Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2018 | Feb. 01, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
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 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
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 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 4,269,000 | $ 8,012,000 |
Marketable securities at fair value (cost $106,563,000 at December 31, 2018 and $103,751,000 at September 30, 2018) | 104,445,000 | 104,058,000 |
Accounts receivable, less allowance for doubtful accounts of $278,000 at December 31, 2018 and $313,000 at September 30, 2018 | 1,500,000 | 993,000 |
Costs and estimated earnings in excess of billings | 13,319,000 | 11,900,000 |
Inventories, net | 20,229,000 | 18,214,000 |
Prepaid expenses & other current assets | 1,582,000 | 1,904,000 |
Total current assets | 145,344,000 | 145,081,000 |
Property and equipment, net | 8,164,000 | 7,889,000 |
Other assets | 53,000 | 53,000 |
Total Assets | 153,561,000 | 153,023,000 |
Current liabilities: | ||
Accounts payable | 3,593,000 | 1,838,000 |
Customer deposits | 3,397,000 | 4,563,000 |
Accrued expenses | 2,189,000 | 2,085,000 |
Total current liabilities | 9,179,000 | 8,486,000 |
Deferred and other income taxes | 1,873,000 | 2,358,000 |
Total liabilities | 11,052,000 | 10,844,000 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, par value $.10 per share; authorized 300,000 shares; none issued | ||
Capital in excess of par value | 11,879,000 | 11,862,000 |
Retained earnings | 129,176,000 | 128,863,000 |
Total shareholders' equity | 142,509,000 | 142,179,000 |
Total Liabilities and Shareholders' Equity | 153,561,000 | 153,023,000 |
Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | 1,225,000 | 1,225,000 |
Total shareholders' equity | 1,225,000 | 1,225,000 |
Class B Stock [Member] | ||
Shareholders' equity: | ||
Common stock | 229,000 | 229,000 |
Total shareholders' equity | $ 229,000 | $ 229,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Marketable securities, cost | $ 106,563,000 | $ 103,751,000 |
Accounts receivable, allowance for doubtful accounts | $ 278,000 | $ 313,000 |
Preferred stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 300,000 | 300,000 |
Preferred stock, shares issued | 0.10 | 0.10 |
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 | 12,252,337 |
Common stock, shares outstanding | 12,252,337 | 12,252,337 |
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 | 2,288,857 |
Common stock, shares outstanding | 2,288,857 | 2,288,857 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||
Net revenue | $ 21,327,000 | $ 23,122,000 |
Costs and expenses: | ||
Production costs | 16,410,000 | 18,039,000 |
Product engineering and development | 723,000 | 700,000 |
Selling, general and administrative | 2,190,000 | 2,692,000 |
Total costs and expenses | 19,323,000 | 21,431,000 |
Operating income | 2,004,000 | 1,691,000 |
Other income (expense), net: | ||
Interest and dividend income, net of fees | 534,000 | 293,000 |
Realized and unrealized gains (losses) on marketable securities, net | (2,147,000) | 161,000 |
Other | 4,000 | |
Other income (expense),net | (1,613,000) | 458,000 |
Income before income tax expense (benefit) | 391,000 | 2,149,000 |
Income tax expense (benefit) | 78,000 | (197,000) |
Net income | $ 313,000 | $ 2,346,000 |
Basic Income per Common Share: | ||
Net income per share | $ 0.02 | $ 0.16 |
Diluted Income per Common Share: | ||
Net income per share | $ 0.02 | $ 0.16 |
Condensed Consolidated Statem_2
Condensed 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, 2017 | $ 128,918,000 | $ 11,178,000 | $ 116,299,000 | $ 1,215,000 | $ 226,000 |
Beginning balance, shares at Sep. 30, 2017 | 12,154,829 | 2,263,857 | |||
Net income | 2,346,000 | 2,346,000 | |||
Stock-based compensation | 18,000 | 18,000 | |||
Stock options exercised | 267,000 | 261,000 | $ 3,000 | $ 3,000 | |
Stock options exercised, shares | 27,008 | 25,000 | |||
Ending balance at Dec. 31, 2017 | 131,549,000 | 11,457,000 | 118,645,000 | $ 1,218,000 | $ 229,000 |
Ending balance, shares at Dec. 31, 2017 | 12,181,837 | 2,288,857 | |||
Beginning balance at Sep. 30, 2018 | 142,179,000 | 11,862,000 | 128,863,000 | $ 1,225,000 | $ 229,000 |
Beginning balance, shares at Sep. 30, 2018 | 12,252,337 | 2,288,857 | |||
Net income | 313,000 | 313,000 | |||
Stock-based compensation | 17,000 | 17,000 | |||
