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Income Taxes (Tables)

12 Months Ended

Sep. 30, 2013

Income Tax Disclosure [Abstract]

Provision for Income Tax Expense

The provision for income tax expense consists of:

		Years Ended September 30,
		2013				2012
Current:
Federal		$	(48,000	)		$	51,000
State			146,000				168,000
Total current			98,000				219,000
Deferred
Federal			(447,000	)			2,161,000
State			(43,000	)			—
Total deferred			(490,000	)			2,161,000
Income tax expense (benefit)		$	(392,000	)		$	2,380,000

Reconciliation of the Federal Statutory Tax Rate to the Total Tax Provision

A reconciliation of the federal statutory tax rate to the total tax provision is as follows:

		Years Ended September 30,
		2013				2012
Federal income taxes computed at the statutory rate			34.0	%			34.0	%
State income taxes, net of federal benefit			3.3	%			2.5	%
Research & development tax refunds & credits			(33.6	%)			—
Dividend received deduction			(3.0	%)			(1.6	%)
Domestic international sales corporation benefits			(1.8	%)			—
Tax-exempt interest income			(1.4	%)			(0.8	%)
Other, net			(3.7	%)			0.6	%
Effective income tax rate			(6.2	%)			34.7	%

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following:

		Years Ended September 30,
		2013				2012
Deferred Tax Assets:
Accrued liabilities and reserves		$	338,000			$	823,000
Allowance for doubtful accounts			115,000				137,000
Inventory			202,000				162,000
R&D tax credits carry-forwards			805,000				—
Non-deductible stock compensation			178,000				87,000
Net operating losses carry-forwards			59,000				—
Other			57,000				11,000
Gross Deferred Tax Assets			1,754,000				1,220,000
Deferred and Other Tax Liabilities:
Unrealized gain on investments			(736,000	)			(310,000	)
Percentage of completion			—				(566,000	)
Property, plant and equipment			(1,179,000	)			(1,006,000	)
Unrecognized tax benefits			(300,000	)			(300,000	)
Other			(23,000	)			(12,000	)
Gross Deferred and Other Tax Liabilities			(2,238,000	)			(2,194,000	)
Net Deferred Income and Other Tax Liabilities		$	(484,000	)		$	(974,000	)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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