Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2019 | Feb. 07, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CSP INC /MA/ | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 4,238,596 | |
Amendment Flag | false | |
Entity Central Index Key | 0000356037 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 17,627 | $ 18,099 |
Accounts receivable, net of allowances of $160 and $138 | 12,470 | 15,114 |
Investment in lease, net-current portion | 383 | |
Investment in lease, net-current portion | 367 | |
Inventories | 5,507 | 7,818 |
Refundable income taxes | 555 | 487 |
Other current assets | 4,546 | 4,649 |
Total current assets | 41,088 | 46,534 |
Property, equipment and improvements, net | 1,356 | 1,273 |
Operating lease right-of-use assets | 2,288 | |
Intangibles, net | 35 | 37 |
Investment in lease, net-less current portion | 319 | |
Investment in lease, net-less current portion | 417 | |
Long-term receivable | 5,258 | 5,328 |
Deferred income taxes | 1,947 | 1,946 |
Cash surrender value of life insurance | 3,808 | 3,718 |
Other assets | 149 | 116 |
Total assets | 56,248 | 59,369 |
Current liabilities: | ||
Accounts payable and accrued expenses | 11,112 | 16,175 |
Line of credit | 871 | 2,459 |
Notes payable - current portion | 694 | 317 |
Deferred revenue | 1,433 | 741 |
Pension and retirement plans | 349 | 335 |
Total current liabilities | 14,459 | 20,027 |
Pension and retirement plans | 7,275 | 6,904 |
Note payable - noncurrent portion | 1,838 | 684 |
Operating lease liabilities - noncurrent portion | 1,679 | |
Income taxes payable | 694 | 694 |
Other noncurrent liabilities | 505 | 632 |
Total liabilities | 26,450 | 28,941 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Common stock, $.01 par value per share; authorized, 7,500 shares; issued and outstanding 4,154 and 4,154 shares, respectively | 42 | 42 |
Additional paid-in capital | 15,940 | 15,733 |
Retained earnings | 26,083 | 27,246 |
Accumulated other comprehensive loss | (12,267) | (12,593) |
Total shareholders’ equity | 29,798 | 30,428 |
Total liabilities and shareholders’ equity | $ 56,248 | $ 59,369 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Allowances (in Dollars) | $ 160 | $ 138 |
Common stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 7,500 | 7,500 |
Common stock, shares issued | 4,154 | 4,154 |
Common stock, shares outstanding | 4,154 | 4,154 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Sales: | ||
Sales | $ 16,572 | $ 18,980 |
Cost of sales: | ||
Total cost of sales | 12,541 | 14,631 |
Gross profit | 4,031 | 4,349 |
Operating expenses: | ||
Engineering and development | 672 | 745 |
Selling, general and administrative | 3,761 | 3,589 |
Total operating expenses | 4,433 | 4,334 |
Operating (loss) income | (402) | 15 |
Other income (expense): | ||
Foreign exchange (loss) gain | (335) | 7 |
Interest expense | (57) | (27) |
Interest income | 173 | 55 |
Other income, net | 11 | 2 |
Total other income (expense) | (208) | 37 |
(Loss) income before income taxes | (610) | 52 |
Income tax (benefit) expense | (70) | 2 |
Net (loss) income | (540) | 50 |
Net (loss) income attributable to common stockholders | $ (540) | $ 48 |
Net (loss) income per share – basic | $ (0.14) | $ 0.01 |
Weighted average shares outstanding – basic (in Shares) | 3,963 | 3,868 |
Net (loss) income per share – diluted | $ (0.14) | $ 0.01 |
Weighted average shares outstanding – diluted (in Shares) | 3,963 | 3,966 |
Product | ||
Sales: | ||
Sales | $ 13,222 | $ 15,711 |
Cost of sales: | ||
Total cost of sales | 11,318 | 13,212 |
Service | ||
Sales: | ||
Sales | 3,350 | 3,269 |
Cost of sales: | ||
Total cost of sales | $ 1,223 | $ 1,419 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (540) | $ 50 |
Other comprehensive income (loss): | ||
Foreign currency translation gain (loss) adjustments | 326 | (170) |
Other comprehensive gain (loss) | 326 | (170) |
Total comprehensive loss | $ (214) | $ (120) |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated other comprehensive loss | Total |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Adoption of ASU 2014-09 | $ 158 | $ 158 | |||
Beginning Balance (in Shares) at Sep. 30, 2018 | 4,017 | ||||
Beginning Balance at Sep. 30, 2018 | $ 40 | $ 14,661 | 29,926 | $ (10,825) | 33,802 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net (loss) income | 50 | 50 | |||
Other comprehensive (loss) gain | (170) | (170) | |||
Exercise of stock options | $ 1 | 3 | 4 | ||
Exercise of stock options (in shares) | 1 | ||||
Stock-based compensation | 178 | 178 | |||
Cash dividends declared on common stock ($0.15 per share) | (603) | (603) | |||
Ending Balance (in Shares) at Dec. 31, 2018 | 4,018 | ||||
Ending Balance at Dec. 31, 2018 | $ 41 | 14,842 | 29,531 | (10,995) | $ 33,419 |
Beginning Balance (in Shares) at Sep. 30, 2019 | 4,154 | 4,154 | |||
Beginning Balance at Sep. 30, 2019 | $ 42 | 15,733 | 27,246 | (12,593) | $ 30,428 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net (loss) income | (540) | (540) | |||
Other comprehensive (loss) gain | 326 | 326 | |||
Exercise of stock options | 2 | 2 | |||
Stock-based compensation | 205 | 205 | |||
Cash dividends declared on common stock ($0.15 per share) | (623) | $ (623) | |||
Ending Balance (in Shares) at Dec. 31, 2019 | 4,154 | 4,154 | |||
Ending Balance at Dec. 31, 2019 | $ 42 | $ 15,940 | $ 26,083 | $ (12,267) | $ 29,798 |
CONSOLIDATED STATEMENT OF SHA_2
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares | Dec. 10, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared | $ 0.15 | $ 0.15 | $ 0.15 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows used in operating activities: | ||
Net (loss) income | $ (540) | $ 50 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ||
Depreciation | 123 | 101 |
Amortization of intangibles | 2 | 5 |
Loss on sale of fixed assets, net | 1 | |
Foreign exchange loss (gain) | 335 | (7) |
Non-cash changes in accounts receivable | 20 | 2 |
Non-cash changes in inventories | 116 | 125 |
Non-cash lease expense | 164 | |
Stock-based compensation expense on stock options and restricted stock awards | 205 | 178 |
Deferred income taxes | (1) | (99) |
Increase in cash surrender value of life insurance | (30) | (28) |
Changes in operating assets and liabilities: | ||
Decrease (increase) in accounts receivable | 2,718 | (4,128) |
Decrease in life insurance receivable | 256 | |
Decrease in inventories | 2,199 | 629 |
(Increase) decrease in refundable income taxes | (68) | 109 |
Increase in operating right-of-use assets | (2,288) | |
Decrease (increase) in other assets | 80 | (703) |
Decrease in investment in lease | 82 | 57 |
Decrease in long-term receivable | 70 | |
(Decrease) increase in accounts payable and accrued expenses | (6,451) | 141 |
Increase in operating lease liabilities | 2,320 | |
Increase (decrease) in deferred revenue | 691 | (247) |
Increase (decrease) in pension and retirement plans liabilities | 9 | (78) |
Increase (decrease) in income taxes payable | (13) | |
(Decrease) increase in other long-term liabilities | (127) | 101 |
Net cash used in operating activities | (370) | (3,549) |
Cash flows used in investing activities: | ||
Life insurance premiums paid | (60) | |
Purchases of property, equipment and improvements | (207) | (233) |
Net cash used in investing activities | (267) | (233) |
Cash flows used in financing activities: | ||
Net borrowings under line-of-credit agreement | (1,588) | (410) |
Proceeds from debt | 2,037 | |
Repayments on debt | (506) | |
Principal payments on finance leases | (78) | |
Principal payments on finance leases | (70) | |
Proceeds from issuance of shares under equity compensation plans | 2 | 3 |
Net cash used in financing activities | (133) | (477) |
Effects of exchange rate on cash | 298 | (192) |
Net decrease in cash and cash equivalents | (472) | (4,451) |
Cash and cash equivalents beginning of period | 18,099 | 25,107 |
Cash and cash equivalents at end of period | 17,627 | 20,656 |
Supplementary cash flow information: | ||
Cash paid for interest | 111 | 67 |
Non-cash accrual of dividend payable | $ 623 | $ 603 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying consolidated financial statements have been prepared by the Company, without audit, and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. All adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in the annual consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States, have been omitted. Accordingly, the Company believes that although the disclosures are adequate to make the information presented not misleading, the unaudited consolidated financial statements should be read in conjunction with the footnotes contained in the Company’s Annual Report on Form 10‑K for the fiscal year ended September 30, 2019. |
Use of Estimates