Ending balance at Dec. 31, 2018 | $ 142,509,000 | $ 11,879,000 | $ 129,176,000 | $ 1,225,000 | $ 229,000 |
Ending balance, shares at Dec. 31, 2018 | 12,252,337 | 2,288,857 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 313,000 | $ 2,346,000 |
Adjustments to reconcile net income to cash provided by (used in) operating activities: | ||
Purchases of marketable securities | (68,444,000) | (53,513,000) |
Proceeds from sale and maturity of marketable securities | 65,998,000 | 53,177,000 |
Change in fair value of marketable securities | 2,059,000 | (118,000) |
Deferred income taxes | (485,000) | (726,000) |
Depreciation and amortization | 386,000 | 300,000 |
Provision for doubtful accounts | 25,000 | |
Stock-based compensation | 17,000 | 18,000 |
Changes in assets and liabilities: | ||
Accounts receivable | (532,000) | (133,000) |
Costs and estimated earnings in excess of billings | (1,419,000) | 1,041,000 |
Inventories | (2,015,000) | (238,000) |
Prepaid expenses & other current assets | 322,000 | 410,000 |
Accounts payable | 1,755,000 | 1,995,000 |
Customer deposits | (1,166,000) | (1,315,000) |
Accrued expenses | 104,000 | 373,000 |
Total adjustments | (3,395,000) | 1,271,000 |
Cash flows provided by (used in) operating activities | (3,082,000) | 3,617,000 |
Cash flows from investing activities: | ||
Capital expenditures | (661,000) | (1,954,000) |
Cash flows used in investing activities | (661,000) | (1,954,000) |
Cash flows from financing activities: | ||
Proceeds from stock option exercises | 267,000 | |
Cash flows provided by financing activities | 267,000 | |
Net increase (decrease) in cash and cash equivalents | (3,743,000) | 1,930,000 |
Cash and cash equivalents at: | ||
Beginning of period | 8,012,000 | 22,933,000 |
End of period | $ 4,269,000 | $ 24,863,000 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Dec. 31, 2018 | |
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 S-X. The accompanying Condensed Consolidated Balance Sheet at September 30, 2018 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 Accounting Pronouncements and Policies In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers 2014-09”), 2014-09 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 Scope of Modification Accounting 2017-09”). 2017-09 2017-09 2017-09 |
Marketable Securities
Marketable Securities | 3 Months Ended |
Dec. 31, 2018 | |
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, mutual funds, exchange-traded funds, corporate bonds, government securities, and cash and money funds are substantially based on quoted market prices (Level 1). Corporate 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 firm. The following table sets forth, by level, within the fair value hierarchy, the Company’s assets measured at fair value as of December 31, 2018: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 15,603,000 $ — $ — $ 15,603,000 Mutual Funds 3,832,000 — — 3,832,000 Exchange-Traded Funds 5,759,000 — — 5,759,000 Corporate Bonds — 39,273,000 — 39,273,000 Government Securities 38,900,000 — — 38,900,000 Cash and Money Funds 1,078,000 — — 1,078,000 Total $ 65,172,000 $ 39,273,000 $ — $ 104,445,000 Net unrealized losses recognized during the quarter ended December 31, 2018 on trading securities still held as of December 31, 2018 were $(2,425,000). There were no transfers of investments between Level 1 and Level 2 during the quarter ended December 31, 2018. In the quarter ended December 2018, the Company invested an additional $2.0 million of its operating cash in marketable 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, 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 recognized during the quarter ended December 31, 2017 on trading securities still held as of December 31, 2017 were $(184,000). There were no transfers of investments between Level 1 and Level 2 during the quarter ended December 31, 2017. 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 | 3 Months Ended |
Dec. 31, 2018 | |
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 trade-in Net inventories at December 31, 2018 and September 30, 2018 consist of the following: December 31, September 30, Raw materials $ 12,525,000 $ 11,254,000 Work in process 651,000 1,020,000 Finished goods 7,037,000 5,924,000 Used equipment 16,000 16,000 $ 20,229,000 $ 18,214,000 |
Costs and Estimated Earnings in
Costs and Estimated Earnings in Excess of Billings | 3 Months Ended |
