Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2019 | Apr. 19, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Clearfield, Inc. | |
Entity Central Index Key | 0000796505 | |
Trading Symbol | clfd | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 13,663,981 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 7,905,627 | $ 8,547,777 |
Short-term investments | 17,048,473 | 8,930,225 |
Accounts receivables, net | 8,987,992 | 12,821,258 |
Inventories, net | 8,273,522 | 10,050,135 |
Other current assets | 1,253,635 | 742,136 |
Total current assets | 43,469,249 | 41,091,531 |
Property, plant and equipment, net | 4,412,001 | 4,744,584 |
Other Assets | ||
Long-term investments | 18,574,000 | 17,974,000 |
Goodwill | 4,708,511 | 4,708,511 |
Intangible assets, net | 5,302,721 | 5,482,555 |
Other | 202,516 | 227,461 |
Total other assets | 28,787,748 | 28,392,527 |
Total Assets | 76,668,998 | 74,228,642 |
Current Liabilities | ||
Accounts payable | 2,352,411 | 2,363,380 |
Accrued compensation | 2,419,704 | 2,048,904 |
Accrued expenses | 39,195 | 568,507 |
Total current liabilities | 4,811,310 | 4,980,791 |
Other Liabilities | ||
Deferred taxes | 104,935 | 104,935 |
Deferred rent | 258,497 | 268,040 |
Total other liabilities | 363,432 | 372,975 |
Total Liabilities | 5,174,742 | 5,353,766 |
Shareholders’ Equity | ||
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding | ||
Common stock, authorized 50,000,000, $.01 par value; 13,668,408 and 13,646,553, shares issued and outstanding at March 31, 2019 and September 30, 2018 | 136,684 | 136,466 |
Additional paid-in capital | 56,725,019 | 55,483,759 |
Retained earnings | 14,632,553 | 13,254,651 |
Total Shareholders’ Equity | 71,494,256 | 68,874,876 |
Total Liabilities and Shareholders’ Equity | $ 76,668,998 | $ 74,228,642 |
Condensed Balance Sheets (Cur_2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2019 | Sep. 30, 2018 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares issued (in shares) | 13,668,408 | 13,646,553 |
Common stock, shares outstanding (in shares) | 13,668,408 | 13,646,553 |
Condensed Statements of Earning
Condensed Statements of Earnings (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | $ 19,084,365 | $ 16,830,895 | $ 39,173,515 | $ 33,697,779 |
Cost of sales | 12,059,122 | 10,051,061 | 24,201,574 | 19,809,538 |
Gross profit | 7,025,243 | 6,779,834 | 14,971,941 | 13,888,241 |
Operating expenses | ||||
Selling, general and administrative | 6,727,744 | 7,305,589 | 13,503,619 | 13,769,560 |
Income (loss) from operations | 297,499 | (525,755) | 1,468,322 | 118,681 |
Interest income | 169,443 | 119,379 | 304,580 | 215,101 |
Income (loss) before income taxes | 466,942 | (406,376) | 1,772,902 | 333,782 |
Income tax expense (benefit) | 99,000 | (101,000) | 395,000 | (304,000) |
Net income (loss) | $ 367,942 | $ (305,376) | $ 1,377,902 | $ 637,782 |
Net income (loss) per share Basic (in dollars per share) | $ 0.02 | $ (0.02) | $ 0.10 | $ 0.05 |
Net income (loss) per share Diluted (in dollars per share) | $ 0.02 | $ (0.02) | $ 0.10 | $ 0.05 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 13,422,222 | 13,450,482 | 13,411,183 | 13,447,178 |
Diluted (in shares) | 13,450,212 | 13,450,482 | 13,425,178 | 13,494,433 |
Condensed Statements of Shareho
Condensed Statements of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Sep. 30, 2017 | 13,812,821 | |||
Balance at Sep. 30, 2017 | $ 138,128 | $ 55,406,888 | $ 8,980,104 | $ 64,525,120 |
Balance (in shares) at Dec. 31, 2017 | 13,824,191 | |||
Balance at Dec. 31, 2017 | $ 138,242 | 56,021,457 | 9,923,262 | 66,082,961 |
Balance (in shares) at Sep. 30, 2017 | 13,812,821 | |||
Balance at Sep. 30, 2017 | $ 138,128 | 55,406,888 | 8,980,104 | 64,525,120 |
Stock-based compensation expense | 969,081 | 969,081 | ||
Restricted stock issuance, net (in shares) | (1,409) | |||
Restricted stock issuance, net | $ (14) | 14 | ||
Issuance of common stock under employee stock purchase plan (in shares) | 14,242 | |||
Issuance of common stock under employee stock purchase plan | $ 142 | 148,117 | 148,259 | |
