Cover Page
Cover Page - shares | 6 Months Ended | |
Mar. 31, 2022 | May 10, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | GENCOR INDUSTRIES, INC. | |
Entity File Number | 001-11703 | |
Entity Tax Identification Number | 59-0933147 | |
Trading Symbol | GENC | |
Entity Central Index Key | 0000064472 | |
Current Fiscal Year End Date | --09-30 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Interactive Data Current | Yes | |
City Area Code | 407 | |
Local Phone Number | 290-6000 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Address, Address Line One | 5201 North Orange Blossom Trail | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity Address, State or Province | FL | |
Entity Address, City or Town | Orlando | |
Entity Address, Postal Zip Code | 32810 | |
Entity Incorporation, State or Country Code | DE | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,338,845 | |
Class B Stock [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,318,857 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 22,571,000 | $ 23,232,000 |
Marketable securities at fair value (cost of $94,746,000 at March 31, 2022 and $93,690,000 at September 30, 2021) | 94,501,000 | 94,976,000 |
Accounts receivable, less allowance for doubtful accounts of $349,000 at March 31, 2022 and $321,000 at September 30, 2021 | 3,924,000 | 2,622,000 |
Costs and estimated earnings in excess of billings | 1,629,000 | 1,903,000 |
Inventories, net | 47,222,000 | 41,888,000 |
Prepaid expenses and other current assets | 3,756,000 | 2,202,000 |
Total current assets | 173,603,000 | 166,823,000 |
Property and equipment, net | 12,205,000 | 11,801,000 |
Other long-term assets | 711,000 | 838,000 |
Total Assets | 186,519,000 | 179,462,000 |
Current liabilities: | ||
Accounts payable | 5,741,000 | 3,105,000 |
Customer deposits | 10,286,000 | 5,244,000 |
Accrued expenses | 2,442,000 | 2,645,000 |
Current operating lease liabilities | 407,000 | 393,000 |
Total current liabilities | 18,876,000 | 11,387,000 |
Deferred and other income taxes | 0 | 394,000 |
Non-current operating lease liabilities | 189,000 | 392,000 |
Total liabilities | 19,065,000 | 12,173,000 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock, par value $.10 per share; 300,000 shares authorized; none issued | ||
Capital in excess of par value | 12,590,000 | 12,590,000 |
Retained earnings | 153,398,000 | 153,233,000 |
Total shareholders' equity | 167,454,000 | 167,289,000 |
Total Liabilities and Shareholders' Equity | 186,519,000 | 179,462,000 |
Common Stock [Member] | ||
Shareholders' equity: | ||
Common stock | 1,234,000 | 1,234,000 |
Class B Stock [Member] | ||
Shareholders' equity: | ||
Common stock | $ 232,000 | $ 232,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Marketable securities, cost | $ 94,746,000 | $ 93,690,000 |
Accounts receivable, allowance for doubtful accounts | $ 349,000 | $ 321,000 |
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 | 12,338,845 | 12,338,845 |
Common stock, shares outstanding | 12,338,845 | 12,338,845 |
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 | 2,318,857 | 2,318,857 |
Common stock, shares outstanding | 2,318,857 | 2,318,857 |
Condensed Consolidated Income S
Condensed Consolidated Income Statements - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||||
Net revenue | $ 30,654,000 | $ 21,352,000 | $ 50,760,000 | $ 40,316,000 |
Cost of goods sold | 24,462,000 | 15,206,000 | 40,863,000 | 31,189,000 |
Gross profit | 6,192,000 | 6,146,000 | 9,897,000 | 9,127,000 |
Operating expenses: | ||||
Product engineering and development | 920,000 | 1,069,000 | 2,269,000 | 1,914,000 |
Selling, general and administrative | 3,364,000 | 3,838,000 | 6,763,000 | 7,032,000 |
Total operating expenses | 4,284,000 | 4,907,000 | 9,032,000 | 8,946,000 |
Operating income | 1,908,000 | 1,239,000 | 865,000 | 181,000 |
Other income (expense), net: | ||||
Interest and dividend income, net of fees | 296,000 | 327,000 | 573,000 | 1,130,000 |
Net realized and unrealized gains (losses) on marketable securities, net | (1,488,000) | 1,294,000 | (1,065,000) | 3,488,000 |
Other | (137,000) | (137,000) | ||
Other income (expense),net | (1,329,000) | 1,621,000 | (629,000) | 4,618,000 |
Income before income tax expense | 579,000 | 2,860,000 | 236,000 | 4,799,000 |
Income tax expense | 140,000 | 572,000 | 71,000 | 960,000 |
Net income | $ 439,000 | $ 2,288,000 | $ 165,000 | $ 3,839,000 |
Basic income per common share | $ 0.03 | $ 0.16 | $ 0.01 | $ 0.26 |
Diluted income per common share | $ 0.03 | $ 0.16 | $ 0.01 | $ 0.26 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Shareholders' Equity - USD ($) | Total | Common Stock [Member] | Capital in Excess of Par Value [Member] | Retained Earnings [Member] | Class B Stock [Member]Common Stock [Member] |
Beginning balance at Sep. 30, 2020 | $ 161,220,000 | $ 1,229,000 | $ 12,331,000 | $ 147,428,000 | $ 232,000 |
Beginning balance, shares at Sep. 30, 2020 | 12,287,337 | 2,318,857 | |||
Net income (loss) | 1,551,000 | 1,551,000 | |||
Ending balance at Dec. 31, 2020 | 162,771,000 | $ 1,229,000 | 12,331,000 | 148,979,000 | $ 232,000 |
Ending balance, shares at Dec. 31, 2020 | 12,287,337 | 2,318,857 | |||
Beginning balance at Sep. 30, 2020 | 161,220,000 | $ 1,229,000 | 12,331,000 | 147,428,000 | $ 232,000 |
Beginning balance, shares at Sep. 30, 2020 | 12,287,337 | 2,318,857 | |||
Net income (loss) | 3,839,000 | ||||
Ending balance at Mar. 31, 2021 | 165,115,000 | $ 1,230,000 | 12,386,000 | 151,267,000 | $ 232,000 |
Ending balance, shares at Mar. 31, 2021 | 12,298,337 | 2,318,857 | |||
Beginning balance at Dec. 31, 2020 | 162,771,000 | $ 1,229,000 | 12,331,000 | 148,979,000 | $ 232,000 |