Dec. 31, 2018 | |
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 December 31, 2018 and September 30, 2018 consist of the following: December 31, September 30, Costs incurred on uncompleted contracts $ 27,145,000 $ 17,437,000 Estimated earnings 10,668,000 7,335,000 37,813,000 24,772,000 Billings to date 24,494,000 12,872,000 Costs and estimated earnings in excess of billings $ 13,319,000 $ 11,900,000 |
Earnings per Share Data
Earnings per Share Data | 3 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share Data | Note 5—Earnings per Share Data The following table sets forth the computation of basic and diluted earnings per share for the quarters ended December 31, 2018 and 2017: December 31, December 31, Net income $ 313,000 $ 2,346,000 Common Shares: Weighted-average common shares outstanding 14,541,000 14,458,000 Effect of dilutive stock options 158,000 265,000 Weighted-average diluted shares outstanding 14,699,000 14,723,000 Basic: Net income per share $ 0.02 $ 0.16 Diluted: Net income per share $ 0.02 $ 0.16 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. Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter ended December 31, 2018 were 317,000, which equates to 158,000 dilutive common stock equivalents. Weighted-average shares issuable upon the exercise of stock options included in the diluted earnings per share calculation for the quarter ended December 31, 2017 were 401,000, which equated to 265,000 dilutive common stock equivalents. Weighted-average shares issuable upon the exercise of stock options, which were not included in the diluted earnings per share calculations because they were anti-dilutive, were zero for the quarters ended December 31, 2018 and 2017. |
Customers with 10% (or greater)
Customers with 10% (or greater) of Net Revenues | 3 Months Ended |
Dec. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Customers with 10% (or greater) of Net Revenues | Note 6—Customers with 10% (or greater) of Net Revenues Four customers accounted for 24.7%, 22.9%, 14.8% and 13.7% of net revenues, respectively, for the quarter ended December 31, 2018. Net revenues for each of these four customers were less than 1% during the prior year comparative periods. Four other customers accounted for 19.3%, 13.9%, 12.6% and 12.0% of net revenues, respectively, for the quarter ended December 31, 2017. |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7—Income Taxes 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 |
Revenue Recognition and Related
Revenue Recognition and Related Costs | 3 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Related Costs | Note 8—Revenue Recognition and Related Costs As discussed in Note 1, the Company adopted the provisions of ASU No. 2014-09 The following table disaggregates the Company’s net revenue by major source for the quarter ended December 31, 2018: Equipment sales recognized over time $ 16,353,000 Equipment sales recognized at a point in time 1,514,000 Parts and component sales 3,051,000 Freight revenue 402,000 Other 7,000 Net revenue $ 21,327,000 Revenues from contracts with customers for the design, manufacture and sale of custom equipment are recognized over time when the performance obligation is satisfied by transferring control of the equipment. Control of the equipment transfers over time as the equipment is unique to the specific contract and thus does not create an asset with an alternative use to the Company. Revenues and costs are recognized in proportion to actual labor costs incurred, as compared with total estimated labor costs expected to be incurred, during the entire contract. All incremental costs related to obtaining a contract are expensed as incurred as the amortization period is less than one year. Changes to total estimated contract costs or losses, if any, are recognized in the period in which they are determined. Contract assets (excluding accounts receivable) under contracts with customers represent revenue recognized in excess of amounts billed on equipment sales recognized over time. These contract assets were $13,319,000 at December 31, 2018 and are included in current assets as costs and estimated earnings in excess of billings on the Company’s Condensed Consolidated Balance Sheet at December 31, 2018. The Company anticipates that all these contract assets at December 31, 2018, will be billed and collected within one