Use of Estimates | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | 2. 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. These estimates and assumptions are related to reserves for bad debt, reserves for inventory obsolescence, the impairment assessment of intangible assets, right-of-use assets and lease liabilities, and the calculation of standalone selling price for revenue recognition, the calculation of liabilities related to deferred compensation and retirement plans and the calculation of income tax liabilities. Actual results may differ from those estimates under different assumptions or conditions. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements Accounting standards adopted in fiscal year 2020 In February 2016, the FASB issued ASU 2016‑02, Leases (Topic 842) , an amendment of the FASB Accounting Standards Codification. This ASU requires lessees to recognize a right-of-use asset and lease liability for most lease arrangements, which excludes leases that meet the definition of a short-term lease. The Company adopted this standard on October 1, 2019 using a modified retrospective transition method with an adjustment to the Consolidated Balance Sheet’s assets and liabilities with no adjustment to prior period. Additionally, prior comparative periods were not restated. A package of three practical expedients that is applicable to all leases as lessee or lessor was adopted. This includes not reassessing whether any expired or existing contracts are or contain leases, not reassessing lease classification for any expired or existing leases, and not reassessing initial direct cost for any existing lease under ASC Topic 840. The Company also elected the practical expedient as a lessee to not separate lease and non-lease components for operating leases. The statement of operations for the three month period ended December 31, 2019 was not materially affected. However, there was a material impact on the Company’s consolidated balance sheet as of December 31, 2019 due to the recognition of right-of-use assets and lease liabilities for operating leases, which is shown in the following table: As reported ASC 842 As of September 30, 2019 Adjustment October 1, 2019 (In thousands) Assets: Operating lease right-of-use assets $ — $ 2,448 $ 2,448 Liabilities: Accounts payable and accrued expenses 16,175 665 16,840 Operating lease liabilities - noncurrent portion — 1,783 1,783 In February 2018, the FASB issued ASU 2018‑02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which allow a reclassification from accumulated other comprehensive income (loss) (“AOCI”) to retained earnings for stranded tax effects resulting from the change in the U.S. federal corporate income tax rate on the gross deferred tax amounts at the date of enactment of the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”). The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. Beginning October 1, 2019, the Company adopted the ASU and it did not have a material impact on our consolidated financial statements. In June 2018, the FASB issued ASU No. 2018‑07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting , an amendment of the FASB Accounting Standards Codification. Under this ASU companies will no longer be required to value non-employee awards differently from employee awards, but the accounting remains different for attribution and a contractual term election for valuing nonemployee equity share options. Equity-classified awards to nonemployees will now be measured at the grant date using fair value of the equity instruments the company is obligated to issue and recognition is associated with the probable outcome. Awards are subsequently measured using stock compensation guidance unless they are modified after the nonemployee stops providing goods or services. Existing disclosure requirements within the stock compensation guidance also apply to nonemployee awards. For public entities, the new standard is effective for annual periods beginning after December 15, 2018, including interim periods within that fiscal year. Beginning October 1, 2019, the Company adopted the ASU and it did not have a material impact on our consolidated financial statements. New accounting standards not adopted as of December 31, 2019 In June 2016, the FASB issued ASU 2016‑13, Financial Instruments-Credit Losses (Topic 326) , an amendment of the FASB Accounting Standards Codification. This ASU will change how entities account for credit losses for most financial assets and certain other instruments. For trade receivables, loans and held-to-maturity debt securities entities will be required to estimate lifetime expected credit losses. For available-for-sale debt securities entities will be required to recognize an allowance for credit losses rather than a reduction to the carrying value of the asset. Additionally, there will be a significant increase in the amount of disclosures by year of origination for certain financing receivables. For public entities, the new standard is effective for annual periods beginning after December 15, 2019, including interim periods within that annual period. The Company is evaluating the effect that ASU 2016‑13 will have on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018‑14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715‑20) , Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans, an amendment of the FASB Accounting Standards Codification. Under this ASU existing disclosures not considered cost beneficial are removed, disclosures identified as relevant are added, and there is added clarification regarding specific existing disclosures. For public entities, the new standard is effective for annual periods beginning after December 15, 2020. The Company is evaluating the effect that ASU 2018‑14 will have on its consolidated financial statements and related disclosures. |
Revenue
Revenue | 3 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 4. Revenue We derive revenue from the sale of integrated hardware and software, third-party service contracts, professional services, managed services, financing of hardware and software, and other services. We recognize revenue from hardware upon transfer of control, which is at a point in time typically upon shipment when title transfers. Revenue from software is recognized at a point in time when the license is granted. We recognize revenue from third-party service contracts as either gross sales or net sales depending on whether the Company is acting as a principal party to the transaction or simply acting as an agent or broker based on control and timing. The Company is a principal if it controls the good or service before that good or service is transferred to the customer. We record revenue as gross when the Company is a principal party to the arrangement and net of cost when we are acting as a broker or agent. Under gross sales recognition, the entire selling price is recorded in revenue 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 revenue resulting in net sales equal to the gross profit on the transaction. Third-party service contracts are sold in different combinations with hardware, software, and services. We have determined the third-party services contracts are a single performance obligation in each sale. When the Company is an agent, revenue is typically recorded at a point in time. When the Company is the principal, revenue is recognized over the contract term. Professional services generally include implementation, installation, and training services. Professional services are considered a series of distinct services that form one performance obligation and revenue is recognized over time as services are performed. Revenue generated from managed services is recognized over the term of the contract. Certain managed services contracts include financing of hardware and software. Revenues from arrangements which include financing are allocated considering relative standalone selling prices of lease and non-lease components within the agreement. The lease component includes hardware, which is subject to ASC 842, Leases . The non-lease components are subject to ASC 606. Other services generally include revenue generated through our royalty, extended warranty, multicomputer repair, and maintenance contracts. Royalty revenue is sales-based and recognized on date of subsequent sale of the product, which occurs on the date of customer shipment. Revenue from extended warranty contracts is recognized evenly over the period of the warranty. Multicomputer repair services revenue is recognized upon control transfer when the customer takes possession of the computer at time of shipping. Revenue generated from maintenance services is recognized evenly over the term of the contract. Variable consideration is immaterial. The right of return risk lies with the original manufacturer of the product. Managed service contracts contain the right to refund if canceled within 30 days of inception. Any products with a standard warranty are treated as a warranty obligation under ASC 460, Guarantees. The following policies are applicable to our major categories of segment revenue transactions: TS Segment Revenue TS Segment revenue is derived from the sale of hardware, software, professional services, third-party service contracts, maintenance contracts, managed services, and financing of hardware and software. Financing revenue pertaining to the portion of an arrangement containing a lease is recognized in accordance with ASC 842. Financing revenue related to the lease is recorded in revenue as equipment leasing is part of the Company’s operations. Third-party service contracts are evaluated to determine whether such service revenue should be recorded as gross or net sales and whether over time or at point in time. HPP Segment Revenue HPP segment revenue is derived from the sale of integrated hardware and software, maintenance, and other services through the Multicomputer and Myricom product lines. Myricom revenue is derived from the sale of products, which are comprised of both hardware and embedded software which is essential to the products’ functionality, and post contract maintenance and support. Post contract maintenance and support is considered immaterial in the context of the contract and therefore is not a separate performance obligation. See disaggregated revenues below by products/services and geography. Technology Solutions Segment High Performance Products United Consolidated For the three months ended December 31, Segment Kingdom U.S. Total Total (Amounts in thousands) 2019 Sales: Product $ $ $ $ $ Service Finance * — — Total sales $ $ $ $ $ Technology Solutions Segment High Performance Products United Consolidated For the three months ended December 31, Segment Kingdom U.S. Total Total (Amounts in thousands) 2018 Sales: Product $ $ $ $ $ Service Finance * — — Total sales $ $ $ $ $ * Finance revenue is related to equipment leasing and is not subject to the guidance on revenue from contracts with customers (ASC 606). Significant Judgments The input method using labor hours expended relative to the total expected hours is used to recognize revenue for professional services. Only the hours that depict the