Exercise of stock options, net of shares exchanged for payment (in shares) | 5,675 | |||
Exercise of stock options, net of shares exchanged for payment | $ 58 | 17,891 | 17,949 | |
Tax withholding related to vesting of restricted stock grants (in shares) | (671) | |||
Tax withholding related to vesting of restricted stock grants | $ (7) | (9,255) | (9,262) | |
Net income | 637,782 | 637,782 | ||
Repurchase of common stock (in shares) | (19,582) | |||
Repurchase of common stock | $ (196) | (235,828) | (236,024) | |
Balance (in shares) at Mar. 31, 2018 | 13,811,076 | |||
Balance at Mar. 31, 2018 | $ 138,111 | 56,296,908 | 9,617,886 | 66,052,905 |
Balance (in shares) at Dec. 31, 2017 | 13,824,191 | |||
Balance at Dec. 31, 2017 | $ 138,242 | 56,021,457 | 9,923,262 | 66,082,961 |
Stock-based compensation expense | 485,794 | 485,794 | ||
Restricted stock issuance, net (in shares) | 2,967 | |||
Restricted stock issuance, net | $ 30 | (30) | ||
Exercise of stock options, net of shares exchanged for payment (in shares) | 2,600 | |||
Exercise of stock options, net of shares exchanged for payment | $ 26 | 14,674 | 14,700 | |
Net income | (305,376) | (305,376) | ||
Repurchase of common stock (in shares) | (18,682) | |||
Repurchase of common stock | $ (187) | (224,987) | (225,174) | |
Balance (in shares) at Mar. 31, 2018 | 13,811,076 | |||
Balance at Mar. 31, 2018 | $ 138,111 | 56,296,908 | 9,617,886 | 66,052,905 |
Balance (in shares) at Sep. 30, 2018 | 13,646,553 | |||
Balance at Sep. 30, 2018 | $ 136,466 | 55,483,759 | 13,254,651 | 68,874,876 |
Balance (in shares) at Dec. 31, 2018 | 13,662,456 | |||
Balance at Dec. 31, 2018 | $ 136,625 | 56,161,405 | 14,264,611 | 70,562,641 |
Balance (in shares) at Sep. 30, 2018 | 13,646,553 | |||
Balance at Sep. 30, 2018 | $ 136,466 | 55,483,759 | 13,254,651 | 68,874,876 |
Stock-based compensation expense | 1,102,190 | 1,102,190 | ||
Restricted stock issuance, net (in shares) | (352) | |||
Restricted stock issuance, net | $ (4) | 4 | ||
Issuance of common stock under employee stock purchase plan (in shares) | 17,312 | |||
Issuance of common stock under employee stock purchase plan | $ 173 | 145,767 | 145,940 | |
Exercise of stock options, net of shares exchanged for payment (in shares) | 5,440 | |||
Exercise of stock options, net of shares exchanged for payment | $ 54 | (30) | 24 | |
Tax withholding related to vesting of restricted stock grants (in shares) | (545) | |||
Tax withholding related to vesting of restricted stock grants | $ (5) | (6,671) | (6,676) | |
Net income | 1,377,902 | 1,377,902 | ||
Balance (in shares) at Mar. 31, 2019 | 13,668,408 | |||
Balance at Mar. 31, 2019 | $ 136,684 | 56,725,019 | 14,632,553 | 71,494,256 |
Balance (in shares) at Dec. 31, 2018 | 13,662,456 | |||
Balance at Dec. 31, 2018 | $ 136,625 | 56,161,405 | 14,264,611 | 70,562,641 |
Stock-based compensation expense | 563,666 | 563,666 | ||
Restricted stock issuance, net (in shares) | 3,486 | |||
Restricted stock issuance, net | $ 35 | (35) | ||
Exercise of stock options, net of shares exchanged for payment (in shares) | 2,466 | |||
Exercise of stock options, net of shares exchanged for payment | $ 24 | (17) | 7 | |
Net income | 367,942 | 367,942 | ||
Balance (in shares) at Mar. 31, 2019 | 13,668,408 | |||
Balance at Mar. 31, 2019 | $ 136,684 | $ 56,725,019 | $ 14,632,553 | $ 71,494,256 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | ||
Net income | $ 1,377,902 | $ 637,782 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,064,024 | 989,912 |
Change in allowance for doubtful accounts | 210,000 | |
Amortization of discount on investments | (15,855) | |
Deferred taxes | (384,000) | |
Loss on disposal of assets | 1,594 | |
Stock based compensation | 1,102,190 | 969,081 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,623,266 | 78,265 |
Inventories, net | 1,776,613 | 354,984 |
Other assets | (486,554) | (71,117) |
Accounts payable, accrued expenses and deferred rent | (179,024) | (313,921) |
Net cash provided by operating activities | 8,472,562 | 2,262,580 |
Cash flows from investing activities | ||