year. Revenues from all other contracts for the design and manufacture of equipment, for service and for parts sales, net of any discounts and return allowances, are recorded at a point in time when control of the goods or services has been transferred. Control of the goods or service typically transfers at time of shipment or upon completion of the service. Payment for equipment under contract with customers is typically due prior to shipment. Payment for services under contract with customers is due as certain milestones are completed. Accounts receivable related to contracts with customers at December 31, 2018 was $264,000. Product warranty costs are estimated using historical experience and known issues and are charged to production costs as revenue is recognized. Provisions for estimated returns and allowances and other adjustments are provided for in the same period the related sales are recorded. Returns and allowances, which reduce product revenue, are estimated using historical experience. Under certain contracts with customers, recognition of a portion of the consideration received may be deferred and recorded as a contract liability if the Company has to satisfy a future obligation, such as to provide installation assistance. There were no contract liabilities other than customer deposits at December 31, 2018. Customer deposits related to contracts with customers were $3,397,000 at December 31, 2018, and are included in current liabilities on the Company’s Condensed Consolidated Balance Sheet at December 31, 2018. The Company records revenues earned for shipping and handling as freight revenue at the time of shipment, regardless of whether or not it is identified as a separate performance obligation. The cost of shipping and handling is classified as cost of goods sold concurrently. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [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”), 2014-09 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 Scope of Modification Accounting 2017-09”). 2017-09 2017-09 2017-09 |
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 | 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 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 firm. The following table sets forth, by level, within the fair value hierarchy, the Company’s assets measured at fair value as of December 31, 2018: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 15,603,000 $ — $ — $ 15,603,000 Mutual Funds 3,832,000 — — 3,832,000 Exchange-Traded Funds 5,759,000 — — 5,759,000 Corporate Bonds — 39,273,000 — 39,273,000 Government Securities 38,900,000 — — 38,900,000 Cash and Money Funds 1,078,000 — — 1,078,000 Total $ 65,172,000 $ 39,273,000 $ — $ 104,445,000 Net unrealized losses recognized during the quarter ended December 31, 2018 on trading securities still held as of December 31, 2018 were $(2,425,000). There were no transfers of investments between Level 1 and Level 2 during the quarter ended December 31, 2018. In the quarter ended December 2018, the Company invested an additional $2.0 million of its operating cash in marketable 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, 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 recognized during the quarter ended December 31, 2017 on trading securities still held as of December 31, 2017 were $(184,000). There were no transfers of investments between Level 1 and Level 2 during the quarter ended December 31, 2017. 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 are valued at the lower of cost or market, with cost being determined principally by using the last-in, first-out trade-in |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Company's Marketable Securities 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 December 31, 2018: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 15,603,000 $ — $ — $ 15,603,000 Mutual Funds 3,832,000 — — 3,832,000 Exchange-Traded Funds 5,759,000 — — 5,759,000 Corporate Bonds — 39,273,000 — 39,273,000 Government Securities 38,900,000 — — 38,900,000 Cash and Money Funds 1,078,000 — — 1,078,000 Total $ 65,172,000 $ 39,273,000 $ — $ 104,445,000 Net unrealized losses recognized during the quarter ended December 31, 2018 on trading securities still held as of December 31, 2018 were $(2,425,000). There were no transfers of investments between Level 1 and Level 2 during the quarter ended December 31, 2018. In the quarter ended December 2018, the Company invested an additional $2.0 million of its operating cash in marketable 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, 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 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Net Inventories | Net inventories at December 31, 2018 and September 30, 2018 consist of the following: December 31, September 30, Raw materials $ 12,525,000 $ 11,254,000 Work in process 651,000 1,020,000 Finished goods 7,037,000 5,924,000 Used equipment 16,000 16,000 $ 20,229,000 $ 18,214,000 |