Company’s performance toward satisfying a performance obligation are used for progress. An estimate for professional services is made at the beginning of each contract based on prior experience and monitored throughout the services. This method is most appropriate as it depicts the measure of progress towards satisfaction of the performance obligation. When product and services are sold together, the allocation of the transaction price to each performance obligation is calculated using a budgeted cost-plus margin approach. Due to the complex nature of these contracts, there is significant judgment in allocating the transaction price. These estimates are periodically reviewed by project managers, engineers, and other staff involved to ensure estimates are appropriate. For items sold separately, including hardware, software, professional services, maintenance contracts, other services, and third-party service contracts, there is no allocation performed as there is one performance obligation. Contract Assets and Liabilities When the Company has performed work but does not have an unconditional right to payment, a contract asset is recorded. When the Company has the right to bill a customer, accounts receivable is recorded as an unconditional right exists. Current contract assets were $1.0 million and $0.6 million as of December 31, 2019 and September 30, 2019, respectively. The current portion is recorded in other current assets on the consolidated balance sheets. There were no non-current contract assets as of December 31, 2019 and September 30, 2019. The difference in the balances is due to regular timing differences between when work is performed and having an unconditional right to payment. Contract liabilities arise when payment is received before the Company transfers a good or service to the customer. Current contract liabilities were $1.4 million and $0.7 million as of December 31, 2019 and September 30, 2019, respectively. The current portion of contract liabilities is recorded in deferred revenue on the consolidated balance sheets. The long-term portion of contract liabilities were $0.3 million and $0.3 million as of December 31, 2019 and September 30, 2019. These non-current liabilities are recorded in other noncurrent liabilities. Revenue recognized for the year ended September 30, 2019 that was included in contract liabilities as of the beginning of the period was $0.3 million. Contract Costs Incremental costs of obtaining a contract involving customer transactions where the revenue and the related transfer of goods and services are less than a one-year period, are expensed as incurred, utilizing the practical expedient in ASC 340‑40‑25‑4 . For a period greater than one year, incremental contract costs are capitalized if the Company expects to recover these costs. These costs are only capitalized if the contract is obtained. The costs are amortized over the contract term and expected renewal periods. The period of amortization is generally three to six years. Incremental costs are related to commissions in the TS portion of the business. Current capitalized contract costs are within the account other current assets on the consolidated balance sheets for the periods ended December 31, 2019 and September 30, 2019. The portion of current capitalized costs was $84 thousand and $85 thousand as of December 31, 2019 and September 30, 2019, respectively. There are no non-current capitalized costs on the consolidated balance sheets. The amount of incremental costs amortized for the three months ended December 31, 2019 was $78 thousand. This is recorded in selling, general, and administrative expenses. There was no impairment related to incremental costs capitalized during the three months ended December 31, 2019. Costs to fulfill a contract are capitalized when the costs are related to a contract or anticipated contract, generate or enhance resources that will be used in satisfying performance obligations in the future, and costs are recoverable. Costs to fulfill a contract are related to the TS portion of the business and involve activities performed before managed services can be completed. Current capitalized fulfillment costs are in the account other current assets and noncurrent are in other assets on the consolidated balance sheets. The portion of current capitalized costs was $13 thousand and $47 thousand as of December 31, 2019 and September 30, 2019, respectively. The portion of noncurrent capitalized costs was $31 thousand as of December 31, 2019 and there were not any as of September 30, 2019. The amount of fulfillment costs amortized for three months ended December 31, 2019 was $3 thousand. This is recorded in cost of sales. There was no impairment related to fulfillment costs capitalized. Other Projects are typically billed upon completion or at certain milestones. Product and services are typically billed when shipped or as services are being performed. Payment terms are typically 30 days to pay in full except in Europe where it could be up to 90 days. Most of the Company’s contracts are less than one year. As a practical expedient, the Company has elected not to adjust the amount of consideration for effects of a significant financing component when it is anticipated the promised good or service will be transferred and the subsequent payment will be one year or less. There are certain contracts that do contain a financing component. See Note 6 to the consolidated financial statements for additional information. The Company elected to use the optional exemption to not disclose the aggregate amount of the transaction price allocated to performance obligations that have an original expected duration of one year or less. This is due to a low amount of performance obligations less than one year being unsatisfied at each period end. Most of these contracts are related to product sales. The Company has certain contracts that have an original term of more than one year. The royalty agreement is longer than one year and managed service contracts are generally longer than one year. For these contracts the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied as of December 31, 2019 is mainly related to managed service contracts and is set forth in the table below: (Amounts in thousands) Fiscal 2020 (remaining 9 months) $ Fiscal 2021 Fiscal 2022 Fiscal 2023 Fiscal 2024 $ |
Earnings Per Share of Common St
Earnings Per Share of Common Stock | 3 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share of Common Stock | 5. Earnings Per Share of Common Stock Basic net income (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) 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 (loss) 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 (loss) attributable to common stockholders are as follows: For the three months ended December 31, December 31, 2019 2018 Net (loss) income (540) 50 Less: net income attributable to nonvested common stock — 2 Net (loss) income attributable to common stockholders $ (540) $ 48 Weighted average total shares outstanding – basic 3,963 4,018 Less: weighted average non–vested shares outstanding — 150 Weighted average number of common shares outstanding – basic 3,963 3,868 Potential common shares from non–vested stock awards and the assumed exercise of stock options — 98 Weighted average common shares outstanding – diluted 3,963 3,966 Net (loss) income per share – basic $ (0.14) $ 0.01 Net (loss) income per share – diluted $ (0.14) $ 0.01 Non-vested restricted stock awards of 190,000 shares were excluded from the diluted loss per share calculation for the three months ended December 31, 2019, as there was a net loss and their inclusion would have been anti-dilutive. |
Accounts and Long Term Receivab
Accounts and Long Term Receivable | 3 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts and Long Term Receivable | 6 . Accounts and Long-Term Receivable Within accounts receivable and long-term receivable there are amounts due reflecting sales whose payment terms exceed one year. This financing is separate from agreements with a leasing component, see Note 8 for financing through leases. These receivables are included in Accounts Receivable and Long-Term Receivable in the amount of $1.8 million and $5.0 million as of December 31, 2019. These receivables are included in Accounts Receivable and Long-Term Receivable in the amount of $2.1 million and $5.0 million as of September 30, 2019. The receivables with a payment term exceeding one year carry a weighted interest rate of 6.9%, which reflects the approximate interest rate consistent with a separate financing transaction with the customer. There is not an allowance for credit losses nor impairments for accounts and long-term receivables with a contractual maturity of over one year. All accounts have no past amounts due as of December 31, 2019 or September 30, 2019. There was also no activity in the allowance for credit losses of these receivables for the three months ended December 31, 2019. There were no sales with a payment term of more than a year as of December 31, 2018. All these agreements are looked at as one portfolio in determining credit losses. There are various factors that are considered in extending a customer payment terms longer than one year including payment history, economic conditions, and capacity to pay. The credit quality of customers is monitored by payment activity. The unearned income represents a rate similar to market. The amount of interest income earned from these agreements for the three months ended December 31, 2019 was $0.1 million which is recorded in Other income, net on the Consolidated Statements of Operations. There was no interest income earned for the three months ended December 31, 2018 as there were no arrangements with payment terms exceeding one year during the period. Receivables whose payment terms exceed one year are placed on nonaccrual status, meaning interest income stops being recorded, when the customer has a past due amount in excess of 30 days or reasonable doubt exists in collecting all interest and principal. A payment due in excess of 30 days is considered delinquent. If a payment is received for a receivable on nonaccrual status the payment is first applied to interest and then principal. Recording interest income resumes once no reasonable doubt exists regarding collecting all interest and principal. Contractual maturities of outstanding financing with an original contractual maturity over one year are as follows: Fiscal year ending September 30: (Amounts in thousands) 2020 (remaining 9 months) $ 2,137 2021 2,258 2022 1,880 2023 1,423 Total payments 7,698 Less: unearned income 860 Total, net of unearned income $ 6,838 |
