment consists of product and service revenue. | ||||||||
Revenue from the sale of third-party hardware and third-party software is recognized when the revenue recognition criteria are met. The Company's standard sales agreements generally do not include customer acceptance provisions. However, in certain instances when arrangements include a customer acceptance provision or there is uncertainty about customer acceptance, revenue is deferred until the Company has evidence of customer acceptance. Customers do not have the right of return. | ||||||||
Service revenue is comprised of information technology consulting development, installation, implementation and maintenance services. We follow the accounting policies described above for service transactions. For arrangements that include a customer acceptance provision, or if there is uncertainty about customer acceptance of services rendered, revenue is deferred until the Company has evidence of customer acceptance. | ||||||||
For sales that are financed by customers through leases with a third party, when risk of loss does not pass to the customer until the lease is executed, revenue is recognized upon cash receipt and execution of the lease. | ||||||||
We sell certain third party service contracts, which are evaluated to determine whether the sale of such service revenue should be recorded as gross sales or net sales in accordance with the sales recognition criteria as required by accounting principles generally accepted in the U.S. We must determine whether we act as a principal in the transaction and assume the risks and rewards of ownership or if we are simply acting as an agent or broker. Under gross sales recognition, the entire selling price is recorded in sales and our cost to the third-party service provider or vendor is recorded in cost of goods sold. Under net sales recognition, the cost to the third-party service provider or vendor is recorded as a reduction to sales resulting in net sales equal to the gross profit on the transaction and there are no costs of goods sold. We use the net sales recognition method for the third party service contracts that we sell when we are not the primary obligor on the contract. We use the gross sales recognition for the third party service contracts that we sell when we act as principal and are the primary obligor. | ||||||||
Product Warranty Accrual | ||||||||
Our product sales generally include a 90-day to one-year hardware warranty. At time of product shipment, we accrue for the estimated cost to repair or replace potentially defective products. Estimated warranty costs are based upon prior actual warranty costs for substantially similar products. | ||||||||
Engineering and Development Expenses | ||||||||
Engineering and development expenses include payroll, employee benefits, stock-based compensation and other headcount-related expenses associated with product development. Engineering and development expenses also include third-party development and programming costs. We consider technological feasibility for our software products to be reached upon the release of the software, accordingly, no internal software development costs have been capitalized. | ||||||||
Income Taxes | ||||||||
We use the asset and liability method of accounting for income taxes whereby deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We also reduce deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. This methodology requires estimates and judgments in the determination of the recoverability of deferred tax assets and in the calculation of certain tax liabilities. Valuation allowances are recorded against the gross deferred tax assets that management believes, after considering all available positive and negative objective evidence, historical and prospective, with greater weight given to historical evidence, that it is more likely than not that these assets will not be realized. | ||||||||
In addition, we are required to recognize in the consolidated financial statements, those tax positions determined to be more-likely-than-not of being sustained upon examination, based on the technical merits of the positions as of the reporting date. If a tax position is not considered more-likely-than-not to be sustained based solely on its technical merits, no benefits of the position are recognized. | ||||||||
In addition, the calculation of the Company's tax liabilities involves dealing with uncertainties in the application of complex tax regulations in a multitude of jurisdictions. The Company records liabilities for estimated tax obligations in the U.S. and other tax jurisdictions. These estimated tax liabilities include the provision for taxes that may become payable in the future. | ||||||||
Earnings per Share of Common Stock | ||||||||
Basic net income per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per common share reflects the maximum dilution that would have resulted from the assumed exercise and share repurchase related to dilutive stock options and is computed by dividing net income by the assumed weighted average number of common shares outstanding. | ||||||||
We are required to present earnings per share, or EPS, utilizing the two class method because we had outstanding, non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, which are considered participating securities. | ||||||||
Basic and diluted earnings per share computations for the Company's reported net income attributable to common stockholders are as follows: | ||||||||
For the year ended | ||||||||
30-Sep-14 | 30-Sep-13 | |||||||
(Amounts in thousands except per share data) | ||||||||
Net income | $ | 1,334 | $ | 368 | ||||
Less: Net income attributable to nonvested common stock | 50 | 7 | ||||||
Net income attributable to common stockholders | $ | 1,284 | $ | 361 | ||||
Weighted average total shares outstanding - basic | 3,582 | 3,458 | ||||||
Less: weighted average non-vested shares outstanding | 134 | 69 | ||||||
Weighted average number of common shares outstanding - basic | 3,448 | 3,389 | ||||||
Potential common shares from non-vested stock awards and the assumed exercise of stock options | 51 | 52 | ||||||
Weighted average common shares outstanding - diluted | 3,499 | 3,441 | ||||||
Net income per share - basic | $ | 0.37 | $ | 0.11 | ||||
Net income per share - diluted | $ | 0.37 | $ | 0.1 | ||||
All anti-dilutive securities, including stock options, are excluded from the diluted income per share computation. For the year ended September 30, 2014, 51 thousand options were excluded from the diluted income per share calculation because their inclusion would have been anti-dilutive. For the year ended September 30, 2013, approximately 133 thousand options were excluded from the diluted income per share calculation because their inclusion would have been anti-dilutive. | ||||||||
Use of Estimates | ||||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States 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. Actual results may differ from those estimates under different assumptions or conditions. | ||||||||
Stock-Based Compensation | ||||||||
We measure and recognize compensation expense for all stock-based payment awards made to employees and directors including stock options and nonvested shares of common stock based on estimated fair values of stock-based payment awards on the date of grant. The Company uses the Black-Scholes option-pricing model to calculate the fair value of stock option grants. The fair value of nonvested share awards is equal to the quoted market price of our common stock as quoted on the Nasdaq Global Market on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company's Consolidated Statements of Operations. | ||||||||
Because stock-based compensation expense recognized in the Consolidated Statements of Operations for the fiscal years ended September 30, 2014 and 2013 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures and will be revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | ||||||||
Stock-based compensation expense recognized for the fiscal years ended September 30, 2014 and 2013 consisted of stock-based compensation expense related to options and nonvested stock granted pursuant to the Company's stock incentive and employee stock purchase plans of approximately $361 thousand and $149 thousand, respectively. | ||||||||
Concentrations of Credit Risk | ||||||||
Cash and cash equivalents are maintained with several financial institutions in the US, Germany and in the UK. Deposits held with banks may exceed the amount of insurance on such deposits. Generally, these deposits may be redeemed upon demand. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. | ||||||||
Subsequent Events | ||||||||
The Company recognizes in the consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the statement of financial position, including the estimates inherent in the process of preparing financial statements. The Company has evaluated subsequent events through the date of this filing. | ||||||||
New Accounting Pronouncements and Tax Legislation | ||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity is expected to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. ASU 2014-09 is effective for the Company in the first quarter of fiscal year 2017 using either of two methods: (a) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (b) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined in ASU 2014-09. The Company has not yet selected a transition method and is currently evaluating the impact of the pending adoption of ASU 2014-09 on the consolidated financial statements. | ||||||||
In July 2013, the FASB issued Accounting Standards Update 2013-11 Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 requires that to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. For example, an entity should not evaluate whether the deferred tax asset expires before the statute of limitations on the tax position or whether the deferred tax asset may be used prior to the unrecognized tax benefit being settled. ASU 2013-11 is effective for fiscal years and interim periods within those years beginning after December 15, 2013. The Company will adopt this standard for the quarter ending December 31, 2014. The Company believes the adoption of this standard will not have a significant impact on the consolidated financial statements. | ||||||||
In February 2013, the FASB issued Accounting Standards Update 2013-02 Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. ASU 2013-02 is effective for reporting periods beginning after December 15, 2013. The Company will adopt this standard for the quarter ending December 31, 2014. The Company believes the adoption of this standard will not have a significant impact on the consolidated financial statements. | ||||||||
In September 2013, the Internal Revenue Service released the final tangible property regulations for Sections 162(a) and 263(a) of the Internal Revenue Code, regarding the deduction and capitalization of amounts paid to acquire, produce, or improve tangible property. The final regulations replace temporary regulations that were issued in December 2011 and are effective for tax years beginning January 1, 2014, with early adoption permitted for tax years beginning January 1, 2012. The final regulations are effective for the Company for its tax year beginning October 1, 2014, and the Company believes the impact of the final regulations on its consolidated financial statements will not be significant. |
Acquisition
Acquisition | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Acquired Business | Acquired Business | |||||||
On November 4, 2013 the Company acquired substantially all of the assets of Myricom, Inc. Myricom has been integrated into the High Performance Products and Solutions business segment. Prior to our acquisition, Myricom was a manufacturer of high performance interconnect computing devices and software. The Company acquired Myricom in order to obtain (i) Myricom’s interconnect technology, which is critical to our latest MultiComputer products and (ii) a strong base of new customers in commercial growth markets. The Company also retained key Myricom technical personnel. Myricom was a key supplier to CSPI’s MultiComputer Division. Its interconnect technology is an important component of the latest generation MultiComputer products that we currently supply to our customers. | ||||||||
Although Myricom was an established business prior to our acquisition, it had previously sold off a significant portion of its business and was faced with the likelihood of having to shut down operations if it could not find a buyer to purchase its remaining assets. This was because the revenue that Myricom was able to generate from these remaining assets was not sufficient to support its cost structure so as to enable Myricom to operate at a profit. These factors contributed to a purchase price that resulted in the recognition of a bargain purchase gain. The Company paid total cash consideration of approximately $0.5 million to acquire substantially all of the assets of Myricom and incurred approximately $0.1 million for the assumption of certain other liabilities. The purchase of Myricom resulted in the recognition of a bargain purchase gain of approximately $0.5 million. The bargain purchase gain is presented as a component of operating income, net of the federal and state tax effect. The Myricom inventory was valued at fair value in connection with the acquisition and for the year ended, September 30, 2014, approximately $0.2 million of the stepped up basis in inventory was amortized through cost of sales. | ||||||||
The purchase price was allocated as follows: | ||||||||
(Amounts in Thousands) | ||||||||
Inventory | $ | 1,030 | ||||||
Property & equipment | 17 | |||||||
Intangibles | 260 | |||||||
Gross assets acquired | 1,307 | |||||||
Product warranty liability assumed | (93 | ) | ||||||
Net assets acquired | 1,214 | |||||||
Less: asset purchase price | 500 | |||||||
Bargain purchase gain before tax | 714 | |||||||
Deferred tax on bargain purchase gain | (252 | ) | ||||||
Bargain purchase gain, net of tax effect | $ | 462 | ||||||
The results of operations of Myricom for the for the period November 4, 2013 - September 30, 2014 are included in the Company’s consolidated statements of operations for the year ended September 30, 2014. | ||||||||
The following proforma condensed combined financial information gives effect to the acquisition of Myricom as if it were consummated on October 1, 2012 (the beginning of the comparable prior reporting period), and includes proforma adjustments related to the bargain purchase gain, amortization of inventory step-up and acquired intangible assets. The proforma condensed combined financial information is presented for informational purposes only. The proforma condensed combined financial information is not intended to represent or be indicative of the results of operations that would have been reported had the acquisition occurred on October 1, 2012 and should not be taken as representative of future results of operations of the combined company. | ||||||||
The following table presents the unaudited proforma condensed combined financial information (in thousands, except per share amounts): | ||||||||
(Unaudited) For the year ended | ||||||||
30-Sep-14 | September 30, 2013 | |||||||
Revenue | $ | 85,237 | $ | 97,089 | ||||
Net income (loss) | $ | 1,052 | $ | (518 | ) | |||
Net income (loss) per share – basic | $ | 0.29 | $ | (0.15 | ) | |||
Net income (loss) per share – diluted | $ | 0.29 | $ | (0.15 | ) | |||
The proforma condensed combined financial information shown above includes proforma adjustments to eliminate certain items directly relating to the business combination which reduced net income by approximately $0.3 million for the year ended September 30, 2014. |
Inventories
Inventories | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories consist of the following: | ||||||||
September 30, 2014 | September 30, 2013 | |||||||
(Amounts in thousands) | ||||||||
Raw materials | $ | 2,377 | $ | 1,587 | ||||
Work-in-process | 229 | 404 | ||||||
Finished goods | 3,840 | 2,800 | ||||||
Total | $ | 6,446 | $ | 4,791 | ||||
Finished goods includes inventory that has been shipped, but for which all revenue recognition criteria has not been met, of approximately $0.4 million and $0.5 million as of September 30, 2014 and September 30, 2013, respectively. | ||||||||
Total inventory balances in the table above are shown net of reserves for obsolescence of approximately $4.7 million and $4.6 million as of September 30, 2014 and September 30, 2013, respectively. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | ||||||||||||
The components of Accumulated Other Comprehensive Loss are as follows: | |||||||||||||
Effect of Foreign Currency Translation | Minimum Pension Liability | Accumulated Other Comprehensive Loss | |||||||||||
(Amounts in thousands) | |||||||||||||
Balance as of September 30, 2012 | $ | (2,273 | ) | $ | (4,339 | ) | $ | (6,612 | ) | ||||
Change in Period | 117 | 667 | 784 | ||||||||||
Tax effect of change in period | — | (37 | ) | (37 | ) | ||||||||
Balance as of September 30, 2013 | $ | (2,156 | ) | $ | (3,709 | ) | $ | (5,865 | ) | ||||
Change in Period | (339 | ) | (2,164 | ) | (2,503 | ) | |||||||
Tax effect of change in period | — | 444 | 444 | ||||||||||
Balance as of September 30, 2014 | $ | (2,495 | ) | $ | (5,429 | ) | $ | (7,924 | ) | ||||
The changes in the minimum pension liability are net of amortization of net gain of $58 thousand in 2014 and net gain of $18 thousand in 2013 included in net periodic pension cost. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Income Taxes | Income Taxes | |||||||||||||
The components of income (loss) before income tax and income tax expense (benefit) are comprised of the following: | ||||||||||||||
For the Years Ended September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Income (loss) before income tax: | ||||||||||||||
U.S. | $ | 1,460 | $ | 809 | ||||||||||
Foreign | (5 | ) | (120 | ) | ||||||||||
$ | 1,455 | $ | 689 | |||||||||||
Income tax expense (benefit): | ||||||||||||||
Current: | ||||||||||||||
Federal | $ | (135 | ) | $ | (308 | ) | ||||||||
State | 14 | 62 | ||||||||||||
Foreign | 37 | (3 | ) | |||||||||||
(84 | ) | (249 | ) | |||||||||||
Deferred: | ||||||||||||||
Federal | 159 | 601 | ||||||||||||
State | 16 | (41 | ) | |||||||||||
Foreign | 30 | 10 | ||||||||||||
205 | 570 | |||||||||||||
$ | 121 | $ | 321 | |||||||||||
As of September 30, 2014, management assessed the positive and negative evidence in the U.S operations, and estimated we will have sufficient future taxable income to utilize the existing deferred tax assets. Significant objective positive evidence included the cumulative profits that we realized over the most recent years. This evidence enhances our ability to consider other subjective evidence such as our projections for future growth. Other factors we considered are the likelihood for continued royalty income in future years, and our expectation that the ITS segment will continue to be profitable in future years. On the basis of this evaluation, as of September 30, 2014, we have concluded that our US deferred tax asset is more likely than not to be realized. It should be noted however, that the amount of the deferred tax asset realized could be adjusted in future years if estimates of taxable income during the carryforward periods are reduced or if objective negative evidence in the form of cumulative losses is present. | ||||||||||||||
The recording and ultimate reversal of valuation allowances for our deferred tax asset requires significant judgment associated with past and projected performance. In assessing the realizability of deferred tax assets, we consider our taxable future earnings and the expected timing of the reversal of temporary differences. We recorded a valuation allowance which reduced the gross deferred tax asset to an amount that we believed was more likely than not to be realized because and cumulative losses incurred in recent years in the United Kingdom represented sufficient negative evidence to record a valuation allowance against certain deferred tax assets. | ||||||||||||||
We continue to maintain a full valuation allowance against our United Kingdom deferred tax assets as we have experienced cumulative losses and do not have any indication that the operation will be profitable in the future to an extent that will allow us to utilize much of our net operating loss carryforwards. To the extent that actual experience deviates from our assumptions, our projections would be affected and hence our assessment of realizability of our deferred tax assets may change. | ||||||||||||||