Beginning balance, shares at Dec. 31, 2020 | 12,287,337 | 2,318,857 | |||
Net income (loss) | 2,288,000 | 2,288,000 | |||
Stock options exercised | 56,000 | $ 1,000 | 55,000 | ||
Stock options exercised, shares | 11,000 | ||||
Ending balance at Mar. 31, 2021 | 165,115,000 | $ 1,230,000 | 12,386,000 | 151,267,000 | $ 232,000 |
Ending balance, shares at Mar. 31, 2021 | 12,298,337 | 2,318,857 | |||
Beginning balance at Sep. 30, 2021 | 167,289,000 | $ 1,234,000 | 12,590,000 | 153,233,000 | $ 232,000 |
Beginning balance, shares at Sep. 30, 2021 | 12,338,845 | 2,318,857 | |||
Net income (loss) | (274,000) | (274,000) | |||
Ending balance at Dec. 31, 2021 | 167,015,000 | $ 1,234,000 | 12,590,000 | 152,959,000 | $ 232,000 |
Ending balance, shares at Dec. 31, 2021 | 12,338,845 | 2,318,857 | |||
Beginning balance at Sep. 30, 2021 | 167,289,000 | $ 1,234,000 | 12,590,000 | 153,233,000 | $ 232,000 |
Beginning balance, shares at Sep. 30, 2021 | 12,338,845 | 2,318,857 | |||
Net income (loss) | 165,000 | ||||
Ending balance at Mar. 31, 2022 | 167,454,000 | $ 1,234,000 | 12,590,000 | 153,398,000 | $ 232,000 |
Ending balance, shares at Mar. 31, 2022 | 12,338,845 | 2,318,857 | |||
Beginning balance at Dec. 31, 2021 | 167,015,000 | $ 1,234,000 | 12,590,000 | 152,959,000 | $ 232,000 |
Beginning balance, shares at Dec. 31, 2021 | 12,338,845 | 2,318,857 | |||
Net income (loss) | 439,000 | 439,000 | |||
Ending balance at Mar. 31, 2022 | $ 167,454,000 | $ 1,234,000 | $ 12,590,000 | $ 153,398,000 | $ 232,000 |
Ending balance, shares at Mar. 31, 2022 | 12,338,845 | 2,318,857 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 165,000 | $ 3,839,000 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Purchase of marketable securities | (68,803,000) | (54,048,000) |
Proceeds from sale and maturity of marketable securities | 68,043,000 | 53,067,000 |
Change in value of marketable securities | 1,235,000 | (3,167,000) |
Deferred and other income taxes | (456,000) | 501,000 |
Depreciation and amortization | 1,299,000 | 1,210,000 |
Provision for doubtful accounts | 75,000 | 25,000 |
Changes in assets and liabilities, excluding the initial effects of business acquisitions: | ||
Accounts receivable | (1,377,000) | (1,576,000) |
Costs and estimated earnings in excess of billings | 274,000 | 6,405,000 |
Inventories | (5,334,000) | (629,000) |
Prepaid expenses and other current assets | (1,554,000) | (15,000) |
Accounts payable | 2,636,000 | 969,000 |
Customer deposits | 5,042,000 | 2,173,000 |
Accrued expenses | (200,000) | 529,000 |
Total adjustments | 880,000 | 5,444,000 |
Cash flows provided by operating activities | 1,045,000 | 9,283,000 |
Cash flows from investing activities: | ||
Acquisition of Blaw-Knox assets | (13,777,000) | |
Capital expenditures | (1,706,000) | (1,729,000) |
Cash flows used in investing activities | (1,706,000) | (15,506,000) |
Cash flows from financing activities: | ||
Proceeds from stock option exercises | 56,000 | |
Cash flows provided by financing activities | 56,000 | |
Net decrease in cash and cash equivalents | (661,000) | (6,167,000) |
Cash and cash equivalents at: | ||
Beginning of period | 23,232,000 | 35,584,000 |
End of period | $ 22,571,000 | 29,417,000 |
Non-cash investing and financing activities: | ||
Operating lease right-of-use assets | 254,000 | |
Operating lease liabilities | $ 254,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Mar. 31, 2022 | |
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, 2021 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. On October 1, 2020, the Company acquired the Blaw-Knox paver line and associated assets, including inventory, fixed assets and related intellectual property, from Volvo CE. The acquisition provided the Company entry into the asphalt paver sector of the asphalt industry. The acquisition was accounted for as a business combination under ASC 805, “Business Combinations.” The initial purchase price of approximately $14.4 million, which was subject to post-closing adjustments, was funded by cash on hand. After post-closing adjustments transacted during the million in fixed assets. There were no liabilities assumed. The accompanying condensed consolidated financial statements as of March 31, 2022 and September 30, 2021, and for the quarters and six months ended March 31, 2022 and 2021, include the assets, liabilities and operating results of the paver line as of and for the periods then ended. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K Recent Accounting Pronouncements There were no accounting pronouncements recently issued or newly effective that had, or are expected to have, a material impact on the Company’s consolidated financial statements. COVID-19 The Company continues to monitor and evaluate the risks to public health and the slowdown in overall business activity related to the COVID-19 COVID-19 COVID-19 industry, customers, and workforce. As the spread of COVID-19 COVID-19 Global, market and economic conditions may negatively impact our business, financial condition and share price. Concerns over inflation, geopolitical issues, global financial markets and the COVID-19 pandemic have led to increased economic instability and expectations of slower global economic growth. Our business may be adversely affected by any such economic instability or unpredictability. Russia’s invasion of Ukraine and related sanctions has led to increased oil and natural gas prices. Such sanctions and disruptions to the global economy may lead to additional inflation and may disrupt the global supply chain and could have a material adverse effect on our ability to secure supplies. The increased cost of oil, along with increased or prolonged periods of inflation, would likely increase our costs in the form of higher wages, further inflation on supplies and equipment necessary to operate our business. There is a risk that one or more of our suppliers could be negatively affected by global economic instability, which could adversely affect our ability to operate efficiently and timely complete our operational goals. |
