Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | GENC | |
Entity Registrant Name | GENCOR INDUSTRIES INC | |
Entity Central Index Key | 64,472 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,130,329 | |
Class B Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,263,857 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 27,036,000 | $ 18,219,000 |
Marketable securities at fair value (cost $87,004,000 at March 31, 2017 and $86,203,000 at September 30, 2016) | 87,204,000 | 85,938,000 |
Accounts receivable, less allowance for doubtful accounts of $217,000 at March 31, 2017 and $195,000 at September 30, 2016 | 1,692,000 | 1,110,000 |
Costs and estimated earnings in excess of billings | 1,680,000 | 4,921,000 |
Inventories, net | 14,598,000 | 11,634,000 |
Prepaid expenses and other current assets | 1,289,000 | 1,598,000 |
Total Current Assets | 133,499,000 | 123,420,000 |
Property and equipment, net | 5,054,000 | 5,239,000 |
Other assets | 53,000 | 53,000 |
Total Assets | 138,606,000 | 128,712,000 |
Current Liabilities: | ||
Accounts payable | 3,141,000 | 1,443,000 |
Customer deposits | 7,279,000 | 4,484,000 |
Accrued expenses | 2,614,000 | 2,264,000 |
Total Current Liabilities | 13,034,000 | 8,191,000 |
Deferred and other income taxes | 424,000 | 316,000 |
Total Liabilities | 13,458,000 | 8,507,000 |
Commitments and contingencies | ||
Shareholders' Equity: | ||
Preferred stock, par value $.10 per share; 300,000 shares authorized; none issued | ||
Capital in excess of par value | 11,019,000 | 10,887,000 |
Retained earnings | 112,690,000 | 107,881,000 |
Total Shareholders' Equity | 125,148,000 | 120,205,000 |
Total Liabilities and Shareholders' Equity | 138,606,000 | 128,712,000 |
Common Stock [Member] | ||
Shareholders' Equity: | ||
Common stock | 1,213,000 | 1,211,000 |
Class B Stock [Member] | ||
Shareholders' Equity: | ||
Common stock | $ 226,000 | $ 226,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
Marketable securities, cost | $ 87,004,000 | $ 86,203,000 |
Accounts receivable, allowance for doubtful accounts | $ 217,000 | $ 195,000 |
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 300,000 | 300,000 |
Preferred stock, shares issued | 0 | 0 |
Common Stock [Member] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 12,130,329 | 12,111,079 |
Common stock, shares outstanding | 12,130,329 | 12,111,079 |
Class B Stock [Member] | ||
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 6,000,000 | 6,000,000 |
Common stock, shares issued | 2,263,857 | 2,263,857 |
Common stock, shares outstanding | 2,263,857 | 2,263,857 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | ||
Income Statement [Abstract] | |||||
Net revenue | $ 22,526,000 | $ 22,078,000 | $ 38,309,000 | $ 35,336,000 | |
Costs and expenses: | |||||
Production costs | 15,869,000 | 16,637,000 | 27,502,000 | 26,613,000 | |
Product engineering and development | 470,000 | 379,000 | 886,000 | 761,000 | |
Selling, general and administrative | 2,127,000 | 2,190,000 | 4,317,000 | 3,975,000 | |
Total costs and expenses | 18,466,000 | 19,206,000 | 32,705,000 | 31,349,000 | |
Operating income | 4,060,000 | 2,872,000 | 5,604,000 | 3,987,000 | |
Other income (expense), net: | |||||
Interest and dividend income, net of fees | 162,000 | 204,000 | 203,000 | 589,000 | |
Net realized and unrealized gains (losses) on marketable securities | 656,000 | (490,000) | 1,063,000 | 103,000 | |
Other | 1,000 | 2,000 | |||
Other income (expense), net | 818,000 | (285,000) | 1,266,000 | 694,000 | |
Income before income tax expense | 4,878,000 | 2,587,000 | 6,870,000 | 4,681,000 | |
Income tax expense | 1,463,000 | 957,000 | 2,061,000 | 1,476,000 | |
Net income | $ 3,415,000 | $ 1,630,000 | $ 4,809,000 | $ 3,205,000 | |
Basic Income per Common Share: | |||||
Net income per share | [1] | $ 0.24 | $ 0.11 | $ 0.33 | $ 0.22 |
Diluted Income per Common Share: | |||||
Net income per share | [1] | $ 0.23 | $ 0.11 | $ 0.33 | $ 0.22 |
[1] | Prior year adjusted for three-for-two stock split |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operations: | ||
Net income | $ 4,809,000 | $ 3,205,000 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Purchases of marketable securities | (306,744,000) | (141,432,000) |
Proceeds from sale and maturity of marketable securities | 306,339,000 | 140,636,000 |
Change in fair value of marketable securities | (861,000) | 105,000 |
Deferred income taxes | 108,000 | 538,000 |
Depreciation and amortization | 605,000 | 720,000 |
Loss on disposal of property and equipment | (10,000) | |
Provision for doubtful accounts | 50,000 | 30,000 |
Stock-based compensation | 36,000 | 16,000 |
Changes in assets and liabilities: | ||
Accounts receivable | (632,000) | (666,000) |