Reconciliation of “expected” income tax expense (benefit) to “actual” income tax expense (benefit) is as follows: | ||||||||||||||
For the Years Ended September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(Dollar amounts in thousands) | ||||||||||||||
Computed “expected” tax expense | $ | 338 | 34 | % | $ | 234 | 34 | % | ||||||
Increases (reductions) in taxes resulting from: | ||||||||||||||
State income taxes, net of federal tax benefit | 25 | 2.5 | % | 1 | 0.3 | % | ||||||||
Foreign operations | 99 | 10 | % | 40 | 5.8 | % | ||||||||
Permanent differences | 61 | 6.1 | % | (22 | ) | (3.2 | )% | |||||||
Stock-based compensation | (1 | ) | (0.1 | )% | 158 | 22.9 | % | |||||||
Foreign net operating loss | (16 | ) | (1.6 | )% | (15 | ) | (2.2 | )% | ||||||
Uncertain tax liability adjustment | (336 | ) | (33.9 | )% | (61 | ) | (8.9 | )% | ||||||
Research & Development Credit | (27 | ) | (2.7 | )% | (50 | ) | (7.3 | )% | ||||||
Other items | (22 | ) | (2.2 | )% | 36 | 5.2 | % | |||||||
Income tax expense (benefit) | $ | 121 | 12.1 | % | $ | 321 | 46.6 | % | ||||||
For the years ended September 30, 2014 and 2013, temporary differences, which give rise to deferred tax assets (liabilities), are as follows: | ||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Deferred tax assets: | ||||||||||||||
Pension | $ | 2,084 | $ | 1,539 | ||||||||||
Goodwill | 517 | 606 | ||||||||||||
Other reserves and accruals | 329 | 498 | ||||||||||||
Inventory reserves and other | 752 | 703 | ||||||||||||
State credits, net of federal benefit | 33 | 34 | ||||||||||||
Federal and state net operating loss carryforwards | 18 | 45 | ||||||||||||
Foreign net operating loss carryforwards | 1,940 | 1,804 | ||||||||||||
Foreign tax credits | 7 | 7 | ||||||||||||
Depreciation and amortization | 76 | 109 | ||||||||||||
Gross deferred tax assets | 5,756 | 5,345 | ||||||||||||
Less: valuation allowance | (2,634 | ) | (2,261 | ) | ||||||||||
Realizable deferred tax asset | 3,122 | 3,084 | ||||||||||||
Gross deferred tax liabilities | — | — | ||||||||||||
Net deferred tax assets | $ | 3,122 | $ | 3,084 | ||||||||||
The deferred tax valuation allowance decreased by approximately $373 thousand, as shown above. In assessing the realizability of deferred tax assets, the Company considers its taxable future earnings and the expected timing of the reversal of temporary differences. Accordingly, the Company has recorded a valuation allowance which reduces the gross deferred tax asset to an amount which management believes will more likely than not be realized. The valuation allowance was determined by assessing both positive and negative evidence whether it is more likely than not that deferred tax assets are realizable. Such assessment is done on a jurisdiction-by-jurisdiction basis. The Company's inability to project future profitability beyond fiscal year 2013 and the cumulative losses incurred in recent years in the U.K. represent sufficient negative evidence to record a valuation allowance against certain deferred tax assets. | ||||||||||||||
As of September 30, 2014 and 2013, the Company had U.S. net operating loss carryforwards for state tax purposes of approximately $0.5 million and $1.2 million, respectively, which are available to offset future taxable income through 2030. | ||||||||||||||
As of September 30, 2014, the Company had U.K. net operating loss carryforwards of approximately $9.7 million that have an indefinite life with no expiration. | ||||||||||||||
Undistributed earnings of the Company's foreign subsidiaries amounted to approximately $3.2 million and $3.3 million at September 30, 2014 and 2013, respectively. The Company's policy is that its undistributed foreign earnings are indefinitely reinvested and, accordingly, no U.S. federal and state deferred tax liabilities have been recorded. | ||||||||||||||
In addition, the calculation of the Company's tax liabilities involves dealing with uncertainties in the application of complex tax regulations in a multitude of jurisdictions. The Company records liabilities for estimated tax obligations in the U.S. and other tax jurisdictions. These estimated tax liabilities include the provision for taxes that may become payable in the future. | ||||||||||||||
As of September 30, 2014, the total amount of uncertain tax liabilities was $0.2 million, all of which would affect our effective tax rate if recognized. We recognize interest and potential penalties accrued related to unrecognized tax benefits in our provision for income taxes. | ||||||||||||||
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: | ||||||||||||||
For the Year Ended September 30, 2014 | For the Year Ended September 30, 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Balance, beginning of year | $ | 589 | $ | 611 | ||||||||||
Increases in tax positions in the current year | — | 39 | ||||||||||||
Settlements | (362 | ) | (105 | ) | ||||||||||
Lapse in statute of limitations | — | — | ||||||||||||
Accrued penalties and interest | 22 | 44 | ||||||||||||
Balance, end of period | $ | 249 | $ | 589 | ||||||||||
We file income tax returns in the U.S. federal jurisdictions and various state and foreign jurisdictions. The Company has reviewed the tax positions taken on returns filed domestically and in its foreign jurisdictions for all open years, generally fiscal 2011 through 2014, and believes that tax adjustments in any audited year will not be material, except for the uncertain tax position described above. |
Property_Equipment_and_Improve
Property, Equipment and Improvements, Net | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Equipment and Improvements, Net | Property, Equipment and Improvements, Net | |||||||
Property, equipment and improvements, net consist of the following: | ||||||||
30-Sep-14 | 30-Sep-13 | |||||||
(Amounts in thousands) | ||||||||
Leasehold improvements | $ | 399 | $ | 370 | ||||
Equipment | 7,933 | 8,009 | ||||||
Automobiles | 66 | 67 | ||||||
8,398 | 8,446 | |||||||
Less accumulated depreciation and amortization | (6,926 | ) | (7,026 | ) | ||||
Property, equipment and improvements, net | $ | 1,472 | $ | 1,420 | ||||
The Company uses the straight-line method over the estimated useful lives of the assets to record depreciation expense. Depreciation expense was $510 thousand and $438 thousand for the years ended September 30, 2014 and 2013, respectively. |
Acquired_Intangible_Assets
Acquired Intangible Assets | 12 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||
Acquired Intangible Assets | Acquired Intangible Assets | |||||||||||||||||||||||||||||
As of September 30, 2014 and 2013, intangible assets are as follows: | ||||||||||||||||||||||||||||||
September 30, 2014 | 30-Sep-13 | |||||||||||||||||||||||||||||
Weighted Average Remaining Amortization Period | Gross | Accumulated Amortization | Net | Weighted Average Remaining Amortization Period | Gross | Accumulated Amortization | Net | |||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||
Customer list | 5 | Years | $ | 910 | $ | 500 | $ | 410 | 5 years | $ | 820 | $ | 410 | $ | 410 | |||||||||||||||
Non-Compete agreements | 0 | 93 | 93 | — | — | 93 | 93 | — | ||||||||||||||||||||||
Developed Technology | 2 | Years | 30 | $ | 9 | $ | 21 | — | — | — | — | |||||||||||||||||||
Trade Name | 4 | Years | 140 | $ | 26 | $ | 114 | — | — | — | — | |||||||||||||||||||
Total | 5 | Years | $ | 1,173 | $ | 628 | $ | 545 | 5 years | $ | 913 | $ | 503 | $ | 410 | |||||||||||||||
Amortization expense on these intangible assets was $124 thousand and $82 thousand for fiscal 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||
Annual amortization expense related to intangible assets for each of the following successive fiscal years is as follows: | ||||||||||||||||||||||||||||||
Fiscal year ending September 30: | (Amounts in thousands) | |||||||||||||||||||||||||||||
2015 | 129 | |||||||||||||||||||||||||||||
2016 | 129 | |||||||||||||||||||||||||||||
2017 | 120 | |||||||||||||||||||||||||||||
2018 | 119 | |||||||||||||||||||||||||||||
2019 | 11 | |||||||||||||||||||||||||||||
Thereafter | 37 | |||||||||||||||||||||||||||||
Total | $ | 545 | ||||||||||||||||||||||||||||
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accounts Payable and Accrued Expenses | Accounts Payable and Accrued Expenses | |||||||
Accounts payable and accrued expenses consist of the following: | ||||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(Amounts in thousands) | ||||||||
Accounts payable | $ | 6,748 | $ | 6,940 | ||||
Commissions | 118 | 209 | ||||||
Compensation and fringe benefits | 1,594 | 2,202 | ||||||
Professional fees and shareholders' reporting costs | 485 | 450 | ||||||
Taxes, other than income | 217 | 316 | ||||||
Warranty | 213 | 109 | ||||||
Other | 376 | 277 | ||||||
$ | 9,751 | $ | 10,503 | |||||
Stock_Options_and_Awards
Stock Options and Awards | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Stock Options and Awards | Stock Based Incentive Compensation | |||||||||||||
In 1997, the Company adopted the 1997 Stock Option Plan (the “1997 Plan”), and authorized 199,650 shares of common stock to be reserved for issuance pursuant to the 1997 Plan. The 1997 plan expired in 2007. Because the 1997 Plan has expired, no further awards will be issued under this plan. In 2003, the Company adopted the 2003 Stock Incentive Plan (the “2003 Plan”) and authorized 200,000 shares of common stock to be reserved for issuance pursuant to the 2003 Plan. The 2003 plan expired in 2014. Because the 2003 Plan has expired, no further awards will be issued under this plan. In 2007, the Company adopted the 2007 Stock Incentive Plan (the “2007 Plan”) and authorized 250,000 shares of common stock to be reserved for issuance pursuant to the 2007 Plan. As of September 30, 2014, there were 74,783 shares available to be granted under the 2007 Plan. Under all of the stock incentive plans, both incentive stock options and non-qualified stock options may be granted to officers, key employees and other persons providing services to the Company. The 2003 Plan and 2007 Plan also provide for awards of nonvested shares of common stock. All of the Company's stock incentive plans have a ten year life. The total number of available shares under all plans for future awards was 74,783 as of September 30, 2014. | ||||||||||||||
Awards issued under any of the stock option plans are not affected by termination of the plan. The Company issues stock options at their fair market value on the date of grant. Vesting of stock options granted pursuant to the Company's stock incentive plans is determined by the Company's compensation committee. Generally, options granted to employees vest over four years and expire ten years from the date of grant. Options granted to non-employee directors have historically included cliff vesting after six months from the date of grant and expire three years from the date of grant. In fiscal years 2011 through 2014, the Company granted certain officers including its Chief Executive Officer and non-employee directors, and key employees shares of nonvested common stock instead of stock options. The vesting periods for the officers', the Chief Executive Officer's and the directors' nonvested stock awards are four years, three years and one year, respectively. The vesting period for the key employees' awards is four years. | ||||||||||||||
We measure and recognize compensation expense for all stock-based payment awards made to employees and directors including employee stock options and awards of nonvested stock based on estimated fair values, as described in note 1. Stock-based compensation expense incurred and recognized for the years ended September 30, 2014 and 2013 related to stock options and nonvested stock granted to employees and non-employee directors under the Company's stock incentive and employee stock purchase plans totaled approximately $361 thousand and $149 thousand, respectively. The classification of the cost of share-based compensation, in the statements of operations, is consistent with the nature of the services being rendered in exchange for the share based payment. The following table summarizes stock-based compensation expense in the Company's consolidated statements of operations: | ||||||||||||||
Year ended | ||||||||||||||
30-Sep-14 | September 30, 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Cost of sales | $ | — | $ | 1 | ||||||||||
Engineering and development | 25 | 4 | ||||||||||||
Selling, general and administrative | 336 | 144 | ||||||||||||
Total | $ | 361 | $ | 149 | ||||||||||
For the year ended September 30, 2014, the Company granted 54,250 nonvested shares to certain key employees, 37,500 nonvested shares to certain officers, which includes 22,500 shares granted to the Chief Executive Officer and 16,000 nonvested shares to its non-employee directors. For the year ended September 30, 2013, the Company granted 7,500 nonvested shares to certain key employees, 36,000 nonvested shares to certain officers including 30,000 to its Chief Executive Officer and 13,750 nonvested shares to its non-employee directors. | ||||||||||||||
The Company measures the fair value of nonvested stock awards based upon the market price of its common stock as of the date of grant. The Company used the Black-Scholes option-pricing model to value stock options. The Black-Scholes model requires the use of a number of assumptions including volatility of the Company's stock price, the weighted average risk-free interest rate and the weighted average expected life of the options, at the time of grant. The expected dividend yield is equal to the divided per share declared, divided by the closing share price on the date the options were granted. All equity compensation awards granted for the years ended September 30, 2014 and September 30, 2013 were non-vested stock awards. | ||||||||||||||
As stock-based compensation expense recognized in the consolidated statements of operations is based on awards ultimately expected to vest, expense for grants beginning upon adoption on October 1, 2005 has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rates for the years ended September 30, 2014 and 2013 were based on actual forfeitures. | ||||||||||||||
No cash was used to settle equity instruments granted under share-base payment arrangements in any of the years in the two-year period ended September 30, 2014. | ||||||||||||||
The following tables provide summary data of stock option award activity: | ||||||||||||||
Number | Weighted | Weighted | Aggregate | |||||||||||
of Shares | average | Average | Intrinsic | |||||||||||
exercise | Remaining | Value | ||||||||||||
price | Contractual | (in thousands) | ||||||||||||
Term | ||||||||||||||
Outstanding at September 30, 2012 | 246,425 | $ | 7.11 | — | — | |||||||||
Granted | — | — | — | — | ||||||||||
Expired | (97,500 | ) | $ | 8.46 | — | — | ||||||||
Forfeited | — | — | — | — | ||||||||||
Exercised | (41,249 | ) | 2.77 | — | — | |||||||||
Outstanding at September 30, 2013 | 107,676 | $ | 7.56 | — | — | |||||||||
Granted | — | — | — | — | ||||||||||
Expired | (12,500 | ) | $ | 7.48 | — | — | ||||||||
Forfeited | — | — | — | — | ||||||||||
Exercised | (3,050 | ) | 5.02 | — | — | |||||||||
Outstanding at September 30, 2014 | 92,126 | $ | 7.66 | 1.99 Years | $ | 115 | ||||||||
Exercisable at September 30, 2014 | 90,813 | $ | 7.72 | 1.92 Years | $ | 109 | ||||||||
Vested and expected to vest at September 30, 2014 | 92,126 | $ | 7.66 | 1.99 Years | $ | 115 | ||||||||
There were no stock options granted in the years ended September 30, 2014 and 2013. The aggregate intrinsic value of stock options exercised during the years ended September 30, 2014 and 2013 was $9 thousand and $218 thousand, respectively. | ||||||||||||||
The following table provides summary data of nonvested stock award activity: | ||||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
nonvested | Average | Average | Intrinsic | |||||||||||
shares | grant date | Remaining | Value | |||||||||||
Fair | Contractual | (in thousands) | ||||||||||||
Value | Term | |||||||||||||
Nonvested shares outstanding at September 30, 2012 | 36,750 | $ | 3.68 | 2.11 years | $ | 165 | ||||||||
Activity in 2013: | ||||||||||||||
Granted | 57,250 | $ | 5.8 | — | — | |||||||||
Vested | (18,000 | ) | $ | 3.79 | — | — | ||||||||
Forfeited | (2,500 | ) | 6.63 | — | — | |||||||||
Nonvested shares outstanding at September 30, 2013 | 73,500 | $ | 5.21 | 2.18 years | $ | 520 | ||||||||
Activity in 2014: | ||||||||||||||
Granted | 107,750 | $ | 7.72 | — | — | |||||||||
Vested | (31,375 | ) | $ | 5.64 | — | — | ||||||||
Forfeited | (500 | ) | 7.67 | — | — | |||||||||
Nonvested shares outstanding at September 30, 2014 | 149,375 | $ | 6.92 | 2.45 Years | $ | 1,191 | ||||||||
Vested at September 30, 2014 | 107,592 | $ | 4.17 | 0.26 Years | $ | 858 | ||||||||
Vested and expected to vest at September 30, 2014 | 149,375 | $ | 6.92 | 2.45 Years | $ | 1,191 | ||||||||
As of September 30, 2014 there was $736 thousand of total unrecognized compensation cost related to nonvested share-based compensation arrangements (including stock option and nonvested stock awards) granted under the company's stock incentive plans. This cost is expected to be expensed over a weighted average period of approximately 2.78 years. The total fair value of shares vested during the years ended September 30, 2014 and 2013 was $53 thousand and $76 thousand, respectively. |
Employee_Stock_Purchase_Plan
Employee Stock Purchase Plan | 12 Months Ended |
Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Purchase Plans | Employee Stock Purchase Plan |
In December 2013, the Board of Directors of the Company adopted the 2014 Employee Stock Purchase Plan covering up to 250,000 shares of Common Stock (the "ESPP”), which was ratified by a vote of the Company's shareholders in February 2014. Under the ESPP, the Company’s employees may purchase shares of common stock at a price per share that is currently 95% of the lesser of the fair market value as of the beginning or end of semi-annual option periods. For the year ended September 30, 2014 13,507 shares were issued pursuant to the ESPP, respectively. Since inception of the plan, there are 236,493 shares available for future issuance under the ESPP as of September 30, 2014. |
Pension_and_Retirement_Plans
Pension and Retirement Plans | 12 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Pension and Retirement Plans | Pension and Retirement Plans | |||||||||||||||||||||||||||||||
We have defined benefit and defined contribution plans in the U.K., Germany and in the U.S. In the U.K. and Germany, the Company provides defined benefit pension plans for certain employees and former employees and defined contribution plans for the majority of the employees. The defined benefit plans in both the U.K. and Germany are closed to newly hired employees and have been for the two years ended September 30, 2014. In the U.S., the Company also provides defined contribution plans that cover most employees and supplementary retirement plans to certain employees and former employees who are now retired. These supplementary retirement plans are also closed to newly hired employees and have been for the two years ended September 30, 2014. These supplementary plans are funded through whole life insurance policies. The Company expects to recover all insurance premiums paid under these policies in the future, through the cash surrender value of the policies and any death benefits or portions thereof to be paid upon the death of the participant. These whole life insurance policies are carried on the balance sheet at their cash surrender values as they are owned by the Company and not assets of the defined benefit plans. In the U.S., the Company also provides for officer death benefits and post-retirement health insurance benefits through supplemental post-retirement plans to certain officers. The Company also funds these supplemental plans' obligations through whole life insurance policies on the officers. | ||||||||||||||||||||||||||||||||
Defined Benefit Plans | ||||||||||||||||||||||||||||||||
The Company funds its pension plans in amounts sufficient to meet the requirements set forth in applicable employee benefits laws and local tax laws. Liabilities for amounts in excess of these funding levels are accrued and reported in the consolidated balance sheet. | ||||||||||||||||||||||||||||||||