Inventories
Inventories | 3 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | 7 . Inventories Inventories consist of the following: December 31, September 30, 2019 2019 (Amounts in thousands) Raw materials $ 771 $ 671 Work-in-process 203 93 Finished goods 4,533 7,054 Total $ 5,507 $ 7,818 |
Leases
Leases | 3 Months Ended |
Dec. 31, 2019 | |
Leases | |
Leases | 8 . Lessee At the inception of an arrangement, CSP determines whether the arrangement contains a lease. This includes arrangements with goods and services to determine if there is an embedded lease. An arrangement containing a lease would allow the Company the right to control an implicitly or explicitly identified asset. If there is a lease in an arrangement, the classification is determined at inception of the arrangement. Certain leases may contain transfer of ownership or an option to purchase the underlying asset. The most relevant criterion for our lease classification is transfer of ownership, which if included in the arrangement makes the lease a finance lease rather than an operating lease. The discount rate used to assess classification is the incremental borrowing rate at the commencement date due to the implicit rate not being readily determinable. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The lease term includes periods where we are reasonably certain we will exercise the renewal option. The Company has elected not to apply Subtopic ASC 842-25 to short-term leases, which are defined as a lease that has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. Therefore, there are no right-of-use assets or lease liabilities related to short-term leases in the Consolidated Balance Sheets and the lease payments are expensed on a straight-line basis over the lease term. Leases are typically not able to be terminated without penalty. None of our lease arrangements contain residual value guarantees, restrictions, or covenants. None of the Company’s current leases are with related parties. There are no lease arrangements that we have entered into as of December 31, 2019 that have not yet commenced. Operating leases The Company has operating leases for office space, data centers, and other information technology equipment under various leases. Operating lease right-of-use assets and liabilities are recognized at the commencement date using the present value of the fixed lease payments over the lease term. We do not have leases with variable consideration. The incremental borrowing rate is used in determining present value. Certain operating leases, primarily office space and IT equipment, have an option to extend the lease. Renewal periods related to certain lease agreements related to office buildings are included in the lease term for lease accounting. The Company has operating lease agreements with lease components (e.g. fixed payments including rent, real estate taxes, and insurance costs) as well as non-lease components (e.g. common-area maintenance, colocation services). The Company has elected to account for lease and nonlease components as one single lease component for all classes of assets. Lease expense is recognized on a straight-line basis over the lease term. Finance leases The Company has finance leases for information technology equipment and subleases all this equipment (see Lessor section below for details). All finance leases transfer ownership to the Company, which meets the criterion to be a finance lease. Due to our finance leases being subleases, there is no finance right-of-use assets. However, there is a net investment in lease in the Consolidated Balance Sheets. Lessor The Company is a lessor, but only as a sublessor. The process for identifying and classifying a lease is similar to the process described above in the lessee section. Additionally, the most relevant criteria to classification is transfer of ownership and present value of the total lease payments in relation to fair value of the underlying asset. The Company as a lessor has both sales-type and direct financing leases. The Company as a lessor does not have operating leases. All the Company’s sublease agreements are bundled agreements containing managed services, software, and other services. The fixed payments under bundled agreements are allocated based on the relative standalone selling prices of the lease and non-lease deliverables are consistent with ASC 606. The allocation of the fixed payments may be calculated using a budgeted cost-plus margin approach if there are other services in addition to managed services. Due to the complex nature of these contracts, there is significant judgment in allocating the fixed payments. There is no variable consideration in these agreements. The discount rate used as a lessor pertaining to the lease component is the implicit rate. As sublessor, lease agreements contain an option to purchase the underlying asset or transfers ownership at the end of the lease. The leases typically do not have any residual value to the Company. In the Company’s sublessor agreements, the payments allocated to the lease component cannot be terminated. There were no new agreements where the Company was a lessor for the three months ended December 31, 2019. Information related to both lessee and lessor The following table specifies where the right-of-use assets and lease liabilities are within the Consolidated Balance Sheets as of December 31, 2019 and October 1, 2019 (adoption date): Consolidated Balance Sheets Location December 31, 2019 October 1, 2019 (Amounts in thousands) (Amounts in thousands) Assets Operating leases Operating lease right-of-use assets $ 2,288 $ 2,448 Lease receivable - current Investment in lease, net-current portion $ 383 $ 367 Lease receivable - noncurrent Investment in lease, net-less current portion 319 417 Total lease receivable $ 702 $ 784 Liabilities Current operating lease liabilities Accounts payable and accrued expenses $ 685 $ 746 Non-current operating lease liabilities Operating lease liabilities - noncurrent portion 1,679 1,783 Total operating lease liabilities $ 2,364 $ 2,529 Current finance lease liabilities Accounts payable and accrued expenses $ 338 $ 333 Non-current finance lease liabilities Other noncurrent liabilities 240 326 Total finance lease liabilities $ 578 $ 659 The components of lease costs for the three months ended December 31, 2019 are as follows: Three months ended Consolidated Statements of Operations Location December 31, 2019 (Amounts in thousands) Finance Lease: Interest on lease liabilities Selling, general, and administrative $ 13 Operating Lease: Operating lease cost Selling, general, and administrative 180 Short-term lease cost Selling, general, and administrative 3 Total lease costs $ 196 Less sublease interest income Revenue (26) Total lease costs, net of sublease interest income $ 170 Future lease payments under our non-cancellable leases and payments to be received as a sublessor as of December 31, 2019 are in the following table: Operating lease Finance lease Sublease Fiscal year ending September 30: Costs Costs Payments received (Amounts in thousands) 2020 (remaining 9 months) $ 574 $ 273 $ 342 2021 619 285 356 2022 520 51 67 2023 439 5 12 2024 240 — 3 Thereafter 182 — — Total $ 2,574 $ 614 $ 780 Less Imputed interest (210) (36) (78) Total $ 2,364 $ 578 $ 702 Supplemental cash flow information related to leases for the three months ended December 31, 2019 is below: Three months ended December 31, 2019 (Amounts in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 188 Operating cash flows from short-term leases 9 Operating cash flows from finance leases 13 Financing cash flows from finance leases 78 Lease assets obtained in exchange for new lease liabilities Operating leases 4 Cash received from subleases 113 Information related to weighted averages of lease term and discount rate as of December 31, 2019 is below: Weighted-average remaining lease term (years) December 31, 2019 Operating leases 4.2 Finance leases 2.6 Weighted-average discount rate December 31, 2019 Operating leases Finance leases Below are ASC 840 disclosures as previously reported in our Form 10-K for the year ended September 30, 2019: Lessee Operating Leases The Company was obligated under non-cancelable operating leases with an initial term in excess of one year as follows: Fiscal year ending September 30: (Amounts in thousands) 2020 (full year) $ 475 2021 173 2022 58 2023 43 Total $ 749 Capital leases The Company was obligated under non-cancelable capital leases as follows: Fiscal year ending September 30: (Amounts in thousands) 2020 (full year) $ 363 2021 285 2022 51 2023 5 Minimum lease payments including interest $ 704 Amount representing interest (46) Minimum lease payments excluding interest $ 658 Lessor A summary of components for the Company’s investment in lease, net is as follows: September 30, 2019 (Amounts in thousands) Investment in lease, gross $ 889 Unearned income (105) Total investment in lease, net $ 784 Current portion $ 367 Noncurrent portion $ 417 The schedule of future minimum lease payments receivable is as follows: Fiscal year ending September 30: (Amounts in thousands) 2020 (full year) $ 451 2021 356 2022 67 2023 12 2024 3 Minimum lease payments including interest $ 889 Amount representing interest (105) Minimum lease payments excluding interest $ 784 |
