Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Nov. 08, 2019 | Mar. 31, 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 Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 13,641,805 | ||
Entity Public Float | $ 163,326,246 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, $.01 par value |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 10,081,721 | $ 8,547,777 |
Short-term investments | 13,524,270 | 8,930,225 |
Accounts receivables, net | 9,118,639 | 12,821,258 |
Inventories, net | 9,012,980 | 10,050,135 |
Other current assets | 769,161 | 742,136 |
Total current assets | 42,506,771 | 41,091,531 |
Property, plant and equipment, net | 5,413,241 | 4,744,584 |
Other Assets | ||
Long-term investments | 23,902,000 | 17,974,000 |
Goodwill | 4,708,511 | 4,708,511 |
Intangible assets, net | 5,147,135 | 5,482,555 |
Other | 210,905 | 227,461 |
Total other assets | 33,968,551 | 28,392,527 |
Total Assets | 81,888,563 | 74,228,642 |
Current Liabilities | ||
Accounts payable | 3,173,599 | 2,363,380 |
Accrued compensation | 3,224,860 | 2,048,904 |
Accrued expenses | 208,603 | 568,507 |
Total current liabilities | 6,607,062 | 4,980,791 |
Other Liabilities | ||
Deferred taxes | 101,690 | 104,935 |
Deferred rent | 246,424 | 268,040 |
Total other liabilities | 348,114 | 372,975 |
Total liabilities | 6,955,176 | 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; 13,641,805 and 13,646,553, shares issued and outstanding as of September 30, 2019 and September 30, 2018 | 136,418 | 136,466 |
Additional paid-in capital | 56,976,162 | 55,483,759 |
Retained earnings | 17,820,807 | 13,254,651 |
Total shareholders’ equity | 74,933,387 | 68,874,876 |
Total Liabilities and Shareholders’ Equity | $ 81,888,563 | $ 74,228,642 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 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) | 13,641,805 | 13,646,553 |
Common stock, shares outstanding (in shares) | 13,641,805 | 13,646,553 |
Statements of Earnings
Statements of Earnings - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales | $ 85,034,182 | $ 77,651,354 | $ 73,947,619 |
Cost of sales | 52,345,059 | 46,654,570 | 43,683,360 |
Gross profit | 32,689,123 | 30,996,784 | 30,264,259 |
Operating expenses | |||
Selling, general and administrative | 27,500,989 | 25,925,933 | 24,952,376 |
Income from operations | 5,188,134 | 5,070,851 | 5,311,883 |
Interest income | 738,459 | 457,101 | 273,930 |
Income before income taxes | 5,926,593 | 5,527,952 | 5,585,813 |
Income tax expense | 1,360,437 | 1,253,405 | 1,737,974 |
Net income | $ 4,566,156 | $ 4,274,547 | $ 3,847,839 |
Net income per share Basic (in dollars per share) | $ 0.34 | $ 0.32 | $ 0.28 |
Net income per share Diluted (in dollars per share) | $ 0.34 | $ 0.32 | $ 0.28 |
Weighted average shares outstanding: | |||
Basic (in shares) | 13,442,871 | 13,429,232 | 13,532,375 |
Diluted (in shares) | 13,451,214 | 13,452,860 | 13,660,806 |
Statements of Shareholders' Equ
Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Sep. 30, 2016 | 14,126,279 | |||
Balance at Sep. 30, 2016 | $ 141,263 | $ 57,320,515 | $ 5,132,265 | $ 62,594,043 |
Stock-based compensation expense | 2,319,975 | 2,319,975 | ||
Repurchase of common stock (in shares) | (270,124) | |||
Repurchase of common stock | $ (2,701) | (3,644,613) | (3,647,314) | |
Restricted stock issuance, net (in shares) | (7,809) | |||
Restricted stock issuance, net | $ (78) | 78 | ||
Issuance of common stock under employee stock purchase plan (in shares) | 25,867 | |||
Issuance of common stock under employee stock purchase plan | $ 258 | 334,434 | 334,692 | |
Exercise of stock options, net of shares exchanged for payment (in shares) | 14,053 | |||
Exercise of stock options, net of shares exchanged for payment | $ 140 | 28,577 | 28,717 | |
Repurchase of shares for payment of withholding taxes for vested restricted stock grants (in shares) | (75,445) | |||
Repurchase of shares for payment of withholding taxes for vested restricted stock grants | $ (754) | (952,078) | (952,832) | |
Net income | 3,847,839 | 3,847,839 | ||
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 | 2,003,207 | 2,003,207 | ||
Repurchase of common stock (in shares) | (154,491) | |||
Repurchase of common stock | $ (1,545) | (1,758,897) | (1,760,442) | |
Restricted stock issuance, net (in shares) | (7,987) | |||
Restricted stock issuance, net | $ (80) | 80 | ||
Issuance of common stock under employee stock purchase plan (in shares) | 30,174 | |||
Issuance of common stock under employee stock purchase plan | $ 302 | 297,558 | 297,860 | |
Exercise of stock options, net of shares exchanged for payment (in shares) | 8,025 | |||
Exercise of stock options, net of shares exchanged for payment | $ 81 | 23,931 | 24,012 | |
Repurchase of shares for payment of withholding taxes for vested restricted stock grants (in shares) | (41,989) | |||
Repurchase of shares for payment of withholding taxes for vested restricted stock grants | $ (420) | (489,008) | (489,428) | |
