Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 01, 2018 | Mar. 31, 2018 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Sep. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | GENC | ||
Entity Registrant Name | GENCOR INDUSTRIES INC | ||
Entity Central Index Key | 64,472 | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 166,869,500 | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 12,252,337 | ||
Class B Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,288,857 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 8,012,000 | $ 22,933,000 |
Marketable securities at fair value (cost of $103,751,000 at September 30, 2018 and $86,967,000 at September 30, 2017) | 104,058,000 | 87,886,000 |
Accounts receivable, less allowance for doubtful accounts of $313,000 at September 30, 2018 and $207,000 at September 30, 2017 | 993,000 | 1,184,000 |
Costs and estimated earnings in excess of billings | 11,900,000 | 6,768,000 |
Inventories, net | 18,214,000 | 16,687,000 |
Prepaid expenses | 1,904,000 | 1,660,000 |
Total current assets | 145,081,000 | 137,118,000 |
Property and equipment, net | 7,889,000 | 5,722,000 |
Other assets | 53,000 | 53,000 |
Total Assets | 153,023,000 | 142,893,000 |
Current liabilities: | ||
Accounts payable | 1,838,000 | 1,320,000 |
Customer deposits | 4,563,000 | 8,628,000 |
Accrued expenses | 2,085,000 | 2,426,000 |
Total current liabilities | 8,486,000 | 12,374,000 |
Deferred and other income taxes | 2,358,000 | 1,601,000 |
Total liabilities | 10,844,000 | 13,975,000 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, par value $.10 per share; 300,000 shares authorized; none issued | ||
Capital in excess of par value | 11,862,000 | 11,178,000 |
Retained earnings | 128,863,000 | 116,299,000 |
Total shareholders' equity | 142,179,000 | 128,918,000 |
Total Liabilities and Shareholders' Equity | 153,023,000 | 142,893,000 |
Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | 1,225,000 | 1,215,000 |
Total shareholders' equity | 1,225,000 | 1,215,000 |
Class B Stock [Member] | ||
Shareholders' equity: | ||
Common stock | 229,000 | 226,000 |
Total shareholders' equity | $ 229,000 | $ 226,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Marketable securities, cost | $ 103,751,000 | $ 86,967,000 |
Accounts receivable, allowance for doubtful accounts | $ 313,000 | $ 207,000 |
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 | 12,252,337 | 12,154,829 |
Common stock, shares outstanding | 12,252,337 | 12,154,829 |
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 | 2,288,857 | 2,263,857 |
Common stock, shares outstanding | 2,288,857 | 2,263,857 |
Consolidated Income Statements
Consolidated Income Statements - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||
Net revenue | $ 98,614,000 | $ 80,608,000 |
Cost of goods sold | 71,993,000 | 59,449,000 |
Gross profit | 26,621,000 | 21,159,000 |
Operating expenses: | ||
Product engineering and development | 2,915,000 | 2,147,000 |
Selling, general and administrative | 9,991,000 | 8,776,000 |
Total operating expenses | 12,906,000 | 10,923,000 |
Operating income | 13,715,000 | 10,236,000 |
Other income (expense), net: | ||
Interest and dividend income, net of fees | 1,535,000 | 650,000 |
Realized and unrealized gains (losses) on marketable securities, net | (363,000) | 1,297,000 |
Other | 2,000 | (5,000) |
Other income (expense), net | 1,174,000 | 1,942,000 |
Income before income tax expense | 14,889,000 | 12,178,000 |
Income tax expense | 2,325,000 | 3,760,000 |
Net income | $ 12,564,000 | $ 8,418,000 |
Basic earnings per common share | $ 0.87 | $ 0.58 |
Diluted earnings per common share | $ 0.85 | $ 0.57 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Total | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Common Stock [Member] | Class B Stock [Member] |
Beginning balance at Sep. 30, 2016 | $ 120,205,000 | $ 10,887,000 | $ 107,881,000 | $ 1,211,000 | $ 226,000 |
Beginning balance, shares at Sep. 30, 2016 | 12,111,079 | 2,263,857 | |||
Net income | 8,418,000 | 8,418,000 | |||
Stock-based compensation | 71,000 | 71,000 | |||
Stock options exercised | 224,000 | 220,000 | $ 4,000 | ||
Stock options exercised, shares | 43,750 | ||||
Ending balance at Sep. 30, 2017 | 128,918,000 | 11,178,000 | 116,299,000 | $ 1,215,000 | $ 226,000 |
Ending balance, shares at Sep. 30, 2017 | 12,154,829 | 2,263,857 | |||
Net income | 12,564,000 | 12,564,000 | |||
Stock-based compensation | 71,000 | 71,000 | |||
Stock options exercised | 626,000 | 613,000 | $ 10,000 | $ 3,000 | |
Stock options exercised, shares | 97,508 | 25,000 | |||
Ending balance at Sep. 30, 2018 | $ 142,179,000 | $ 11,862,000 | $ 128,863,000 | $ 1,225,000 | $ 229,000 |
Ending balance, shares at Sep. 30, 2018 | 12,252,337 | 2,288,857 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 12,564,000 | $ 8,418,000 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: | ||
Purchase of marketable securities | (256,124,000) | (492,674,000) |
Proceeds from sale and maturity of marketable securities | 239,462,000 | 491,852,000 |
Change in value of marketable securities | 490,000 | (1,126,000) |
Deferred and other income taxes | 757,000 | 1,285,000 |
Depreciation and amortization | 1,380,000 | 1,128,000 |
Provision for doubtful accounts | 210,000 | 115,000 |
Loss on disposal of assets | 3,000 | 7,000 |
Stock-based compensation | 71,000 | 71,000 |
Changes in assets and liabilities: | ||
Accounts receivable | (19,000) | (189,000) |
Costs and estimated earnings in excess of billings | (5,132,000) | (1,847,000) |
Inventories | (1,527,000) | (5,053,000) |
Prepaid expenses | (244,000) | (62,000) |
Accounts payable | 518,000 | (123,000) |
Customer deposits | (4,065,000) | 4,144,000 |
Accrued expenses | (341,000) | 162,000 |
Total adjustments | (9,561,000) | (2,310,000) |
Cash flows provided by (used in) operating activities | (11,997,000) | 6,108,000 |
Cash flows from investing activities: | ||
Capital expenditures | (3,550,000) | (1,624,000) |
Proceeds from sale of property and equipment | 7,000 | |
Cash flows used in investing activities | (3,550,000) | (1,617,000) |
Cash flows from financing activities: | ||
Proceeds from stock option exercises | 626,000 | 223,000 |
Cash flows provided by financing activities | 626,000 | 223,000 |
Net increase (decrease) in cash and cash equivalents | (14,921,000) | 4,714,000 |
Cash and cash equivalents at: | ||
Beginning of year | 22,933,000 | 18,219,000 |
End of year | $ 8,012,000 | $ 22,933,000 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Gencor Industries, Inc. and its subsidiaries (collectively, the “Company”) is a diversified, heavy machinery manufacturer for the production of highway construction materials and environmental control machinery and equipment. These consolidated financial statements include the accounts of Gencor Industries, Inc. and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Accounting Pronouncements and Policies In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers 2014-09”), In February 2016, the FASB issued ASU No. 2016-02, Leases 2016-02”). right-of-use 2016-02 In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation” (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The new guidance clarifies when a change to the terms or conditions of a share based payment award must be accounted for as a modification. ASU 2017-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, with early adoption permitted. ASU 2017-09 is effective for the Company in the first quarter of its fiscal 2019. The Company does not expect the adoption of this standard to have a significant impact on its financial results when adopted. No other accounting pronouncements recently issued or newly effective have had or are expected to have a material impact on the Company’s consolidated financial statements. Use of Estimates The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Earnings