Notes Payable
Notes Payable | 3 Months Ended |
Dec. 31, 2019 | |
Notes Payable [Abstract] | |
Notes Payable | 9 . In September 2019, the Company borrowed $1.0 million with a 5.0% rate of interest related to a multi-year agreement with a customer. In October 2019, the Company borrowed $2.0 million with a 5.1% rate of interest related to a multi-year agreement with a customer. See Note 6 for the disclosure related to the receivables. Interest expense related to the notes for the three months ended December 31, 2019 was $30 thousand. There was no interest expense related to a note for the three months ended December 31, 2018 as there were no outstanding notes payable as of this date. Below are details of the notes payable. December 31, 2019 September 30, 2019 (Amounts in thousands) Current $ 808 $ 359 Less: notes discount 114 42 Notes payable - current portion $ 694 $ 317 Noncurrent 1,974 $ 718 Less: notes discount 136 34 Notes payable - noncurrent portion $ 1,838 $ 684 |
Pension and Retirement Plans
Pension and Retirement Plans | 3 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Retirement Plans | 10. Pension and Retirement Plans The Company’s operations have defined benefit and defined contribution plans in the U.K. and in the U.S. In the U.K., the Company provides defined benefit pension plans and defined contribution plans for some of its employees. In the U.S., the Company provides benefits through supplemental retirement plans to certain former employees. The U.S. supplemental retirement plans have life insurance policies which are not plan assets but were purchased by the Company as a vehicle to fund the costs of the plan. The Company also provides for officer death benefits through post-retirement plans to certain officers of the Company in the U.S. All of the Company’s defined benefit plans are closed to newly hired employees and have been since September 2009. 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. The Company’s pension plan in the U.K. is the only plan with plan assets. The plan assets consist of an investment in a commingled fund which in turn comprises a diversified mix of assets including corporate equity securities, government securities and corporate debt securities. The components of net periodic benefit costs related to the U.S. and U.K. plans are as follows: Three Months Ended December 31, 2019 2018 U.K. U.S. Total U.K. U.S. Total (Amounts in thousands) Pension: Interest cost $ 66 $ 4 $ 70 $ 91 $ 6 $ 97 Expected return on plan assets (74) — (74) (77) — (77) Amortization of past service costs 1 — 1 Amortization of net gain 48 1 49 38 (1) 37 Net periodic benefit cost $ 41 $ 5 $ 46 $ 52 $ 5 $ 57 Post Retirement: Service cost $ — $ 10 $ 10 $ — $ 9 $ 9 Interest cost — 12 12 — 13 13 Amortization of net gain — 6 6 — (5) (5) Net periodic cost $ — $ 28 $ 28 $ — $ 17 $ 17 The fair value of the assets held by the U.K. pension plan by asset category are as follows: Fair Values as of December 31, 2019 September 30, 2019 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 (Amounts in thousands) Cash on deposit $ 234 $ 234 $ — $ — $ 279 $ 279 $ — $ — Pooled funds 8,815 8,815 — — 7,959 7,959 — — Total plan assets $ 9,049 $ 9,049 $ — $ — $ 8,238 $ 8,238 $ — $ — |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The income tax benefit was $70 thousand for the three months ended December 31, 2019 compared to an income tax expense of $2 thousand in the same period of 2018. The U.K. did not have any income tax expense in the three month period of fiscal year 2019 due to benefits from the pension contribution. The provisions above are estimates, and accordingly, changes to these estimates will be recorded in subsequent periods as more information and guidance becomes available. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 12. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: December 31, September 30, 2019 2019 (Amounts in thousands) Cumulative effect of foreign currency translation $ (4,785) $ (5,111) Cumulative unrealized loss on pension liability (7,482) (7,482) Accumulated other comprehensive loss $ (12,267) $ (12,593) |
Dividends
Dividends | 3 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Dividends | 13. Dividends On December 10, 2019, the Company’s board of directors declared a cash dividend of $0.15 per share which was paid on January 15, 2020 to shareholders of record as of December 31, 2019, the record date. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 3 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities | 14. Fair Value of Financial Assets and Liabilities Under the fair value standards fair value is based on the exit price and defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement should reflect all the assumptions that market participants would use in pricing an asset or liability. A fair value hierarchy is established in the authoritative guidance outlined in three levels ranking from Level 1 to Level 3 with Level 1 being the highest priority. Level 1: observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly Level 3: unobservable inputs (e.g., a reporting entity’s or other entity’s own data) The Company had no assets or liabilities measured at fair value on a recurring (except our pension plan assets and whole life insurance policies, see Note 10) or non-recurring basis as of December 31, 2019 or September 30, 2019. To estimate fair value of the financial instruments below, quoted market prices are used when available and classified within Level 1. If this data is not available, we use observable market-based inputs to estimate fair value, which are classified within Level 2. If the preceding information is unavailable, we use internally generated data to estimate fair value which is classified within Level 3. As of December 31, 2019 As of September 30, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Fair Value Level Reference (Amounts in thousands) Assets: Cash and cash equivalents $ 17,627 $ 17,627 $ 18,099 $ 18,099 1 Consolidated Balance Sheets Accounts & long-term receivable* 6,838 6,838 7,087 7,087 3 Note 6 Liabilities: Note payable 2,532 2,532 1,001 1,001 2 Note 9 *Original maturity over one year Cash and cash equivalents Carrying amount approximated fair value. Accounts and long-term receivable with original maturity over one year Fair value was estimated by discounting future cash flows based on the current rate with similar terms. Note Payable Fair value was estimated based on quoted market prices. Fair value of accounts receivable with an original maturity of one year or less and accounts payable was not materially different from their carrying values at December 31, 2019 and September 30, 2019. |
Segment Information
Segment Information | 3 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 15. Segment Information The following tables present certain operating segment information for the three months ended December 31, 2019 and December 31, 2018. Technology Solutions Segment High Performance Products United Consolidated For the three months ended December 31, Segment Kingdom U.S. Total Total (Amounts in thousands) 2019 Sales: Product $ 767 $ 553 $ 11,902 $ 12,455 $ 13,222 Service 274 126 2,950 3,076 3,350 Total sales $ 1,041 $ 679 $ 14,852 $ 15,531 $ 16,572 Income (loss) from operations $ (1,263) $ 3 $ 858 $ 861 $ (402) Total assets $ 10,496 $ 10,847 $ 34,905 $ 45,752 $ 56,248 Capital expenditures 34 — 173 173 207 Depreciation and amortization 58 3 64 67 125 2018 Sales: Product $ 1,733 $ 1,732 $ 12,246 $ 13,978 $ 15,711 Service 293 70 2,906 2,976 3,269 Total sales $ 2,026 $ 1,802 $ 15,152 $ 16,954 $ 18,980 Income (loss) from operations $ (827) $ 26 $ 816 $ 842 $ 15 Total assets $ 14,059 $ 13,110 $ 27,426 $ 40,536 $ 54,595 Capital expenditures 203 — 30 30 233 Depreciation and amortization 53 2 51 53 106 Income (loss) from operations consists of sales less cost of sales, engineering and development expenses, and selling, general and administrative expenses but is not affected by either other income/expense or by income taxes expense (benefit). Non-operating expenses/income consists principally of investment income, interest income from transactions with payment terms exceeding one year (see note 6 for details), and interest expense. All intercompany transactions have been eliminated. The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the three months ended December 31, 2019 and 2018. For the three months ended December 31, 2019 2018 Customer % of Total Customer % of Total Revenues Revenues Revenues Revenues Customer A $ 2.6 16 % $ 7 % Customer B $ 1.8 11 % $ 1.0 5 % Accounts receivable and long term receivable combined from Customer B totaled approximately $5.6 million, or 32% and approximately $7.4 million, or 36% of total consolidated accounts receivable and long term receivable as of December 31, 2019 and September 30, 2019. There were no other customers that were 10% or more of total consolidated accounts receivable and long term receivable as of December 31, 2019. We believe that the Company is not exposed to any significant credit risk with respect to the accounts receivable with any customers as of December 31, 2019. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | As reported ASC 842 As of September 30, 2019 Adjustment October 1, 2019 (In thousands) Assets: Operating lease right-of-use assets $ — $ 2,448 $ 2,448 Liabilities: Accounts payable and accrued expenses 16,175 665 16,840 Operating lease liabilities - noncurrent portion — 1,783 1,783 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregated Revenue | See disaggregated revenues below by products/services and geography. Technology Solutions Segment High Performance Products United Consolidated For the three months ended December 31, Segment Kingdom U.S. Total Total (Amounts in thousands) 2019 Sales: Product $ $ $ $ $ Service Finance * — — Total sales $ $ $ $ $ Technology Solutions Segment High Performance Products United Consolidated For the three months ended December 31, Segment Kingdom U.S. Total Total (Amounts in thousands) 2018 Sales: Product $ $ $ $ $ Service Finance * — — Total sales $ $ $ $ $ * Finance revenue is related to equipment leasing and is not subject to the guidance on revenue from contracts with customers (ASC 606). |
Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction | For these contracts the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied as of December 31, 2019 is mainly related to managed service contracts and is set forth in the table below: (Amounts in thousands) Fiscal 2020 (remaining 9 months) $ Fiscal 2021 Fiscal 2022 Fiscal 2023 Fiscal 2024 $ |
Earnings Per Share of Common _2
Earnings Per Share of Common Stock (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share computations | Basic and diluted earnings per share computations for the Company’s reported net income (loss) attributable to common stockholders are as follows: For the three months ended December 31, December 31, 2019 2018 Net (loss) income (540) 50 Less: net income attributable to nonvested common stock — 2 Net (loss) income attributable to common stockholders $ (540) $ 48 Weighted average total shares outstanding – basic 3,963 4,018 Less: weighted average non–vested shares outstanding — 150 Weighted average number of common shares outstanding – basic 3,963 3,868 Potential common shares from non–vested stock awards and the assumed exercise of stock options — 98 Weighted average common shares outstanding – diluted 3,963 3,966 Net (loss) income per share – basic $ (0.14) $ 0.01 Net (loss) income per share – diluted $ (0.14) $ 0.01 |
Accounts and Long Term Receiv_2
Accounts and Long Term Receivable (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Summary of contractual maturities of outstanding financing | Fiscal year ending September 30: (Amounts in thousands) 2020 (remaining 9 months) $ 2,137 2021 2,258 2022 1,880 2023 1,423 Total payments 7,698 Less: unearned income 860 Total, net of unearned income $ 6,838 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following: December 31, September 30, 2019 2019 (Amounts in thousands) Raw materials $ 771 $ 671 Work-in-process 203 93 Finished goods 4,533 7,054 Total $ 5,507 $ 7,818 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Leases | |
Schedule of Leases | The following table specifies where the right-of-use assets and lease liabilities are within the Consolidated Balance Sheets as of December 31, 2019 and October 1, 2019 (adoption date): Consolidated Balance Sheets Location December 31, 2019 October 1, 2019 (Amounts in thousands) (Amounts in thousands) Assets Operating leases Operating lease right-of-use assets $ 2,288 $ 2,448 Lease receivable - current Investment in lease, net-current portion $ 383 $ 367 Lease receivable - noncurrent Investment in lease, net-less current portion 319 417 Total lease receivable $ 702 $ 784 Liabilities Current operating lease liabilities Accounts payable and accrued expenses $ 685 $ 746 Non-current operating lease liabilities Operating lease liabilities - noncurrent portion 1,679 1,783 Total operating lease liabilities $ 2,364 $ 2,529 Current finance lease liabilities Accounts payable and accrued expenses $ 338 $ 333 Non-current finance lease liabilities Other noncurrent liabilities 240 326 Total finance lease liabilities $ 578 $ 659 |
Schedule of components of lease costs | The components of lease costs for the three months ended December 31, 2019 are as follows: Three months ended Consolidated Statements of Operations Location December 31, 2019 (Amounts in thousands) Finance Lease: Interest on lease liabilities Selling, general, and administrative $ 13 Operating Lease: Operating lease cost Selling, general, and administrative 180 Short-term lease cost Selling, general, and administrative 3 Total lease costs $ 196 Less sublease interest income Revenue (26) Total lease costs, net of sublease interest income $ 170 |
Schedule of future lease payments under our non-cancellable leases and payments to be received as a sublessor | Future lease payments under our non-cancellable leases and payments to be received as a sublessor as of December 31, 2019 are in the following table: Operating lease Finance lease Sublease Fiscal year ending September 30: Costs Costs Payments received (Amounts in thousands) 2020 (remaining 9 months) $ 574 $ 273 $ 342 2021 619 285 356 2022 520 51 67 2023 439 5 12 2024 240 — 3 Thereafter 182 — — Total $ 2,574 $ 614 $ 780 Less Imputed interest (210) (36) (78) Total $ 2,364 $ 578 $ 702 |
Supplemental cash flow information | Supplemental cash flow information related to leases for the three months ended December 31, 2019 is below: Three months ended December 31, 2019 (Amounts in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 188 Operating cash flows from short-term leases 9 Operating cash flows from finance leases 13 Financing cash flows from finance leases 78 Lease assets obtained in exchange for new lease liabilities Operating leases 4 Cash received from subleases 113 |
Schedule of Weighted average remaining lease term and weighted-average discount rate | Information related to weighted averages of lease term and discount rate as of December 31, 2019 is below: Weighted-average remaining lease term (years) December 31, 2019 Operating leases 4.2 Finance leases 2.6 Weighted-average discount rate December 31, 2019 Operating leases Finance leases |
Schedule of Future minimum operating lease payments under ASC 840 | The Company was obligated under non-cancelable operating leases with an initial term in excess of one year as follows: Fiscal year ending September 30: (Amounts in thousands) 2020 (full year) $ 475 2021 173 2022 58 2023 43 Total $ 749 |
Schedule of Future minimum capital lease payments under ASC 840 | The Company was obligated under non-cancelable capital leases as follows: Fiscal year ending September 30: (Amounts in thousands) 2020 (full year) $ 363 2021 285 2022 51 2023 5 Minimum lease payments including interest $ 704 Amount representing interest (46) Minimum lease payments excluding interest $ 658 |
Schedule of net investment in lease | A summary of components for the Company’s investment in lease, net is as follows: September 30, 2019 (Amounts in thousands) Investment in lease, gross $ 889 Unearned income (105) Total investment in lease, net $ 784 Current portion $ 367 Noncurrent portion $ 417 |
Schedule of Future minimum lease payments, receivable under ASC 840 | The schedule of future minimum lease payments receivable is as follows: Fiscal year ending September 30: (Amounts in thousands) 2020 (full year) $ 451 2021 356 2022 67 2023 12 2024 3 Minimum lease payments including interest $ 889 Amount representing interest (105) Minimum lease payments excluding interest $ 784 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Notes Payable [Abstract] | |
Schedule of current and noncurrent notes payable | December 31, 2019 September 30, 2019 (Amounts in thousands) Current $ 808 $ 359 Less: notes discount 114 42 Notes payable - current portion $ 694 $ 317 Noncurrent 1,974 $ 718 Less: notes discount 136 34 Notes payable - noncurrent portion $ 1,838 $ 684 |
Pension and Retirement Plans (T
Pension and Retirement Plans (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | The components of net periodic benefit costs related to the U.S. and U.K. plans are as follows: Three Months Ended December 31, 2019 2018 U.K. U.S. Total U.K. U.S. Total (Amounts in thousands) Pension: Interest cost $ 66 $ 4 $ 70 $ 91 $ 6 $ 97 Expected return on plan assets (74) — (74) (77) — (77) Amortization of past service costs 1 — 1 Amortization of net gain 48 1 49 38 (1) 37 Net periodic benefit cost $ 41 $ 5 $ 46 $ 52 $ 5 $ 57 Post Retirement: Service cost $ — $ 10 $ 10 $ — $ 9 $ 9 Interest cost — 12 12 — 13 13 Amortization of net gain — 6 6 — (5) (5) Net periodic cost $ — $ 28 $ 28 $ — $ 17 $ 17 |
Schedule of fair value of Plan Assets | The fair value of the assets held by the U.K. pension plan by asset category are as follows: Fair Values as of December 31, 2019 September 30, 2019 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 (Amounts in thousands) Cash on deposit $ 234 $ 234 $ — $ — $ 279 $ 279 $ — $ — Pooled funds 8,815 8,815 — — 7,959 7,959 — — Total plan assets $ 9,049 $ 9,049 $ — $ — $ 8,238 $ 8,238 $ — $ — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss are as follows: December 31, September 30, 2019 2019 (Amounts in thousands) Cumulative effect of foreign currency translation $ (4,785) $ (5,111) Cumulative unrealized loss on pension liability (7,482) (7,482) Accumulated other comprehensive loss $ (12,267) $ (12,593) |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of assets and liabilities at fair value | As of December 31, 2019 As of September 30, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Fair Value Level Reference (Amounts in thousands) Assets: Cash and cash equivalents $ 17,627 $ 17,627 $ 18,099 $ 18,099 1 Consolidated Balance Sheets Accounts & long-term receivable* 6,838 6,838 7,087 7,087 3 Note 6 Liabilities: Note payable 2,532 2,532 1,001 1,001 2 Note 9 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables present certain operating segment information for the three months ended December 31, 2019 and December 31, 2018. Technology Solutions Segment High Performance Products United Consolidated For the three months ended December 31, Segment Kingdom U.S. Total Total (Amounts in thousands) 2019 Sales: Product $ 767 $ 553 $ 11,902 $ 12,455 $ 13,222 Service 274 126 2,950 3,076 3,350 Total sales $ 1,041 $ 679 $ 14,852 $ 15,531 $ 16,572 Income (loss) from operations $ (1,263) $ 3 $ 858 $ 861 $ (402) Total assets $ 10,496 $ 10,847 $ 34,905 $ 45,752 $ 56,248 Capital expenditures 34 — 173 173 207 Depreciation and amortization 58 3 64 67 125 2018 Sales: Product $ 1,733 $ 1,732 $ 12,246 $ 13,978 $ 15,711 Service 293 70 2,906 2,976 3,269 Total sales $ 2,026 $ 1,802 $ 15,152 $ 16,954 $ 18,980 Income (loss) from operations $ (827) $ 26 $ 816 $ 842 $ 15 Total assets $ 14,059 $ 13,110 $ 27,426 $ 40,536 $ 54,595 Capital expenditures 203 — 30 30 233 Depreciation and amortization 53 2 51 53 106 |