Purchases of property, plant and equipment and intangible assets | (551,607) | (516,341) |
Purchases of investments | (12,274,393) | (4,181,075) |
Proceeds from maturities of investments | 3,572,000 | 3,469,000 |
Business acquisition | (10,350,000) | |
Net cash used in investing activities | (9,254,000) | (11,578,416) |
Cash flows from financing activities | ||
Repurchases of common stock | (236,024) | |
Proceeds from issuance of common stock under employee stock purchase plan | 145,940 | 148,259 |
Proceeds from issuance of common stock upon exercise of stock options | 24 | 17,949 |
Tax withholding related to vesting of restricted stock grants | (6,676) | (9,262) |
Net cash provided by (used in) financing activities | 139,288 | (79,078) |
Decrease in cash and cash equivalents | (642,150) | (9,394,914) |
Cash and cash equivalents, beginning of period | 8,547,777 | 18,536,111 |
Cash and cash equivalents, end of period | 7,905,627 | 9,141,197 |
Supplemental disclosures for cash flow information | ||
Cash paid during the year for income taxes | 1,051,716 | 23,987 |
Non-cash financing activities | ||
Cashless exercise of stock options | $ 17,390 | $ 5,782 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | Note 1. The accompanying (a) condensed balance sheet as of September 30, 2018, three six March 31, 2019 not These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10 September 30, 2018. In preparation of the Company’s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Recently Adopted Accounting Pronouncements Effective October 1, 2018, 2014 09, Revenue from Contracts with Customers (Topic 606 2015 14, Revenue from Contracts with Customers (Topic 606 2014 09 one 2014 09 605, Revenue Recognition, 2014 09, no 5, |
Note 2 - Net Income (Loss) Per
Note 2 - Net Income (Loss) Per Share | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 2. Basic net income (loss) per common share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income (loss) divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options and restricted stock awards, when dilutive. The following is a reconciliation of the numerator and denominator of the net income (loss) per common share computations for the three six March 31, 2019 2018: Three Months Ended March 31, Six Months Ended March 31, 2019 2018 2019 2018 Net income (loss) $ 367,942 $ (305,376 ) $ 1,377,902 $ 637,782 Weighted average common shares 13,422,222 13,450,482 13,411,183 13,447,178 Dilutive potential common shares 27,990 - 13,995 47,255 Weighted average dilutive common shares outstanding 13,450,212 13,450,482 13,425,178 13,494,433 Net income (loss) per common share: Basic $ 0.02 $ (0.02 ) $ 0.10 $ 0.05 Diluted $ 0.02 $ (0.02 ) $ 0.10 $ 0.05 |
Note 3 - Cash, Cash Equivalents
Note 3 - Cash, Cash Equivalents and Investments | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | Note 3. The Company currently invests its excess cash in money market accounts, treasury securities, and bank certificates of deposit (CDs) with a term of not five three one one The maturity dates of the Company’s treasury securities and CDs as of March 31, 2019 September 30, 2018 March 31, 2019 September 30, 2018 Less than one year $ 17,048,473 $ 8,930,225 1-5 years 18,574,000 17,974,000 Total $ 35,622,473 $ 26,904,225 |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 4. The Company recorded $563,666 $1,102,190 three six March 31, 2019, three March 31, 2019, $532,425 $31,241 six March 31, 2019, $1,039,709 $62,481 $485,794 $969,081 three six March 31, 2018, three March 31, 2018, $443,763 $42,031 six March 31, 2018, $885,020 $84,061 March 31, 2019, $2,965,292 5.4 Stock Options The Company uses the Black-Scholes option pricing model to determine the weighted average fair value of stock options granted. During the six March 31, 2019, 172,000 four three $12.17. no six March 31, 2018. six March 31, 2019 $3.53. This fair value was estimated at the grant date using the assumptions listed below: Six months ended Dividend yield 0 % Weighted average expected volatility 37.77 % Weighted average risk-free interest rate 2.92 % Weighted average expected