per Share (“EPS”) The consolidated financial statements include basic and diluted earnings (loss) per share (“EPS”) information. Basic EPS is based on the weighted-average number of shares outstanding. Diluted EPS 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 EPS calculation at September 30, 2018 were 367,000, which equates to 231,000 dilutive common stock equivalents. For the year ended September 30, 2017, the weighted-average shares issuable upon the exercise of stock options included in the diluted EPS calculation were 463,000, which equates to 284,000 dilutive common stock equivalents. Weighted-average shares issuable upon the exercise of stock options, which were not included in the diluted EPS calculation because they were anti-dilutive, were zero in 2018 and 2017. The following presents the calculation of the basic and diluted EPS for the years ended September 30, 2018 and 2017: 2018 2017 Net Income Shares EPS Net Income Shares EPS Basic EPS $ 12,564,000 14,492,000 $ 0.87 $ 8,418,000 14,396,000 $ 0.58 Common stock equivalents 231,000 284,000 Diluted EPS $ 12,564,000 14,723,000 $ 0.85 $ 8,418,000 14,680,000 $ 0.57 Cash Equivalents Cash equivalents consist of short-term certificates of deposit and deposits in money market accounts with original maturities of three months or less. 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 consolidated income statements. Net changes in unrealized gains and losses are reported in the consolidated income statements in the current 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, mutual funds, exchange-traded funds, corporate bonds, 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, and 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 are provided by the Company’s professional investment management firms. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2018: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 11,768,000 $ — $ — $ 11,768,000 Mutual Funds 3,811,000 — — 3,811,000 Exchange-Traded Funds 4,148,000 — — 4,148,000 Corporate Bonds — 29,884,000 — 29,884,000 Government Securities 53,883,000 — — 53,883,000 Cash and Money Funds 564,000 — — 564,000 Total $ 74,174,000 $ 29,884,000 $ — $ 104,058,000 Net unrealized losses reported during fiscal 2018 on trading securities still held as of September 30, 2018, were $612,000. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2018. In September 2018, the Company invested an additional $15.0 million of its operating cash in government securities. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2017: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 11,338,000 $ — $ — $ 11,338,000 Mutual Funds 7,155,000 — — 7,155,000 Exchange-Traded Funds 3,417,000 — — 3,417,000 Corporate Bonds — 7,196,000 — 7,196,000 Government Securities 54,542,000 — — 54,542,000 Cash and Money Funds 4,238,000 — — 4,238,000 Total $ 80,690,000 $ 7,196,000 $ — $ 87,886,000 Net unrealized gains reported during fiscal 2017 on trading securities still held as of September 30, 2017, were $1,183,000. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2017. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, customer deposits and accrued expenses approximate fair value because of the short-term nature of these items. Foreign Currency Transactions Gains and losses resulting from foreign currency transactions are included in income and were not significant during the years ended September 30, 2018 and 2017. Risk Management Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, and accounts receivable. The Company maintains its cash accounts in various domestic financial institutions which may from time to time exceed federally insured limits. Operating cash is retained overnight in non-interest-bearing The Company’s customers are not concentrated in any specific geographic region, but are concentrated in the road and highway construction industry. The Company extends limited credit to its customers based upon their credit- worthiness and generally requires a significant up-front Inventories Inventories are valued at the lower of cost or market, with cost being determined principally by using the last-in, first-out trade-in Changes in the allowance for slow moving and obsolete inventories are as follows: 2018 2017 Balance, beginning of year $ 3,826,000 $ 3,869,000 Charged to cost of sales 262,000 77,000 Disposal of inventory, net of recoveries (315,000 ) (120,000 ) Balance, end of year $ 3,773,000 $ 3,826,000 Property and Equipment Property and equipment are stated at cost (see Note 4). Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the related assets, as follows: Years Land improvements 15 Buildings & improvements 6-40 Equipment 2-10 Impairments Property and equipment and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. No such impairment losses were recorded during the years ended September 30, 2018 and 2017. Revenues and Expenses Revenues from contracts for the design, manufacture and sale of asphalt plants are recognized under the percentage-of-completion percentage-of-completion Pre-contract Revenues from all other contracts for the design and manufacture of custom equipment, for service and for parts sales, net of any discounts and return allowances, are recorded when the following four revenue recognition criteria are met: product is delivered/ownership is transferred or service is performed, persuasive evidence of an arrangement exists, the selling price is fixed or determinable, and collectability is reasonably assured. Product warranty costs are estimated using historical experience and known issues and are charged to production costs as revenue is recognized. Changes in the accrual for warranty and related costs are composed of the following: 2018 2017 Balance, beginning of year $ 412,000 $ 401,000 Warranties issued 225,000 400,000 Warranties settled (237,000 ) (389,000 ) Balance, end of year $ 400,000 $ 412,000 All product engineering and development costs, and selling, general and administrative expenses are charged to operations as incurred. Provision is made for any anticipated contract losses in the period that the loss becomes evident. The allowance for doubtful accounts is determined by performing a specific review of all account balances greater than 90 days past due and other higher risk amounts to determine collectability, and also adjusting for any known customer payment issues with account balances in the less-than-90-day Changes in the allowance for doubtful accounts are composed of the following: 2018 2017 Balance, beginning of year $ 207,000 $ 195,000 Provision for doubtful accounts 210,000 115,000 Provision for estimated returns and allowances 265,000 385,000 Uncollectible accounts written-off (76,000 ) (16,000 ) Returns and allowances issued (293,000 ) (472,000 ) Balance, end of year $ 313,000 $ 207,000 Shipping and Handling Costs Shipping and handling costs are included in production costs in the consolidated income statements. Income Taxes Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist primarily of taxes currently due, plus deferred taxes (see Note 6). The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns using current tax rates. The Company and its domestic subsidiaries file a consolidated federal income tax return. Deferred tax assets and liabilities are measured using the rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse and the credits are expected to be used. The effect on deferred tax assets and liabilities of the change in tax rates is recognized in income in the period that includes the enactment date. All available evidence, both positive and negative, is considered to determine whether, based on the weight of that evidence, the Company is more likely than not to realize the benefit of a deferred tax asset and whether a valuation allowance is needed for some portion or all of a deferred tax asset. No such valuation allowances were recorded as of September 30, 2018 and 2017. On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law by President Donald Trump. The Tax Reform Act significantly lowered the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018, while also repealing the deduction for domestic production activities for tax years beginning after December 31, 2017, implementing a territorial tax system and imposing repatriation tax on deemed repatriated earnings of foreign subsidiaries. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. As a result of the Tax Reform Act, the Company recorded a tax benefit of $0.7 million due to re-measurement The Company’s income tax provision is based on management’s estimate of the effective tax rate for the full year. The tax provision in any period will be affected by, among other things, permanent, as well as temporary differences in the deductibility of certain items, in addition to changes in tax legislation. As a result, the Company may experience significant fluctuations in the effective book tax rate (that is, its tax expense divided by pre-tax Comprehensive Income For the years ended September 30, 2018 and 2017, other comprehensive income is equal to net income. Reporting Segments and Geographic Areas The Company has one reportable segment. For fiscal 2018 and 2017, total revenues of $98,614,000 and $80,608,000, and total long-term assets of $7,942,000 and $5,775,000, respectively, were attributed to the United States. Revenues are attributed to geographic areas based on the location of the assets producing the revenues. Customers with 10% (or greater) of Net Revenues Approximately 3% of total net revenue in the year ended September 30, 2018 and 13% of total net revenue for the year ended September 30, 2017, was from one or more separate U.S. entities owned by a foreign-based global company. One other customer accounted for approximately 10% of net revenue for the year ended September 30, 2017. No customer accounted for 10% or more of fiscal 2018 net revenue. Subsequent Events Management has evaluated events occurring from September 30, 2018 through the date these financial statements were filed with the SEC for proper recording and disclosures therein. |
Inventories, Net
Inventories, Net | 12 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories, Net | NOTE 2 - INVENTORIES, NET Net inventories consist of the following: September 30, 2018 2017 Raw materials $ 11,254,000 $ 9,407,000 Work in process 1,020,000 3,098,000 Finished goods 5,924,000 4,166,000 Used equipment 16,000 16,000 $ 18,214,000 $ 16,687,000 At September 30, 2018 and 2017, cost is determined by the LIFO method for inventories. The estimated current cost of inventories exceeded their LIFO basis by approximately $4,446,000 and $4,250,000 at September 30, 2018 and 2017, respectively. Slow moving and obsolete inventory reserves were $3,773,000 and $3,826,000 at September 30, 2018 and 2017, respectively. |
Costs and Estimated Earnings in
Costs and Estimated Earnings in Excess of Billings | 12 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Costs and Estimated Earnings in Excess of Billings | NOTE 3 - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS Costs and estimated earnings in excess of billings on uncompleted contracts as of September 30, 2018 and 2017 consisted of the following: September 30, 2018 2017 Costs incurred on uncompleted contracts $ 17,437,000 $ 10,250,000 Estimated earnings 7,335,000 3,161,000 24,772,000 13,411,000 Billings to date 12,872,000 6,643,000 Costs and estimated earnings in excess of billings $ 11,900,000 $ 6,768,000 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 4 - PROPERTY AND EQUIPMENT Property and equipment consist of the following as of September 30, 2018 and 2017: September 30, 2018 2017 Land and improvements $ 3,323,000 $ 3,323,000 Buildings and improvements 13,350,000 12,935,000 Equipment 12,966,000 9,943,000 29,639,000 26,201,000 Less: Accumulated depreciation and amortization (21,750,000 ) (20,479,000 ) Property and equipment, net $ 7,889,000 $ 5,722,000 Property and equipment includes approximately $11,996,000 and $10,645,000 of fully depreciated assets, which remained in service during fiscal 2018 and 2017, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | NOTE 5 - ACCRUED EXPENSES Accrued expenses consist of the following as of September 30, 2018 and 2017: September 30, 2018 2017 Payroll and related accruals $ 1,371,000 $ 1,374,000 Warranty and related accruals 400,000 412,000 Professional fees 118,000 158,000 Other 196,000 482,000 Accrued expenses $ 2,085,000 $ 2,426,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 6 - INCOME TAXES The provision for income tax expense consists of: Year Ended September 30, 2018 2017 Current: Federal $ 1,441,000 $ 2,381,000 State 127,000 50,000 Total current 1,568,000 2,431,000 Deferred: Federal 631,000 1,238,000 State 126,000 91,000 Total deferred 757,000 1,329,000 Income tax expense $ 2,325,000 $ 3,760,000 A reconciliation of the federal statutory tax rate to the total tax provision is as follows: Year Ended September 30, 2018 2017 Federal income taxes computed at the statutory rate 24.3 % 34.0 % State income taxes, net of federal benefit 1.4 % 1.2 % Change in current tax rate (3.0 %) — Change in deferred tax rate (2.3 %) — Research & development tax refunds & credits (1.8 %) (2.1 %) Dividend received deduction (0.9 %) (0.9 %) Domestic production activities deduction (1.2 %) (2.8 %) Incentive stock options (1.0 %) — Other, net 0.1 % 1.5 % Effective income tax rate 15.6 % 30.9 % Deferred income tax assets and liabilities consist of the following: September 30, 2018 2017 Deferred Tax Assets: Accrued liabilities and reserves $ 218,000 $ 351,000 Allowance for doubtful accounts 71,000 73,000 Inventory 494,000 778,000 R&D tax credits carryforwards 87,000 155,000 Stock-based compensation 104,000 95,000 Net operating losses carryforwards 57,000 58,000 Other — 48,000 Gross Deferred Income Tax Assets 1,031,000 1,558,000 Deferred and Other Tax Liabilities: Domestic international sales corporation (543,000 ) (839,000 ) Percentage of completion (1,717,000 ) (1,114,000 ) Property and equipment (904,000 ) (694,000 ) Unrealized gain on investments (75,000 ) (332,000 ) Unrecognized tax benefits (150,000 ) (150,000 ) Other — (30,000 ) Gross Deferred and Other Income Tax Liabilities (3,389,000 ) (3,159,000 ) Net Deferred and Other Income Tax Assets (Liabilities) $ (2,358,000 ) $ (1,601,000 ) Total income taxes paid in fiscal 2018 and 2017 were $2,775,000 and $1,918,000, respectively. Accounting principles generally accepted in the United States of America (“GAAP”) prescribes a comprehensive model for the financial recognition, measurement, classification, and disclosure of uncertain tax positions. GAAP contains a two-step Significant judgment is required in evaluating the Company’s uncertain tax position and determining the Company’s provision for taxes. Although the Company believes the reserves of unrecognized tax benefits (“UTB’s”) are reasonable, no assurance can be given that the final outcome of these matters will not be different from that which is reflected in the Company’s historical income tax provision and accruals. The Company adjusts these reserves in light of changing facts and circumstances. As of September 30, 2018 and 2017, the Company had UTB’s of $150,000. There were no additional accruals of UTB’s during fiscal years ended September 30, 2018 and 2017. The Company recognizes interest and penalties accrued related to UTB’s as a component of income tax expense. There were no additional accruals of interest expense nor penalties during fiscal years ended September 30, 2018 and 2017. It is reasonably possible that the amount of the UTB’s with respect to certain unrecognized tax positions will increase or