Schedule of Revenue by Major Customers | The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the three months ended December 31, 2019 and 2018. For the three months ended December 31, 2019 2018 Customer % of Total Customer % of Total Revenues Revenues Revenues Revenues Customer A $ 2.6 16 % $ 7 % Customer B $ 1.8 11 % $ 1.0 5 % |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) | 3 Months Ended |
Dec. 31, 2019segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Operating Segments | 2 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements - New Accounting Pronouncements (Details) | Oct. 01, 2019 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
One single lease component | true | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Lease, Practical Expedients, Package | true | |
One single lease component | true |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements - Recent Accounting Pronouncement (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Oct. 01, 2019 | Sep. 30, 2019 |
Assets: | |||
Operating lease right-of-use assets | $ 2,288 | $ 2,448 | |
Liabilities: | |||
Accounts payable and accrued expenses | 11,112 | 16,840 | $ 16,175 |
Operating lease liabilities - noncurrent portion | $ 1,679 | 1,783 | |
Restatement Adjustment | Accounting Standards Update 2016-02 | |||
Assets: | |||
Operating lease right-of-use assets | 2,448 | ||
Liabilities: | |||
Accounts payable and accrued expenses | 665 | ||
Operating lease liabilities - noncurrent portion | $ 1,783 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Sep. 30, 2019 | |
Capitalized Contract Cost [Line Items] | ||
Current contract assets | $ 1,000 | $ 600 |
Non-current contract assets | 0 | 0 |
Current contract liabilities | 1,433 | 741 |
Non-current contract liabilities | 300 | 300 |
Revenue recognized included in contract liabilities | 300 | |
Current capitalized costs | 84 | 85 |
Non-current capitalized costs | 0 | 0 |
Incremental costs amortized | 78 | |
Impairment related to incremental costs capitalized | $ 0 | |
Payments terms | 30 days | |
Practical Expedient, Incremental Costs | true | |
Practical Expedient, Financing Component | true | |
Remaining Performance Obligation, Optional Exemption | true | |
Minimum | ||
Capitalized Contract Cost [Line Items] | ||
Amortization Period | 3 years | |
Maximum | ||
Capitalized Contract Cost [Line Items] | ||
Amortization Period | 6 years | |
Europe | Maximum | ||
Capitalized Contract Cost [Line Items] | ||
Payments terms | 90 days | |
TS | ||
Capitalized Contract Cost [Line Items] | ||
Current capitalized costs | $ 13 | 47 |
Non-current capitalized costs | 31 | $ 0 |
Incremental costs amortized | 3 | |
Impairment related to incremental costs capitalized | $ 0 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | ||
Managed service contracts, right to refund, period | 30 days | |
Total sales | $ 16,572 | $ 18,980 |
Product | ||
Revenue from External Customer [Line Items] | ||
Sales | 13,196 | 15,674 |
Total sales | 13,222 | 15,711 |
Service | ||
Revenue from External Customer [Line Items] | ||
Sales | 3,350 | 3,269 |
Total sales | 3,350 | 3,269 |
Finance | ||
Revenue from External Customer [Line Items] | ||
Finance | 26 | 37 |
High Performance Products Segment | ||
Revenue from External Customer [Line Items] | ||
Total sales | 1,041 | 2,026 |
High Performance Products Segment | Product | ||
Revenue from External Customer [Line Items] | ||
Sales | 767 | 1,733 |
Total sales | 767 | 1,733 |
High Performance Products Segment | Service | ||
Revenue from External Customer [Line Items] | ||
Sales | 274 | 293 |
Total sales | 274 | 293 |
TS | ||
Revenue from External Customer [Line Items] | ||
Total sales | 15,531 | 16,954 |
TS | U.K. | ||
Revenue from External Customer [Line Items] | ||
Total sales | 679 | 1,802 |
TS | U.S. | ||
Revenue from External Customer [Line Items] | ||
Total sales | 14,852 | 15,152 |
TS | Product | ||
Revenue from External Customer [Line Items] | ||
Sales | 12,429 | 13,941 |
Total sales | 12,455 | 13,978 |
TS | Product | U.K. | ||
Revenue from External Customer [Line Items] | ||
Sales | 553 | 1,732 |
Total sales | 553 | 1,732 |
TS | Product | U.S. | ||
Revenue from External Customer [Line Items] | ||
Sales | 11,876 | 12,209 |
Total sales | 11,902 | 12,246 |
TS | Service | ||
Revenue from External Customer [Line Items] | ||
Sales | 3,076 | 2,976 |
Total sales | 3,076 | 2,976 |
TS | Service | U.K. | ||
Revenue from External Customer [Line Items] | ||
Sales | 126 | 70 |
Total sales | 126 | 70 |
TS | Service | U.S. | ||
Revenue from External Customer [Line Items] | ||
Sales | 2,950 | 2,906 |
Total sales | 2,950 | 2,906 |
TS | Finance | ||
Revenue from External Customer [Line Items] | ||
Finance | 26 | 37 |
TS | Finance | U.S. | ||
Revenue from External Customer [Line Items] | ||
Finance | $ 26 | $ 37 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation amount | $ 3,839 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months |
Remaining performance obligation amount | $ 1,700 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining performance obligation amount | $ 1,316 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining performance obligation amount | $ 602 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining performance obligation amount | $ 191 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining performance obligation amount | $ 30 |
Earnings Per Share of Common _3
Earnings Per Share of Common Stock - Basic and diluted earnings per share computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net (loss) income | $ (540) | $ 50 |
Less: net income attributable to nonvested common stock | 2 | |
Net (loss) income attributable to common stockholders | $ (540) | $ 48 |
Weighted average total shares outstanding – basic | 3,963 | 4,018 |
Less: weighted average non-vested shares outstanding | 150 | |
Weighted average number of common shares outstanding – basic | 3,963 | 3,868 |
Potential common shares from non-vested stock awards and the assumed exercise of stock options | 98 | |
Weighted average common shares outstanding – diluted | 3,963 | 3,966 |
Net (loss) income per share – basic | $ (0.14) | $ 0.01 |
Net (loss) income per share – diluted | $ (0.14) | $ 0.01 |
Earnings Per Share of Common _4
Earnings Per Share of Common Stock - Anti-dilutive (Details) | 3 Months Ended |
Dec. 31, 2019shares | |
Earnings Per Share [Abstract] | |
Antidilutive securities excluded from computation of earnings per share | 190,000 |
Accounts and Long Term Receiv_3
Accounts and Long Term Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | $ 12,470 | $ 15,114 | |
Long-term receivable | $ 5,258 | $ 5,328 | |
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maturity term of accounts and long term receivables | 1 year | 1 year | |
Financing receivables | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable | $ 1,800 | $ 2,100 | |
Long term receivable - financing component | $ 5,000 | 5,000 | |
Long term receivables interest rate | 6.90% | ||
Amount of allowance for credit losses or impairments with a contractual maturity of over one year | $ 0 | ||
Accounts and long-term receivable past due | 0 | 0 | |
Activity in allowance for credit losses for accounts and long-term receivables | $ 0 | ||
Sales with a payment term of more than a year | $ 0 | ||
Contract Receivable, Fiscal Year Maturity [Abstract] | |||
2020 (remaining 9 months) | 2,137 | ||
2021 | 2,258 | ||
2022 | 1,880 | ||
2023 | 1,423 | ||
Total payments | 7,698 | ||
Less: unearned income | 860 | ||
Total, net of unearned income | $ 6,838 | ||
Financing receivables | Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Maturity term of accounts and long term receivables | 1 year | ||
Financing receivables | Other Income | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts And Long Term Receivable, Interest Income | $ 100 | $ 0 |
Inventories - Tabular Disclosur
Inventories - Tabular Disclosure - (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 771 | $ 671 |
Work-in-process | 203 | 93 |
Finished goods | 4,533 | 7,054 |
Total | $ 5,507 | $ 7,818 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Leases | |
One single lease component | true |
Number of lease arrangements entered into but have not commenced | 0 |
Finance Lease, Right-of-Use Asset | $ 0 |
Leases - Right of use assets an
Leases - Right of use assets and lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Oct. 01, 2019 |
Assets: | ||
Operating leases | $ 2,288 | $ 2,448 |
Lease receivable - current | 383 | 367 |
Lease receivable - noncurrent | 319 | 417 |
Total lease receivable | 702 | 784 |
Liabilities | ||
Current operating lease liabilities | $ 685 | 746 |
Current operating lease liabilities, Statement of Financial Position | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | |
Non-current operating lease liabilities | $ 1,679 | 1,783 |
Total operating lease liabilities | 2,364 | 2,529 |
Current finance lease liabilities | $ 338 | 333 |
Current finance lease liabilities, Statement of Financial Position | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent | |
Non-current finance lease liabilities | $ 240 | 326 |
Non-current finance lease liabilities, Statement of Financial Position | us-gaap:OtherLiabilitiesNoncurrent | |
Total finance lease liabilities | $ 578 | $ 659 |
Leases - Components of lease co
Leases - Components of lease costs (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Lease: | |
Total lease costs | $ 196 |
Total lease costs, net of sublease interest income | 170 |
Selling, general, and administrative | |
Finance Lease: | |
Interest on lease liabilities | 13 |
Operating Lease: | |
Operating lease cost | 180 |
Short-term Lease, Cost | 3 |
Revenue | |
Operating Lease: | |
Less sublease interest income | $ (26) |
Leases - Future lease payments
Leases - Future lease payments and sublease income (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Oct. 01, 2019 |