Costs and estimated earnings in excess of billings | 3,241,000 | 7,000 |
Inventories | (2,964,000) | (1,075,000) |
Prepaid expenses and other current assets | 309,000 | 263,000 |
Accounts payable | 1,698,000 | 891,000 |
Customer deposits | 2,795,000 | 2,356,000 |
Accrued expenses | 350,000 | 391,000 |
Total adjustments | 4,330,000 | 2,770,000 |
Cash flows provided by operating activities | 9,139,000 | 5,975,000 |
Cash flows used in investing activities: | ||
Capital expenditures | (420,000) | (85,000) |
Cash flows used in investing activities | (420,000) | (85,000) |
Cash flows from financing activities: | ||
Proceeds from stock option exercises | 98,000 | 101,000 |
Cash flows provided by financing activities | 98,000 | 101,000 |
Net increase in cash | 8,817,000 | 5,991,000 |
Cash and cash equivalents at: | ||
Beginning of period | 18,219,000 | 11,152,000 |
End of period | $ 27,036,000 | $ 17,143,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 1 - Basis of Presentation The accompanying Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all material adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation have been included in the interim financial information. Operating results for the quarter and six months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending September 30, 2017. The accompanying Condensed Consolidated Balance Sheet at September 30, 2016 has been derived from the audited financial statements at that date but does not include all of the information and notes required by generally accepted accounting principles for complete financial statements. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Gencor Industries, Inc. Annual Report on Form 10-K for the year ended September 30, 2016. Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which is a part of FASB’s Simplification initiative. The areas for simplification in ASU 2016-09 involve several aspects of the accounting for share-based payment awards issued by entities to their employees, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted the provisions of ASU 2016-09 during the quarter ended March 31, 2017 with no material impact on the Company’s financial position, results of operations or cash flows. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Note 2 - Marketable Securities Marketable debt and equity securities are categorized as trading securities and are thus marked to market and stated at fair value. Fair value is determined using the quoted closing or latest bid prices for Level 1 investments and market standard valuation methodologies for Level 2 investments. Realized gains and losses on investment transactions are determined by specific identification and are recognized as incurred in the condensed consolidated statements of income. Net unrealized gains and losses are reported in the condensed consolidated statements of income in the current period and represent the change in the fair value of investment holdings during the period. Fair Value Measurements The fair value of financial instruments is presented based upon a hierarchy of levels that prioritizes the inputs of valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The fair value of marketable equity securities, exchange-traded funds, mutual funds, government securities and cash and money funds are substantially based on quoted market prices (Level 1). Corporate and municipal bonds are valued using market standard valuation methodologies, including: discounted cash flow methodologies, matrix pricing or other similar techniques. The inputs to these market standard valuation methodologies include, but are not limited to: interest rates, credit standing of the issuer or counterparty, industry sector of the issuer, coupon rate, call provisions, maturity, estimated duration and assumptions regarding liquidity and estimated future cash flows. In addition to bond characteristics, the valuation methodologies incorporate market data, such as actual trades completed, bids and actual dealer quotes, where such information is available. Accordingly, the estimated fair values are based on available market information and judgments about financial instruments (Level 2). Fair values of the Level 2 investments, if any, are provided by the Company’s professional investment management firm. The following table sets forth, by level, within the fair value hierarchy, the Company’s assets measured at fair value as of March 31, 2017: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 9,182,000 $ — $ — $ 9,182,000 Mutual Funds 5,411,000 — — 5,411,000 Exchange-Traded Funds 1,372,000 — — 1,372,000 Government Securities 69,712,000 — — 69,712,000 Cash and Money Funds 1,527,000 — — 1,527,000 Total $ 87,204,000 $ — $ — $ 87,204,000 Net unrealized gains included in the Condensed Consolidated Statements of Income for the quarter and six months ended March 31, 2017, on trading securities still held as of March 31, 2017, were $311,000 and $465,000, respectively. There were no transfers of investments between Level 1 and Level 2 during the six months ended March 31, 2017. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2016: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 2,408,000 $ — $ — $ 2,408,000 Mutual Funds 5,212,000 — — 5,212,000 Exchange-Traded Funds 510,000 — — 510,000 Government Securities 69,583,000 — — 69,583,000 Cash and Money Funds 8,225,000 — — 8,225,000 Total $ 85,938,000 $ — $ — $ 85,938,000 Net unrealized gains included in the Condensed Consolidated Statements of Income for the quarter and six months ended March 31, 2016, on trading securities still held as of March 31, 2016, were $647,000 and $1,590,000, respectively. There were no transfers of investments between Level 1 and Level 2 during the six months ended March 31, 2016. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term nature of these items. |
Inventories
Inventories | 6 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 - Inventories Inventories are valued at the lower of cost or market, with cost being determined principally by using the last-in, first-out (“LIFO”) method and market defined as replacement cost for raw materials and net realizable value for work in process and finished goods. Appropriate consideration is given to obsolescence, excessive levels, deterioration, possible alternative uses and other factors in determining net realizable value. The cost of work in process and finished goods includes materials, direct labor, variable costs and overhead. The Company evaluates the need to record inventory allowances on all inventories, including raw material, work in process, finished goods, spare parts and used equipment. Used equipment acquired by the Company on trade-in from customers is included in inventory and carried at estimated net realizable value. Unless specific circumstances warrant different treatment regarding inventory obsolescence, the cost basis of inventories three to four years old is reduced by 50%, while the cost basis of inventories four to five years old is reduced by 75%, and the cost basis of inventories greater than five years old is reduced to zero. Inventory is typically reviewed for obsolescence on an annual basis computed as of September 30, the Company’s fiscal year end. If significant known changes in trends, technology or other specific circumstances that warrant consideration occur during the year, then the impact on obsolescence is considered at that time. No such provisions were made during the quarter or six months ended March 31, 2017. Net inventories at March 31, 2017 and September 30, 2016 consist of the following: March 31, 2017 September 30, 2016 Raw materials $ 7,924,000 $ 7,072,000 Work in process 1,787,000 976,000 Finished goods 4,846,000 3,545,000 Used equipment 41,000 41,000 $ 14,598,000 $ 11,634,000 |
Costs and Estimated Earnings in
Costs and Estimated Earnings in Excess of Billings | 6 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Costs and Estimated Earnings in Excess of Billings | Note 4 - Costs and Estimated Earnings in Excess of Billings Costs and estimated earnings in excess of billings on uncompleted contracts as of March 31, 2017 and September 30, 2016 consist of the following: March 31, 2017 September 30, 2016 Costs incurred on uncompleted contracts $ 14,498,000 $ 8,898,000 Estimated earnings 4,789,000 3,124,000 19,287,000 12,022,000 Billings to date 17,607,000 7,101,000 Costs and estimated earnings in excess of billings $ 1,680,000 $ 4,921,000 |
Earnings per Share Data
Earnings per Share Data | 6 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share Data | Note 5 - Earnings per Share Data The Condensed Consolidated Financial Statements include basic and diluted earnings per share information. The following table sets forth the computation of basic and diluted earnings per share for the quarters and six months ended March 31, 2017 and 2016: Quarter Ended March 31, Six Months Ended March 31, 2017 2016 2017 2016 Net Income $ 3,415,000 $ 1,630,000 $ 4,809,000 $ 3,205,000 Common Shares: Weighted average common shares outstanding 14,390,000 14,320,000 14,384,000 14,314,000 Effect of dilutive stock options 207,000 169,000 210,000 146,000 Diluted shares outstanding 14,597,000 14,489,000 14,594,000 14,460,000 Basic: Net earnings per share $ 0.24 $ 0.11 $ 0.33 $ 0.22 Diluted: Net earnings per share $ 0.23 $ 0.11 $ 0.33 $ 0.22 On July 11, 2016, the Company’s Board of Directors approved a three-for-two split of the Company’s common and Class B stock to be effected in