decrease during the next 12 months. The Company does not expect the change to have a material effect on its results of operations or its financial position. The only expected potential reason for change would be the normal expiration of the statute of limitations or the ultimate results stemming from any examinations by taxing authorities. If recognized, the entire amount of UTB’s would have an impact on the Company’s effective tax rate. The effective income tax rate for fiscal 2018 was 15.6% versus 30.9% in fiscal 2017 due primarily to changes in the corporate income tax rate. As of September 30, 2017, the Company had no federal research and development tax credits (“R&D Credits”) carryforwards. In fiscal 2018, $249,000 of new credits were generated, all of which were used. There are no R&D Credits carryforwards as of September 30, 2018. As of September 30, 2017, the Company had $155,000 in Florida state research and development tax credits (“Florida R&D Credits”) carryforwards. The Company received additional Florida R&D Credits of $25,000 in fiscal 2018 and used $93,000, leaving $87,000 of Florida R&D Credits carryforwards as of September 30, 2018. The $87,000 of Florida R&D Credits, which are included in net deferred and other income tax liabilities of $(2,358,000) at September 30, 2018, expire in fiscal 2022. The Company files U.S. federal income tax returns, as well as Florida and Iowa income tax returns. The Company’s U.S. federal income tax returns filed for tax years prior to fiscal year ended September 30, 2015 are generally no longer subject to examination by taxing authorities due to the expiration of the statute of limitations. |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | NOTE 7 - RETIREMENT BENEFITS The Company has a voluntary 401(k) employee benefit plan, which covers all eligible, domestic employees. The Company makes discretionary matching contributions subject to a maximum level, in accordance with the terms of the plan. The Company charged approximately $420,000 and $218,000 to expense under the provisions of the plan during the fiscal years 2018 and 2017, respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | NOTE 8 - LONG-TERM DEBT The Company had no long-term debt outstanding at September 30, 2018 or 2017. The Company does not currently require a credit facility. As of September 30, 2018, total cash deposits with insurance companies covering collateral needs were $135,000. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9 - COMMITMENTS AND CONTINGENCIES Leases The Company leases certain equipment under non-cancelable Litigation The Company is not involved in any legal proceedings other than routine litigation arising in the normal course of business, none of which we believe will have a material adverse effect on our business, financial condition or results of operations. Claims made in the ordinary course of business may be covered in whole or in part by insurance. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Sep. 30, 2018 | |
Federal Home Loan Banks [Abstract] | |
Shareholders' Equity | NOTE 10 - SHAREHOLDERS’ EQUITY Under the Company’s Certificate of Incorporation, as amended, certain rights of the holders of the Company’s common stock are modified by shares of Class B stock for as long as such shares shall remain outstanding. During that period, holders of common stock will have the right to elect approximately 25% of the Company’s Board of Directors, and conversely, holders of Class B stock will be entitled to elect approximately 75% of the Company’s Board of Directors. During the period when shares of common stock and Class B stock are outstanding, certain matters submitted to a vote of shareholders will also require approval of the holders of common stock and Class B stock, each voting separately as a class. Common stock and Class B shareholders have equal rights with respect to dividends, preferences, and rights, including rights in liquidation. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | NOTE 11 – STOCK-BASED COMPENSATION The Company maintains a stock-based compensation plan, which provides for the issuance of Company stock to certain directors, officers, key employees and affiliates. On March 17, 2009, the shareholders of the Company approved the 2009 Incentive Compensation Plan (the “2009 Plan”). The 2009 Plan provides that the total number of shares of Company stock that may be subject to the granting of awards under the 2009 Plan (“Awards”) at any time during the term of the 2009 Plan shall be equal to 800,000 shares of common stock and 160,000 shares of Class B stock. The foregoing limit shall be increased, as provided for in the 2009 Plan. Persons eligible to receive Awards under the 2009 Plan include employees, directors, consultants and other persons who provide services to the Company. The 2009 Plan imposes individual limitations on the amount of certain Awards, in part, to comply with Internal Revenue Code, Section 162(m). The Awards can be in the form of stock options, restricted and deferred stock, performance awards and other stock-based awards, as provided for in the 2009 Plan. As of September 30, 2018, all outstanding common stock options had been fully vested. These options amounted to 242,492 at September 30, 2018. As long as the employee remains employed by the Company, these options are exercisable through October 1, 2021. As of September 30, 2018, 482,000 shares of Company common stock and 100,000 shares of Class B stock are available for granting of Awards under the 2009 Plan. The following table summarizes option activity under the 2009 Plan: Number of Average Options outstanding at September 30, 2016 483,750 $ 5.684 Options exercised during fiscal 2017 (43,750 ) $ 5.126 Options outstanding at September 30, 2017 440,000 $ 5.739 Options exercised during fiscal 2018 (122,508 ) $ 5.104 Options outstanding at September 30, 2018 317,492 $ 5.984 No options were granted, forfeited or cancelled during the year ended September 30, 2018. The weighted average remaining contractual life on the options outstanding as of September 30, 2018 is 3.5 years under the 2009 Plan. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 12 - RELATED PARTY TRANSACTIONS Marcar Leasing Corporation (“Marcar”) was engaged in leasing vehicles and forklifts to the Company. Marcar is owned by a family member of the Company’s chairman. New leases between the Company and Marcar provided for equal monthly payments. There were no lease payments made to Marcar during fiscal 2018. During fiscal 2017, the Company made lease payments to Marcar totaling $125,000. On October 5, 2017, the Company agreed to purchase leased vehicles and forklifts under contract with Marcar for $320,000. The Company has no further obligation to Marcar. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Pronouncements and Policies | Accounting Pronouncements and Policies In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers 2014-09”), In February 2016, the FASB issued ASU No. 2016-02, Leases 2016-02”). right-of-use 2016-02 In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation” (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The new guidance clarifies when a change to the terms or conditions of a share based payment award must be accounted for as a modification. ASU 2017-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, with early adoption permitted. ASU 2017-09 is effective for the Company in the first quarter of its fiscal 2019. The Company does not expect the adoption of this standard to have a significant impact on its financial results when adopted. No other accounting pronouncements recently issued or newly effective have had or are expected to have a material impact on the Company’s consolidated financial statements. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Earnings per Share ("EPS") | Earnings per Share (“EPS”) The consolidated financial statements include basic and diluted earnings (loss) per share (“EPS”) information. Basic EPS is based on the weighted-average number of shares outstanding. Diluted EPS 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 EPS calculation at September 30, 2018 were 367,000, which equates to 231,000 dilutive common stock equivalents. For the year ended September 30, 2017, the weighted-average shares issuable upon the exercise of stock options included in the diluted EPS calculation were 463,000, which equates to 284,000 dilutive common stock equivalents. Weighted-average shares issuable upon the exercise of stock options, which were not included in the diluted EPS calculation because they were anti-dilutive, were zero in 2018 and 2017. The following presents the calculation of the basic and diluted EPS for the years ended September 30, 2018 and 2017: 2018 2017 Net Income Shares EPS Net Income Shares EPS Basic EPS $ 12,564,000 14,492,000 $ 0.87 $ 8,418,000 14,396,000 $ 0.58 Common stock equivalents 231,000 284,000 Diluted EPS $ 12,564,000 14,723,000 $ 0.85 $ 8,418,000 14,680,000 $ 0.57 |