The German Plan does not have any assets and therefore all costs and benefits of the plan are funded annually with cash flow from operations. | ||||||||||||||||||||||||||||||||
The domestic supplemental retirement plans have life insurance policies which are not considered plan assets but were purchased by the Company as a vehicle to fund the costs of the plan. These insurance policies are included in the balance sheet at their cash surrender value, net of policy loans, aggregating $1.9 million and $1.8 million as of September 30, 2014 and 2013, respectively. The loans against the policies have been taken out by the Company to pay the premiums. The costs and benefit payments for these plans are paid through operating cash flows of the Company to the extent that they can not be funded through the use of the cash values in the insurance policies. The Company expects that the recorded value of the insurance policies will be sufficient to fund all of the Company's obligations under these plans. | ||||||||||||||||||||||||||||||||
Assumptions: | ||||||||||||||||||||||||||||||||
The following table provides the weighted average actuarial assumptions used to determine the actuarial present value of projected benefit obligations at: | ||||||||||||||||||||||||||||||||
Domestic | International | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate: | 4.25 | % | 5 | % | 3.25 | % | 4.4 | % | ||||||||||||||||||||||||
Expected return on plan assets: | 4.4 | % | 4.8 | % | ||||||||||||||||||||||||||||
Rate of compensation increase: | 1 | % | 1 | % | ||||||||||||||||||||||||||||
The following table provides the weighted average actuarial assumptions used to determine net periodic benefit cost for years ended: | ||||||||||||||||||||||||||||||||
Domestic | International | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate: | 5 | % | 4.75 | % | 4.4 | % | 4.05 | % | ||||||||||||||||||||||||
Expected return on plan assets: | 4.9 | % | 5.4 | % | ||||||||||||||||||||||||||||
Rate of compensation increase: | 1 | % | 1.12 | % | ||||||||||||||||||||||||||||
For domestic plans, the discount rate was determined by comparison against the Citigroup Pension Discount Curve and Liability Index for AA rated corporate instruments. The Company monitors other indices to assure that the pension obligations are fairly reported on a consistent basis. The international discount rates were determined by comparison against country specific AA corporate indices, adjusted for duration of the obligation. | ||||||||||||||||||||||||||||||||
The periodic benefit cost and the actuarial present value of projected benefit obligations are based on actuarial assumptions that are reviewed on an annual basis. The Company revises these assumptions based on an annual evaluation of long-term trends, as well as market conditions that may have an impact on the cost of providing retirement benefits. | ||||||||||||||||||||||||||||||||
The components of net periodic benefit costs related to the U.S. and international plans are as follows: | ||||||||||||||||||||||||||||||||
Years Ended September 30 | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Foreign | U.S. | Total | Foreign | U.S. | Total | |||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Pension: | ||||||||||||||||||||||||||||||||
Service cost | $ | 45 | $ | — | $ | 45 | $ | 59 | $ | — | $ | 59 | ||||||||||||||||||||
Interest cost | 770 | 69 | 839 | 683 | 64 | 747 | ||||||||||||||||||||||||||
Expected return on plan assets | (472 | ) | — | (472 | ) | (410 | ) | — | (410 | ) | ||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||
Prior service gains | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of net (gain)/loss | 93 | (9 | ) | 84 | 141 | 24 | 165 | |||||||||||||||||||||||||
Net periodic benefit cost | $ | 436 | $ | 60 | $ | 496 | $ | 473 | $ | 88 | $ | 561 | ||||||||||||||||||||
Post Retirement: | ||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | 10 | $ | 10 | $ | — | $ | — | $ | — | ||||||||||||||||||||
Interest cost | — | 43 | 43 | — | 35 | 35 | ||||||||||||||||||||||||||
Expected return on plan assets | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||
Prior service costs/(gains) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of net (gain)/loss | — | (142 | ) | (142 | ) | — | (183 | ) | (183 | ) | ||||||||||||||||||||||
Net periodic benefit cost | $ | — | $ | (89 | ) | $ | (89 | ) | $ | — | $ | (148 | ) | $ | (148 | ) | ||||||||||||||||
Pension: | ||||||||||||||||||||||||||||||||
Increase (decrease) in minimum liability included in other comprehensive income (loss) | $ | 1,868 | $ | 20 | $ | 1,888 | $ | (688 | ) | $ | (104 | ) | $ | (792 | ) | |||||||||||||||||
Post Retirement: | ||||||||||||||||||||||||||||||||
Increase (decrease) in minimum liability included in other comprehensive income (loss) | — | 276 | 276 | — | 127 | 127 | ||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Increase (decrease) in minimum liability included in comprehensive income (loss) | $ | 1,868 | $ | 296 | $ | 2,164 | $ | (688 | ) | $ | 23 | $ | (665 | ) | ||||||||||||||||||
The following table presents an analysis of the changes in 2014 and 2013 of the benefit obligation, the plan assets and the funded status of the plans: | ||||||||||||||||||||||||||||||||
Years Ended September 30 | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Foreign | U.S. | Total | Foreign | U.S. | Total | |||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Pension: | ||||||||||||||||||||||||||||||||
Change in projected benefit obligation (“PBO”) | ||||||||||||||||||||||||||||||||
Balance beginning of year | $ | 16,651 | $ | 1,371 | $ | 18,022 | $ | 16,575 | $ | 1,605 | $ | 18,180 | ||||||||||||||||||||
Service cost | 45 | — | 45 | 59 | — | 59 | ||||||||||||||||||||||||||
Interest cost | 770 | 69 | 839 | 683 | 64 | 747 | ||||||||||||||||||||||||||
Changes in actuarial assumptions | 2,336 | 10 | 2,346 | (508 | ) | (76 | ) | (584 | ) | |||||||||||||||||||||||
Foreign exchange impact | (389 | ) | (389 | ) | 235 | — | 235 | |||||||||||||||||||||||||
Benefits paid | (494 | ) | (222 | ) | (716 | ) | (393 | ) | (222 | ) | (615 | ) | ||||||||||||||||||||
Projected benefit obligation at end of year | $ | 18,919 | $ | 1,228 | $ | 20,147 | $ | 16,651 | $ | 1,371 | $ | 18,022 | ||||||||||||||||||||
Changes in fair value of plan assets: | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 9,473 | $ | — | $ | 9,473 | $ | 8,914 | $ | — | $ | 8,914 | ||||||||||||||||||||
Actual gain (loss) on plan assets | 718 | — | 718 | 475 | — | 475 | ||||||||||||||||||||||||||
Company contributions | 393 | 222 | 615 | 451 | 222 | 673 | ||||||||||||||||||||||||||
Foreign exchange impact | 4 | — | 4 | 26 | — | 26 | ||||||||||||||||||||||||||
Benefits paid | (494 | ) | (222 | ) | (716 | ) | (393 | ) | (222 | ) | (615 | ) | ||||||||||||||||||||
Fair value of plan assets at end of year | $ | 10,094 | $ | — | $ | 10,094 | $ | 9,473 | — | $ | 9,473 | |||||||||||||||||||||
Funded status | $ | (8,825 | ) | $ | (1,228 | ) | $ | (10,053 | ) | $ | (7,178 | ) | $ | (1,371 | ) | $ | (8,549 | ) | ||||||||||||||
Unamortized net loss | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net amount recognized | $ | (8,825 | ) | $ | (1,228 | ) | $ | (10,053 | ) | $ | (7,178 | ) | $ | (1,371 | ) | $ | (8,549 | ) | ||||||||||||||
Post Retirement: | ||||||||||||||||||||||||||||||||
Change in projected benefit obligation (“PBO”): | ||||||||||||||||||||||||||||||||
Balance beginning of year | $ | — | $ | 857 | $ | 857 | $ | — | $ | 882 | $ | 882 | ||||||||||||||||||||
Service cost | — | 10 | 10 | — | — | — | ||||||||||||||||||||||||||
Interest cost | — | 43 | 43 | — | 35 | 35 | ||||||||||||||||||||||||||
Changes in actuarial assumptions | — | 135 | 135 | — | (60 | ) | (60 | ) | ||||||||||||||||||||||||
Foreign exchange impact | — | — | — | — | — | |||||||||||||||||||||||||||
Benefits paid | — | — | — | — | — | — | ||||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | — | $ | 1,045 | $ | 1,045 | $ | — | $ | 857 | $ | 857 | ||||||||||||||||||||
Changes in fair value of plan assets: | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | — | — | — | — | — | — | ||||||||||||||||||||||||||
Actual gain/(loss) on plan assets | — | — | — | — | — | — | ||||||||||||||||||||||||||
Company contributions | — | — | — | — | — | — | ||||||||||||||||||||||||||
Foreign exchange impact | — | — | — | — | — | — | ||||||||||||||||||||||||||
Benefits paid from plan assets | — | — | — | — | — | — | ||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Funded status | $ | — | $ | (1,045 | ) | $ | (1,045 | ) | $ | — | $ | (857 | ) | $ | (857 | ) | ||||||||||||||||
Unamortized net loss | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net amount recognized | $ | — | $ | (1,045 | ) | $ | (1,045 | ) | $ | — | $ | (857 | ) | $ | (857 | ) | ||||||||||||||||
The amounts recognized in the consolidated balance sheet consist of: | ||||||||||||||||||||||||||||||||
Years Ended September 30 | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Foreign | U.S. | Total | Foreign | U.S. | Total | |||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Pension: | ||||||||||||||||||||||||||||||||
Accrued benefit liability | $ | (8,825 | ) | $ | (1,228 | ) | $ | (10,053 | ) | $ | (7,178 | ) | $ | (1,371 | ) | $ | (8,549 | ) | ||||||||||||||
Deferred tax | (531 | ) | 22 | (509 | ) | (188 | ) | 29 | (159 | ) | ||||||||||||||||||||||
Accumulated other comprehensive income | 5,419 | 14 | 5,433 | 3,895 | 1 | 3,896 | ||||||||||||||||||||||||||
Net amount recognized | $ | (3,937 | ) | $ | (1,192 | ) | $ | (5,129 | ) | $ | (3,471 | ) | $ | (1,341 | ) | $ | (4,812 | ) | ||||||||||||||
Post Retirement: | ||||||||||||||||||||||||||||||||
Accrued benefit liability | $ | — | $ | (1,045 | ) | $ | (1,045 | ) | $ | — | $ | (857 | ) | $ | (857 | ) | ||||||||||||||||
Deferred tax | — | 145 | 145 | — | 239 | 239 | ||||||||||||||||||||||||||
Accumulated other comprehensive income | — | (4 | ) | (4 | ) | — | (186 | ) | (186 | ) | ||||||||||||||||||||||
Net amount recognized | $ | — | $ | (904 | ) | $ | (904 | ) | $ | — | $ | (804 | ) | $ | (804 | ) | ||||||||||||||||
Total pension and post retirement: | ||||||||||||||||||||||||||||||||
Accrued benefit liability | $ | (8,825 | ) | $ | (2,273 | ) | $ | (11,098 | ) | $ | (7,178 | ) | $ | (2,228 | ) | $ | (9,406 | ) | ||||||||||||||
Deferred tax | (531 | ) | 167 | (364 | ) | (188 | ) | 268 | 80 | |||||||||||||||||||||||
Accumulated other comprehensive income | 5,419 | 10 | 5,429 | 3,895 | (185 | ) | 3,710 | |||||||||||||||||||||||||
Net amount recognized | $ | (3,937 | ) | $ | (2,096 | ) | $ | (6,033 | ) | $ | (3,471 | ) | $ | (2,145 | ) | $ | (5,616 | ) | ||||||||||||||
Accumulated Benefit Obligation: | ||||||||||||||||||||||||||||||||
Pension | $ | (18,798 | ) | $ | (1,228 | ) | $ | (20,026 | ) | $ | (16,541 | ) | $ | (1,371 | ) | $ | (17,912 | ) | ||||||||||||||
Post Retirement | — | (1,045 | ) | (1,045 | ) | — | (857 | ) | (857 | ) | ||||||||||||||||||||||
Total accumulated benefit obligation | $ | (18,798 | ) | $ | (2,273 | ) | $ | (21,071 | ) | $ | (16,541 | ) | $ | (2,228 | ) | $ | (18,769 | ) | ||||||||||||||
Plans with projected benefit obligations in excess of plan assets are attributable to unfunded domestic supplemental retirement plans, our German plans which are legally not required to be funded and our U.K. retirement plan. | ||||||||||||||||||||||||||||||||
Accrued benefit liability reported as: | ||||||||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Current accrued benefit liability | $ | 658 | $ | 746 | ||||||||||||||||||||||||||||
Noncurrent accrued benefit liability | 10,440 | 8,660 | ||||||||||||||||||||||||||||||
Total accrued benefit liability | $ | 11,098 | $ | 9,406 | ||||||||||||||||||||||||||||
As of September 30, 2014 and 2013 the amounts included in accumulated other comprehensive income, consisted of deferred net losses totaling approximately $5.4 million and $3.7 million, respectively. | ||||||||||||||||||||||||||||||||
The amount of net deferred gain expected to be recognized as a component of net periodic benefit cost for the year ending September 30, 2014, is approximately $174 thousand. | ||||||||||||||||||||||||||||||||
Contributions | ||||||||||||||||||||||||||||||||
The Company expects to contribute $0.7 million to its pension plans for fiscal 2015. | ||||||||||||||||||||||||||||||||
Estimated Future Benefit Payments | ||||||||||||||||||||||||||||||||
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (amounts in thousands): | ||||||||||||||||||||||||||||||||
Fiscal year ending September 30: | (Amounts in thousands) | |||||||||||||||||||||||||||||||
2015 | $ | 700 | ||||||||||||||||||||||||||||||
2016 | 732 | |||||||||||||||||||||||||||||||
2017 | 725 | |||||||||||||||||||||||||||||||
2018 | 702 | |||||||||||||||||||||||||||||||
2019 | 756 | |||||||||||||||||||||||||||||||
Thereafter | 4,434 | |||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||
At September 30, 2014, our pension plan in the U.K. was the only plan with assets, holding investments of approximately $10.1 million. Pension plan assets are managed by a fiduciary committee. The Company's investment strategy for pension plan assets is to maximize the long-term rate of return on plan assets within an acceptable level of risk while maintaining adequate funding levels. Local regulations, local funding rules, and local financial and tax considerations are part of the funding and investment process. In deciding on the investments to be held, the trustees take into account the risk of possible fluctuations in income from, and market values of, the assets as well as the risk of departing from an asset profile which broadly matches the liability profile. The committee has invested the plan assets in a single pooled fund with an authorized investment company (the “Fund”). The Fund selected by the trustees is consistent with the plan's overall investment principles and strategy described herein. There are no specific targets as to asset allocation other than those contained within the Fund that is managed by the authorized investment company. | ||||||||||||||||||||||||||||||||
The fair value of the assets held by the UK pension plan by asset category are as follows: | ||||||||||||||||||||||||||||||||
Fair Values as of | ||||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||
Fair Value Measurements Using Inputs Considered as | Fair Value Measurements Using Inputs Considered as | |||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(Thousands) | ||||||||||||||||||||||||||||||||
Cash on deposit | $ | 352 | 352 | $ | — | $ | — | $ | 452 | 452 | $ | — | $ | — | ||||||||||||||||||
Pooled Funds | 9,742 | — | 9,742 | — | 9,021 | — | 9,021 | — | ||||||||||||||||||||||||
Total Plan Assets | $ | 10,094 | $ | 352 | $ | 9,742 | $ | — | $ | 9,473 | $ | 452 | $ | 9,021 | $ | — | ||||||||||||||||
The expected long-term rates of return on plan assets are equal to the yields to maturity of appropriate indices for government and corporate bonds and by adding a premium to the government bond return for equities. The expected rate of return on cash is the Bank of England base rate in force at the effective date. | ||||||||||||||||||||||||||||||||
The Company uses the Net Asset Value ("NAV") to determine the fair value of the underlying investments which (a) do not have readily determinable fair value; and (b) prepare their financial statements consistent with the measurement principles of an investment company. The Fund is not exchange traded. The Fund is not subject to any redemption notice periods or restrictions and can be redeemed on a daily basis. No gates or holdbacks or dealing suspensions are being applied to the Fund. The Fund is of perpetual duration. | ||||||||||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||||||||
The Company has defined contribution plans in domestic and international locations under which the Company matches a portion of the employee's contributions and may make discretionary contributions to the plans. The Company's contributions were $186 thousand and $185 thousand for the years ended September 30, 2014 and 2013, respectively. |
Lines_of_Credit
Lines of Credit | 12 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | |
Lines of Credit | Lines of Credit |
As of September 30, 2014 and September 30, 2013, the Company maintained lines of credit notes that allow for borrowings of up to $2.5 million. Availability under these facilities is reduced by outstanding borrowings thereunder. The interest rates on outstanding borrowings range from Prime plus 1% to London Inter-Bank Offer Rate (“LIBOR”) plus 2.5%, with a floor of 4%. Borrowings under the credit agreements are required to be repaid on demand by the lender in some cases, upon termination of the agreements or may be prepaid by the Company without penalty. The credit agreements contain various covenants including financial covenants which require the Company to maintain various financial ratios at prescribed levels. | |
In addition to the terms described above, the Company maintains an inventory line of credit in connection with one of the credit lines included in the description above. The inventory line of credit may be used by the Company to purchase inventory from approved vendors with payment terms which exceed those offered by the vendors. No interest accrues under the inventory line of credit. The amounts outstanding under the inventory line of credit as of September 30, 2014 was approximately $2.1 million and $2.4 million as of September 30, 2013. These amounts are included in accounts payable in the consolidated financial statements. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | Commitments and Contingencies | ||||
Leases | |||||
The Company occupies office space under lease agreements expiring at various dates during the next five years. The leases are classified as operating leases and provide for the payment of real estate taxes, insurance, utilities and maintenance. | |||||
The Company was obligated under non-cancelable operating leases as follows: | |||||
Fiscal year ending September 30: | (Amounts in thousands) | ||||
2015 | $ | 777 | |||
2016 | 458 | ||||
2017 | 308 | ||||
2018 | 228 | ||||
2019 | 225 | ||||
$ | 1,996 | ||||
Occupancy expenses under the operating leases approximated $1.3 million in 2014 and $1.0 million in 2013. | |||||
Common Stock Repurchase | |||||
From time to time the Company's Board of Directors passes resolutions to authorize the Company to purchase shares of its outstanding common stock. The Company did not repurchase any shares during the years ended September 30, 2014 and 2013. As of September 30, 2014 the Company is authorized to repurchase an additional 201 thousand shares pursuant to such resolutions. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Information | Segment Information | ||||||||||||||||||||||||
The following table presents certain operating segment information. | |||||||||||||||||||||||||
ITS Segment | |||||||||||||||||||||||||
For the Years Ended September 30, | HPPS | Germany | United | U.S. | Total | Consolidated | |||||||||||||||||||
Segment | Kingdom | Total | |||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||
Product | $ | 9,151 | $ | 9,273 | $ | 2,131 | $ | 38,322 | $ | 49,726 | $ | 58,877 | |||||||||||||
Service | 5,384 | 15,790 | 1,299 | 3,269 | 20,358 | 25,742 | |||||||||||||||||||
Total sales | 14,535 | 25,063 | 3,430 | 41,591 | 70,084 | 84,619 | |||||||||||||||||||
Profit (loss) from operations | 1,352 | 466 | (187 | ) | 52 | 331 | 1,683 | ||||||||||||||||||
Assets | 16,966 | 13,499 | 3,464 | 12,378 | 29,341 | 46,307 | |||||||||||||||||||
Capital expenditures | 216 | 211 | 90 | 73 | 374 | 590 | |||||||||||||||||||
Depreciation and amortization | 225 | 185 | 32 | 192 | 409 | 634 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||
Product | $ | 5,483 | $ | 8,666 | $ | 581 | $ | 51,114 | $ | 60,361 | $ | 65,844 | |||||||||||||
Service | 1,517 | 14,975 | 1,409 | 3,874 | 20,258 | 21,775 | |||||||||||||||||||
Total sales | 7,000 | 23,641 | 1,990 | 54,988 | 80,619 | 87,619 | |||||||||||||||||||
Profit (loss) from operations | (1,603 | ) | 154 | (141 | ) | 2,291 | 2,304 | 701 | |||||||||||||||||
Assets | 15,377 | 13,094 | 3,170 | 15,584 | 31,848 | 47,225 | |||||||||||||||||||
Capital expenditures | 340 | 232 | 8 | 278 | 518 | 858 | |||||||||||||||||||
Depreciation and amortization | 155 | 183 | 13 | 169 | 365 | 520 | |||||||||||||||||||