the form of a 50% stock dividend. As a result, shareholders received one additional share of common or Class B stock for every two shares they held of the respective class of stock as of the record date. These shares were distributed on August 1, 2016, to shareholders of record as of the end of business on July 22, 2016. All share and per share data (except par value) have been adjusted to reflect the effect of the stock split for all periods presented. The number of shares of common and Class B stock issuable upon exercise of outstanding stock options were proportionately increased in accordance with terms of the respective plans. The number of authorized shares, as reflected on the Condensed Consolidated Balance Sheets, was not affected by the stock split and, accordingly, has not been adjusted. Basic earnings per share is based on the weighted-average number of shares outstanding. Diluted earnings per share is based on the sum of the weighted-average number of shares outstanding plus common stock equivalents. The weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter and six months ended March 31, 2017 were 469,000 and 475,000, respectively, which equates to 207,000 and 210,000 dilutive common stock equivalents, respectively. Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter and six months ended March 31, 2016 were 476,000 and 481,000, respectively, which equates to 169,000 and 146,000 dilutive common stock equivalents, respectively. There were no anti-dilutive shares for the quarters and six month periods ended March 31, 2017 and 2016. |
Customers with 10% (or greater)
Customers with 10% (or greater) of Net Revenues | 6 Months Ended |
Mar. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Customers with 10% (or greater) of Net Revenues | Note 6 - Customers with 10% (or greater) of Net Revenues Net revenues from our three largest customers represented 15.0%, 13.5%, and 13.0% of net revenues for the three months ended March 31, 2017, and 8.8%, 8.0% and 7.6% of net revenues for the six months ended March 31, 2017. There were no significant revenues recognized from these three customers for the three or six months ended March 31, 2016. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Improvements to Employee Share-Based Payment Accounting,” which is a part of FASB’s Simplification initiative. The areas for simplification in ASU 2016-09 involve several aspects of the accounting for share-based payment awards issued by entities to their employees, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted the provisions of ASU 2016-09 during the quarter ended March 31, 2017 with no material impact on the Company’s financial position, results of operations or cash flows. |
Fair Value Measurements | Fair Value Measurements The fair value of financial instruments is presented based upon a hierarchy of levels that prioritizes the inputs of valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The fair value of marketable equity securities, exchange-traded funds, mutual funds, government securities and cash and money funds are substantially based on quoted market prices (Level 1). Corporate and municipal bonds are valued using market standard valuation methodologies, including: discounted cash flow methodologies, matrix pricing or other similar techniques. The inputs to these market standard valuation methodologies include, but are not limited to: interest rates, credit standing of the issuer or counterparty, industry sector of the issuer, coupon rate, call provisions, maturity, estimated duration and assumptions regarding liquidity and estimated future cash flows. In addition to bond characteristics, the valuation methodologies incorporate market data, such as actual trades completed, bids and actual dealer quotes, where such information is available. Accordingly, the estimated fair values are based on available market information and judgments about financial instruments (Level 2). Fair values of the Level 2 investments, if any, are provided by the Company’s professional investment management firm. The following table sets forth, by level, within the fair value hierarchy, the Company’s assets measured at fair value as of March 31, 2017: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 9,182,000 $ — $ — $ 9,182,000 Mutual Funds 5,411,000 — — 5,411,000 Exchange-Traded Funds 1,372,000 — — 1,372,000 Government Securities 69,712,000 — — 69,712,000 Cash and Money Funds 1,527,000 — — 1,527,000 Total $ 87,204,000 $ — $ — $ 87,204,000 Net unrealized gains included in the Condensed Consolidated Statements of Income for the quarter and six months ended March 31, 2017, on trading securities still held as of March 31, 2017, were $311,000 and $465,000, respectively. There were no transfers of investments between Level 1 and Level 2 during the six months ended March 31, 2017. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2016: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 2,408,000 $ — $ — $ 2,408,000 Mutual Funds 5,212,000 — — 5,212,000 Exchange-Traded Funds 510,000 — — 510,000 Government Securities 69,583,000 — — 69,583,000 Cash and Money Funds 8,225,000 — — 8,225,000 Total $ 85,938,000 $ — $ — $ 85,938,000 Net unrealized gains included in the Condensed Consolidated Statements of Income for the quarter and six months ended March 31, 2016, on trading securities still held as of March 31, 2016, were $647,000 and $1,590,000, respectively. There were no transfers of investments between Level 1 and Level 2 during the six months ended March 31, 2016. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term nature of these items. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Company's Assets Measured at Fair Value | The following table sets forth, by level, within the fair value hierarchy, the Company’s assets measured at fair value as of March 31, 2017: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 9,182,000 $ — $ — $ 9,182,000 Mutual Funds 5,411,000 — — 5,411,000 Exchange-Traded Funds 1,372,000 — — 1,372,000 Government Securities 69,712,000 — — 69,712,000 Cash and Money Funds 1,527,000 — — 1,527,000 Total $ 87,204,000 $ — $ — $ 87,204,000 Net unrealized gains included in the Condensed Consolidated Statements of Income for the quarter and six months ended March 31, 2017, on trading securities still held as of March 31, 2017, were $311,000 and $465,000, respectively. There were no transfers of investments between Level 1 and Level 2 during the six months ended March 31, 2017. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2016: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 2,408,000 $ — $ — $ 2,408,000 Mutual Funds 5,212,000 — — 5,212,000 Exchange-Traded Funds 510,000 — — 510,000 Government Securities 69,583,000 — — 69,583,000 Cash and Money Funds 8,225,000 — — 8,225,000 Total $ 85,938,000 $ — $ — $ 85,938,000 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Net Inventories | Net inventories at March 31, 2017 and September 30, 2016 consist of the following: March 31, 2017 September 30, 2016 Raw materials $ 7,924,000 $ 7,072,000 Work in process 1,787,000 976,000 Finished goods 4,846,000 3,545,000 Used equipment 41,000 41,000 $ 14,598,000 $ 11,634,000 |
Costs and Estimated Earnings 15
Costs and Estimated Earnings in Excess of Billings (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts | Costs and estimated earnings in excess of billings on uncompleted contracts as of March 31, 2017 and September 30, 2016 consist of the following: March 31, 2017 September 30, 2016 Costs incurred on uncompleted contracts $ 14,498,000 $ 8,898,000 Estimated earnings 4,789,000 3,124,000 19,287,000 12,022,000 Billings to date 17,607,000 7,101,000 Costs and estimated earnings in excess of billings $ 1,680,000 $ 4,921,000 |
Earnings per Share Data (Tables
Earnings per Share Data (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share for the quarters and six months ended March 31, 2017 and 2016: Quarter Ended March 31, Six Months Ended March 31, 2017 2016 2017 2016 Net Income $ 3,415,000 $ 1,630,000 $ 4,809,000 $ 3,205,000 Common Shares: Weighted average common shares outstanding 14,390,000 14,320,000 14,384,000 14,314,000 Effect of dilutive stock options 207,000 169,000 210,000 146,000 Diluted shares outstanding 14,597,000 14,489,000 14,594,000 14,460,000 Basic: Net earnings per share $ 0.24 $ 0.11 $ 0.33 $ 0.22 Diluted: Net earnings per share $ 0.23 $ 0.11 $ 0.33 $ 0.22 |
Marketable Securities - Company
Marketable Securities - Company's Assets Measured at Fair Value (Detail) - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
Investment Holdings [Line Items] | ||
Total | $ 87,204,000 | $ 85,938,000 |
Equities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 9,182,000 | 2,408,000 |
Mutual Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 5,411,000 | 5,212,000 |
Exchange Traded Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 1,372,000 | 510,000 |
Government Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 69,712,000 | 69,583,000 |
Cash and Money Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 1,527,000 | 8,225,000 |
Level 1 [Member] | ||
Investment Holdings [Line Items] | ||
Total | 87,204,000 | 85,938,000 |
Level 1 [Member] | Equities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 9,182,000 | 2,408,000 |
Level 1 [Member] | Mutual Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 5,411,000 | 5,212,000 |
Level 1 [Member] | Exchange Traded Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 1,372,000 | 510,000 |