Cash Equivalents | Cash Equivalents Cash equivalents consist of short-term certificates of deposit and deposits in money market accounts with original maturities of three months or less. |
Marketable Securities | 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 consolidated income statements. Net changes in unrealized gains and losses are reported in the consolidated income statements in the current 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, mutual funds, exchange-traded funds, corporate bonds, 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, and 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 are provided by the Company’s professional investment management firms. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2018: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 11,768,000 $ — $ — $ 11,768,000 Mutual Funds 3,811,000 — — 3,811,000 Exchange-Traded Funds 4,148,000 — — 4,148,000 Corporate Bonds — 29,884,000 — 29,884,000 Government Securities 53,883,000 — — 53,883,000 Cash and Money Funds 564,000 — — 564,000 Total $ 74,174,000 $ 29,884,000 $ — $ 104,058,000 Net unrealized losses reported during fiscal 2018 on trading securities still held as of September 30, 2018, were $612,000. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2018. In September 2018, the Company invested an additional $15.0 million of its operating cash in government securities. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2017: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 11,338,000 $ — $ — $ 11,338,000 Mutual Funds 7,155,000 — — 7,155,000 Exchange-Traded Funds 3,417,000 — — 3,417,000 Corporate Bonds — 7,196,000 — 7,196,000 Government Securities 54,542,000 — — 54,542,000 Cash and Money Funds 4,238,000 — — 4,238,000 Total $ 80,690,000 $ 7,196,000 $ — $ 87,886,000 Net unrealized gains reported during fiscal 2017 on trading securities still held as of September 30, 2017, were $1,183,000. There were no transfers of investments between Level 1 and Level 2 during the year ended September 30, 2017. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, customer deposits and accrued expenses approximate fair value because of the short-term nature of these items. |
Foreign Currency Transactions | Foreign Currency Transactions Gains and losses resulting from foreign currency transactions are included in income and were not significant during the years ended September 30, 2018 and 2017. |
Risk Management | Risk Management Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, marketable securities, and accounts receivable. The Company maintains its cash accounts in various domestic financial institutions which may from time to time exceed federally insured limits. Operating cash is retained overnight in non-interest-bearing The Company’s customers are not concentrated in any specific geographic region, but are concentrated in the road and highway construction industry. The Company extends limited credit to its customers based upon their credit- worthiness and generally requires a significant up-front |
Inventories | Inventories Inventories are valued at the lower of cost or market, with cost being determined principally by using the last-in, first-out trade-in Changes in the allowance for slow moving and obsolete inventories are as follows: 2018 2017 Balance, beginning of year $ 3,826,000 $ 3,869,000 Charged to cost of sales 262,000 77,000 Disposal of inventory, net of recoveries (315,000 ) (120,000 ) Balance, end of year $ 3,773,000 $ 3,826,000 |
Property and Equipment | Property and Equipment Property and equipment are stated at cost (see Note 4). Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the related assets, as follows: Years Land improvements 15 Buildings & improvements 6-40 Equipment 2-10 |
Impairments | Impairments Property and equipment and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. An impairment loss would be recognized when the carrying amount of an asset exceeds the estimated undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset’s carrying value over its fair value. Fair value is generally determined using a discounted cash flow analysis. No such impairment losses were recorded during the years ended September 30, 2018 and 2017. |
Revenues and Expenses | Revenues and Expenses Revenues from contracts for the design, manufacture and sale of asphalt plants are recognized under the percentage-of-completion percentage-of-completion Pre-contract Revenues from all other contracts for the design and manufacture of custom equipment, for service and for parts sales, net of any discounts and return allowances, are recorded when the following four revenue recognition criteria are met: product is delivered/ownership is transferred or service is performed, persuasive evidence of an arrangement exists, the selling price is fixed or determinable, and collectability is reasonably assured. Product warranty costs are estimated using historical experience and known issues and are charged to production costs as revenue is recognized. Changes in the accrual for warranty and related costs are composed of the following: 2018 2017 Balance, beginning of year $ 412,000 $ 401,000 Warranties issued 225,000 400,000 Warranties settled (237,000 ) (389,000 ) Balance, end of year $ 400,000 $ 412,000 All product engineering and development costs, and selling, general and administrative expenses are charged to operations as incurred. Provision is made for any anticipated contract losses in the period that the loss becomes evident. The allowance for doubtful accounts is determined by performing a specific review of all account balances greater than 90 days past due and other higher risk amounts to determine collectability, and also adjusting for any known customer payment issues with account balances in the less-than-90-day Changes in the allowance for doubtful accounts are composed of the following: 2018 2017 Balance, beginning of year $ 207,000 $ 195,000 Provision for doubtful accounts 210,000 115,000 Provision for estimated returns and allowances 265,000 385,000 Uncollectible accounts written-off (76,000 ) (16,000 ) Returns and allowances issued (293,000 ) (472,000 ) Balance, end of year $ 313,000 $ 207,000 |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are included in production costs in the consolidated income statements. |