Marketable Securities and Fair
Marketable Securities and Fair Value Measurements | 6 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities and Fair Value Measurements | Note 2 - Marketable Securities and Fair Value Measurements 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 income statements. Net changes in unrealized gains and losses are reported in the condensed 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 (stocks), mutual funds, exchange-traded funds, 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 firms. From time to time the Company may transfer cash between its marketable securities portfolio and operating cash and cash equivalents. The following table sets forth, by level, within the fair value hierarchy, the Company’s marketable securities measured at fair value as of March 31, 2022: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 19,998,000 $ — $ — $ 19,998,000 Mutual Funds 10,130,000 — — 10,130,000 Exchange-Traded Funds 9,849,000 — — 9,849,000 Corporate Bonds — 24,022,000 — 24,022,000 Government Securities 27,960,000 — — 27,960,000 Cash and Money Funds 2,542,000 — — 2,542,000 Total $ 70,479,000 $ 24,022,000 $ — $ 94,501,000 Net unrealized gains and (losses) included in the Condensed Consolidated Income Statements for the quarter and six months ended March 31, 2022, were $(1,598,000) and $(1,531,000), respectively. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2021: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 14,734,000 $ — $ — $ 14,734,000 Mutual Funds 10,357,000 — — 10,357,000 Exchange-Traded Funds 9,458,000 — — 9,458,000 Corporate Bonds — 24,853,000 — 24,853,000 Government Securities 30,999,000 — — 30,999,000 Cash and Money Funds 4,575,000 — — 4,575,000 Total $ 70,123,000 $ 24,853,000 $ — $ 94,976,000 Net unrealized gains and (losses) included in the Condensed Consolidated Income Statements for the quarter and six months ended March 31, 2021, were $596,000 and $2,503,000, respectively. 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. |
Inventories
Inventories | 6 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 – Inventories Inventories are valued at the lower of cost or net realizable value with cost being determined under the first in, first out method and net realizable value defined as the estimated selling price of goods less reasonable costs of completion and delivery. Appropriate consideration is given to obsolescence, excessive levels, deterioration, possible alternative uses and other factors in determining net realizable value. The cost of work in process and finished goods includes materials, direct labor, variable costs and overhead. The Company evaluates the need to record inventory adjustments on all inventories, including raw material, work in process, finished goods, spare parts and used equipment. Used equipment acquired by the Company on trade-in from customers is carried at estimated net realizable value. Unless specific circumstances warrant different treatment regarding inventory obsolescence, an allowance is established to reduce the cost basis of inventories three four Net inventories at March 31, 2022 and September 30, 2021 consist of the following: March 31, September 30, Raw materials $ 29,847,000 $ 25,858,000 Work in process 7,858,000 6,280,000 Finished goods 9,517,000 9,730,000 Used equipment — 20,000 $ 47,222,000 $ 41,888,000 Slow-moving and obsolete inventory allowances were $6,828,000 and $5,397,000 at March 31, 2022 and September 30, 2021, respectively. |
Costs and Estimated Earnings in
Costs and Estimated Earnings in Excess of Billings | 6 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Costs and Estimated Earnings in Excess of Billings | Note 4 – Costs and Estimated Earnings in Excess of Billings Costs and estimated earnings in excess of billings on uncompleted contracts as of March 31, 2022 and September 30, 2021 consist of the following: March 31, September 30, Costs incurred on uncompleted contracts $ 19,501,000 $ 11,483,000 Estimated earnings 5,875,000 4,395,000 25,376,000 15,878,000 Billings to date 23,747,000 13,975,000 Costs and estimated earnings in excess of billings $ 1,629,000 $ 1,903,000 |
Earnings per Share Data
Earnings per Share Data | 6 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Share Data | Note 5 – Earnings per Share Data The Condensed Consolidated Financial Statements include basic and diluted earnings per share information. The following table sets forth the computation of basic and diluted earnings per share for the quarters and six months ended March 31, 2022 and 2021: Quarter Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Net Income $ 439,000 $ 2,288,000 $ 165,000 $ 3,839,000 Common Shares: Weighted average common shares outstanding 14,658,000 14,614,000 14,658,000 14,611,000 Effect of dilutive stock options — 133,000 — 129,000 Diluted shares outstanding 14,658,000 14,747,000 14,658,000 14,740,000 Basic: Net income per share $ 0.03 $ 0.16 $ 0.01 $ 0.26 Diluted: Net income per share $ 0.03 $ 0.16 $ 0.01 $ 0.26 Basic earnings per share are based on the weighted-average number of shares outstanding. Diluted earnings per share are based on the sum of the weighted-average number of shares outstanding plus common stock equivalents. As of September 30, 2021, no options were available for granting of awards under the 2009 Incentive Compensation Plan (the “2009 Plan”) and as of November 1, 2021, there were no outstanding stock options under the 2009 Plan. For the quarter and six months ended M |
