XML 31 R19.htm IDEA: XBRL DOCUMENT v3.19.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Schedule of dilutive effect of company's restricted shares and performance shares
The dilutive effect of the Company’s restricted shares and performance shares were as follows:
 
Three Months Ended 
 March 31,
 
Six Months Ended 
 March 31,
 
2019
 
2018
 
2019
 
2018
Net loss
$
(1,258
)
 
$
(2,038
)
 
$
(2,540
)
 
$
(2,949
)
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding (basic and diluted)
5,561

 
5,535

 
5,548

 
5,519

 
 
 
 
 
 
 
 
Net loss per share – basic and diluted:
 
 
 
 
 
 
 
                        Net loss per share
$
(0.23
)
 
$
(0.37
)
 
$
(0.46
)
 
$
(0.53
)
 
 
 
 
 
 
 
 
Anti-dilutive weighted-average common shares excluded from calculation of diluted earnings per share
214

 
140

 
200

 
125
Schedule of effects of adoption of 2014-09
The cumulative effect of changes made to the balance sheet as of October 1, 2018 for the adoption of the new revenue standard was as follows:
 
 
Balance at September 30, 2018
 
Effect of Accounting Change
 
Balance at October 1, 2018
Assets
 
 
 
 
 
 
  Contract asset
 
$
—

 
$
10,140

 
$
10,140

  Inventory, net
 
18,269

 
(6,542
)
 
11,727

Liabilities & Shareholders' Equity
 
 
 
 
 
 
  Retained earnings
 
37,097

 
3,598

 
40,695


As part of the cumulative effect of the accounting change made as it pertains to the inventory, net line, the impact includes a reduction to the Company's last-in, first-out (“LIFO”) reserve in the amount of $508 and excess and obsolete reserve of $366. As noted in Note 2, Inventories, a portion of the Company's inventory is on LIFO.

The following tables reflect the changes to the financial statements line items as a result to the new revenue standard. The adoption of the new standard did not have an impact on "net cash provided by operating activities" on the consolidated condensed statement of cash flows for the six months ended March 31, 2019.

Consolidated condensed statement of operations for the six months ended March 31, 2019:
 
 
Previous Accounting Method
 
Effect of Accounting Change
 
As Reported
Net Sales
 
$
57,838

 
$
(1,380
)
 
$
56,458

Cost of Goods Sold
 
53,586

 
(1,953
)
 
51,633

Loss before income tax benefit
 
(3,593
)
 
573

 
(3,020
)
Net loss
 
$
(3,113
)
 
$
573

 
$
(2,540
)
Basic net loss per share
 
$
(0.56
)
 
$
0.10

 
$
(0.46
)
Diluted net loss per share
 
$
(0.56
)
 
$
0.10

 
$
(0.46
)

Consolidated condensed statement of operations for the three months ended March 31, 2019:
 
 
Previous Accounting Method
 
Effect of Accounting Change
 
As Reported
Net Sales
 
$
29,452

 
$
(2,060
)
 
$
27,392

Cost of Goods Sold
 
27,622

 
(2,318
)
 
25,304

Loss before income tax expense
 
(1,482
)
 
258

 
(1,224
)
Net loss
 
$
(1,516
)
 
$
258

 
$
(1,258
)
Basic net loss per share
 
$
(0.27
)
 
$
0.04

 
$
(0.23
)
Diluted net loss per share
 
$
(0.27
)
 
$
0.04

 
$
(0.23
)












Consolidated condensed balance sheet as of March 31, 2019:
 
 
Previous Accounting Method
 
Effect of Accounting Change
 
As Reported
Assets
 
 
 
 
 
 
  Contract asset
 
$
—

 
$
8,761

 
$
8,761

  Inventory, net
 
14,931

 
(4,589
)
 
10,342

Liabilities & Shareholders' Equity
 
 
 
 
 
 
  Contract liabilities (included within accrued liabilities)
 
—

 
—

 
—

  Deferred income taxes
 
2,193

 
—

 
2,193

  Retained earnings
 
33,942

 
4,172

 
38,114