life (years) 3.0 Vesting period (years) 3.0 The expected stock price volatility is based on the historical volatility of the Company’s stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate at grant date on zero Options are granted at fair market values determined on the date of grant and vesting normally occurs over a three five one six six The following is a summary of stock option activity during the six March 31, 2019: Number of Weighted average exercise price Outstanding as of September 30, 2018 138,500 $ 10.99 Granted 172,000 12.17 Exercised (6,750 ) 2.58 Cancelled or Forfeited - - Outstanding as of March 31, 2019 303,750 $ 11.85 The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of March 31, 2019, 1.4 $287,850. six March 31, 2019, $24 six March 31, 2018, 6,100 $17,949 Restricted Stock The Company’s 2007 one ten During the six March 31, 2019, 2019 4,340 one $14.40 During the six March 31, 2018, 2018 4,235 one $14.75 Restricted stock transactions during the six March 31, 2019 Number of shares Weighted average grant date fair value Unvested shares as of September 30, 2018 248,613 $ 14.65 Granted 4,340 14.40 Vested (5,935 ) 14.43 Forfeited (4,692 ) 15.05 Unvested as of March 31, 2019 242,326 $ 14.64 Employee Stock Purchase Plan The Company’s ESPP allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may may no 85% one six January 1 July 1 December 31, 2018 December 31, 2017, 17,312 14,242 $8.43 $10.41 December 31, 2018, 69,769 |
Note 5 - Revenue
Note 5 - Revenue | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 5. Revenue Recognition Net sales include products and shipping and handling charges. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when we satisfy our performance obligations under the contract. We recognize revenue by transferring the promised products to the customer, with substantially all revenue recognized at the point in time the customer obtains control of the products. Revenue which has been recognized but not Disaggregation of Revenue The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Sales outside the United States are principally to countries in the Caribbean, Canada, Central and South America. Our revenues related to the following geographic areas were as follows for the three six Three Months Ended March 31, Six Months Ended March 31, 2019 2018 2019 2018 United States $ 17,136,328 $ 16,065,902 $ 35,640,795 $ 31,563,562 All other countries 1,948,037 764,993 3,532,720 2,134,217 Total Net Sales $ 19,084,365 $ 16,830,895 $ 39,173,515 $ 33,697,779 In addition to a proprietary product line designed for the broadband service provider marketplace, Clearfield provides build-to-print services for original equipment manufacturers requiring copper and fiber cable assemblies built to their specification. The percentages of our sales by markets were as follows for the three six Three Months Ended March 31, Six Months Ended March 31, 2019 2018 2019 2018 Broadband service providers 94 % 95 % 94 % 95 % Build-to-print customers 6 % 5 % 6 % 5 % Total Net Sales 100 % 100 % 100 % 100 % Accounts Receivable Credit is extended based on the evaluation of a customer’s financial condition and collateral is generally not March 31, 2019 September 30, 2018, $289,085 $79,085, See Note 7, |
Note 6 - Inventories, Net
Note 6 - Inventories, Net | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 6. Inventories consist of the following as of: March 31, 2019 September 30, 2018 Raw materials $ 5,755,357 $ 6,013,166 Work-in-progress 712,003 560,988 Finished goods 1,806,162 3,475,981 Inventories, net $ 8,273,522 $ 10,050,135 |
Note 7 - Major Customer Concent
Note 7 - Major Customer Concentration | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 7. For the three March 31, 2019, 17% 10%, six March 31, 2019, 18% 11%, three March 31, 2018, 25% 16%, six March 31, 2018, 24% 14%, As of March 31, 2019, 13% September 30, 2018, 35%, 10%, 10%, |
Note 8 - Goodwill and Patents