Income Taxes | Income Taxes Income taxes are provided for the tax effects of transactions reported in the consolidated financial statements and consist primarily of taxes currently due, plus deferred taxes (see Note 6). The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns using current tax rates. The Company and its domestic subsidiaries file a consolidated federal income tax return. Deferred tax assets and liabilities are measured using the rates expected to apply to taxable income in the years in which the temporary differences are expected to reverse and the credits are expected to be used. The effect on deferred tax assets and liabilities of the change in tax rates is recognized in income in the period that includes the enactment date. All available evidence, both positive and negative, is considered to determine whether, based on the weight of that evidence, the Company is more likely than not to realize the benefit of a deferred tax asset and whether a valuation allowance is needed for some portion or all of a deferred tax asset. No such valuation allowances were recorded as of September 30, 2018 and 2017. On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law by President Donald Trump. The Tax Reform Act significantly lowered the U.S. corporate income tax rate from 35% to 21% effective January 1, 2018, while also repealing the deduction for domestic production activities for tax years beginning after December 31, 2017, implementing a territorial tax system and imposing repatriation tax on deemed repatriated earnings of foreign subsidiaries. U.S. GAAP requires that the impact of tax legislation be recognized in the period in which the law was enacted. As a result of the Tax Reform Act, the Company recorded a tax benefit of $0.7 million due to re-measurement The Company’s income tax provision is based on management’s estimate of the effective tax rate for the full year. The tax provision in any period will be affected by, among other things, permanent, as well as temporary differences in the deductibility of certain items, in addition to changes in tax legislation. As a result, the Company may experience significant fluctuations in the effective book tax rate (that is, its tax expense divided by pre-tax |
Comprehensive Income | Comprehensive Income For the years ended September 30, 2018 and 2017, other comprehensive income is equal to net income. |
Reporting Segments and Geographic Areas | Reporting Segments and Geographic Areas The Company has one reportable segment. For fiscal 2018 and 2017, total revenues of $98,614,000 and $80,608,000, and total long-term assets of $7,942,000 and $5,775,000, respectively, were attributed to the United States. Revenues are attributed to geographic areas based on the location of the assets producing the revenues. |
Customers with 10% (or greater) of Net Revenues | Customers with 10% (or greater) of Net Revenues Approximately 3% of total net revenue in the year ended September 30, 2018 and 13% of total net revenue for the year ended September 30, 2017, was from one or more separate U.S. entities owned by a foreign-based global company. One other customer accounted for approximately 10% of net revenue for the year ended September 30, 2017. No customer accounted for 10% or more of fiscal 2018 net revenue. |
Subsequent Events | Subsequent Events Management has evaluated events occurring from September 30, 2018 through the date these financial statements were filed with the SEC for proper recording and disclosures therein. |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basic and Diluted EPS | The following presents the calculation of the basic and diluted EPS for the years ended September 30, 2018 and 2017: 2018 2017 Net Income Shares EPS Net Income Shares EPS Basic EPS $ 12,564,000 14,492,000 $ 0.87 $ 8,418,000 14,396,000 $ 0.58 Common stock equivalents 231,000 284,000 Diluted EPS $ 12,564,000 14,723,000 $ 0.85 $ 8,418,000 14,680,000 $ 0.57 |
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 September 30, 2018: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 11,768,000 $ — $ — $ 11,768,000 Mutual Funds 3,811,000 — — 3,811,000 Exchange-Traded Funds 4,148,000 — — 4,148,000 Corporate Bonds — 29,884,000 — 29,884,000 Government Securities 53,883,000 — — 53,883,000 Cash and Money Funds 564,000 — — 564,000 Total $ 74,174,000 $ 29,884,000 $ — $ 104,058,000 The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2017: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 11,338,000 $ — $ — $ 11,338,000 Mutual Funds 7,155,000 — — 7,155,000 Exchange-Traded Funds 3,417,000 — — 3,417,000 Corporate Bonds — 7,196,000 — 7,196,000 Government Securities 54,542,000 — — 54,542,000 Cash and Money Funds 4,238,000 — — 4,238,000 Total $ 80,690,000 $ 7,196,000 $ — $ 87,886,000 |
Schedule of Changes in Allowance for Slow Moving and Obsolete Inventories | Changes in the allowance for slow moving and obsolete inventories are as follows: 2018 2017 Balance, beginning of year $ 3,826,000 $ 3,869,000 Charged to cost of sales 262,000 77,000 Disposal of inventory, net of recoveries (315,000 ) (120,000 ) Balance, end of year $ 3,773,000 $ 3,826,000 |
Estimated Useful Lives of Assets | Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the related assets, as follows: Years Land improvements 15 Buildings & improvements 6-40 Equipment 2-10 |
Schedule of Changes in Accrual for Warranty and Related Costs | Changes in the accrual for warranty and related costs are composed of the following: 2018 2017 Balance, beginning of year $ 412,000 $ 401,000 Warranties issued 225,000 400,000 Warranties settled (237,000 ) (389,000 ) Balance, end of year $ 400,000 $ 412,000 |
Schedule of Changes in Allowance for Doubtful Accounts | Changes in the allowance for doubtful accounts are composed of the following: 2018 2017 Balance, beginning of year $ 207,000 $ 195,000 Provision for doubtful accounts 210,000 115,000 Provision for estimated returns and allowances 265,000 385,000 Uncollectible accounts written-off (76,000 ) (16,000 ) Returns and allowances issued (293,000 ) (472,000 ) Balance, end of year $ 313,000 $ 207,000 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Net Inventories | Net inventories consist of the following: September 30, 2018 2017 Raw materials $ 11,254,000 $ 9,407,000 Work in process 1,020,000 3,098,000 Finished goods 5,924,000 4,166,000 Used equipment 16,000 16,000 $ 18,214,000 $ 16,687,000 |
Costs and Estimated Earnings _2
Costs and Estimated Earnings in Excess of Billings (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and 2017 consisted of the following: September 30, 2018 2017 Costs incurred on uncompleted contracts $ 17,437,000 $ 10,250,000 Estimated earnings 7,335,000 3,161,000 24,772,000 13,411,000 Billings to date 12,872,000 6,643,000 Costs and estimated earnings in excess of billings $ 11,900,000 $ 6,768,000 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following as of September 30, 2018 and 2017: September 30, 2018 2017 Land and improvements $ 3,323,000 $ 3,323,000 Buildings and improvements 13,350,000 12,935,000 Equipment 12,966,000 9,943,000 29,639,000 26,201,000 Less: Accumulated depreciation and amortization (21,750,000 ) (20,479,000 ) Property and equipment, net $ 7,889,000 $ 5,722,000 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses consist of the following as of September 30, 2018 and 2017: September 30, 2018 2017 Payroll and related accruals $ 1,371,000 $ 1,374,000 Warranty and related accruals 400,000 412,000 Professional fees 118,000 158,000 Other 196,000 482,000 Accrued expenses $ 2,085,000 $ 2,426,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Tax Expense | The provision for income tax expense consists of: Year Ended September 30, 2018 2017 Current: Federal $ 1,441,000 $ 2,381,000 State 127,000 50,000 Total current 1,568,000 2,431,000 Deferred: Federal 631,000 1,238,000 State 126,000 91,000 Total deferred 757,000 1,329,000 Income tax expense $ 2,325,000 $ 3,760,000 |