Operating Lease costs | ||
2020 (remaining 9 months) | $ 574 | |
2021 | 619 | |
2022 | 520 | |
2023 | 439 | |
2024 | 240 | |
Thereafter | 182 | |
Total | 2,574 | |
Less Imputed interest | (210) | |
Total | 2,364 | $ 2,529 |
Finance lease costs | ||
2020 (remaining 9 months) | 273 | |
2021 | 285 | |
2022 | 51 | |
2023 | 5 | |
Total | 614 | |
Less Imputed interest | (36) | |
Total | 578 | $ 659 |
Sublease Payments received | ||
2020 (remaining 9 months) | 342 | |
2021 | 356 | |
2022 | 67 | |
2023 | 12 | |
2024 | 3 | |
Total | 780 | |
Less Imputed interest | (78) | |
Total | $ 702 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Details) $ in Thousands | 3 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 188 |
Operating cash flows from short-term leases | 9 |
Operating cash flows from finance leases | 13 |
Financing cash flows from finance leases | 78 |
Operating leases | 4 |
Cash received from subleases | $ 113 |
Leases - Weighted-average remai
Leases - Weighted-average remaining lease term (Details) | Dec. 31, 2019 |
Leases | |
Weighted-average remaining lease term operating lease (years) | 4 years 2 months 12 days |
Weighted-average remaining lease term finance lease (years) | 2 years 7 months 6 days |
Leases - Weighted-average disco
Leases - Weighted-average discount rate (Details) | Dec. 31, 2019 |
Leases | |
Weighted-average discount rate operating leases | 4.00% |
Weighted-average discount rate finance leases | 6.10% |
Leases - Minimum lease payments
Leases - Minimum lease payments under ASC 840 - Lessee Operating Lease (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating leases | |
2020 (full year) | $ 475 |
2021 | 173 |
2022 | 58 |
2023 | 43 |
Total | $ 749 |
Leases - Minimum lease paymen_2
Leases - Minimum lease payments under ASC 840 - Lessee Capital Lessee (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Capital leases | |
2020 (full year) | $ 363 |
2021 | 285 |
2022 | 51 |
2023 | 5 |
Minimum lease payments including interest | 704 |
Amount representing interest | (46) |
Minimum lease payments excluding interest | $ 658 |
Leases - Lessor - Investment in
Leases - Lessor - Investment in lease- 840 (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Leases | |
Investment in lease, gross | $ 889 |
Unearned income | (105) |
Total investment in lease, net | 784 |
Current portion | 367 |
Noncurrent portion | $ 417 |
Leases - Lessor- Future minimum
Leases - Lessor- Future minimum lease payments receivable -840 (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Future minimum lease payments receivable | |
2020 (full year) | $ 451 |
2021 | 356 |
2022 | 67 |
2023 | 12 |
2024 | 3 |
Minimum lease payments including interest | 889 |
Amount representing interest | (105) |
Minimum lease payments excluding interest | $ 784 |
Notes Payable - Maturities (Det
Notes Payable - Maturities (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Oct. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Note payable | ||||
Borrowings | $ 2,037 | |||
Notes payable | ||||
Note payable | ||||
Borrowings | $ 2,000 | $ 1,000 | ||
Interest rate | 5.10% | 5.00% | ||
Interest Expense, Debt | $ 30 | $ 0 | ||
Notes Payable | $ 0 |
Notes Payable - Current and Non
Notes Payable - Current and Noncurrent Portion (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Note payable - current | ||
Notes payable - current portion | $ 694 | $ 317 |
Note payable - noncurrent | ||
Notes payable - noncurrent portion | 1,838 | 684 |
Notes payable | ||
Note payable - current | ||
Current | 808 | 359 |
Less: notes discount | 114 | 42 |
Notes payable - current portion | 694 | 317 |
Note payable - noncurrent | ||
Noncurrent | 1,974 | 718 |
Less: notes discount | 136 | 34 |
Notes payable - noncurrent portion | $ 1,838 | $ 684 |
Pension and Retirement Plans -
Pension and Retirement Plans - Components of net periodic benefit costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pension | ||
Pension: | ||
Interest cost | $ 70 | $ 97 |
Expected return on plan assets | (74) | (77) |
Amortization of: | ||
Amortization of past service costs | 1 | |
Amortization of net gain | 49 | 37 |
Net periodic benefit cost | 46 | 57 |
Post Retirement | ||
Pension: | ||
Service cost | 10 | 9 |
Interest cost | 12 | 13 |
Amortization of: | ||
Amortization of net gain | 6 | (5) |
Net periodic benefit cost | 28 | 17 |
U.S. | Pension | ||
Pension: | ||
Interest cost | 4 | 6 |
Amortization of: | ||
Amortization of net gain | 1 | (1) |
Net periodic benefit cost | 5 | 5 |
U.S. | Post Retirement | ||
Pension: | ||
Service cost | 10 | 9 |
Interest cost | 12 | 13 |
Amortization of: | ||
Amortization of net gain | 6 | (5) |
Net periodic benefit cost | 28 | 17 |
U.K. | Pension | ||
Pension: | ||
Interest cost | 66 | 91 |
Expected return on plan assets | (74) | (77) |
Amortization of: | ||
Amortization of past service costs | 1 | |
Amortization of net gain | 48 | 38 |
Net periodic benefit cost | $ 41 | $ 52 |
Pension and Retirement Plans _2
Pension and Retirement Plans - Fair value of the assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 9,049 | $ 8,238 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 9,049 | 8,238 |
Cash on deposit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 234 | 279 |
Cash on deposit | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 234 | 279 |
Pooled funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 8,815 | 7,959 |
Pooled funds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 8,815 | $ 7,959 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax (benefit) expense | $ (70) | $ 2 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 |
Equity [Abstract] | ||
Cumulative effect of foreign currency translation | $ (4,785) | $ (5,111) |
Cumulative unrealized loss on pension liability | (7,482) | (7,482) |
Accumulated other comprehensive loss | $ (12,267) | $ (12,593) |
Dividends (Details)
Dividends (Details) - $ / shares | Jan. 15, 2020 | Dec. 10, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | ||||
Dividends per share | $ 0.15 | $ 0.15 | $ 0.15 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.15 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Sep. 30, 2019 | |
Fair Value, Measurements, Recurring [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Assets: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities Fair Value Disclosure | $ 0 | $ 0 |
Minimum | ||
Liabilities: | ||
Maturity term of accounts and long term receivables | 1 year | 1 year |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | $ 17,627 | $ 18,099 |
Accounts & long term receivable | 6,838 | 7,087 |
Liabilities: | ||
Note payable | 2,532 | 1,001 |
Fair Value | ||
Assets: | ||
Cash and cash equivalents | 17,627 | 18,099 |
Accounts & long term receivable | 6,838 | 7,087 |
Liabilities: | ||
Note payable | $ 2,532 | $ 1,001 |
Segment Information - Operating
Segment Information - Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 16,572 | $ 18,980 | |
Sales: | |||
Income (loss) from operations | (402) | 15 | |
Total assets | 56,248 | 54,595 | $ 59,369 |
Capital expenditures | 207 | 233 | |
Depreciation and amortization | 125 | 106 | |
High Performance Products Segment | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,041 | 2,026 | |
Sales: | |||
Income (loss) from operations | (1,263) | (827) | |
Total assets | 10,496 | 14,059 | |
Capital expenditures | 34 | 203 | |
Depreciation and amortization | 58 | 53 | |
TS | |||
Segment Reporting Information [Line Items] | |||
Sales | 15,531 | 16,954 | |
Sales: | |||
Income (loss) from operations | 861 | 842 | |
Total assets | 45,752 | 40,536 | |
Capital expenditures | 173 | 30 | |
Depreciation and amortization | 67 | 53 | |
Product | |||
Segment Reporting Information [Line Items] | |||
Sales | 13,222 | 15,711 | |
Product | High Performance Products Segment | |||
Segment Reporting Information [Line Items] | |||
Sales | 767 | 1,733 | |
Product | TS | |||
Segment Reporting Information [Line Items] | |||
Sales | 12,455 | 13,978 | |
Service | |||
Segment Reporting Information [Line Items] | |||
Sales | 3,350 | 3,269 | |
Service | High Performance Products Segment | |||
Segment Reporting Information [Line Items] | |||
Sales | 274 | 293 | |
Service | TS | |||
Segment Reporting Information [Line Items] | |||
Sales | 3,076 | 2,976 | |
U.K. | TS | |||
Segment Reporting Information [Line Items] | |||
Sales | 679 | 1,802 | |
Sales: | |||
Income (loss) from operations | 3 | 26 | |
Total assets | 10,847 | 13,110 | |
Depreciation and amortization | 3 | 2 | |
U.K. | Product | TS | |||
Segment Reporting Information [Line Items] | |||
Sales | 553 | 1,732 | |
U.K. | Service | TS | |||
Segment Reporting Information [Line Items] | |||
Sales | 126 | 70 | |
U.S. | TS | |||
Segment Reporting Information [Line Items] | |||
Sales | 14,852 | 15,152 | |
Sales: | |||
Income (loss) from operations | 858 | 816 | |
Total assets | 34,905 | 27,426 | |
Capital expenditures | 173 | 30 | |
Depreciation and amortization | 64 | 51 | |
U.S. | Product | TS | |||
Segment Reporting Information [Line Items] | |||
Sales | 11,902 | 12,246 | |
U.S. | Service | TS | |||
Segment Reporting Information [Line Items] | |||
Sales | $ 2,950 | $ 2,906 |
Segment Information - Major cus
Segment Information - Major customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | |||
Customer Revenues | $ 16,572 | $ 18,980 | |
Accounts Receivable | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
% of Total Revenues | 10.00% | ||
Customer A | Sales Revenue, Net [Member] | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Customer Revenues | $ 2,600 | $ 1,300 | |
% of Total Revenues | 16.00% | 7.00% | |
Customer B | |||
Segment Reporting Information [Line Items] | |||
Customer Revenues | $ 1,800 | $ 1,000 | |
% of Total Revenues | 11.00% | 5.00% | |
Customer B | Accounts Receivable | Customer Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Accounts receivable, gross | $ 5,600 | $ 7,400 | |
% of Total Revenues | 32.00% | 36.00% |