Profit (loss) from operations is sales less cost of sales, engineering and development, selling, general and administrative expenses but is not affected by either non-operating charges/income or by income taxes. Non-operating charges/income consists principally of investment income and interest expense. All intercompany transactions have been eliminated. | |||||||||||||||||||||||||
The following table details the Company's sales by operating segment for fiscal years September 30, 2014 and 2013. The Company's sales by geographic area based on the location of where the products were shipped or services rendered are as follows: | |||||||||||||||||||||||||
2014 | Americas | Europe | Asia | Total | % of | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
HPPS | $ | 10,918 | $ | 992 | $ | 2,625 | $ | 14,535 | 17 | % | |||||||||||||||
ITS | 42,643 | 27,403 | 38 | 70,084 | 83 | % | |||||||||||||||||||
Total | $ | 53,561 | $ | 28,395 | $ | 2,663 | $ | 84,619 | 100 | % | |||||||||||||||
% of Total | 63 | % | 34 | % | 3 | % | 100 | % | |||||||||||||||||
2013 | |||||||||||||||||||||||||
HPPS | $ | 4,031 | $ | 12 | $ | 2,957 | $ | 7,000 | 8 | % | |||||||||||||||
ITS | 55,085 | 25,500 | 34 | 80,619 | 92 | % | |||||||||||||||||||
Total | $ | 59,116 | $ | 25,512 | $ | 2,991 | $ | 87,619 | 100 | % | |||||||||||||||
% of Total | 68 | % | 29 | % | 3 | % | 100 | % | |||||||||||||||||
Substantially all Americas amounts are United States. | |||||||||||||||||||||||||
Long-lived assets by geographic location at September 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
North America | $ | 1,429 | $ | 1,287 | |||||||||||||||||||||
Europe | 589 | 543 | |||||||||||||||||||||||
Totals | $ | 2,018 | $ | 1,830 | |||||||||||||||||||||
Deferred tax assets by geographic location at September 30, 2014 and 2013 were as follows: | |||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
North America | $ | 2,300 | $ | 2,553 | |||||||||||||||||||||
Europe | 822 | 531 | |||||||||||||||||||||||
Totals | $ | 3,122 | $ | 3,084 | |||||||||||||||||||||
The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the years ended September 30, 2014 and 2013. | |||||||||||||||||||||||||
For the year ended | |||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||
Amount | % of | Amount | % of | ||||||||||||||||||||||
Revenues | Revenues | ||||||||||||||||||||||||
(Amounts in millions) | |||||||||||||||||||||||||
Customer A | $ | 15.2 | 18 | % | $ | 15.7 | 18 | % | |||||||||||||||||
Customer B | $ | 15.7 | 19 | % | $ | 13.4 | 15 | % | |||||||||||||||||
Customer C | $ | 0.2 | — | % | $ | 10.5 | 12 | % | |||||||||||||||||
Fair_Value_Measures
Fair Value Measures | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value Measures | Fair Value Measures | |||||||||||||||
Assets and Liabilities measured at fair value on a recurring basis are as follows: | ||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Balance | ||||||||||||||||
As of September 30, 2014 | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Money Market funds | $ | 1,006 | $ | — | $ | — | $ | 1,006 | ||||||||
Total assets measured at fair value | $ | 1,006 | $ | — | $ | — | $ | 1,006 | ||||||||
As of September 30, 2013 | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Money Market funds | $ | 3,503 | $ | — | $ | — | $ | 3,503 | ||||||||
Total assets measured at fair value | $ | 3,503 | $ | — | $ | — | $ | 3,503 | ||||||||
These assets are included in cash and cash equivalents in the accompanying consolidated balance sheets. All other monetary assets and liabilities are short-term in nature and approximate their fair value. The Company did not have any transfers between Level 1, Level 2 or Level 3 measurements. | ||||||||||||||||
The Company had no liabilities measured at fair value as of September 30, 2014 or September 30, 2013. The Company had no assets or liabilities measured at fair value on a non recurring basis as of September 30, 2014 or September 30, 2013. |
Dividend
Dividend | 12 Months Ended |
Sep. 30, 2014 | |
Stockholders' Equity Note [Abstract] | |
Dividend | Dividend |
On December 10, 2012, our board of directors declared a cash dividend of $0.20 per share which was paid on December 28, 2012 to stockholders of record as of December 20, 2012. On May 8, 2013, our board of directors declared a cash dividend of $0.10 per share which was paid on June 3, 2013 to stockholders of record as of May 24, 2013. On August 7, 2013, our board of directors declared a cash dividend of $0.10 per share which was paid on August 30, 2013 to stockholders of record as of August 21, 2013. | |
On December 17, 2013, our board of directors declared a cash dividend of $0.10 per share which was paid on January 7, 2014 to stockholders of record as of December 27, 2013. On February 11, 2014, our board of directors declared a cash dividend of $0.11 per share which was paid on March 11, 2014 to stockholders of record as of February 27, 2014. On May 14, 2014, our board of directors declared a cash dividend of $0.11 per share which was paid on June 10, 2014 to stockholders of record as of May 30, 2014. On August 6, 2014, our board of directors declared a cash dividend of $0.11 per share which was paid on August 29, 2014 to stockholders of record as of August 21, 2014. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
During the normal course of business, the company sold products to a company whose Board of Directors includes two members of CSP Inc.'s Board of Directors. The total sales for the fiscal year ended 2014 was $161,348 and the trade receivable as of September 30, 2014 was $29,260. There was no such transaction in the fiscal year ended September 30, 2014. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Principles of Consolidation | Principles of Consolidation | |||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant inter-company accounts and transactions have been eliminated. | ||||||||
Foreign Currency Translation | Foreign Currency Translation | |||||||
The U.S. Dollar is the reporting currency for all periods presented. The financial information for entities outside the United States is measured using the local currency as the functional currency. Assets and liabilities of the Company's foreign operations are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at average rates in effect during the period. The resulting translation adjustment is reflected as accumulated other comprehensive income (loss), a separate component of shareholders' equity on the consolidated balance sheets. The translation adjustment for intercompany foreign currency loans that are of a long-term-investment nature is also reflected as accumulated other comprehensive income (loss). Currency transaction gains and losses are recorded as other income (expense) in the statements of operations. | ||||||||
Cash Equivalents | Cash Equivalents | |||||||
For purposes of the consolidated statements of cash flows, highly liquid investments with original maturities of three months or less at the time of acquisition are considered cash equivalents. | ||||||||
Fair Value Measurements | Fair Value Measurements | |||||||
We follow current accounting standards for fair value measurements, which define fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” and establish a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. There are three levels of inputs that may be used to measure fair value: | ||||||||
Level 1 | ||||||||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | ||||||||
Level 2 | ||||||||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | ||||||||
Level 3 | ||||||||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | ||||||||
Impairment Long-Lived Assets | Impairment of Long-Lived Assets | |||||||
The Company reviews its long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Management assesses the recoverability of the long-lived assets (other than goodwill) by comparing the estimated undiscounted cash flows associated with the related asset or group of assets against their respective carrying amounts. The amount of impairment, if any, is calculated based on the excess of the carrying amount over the fair value of those assets. | ||||||||
Intangible Assets | Intangible Assets | |||||||
Intangible assets that are not subject to amortization are also required to be tested annually, or more frequently if events or circumstances indicate that the asset may be impaired. We did not have intangible assets with indefinite lives at any time during the two years ended September 30, 2014. Intangible assets subject to amortization are amortized on a straight-line basis over their estimated useful lives, generally three to ten years, and are carried at cost, less accumulated amortization. The remaining useful lives of intangible assets are evaluated on an annual basis. Intangible assets subject to amortization are also tested for recoverability whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. If the fair value of an intangible asset subject to amortization is determined to be less than its carrying value, then an impairment charge is recorded to write down that asset to its fair value. | ||||||||
Inventories | Inventories | |||||||
Inventories are stated at the lower of cost or market, with cost determined using the first-in, first-out method. The recoverability of inventories is based upon the types and levels of inventories held, forecasted demand, pricing, competition and changes in technology. We write down our inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. | ||||||||
Property, Equipment and Improvements | Property, Equipment and Improvements | |||||||
The components of property, equipment and improvements are stated at cost. The Company provides for depreciation by use of the straight-line method over the estimated useful lives of the related assets (three to seven years). Leasehold improvements are amortized by use of the straight-line method over the lesser of the estimated useful life of the asset or the lease term. Repairs and maintenance costs are expensed as incurred. Property, equipment and improvements are tested for recoverability whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. If the fair value of property, equipment and improvements is determined to be less than their carrying value, then an impairment charge is recorded to write down that asset to its fair value. | ||||||||
Trade Accounts Receivable and Allowance for Doubtful Accounts | Trade Accounts Receivable and Allowance for Doubtful Accounts | |||||||
Trade accounts receivable are stated at amounts that have been billed to customers less an allowance for doubtful accounts. Allowances for doubtful accounts are recorded for the estimated losses resulting from the inability of our customers to make required payments. The estimates for the allowance for doubtful accounts are based on the length of time the receivables are past due, current business environment and our historical experience. If the financial condition of our customers were to deteriorate, resulting in impairment of their ability to make payments, additional allowances may be required. Accounts receivable are charged off against the reserve when management has determined they are uncollectible. | ||||||||
Pension and Retirement Plans | Pension and Retirement Plans | |||||||
The funded status of pension and other postretirement benefit plans is recognized on the balance sheet. Gains and losses, prior service costs and credits and any remaining transition amounts that have not yet been recognized through pension expense will be recognized in accumulated other comprehensive income, net of tax, until they are amortized as a component of net periodic pension/postretirement benefits expense. Additionally, plan assets and obligations are measured as of our fiscal year-end balance sheet date (September 30). | ||||||||
We have defined benefit and defined contribution plans in the United Kingdom (the “U.K.”), Germany and in the U.S. In the U.K. and Germany, the Company provides defined benefit pension plans for certain employees and former employees and defined contribution plans for the majority of the employees. The defined benefit plans in both the U.K. and Germany are closed to newly hired employees and have been for the two years ended September 30, 2014. In the U.S., the Company also provides defined contribution plans that cover most employees and supplementary retirement plans to certain employees and former employees who are now retired. These supplementary retirement plans are also closed to newly hired employees and have been for the two years ended September 30, 2014. These supplementary plans are funded through whole life insurance policies. The Company expects to recover all insurance premiums paid under these policies in the future, through the cash surrender value of the policies and any death benefits or portions thereof to be paid upon the death of the participant. These whole life insurance policies are carried on the balance sheet at their cash surrender values as they are owned by the Company and not assets of the defined benefit plans. In the U.S., the Company also provides for officer death benefits and post-retirement health insurance benefits through supplemental post-retirement plans to certain officers. The Company also funds these supplemental plans' obligations through whole life insurance policies on the officers. | ||||||||
Pension expense is based on an actuarial computation of current future benefits using estimates for expected return on assets, expected compensation increases and applicable discount rates. Management has reviewed the discount rates and rates of return with our consulting actuaries and investment advisor and concluded they were reasonable. A decrease in the expected return on pension assets would increase pension expense. Expected compensation increases are estimated based on historical and expected increases in the future. Increases in estimated compensation increases would result in higher pension expense while decreases would lower pension expense. Discount rates are selected based upon rates of return on high quality fixed income investments currently available and expected to be available during the period to maturity of the pension benefit. A decrease in the discount rate would result in greater pension expense while an increase in the discount rate would decrease pension expense. | ||||||||
The Company funds its pension plans in amounts sufficient to meet the requirements set forth in applicable employee benefits laws and local tax laws. Liabilities for amounts in excess of these funding levels are accrued and reported in the consolidated balance sheets. | ||||||||
Revenue Recognition | Revenue Recognition | |||||||
The Company recognizes product revenue from customers at the time of transfer of title and risk of loss which is generally at the time of shipment, provided that persuasive evidence of an arrangement exists, the price is fixed or determinable and collectability of sales proceeds is reasonably assured. We include freight billed to our customers as sales and the related freight costs as cost of sales. The Company reduces revenue for estimated customer returns. | ||||||||
The Company recognizes revenue from software licenses when persuasive evidence of an arrangement exists, delivery of the product has occurred and the fee is fixed or determinable and collectability is probable, in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("FASC") Section 985-605-25 Software - Revenue Recognition ("FASC 985-605-25"). When delivery of services accompany software sales, and VSOE does not exist, and the only undelivered element is services that do not involve significant modification, or customization, of software, then the entire fee is recognized as the services are performed. If no pattern of performance is discernible, the fee is recognized straight line over the service period. In accordance with FASC 985-605-25, for tangible products containing software components and non-software components, we determine whether these elements function together to deliver the tangible product essential functionality. If the software and non-software components of the tangible product function together to deliver the tangible product's essential functionality, software revenue recognition guidance is not applied, but rather other appropriate revenue recognition guidance is followed. | ||||||||
The Company also offers training, maintenance agreements and support services. The Company has established fair value on its training, maintenance and support services based on prices charged in separate sales to customers at prices established and published in its standard price lists. These prices are not discounted. Revenue from these service obligations under maintenance contracts is deferred and recognized on a straight-line basis over the contractual period, which is typically 3 to 12 months, if all other revenue recognition criteria have been met. Support services provided on a time and material basis are recognized as provided if all of the revenue recognition criteria have been met for that element and the support services have been provided. Training revenue is recognized when performed. | ||||||||
In certain multiple-element revenue arrangements, the Company is obligated to deliver to its customers multiple products and/or services (“multiple elements”). In these transactions, the Company allocates the total revenue to be earned under the arrangement among the various elements based on the Company's best estimate of the standalone selling price. The allocation is based on vendor specific objective evidence, third party evidence or estimated selling price when that element is sold separately. The Company recognizes revenue related to the delivered products or services only if the above revenue recognition criteria are met and the delivered element has standalone value. | ||||||||
The Company follows Sections 605-25 Revenue Recognition - Multiple Element Arrangements ("FASC 605-25"). FASC 605-25 provides accounting principles and application guidance on whether multiple deliverables exist, how the arrangement should be separated, and how the consideration should be allocated. This guidance provides for separate revenue recognition based upon management's estimate of the selling price for an undelivered item when there is no other means to determine the fair value of that undelivered item. | ||||||||
Description of multiple-deliverable arrangements and Software Elements | ||||||||
In many cases, our multiple-deliverable arrangements involve initial shipment of hardware (including tangible products that include software and non-software elements), software products and subsequent delivery of services which add value to the products that have been shipped. In some instances, services are performed prior to product shipment, but more typically services are performed subsequent to shipment of the hardware products. The timing of the delivery and performance of deliverables may vary case-by-case. In accordance with FASC 605-25, we evaluate whether we can determine VSOE or third-party evidence to allocate revenue among the various elements in an arrangement. When VSOE or third-party evidence cannot be determined, we use estimated selling prices to allocate revenue to the various elements. Estimated selling prices are determined using the targeted gross margin for each element and calculating the gross revenue for each element that would have been required to achieve the targeted gross margin, and allocating revenue to each element based on those relative values. | ||||||||
Typically, product revenue which may consist of hardware (including tangible products that include software and non-software elements) and/or software elements are recognized upon shipment, or when risk of loss passes to the customer. Services elements are typically recognized upon completion for fixed-price service arrangements, and as services are performed for time and materials service arrangements. | ||||||||
The following policies are applicable to the Company's major categories of segment revenue transactions: | ||||||||
HPPS segment Revenue | ||||||||
Revenue in the HPPS segment consists of product and service revenue. Generally, product revenue is recognized when product is shipped, provided that all revenue recognition criteria are met. Service revenue consists principally of royalty revenue related to the licensing of certain of the Company's proprietary system technology and repair services. The Company recognizes royalty revenues upon notification by the customer of shipment of the systems produced pursuant to the royalty agreement. Repair service revenue is generally based upon a fixed price and is recognized upon completion of the repair. | ||||||||