Level 1 [Member] | Government Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 69,712,000 | 69,583,000 |
Level 1 [Member] | Cash and Money Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | $ 1,527,000 | $ 8,225,000 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Marketable Securities [Abstract] | ||||
Net unrealized gains | $ 311,000 | $ 647,000 | $ 465,000 | $ 1,590,000 |
Transfers of investments between Level 1 and Level 2 | $ 0 | $ 0 | $ 0 | $ 0 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2017 | Mar. 31, 2017 | |
Three to Four Years Old Inventory [Member] | ||
Inventory [Line Items] | ||
Cost basis reduction in inventory, percentage | 50.00% | |
Inventory, minimum time period on the shelf, years | 3 years | |
Inventory, maximum time period on the shelf, years | 4 years | |
Four to Five Years Old Inventory [Member] | ||
Inventory [Line Items] | ||
Cost basis reduction in inventory, percentage | 75.00% | |
Inventory, minimum time period on the shelf, years | 4 years | |
Inventory, maximum time period on the shelf, years | 5 years | |
Greater Than Five Years Old Inventory [Member] | ||
Inventory [Line Items] | ||
Inventory, minimum time period on the shelf, years | 5 years | |
Inventory valuation estimate | $ 0 | |
Provisions on obsolescence | $ 0 | $ 0 |
Inventories - Net Inventories (
Inventories - Net Inventories (Detail) - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
Inventory, Net [Abstract] | ||
Raw materials | $ 7,924,000 | $ 7,072,000 |
Work in process | 1,787,000 | 976,000 |
Finished goods | 4,846,000 | 3,545,000 |
Used equipment | 41,000 | 41,000 |
Inventories, net | $ 14,598,000 | $ 11,634,000 |
Costs and Estimated Earnings 21
Costs and Estimated Earnings in Excess of Billings - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Detail) - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
Costs in Excess of Billings on Uncompleted Contracts or Programs [Abstract] | ||
Costs incurred on uncompleted contracts | $ 14,498,000 | $ 8,898,000 |
Estimated earnings | 4,789,000 | 3,124,000 |
Costs and estimated earnings on uncompleted contracts | 19,287,000 | 12,022,000 |
Costs and estimated earnings on uncompleted contracts | 19,287,000 | 12,022,000 |
Billings to date | 17,607,000 | 7,101,000 |
Costs and estimated earnings in excess of billings | $ 1,680,000 | $ 4,921,000 |
Earning Per Share Data - Basic
Earning Per Share Data - Basic and Diluted Earnings Per Share (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | ||
Earnings Per Share [Abstract] | |||||
Net income | $ 3,415,000 | $ 1,630,000 | $ 4,809,000 | $ 3,205,000 | |
Common Shares: | |||||
Weighted average common shares outstanding | 14,390,000 | 14,320,000 | 14,384,000 | 14,314,000 | |
Effect of dilutive stock options | 207,000 | 169,000 | 210,000 | 146,000 | |
Diluted shares outstanding | 14,597,000 | 14,489,000 | 14,594,000 | 14,460,000 | |
Basic: | |||||
Net earnings per share | [1] | $ 0.24 | $ 0.11 | $ 0.33 | $ 0.22 |
Diluted: | |||||
Net earnings per share | [1] | $ 0.23 | $ 0.11 | $ 0.33 | $ 0.22 |
[1] | Prior year adjusted for three-for-two stock split |
Earnings Per Share Data - Addit
Earnings Per Share Data - Additional Information (Detail) | Jul. 11, 2016 | Mar. 31, 2017shares | Mar. 31, 2016shares | Mar. 31, 2017shares | Mar. 31, 2016shares |
Earnings Per Share [Line Items] | |||||
Exercisable stock options, included in the diluted earnings per share calculation | 469,000 | 476,000 | 475,000 | 481,000 | |
Effect of dilutive stock options | 207,000 | 169,000 | 210,000 | 146,000 | |
Anti-dilutive shares | 0 | 0 | 0 | 0 | |
Common and Class B Stock [Member] | |||||
Earnings Per Share [Line Items] | |||||
Stock split ratio | 1.5 | ||||
Stock dividend percentage | 50.00% | ||||
Stock split ratio description | On July 11, 2016, the Company's Board of Directors approved a three-for-two split of the Company's common and Class B stock to be effected in the form of a 50% stock dividend. As a result, shareholders received one additional share of common or Class B stock for every two shares they held of the respective class of stock as of the record date. |
Customers with 10% (or greate24
Customers with 10% (or greater) of Net Revenues - Additional Information (Detail) - Entities Owned by One Global Company [Member] - Revenue [Member] | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Customer One [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of concentration | 15.00% | 0.00% | 8.80% | 0.00% |
Customer Two [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of concentration | 13.50% | 0.00% | 8.00% | 0.00% |
Customer Three [Member] | ||||
Concentration Risk [Line Items] | ||||
Percentage of concentration | 13.00% | 0.00% | 7.60% | 0.00% |