Customers with 10% (or greater)
Customers with 10% (or greater) of Net Revenues | 6 Months Ended |
Mar. 31, 2022 | |
Risks and Uncertainties [Abstract] | |
Customers with 10% (or greater) of Net Revenues | Note 6 – Customers with 10% (or greater) of Net Revenues During the quarter ended March 31, 2022, one customer accounted for 13.6% of net revenues. During the quarter ended March 31, 2021, one other customer accounted for 12.0% of net revenues. During the six months ended March 31, 2022 and March 31, 2021, no customer accounted for 10% or greater of net revenues. |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 – Income Taxes Income taxes are provided for the tax effects of transactions reported in the condensed consolidated financial statements and primarily consist of taxes currently due, plus deferred taxes. 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 March 31, 2022 and September 30, 2021. 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 |
Revenue Recognition and Related
Revenue Recognition and Related Costs | 6 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition and Related Costs | Note 8 – Revenue Recognition and Related Costs The Company recognizes revenue under ASU No. 2014-09, Revenue from Contracts with Customers Quarter Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Equipment sales recognized over time $ 10,998,000 $ 3,870,000 $ 20,772,000 $ 8,002,000 Equipment sales recognized at a point in time 10,475,000 9,565,000 14,673,000 19,701,000 Parts and component sales 7,381,000 6,830,000 12,824,000 10,761,000 Freight revenue 1,495,000 1,147,000 2,079,000 1,892,000 Other 305,000 (60,000 ) 412,000 (40,000 ) Net revenue $ 30,654,000 $ 21,352,000 $ 50,760,000 $ 40,316,000 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 $1,629,000 at March 31, 2022 and $1,903,000 at September 30, 2021, and are included in current assets as costs and estimated earnings in excess of billings on the Company’s condensed consolidated balance sheets. The Company anticipates that all of the contract assets at March 31, 2022, 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 services are completed. Accounts receivable related to contracts with customers for equipment sales were $130,000 and $210,000 at March 31, 2022 and September 30, 2021, respectively. Product warranty costs are estimated using historical experience and known issues and are charged to production costs as revenue is recognized. 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 March 31, 2022 and September 30, 2021. Customer deposits related to contracts with customers were $10,286,000 and $5,244,000 at March 31, 2022 and September 30, 2021, respectively, and are included in current liabilities on the Company’s condensed consolidated balance sheets. 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 with the revenue recognition. 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 |
Leases
Leases | 6 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 9 – Leases The Company leases certain equipment under non-cancelable On August 28, 2020, the Company entered into a three-year operating lease for property related to the manufacturing and warehousing of the Blaw-Knox paver product line which was acquired on October 1, 2020. The lease term is for the period beginning on September 1, 2020 through August 31, 2023. In accordance with ASU 2016-02, one-year 2016-02, For the quarter and six months ended March 31, 2022, operating lease costs were $101,000 and $202,000, respectively, and cash payments related to these operating leases were $107,000 and $216,000, respectively. For the quarter and six months ended March 31, 2021, operating lease costs were $105,000 and $194,000, respectively, and cash payments related to these operating leases were $116,000 and $232,000, respectively. Other information concerning the Company’s operating lease accounted for under ASC 842 guidelines as of March 31, 2022 and September 30, 2021, is as follows: March 31, 2022 September 30, 2021 Operating lease ROU asset included in other long-term assets $ 596,000 $ 785,000 Current operating lease liability 407,000 393,000 Non-current 189,000 392,000 Weighted average remaining lease term (in years) 1.50 2.00 Weighted average discount rate used in calculating ROU asset 4.0 % 4.0 % Future annual minimum lease payments as of March 31, 2022 are as follows: Fiscal Year Annual Lease Payments 2022 (remaining 6 months) $ 210,000 2023 398,000 2024 6,000 Total 614,000 Less interest (18,000 ) Present value of lease liabilities $ 596,000 |
Segment Information
Segment Information | 6 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Note 10 – Segment Information The Company has one reporting segment, equipment for the highway construction industry. Based on evaluation of the criteria of ASC 280 – Segment Reporting, including the nature of products and services, the nature of the production processes, the type of customers and the methods used to distribute products and services, the Company determined that its operating segments meet the requirements for aggregation. The Company designs, manufactures and sells asphalt plants and pavers, combustion systems and fluid heat transfer systems for the highway construction industry and environmental and petrochemical markets. The Company’s products are manufactured at three facilities in the United States. The Company also services and sells parts for its equipment. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There were no accounting pronouncements recently issued or newly effective that had, or are expected to have, a material impact on the Company’s consolidated financial statements. |