We enter into multiple element arrangements in the HPPS segment. We follow the accounting policies described above for such arrangements. | ||||||||
The Company's standard sales agreements generally do not include customer acceptance provisions. However, in certain instances when arrangements include a customer acceptance provision or there is uncertainty about customer acceptance, revenue is deferred until the Company has evidence of customer acceptance. Customers generally do not have the right of return, once customer acceptance has occurred. | ||||||||
ITS Segment Revenue | ||||||||
Revenue in the ITS Segment consists of product and service revenue. | ||||||||
Revenue from the sale of third-party hardware and third-party software is recognized when the revenue recognition criteria are met. The Company's standard sales agreements generally do not include customer acceptance provisions. However, in certain instances when arrangements include a customer acceptance provision or there is uncertainty about customer acceptance, revenue is deferred until the Company has evidence of customer acceptance. Customers do not have the right of return. | ||||||||
Service revenue is comprised of information technology consulting development, installation, implementation and maintenance services. We follow the accounting policies described above for service transactions. For arrangements that include a customer acceptance provision, or if there is uncertainty about customer acceptance of services rendered, revenue is deferred until the Company has evidence of customer acceptance. | ||||||||
For sales that are financed by customers through leases with a third party, when risk of loss does not pass to the customer until the lease is executed, revenue is recognized upon cash receipt and execution of the lease. | ||||||||
We sell certain third party service contracts, which are evaluated to determine whether the sale of such service revenue should be recorded as gross sales or net sales in accordance with the sales recognition criteria as required by accounting principles generally accepted in the U.S. We must determine whether we act as a principal in the transaction and assume the risks and rewards of ownership or if we are simply acting as an agent or broker. Under gross sales recognition, the entire selling price is recorded in sales and our cost to the third-party service provider or vendor is recorded in cost of goods sold. Under net sales recognition, the cost to the third-party service provider or vendor is recorded as a reduction to sales resulting in net sales equal to the gross profit on the transaction and there are no costs of goods sold. We use the net sales recognition method for the third party service contracts that we sell when we are not the primary obligor on the contract. We use the gross sales recognition for the third party service contracts that we sell when we act as principal and are the primary obligor. | ||||||||
Product Warranty Accrual | Product Warranty Accrual | |||||||
Our product sales generally include a 90-day to one-year hardware warranty. At time of product shipment, we accrue for the estimated cost to repair or replace potentially defective products. Estimated warranty costs are based upon prior actual warranty costs for substantially similar products. | ||||||||
Research, Engineering and Development Expenses | Engineering and Development Expenses | |||||||
Engineering and development expenses include payroll, employee benefits, stock-based compensation and other headcount-related expenses associated with product development. Engineering and development expenses also include third-party development and programming costs. We consider technological feasibility for our software products to be reached upon the release of the software, accordingly, no internal software development costs have been capitalized. | ||||||||
Research and Development Expense | ||||||||
For the year ended September 30, 2014, our expenses for research and development were approximately $3.5 million compared to approximately $1.9 million for fiscal year 2013. Expenditures for research and development are expensed as they are incurred. | ||||||||
Income Taxes | Income Taxes | |||||||
We use the asset and liability method of accounting for income taxes whereby deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We also reduce deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. This methodology requires estimates and judgments in the determination of the recoverability of deferred tax assets and in the calculation of certain tax liabilities. Valuation allowances are recorded against the gross deferred tax assets that management believes, after considering all available positive and negative objective evidence, historical and prospective, with greater weight given to historical evidence, that it is more likely than not that these assets will not be realized. | ||||||||
In addition, we are required to recognize in the consolidated financial statements, those tax positions determined to be more-likely-than-not of being sustained upon examination, based on the technical merits of the positions as of the reporting date. If a tax position is not considered more-likely-than-not to be sustained based solely on its technical merits, no benefits of the position are recognized. | ||||||||
In addition, the calculation of the Company's tax liabilities involves dealing with uncertainties in the application of complex tax regulations in a multitude of jurisdictions. The Company records liabilities for estimated tax obligations in the U.S. and other tax jurisdictions. These estimated tax liabilities include the provision for taxes that may become payable in the future. | ||||||||
Earnings per Share of Common Stock | Earnings per Share of Common Stock | |||||||
Basic net income per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per common share reflects the maximum dilution that would have resulted from the assumed exercise and share repurchase related to dilutive stock options and is computed by dividing net income by the assumed weighted average number of common shares outstanding. | ||||||||
We are required to present earnings per share, or EPS, utilizing the two class method because we had outstanding, non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, which are considered participating securities. | ||||||||
Basic and diluted earnings per share computations for the Company's reported net income attributable to common stockholders are as follows: | ||||||||
For the year ended | ||||||||
30-Sep-14 | 30-Sep-13 | |||||||
(Amounts in thousands except per share data) | ||||||||
Net income | $ | 1,334 | $ | 368 | ||||
Less: Net income attributable to nonvested common stock | 50 | 7 | ||||||
Net income attributable to common stockholders | $ | 1,284 | $ | 361 | ||||
Weighted average total shares outstanding - basic | 3,582 | 3,458 | ||||||
Less: weighted average non-vested shares outstanding | 134 | 69 | ||||||
Weighted average number of common shares outstanding - basic | 3,448 | 3,389 | ||||||
Potential common shares from non-vested stock awards and the assumed exercise of stock options | 51 | 52 | ||||||
Weighted average common shares outstanding - diluted | 3,499 | 3,441 | ||||||
Net income per share - basic | $ | 0.37 | $ | 0.11 | ||||
Net income per share - diluted | $ | 0.37 | $ | 0.1 | ||||
All anti-dilutive securities, including stock options, are excluded from the diluted income per share computation. For the year ended September 30, 2014, 51 thousand options were excluded from the diluted income per share calculation because their inclusion would have been anti-dilutive. For the year ended September 30, 2013, approximately 133 thousand options were excluded from the diluted income per share calculation because their inclusion would have been anti-dilutive. | ||||||||
Use of Estimates | Use of Estimates | |||||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States 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. Actual results may differ from those estimates under different assumptions or conditions. | ||||||||
Stock-based Compensation | Stock-Based Compensation | |||||||
We measure and recognize compensation expense for all stock-based payment awards made to employees and directors including stock options and nonvested shares of common stock based on estimated fair values of stock-based payment awards on the date of grant. The Company uses the Black-Scholes option-pricing model to calculate the fair value of stock option grants. The fair value of nonvested share awards is equal to the quoted market price of our common stock as quoted on the Nasdaq Global Market on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company's Consolidated Statements of Operations. | ||||||||
Because stock-based compensation expense recognized in the Consolidated Statements of Operations for the fiscal years ended September 30, 2014 and 2013 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures and will be revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | ||||||||
Stock-based compensation expense recognized for the fiscal years ended September 30, 2014 and 2013 consisted of stock-based compensation expense related to options and nonvested stock granted pursuant to the Company's stock incentive and employee stock purchase plans of approximately $361 thousand and $149 thousand, respectively. | ||||||||
Concentrations of Credit Risk | Concentrations of Credit Risk | |||||||
Cash and cash equivalents are maintained with several financial institutions in the US, Germany and in the UK. Deposits held with banks may exceed the amount of insurance on such deposits. Generally, these deposits may be redeemed upon demand. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. | ||||||||
Subsequent Events | Subsequent Events | |||||||
The Company recognizes in the consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the statement of financial position, including the estimates inherent in the process of preparing financial statements. The Company has evaluated subsequent events through the date of this filing. | ||||||||
New Accounting Pronouncements | New Accounting Pronouncements and Tax Legislation | |||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), to supersede nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity is expected to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation. ASU 2014-09 is effective for the Company in the first quarter of fiscal year 2017 using either of two methods: (a) retrospective to each prior reporting period presented with the option to elect certain practical expedients as defined within ASU 2014-09; or (b) retrospective with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application and providing certain additional disclosures as defined in ASU 2014-09. The Company has not yet selected a transition method and is currently evaluating the impact of the pending adoption of ASU 2014-09 on the consolidated financial statements. | ||||||||
In July 2013, the FASB issued Accounting Standards Update 2013-11 Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 requires that to the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. For example, an entity should not evaluate whether the deferred tax asset expires before the statute of limitations on the tax position or whether the deferred tax asset may be used prior to the unrecognized tax benefit being settled. ASU 2013-11 is effective for fiscal years and interim periods within those years beginning after December 15, 2013. The Company will adopt this standard for the quarter ending December 31, 2014. The Company believes the adoption of this standard will not have a significant impact on the consolidated financial statements. | ||||||||
In February 2013, the FASB issued Accounting Standards Update 2013-02 Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income (“ASU 2013-02”). ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. ASU 2013-02 is effective for reporting periods beginning after December 15, 2013. The Company will adopt this standard for the quarter ending December 31, 2014. The Company believes the adoption of this standard will not have a significant impact on the consolidated financial statements. | ||||||||
In September 2013, the Internal Revenue Service released the final tangible property regulations for Sections 162(a) and 263(a) of the Internal Revenue Code, regarding the deduction and capitalization of amounts paid to acquire, produce, or improve tangible property. The final regulations replace temporary regulations that were issued in December 2011 and are effective for tax years beginning January 1, 2014, with early adoption permitted for tax years beginning January 1, 2012. The final regulations are effective for the Company for its tax year beginning October 1, 2014, and the Company believes the impact of the final regulations on its consolidated financial statements will not be significant. | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Basic and diluted earnings per share computations for the Company's reported net income attributable to common stockholders are as follows: | |||||||
For the year ended | ||||||||
30-Sep-14 | 30-Sep-13 | |||||||
(Amounts in thousands except per share data) | ||||||||
Net income | $ | 1,334 | $ | 368 | ||||
Less: Net income attributable to nonvested common stock | 50 | 7 | ||||||
Net income attributable to common stockholders | $ | 1,284 | $ | 361 | ||||
Weighted average total shares outstanding - basic | 3,582 | 3,458 | ||||||
Less: weighted average non-vested shares outstanding | 134 | 69 | ||||||
Weighted average number of common shares outstanding - basic | 3,448 | 3,389 | ||||||
Potential common shares from non-vested stock awards and the assumed exercise of stock options | 51 | 52 | ||||||
Weighted average common shares outstanding - diluted | 3,499 | 3,441 | ||||||
Net income per share - basic | $ | 0.37 | $ | 0.11 | ||||
Net income per share - diluted | $ | 0.37 | $ | 0.1 | ||||
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The purchase price was allocated as follows: | |||||||
(Amounts in Thousands) | ||||||||
Inventory | $ | 1,030 | ||||||
Property & equipment | 17 | |||||||
Intangibles | 260 | |||||||
Gross assets acquired | 1,307 | |||||||
Product warranty liability assumed | (93 | ) | ||||||
Net assets acquired | 1,214 | |||||||
Less: asset purchase price | 500 | |||||||
Bargain purchase gain before tax | 714 | |||||||
Deferred tax on bargain purchase gain | (252 | ) | ||||||
Bargain purchase gain, net of tax effect | $ | 462 | ||||||
Business Acquisition, Pro Forma Information | The following table presents the unaudited proforma condensed combined financial information (in thousands, except per share amounts): | |||||||
(Unaudited) For the year ended | ||||||||
30-Sep-14 | September 30, 2013 | |||||||
Revenue | $ | 85,237 | $ | 97,089 | ||||
Net income (loss) | $ | 1,052 | $ | (518 | ) | |||
Net income (loss) per share – basic | $ | 0.29 | $ | (0.15 | ) | |||
Net income (loss) per share – diluted | $ | 0.29 | $ | (0.15 | ) | |||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following: | |||||||
September 30, 2014 | September 30, 2013 | |||||||
(Amounts in thousands) | ||||||||
Raw materials | $ | 2,377 | $ | 1,587 | ||||
Work-in-process | 229 | 404 | ||||||
Finished goods | 3,840 | 2,800 | ||||||
Total | $ | 6,446 | $ | 4,791 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of Accumulated Other Comprehensive Loss are as follows: | ||||||||||||
Effect of Foreign Currency Translation | Minimum Pension Liability | Accumulated Other Comprehensive Loss | |||||||||||
(Amounts in thousands) | |||||||||||||
Balance as of September 30, 2012 | $ | (2,273 | ) | $ | (4,339 | ) | $ | (6,612 | ) | ||||
Change in Period | 117 | 667 | 784 | ||||||||||
Tax effect of change in period | — | (37 | ) | (37 | ) | ||||||||
Balance as of September 30, 2013 | $ | (2,156 | ) | $ | (3,709 | ) | $ | (5,865 | ) | ||||
Change in Period | (339 | ) | (2,164 | ) | (2,503 | ) | |||||||
Tax effect of change in period | — | 444 | 444 | ||||||||||
Balance as of September 30, 2014 | $ | (2,495 | ) | $ | (5,429 | ) | $ | (7,924 | ) |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income (loss) before income tax and income tax expense (benefit) are comprised of the following: | |||||||||||||
For the Years Ended September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Income (loss) before income tax: | ||||||||||||||
U.S. | $ | 1,460 | $ | 809 | ||||||||||
Foreign | (5 | ) | (120 | ) | ||||||||||
$ | 1,455 | $ | 689 | |||||||||||
Income tax expense (benefit): | ||||||||||||||
Current: | ||||||||||||||
Federal | $ | (135 | ) | $ | (308 | ) | ||||||||
State | 14 | 62 | ||||||||||||
Foreign | 37 | (3 | ) | |||||||||||
(84 | ) | (249 | ) | |||||||||||
Deferred: | ||||||||||||||
Federal | 159 | 601 | ||||||||||||
State | 16 | (41 | ) | |||||||||||
Foreign | 30 | 10 | ||||||||||||
205 | 570 | |||||||||||||
$ | 121 | $ | 321 | |||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Reconciliation of “expected” income tax expense (benefit) to “actual” income tax expense (benefit) is as follows: | |||||||||||||
For the Years Ended September 30, | ||||||||||||||
2014 | 2013 | |||||||||||||
(Dollar amounts in thousands) | ||||||||||||||
Computed “expected” tax expense | $ | 338 | 34 | % | $ | 234 | 34 | % | ||||||
Increases (reductions) in taxes resulting from: | ||||||||||||||
State income taxes, net of federal tax benefit | 25 | 2.5 | % | 1 | 0.3 | % | ||||||||
Foreign operations | 99 | 10 | % | 40 | 5.8 | % | ||||||||
Permanent differences | 61 | 6.1 | % | (22 | ) | (3.2 | )% | |||||||
Stock-based compensation | (1 | ) | (0.1 | )% | 158 | 22.9 | % | |||||||
Foreign net operating loss | (16 | ) | (1.6 | )% | (15 | ) | (2.2 | )% | ||||||
Uncertain tax liability adjustment | (336 | ) | (33.9 | )% | (61 | ) | (8.9 | )% | ||||||
Research & Development Credit | (27 | ) | (2.7 | )% | (50 | ) | (7.3 | )% | ||||||
Other items | (22 | ) | (2.2 | )% | 36 | 5.2 | % | |||||||
Income tax expense (benefit) | $ | 121 | 12.1 | % | $ | 321 | 46.6 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | For the years ended September 30, 2014 and 2013, temporary differences, which give rise to deferred tax assets (liabilities), are as follows: | |||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Deferred tax assets: | ||||||||||||||
Pension | $ | 2,084 | $ | 1,539 | ||||||||||
Goodwill | 517 | 606 | ||||||||||||
Other reserves and accruals | 329 | 498 | ||||||||||||
Inventory reserves and other | 752 | 703 | ||||||||||||
State credits, net of federal benefit | 33 | 34 | ||||||||||||
Federal and state net operating loss carryforwards | 18 | 45 | ||||||||||||
Foreign net operating loss carryforwards | 1,940 | 1,804 | ||||||||||||
Foreign tax credits | 7 | 7 | ||||||||||||
Depreciation and amortization | 76 | 109 | ||||||||||||
Gross deferred tax assets | 5,756 | 5,345 | ||||||||||||
Less: valuation allowance | (2,634 | ) | (2,261 | ) | ||||||||||
Realizable deferred tax asset | 3,122 | 3,084 | ||||||||||||
Gross deferred tax liabilities | — | — | ||||||||||||
Net deferred tax assets | $ | 3,122 | $ | 3,084 | ||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: | |||||||||||||
For the Year Ended September 30, 2014 | For the Year Ended September 30, 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Balance, beginning of year | $ | 589 | $ | 611 | ||||||||||
Increases in tax positions in the current year | — | 39 | ||||||||||||
Settlements | (362 | ) | (105 | ) | ||||||||||
Lapse in statute of limitations | — | — | ||||||||||||
Accrued penalties and interest | 22 | 44 | ||||||||||||
Balance, end of period | $ | 249 | $ | 589 | ||||||||||
Property_Equipment_and_Improve1
Property, Equipment and Improvements, Net (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Schedule of Property, Equipment and Improvements [Table Text Block] | Property, equipment and improvements, net consist of the following: | |||||||
30-Sep-14 | 30-Sep-13 | |||||||
(Amounts in thousands) | ||||||||
Leasehold improvements | $ | 399 | $ | 370 | ||||
Equipment | 7,933 | 8,009 | ||||||
Automobiles | 66 | 67 | ||||||
8,398 | 8,446 | |||||||
Less accumulated depreciation and amortization | (6,926 | ) | (7,026 | ) | ||||
Property, equipment and improvements, net | $ | 1,472 | $ | 1,420 | ||||