Note 8 - Goodwill and Patents | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | Note 8. The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed in the fourth September 30, 2018 not six March 31, 2019, no The Company capitalizes legal costs incurred to obtain patents. Once accepted by either the U.S. Patent Office or the equivalent office of a foreign country, these legal costs are amortized using the straight-line method over the remaining estimated lives, not 20 March 31, 2019, 17 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 9. For the three six March 31, 2019, $99,000 $395,000, 21.2% 22.3%, 2017 December 22, 2017. January 1, 2018 As of March 31, 2019 September 30, 2018, $105,000 not $32,000 six March 31, 2018. no three six March 31, 2019. For the three six March 31, 2018, $101,000 $304,000, 24.9% 91.1%, six March 31, 2018 three 2018. six one $384,000 six March 31, 2018 six March 31, 2018. expenses related to equity award compensation, Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company’s realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax assets for expected utilization using a “more likely than not” As of March 31, 2019 not not 12 |
Note 10 - Accounting Pronouncem
Note 10 - Accounting Pronouncements | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 10. In February 2016, 2016 02, Leases 12 December 15, 2018, The Company has begun evaluating the new lease standard, including the review and implementation of the necessary changes to our existing processes and systems that will be required to implement this new standard. While we are unable to quantify the impact at this time, it is expected the adoption of this standard will lead to a material increase in the assets and liabilities recorded on the consolidated balance sheets. In January 2017, 2017 04 2 January 1, 2020, January 1, 2017. not |
Note 2 - Net Income (Loss) Pe_2
Note 2 - Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, Six Months Ended March 31, 2019 2018 2019 2018 Net income (loss) $ 367,942 $ (305,376 ) $ 1,377,902 $ 637,782 Weighted average common shares 13,422,222 13,450,482 13,411,183 13,447,178 Dilutive potential common shares 27,990 - 13,995 47,255 Weighted average dilutive common shares outstanding 13,450,212 13,450,482 13,425,178 13,494,433 Net income (loss) per common share: Basic $ 0.02 $ (0.02 ) $ 0.10 $ 0.05 Diluted $ 0.02 $ (0.02 ) $ 0.10 $ 0.05 |
Note 3 - Cash, Cash Equivalen_2
Note 3 - Cash, Cash Equivalents and Investments (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | March 31, 2019 September 30, 2018 Less than one year $ 17,048,473 $ 8,930,225 1-5 years 18,574,000 17,974,000 Total $ 35,622,473 $ 26,904,225 |
Note 4 - Stock-based Compensa_2
Note 4 - Stock-based Compensation (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six months ended Dividend yield 0 % Weighted average expected volatility 37.77 % Weighted average risk-free interest rate 2.92 % Weighted average expected life (years) 3.0 Vesting period (years) 3.0 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Weighted average exercise price Outstanding as of September 30, 2018 138,500 $ 10.99 Granted 172,000 12.17 Exercised (6,750 ) 2.58 Cancelled or Forfeited - - Outstanding as of March 31, 2019 303,750 $ 11.85 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of shares Weighted average grant date fair value Unvested shares as of September 30, 2018 248,613 $ 14.65 Granted 4,340 14.40 Vested (5,935 ) 14.43 Forfeited (4,692 ) 15.05 Unvested as of March 31, 2019 242,326 $ 14.64 |
Note 5 - Revenue (Tables)
Note 5 - Revenue (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, Six Months Ended March 31, 2019 2018 2019 2018 United States $ 17,136,328 $ 16,065,902 $ 35,640,795 $ 31,563,562 All other countries 1,948,037 764,993 3,532,720 2,134,217 Total Net Sales $ 19,084,365 $ 16,830,895 $ 39,173,515 $ 33,697,779 Three Months Ended March 31, Six Months Ended March 31, 2019 2018 2019 2018 Broadband service providers 94 % 95 % 94 % 95 % Build-to-print customers 6 % 5 % 6 % 5 % Total Net Sales 100 % 100 % 100 % 100 % |
Note 6 - Inventories, Net (Tabl
Note 6 - Inventories, Net (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2019 September 30, 2018 Raw materials $ 5,755,357 $ 6,013,166 Work-in-progress 712,003 560,988 Finished goods 1,806,162 3,475,981 Inventories, net $ 8,273,522 $ 10,050,135 |