COVID-19 Pandemic | COVID-19 The Company continues to monitor and evaluate the risks to public health and the slowdown in overall business activity related to the COVID-19 COVID-19 COVID-19 industry, customers, and workforce. As the spread of COVID-19 COVID-19 |
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 income statements. Net changes in unrealized gains and losses are reported in the condensed consolidated income statements in the current 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 (stocks), mutual funds, exchange-traded funds, 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 firms. From time to time the Company may transfer cash between its marketable securities portfolio and operating cash and cash equivalents. The following table sets forth, by level, within the fair value hierarchy, the Company’s marketable securities measured at fair value as of March 31, 2022: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 19,998,000 $ — $ — $ 19,998,000 Mutual Funds 10,130,000 — — 10,130,000 Exchange-Traded Funds 9,849,000 — — 9,849,000 Corporate Bonds — 24,022,000 — 24,022,000 Government Securities 27,960,000 — — 27,960,000 Cash and Money Funds 2,542,000 — — 2,542,000 Total $ 70,479,000 $ 24,022,000 $ — $ 94,501,000 Net unrealized gains and (losses) included in the Condensed Consolidated Income Statements for the quarter and six months ended March 31, 2022, were $(1,598,000) and $(1,531,000), respectively. The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2021: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 14,734,000 $ — $ — $ 14,734,000 Mutual Funds 10,357,000 — — 10,357,000 Exchange-Traded Funds 9,458,000 — — 9,458,000 Corporate Bonds — 24,853,000 — 24,853,000 Government Securities 30,999,000 — — 30,999,000 Cash and Money Funds 4,575,000 — — 4,575,000 Total $ 70,123,000 $ 24,853,000 $ — $ 94,976,000 Net unrealized gains and (losses) included in the Condensed Consolidated Income Statements for the quarter and six months ended March 31, 2021, were $596,000 and $2,503,000, respectively. 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. |
Inventories | Inventories are valued at the lower of cost or net realizable value with cost being determined under the first in, first out method and net realizable value defined as the estimated selling price of goods less reasonable costs of completion and delivery. Appropriate consideration is given to obsolescence, excessive levels, deterioration, possible alternative uses and other factors in determining net realizable value. The cost of work in process and finished goods includes materials, direct labor, variable costs and overhead. The Company evaluates the need to record inventory adjustments on all inventories, including raw material, work in process, finished goods, spare parts and used equipment. Used equipment acquired by the Company on trade-in from customers is carried at estimated net realizable value. Unless specific circumstances warrant different treatment regarding inventory obsolescence, an allowance is established to reduce the cost basis of inventories three four |
Earnings per Share | The Condensed Consolidated Financial Statements include basic and diluted earnings per share information. The following table sets forth the computation of basic and diluted earnings per share for the quarters and six months ended March 31, 2022 and 2021: Quarter Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Net Income $ 439,000 $ 2,288,000 $ 165,000 $ 3,839,000 Common Shares: Weighted average common shares outstanding 14,658,000 14,614,000 14,658,000 14,611,000 Effect of dilutive stock options — 133,000 — 129,000 Diluted shares outstanding 14,658,000 14,747,000 14,658,000 14,740,000 Basic: Net income per share $ 0.03 $ 0.16 $ 0.01 $ 0.26 Diluted: Net income per share $ 0.03 $ 0.16 $ 0.01 $ 0.26 Basic earnings per share are based on the weighted-average number of shares outstanding. Diluted earnings per share are based on the sum of the weighted-average number of shares outstanding plus common stock equivalents. As of September 30, 2021, no options were available for granting of awards under the 2009 Incentive Compensation Plan (the “2009 Plan”) and as of November 1, 2021, there were no outstanding stock options under the 2009 Plan. For the quarter and six months ended M |
Income Taxes | Income taxes are provided for the tax effects of transactions reported in the condensed consolidated financial statements and primarily consist of taxes currently due, plus deferred taxes. 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 March 31, 2022 and September 30, 2021. 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 |