Acquired_Intangible_Assets_Tab
Acquired Intangible Assets (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of September 30, 2014 and 2013, intangible assets are as follows: | |||||||||||||||||||||||||||||
September 30, 2014 | 30-Sep-13 | |||||||||||||||||||||||||||||
Weighted Average Remaining Amortization Period | Gross | Accumulated Amortization | Net | Weighted Average Remaining Amortization Period | Gross | Accumulated Amortization | Net | |||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||
Customer list | 5 | Years | $ | 910 | $ | 500 | $ | 410 | 5 years | $ | 820 | $ | 410 | $ | 410 | |||||||||||||||
Non-Compete agreements | 0 | 93 | 93 | — | — | 93 | 93 | — | ||||||||||||||||||||||
Developed Technology | 2 | Years | 30 | $ | 9 | $ | 21 | — | — | — | — | |||||||||||||||||||
Trade Name | 4 | Years | 140 | $ | 26 | $ | 114 | — | — | — | — | |||||||||||||||||||
Total | 5 | Years | $ | 1,173 | $ | 628 | $ | 545 | 5 years | $ | 913 | $ | 503 | $ | 410 | |||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Annual amortization expense related to intangible assets for each of the following successive fiscal years is as follows: | |||||||||||||||||||||||||||||
Fiscal year ending September 30: | (Amounts in thousands) | |||||||||||||||||||||||||||||
2015 | 129 | |||||||||||||||||||||||||||||
2016 | 129 | |||||||||||||||||||||||||||||
2017 | 120 | |||||||||||||||||||||||||||||
2018 | 119 | |||||||||||||||||||||||||||||
2019 | 11 | |||||||||||||||||||||||||||||
Thereafter | 37 | |||||||||||||||||||||||||||||
Total | $ | 545 | ||||||||||||||||||||||||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and accrued expenses consist of the following: | |||||||
September 30, | ||||||||
2014 | 2013 | |||||||
(Amounts in thousands) | ||||||||
Accounts payable | $ | 6,748 | $ | 6,940 | ||||
Commissions | 118 | 209 | ||||||
Compensation and fringe benefits | 1,594 | 2,202 | ||||||
Professional fees and shareholders' reporting costs | 485 | 450 | ||||||
Taxes, other than income | 217 | 316 | ||||||
Warranty | 213 | 109 | ||||||
Other | 376 | 277 | ||||||
$ | 9,751 | $ | 10,503 | |||||
Stock_Options_and_Awards_Table
Stock Options and Awards (Tables) | 12 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes stock-based compensation expense in the Company's consolidated statements of operations: | |||||||||||||
Year ended | ||||||||||||||
30-Sep-14 | September 30, 2013 | |||||||||||||
(Amounts in thousands) | ||||||||||||||
Cost of sales | $ | — | $ | 1 | ||||||||||
Engineering and development | 25 | 4 | ||||||||||||
Selling, general and administrative | 336 | 144 | ||||||||||||
Total | $ | 361 | $ | 149 | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following tables provide summary data of stock option award activity: | |||||||||||||
Number | Weighted | Weighted | Aggregate | |||||||||||
of Shares | average | Average | Intrinsic | |||||||||||
exercise | Remaining | Value | ||||||||||||
price | Contractual | (in thousands) | ||||||||||||
Term | ||||||||||||||
Outstanding at September 30, 2012 | 246,425 | $ | 7.11 | — | — | |||||||||
Granted | — | — | — | — | ||||||||||
Expired | (97,500 | ) | $ | 8.46 | — | — | ||||||||
Forfeited | — | — | — | — | ||||||||||
Exercised | (41,249 | ) | 2.77 | — | — | |||||||||
Outstanding at September 30, 2013 | 107,676 | $ | 7.56 | — | — | |||||||||
Granted | — | — | — | — | ||||||||||
Expired | (12,500 | ) | $ | 7.48 | — | — | ||||||||
Forfeited | — | — | — | — | ||||||||||
Exercised | (3,050 | ) | 5.02 | — | — | |||||||||
Outstanding at September 30, 2014 | 92,126 | $ | 7.66 | 1.99 Years | $ | 115 | ||||||||
Exercisable at September 30, 2014 | 90,813 | $ | 7.72 | 1.92 Years | $ | 109 | ||||||||
Vested and expected to vest at September 30, 2014 | 92,126 | $ | 7.66 | 1.99 Years | $ | 115 | ||||||||
Schedule of Nonvested Share Activity [Table Text Block] | The following table provides summary data of nonvested stock award activity: | |||||||||||||
Number of | Weighted | Weighted | Aggregate | |||||||||||
nonvested | Average | Average | Intrinsic | |||||||||||
shares | grant date | Remaining | Value | |||||||||||
Fair | Contractual | (in thousands) | ||||||||||||
Value | Term | |||||||||||||
Nonvested shares outstanding at September 30, 2012 | 36,750 | $ | 3.68 | 2.11 years | $ | 165 | ||||||||
Activity in 2013: | ||||||||||||||
Granted | 57,250 | $ | 5.8 | — | — | |||||||||
Vested | (18,000 | ) | $ | 3.79 | — | — | ||||||||
Forfeited | (2,500 | ) | 6.63 | — | — | |||||||||
Nonvested shares outstanding at September 30, 2013 | 73,500 | $ | 5.21 | 2.18 years | $ | 520 | ||||||||
Activity in 2014: | ||||||||||||||
Granted | 107,750 | $ | 7.72 | — | — | |||||||||
Vested | (31,375 | ) | $ | 5.64 | — | — | ||||||||
Forfeited | (500 | ) | 7.67 | — | — | |||||||||
Nonvested shares outstanding at September 30, 2014 | 149,375 | $ | 6.92 | 2.45 Years | $ | 1,191 | ||||||||
Vested at September 30, 2014 | 107,592 | $ | 4.17 | 0.26 Years | $ | 858 | ||||||||
Vested and expected to vest at September 30, 2014 | 149,375 | $ | 6.92 | 2.45 Years | $ | 1,191 | ||||||||
Pension_and_Retirement_Plans_T
Pension and Retirement Plans (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic benefit costs related to the U.S. and international plans are as follows: | |||||||||||||||||||||||||||||||
Years Ended September 30 | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Foreign | U.S. | Total | Foreign | U.S. | Total | |||||||||||||||||||||||||||
(amounts in thousands) | ||||||||||||||||||||||||||||||||
Pension: | ||||||||||||||||||||||||||||||||
Service cost | $ | 45 | $ | — | $ | 45 | $ | 59 | $ | — | $ | 59 | ||||||||||||||||||||
Interest cost | 770 | 69 | 839 | 683 | 64 | 747 | ||||||||||||||||||||||||||
Expected return on plan assets | (472 | ) | — | (472 | ) | (410 | ) | — | (410 | ) | ||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||
Prior service gains | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of net (gain)/loss | 93 | (9 | ) | 84 | 141 | 24 | 165 | |||||||||||||||||||||||||
Net periodic benefit cost | $ | 436 | $ | 60 | $ | 496 | $ | 473 | $ | 88 | $ | 561 | ||||||||||||||||||||
Post Retirement: | ||||||||||||||||||||||||||||||||
Service cost | $ | — | $ | 10 | $ | 10 | $ | — | $ | — | $ | — | ||||||||||||||||||||
Interest cost | — | 43 | 43 | — | 35 | 35 | ||||||||||||||||||||||||||
Expected return on plan assets | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of: | ||||||||||||||||||||||||||||||||
Prior service costs/(gains) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Amortization of net (gain)/loss | — | (142 | ) | (142 | ) | — | (183 | ) | (183 | ) | ||||||||||||||||||||||
Net periodic benefit cost | $ | — | $ | (89 | ) | $ | (89 | ) | $ | — | $ | (148 | ) | $ | (148 | ) | ||||||||||||||||
Pension: | ||||||||||||||||||||||||||||||||
Increase (decrease) in minimum liability included in other comprehensive income (loss) | $ | 1,868 | $ | 20 | $ | 1,888 | $ | (688 | ) | $ | (104 | ) | $ | (792 | ) | |||||||||||||||||
Post Retirement: | ||||||||||||||||||||||||||||||||
Increase (decrease) in minimum liability included in other comprehensive income (loss) | — | 276 | 276 | — | 127 | 127 | ||||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||||||
Increase (decrease) in minimum liability included in comprehensive income (loss) | $ | 1,868 | $ | 296 | $ | 2,164 | $ | (688 | ) | $ | 23 | $ | (665 | ) | ||||||||||||||||||
Schedule of Changes in Projected Benefit Obligations [Table Text Block] | The following table presents an analysis of the changes in 2014 and 2013 of the benefit obligation, the plan assets and the funded status of the plans: | |||||||||||||||||||||||||||||||
Years Ended September 30 | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Foreign | U.S. | Total | Foreign | U.S. | Total | |||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Pension: | ||||||||||||||||||||||||||||||||
Change in projected benefit obligation (“PBO”) | ||||||||||||||||||||||||||||||||
Balance beginning of year | $ | 16,651 | $ | 1,371 | $ | 18,022 | $ | 16,575 | $ | 1,605 | $ | 18,180 | ||||||||||||||||||||
Service cost | 45 | — | 45 | 59 | — | 59 | ||||||||||||||||||||||||||
Interest cost | 770 | 69 | 839 | 683 | 64 | 747 | ||||||||||||||||||||||||||
Changes in actuarial assumptions | 2,336 | 10 | 2,346 | (508 | ) | (76 | ) | (584 | ) | |||||||||||||||||||||||
Foreign exchange impact | (389 | ) | (389 | ) | 235 | — | 235 | |||||||||||||||||||||||||
Benefits paid | (494 | ) | (222 | ) | (716 | ) | (393 | ) | (222 | ) | (615 | ) | ||||||||||||||||||||
Projected benefit obligation at end of year | $ | 18,919 | $ | 1,228 | $ | 20,147 | $ | 16,651 | $ | 1,371 | $ | 18,022 | ||||||||||||||||||||
Changes in fair value of plan assets: | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 9,473 | $ | — | $ | 9,473 | $ | 8,914 | $ | — | $ | 8,914 | ||||||||||||||||||||
Actual gain (loss) on plan assets | 718 | — | 718 | 475 | — | 475 | ||||||||||||||||||||||||||
Company contributions | 393 | 222 | 615 | 451 | 222 | 673 | ||||||||||||||||||||||||||
Foreign exchange impact | 4 | — | 4 | 26 | — | 26 | ||||||||||||||||||||||||||
Benefits paid | (494 | ) | (222 | ) | (716 | ) | (393 | ) | (222 | ) | (615 | ) | ||||||||||||||||||||
Fair value of plan assets at end of year | $ | 10,094 | $ | — | $ | 10,094 | $ | 9,473 | — | $ | 9,473 | |||||||||||||||||||||
Funded status | $ | (8,825 | ) | $ | (1,228 | ) | $ | (10,053 | ) | $ | (7,178 | ) | $ | (1,371 | ) | $ | (8,549 | ) | ||||||||||||||
Unamortized net loss | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net amount recognized | $ | (8,825 | ) | $ | (1,228 | ) | $ | (10,053 | ) | $ | (7,178 | ) | $ | (1,371 | ) | $ | (8,549 | ) | ||||||||||||||
Post Retirement: | ||||||||||||||||||||||||||||||||
Change in projected benefit obligation (“PBO”): | ||||||||||||||||||||||||||||||||
Balance beginning of year | $ | — | $ | 857 | $ | 857 | $ | — | $ | 882 | $ | 882 | ||||||||||||||||||||
Service cost | — | 10 | 10 | — | — | — | ||||||||||||||||||||||||||
Interest cost | — | 43 | 43 | — | 35 | 35 | ||||||||||||||||||||||||||
Changes in actuarial assumptions | — | 135 | 135 | — | (60 | ) | (60 | ) | ||||||||||||||||||||||||
Foreign exchange impact | — | — | — | — | — | |||||||||||||||||||||||||||
Benefits paid | — | — | — | — | — | — | ||||||||||||||||||||||||||
Projected benefit obligation at end of year | $ | — | $ | 1,045 | $ | 1,045 | $ | — | $ | 857 | $ | 857 | ||||||||||||||||||||
Changes in fair value of plan assets: | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | — | — | — | — | — | — | ||||||||||||||||||||||||||
Actual gain/(loss) on plan assets | — | — | — | — | — | — | ||||||||||||||||||||||||||
Company contributions | — | — | — | — | — | — | ||||||||||||||||||||||||||
Foreign exchange impact | — | — | — | — | — | — | ||||||||||||||||||||||||||
Benefits paid from plan assets | — | — | — | — | — | — | ||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Funded status | $ | — | $ | (1,045 | ) | $ | (1,045 | ) | $ | — | $ | (857 | ) | $ | (857 | ) | ||||||||||||||||
Unamortized net loss | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net amount recognized | $ | — | $ | (1,045 | ) | $ | (1,045 | ) | $ | — | $ | (857 | ) | $ | (857 | ) | ||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | The amounts recognized in the consolidated balance sheet consist of: | |||||||||||||||||||||||||||||||
Years Ended September 30 | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
Foreign | U.S. | Total | Foreign | U.S. | Total | |||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Pension: | ||||||||||||||||||||||||||||||||
Accrued benefit liability | $ | (8,825 | ) | $ | (1,228 | ) | $ | (10,053 | ) | $ | (7,178 | ) | $ | (1,371 | ) | $ | (8,549 | ) | ||||||||||||||
Deferred tax | (531 | ) | 22 | (509 | ) | (188 | ) | 29 | (159 | ) | ||||||||||||||||||||||
Accumulated other comprehensive income | 5,419 | 14 | 5,433 | 3,895 | 1 | 3,896 | ||||||||||||||||||||||||||
Net amount recognized | $ | (3,937 | ) | $ | (1,192 | ) | $ | (5,129 | ) | $ | (3,471 | ) | $ | (1,341 | ) | $ | (4,812 | ) | ||||||||||||||
Post Retirement: | ||||||||||||||||||||||||||||||||
Accrued benefit liability | $ | — | $ | (1,045 | ) | $ | (1,045 | ) | $ | — | $ | (857 | ) | $ | (857 | ) | ||||||||||||||||
Deferred tax | — | 145 | 145 | — | 239 | 239 | ||||||||||||||||||||||||||
Accumulated other comprehensive income | — | (4 | ) | (4 | ) | — | (186 | ) | (186 | ) | ||||||||||||||||||||||
Net amount recognized | $ | — | $ | (904 | ) | $ | (904 | ) | $ | — | $ | (804 | ) | $ | (804 | ) | ||||||||||||||||
Total pension and post retirement: | ||||||||||||||||||||||||||||||||
Accrued benefit liability | $ | (8,825 | ) | $ | (2,273 | ) | $ | (11,098 | ) | $ | (7,178 | ) | $ | (2,228 | ) | $ | (9,406 | ) | ||||||||||||||
Deferred tax | (531 | ) | 167 | (364 | ) | (188 | ) | 268 | 80 | |||||||||||||||||||||||
Accumulated other comprehensive income | 5,419 | 10 | 5,429 | 3,895 | (185 | ) | 3,710 | |||||||||||||||||||||||||
Net amount recognized | $ | (3,937 | ) | $ | (2,096 | ) | $ | (6,033 | ) | $ | (3,471 | ) | $ | (2,145 | ) | $ | (5,616 | ) | ||||||||||||||
Accumulated Benefit Obligation: | ||||||||||||||||||||||||||||||||
Pension | $ | (18,798 | ) | $ | (1,228 | ) | $ | (20,026 | ) | $ | (16,541 | ) | $ | (1,371 | ) | $ | (17,912 | ) | ||||||||||||||
Post Retirement | — | (1,045 | ) | (1,045 | ) | — | (857 | ) | (857 | ) | ||||||||||||||||||||||
Total accumulated benefit obligation | $ | (18,798 | ) | $ | (2,273 | ) | $ | (21,071 | ) | $ | (16,541 | ) | $ | (2,228 | ) | $ | (18,769 | ) | ||||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | Accrued benefit liability reported as: | |||||||||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||||||
(Amounts in thousands) | ||||||||||||||||||||||||||||||||
Current accrued benefit liability | $ | 658 | $ | 746 | ||||||||||||||||||||||||||||
Noncurrent accrued benefit liability | 10,440 | 8,660 | ||||||||||||||||||||||||||||||
Total accrued benefit liability | $ | 11,098 | $ | 9,406 | ||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (amounts in thousands): | |||||||||||||||||||||||||||||||
Fiscal year ending September 30: | (Amounts in thousands) | |||||||||||||||||||||||||||||||
2015 | $ | 700 | ||||||||||||||||||||||||||||||
2016 | 732 | |||||||||||||||||||||||||||||||
2017 | 725 | |||||||||||||||||||||||||||||||
2018 | 702 | |||||||||||||||||||||||||||||||
2019 | 756 | |||||||||||||||||||||||||||||||
Thereafter | 4,434 | |||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | The fair value of the assets held by the UK pension plan by asset category are as follows: | |||||||||||||||||||||||||||||||
Fair Values as of | ||||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||||||||||||||||||
Fair Value Measurements Using Inputs Considered as | Fair Value Measurements Using Inputs Considered as | |||||||||||||||||||||||||||||||
Asset Category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(Thousands) | ||||||||||||||||||||||||||||||||
Cash on deposit | $ | 352 | 352 | $ | — | $ | — | $ | 452 | 452 | $ | — | $ | — | ||||||||||||||||||
Pooled Funds | 9,742 | — | 9,742 | — | 9,021 | — | 9,021 | — | ||||||||||||||||||||||||
Total Plan Assets | $ | 10,094 | $ | 352 | $ | 9,742 | $ | — | $ | 9,473 | $ | 452 | $ | 9,021 | $ | — | ||||||||||||||||
Projected Benefit Obligations | ||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | The following table provides the weighted average actuarial assumptions used to determine the actuarial present value of projected benefit obligations at: | |||||||||||||||||||||||||||||||
Domestic | International | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate: | 4.25 | % | 5 | % | 3.25 | % | 4.4 | % | ||||||||||||||||||||||||
Expected return on plan assets: | 4.4 | % | 4.8 | % | ||||||||||||||||||||||||||||
Rate of compensation increase: | 1 | % | 1 | % | ||||||||||||||||||||||||||||
Net Periodic Benefit Cost | ||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||||||||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | The following table provides the weighted average actuarial assumptions used to determine net periodic benefit cost for years ended: | |||||||||||||||||||||||||||||||
Domestic | International | |||||||||||||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Discount rate: | 5 | % | 4.75 | % | 4.4 | % | 4.05 | % | ||||||||||||||||||||||||
Expected return on plan assets: | 4.9 | % | 5.4 | % | ||||||||||||||||||||||||||||
Rate of compensation increase: | 1 | % | 1.12 | % |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The Company was obligated under non-cancelable operating leases as follows: | ||||
Fiscal year ending September 30: | (Amounts in thousands) | ||||
2015 | $ | 777 | |||
2016 | 458 | ||||
2017 | 308 | ||||
2018 | 228 | ||||
2019 | 225 | ||||
$ | 1,996 | ||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | The following table details the Company's sales by operating segment for fiscal years September 30, 2014 and 2013. The Company's sales by geographic area based on the location of where the products were shipped or services rendered are as follows: | ||||||||||||||||||||||||
2014 | Americas | Europe | Asia | Total | % of | ||||||||||||||||||||
Total | |||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
HPPS | $ | 10,918 | $ | 992 | $ | 2,625 | $ | 14,535 | 17 | % | |||||||||||||||
ITS | 42,643 | 27,403 | 38 | 70,084 | 83 | % | |||||||||||||||||||
Total | $ | 53,561 | $ | 28,395 | $ | 2,663 | $ | 84,619 | 100 | % | |||||||||||||||
% of Total | 63 | % | 34 | % | 3 | % | 100 | % | |||||||||||||||||
2013 | |||||||||||||||||||||||||
HPPS | $ | 4,031 | $ | 12 | $ | 2,957 | $ | 7,000 | 8 | % | |||||||||||||||
ITS | 55,085 | 25,500 | 34 | 80,619 | 92 | % | |||||||||||||||||||
Total | $ | 59,116 | $ | 25,512 | $ | 2,991 | $ | 87,619 | 100 | % | |||||||||||||||
% of Total | 68 | % | 29 | % | 3 | % | 100 | % | |||||||||||||||||
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | Long-lived assets by geographic location at September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
North America | $ | 1,429 | $ | 1,287 | |||||||||||||||||||||
Europe | 589 | 543 | |||||||||||||||||||||||
Totals | $ | 2,018 | $ | 1,830 | |||||||||||||||||||||
Schedule of Deferred Tax Assets by Geographic Location [Table Text Block] | Deferred tax assets by geographic location at September 30, 2014 and 2013 were as follows: | ||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
North America | $ | 2,300 | $ | 2,553 | |||||||||||||||||||||
Europe | 822 | 531 | |||||||||||||||||||||||
Totals | $ | 3,122 | $ | 3,084 | |||||||||||||||||||||
Operating Segments | |||||||||||||||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | The following table presents certain operating segment information. | ||||||||||||||||||||||||
ITS Segment | |||||||||||||||||||||||||
For the Years Ended September 30, | HPPS | Germany | United | U.S. | Total | Consolidated | |||||||||||||||||||
Segment | Kingdom | Total | |||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||
Product | $ | 9,151 | $ | 9,273 | $ | 2,131 | $ | 38,322 | $ | 49,726 | $ | 58,877 | |||||||||||||
Service | 5,384 | 15,790 | 1,299 | 3,269 | 20,358 | 25,742 | |||||||||||||||||||
Total sales | 14,535 | 25,063 | 3,430 | 41,591 | 70,084 | 84,619 | |||||||||||||||||||
Profit (loss) from operations | 1,352 | 466 | (187 | ) | 52 | 331 | 1,683 | ||||||||||||||||||
Assets | 16,966 | 13,499 | 3,464 | 12,378 | 29,341 | 46,307 | |||||||||||||||||||
Capital expenditures | 216 | 211 | 90 | 73 | 374 | 590 | |||||||||||||||||||
Depreciation and amortization | 225 | 185 | 32 | 192 | 409 | 634 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||
Product | $ | 5,483 | $ | 8,666 | $ | 581 | $ | 51,114 | $ | 60,361 | $ | 65,844 | |||||||||||||
Service | 1,517 | 14,975 | 1,409 | 3,874 | 20,258 | 21,775 | |||||||||||||||||||
Total sales | 7,000 | 23,641 | 1,990 | 54,988 | 80,619 | 87,619 | |||||||||||||||||||
Profit (loss) from operations | (1,603 | ) | 154 | (141 | ) | 2,291 | 2,304 | 701 | |||||||||||||||||
Assets | 15,377 | 13,094 | 3,170 | 15,584 | 31,848 | 47,225 | |||||||||||||||||||
Capital expenditures | 340 | 232 | 8 | 278 | 518 | 858 | |||||||||||||||||||
Depreciation and amortization | 155 | 183 | 13 | 169 | 365 | 520 | |||||||||||||||||||
Revenues in Excess of 10 Percent of Total Revenues | |||||||||||||||||||||||||
Revenue, Major Customer [Line Items] | |||||||||||||||||||||||||
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the years ended September 30, 2014 and 2013. | ||||||||||||||||||||||||