Costs and Estimated Earnings _2
Costs and Estimated Earnings in Excess of Billings (Tables) | 3 Months Ended |
Dec. 31, 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 December 31, 2018 and September 30, 2018 consist of the following: December 31, September 30, Costs incurred on uncompleted contracts $ 27,145,000 $ 17,437,000 Estimated earnings 10,668,000 7,335,000 37,813,000 24,772,000 Billings to date 24,494,000 12,872,000 Costs and estimated earnings in excess of billings $ 13,319,000 $ 11,900,000 |
Earnings per Share Data (Tables
Earnings per Share Data (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
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 ended December 31, 2018 and 2017: December 31, December 31, Net income $ 313,000 $ 2,346,000 Common Shares: Weighted-average common shares outstanding 14,541,000 14,458,000 Effect of dilutive stock options 158,000 265,000 Weighted-average diluted shares outstanding 14,699,000 14,723,000 Basic: Net income per share $ 0.02 $ 0.16 Diluted: Net income per share $ 0.02 $ 0.16 |
Revenue Recognition and Relat_2
Revenue Recognition and Related Costs (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Company's Net Revenue by Major Source | The following table disaggregates the Company’s net revenue by major source for the quarter ended December 31, 2018: Equipment sales recognized over time $ 16,353,000 Equipment sales recognized at a point in time 1,514,000 Parts and component sales 3,051,000 Freight revenue 402,000 Other 7,000 Net revenue $ 21,327,000 |
Marketable Securities - Company
Marketable Securities - Company's Assets Measured at Fair Value (Detail) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Investment Holdings [Line Items] | ||
Total | $ 104,445,000 | $ 104,058,000 |
Equities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 15,603,000 | 11,768,000 |
Mutual Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 3,832,000 | 3,811,000 |
Exchange Traded Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 5,759,000 | 4,148,000 |
Corporate Bonds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 39,273,000 | 29,884,000 |
Government Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 38,900,000 | 53,883,000 |
Cash and Money Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 1,078,000 | 564,000 |
Level 1 [Member] | ||
Investment Holdings [Line Items] | ||
Total | 65,172,000 | 74,174,000 |
Level 1 [Member] | Equities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 15,603,000 | 11,768,000 |
Level 1 [Member] | Mutual Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 3,832,000 | 3,811,000 |
Level 1 [Member] | Exchange Traded Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 5,759,000 | 4,148,000 |
Level 1 [Member] | Government Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 38,900,000 | 53,883,000 |
Level 1 [Member] | Cash and Money Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 1,078,000 | 564,000 |
Level 2 [Member] | ||
Investment Holdings [Line Items] | ||
Total | 39,273,000 | 29,884,000 |
Level 2 [Member] | Corporate Bonds [Member] | ||
Investment Holdings [Line Items] | ||
Total | $ 39,273,000 | $ 29,884,000 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Marketable Securities [Line Items] | ||
Net unrealized losses | $ (2,425,000) | $ (184,000) |
Transfers of investments between Level 1 and Level 2 | 0 | 0 |
Payments to acquire marketable securities | 68,444,000 | $ 53,513,000 |
Government Securities [Member] | ||
Marketable Securities [Line Items] | ||
Payments to acquire marketable securities | $ 2,000,000 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) | 3 Months Ended |
Dec. 31, 2018USD ($) | |
Three to Four Years Old Inventory [Member] | |
Inventory [Line Items] | |
Carrying value 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] | |