Note 2 - Net Income (Loss) Pe_3
Note 2 - Net Income (Loss) Per Share - Weighted Average Common Shares Outstanding (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net income | $ 367,942 | $ (305,376) | $ 1,377,902 | $ 637,782 |
Weighted average common shares (in shares) | 13,422,222 | 13,450,482 | 13,411,183 | 13,447,178 |
Dilutive potential common shares (in shares) | 27,990 | 13,995 | 47,255 | |
Weighted average dilutive common shares outstanding (in shares) | 13,450,212 | 13,450,482 | 13,425,178 | 13,494,433 |
Net income (loss) per common share: | ||||
Basic (in dollars per share) | $ 0.02 | $ (0.02) | $ 0.10 | $ 0.05 |
Diluted (in dollars per share) | $ 0.02 | $ (0.02) | $ 0.10 | $ 0.05 |
Note 3 - Cash, Cash Equivalen_3
Note 3 - Cash, Cash Equivalents and Investments (Details Textual) | 6 Months Ended |
Mar. 31, 2019 | |
Maximum [Member] | |
Held-to-maturity Securities, Investment Term | 5 years |
Note 3 - Cash, Cash Equivalen_4
Note 3 - Cash, Cash Equivalents and Investments - Maturity Date of CDs (Details) - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Less than one year | $ 17,048,473 | $ 8,930,225 |
1-5 years | 18,574,000 | 17,974,000 |
Total | $ 35,622,473 | $ 26,904,225 |
Note 4 - Stock-based Compensa_3
Note 4 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Payment Arrangement, Expense | $ 563,666 | $ 485,794 | $ 1,102,190 | $ 969,081 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 2,965,292 | $ 2,965,292 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 5 years 146 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 172,000 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 12.17 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 3.53 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 146 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 287,850 | $ 287,850 | ||||
Proceeds from Stock Options Exercised | $ 24 | $ 17,949 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 6,750 | 6,100 | ||||
Employee Stock Purchase Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Market Price Percentage, Offering Date | 85.00% | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 17,312 | 14,242 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price | $ 8.43 | $ 10.41 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 69,769 | |||||
Share-based Payment Arrangement, Option [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Share-based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Payment Arrangement, Option [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4,340 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.40 | |||||
Restricted Stock [Member] | Non Employee Directors [Member] | Stock Compensation Plan 2007 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | 1 year | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4,340 | 4,235 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 14.40 | $ 14.75 | ||||
Restricted Stock [Member] | Minimum [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||
Restricted Stock [Member] | Maximum [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 10 years | |||||
Selling, General and Administrative Expenses [Member] | ||||||
Share-based Payment Arrangement, Expense | 532,425 | 443,763 | $ 1,039,709 | $ 885,020 | ||
Cost of Sales [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 31,241 | $ 42,031 | $ 62,481 | $ 84,061 |
Note 4 - Stock-based Compensa_4
Note 4 - Stock-based Compensation - Valuation Assumptions (Details) | 6 Months Ended |
Mar. 31, 2019 | |
Dividend yield | 0.00% |
Weighted average expected volatility | 37.77% |
Weighted average risk-free interest rate | 2.92% |
Weighted average expected life (years) (Year) | 3 years |
Vesting period (years) (Year) | 3 years |
Note 4 - Stock-based Compensa_5
Note 4 - Stock-based Compensation - Option Transaction Summary (Details) - $ / shares | 6 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Options, outstanding (in shares) | 138,500 | |