Revenue Recognition and Related Costs | The Company recognizes revenue under ASU No. 2014-09, Revenue from Contracts with Customers Quarter Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Equipment sales recognized over time $ 10,998,000 $ 3,870,000 $ 20,772,000 $ 8,002,000 Equipment sales recognized at a point in time 10,475,000 9,565,000 14,673,000 19,701,000 Parts and component sales 7,381,000 6,830,000 12,824,000 10,761,000 Freight revenue 1,495,000 1,147,000 2,079,000 1,892,000 Other 305,000 (60,000 ) 412,000 (40,000 ) Net revenue $ 30,654,000 $ 21,352,000 $ 50,760,000 $ 40,316,000 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 $1,629,000 at March 31, 2022 and $1,903,000 at September 30, 2021, and are included in current assets as costs and estimated earnings in excess of billings on the Company’s condensed consolidated balance sheets. The Company anticipates that all of the contract assets at March 31, 2022, 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 services are completed. Accounts receivable related to contracts with customers for equipment sales were $130,000 and $210,000 at March 31, 2022 and September 30, 2021, respectively. Product warranty costs are estimated using historical experience and known issues and are charged to production costs as revenue is recognized. 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 March 31, 2022 and September 30, 2021. Customer deposits related to contracts with customers were $10,286,000 and $5,244,000 at March 31, 2022 and September 30, 2021, respectively, and are included in current liabilities on the Company’s condensed consolidated balance sheets. 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 with the revenue recognition. 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 |
Leases | The Company leases certain equipment under non-cancelable On August 28, 2020, the Company entered into a three-year operating lease for property related to the manufacturing and warehousing of the Blaw-Knox paver product line which was acquired on October 1, 2020. The lease term is for the period beginning on September 1, 2020 through August 31, 2023. In accordance with ASU 2016-02, one-year 2016-02, For the quarter and six months ended March 31, 2022, operating lease costs were $101,000 and $202,000, respectively, and cash payments related to these operating leases were $107,000 and $216,000, respectively. For the quarter and six months ended March 31, 2021, operating lease costs were $105,000 and $194,000, respectively, and cash payments related to these operating leases were $116,000 and $232,000, respectively. |
Marketable Securities and Fai_2
Marketable Securities and Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
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 marketable securities measured at fair value as of March 31, 2022: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 19,998,000 $ — $ — $ 19,998,000 Mutual Funds 10,130,000 — — 10,130,000 Exchange-Traded Funds 9,849,000 — — 9,849,000 Corporate Bonds — 24,022,000 — 24,022,000 Government Securities 27,960,000 — — 27,960,000 Cash and Money Funds 2,542,000 — — 2,542,000 Total $ 70,479,000 $ 24,022,000 $ — $ 94,501,000 The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2021: Fair Value Measurements Level 1 Level 2 Level 3 Total Equities $ 14,734,000 $ — $ — $ 14,734,000 Mutual Funds 10,357,000 — — 10,357,000 Exchange-Traded Funds 9,458,000 — — 9,458,000 Corporate Bonds — 24,853,000 — 24,853,000 Government Securities 30,999,000 — — 30,999,000 Cash and Money Funds 4,575,000 — — 4,575,000 Total $ 70,123,000 $ 24,853,000 $ — $ 94,976,000 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Net Inventories | Net inventories at March 31, 2022 and September 30, 2021 consist of the following: March 31, September 30, Raw materials $ 29,847,000 $ 25,858,000 Work in process 7,858,000 6,280,000 Finished goods 9,517,000 9,730,000 Used equipment — 20,000 $ 47,222,000 $ 41,888,000 |
Costs and Estimated Earnings _2
Costs and Estimated Earnings in Excess of Billings (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Costs and Estimated Earnings in Excess of Billings | Costs and estimated earnings in excess of billings on uncompleted contracts as of March 31, 2022 and September 30, 2021 consist of the following: March 31, September 30, Costs incurred on uncompleted contracts $ 19,501,000 $ 11,483,000 Estimated earnings 5,875,000 4,395,000 25,376,000 15,878,000 Billings to date 23,747,000 13,975,000 Costs and estimated earnings in excess of billings $ 1,629,000 $ 1,903,000 |
Earnings per Share Data (Tables
Earnings per Share Data (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | The Condensed Consolidated Financial Statements include basic and diluted earnings per share information. The following table sets forth the computation of basic and diluted earnings per share for the quarters and six months ended March 31, 2022 and 2021: Quarter Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Net Income $ 439,000 $ 2,288,000 $ 165,000 $ 3,839,000 Common Shares: Weighted average common shares outstanding 14,658,000 14,614,000 14,658,000 14,611,000 Effect of dilutive stock options — 133,000 — 129,000 Diluted shares outstanding 14,658,000 14,747,000 14,658,000 14,740,000 Basic: Net income per share $ 0.03 $ 0.16 $ 0.01 $ 0.26 Diluted: Net income per share $ 0.03 $ 0.16 $ 0.01 $ 0.26 |
Revenue Recognition and Relat_2
Revenue Recognition and Related Costs (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Company's Net Revenue by Major Source | The Company recognizes revenue under ASU No. 2014-09, Revenue from Contracts with Customers Quarter Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Equipment sales recognized over time $ 10,998,000 $ 3,870,000 $ 20,772,000 $ 8,002,000 Equipment sales recognized at a point in time 10,475,000 9,565,000 14,673,000 19,701,000 Parts and component sales 7,381,000 6,830,000 12,824,000 10,761,000 Freight revenue 1,495,000 1,147,000 2,079,000 1,892,000 Other 305,000 (60,000 ) 412,000 (40,000 ) Net revenue $ 30,654,000 $ 21,352,000 $ 50,760,000 $ 40,316,000 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Summary of Other Information Concerning the Company's Operating Lease | Other information concerning the Company’s operating lease accounted for under ASC 842 guidelines as of March 31, 2022 and September 30, 2021, is as follows: March 31, 2022 September 30, 2021 Operating lease ROU asset included in other long-term assets $ 596,000 $ 785,000 Current operating lease liability 407,000 393,000 Non-current 189,000 392,000 Weighted average remaining lease term (in years) 1.50 2.00 Weighted average discount rate used in calculating ROU asset 4.0 % 4.0 % |