For the year ended | |||||||||||||||||||||||||
September 30, 2014 | September 30, 2013 | ||||||||||||||||||||||||
Amount | % of | Amount | % of | ||||||||||||||||||||||
Revenues | Revenues | ||||||||||||||||||||||||
(Amounts in millions) | |||||||||||||||||||||||||
Customer A | $ | 15.2 | 18 | % | $ | 15.7 | 18 | % | |||||||||||||||||
Customer B | $ | 15.7 | 19 | % | $ | 13.4 | 15 | % | |||||||||||||||||
Customer C | $ | 0.2 | — | % | $ | 10.5 | 12 | % | |||||||||||||||||
Fair_Value_Measures_Tables
Fair Value Measures (Tables) | 12 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Assets and Liabilities measured at fair value on a recurring basis are as follows: | |||||||||||||||
Fair Value Measurements Using | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Balance | ||||||||||||||||
As of September 30, 2014 | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Money Market funds | $ | 1,006 | $ | — | $ | — | $ | 1,006 | ||||||||
Total assets measured at fair value | $ | 1,006 | $ | — | $ | — | $ | 1,006 | ||||||||
As of September 30, 2013 | ||||||||||||||||
(Amounts in thousands) | ||||||||||||||||
Assets: | ||||||||||||||||
Money Market funds | $ | 3,503 | $ | — | $ | — | $ | 3,503 | ||||||||
Total assets measured at fair value | $ | 3,503 | $ | — | $ | — | $ | 3,503 | ||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Research and Development Expense (in Dollars) | $3,484 | $1,857 |
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Number of Years Defined Benefit Plans are Closed to Newly Hired Employees | 2 years | |
Number of Years Supplementary Retirement Plans are Closed to Newly Hired Employees | 2 years | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 51 | 133 |
Stock-based compensation expense on stock options and restricted stock awards | $361 | $149 |
Minimum | ||
Hardware Warranty Included in Product Sales | 90 days | |
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Property, Plant and Equipment, Useful Life | 3 years | |
Maintenance Contracts Estimated Period | 3 months | |
Maximum | ||
Hardware Warranty Included in Product Sales | 1 year | |
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Property, Plant and Equipment, Useful Life | 7 years | |
Maintenance Contracts Estimated Period | 12 months |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Detail) - Basic and diluted earnings per share computations for the Companys reported net income attributable to common stockholders (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Accounting Policies [Abstract] | ||
Net income | $1,334 | $368 |
Less: Net income attributable to nonvested common stock (in Dollars) | 50 | 7 |
Net income attributable to common stockholders | $1,284 | $361 |
Weighted average total shares outstanding - basic | 3,582 | 3,458 |
Less: weighted average non-vested shares outstanding | 134 | 69 |
Weighted average number of common shares outstanding - basic | 3,448 | 3,389 |
Potential common shares from non-vested stock awards and the assumed exercise of stock options | 51 | 52 |
Weighted average common shares outstanding - diluted | 3,499 | 3,441 |
Net income per share - basic (in Dollars per share) | $0.37 | $0.11 |
Net income per share - diluted (in Dollars per share) | $0.37 | $0.10 |
Acquisition_Details
Acquisition (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Nov. 04, 2013 | |
Business Acquisition [Line Items] | |||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $462,000 | $0 | |
Payments to Acquire Businesses, Net of Cash Acquired | 500,000 | 0 | |
Myricom, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Bargain Purchase, Gain Recognized, Amount | 200,000 | 462,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 93,000 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 500,000 | ||
Business Acquisition pro forma Adjustments | $300,000 |
Acquisition_Acquisition_Purcha
Acquisition Acquisition Purchase Price Allocation (Details) (USD $) | 12 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Nov. 04, 2013 |
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Net of Cash Acquired | $500 | $0 | |
Business Combination, Bargain Purchase, Gain Recognized, Amount | 462 | 0 | |
Myricom, Inc [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 1,030 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Equipment | 17 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 260 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 1,307 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | -93 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 1,214 | ||
Payments to Acquire Businesses, Net of Cash Acquired | 500 | ||
Bargain purchase gain before tax | 714 | ||
Deferred tax on bargain purchase gain | -252 | ||
Business Combination, Bargain Purchase, Gain Recognized, Amount | $200 | $462 |
Acquisition_Acquisition_Conden
Acquisition Acquisition Condensed Pro Forma Combined Financial Information (Details) (Myricom, Inc [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Myricom, Inc [Member] | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $85,237 | $97,089 |
Business Acquisition, Pro Forma Net Income (Loss) | $1,052 | ($518) |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $0.29 | ($0.15) |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $0.29 | ($0.15) |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Other Inventory, Capitalized Costs, Gross | $0.40 | $0.50 |
Inventory Valuation Reserves | $4.70 | $4.60 |
Inventories_Detail_Inventories
Inventories (Detail) - Inventories (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $2,377 | $1,587 |
Work-in-process | 229 | 404 |
Finished goods | 3,840 | 2,800 |
Total | $6,446 | $4,791 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | ($339) | $117 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance, accumulated other comprehensive loss | -5,865 | -6,612 |
Change in Period | -2,503 | 784 |
Tax effect of change in period | 444 | -37 |
Balance, accumulated other comprehensive loss | -7,924 | -5,865 |
Effect of Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | -339 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance, accumulated other comprehensive loss | -2,156 | -2,273 |
Change in Period | 117 | |
Tax effect of change in period | 0 | 0 |
Balance, accumulated other comprehensive loss | -2,495 | -2,156 |
Minimum Pension Liability | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance, accumulated other comprehensive loss | -3,709 | -4,339 |
Change in Period | -2,164 | 667 |
Tax effect of change in period | 444 | -37 |
Balance, accumulated other comprehensive loss | ($5,429) | ($3,709) |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss - Narrative (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Other Income and Expenses [Abstract] | ||
Amortization of net (gain) loss included in net periodic pension cost | ($58) | ($18) |
Income_Taxes_Detail
Income Taxes (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ($373,000) | |
Income tax expense | 121,000 | 321,000 |
Effective Income Tax Rate, Continuing Operations | 12.10% | 46.60% |
Deferred Tax Assets, Valuation Allowance | 2,634,000 | 2,261,000 |
Undistributed Earnings of Foreign Subsidiaries | 3,200,000 | 3,300,000 |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 200,000 | |
State | ||
Operating Loss Carryforwards | 500,000 | 1,200,000 |
U.K. | ||
Operating Loss Carryforwards | $9,700,000 |
Income_Taxes_Detail_Components
Income Taxes (Detail) - Components of income before income tax and income tax expense (benefit) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Income (loss) before income tax: | ||
U.S. | $1,460 | $809 |
Foreign | -5 | -120 |
Income before income taxes | 1,455 | 689 |
Current: | ||
Federal | -135 | -308 |
State | 14 | 62 |
Foreign | 37 | -3 |
Current Income Tax Expense (Benefit) | -84 | -249 |
Deferred: | ||
Federal | 159 | 601 |
State | 16 | -41 |
Foreign | 30 | 10 |
Deferred Income Tax Expense (Benefit) | 205 | 570 |
Income tax expense (benefit) | $121 | $321 |
Income_Taxes_Detail_Reconcilia
Income Taxes (Detail) - Reconciliation of “expected†income tax expense (benefit) to “actual†income tax expense (benefit) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ||
Computed “expected†tax expense (in Dollars) | $338 | $234 |
Computed “expected†tax expense | 34.00% | 34.00% |
Increases (reductions) in taxes resulting from: | ||
State income taxes, net of federal tax benefit (in Dollars) | 25 | 1 |
State income taxes, net of federal tax benefit | 2.50% | 0.30% |
Foreign operations (in Dollars) | 99 | 40 |
Foreign operations | 10.00% | 5.80% |
Permanent differences (in Dollars) | 61 | -22 |
Permanent differences | 6.10% | -3.20% |
Stock-based compensation (in Dollars) | -1 | 158 |
Stock-based compensation | -0.10% | 22.90% |
Foreign net operating loss (in Dollars) | -16 | -15 |
Foreign net operating loss | -1.60% | -2.20% |
Uncertain tax liability adjustment (in Dollars) | -336 | -61 |
Uncertain tax liability adjustment | -33.90% | -8.90% |
Research & Development Credit (in Dollars) | -27 | -50 |
Research & Development Credit | -2.70% | -7.30% |
Other items (in Dollars) | -22 | 36 |
Other items | -2.20% | 5.20% |
Income tax expense (benefit) | $121 | $321 |
Income tax expense (benefit) | 12.10% | 46.60% |
Income_Taxes_Detail_Deferred_t
Income Taxes (Detail) - Deferred tax assets (liabilities) (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Pension | $2,084 | $1,539 |
Goodwill | 517 | 606 |
Other reserves and accruals | 329 | 498 |
Inventory reserves and other | 752 | 703 |
State credits, net of federal benefit | 33 | 34 |
Federal and state net operating loss carryforwards | 18 | 45 |
Foreign net operating loss carryforwards | 1,940 | 1,804 |
Foreign tax credits | 7 | 7 |
Depreciation and amortization | 76 | 109 |
Gross deferred tax assets | 5,756 | 5,345 |
Less: valuation allowance | -2,634 | -2,261 |
Realizable deferred tax asset | 3,122 | 3,084 |
Gross deferred tax liabilities | 0 | 0 |
Net deferred tax assets | $3,122 | $3,084 |
Income_Taxes_Detail_A_reconcil
Income Taxes (Detail) - A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | |||
Balance, beginning of year | $589 | $589 | $611 |
Increases in tax positions in the current year | 0 | 39 | |
Settlements | -362 | -105 | |
Lapse in statute of limitations | 0 | 0 | |
Accrued penalties and interest | 22 | 44 | |
Balance, end of period | $249 | $589 |
Property_Equipment_and_Improve2
Property, Equipment and Improvements, Net (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Property, Plant and Equipment [Abstract] | ||
Depreciation, Depletion and Amortization | $510 | $438 |
Property_Equipment_and_Improve3
Property, Equipment and Improvements, Net (Detail) - Property, equipment and improvements, net (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $8,398 | $8,446 |
Less accumulated depreciation and amortization | -6,926 | -7,026 |
Property, equipment and improvements, net | 1,472 | 1,420 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 399 | 370 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 7,933 | 8,009 |
Automobiles | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $66 | $67 |
Acquired_Intangible_Assets_Det
Acquired Intangible Assets (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $124 | $124 | $82 |
Acquired_Intangible_Assets_Det1
Acquired Intangible Assets (Detail) - Intangible assets (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Impaired Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period | 5 years | |
Gross | $1,173 | $913 |
Accumulated Amortization | 628 | 503 |
Net | 545 | 410 |
Customer list | ||
Impaired Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period | 5 years | 5 years |
Gross | 910 | 820 |
Accumulated Amortization | 500 | 410 |
Net | 410 | 410 |
Non-Compete agreements | ||
Impaired Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period | 0 years | |
Gross | 93 | 93 |
Accumulated Amortization | 93 | 93 |
Net | 0 | 0 |
Developed Technology | ||
Impaired Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period | 2 years | |
Gross | 30 | |
Accumulated Amortization | 9 | |
Net | 21 | 0 |
Trade Name | ||
Impaired Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period | 4 years | |
Gross | 140 | |
Accumulated Amortization | 26 | |
Net | $114 | $0 |
Acquired_Intangible_Assets_Det2
Acquired Intangible Assets (Detail) - Annual amortization expense related to intangible assets (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $129 | |
2016 | 129 | |
2017 | 120 | |
2018 | 119 | |
2019 | 11 | |
Thereafter | 37 | |
Total | $545 | $410 |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Detail) - Accounts payable and accrued expenses consist of the following (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accounts payable | $6,748 | $6,940 |
Commissions | 118 | 209 |
Compensation and fringe benefits | 1,594 | 2,202 |
Professional fees and shareholders' reporting costs | 485 | 450 |
Taxes, other than income | 217 | 316 |
Warranty | 213 | 109 |
Other | 376 | 277 |
Accounts payable and accrued expenses | $9,751 | $10,503 |
Stock_Options_and_Awards_Detai
Stock Options and Awards (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 1997 | Dec. 31, 2003 | Dec. 31, 2007 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award Expiration | 10 years | ||||
Share-based Compensation (in Dollars) | $361 | $149 | |||
Granted, number of shares | 0 | 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 107,750 | 57,250 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value (in Dollars) | 9 | 218 | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized (in Dollars) | 736 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 285 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value (in Dollars) | $53 | $76 | |||
The 1997 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 199,650 | ||||
The 2003 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 200,000 | ||||
The 2007 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 250,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 74,783 | ||||
Management | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, number of shares | 7,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 54,250 | ||||
Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 months | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award Expiration | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 16,000 | 13,750 | |||
Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 37,500 | 36,000 | |||
Chief Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 22,500 | 30,000 | |||
Stock Incentive Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award Expiration | 10 years | ||||
Nonvested Stock Awards | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Nonvested Stock Awards | Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Nonvested Stock Awards | Chief Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Stock_Options_and_Awards_Detai1
Stock Options and Awards (Detail) - Stock-based compensation expense (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $361 | $149 |
Cost of sales | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 0 | 1 |
Engineering and development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 25 | 4 |
Selling, general and administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $336 | $144 |
Stock_Options_and_Awards_Detai2
Stock Options and Awards (Detail) - Summary data of stock option award activity (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding, number of shares | 107,676 | 246,425 |
Outstanding, weighted average exercise price (in Dollars per share) | $7.56 | $7.11 |
Outstanding, weighted average remaining contractual term | 1 year 360 days | |
Exercisable at September 30, 2014 | 90,813 | |
Exercisable at September 30, 2013 (in Dollars per share) | $7.72 | |
Exercisable at September 30, 2014 | 1 year 336 days | |
Exercisable at September 30, 2013 (in Dollars) | $109 | |
Vested and expected to vest at September 30, 2014 | 92,126 | |
Vested and expected to vest at September 30, 2013 (in Dollars per share) | $7.66 | |
Vested and expected to vest at September 30, 2014 | 1 year 360 days | |
Vested and expected to vest at September 30, 2013 (in Dollars) | 115 | |
Granted, number of shares | 0 | 0 |
Granted, weighted average exercise price (in Dollars per share) | $0 | $0 |
Expired, number of shares | -12,500 | -97,500 |
Expired, weighted average exercise price (in Dollars per share) | $7.48 | $8.46 |
Forfeited, number of shares | 0 | 0 |
Forfeited, weighted average exercise price (in Dollars per share) | $0 | $0 |
Exercised, number of shares | -3,050 | -41,249 |
Exercised, weighted average exercise price (in Dollars per share) | $5.02 | $2.77 |
Outstanding, number of shares | 92,126 | 107,676 |
Outstanding, weighted average exercise price (in Dollars per share) | $7.66 | $7.56 |
Outstanding, weighted average remaining contractual term | 1 year 360 days | |
Outstanding, aggregate intrinsic value (in Dollars) | $115 |
Stock_Options_and_Awards_Detai3
Stock Options and Awards (Detail) - Summary data of nonvested stock award activity (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2013 |
Summary data of nonvested stock award activity [Abstract] | ||||
Nonvested shares outstanding, number of nonvested shares | 36,750 | 73,500 | 36,750 | |
Nonvested shares outstanding, weighted average grant date fair value (in Dollars per share) | $3.68 | $5.21 | $3.68 | |
Nonvested shares outstanding, weighted average remaining contractual term | 2 years 2 months 5 days | 2 years 1 month 10 days | 2 years 5 months 12 days | |
Nonvested shares outstanding, aggregate intrinsic value (in Dollars) | $165 | $520 | $165 | |
Activity in 2013: | ||||
Granted, number of nonvested shares | 107,750 | 57,250 | ||
Granted, weighted average grant date fair value (in Dollars per share) | $7.72 | $5.80 | ||
Vested, number of nonvested shares | -31,375 | -18,000 | ||
Vested, weighted average grant date fair value (in Dollars per share) | $5.64 | $3.79 | ||
Forfeited, number of nonvested shares | -500 | -2,500 | ||
Forfeited, weighted average grant date fair valuem (in Dollars per share) | $7.67 | $6.63 | ||
Activity in 2014: | ||||
Vested at September 30, 2014 | 107,592 | |||
Vested at September 30, 2013 (in Dollars per share) | $4.17 | |||
Vested at September 30, 2014 | 95 days | |||
Vested at September 30, 2013 (in Dollars) | 858 | |||
Vested and expected to vest at September 30, 2014 | 149,375 | |||
Vested and expected to vest at September 30, 2013 (in Dollars per share) | $6.92 | |||
Vested and expected to vest at September 30, 2014 | 2 years 164 days | |||
Vested and expected to vest at September 30, 2013 (in Dollars) | 1,191 | |||
Nonvested shares outstanding, number of nonvested shares | 149,375 | 73,500 | ||
Nonvested shares outstanding, weighted average grant date fair value (in Dollars per share) | $6.92 | $5.21 | ||
Nonvested shares outstanding, weighted average remaining contractual term | 2 years 2 months 5 days | 2 years 1 month 10 days | 2 years 5 months 12 days | |
Nonvested shares outstanding, aggregate intrinsic value (in Dollars) | $1,191 | $520 |
Employee_Stock_Purchase_Plan_D
Employee Stock Purchase Plan (Details) | 12 Months Ended | |
Sep. 30, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of shares covered under the Employee Stock Purchase Plan (ESPP) | 250,000 | |
Purchase price per share as percentage of fair market value | 95.00% | |
Issuance of shares under employee stock purchase plan (in shares) | 13,507 | |
Shares available for future issuance under the ESPP | 236,493 |
Pension_and_Retirement_Plans_D
Pension and Retirement Plans (Detail) (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Number of Years Defined Benefit Plans are Closed to Newly Hired Employees | 2 years | |
Number of Years Supplementary Retirement Plans are Closed to Newly Hired Employees | 2 years | |
Accumulated other comprehensive income | $5,429,000 | $3,710,000 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | -174,000 | |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | 700,000 | |
Defined Benefit Plan, Fair Value of Plan Assets | 10,094,000 | 9,473,000 |
Contributions in Defined Contribution Plans | 186,000 | 185,000 |
Domestic Supplemental Retirement Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Loans, Gross, Insurance Policy | $1,900,000 | $1,800,000 |
Pension_and_Retirement_Plans_D1
Pension and Retirement Plans (Detail) - Weighted average actuarial assumptions used to determine projected benefit obligation | Sep. 30, 2014 | Sep. 30, 2013 |
Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate: | 4.25% | 5.00% |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate: | 3.25% | 4.40% |
Expected return on plan assets: | 4.40% | 4.80% |
Rate of compensation increase: | 1.00% | 1.00% |
Pension_and_Retirement_Plans_D2
Pension and Retirement Plans (Detail) - Weighted average actuarial assumptions used to determine net periodic benefit cost | 12 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate: | 5.00% | 4.75% |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate: | 4.40% | 4.05% |
Expected return on plan assets: | 4.90% | 5.40% |
Rate of compensation increase: | 1.00% | 1.12% |
Pension_and_Retirement_Plans_D3
Pension and Retirement Plans (Detail) - Components of net periodic benefit costs (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ||
Increase (decrease) in minimum liability included in other comprehensive income (loss) | $2,164 | ($665) |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Increase (decrease) in minimum liability included in other comprehensive income (loss) | 296 | 23 |
Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Increase (decrease) in minimum liability included in other comprehensive income (loss) | 1,868 | -688 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 45 | 59 |
Interest cost | 839 | 747 |
Expected return on plan assets | -472 | -410 |
Prior service gains | 0 | 0 |
Amortization of net (gain)/loss | 84 | 165 |
Net periodic benefit cost | 496 | 561 |
Increase (decrease) in minimum liability included in other comprehensive income (loss) | 1,888 | -792 |
Pension | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 69 | 64 |
Expected return on plan assets | 0 | 0 |
Prior service gains | 0 | 0 |
Amortization of net (gain)/loss | -9 | 24 |
Net periodic benefit cost | 60 | 88 |
Increase (decrease) in minimum liability included in other comprehensive income (loss) | 20 | -104 |
Pension | Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 45 | 59 |
Interest cost | 770 | 683 |
Expected return on plan assets | -472 | -410 |
Prior service gains | 0 | 0 |
Amortization of net (gain)/loss | 93 | 141 |
Net periodic benefit cost | 436 | 473 |
Increase (decrease) in minimum liability included in other comprehensive income (loss) | 1,868 | -688 |
Post Retirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 10 | 0 |
Interest cost | 43 | 35 |
Expected return on plan assets | 0 | 0 |
Prior service gains | 0 | 0 |
Amortization of net (gain)/loss | -142 | -183 |
Net periodic benefit cost | -89 | -148 |
Increase (decrease) in minimum liability included in other comprehensive income (loss) | 276 | 127 |
Post Retirement | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 10 | 0 |
Interest cost | 43 | 35 |
Expected return on plan assets | 0 | 0 |
Prior service gains | 0 | 0 |
Amortization of net (gain)/loss | -142 | -183 |
Net periodic benefit cost | -89 | -148 |
Increase (decrease) in minimum liability included in other comprehensive income (loss) | 276 | 127 |
Post Retirement | Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 0 | 0 |
Expected return on plan assets | 0 | 0 |
Prior service gains | 0 | 0 |
Amortization of net (gain)/loss | 0 | 0 |
Net periodic benefit cost | 0 | 0 |
Increase (decrease) in minimum liability included in other comprehensive income (loss) | $0 | $0 |
Pension_and_Retirement_Plans_D4
Pension and Retirement Plans (Detail) - Changes of the benefit obligation, the plan assets and funded status of the plans (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $10,094 | $9,473 | |
Net amount recognized | 11,098 | 9,406 | |
U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net amount recognized | 2,273 | 2,228 | |
Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net amount recognized | 8,825 | 7,178 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 45 | 59 | |
Interest cost | 839 | 747 | |
Net amount recognized | 10,053 | 8,549 | |
Pension | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | |
Interest cost | 69 | 64 | |
Net amount recognized | 1,228 | 1,371 | |
Pension | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 45 | 59 | |
Interest cost | 770 | 683 | |
Net amount recognized | 8,825 | 7,178 | |
Post Retirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 10 | 0 | |
Interest cost | 43 | 35 | |
Net amount recognized | 1,045 | 857 | |
Post Retirement | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 10 | 0 | |
Interest cost | 43 | 35 | |
Net amount recognized | 1,045 | 857 | |
Post Retirement | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | |
Interest cost | 0 | 0 | |
Net amount recognized | 0 | 0 | |
Change in projected benefit obligation (“PBOâ€) | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 18,022 | 18,180 | |
Service cost | 45 | 59 | |
Interest cost | 839 | 747 | |
Changes in actuarial assumptions | 2,346 | -584 | |
Foreign exchange impact | -389 | 235 | |
Benefits paid | -716 | -615 | |
Projected benefit obligation | 20,147 | 18,022 | |
Change in projected benefit obligation (“PBOâ€) | Pension | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 1,371 | 1,605 | |
Service cost | 0 | 0 | |
Interest cost | 69 | 64 | |
Changes in actuarial assumptions | 10 | -76 | |
Foreign exchange impact | 0 | ||
Benefits paid | -222 | -222 | |
Projected benefit obligation | 1,228 | 1,371 | |
Change in projected benefit obligation (“PBOâ€) | Pension | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 16,651 | 16,575 | |
Service cost | 45 | 59 | |
Interest cost | 770 | 683 | |
Changes in actuarial assumptions | 2,336 | -508 | |
Foreign exchange impact | -389 | 235 | |
Benefits paid | -494 | -393 | |
Projected benefit obligation | 18,919 | 16,651 | |
Change in projected benefit obligation (“PBOâ€) | Post Retirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 857 | 882 | |
Service cost | 10 | 0 | |
Interest cost | 43 | 35 | |
Changes in actuarial assumptions | 135 | -60 | |
Foreign exchange impact | 0 | 0 | |
Benefits paid | 0 | 0 | |
Projected benefit obligation | 1,045 | 857 | |
Change in projected benefit obligation (“PBOâ€) | Post Retirement | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 857 | 882 | |
Service cost | 10 | 0 | |
Interest cost | 43 | 35 | |
Changes in actuarial assumptions | 135 | -60 | |
Foreign exchange impact | 0 | ||
Benefits paid | 0 | 0 | |
Projected benefit obligation | 1,045 | 857 | |
Change in projected benefit obligation (“PBOâ€) | Post Retirement | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 0 | 0 | |
Service cost | 0 | 0 | |
Interest cost | 0 | 0 | |
Changes in actuarial assumptions | 0 | 0 | |
Foreign exchange impact | 0 | 0 | |
Benefits paid | 0 | 0 | |
Projected benefit obligation | 0 | 0 | |
Changes in fair value of plan assets: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 8,914 | ||
Fair value of plan assets | 10,094 | 9,473 | 8,914 |
Changes in fair value of plan assets: | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual gain (loss) on plan assets | 718 | 475 | |
Company contributions | 615 | 673 | |
Foreign exchange impact | 4 | 26 | |
Benefits paid | -716 | -615 | |
Funded status | -10,053 | -8,549 | |
Net amount recognized | -10,053 | -8,549 | |
Changes in fair value of plan assets: | Pension | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Actual gain (loss) on plan assets | 0 | 0 | |
Company contributions | 222 | 222 | |
Foreign exchange impact | 0 | 0 | |
Benefits paid | -222 | -222 | |
Fair value of plan assets | 0 | 0 | |
Funded status | -1,228 | -1,371 | |
Net amount recognized | -1,228 | -1,371 | |
Changes in fair value of plan assets: | Pension | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 9,473 | 8,914 | |
Actual gain (loss) on plan assets | 718 | 475 | |
Company contributions | 393 | 451 | |
Foreign exchange impact | 4 | 26 | |
Benefits paid | -494 | -393 | |
Fair value of plan assets | 10,094 | 9,473 | |
Funded status | -8,825 | -7,178 | |
Net amount recognized | -8,825 | -7,178 | |
Changes in fair value of plan assets: | Post Retirement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Actual gain (loss) on plan assets | 0 | 0 | |
Company contributions | 0 | 0 | |
Foreign exchange impact | 0 | 0 | |
Benefits paid | 0 | 0 | |
Fair value of plan assets | 0 | 0 | |
Funded status | -1,045 | -857 | |
Net amount recognized | -1,045 | -857 | |
Changes in fair value of plan assets: | Post Retirement | U.S. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Actual gain (loss) on plan assets | 0 | 0 | |
Company contributions | 0 | 0 | |
Foreign exchange impact | 0 | 0 | |
Benefits paid | 0 | 0 | |
Fair value of plan assets | 0 | 0 | |
Funded status | -1,045 | -857 | |
Net amount recognized | -1,045 | -857 | |
Changes in fair value of plan assets: | Post Retirement | Foreign | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Actual gain (loss) on plan assets | 0 | 0 | |
Company contributions | 0 | 0 | |
Foreign exchange impact | 0 | 0 | |
Benefits paid | 0 | 0 | |
Fair value of plan assets | 0 | 0 | |
Funded status | 0 | 0 | |
Net amount recognized | $0 | $0 |
Pension_and_Retirement_Plans_D5
Pension and Retirement Plans (Detail) - Amounts recognized in the consolidated balance sheet (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | ($11,098) | ($9,406) |
Deferred tax | -364 | 80 |
Accumulated other comprehensive income | 5,429 | 3,710 |
Net amount recognized | -6,033 | -5,616 |
Accumulated benefit obligation | -21,071 | -18,769 |
Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | -8,825 | -7,178 |
Deferred tax | -531 | -188 |
Accumulated other comprehensive income | 5,419 | 3,895 |
Net amount recognized | -3,937 | -3,471 |
Accumulated benefit obligation | -18,798 | -16,541 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | -2,273 | -2,228 |
Deferred tax | 167 | 268 |
Accumulated other comprehensive income | 10 | -185 |
Net amount recognized | -2,096 | -2,145 |
Accumulated benefit obligation | -2,273 | -2,228 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | -10,053 | -8,549 |
Deferred tax | -509 | -159 |
Accumulated other comprehensive income | 5,433 | 3,896 |
Net amount recognized | -5,129 | -4,812 |
Accumulated benefit obligation | -20,026 | -17,912 |
Pension | Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | -8,825 | -7,178 |
Deferred tax | -531 | -188 |
Accumulated other comprehensive income | 5,419 | 3,895 |
Net amount recognized | -3,937 | -3,471 |
Accumulated benefit obligation | -18,798 | -16,541 |
Pension | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | -1,228 | -1,371 |
Deferred tax | 22 | 29 |
Accumulated other comprehensive income | 14 | 1 |
Net amount recognized | -1,192 | -1,341 |
Accumulated benefit obligation | -1,228 | -1,371 |
Post Retirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | -1,045 | -857 |
Deferred tax | 145 | 239 |
Accumulated other comprehensive income | -4 | -186 |
Net amount recognized | -904 | -804 |
Accumulated benefit obligation | -1,045 | -857 |
Post Retirement | Foreign | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | 0 | 0 |
Deferred tax | 0 | 0 |
Accumulated other comprehensive income | 0 | 0 |
Net amount recognized | 0 | 0 |
Accumulated benefit obligation | 0 | 0 |
Post Retirement | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | -1,045 | -857 |
Deferred tax | 145 | 239 |
Accumulated other comprehensive income | -4 | -186 |
Net amount recognized | -904 | -804 |
Accumulated benefit obligation | ($1,045) | ($857) |
Pension_and_Retirement_Plans_D6
Pension and Retirement Plans (Detail) - Accrued benefit liability (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities [Abstract] | ||
Current accrued benefit liability | $658 | $746 |
Noncurrent accrued benefit liability | 10,440 | 8,660 |
Total accrued benefit liability | $11,098 | $9,406 |
Pension_and_Retirement_Plans_D7
Pension and Retirement Plans (Detail) - Future benefit payments (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
2015 | $700 |
2016 | 732 |
2017 | 725 |
2018 | 702 |
2019 | 756 |
Thereafter | $4,434 |
Pension_and_Retirement_Plans_D8
Pension and Retirement Plans (Detail) - Fair value of the assets held by the UK pension plan by asset category (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets fair value | $10,094 | $9,473 |
Fair Value Measurements Using Inputs Considered as Level I | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets fair value | 352 | 452 |
Fair Value Measurements Using Inputs Considered as Level II | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets fair value | 9,742 | 9,021 |
Fair Value Measurements Using Inputs Considered as Level III | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets fair value | 0 | 0 |
Cash on deposit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets fair value | 352 | 452 |
Cash on deposit | Fair Value Measurements Using Inputs Considered as Level I | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets fair value | 352 | 452 |
Cash on deposit | Fair Value Measurements Using Inputs Considered as Level II | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets fair value | 0 | 0 |
Cash on deposit | Fair Value Measurements Using Inputs Considered as Level III | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets fair value | 0 | 0 |
Pooled Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets fair value | 9,742 | 9,021 |
Pooled Funds | Fair Value Measurements Using Inputs Considered as Level I | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets fair value | 0 | 0 |
Pooled Funds | Fair Value Measurements Using Inputs Considered as Level II | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets fair value | 9,742 | 9,021 |
Pooled Funds | Fair Value Measurements Using Inputs Considered as Level III | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets fair value | $0 | $0 |
Lines_of_Credit_Detail
Lines of Credit (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Line of Credit Facility [Line Items] | ||
Maximum borrowing capacity | $2.50 | $2.50 |
Interest rate terms | Prime plus 1% to London Inter-Bank Offer Rate (“LIBORâ€) plus 2.5%, with a floor of 4% | Prime plus 1% to London Inter-Bank Offer Rate (“LIBORâ€) plus 2.5%, with a floor of 4% |
Amount outstanding | $2.10 | $2.40 |
Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Stated interest rate, percentage, minimum | 4.00% | 4.00% |
Line of Credit | Prime Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 1.00% | 1.00% |
Line of Credit | London Interbank Offered Rate (LIBOR) | ||
Line of Credit Facility [Line Items] | ||
Basis spread on variable rate | 2.50% | 2.50% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Detail) (USD $) | 12 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating Leases, Rent Expense (in Dollars) | $1.30 | $1 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 201 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Detail) - Future minimum rental payments on non-cancelable operating leases (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $777 |
2016 | 458 |
2017 | 308 |
2018 | 228 |
2019 | 225 |
Operating Leases, Future Minimum Payments Due | $1,996 |
Segment_Information_Detail_The
Segment Information (Detail) - The following table presents certain operating segment information. (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Sales: | ||
Product | $58,877 | $65,844 |
Service | 25,742 | 21,775 |
Total sales | 84,619 | 87,619 |
Profit (loss) from operations | 1,683 | 701 |
Assets | 46,307 | 47,225 |
Capital expenditures | 590 | 858 |
Depreciation and amortization | 634 | 520 |
HPPS | ||
Sales: | ||
Product | 9,151 | 5,483 |
Service | 5,384 | 1,517 |
Total sales | 14,535 | 7,000 |
Profit (loss) from operations | 1,352 | -1,603 |
Assets | 16,966 | 15,377 |
Capital expenditures | 216 | 340 |
Depreciation and amortization | 225 | 155 |
Germany [Member] | ||
Sales: | ||
Product | 9,273 | 8,666 |
Service | 15,790 | 14,975 |
Total sales | 25,063 | 23,641 |
Profit (loss) from operations | 466 | 154 |
Assets | 13,499 | 13,094 |
Capital expenditures | 211 | 232 |
Depreciation and amortization | 185 | 183 |
UK [Member] | ||
Sales: | ||
Product | 2,131 | 581 |
Service | 1,299 | 1,409 |
Total sales | 3,430 | 1,990 |
Profit (loss) from operations | -187 | -141 |
Assets | 3,464 | 3,170 |
Capital expenditures | 90 | 8 |
Depreciation and amortization | 32 | 13 |
U.S. | ||
Sales: | ||
Product | 38,322 | 51,114 |
Service | 3,269 | 3,874 |
Total sales | 41,591 | 54,988 |
Profit (loss) from operations | 52 | 2,291 |
Assets | 12,378 | 15,584 |
Capital expenditures | 73 | 278 |
Depreciation and amortization | 192 | 169 |
Total Service and System Integration Segment [Member] | ||
Sales: | ||
Product | 49,726 | 60,361 |
Service | 20,358 | 20,258 |
Total sales | 70,084 | 80,619 |
Profit (loss) from operations | 331 | 2,304 |
Assets | 29,341 | 31,848 |
Capital expenditures | 374 | 518 |
Depreciation and amortization | $409 | $365 |
Segment_Information_Detail_The1
Segment Information (Detail) - The Company’s sales by operating segment (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Sales | $84,619 | $87,619 |
% of Total | 100.00% | 100.00% |
Americas | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Sales | 53,561 | 59,116 |
% of Total | 63.00% | 68.00% |
Europe | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Sales | 28,395 | 25,512 |
% of Total | 34.00% | 29.00% |
Asia | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Sales | 2,663 | 2,991 |
% of Total | 3.00% | 3.00% |
HPPS | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Sales | 14,535 | 7,000 |
% of Total | 17.00% | 8.00% |
HPPS | Americas | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Sales | 10,918 | 4,031 |
HPPS | Europe | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Sales | 992 | 12 |
HPPS | Asia | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Sales | 2,625 | 2,957 |
ITS | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Sales | 70,084 | 80,619 |
% of Total | 83.00% | 92.00% |
ITS | Americas | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Sales | 42,643 | 55,085 |
ITS | Europe | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Sales | 27,403 | 25,500 |
ITS | Asia | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Sales | $38 | $34 |
Segment_Information_Detail_Lon
Segment Information (Detail) - Long-lived assets by geographic location (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $2,018 | $1,830 |
North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,429 | 1,287 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $589 | $543 |
Segment_Information_Detail_Def
Segment Information (Detail) - Deferred tax assets by geographic location (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets | $3,122 | $3,084 |
North America | ||
Deferred tax assets | 2,300 | 2,553 |
Europe | ||
Deferred tax assets | $822 | $531 |
Segment_Information_Detail_Maj
Segment Information (Detail) - Major customers (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Customer A | ||
Revenue, Major Customer [Line Items] | ||
Amount (in Dollars) | $15.20 | $15.70 |
% of Revenues | 18.00% | 18.00% |
Customer B | ||
Revenue, Major Customer [Line Items] | ||
Amount (in Dollars) | 15.7 | 13.4 |
% of Revenues | 19.00% | 15.00% |
Customer C | ||
Revenue, Major Customer [Line Items] | ||
Amount (in Dollars) | $0.20 | $10.50 |
% of Revenues | 0.00% | 12.00% |
Fair_Value_Measures_Detail_Ass
Fair Value Measures (Detail) - Assets and Liabilities measured at fair value on a recurring basis (USD $) | Sep. 30, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Money Market funds | $1,006 | $3,503 |
Total assets measured at fair value | 1,006 | 3,503 |
Level 1 | ||
Assets: | ||
Money Market funds | 1,006 | 3,503 |
Total assets measured at fair value | 1,006 | 3,503 |
Level 2 | ||
Assets: | ||
Money Market funds | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Level 3 | ||
Assets: | ||
Money Market funds | 0 | 0 |
Total assets measured at fair value | $0 | $0 |
Dividend_Detail
Dividend (Detail) (USD $) | 0 Months Ended | 12 Months Ended | |||||||
Aug. 06, 2014 | 14-May-14 | Feb. 11, 2014 | Dec. 17, 2013 | Aug. 07, 2013 | 8-May-13 | Dec. 10, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | |||||||||
Common Stock, Dividends, Per Share, Declared | $0.11 | $0.11 | $0.11 | $0.10 | $0.10 | $0.10 | $0.20 | $0.43 | $0.40 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
member | |
Related Party Transactions [Abstract] | |
Members of CSP Inc.'s Board of Directors serving on related party company's board | 2 |
Revenue from Related Parties | $161,348 |
Accounts Receivable, Related Parties | $29,260 |