Weighted-average exercise price, outstanding (in dollars per share) | $ 10.99 | |
Granted (in shares) | 172,000 | 0 |
Weighted-average exercise price, Granted (in dollars per share) | $ 12.17 | |
Exercised (in shares) | (6,750) | (6,100) |
Weighted-average exercise price, Exercised (in dollars per share) | $ 2.58 | |
Cancelled or Forfeited (in shares) | ||
Weighted-average exercise price, Cancelled or Forfeited (in dollars per share) | ||
Options, outstanding (in shares) | 303,750 | |
Weighted-average exercise price, outstanding (in dollars per share) | $ 11.85 |
Note 4 - Stock-based Compensa_6
Note 4 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member] | 6 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Balance, unvested shares (in shares) | shares | 248,613 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 14.65 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 4,340 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 14.40 |
Vested (in shares) | shares | (5,935) |
Vested (in dollars per share) | $ / shares | $ 14.43 |
Forfeited (in shares) | shares | (4,692) |
Forfeited (in dollars per share) | $ / shares | $ 15.05 |
Balance, unvested shares (in shares) | shares | 242,326 |
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares | $ 14.64 |
Note 5 - Revenue (Details Textu
Note 5 - Revenue (Details Textual) - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 289,085 | $ 79,085 |
Note 5 - Revenue - Disaggregati
Note 5 - Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Total Net Sales | $ 19,084,365 | $ 16,830,895 | $ 39,173,515 | $ 33,697,779 |
Percent of net sales | 100.00% | 100.00% | 100.00% | 100.00% |
Broadband Service Providers [Member] | ||||
Percent of net sales | 94.00% | 95.00% | 94.00% | 95.00% |
Build-to-print Customers [Member] | ||||
Percent of net sales | 6.00% | 5.00% | 6.00% | 5.00% |
UNITED STATES | ||||
Total Net Sales | $ 17,136,328 | $ 16,065,902 | $ 35,640,795 | $ 31,563,562 |
Non-US [Member] | ||||
Total Net Sales | $ 1,948,037 | $ 764,993 | $ 3,532,720 | $ 2,134,217 |
Note 6 - Inventories, Net - Com
Note 6 - Inventories, Net - Components of Inventory (Details) - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Raw materials | $ 5,755,357 | $ 6,013,166 |
Work-in-progress | 712,003 | 560,988 |
Finished goods | 1,806,162 | 3,475,981 |
Inventories, net | $ 8,273,522 | $ 10,050,135 |
Note 7 - Major Customer Conce_2
Note 7 - Major Customer Concentration (Details Textual) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | |
Revenue Benchmark [Member] | Customer A [Member] | |||||
Concentration Risk, Percentage | 17.00% | 25.00% | 18.00% | 24.00% | |
Revenue Benchmark [Member] | Customer B [Member] | |||||
Concentration Risk, Percentage | 10.00% | 16.00% | 14.00% | ||
Revenue Benchmark [Member] | Customer C [Member] | |||||
Concentration Risk, Percentage | 11.00% | ||||
Accounts Receivable [Member] | Customer A [Member] | |||||
Concentration Risk, Percentage | 10.00% | ||||
Accounts Receivable [Member] | Customer B [Member] | |||||
Concentration Risk, Percentage | 13.00% | 10.00% | |||
Accounts Receivable [Member] | Customer C [Member] | |||||
Concentration Risk, Percentage | 35.00% |
Note 8 - Goodwill and Patents (
Note 8 - Goodwill and Patents (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 30, 2018USD ($) | Mar. 31, 2019USD ($) | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Number of Patents Granted | 17 | |
Patents [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | |
Income Tax Expense (Benefit), Total | $ 99,000 | $ (101,000) | $ 395,000 | $ (304,000) | |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.20% | (24.90%) | 22.30% | (91.10%) | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (384,000) | ||||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | |||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards, Valuation Allowance, Total | $ 105,000 | $ 105,000 | $ 105,000 | ||
State and Local Jurisdiction [Member] | Deferred Tax Assets Related to Operating Loss Carryforwards [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 32,000 |