Summary of Future Annual Minimum Lease Payments | Future annual minimum lease payments as of March 31, 2022 are as follows: Fiscal Year Annual Lease Payments 2022 (remaining 6 months) $ 210,000 2023 398,000 2024 6,000 Total 614,000 Less interest (18,000 ) Present value of lease liabilities $ 596,000 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - BlawKnox Paver [Member] - USD ($) $ in Millions | Oct. 01, 2020 | Mar. 31, 2022 |
Basis Of Presentation [Line Items] | ||
Business combination purchase price | $ 14.4 | $ 13.8 |
Business combination included in inventory | 10.4 | |
Business combination included in fixed assets | $ 3.4 |
Marketable Securities and Fai_3
Marketable Securities and Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Marketable Securities [Line Items] | ||||
Net unrealized gains (losses) | $ 1,598,000 | $ 596,000 | $ 1,531,000 | $ 2,503,000 |
Marketable Securities and Fai_4
Marketable Securities and Fair Value Measurements - Company's Assets Measured at Fair Value (Detail) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Investment Holdings [Line Items] | ||
Total | $ 94,501,000 | $ 94,976,000 |
Equities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 19,998,000 | 14,734,000 |
Mutual Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 10,130,000 | 10,357,000 |
Exchange Traded Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 9,849,000 | 9,458,000 |
Corporate Bonds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 24,022,000 | 24,853,000 |
Government Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 27,960,000 | 30,999,000 |
Cash and Money Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 2,542,000 | 4,575,000 |
Level 1 [Member] | ||
Investment Holdings [Line Items] | ||
Total | 70,479,000 | 70,123,000 |
Level 1 [Member] | Equities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 19,998,000 | 14,734,000 |
Level 1 [Member] | Mutual Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 10,130,000 | 10,357,000 |
Level 1 [Member] | Exchange Traded Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 9,849,000 | 9,458,000 |
Level 1 [Member] | Corporate Bonds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Level 1 [Member] | Government Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 27,960,000 | 30,999,000 |
Level 1 [Member] | Cash and Money Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 2,542,000 | 4,575,000 |
Level 2 [Member] | ||
Investment Holdings [Line Items] | ||
Total | 24,022,000 | 24,853,000 |
Level 2 [Member] | Equities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Level 2 [Member] | Mutual Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Level 2 [Member] | Exchange Traded Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Level 2 [Member] | Corporate Bonds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 24,022,000 | 24,853,000 |
Level 2 [Member] | Government Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Level 2 [Member] | Cash and Money Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Level 3 [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Level 3 [Member] | Equities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Level 3 [Member] | Mutual Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Level 3 [Member] | Exchange Traded Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Level 3 [Member] | Corporate Bonds [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Level 3 [Member] | Government Securities [Member] | ||
Investment Holdings [Line Items] | ||
Total | 0 | 0 |
Level 3 [Member] | Cash and Money Funds [Member] | ||
Investment Holdings [Line Items] | ||
Total | $ 0 | $ 0 |
Inventories - Net Inventories (
Inventories - Net Inventories (Detail) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Inventory, Net [Abstract] | ||
Raw materials | $ 29,847,000 | $ 25,858,000 |
Work in process | 7,858,000 | 6,280,000 |
Finished goods | 9,517,000 | 9,730,000 |
Used equipment | 0 | 20,000 |
Inventories, net | $ 47,222,000 | $ 41,888,000 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | |
Inventory [Line Items] | |||
Slow moving and obsolete inventory reserve | $ 6,828,000 | $ 6,828,000 | $ 5,397,000 |
Three to Four Years Old Inventory [Member] | |||
Inventory [Line Items] | |||
Cost basis reduction in inventory, percentage | 50.00% | ||
Inventory, minimum time period on the shelf, years | 3 years | ||
Inventory, maximum time period on the shelf, years | 4 years | ||
Four to Five Years Old Inventory [Member] | |||
Inventory [Line Items] | |||
Cost basis reduction in inventory, percentage | 75.00% | ||
Inventory, minimum time period on the shelf, years | 4 years | ||
Inventory, maximum time period on the shelf, years | 5 years | ||
Greater Than Five Years Old Inventory [Member] | |||
Inventory [Line Items] | |||
Inventory, minimum time period on the shelf, years | 5 years | ||
Inventory valuation estimate | $ 0 |
Costs and Estimated Earnings _3
Costs and Estimated Earnings in Excess of Billings - Costs and Estimated Earnings in Excess of Billings (Detail) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Costs in Excess of Billings on Uncompleted Contracts or Programs [Abstract] | ||
Costs incurred on uncompleted contracts | $ 19,501,000 | $ 11,483,000 |
Estimated earnings | 5,875,000 | 4,395,000 |
Costs and estimated earnings on uncompleted contracts | 25,376,000 | 15,878,000 |
Billings to date | 23,747,000 | 13,975,000 |
