DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Sep. 30, 2016

DERIVATIVE FINANCIAL INSTRUMENTS [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

(13) DERIVATIVE FINANCIAL INSTRUMENTS

The Company did not enter into foreign currency forward contracts in 2016. The total gross amount of outstanding forward contracts was $0 at September 30, 2016 ($804,000 at September 30, 2015).  The agreements were recorded at fair value in the consolidated balance sheet at September 30, 2015 resulting in a net loss of $22,000 for the year then ended.

The following table presents the fair values of the Company’s derivative financial instruments for 2016 and 2015:

	(in thousands of dollars)
	September 30, 2016				September 30, 2015
	Assets		Liabilities		Assets		Liabilities
Foreign currency contracts		-		-		-		22

The above liability derivative foreign currency contracts represented a Level 2 liability at September 30, 2015 in accordance with the fair value hierarchy described in Note 1 (N).