Reconciliation of the Federal Statutory Tax Rate to the Total Tax Provision | A reconciliation of the federal statutory tax rate to the total tax provision is as follows: Year Ended September 30, 2018 2017 Federal income taxes computed at the statutory rate 24.3 % 34.0 % State income taxes, net of federal benefit 1.4 % 1.2 % Change in current tax rate (3.0 %) — Change in deferred tax rate (2.3 %) — Research & development tax refunds & credits (1.8 %) (2.1 %) Dividend received deduction (0.9 %) (0.9 %) Domestic production activities deduction (1.2 %) (2.8 %) Incentive stock options (1.0 %) — Other, net 0.1 % 1.5 % Effective income tax rate 15.6 % 30.9 % |
Deferred Income Tax Assets and Liabilities | Deferred income tax assets and liabilities consist of the following: September 30, 2018 2017 Deferred Tax Assets: Accrued liabilities and reserves $ 218,000 $ 351,000 Allowance for doubtful accounts 71,000 73,000 Inventory 494,000 778,000 R&D tax credits carryforwards 87,000 155,000 Stock-based compensation 104,000 95,000 Net operating losses carryforwards 57,000 58,000 Other — 48,000 Gross Deferred Income Tax Assets 1,031,000 1,558,000 Deferred and Other Tax Liabilities: Domestic international sales corporation (543,000 ) (839,000 ) Percentage of completion (1,717,000 ) (1,114,000 ) Property and equipment (904,000 ) (694,000 ) Unrealized gain on investments (75,000 ) (332,000 ) Unrecognized tax benefits (150,000 ) (150,000 ) Other — (30,000 ) Gross Deferred and Other Income Tax Liabilities (3,389,000 ) (3,159,000 ) Net Deferred and Other Income Tax Assets (Liabilities) $ (2,358,000 ) $ (1,601,000 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
2009 Plan [Member] | |
Summary of Option Activity under Stock-Based Compensation Plan | The following table summarizes option activity under the 2009 Plan: Number of Average Options outstanding at September 30, 2016 483,750 $ 5.684 Options exercised during fiscal 2017 (43,750 ) $ 5.126 Options outstanding at September 30, 2017 440,000 $ 5.739 Options exercised during fiscal 2018 (122,508 ) $ 5.104 Options outstanding at September 30, 2018 317,492 $ 5.984 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Exercisable stock options, included in the diluted EPS calculation | 367,000 | 463,000 | ||||
Effect of dilutive stock options | 231,000 | 284,000 | ||||
Anti-dilutive exercisable stock options, not included in the diluted EPS calculation | 0 | 0 | ||||
Net unrealized gains (losses) | $ 612,000 | $ 1,183,000 | ||||
Transfers of investments between Level 1 and Level 2 | $ 0 | 0 | 0 | |||
Payments to acquire marketable securities | 256,124,000 | 492,674,000 | ||||
Impairment loss recognized on an asset group | $ 0 | 0 | ||||
Time for the collection of cost associated with Pre- contract | 1 year | |||||
Valuation allowance | 0 | $ 0 | $ 0 | |||
U.S. corporate income tax rate | 21.00% | 35.00% | 24.30% | 34.00% | ||
Tax benefit recorded due to re-measurement of deferred tax liability | 100,000 | $ 700,000 | ||||
Net revenues | $ 98,614,000 | $ 80,608,000 | ||||
Total long-term assets | $ 7,942,000 | $ 7,942,000 | $ 5,775,000 | |||
Entities Owned by One Global Company [Member] | Revenue [Member] | ||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of concentration | 3.00% | 13.00% | ||||
Entities Owned by One Global Company [Member] | Revenue [Member] | Customer One [Member] | ||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Percentage of concentration | 0.00% | 10.00% | ||||
Three to Four Years Old Inventory [Member] | ||||||
Nature Of Operations And Summary Of Significant Accounting Policies [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] | ||||||
Nature Of Operations And Summary Of Significant Accounting Policies [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] | ||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Inventory, minimum time period on the shelf, years | 5 years | |||||
Inventory valuation estimate | $ 0 | |||||
Government Securities [Member] | ||||||
Nature Of Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||
Payments to acquire marketable securities | $ 15,000,000 |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Basic and Diluted EPS (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 12,564,000 | $ 8,418,000 |
Net Income Diluted | $ 12,564,000 | $ 8,418,000 |
Weighted average common shares outstanding | 14,492,000 | 14,396,000 |
Common Stock Equivalents | 231,000 | 284,000 |
Diluted shares outstanding | 14,723,000 | 14,680,000 |
Basic earnings per common share: | ||
Basic earnings per share | $ 0.87 | $ 0.58 |
Diluted earnings per common share: | ||
Diluted earnings per share | $ 0.85 | $ 0.57 |
Nature of Operations and Summ_6
Nature of Operations and Summary of Significant Accounting Policies - Company's Assets Measured at Fair Value (Detail) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Investment Holdings [Line Items] | ||
Total | $ 104,058,000 | $ 87,886,000 |
Equities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 11,768,000 | 11,338,000 |
Mutual Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 3,811,000 | 7,155,000 |
Exchange Traded Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 4,148,000 | 3,417,000 |
Corporate Bonds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 29,884,000 | 7,196,000 |
Government Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 53,883,000 | 54,542,000 |
Cash and Money Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 564,000 | 4,238,000 |
Level 1 [Member] | ||
Investment Holdings [Line Items] | ||
Total | 74,174,000 | 80,690,000 |
Level 1 [Member] | Equities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 11,768,000 | 11,338,000 |
Level 1 [Member] | Mutual Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 3,811,000 | 7,155,000 |
Level 1 [Member] | Exchange Traded Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 4,148,000 | 3,417,000 |
Level 1 [Member] | Government Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 53,883,000 | 54,542,000 |
Level 1 [Member] | Cash and Money Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 564,000 | 4,238,000 |
Level 2 [Member] | ||
Investment Holdings [Line Items] | ||
Total | 29,884,000 | 7,196,000 |
Level 2 [Member] | Corporate Bonds [Member] | ||
Investment Holdings [Line Items] | ||
Total | $ 29,884,000 | $ 7,196,000 |
Nature of Operations and Summ_7
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Changes in Allowance for Slow Moving and Obsolete Inventories (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | ||
Balance, beginning of year | $ 3,826,000 | $ 3,869,000 |
Charged to cost of sales | 262,000 | 77,000 |
Disposal of inventory, net of recoveries | (315,000) | (120,000) |
Balance, end of year | $ 3,773,000 | $ 3,826,000 |
Nature of Operations and Summ_8
Nature of Operations and Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Detail) | 12 Months Ended |
Sep. 30, 2018 | |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 15 years |
Buildings and Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 6 years |
Buildings and Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 40 years |
Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 2 years |
Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives of assets | 10 years |
Nature of Operations and Summ_9
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Changes in Accrual for Warranty and Related Costs (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Product Warranty Liability [Abstract] | ||
Balance, beginning of year | $ 412,000 | $ 401,000 |
Warranties issued | 225,000 | 400,000 |
Warranties settled | (237,000) | (389,000) |
Balance, end of year | $ 400,000 | $ 412,000 |
Nature of Operations and Sum_10
Nature of Operations and Summary of Significant Accounting Policies - Schedule of Changes in Allowance for Doubtful Accounts (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Receivables [Abstract] | ||
Balance, beginning of year | $ 207,000 | $ 195,000 |
Provision for doubtful accounts | 210,000 | 115,000 |
Provision for estimated returns and allowances | 265,000 | 385,000 |
Uncollectible accounts written-off | (76,000) | (16,000) |