Costs and estimated earnings in excess of billings | $ 1,629,000 | $ 1,903,000 |
Earnings per Share Data - Basic
Earnings per Share Data - Basic and Diluted Earnings Per Share (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||||||
Net Income | $ 439,000 | $ (274,000) | $ 2,288,000 | $ 1,551,000 | $ 165,000 | $ 3,839,000 |
Common Shares: | ||||||
Weighted average common shares outstanding | 14,658,000 | 14,614,000 | 14,658,000 | 14,611,000 | ||
Effect of dilutive stock options | 0 | 133,000 | 0 | 129,000 | ||
Diluted shares outstanding | 14,658,000 | 14,747,000 | 14,658,000 | 14,740,000 | ||
Basic: | ||||||
Net income per share | $ 0.03 | $ 0.16 | $ 0.01 | $ 0.26 | ||
Diluted: | ||||||
Net income per share | $ 0.03 | $ 0.16 | $ 0.01 | $ 0.26 |
Earnings Per Share Data - Addit
Earnings Per Share Data - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Exercisable stock options, included in the diluted earnings per share calculation | 252,000 | 252,000 | ||
Effect of dilutive stock options | 0 | 133,000 | 0 | 129,000 |
2009 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||
Number of shares, options outstanding | 0 | 0 | ||
Inclusive Of Diluted Earning [Member] | ||||
Anti-dilutive shares | 0 | 0 | 0 | 0 |
Customers with 10% (or greate_2
Customers with 10% (or greater) of Net Revenues - Additional information (Detail) - Revenue [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Customer One [Member] | ||||
Percentage of concentration | 13.60% | 12.00% | ||
No Customer [Member] | ||||
Percentage of concentration | 10.00% | 10.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
IncomeTaxes [Line Items] | ||
Valuation Allowance | $ 0 | $ 0 |
Revenue Recognition and Relat_3
Revenue Recognition and Related Costs - Disaggregation of Company's Net Revenue by Major Source (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 30,654,000 | $ 21,352,000 | $ 50,760,000 | $ 40,316,000 |
Equipment Sales [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 10,998,000 | 3,870,000 | 20,772,000 | 8,002,000 |
Equipment Sales [Member] | Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 10,475,000 | 9,565,000 | 14,673,000 | 19,701,000 |
Parts and Component Sales [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 7,381,000 | 6,830,000 | 12,824,000 | 10,761,000 |
Freight Revenue [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | 1,495,000 | 1,147,000 | 2,079,000 | 1,892,000 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Net revenue | $ 305,000 | $ (60,000) | $ 412,000 | $ (40,000) |
Revenue Recognition and Relat_4
Revenue Recognition and Related Costs - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Mar. 31, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Amortization period for incremental costs | 1 year | |
Costs and estimated earnings in excess of billings | $ 1,629,000 | $ 1,903,000 |
Contract assets collection period | 1 year | |
Accounts receivable related to contracts with customers | $ 130,000 | 210,000 |
Current Liabilities [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Customer deposits related to contracts with customers | $ 10,286,000 | $ 5,244,000 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Concerning the Company's Operating Lease (Detail) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 | Oct. 09, 2020 | Aug. 28, 2020 |
Lessee, Lease, Description [Line Items] | ||||
Current operating lease liability | $ 407,000 | $ 393,000 | ||
Non-current operating lease liability | 189,000 | 392,000 | ||
New Lease Agreement [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease ROU asset included in other long-term assets | $ 254,000 | $ 970,000 | ||
Blaw Knox Product Line From Volvo CE [Member] | New Lease Agreement [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease ROU asset included in other long-term assets | 596,000 | 785,000 | ||
Current operating lease liability | 407,000 | 393,000 | ||
Non-current operating lease liability | $ 189,000 | $ 392,000 | ||
Weighted average remaining lease term (in years) | 1 year 6 months | 2 years | ||
Weighted average discount rate used in calculating ROU asset | 4.00% | 4.00% |
Leases - Summary of Future Annu
Leases - Summary of Future Annual Minimum Lease Payments (Detail) | Mar. 31, 2022USD ($) |
Minimum Lease Payments, Sale Leaseback Transactions, Fiscal Year Maturity [Abstract] | |
2022 (remaining 6 months) | $ 210,000 |
2023 | 398,000 |
2024 | 6,000 |
Total | 614,000 |
Less interest | (18,000) |
Present value of lease liabilities | $ 596,000 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Oct. 31, 2021 | Sep. 30, 2021 | Oct. 09, 2020 | Aug. 28, 2020 | |
Lessee, Lease, Description [Line Items] | |||||||||
Operating Lease, Expense | $ 101,000 | $ 105,000 | $ 202,000 | $ 194,000 | |||||
Operating lease term | 3 years | ||||||||
Operating leases paid in cash | $ 107,000 | $ 116,000 | 216,000 | $ 232,000 | |||||
New Lease Agreement [Member] | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Assets | $ 254,000 | $ 970,000 | |||||||
New Lease Agreement [Member] | Renewal Event | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Assets | $ 39,000 | ||||||||
New Lease Agreement [Member] | Square Footage Leased Event [Member] | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Decrease In Leasing Arrangements Right Of Use Asset And Lease Liability | 39,000 | ||||||||
Blaw Knox Product Line From Volvo CE [Member] | New Lease Agreement [Member] | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Assets | $ 596,000 | $ 596,000 | $ 785,000 | ||||||
Operating lease term | 1 year |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Mar. 31, 2022Segment | |
Segment Reporting [Abstract] | |
Number of repotable segments | 1 |