Carrying value 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 |
Inventories - Net Inventories (
Inventories - Net Inventories (Detail) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Inventory, Net [Abstract] | ||
Raw materials | $ 12,525,000 | $ 11,254,000 |
Work in process | 651,000 | 1,020,000 |
Finished goods | 7,037,000 | 5,924,000 |
Used equipment | 16,000 | 16,000 |
Inventories, net | $ 20,229,000 | $ 18,214,000 |
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 ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Costs in Excess of Billings on Uncompleted Contracts or Programs [Abstract] | ||
Costs incurred on uncompleted contracts | $ 27,145,000 | $ 17,437,000 |
Estimated earnings | 10,668,000 | 7,335,000 |
Costs and estimated earnings on uncompleted contracts | 37,813,000 | 24,772,000 |
Costs and estimated earnings on uncompleted contracts | 37,813,000 | 24,772,000 |
Billings to date | 24,494,000 | 12,872,000 |
Costs and estimated earnings in excess of billings | $ 13,319,000 | $ 11,900,000 |
Earning Per Share Data - Basic
Earning Per Share Data - Basic and Diluted Earnings Per Share (Detail) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net income | $ 313,000 | $ 2,346,000 |
Common Shares: | ||
Weighted average common shares outstanding | 14,541,000 | 14,458,000 |
Effect of dilutive stock options | 158,000 | 265,000 |
Weighted-average diluted shares outstanding | 14,699,000 | 14,723,000 |
Basic: | ||
Net income per share | $ 0.02 | $ 0.16 |
Diluted: | ||
Net income per share | $ 0.02 | $ 0.16 |
Earnings Per Share Data - Addit
Earnings Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Exercisable stock options, included in the diluted earnings per share calculation | 317,000 | 401,000 |
Effect of dilutive stock options | 158,000 | 265,000 |
Anti-dilutive shares | 0 | 0 |
Customers with 10% (or greate_2
Customers with 10% (or greater) of Net Revenues - Additional information (Detail) - Entities Owned by One Global Company [Member] - Revenue [Member] | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Customer One [Member] | ||
Percentage of concentration | 24.70% | |
Customer One [Member] | Maximum [Member] | ||
Percentage of concentration | 1.00% | |
Customer Two [Member] | ||
Percentage of concentration | 22.90% | |
Customer Two [Member] | Maximum [Member] | ||
Percentage of concentration | 1.00% | |
Customer Three [Member] | ||
Percentage of concentration | 14.80% | |
Customer Three [Member] | Maximum [Member] | ||
Percentage of concentration | 1.00% | |
Customer Four [Member] | ||
Percentage of concentration | 13.70% | |
Customer Four [Member] | Maximum [Member] | ||
Percentage of concentration | 1.00% | |
Customer Five [Member] | ||
Percentage of concentration | 19.30% | |
Customer Six [Member] | ||
Percentage of concentration | 13.90% | |
Customer Seven [Member] | ||
Percentage of concentration | 12.60% | |
Customer Eight [Member] | ||
Percentage of concentration | 12.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||||
U.S. corporate income tax rate | 21.00% | 35.00% | ||
Tax benefit recorded due to re-measurement of deferred tax liability | $ 0.1 | $ 0.7 |
Revenue Recognition and Relat_3
Revenue Recognition and Related Costs - Disaggregation of Company's Net Revenue by Major Source (Detail) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 21,327,000 | $ 23,122,000 |
Equipment Sales [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 16,353,000 | |
Equipment Sales [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 1,514,000 | |
Parts and Component Sales [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 3,051,000 | |
Freight Revenue [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 402,000 | |
Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 7,000 |
Revenue Recognition and Relat_4
Revenue Recognition and Related Costs - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Sep. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Amortization period for incremental costs | 1 year | |
Costs and estimated earnings in excess of billings | $ 13,319,000 | $ 11,900,000 |
Accounts receivable related to contracts with customers | 264,000 | |
Current Liabilities [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Customer deposits related to contracts with customers | $ 3,397,000 | |
Maximum [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets collection period | 1 year |