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Note 6 - Reportable Segments | 12 Months Ended
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Sep. 30, 2022
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
6. | REPORTABLE SEGMENTS
An operating segment is defined as a component of an enterprise which has discrete financial information that is evaluated regularly by the Company’s Chief Executive Officer to decide how to allocate resources and to access performance. In accordance with ASC 280-10, Segment Reporting, the Company has two segments of business. The Company’s reportable segments are: (i) the Traditional Business and (ii) Journal Technologies which includes Journal Technologies, Inc. and Journal Technologies (Canada) Inc. (In August 2022, the Company established a new wholly-owned subsidiary, Journal Technologies (Canada) Inc., in Victoria BC, Canada. Except for a nominal founding cost of approximately $4,000, there were no business activities for this new Canadian company during fiscal 2022.) All inter-segment transactions were eliminated. Additional details about each of the reportable segments and its corporate income and expenses is set forth below:
Overall Financial Results (000) |
For the twelve months ended September 30 |
|  | Reportable Segments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Traditional Business |  |  | Journal Technologies |  |  | Corporate |  |  | Total |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Advertising |  | $ | 8,591 |  |  | $ | 8,171 |  |  | $ | --- |  |  | $ | --- |  |  | $ | --- |  |  | $ | --- |  |  | $ | 8,591 |  |  | $ | 8,171 |
Circulation |  |  | 4,394 |  |  |  | 4,576 |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | 4,394 |  |  |  | 4,576 |
Advertising service fees and other |  |  | 2,937 |  |  |  | 2,684 |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | 2,937 |  |  |  | 2,684 |
Licensing and maintenance fees |  |  | --- |  |  |  | --- |  |  |  | 19,192 |  |  |  | 21,044 |  |  |  | --- |  |  |  | --- |  |  |  | 19,192 |  |  |  | 21,044 |
Consulting fees |  |  | --- |  |  |  | --- |  |  |  | 11,865 |  |  |  | 6,319 |  |  |  | --- |  |  |  | --- |  |  |  | 11,865 |  |  |  | 6,319 |
Other public service fees |  |  | --- |  |  |  | --- |  |  |  | 7,030 |  |  |  | 7,131 |  |  |  | --- |  |  |  | --- |  |  |  | 7,030 |  |  |  | 7,131 |
Total operating revenues |  |  | 15,922 |  |  |  | 15,431 |  |  |  | 38,087 |  |  |  | 34,494 |  |  |  | --- |  |  |  | --- |  |  |  | 54,009 |  |  |  | 49,925 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 9,618 |  |  |  | 8,226 |  |  |  | 27,317 |  |  |  | 26,004 |  |  |  | --- |  |  |  | --- |  |  |  | 36,935 |  |  |  | 34,230 |
Increase to the long-term Supplemental compensation accrual |  |  | 1,130 |  |  |  | 1,795 |  |  |  | 115 |  |  |  | 40 |  |  |  | --- |  |  |  | --- |  |  |  | 1,245 |  |  |  | 1,835 |
Others |  |  | 4,472 |  |  |  | 4,967 |  |  |  | 9,368 |  |  |  | 6,741 |  |  |  | --- |  |  |  | --- |  |  |  | 13,840 |  |  |  | 11,708 |
Total operating expenses |  |  | 15,220 |  |  |  | 14,988 |  |  |  | 36,800 |  |  |  | 32,785 |  |  |  | --- |  |  |  | --- |  |  |  | 52,020 |  |  |  | 47,773 |
Income from operations |  |  | 702 |  |  |  | 443 |  |  |  | 1,287 |  |  |  | 1,709 |  |  |  | --- |  |  |  | --- |  |  |  | 1,989 |  |  |  | 2,152 |
Dividends and interest income |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | 5,451 |  |  |  | 2,908 |  |  |  | 5,451 |  |  |  | 2,908 |
Gains on sale of land |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | 272 |  |  |  | --- |  |  |  | 272 |  |  |  | --- |
Other income |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | 69 |  |  |  | --- |  |  |  | 69 |
Interest expenses on note payable collateralized by real estate and other |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | (83 | ) |  |  | (94 | ) |  |  | (83 | ) |  |  | (94 | )
Interest expense on margin loans |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | (1,026 | ) |  |  | (233 | ) |  |  | (1,026 | ) |  |  | (233 | )
Gains on sales of marketable securities, net |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | 14,249 |  |  |  | 41,749 |  |  |  | 14,249 |  |  |  | 41,749 |
Net unrealized (losses) gains on marketable securities |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | --- |  |  |  | (123,401 | ) |  |  | 106,499 |  |  |  | (123,401 | ) |  |  | 106,499 |
Pretax income (loss) |  |  | 702 |  |  |  | 443 |  |  |  | 1,287 |  |  |  | 1,709 |  |  |  | (104,538 | ) |  |  | 150,898 |  |  |  | (102,549 | ) |  |  | 153,050 |
Income tax (expense) benefit |  |  | (185 | ) |  |  | (115 | ) |  |  | (205 | ) |  |  | (425 | ) |  |  | 27,315 |  |  |  | (39,610 | ) |  |  | 26,925 |  |  |  | (40,150 | )
Net income (loss) |  | $ | 517 |  |  | $ | 328 |  |  | $ | 1,082 |  |  | $ | 1,284 |  |  | $ | (77,223 | ) |  | $ | 111,288 |  |  | $ | (75,624 | ) |  | $ | 112,900 |
Total assets |  | $ | 22,743 |  |  | $ | 22,412 |  |  | $ | 27,868 |  |  | $ | 20,480 |  |  | $ | 268,500 |  |  | $ | 339,664 |  |  | $ | 319,111 |  |  | $ | 382,556 |
Capital expenditures |  | $ | 3 |  |  | $ | 22 |  |  | $ | 33 |  |  | $ | 7 |  |  |  | --- |  |  |  | --- |  |  | $ | 36 |  |  | $ | 29 |
During fiscal 2022 and 2021, the Traditional Business had total operating revenues of $15,922,000 and $15,431,000 of which $11,528,000 and $10,855,000, respectively, were recognized after services were provided while $4,394,000 and $4,576,000, respectively, were recognized ratably over the subscription terms. Total operating revenues for the Company’s software business were $38,087,000 and $34,494,000, of which $19,459,000 and $14,787,000, respectively, were recognized upon completion of services while $18,628,000 and $19,707,000, respectively, were recognized ratably over the subscription periods.

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