Returns and allowances issued | (293,000) | (472,000) |
Balance, end of year | $ 313,000 | $ 207,000 |
Inventories, Net - Net Inventor
Inventories, Net - Net Inventories (Detail) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Inventory, Net [Abstract] | ||
Raw materials | $ 11,254,000 | $ 9,407,000 |
Work in process | 1,020,000 | 3,098,000 |
Finished goods | 5,924,000 | 4,166,000 |
Used equipment | 16,000 | 16,000 |
Inventories, net | $ 18,214,000 | $ 16,687,000 |
Inventories, Net - Additional I
Inventories, Net - Additional Information (Detail) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
Inventory Disclosure [Abstract] | |||
LIFO reserves of inventories | $ 4,446,000 | $ 4,250,000 | |
Slow moving and obsolete inventory reserve | $ 3,773,000 | $ 3,826,000 | $ 3,869,000 |
Costs and Estimated Earnings _3
Costs and Estimated Earnings in Excess of Billings - Costs and Estimated Earnings in Excess of Billings on Uncompleted Contracts (Detail) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Costs in Excess of Billings on Uncompleted Contracts or Programs [Abstract] | ||
Costs incurred on uncompleted contracts | $ 17,437,000 | $ 10,250,000 |
Estimated earnings | 7,335,000 | 3,161,000 |
Costs and estimated earnings on uncompleted contracts | 24,772,000 | 13,411,000 |
Costs and estimated earnings on uncompleted contracts | 24,772,000 | 13,411,000 |
Billings to date | 12,872,000 | 6,643,000 |
Costs and estimated earnings in excess of billings | $ 11,900,000 | $ 6,768,000 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 29,639,000 | $ 26,201,000 |
Less: Accumulated depreciation and amortization | (21,750,000) | (20,479,000) |
Property and equipment, net | 7,889,000 | 5,722,000 |
Land and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,323,000 | 3,323,000 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 13,350,000 | 12,935,000 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 12,966,000 | $ 9,943,000 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Property and equipment (fully depreciated assets) | $ 11,996,000 | $ 10,645,000 |
Accrued Expenses - Accrued Expe
Accrued Expenses - Accrued Expenses (Detail) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Payables and Accruals [Abstract] | ||
Payroll and related accruals | $ 1,371,000 | $ 1,374,000 |
Warranty and related accruals | 400,000 | 412,000 |
Professional fees | 118,000 | 158,000 |
Other | 196,000 | 482,000 |
Accrued expenses | $ 2,085,000 | $ 2,426,000 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Tax Expense (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Current: | ||
Federal | $ 1,441,000 | $ 2,381,000 |
State | 127,000 | 50,000 |
Total current | 1,568,000 | 2,431,000 |
Deferred: | ||
Federal | 631,000 | 1,238,000 |
State | 126,000 | 91,000 |
Total deferred | 757,000 | 1,329,000 |
Income tax expense | $ 2,325,000 | $ 3,760,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Tax Rate to the Total Tax Provision (Detail) | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Income Tax Disclosure [Abstract] | ||||
Federal income taxes computed at the statutory rate | 21.00% | 35.00% | 24.30% | 34.00% |
State income taxes, net of federal benefit | 1.40% | 1.20% | ||
Change in current tax rate | (3.00%) | |||
Change in deferred tax rate | (2.30%) | |||
Research & development tax refunds & credits | (1.80%) | (2.10%) | ||
Dividend received deduction | (0.90%) | (0.90%) | ||
Domestic production activities deduction | (1.20%) | (2.80%) | ||
Incentive stock options | (1.00%) | |||
Other, net | 0.10% | 1.50% | ||
Effective income tax rate | 15.60% | 30.90% |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Deferred Tax Assets: | ||
Accrued liabilities and reserves | $ 218,000 | $ 351,000 |
Allowance for doubtful accounts | 71,000 | 73,000 |
Inventory | 494,000 | 778,000 |
R&D tax credits carryforwards | 87,000 | 155,000 |
Stock-based compensation | 104,000 | 95,000 |
Net operating losses carryforwards | 57,000 | 58,000 |
Other | 48,000 | |
Gross Deferred Income Tax Assets | 1,031,000 | 1,558,000 |
Deferred and Other Tax Liabilities: | ||
Domestic international sales corporation | (543,000) | (839,000) |
Percentage of completion | (1,717,000) | (1,114,000) |
Property and equipment | (904,000) | (694,000) |
Unrealized gain on investments | (75,000) | (332,000) |
Unrecognized tax benefits | (150,000) | (150,000) |
Other | (30,000) | |
Gross Deferred and Other Income Tax Liabilities | (3,389,000) | (3,159,000) |
Net Deferred and Other Income Tax Assets (Liabilities) | $ (2,358,000) | $ (1,601,000) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Income Taxes [Line Items] | ||
Total incomes taxes paid | $ 2,775,000 | $ 1,918,000 |
Unrecognized tax benefits | 150,000 | 150,000 |
Additional accruals of UTB's | 0 | 0 |
Additional accruals of interest expense nor penalties | $ 0 | $ 0 |
Effective income tax rate | 15.60% | 30.90% |
R&D tax credits carryforwards | $ 87,000 | $ 155,000 |
Net deferred and other income tax liabilities | (2,358,000) | (1,601,000) |
Florida R&D Credits [Member] | ||
Income Taxes [Line Items] | ||
R&D tax credits carryforwards | 87,000 | 155,000 |
R&D Credits | 25,000 | |
Net usage of R&D tax credits carryforwards | $ 93,000 | |
Tax Credit Carryforward, Expiration Date | Sep. 30, 2022 | |
Federal [Member] | ||
Income Taxes [Line Items] | ||
R&D tax credits carryforwards | $ 0 | $ 0 |
R&D Credits | $ 249,000 |
Retirement Benefits - Additiona
Retirement Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Retirement Benefits [Abstract] | ||
Retirement benefits expense under the provisions of the plan | $ 420,000 | $ 218,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Debt Disclosure [Abstract] | ||
Long term debt outstanding | $ 0 | $ 0 |
Total cash deposits with insurance companies covering collateral needs | $ 135,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Total rental expense | $ 38,000 | $ 179,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | 12 Months Ended |
Sep. 30, 2018 | |
Common Stock [Member] | |
Class of Stock [Line Items] | |
Right of holders to elect company's board of directors | 25.00% |
Class B Stock [Member] | |
Class of Stock [Line Items] | |
Right of holders to elect company's board of directors | 75.00% |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - shares | 12 Months Ended | |
Sep. 30, 2018 | Mar. 17, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock options issued to employees | 242,492 | |
2009 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock options issued to employees | 0 | |
Remaining contractual life on the options outstanding | 3 years 6 months | |
Number of options, forfeited or cancelled | 0 | |
Common Stock [Member] | 2009 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares granting of awards | 800,000 | |
Shares available for granting | 482,000 | |
Class B Stock [Member] | 2009 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares granting of awards | 160,000 | |
Shares available for granting | 100,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Option Activity under Stock-Based Compensation Plan (Detail) - 2009 Plan [Member] - $ / shares | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Options exercised | (122,508) | (43,750) | |
Number of Shares, Options outstanding | 317,492 | 440,000 | 483,750 |
Average Exercise Price Per Share, Options exercised | $ 5.104 | $ 5.126 | |
Average Exercise Price Per Share, Options outstanding | $ 5.984 | $ 5.739 | $ 5.684 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - Marcar [Member] - USD ($) | Oct. 05, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Related Party Transaction [Line Items] | |||
Lease payments to Marcar | $ 0 | $ 125,000 | |
Leased vehicles and forklifts under contract [Member] | |||
Related Party Transaction [Line Items] | |||
Purchase of leased vehicles under contract | $ 320,000 |