Net income | 4,274,547 | 4,274,547 | ||
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 | 1,729,025 | 1,729,025 | ||
Restricted stock issuance, net (in shares) | (7,490) | |||
Restricted stock issuance, net | $ (75) | 75 | ||
Issuance of common stock under employee stock purchase plan (in shares) | 37,235 | |||
Issuance of common stock under employee stock purchase plan | $ 372 | 313,519 | 313,891 | |
Exercise of stock options, net of shares exchanged for payment (in shares) | 6,440 | |||
Exercise of stock options, net of shares exchanged for payment | $ 64 | 2,540 | 2,604 | |
Repurchase of shares for payment of withholding taxes for vested restricted stock grants (in shares) | (40,933) | |||
Repurchase of shares for payment of withholding taxes for vested restricted stock grants | $ (409) | (552,756) | (553,165) | |
Net income | 4,566,156 | 4,566,156 | ||
Balance (in shares) at Sep. 30, 2019 | 13,641,805 | |||
Balance at Sep. 30, 2019 | $ 136,418 | $ 56,976,162 | $ 17,820,807 | $ 74,933,387 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities | |||
Net income | $ 4,566,156 | $ 4,274,547 | $ 3,847,839 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 2,178,409 | 2,047,746 | 1,622,094 |
Impairment of long-lived assets | 0 | 0 | 643,604 |
Change in allowance for doubtful accounts | 210,000 | ||
Amortization of discount on investments | (71,652) | ||
Deferred taxes | (3,245) | (339,141) | 32,297 |
(Gain) loss on disposal of assets | (17,691) | 35,281 | |
Stock-based compensation | 1,729,025 | 2,003,207 | 2,319,975 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 3,492,619 | (5,583,617) | 761,569 |
Inventories, net | 1,037,155 | 1,183,998 | (80,412) |
Other assets | (10,469) | 254,501 | 180,456 |
Accounts payable, accrued expenses and deferred rent | 1,604,655 | 723,990 | (3,064,650) |
Net cash provided by operating activities | 14,732,653 | 4,547,540 | 6,298,053 |
Cash flows from investing activities | |||
Purchases of property, plant and equipment and intangible assets | (2,511,646) | (1,189,853) | (2,021,551) |
Purchases of investments | (20,311,393) | (7,283,075) | (17,630,075) |
Proceeds from sale of property, plant, and equipment | 83,052 | 5,100 | |
Proceeds from maturities of investments | 9,861,000 | 6,132,000 | 8,107,000 |
Business acquisition | (10,350,000) | ||
Net cash used in investing activities | (12,962,039) | (12,607,876) | (11,539,526) |
Cash flows from financing activities | |||
Repurchases of common stock | (1,760,442) | (3,647,314) | |
Proceeds from issuance of common stock under employee stock purchase plan | 313,891 | 297,860 | 334,692 |
Proceeds from issuance of common stock upon exercise of stock options | 2,604 | 24,012 | 28,717 |
Tax withholding related to vesting of restricted stock grants | (553,165) | (489,428) | (952,832) |
Net cash used in financing activities | (236,670) | (1,927,998) | (4,236,737) |
Increase (decrease) in cash and cash equivalents | 1,533,944 | (9,988,334) | (9,478,210) |
Cash and cash equivalents, beginning of year | 8,547,777 | 18,536,111 | 28,014,321 |
Cash and cash equivalents, end of year | 10,081,721 | 8,547,777 | 18,536,111 |
Supplemental disclosures for cash flow information | |||
Cash paid during the year for income taxes | 1,683,113 | 719,694 | 1,471,203 |
Non-cash financing activities | |||
Cashless exercise of stock options | $ 17,390 | $ 5,782 | $ 34,268 |
Note A - Summary of Significant
Note A - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business: Revenue Recognition: October 1, 2018, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 605, Revenue Recognition, 2014 09, no Our revenue is comprised of the sale of our products to customers and is recognized when the Company satisfies its performance obligations under the contract. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. The majority of our contracts have a single performance obligation and are short term in nature. We recognize revenue by transferring the promised products to the customer, with substantially all revenue recognized at the point in time when the customer obtains control of the products. Shipping and handling costs charged to our customers are included in net sales, while the corresponding shipping expenses are included in cost of goods sold. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenue) basis. Cash and Cash Equivalents: three September 30, 2019 2018 The Company maintains cash balances at several financial institutions, and at times, such balances exceed insured limits. The Company has not not Investments: not five three September 30, September 30, Less than one year $ 13,524,270 $ 8,930,225 1-5 years 23,902,000 17,974,000 Total $ 37,426,270 $ 26,904,225 Fair Value of Financial Instruments: Accounts Receivable: not not The allowance for doubtful accounts activity for the years ended September 30, 2019, 2018, 2017 Year Ended Balance at Additions Less Balance September 30, 2019 $ 79,085 $ 210,000 $ - $ 289,085 September 30, 2018 79,085 - - 79,085 September 30, 2017 93,473 - (14,338 ) 79,085 Inventories: first first September 30, September 30, Raw materials $ 7,115,298 $ 6,013,166 Work-in-process 540,962 560,988 Finished goods 1,356,720 3,475,981 Inventories, net $ 9,012,980 $ 10,050,135 On a regular basis, the Company reviews its inventory and identifies that which is excess, slow moving, and obsolete by considering factors such as inventory levels, expected product life, and forecasted sales demand. Any identified excess, slow moving, and obsolete inventory is written down to its net realizable value through a charge to cost of sales. It is possible that additional inventory write-down charges may not not Also during the year ended September 30, 2018, 2015 11, Inventory (Topic 330 first no not Property, Plant and Equipment: Estimated useful lives of the assets are as follows: Years Equipment 3 – 7 Leasehold improvements 7 - 10 or life of lease Vehicles 3 Property, plant and equipment consist of the following: September 30, September 30, Manufacturing equipment $ 7,106,041 $ 5,202,532 Office equipment 3,996,251 3,809,614 Leasehold improvements 2,436,346 2,417,786 Vehicles 245,903 226,221 Construction in progress 8,921 - Property, plant and equipment, gross 13,793,462 11,656,153 Less accumulated depreciation 8,380,221 6,911,569 Property, plant and equipment, net $ 5,413,241 $ 4,744,584 Depreciation expense for the years ended September 30, 2019, 2018, 2017 $1,705,583, $1,748,945, $1,614,272, Goodwill and Intangible Assets: one fourth may not September 30, 2019, 2018, 2017 no September 30, 2019, 2018, no A significant reduction in our market capitalization or in the carrying amount of net assets of a reporting unit could result in an impairment charge. If the carrying amount of a reporting unit exceeds its fair value, the Company would measure the possible goodwill impairment loss based on an allocation of the estimate of fair value of the reporting unit to all of the underlying assets and liabilities of the reporting unit, including any previously unrecognized intangible assets. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. An impairment loss is recognized to the extent that a reporting unit's recorded goodwill exceeds the implied fair value of goodwill. An impairment loss would be based on significant estimates and judgments, and if the facts and circumstances change, a potential impairment could have a material impact on the Company’s financial statements. No September 30, 2019, 2018, 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 September 30, 2019, 19 In addition, the Company has various finite life intangible assets, most of which were acquired as a result of the acquisition of a portfolio of Telcordia certified outdoor active cabinet products from Calix, Inc. (“Calix”) during fiscal year 2018 September 30, 2019 2018 September 30, 2019 Years Gross Carrying Accumulated Net Book Value Customer relationships 15 $ 3,742,000 $ 405,384 $ 3,336,616 Certifications 8 1,068,000 216,937 851,063 Trademarks 8 563,000 114,359 448,641 Patents 20 530,409 38,247 492,162 Other 5 31,091 12,438 18,653 Totals $ 5,934,500 $ 787,365 $ 5,147,135 September 30, 2018 Years Gross Carrying Accumulated Net Book Value Customer relationships 15 $ 3,742,000 $ 155,917 $ 3,586,083 Certifications 8 1,068,000 83,437 984,563 Trademarks 8 563,000 43,984 519,016 Patents 20 $ 393,002 $ 24,981 $ 368,021 Other 5 31,091 6,219 24,872 Totals $ 5,797,093 $ 314,538 $ 5,482,555 Amortization expense related to these assets for the years ended September 30, 2019, 2018, 2017 $472,827, $298,801, $7,822, Impairment of Long-Lived Assets: may not not not Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value and is recorded as a reduction in the carrying value of the related asset or asset group and a charge to operating results. During the year ended September 30, 2017, $643,604 No September 30, 2019 2018, Income Taxes: not not In accounting for uncertainty in income taxes, we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50 As of both September 30, 2019 September 30, 2018, not not 12 Stock-Based Compensation not The expected terms of the options are based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at grant date. Volatility is based on historical and expected future volatility of the Company’s stock. The Company has not not If factors change and we employ different assumptions in the determination of the fair value of grants in future periods, the related compensation expense that we record may Research and Development Costs $1,089,637, $787,364, $865,568, September 30, 2019, 2018, 2017, Advertising Costs $278,057, $365,859, $378,217, September 30, 2019, 2018, 2017, Net Income Per Share: Weighted average common shares outstanding for the years ended September 30, 2019, 2018, 2017 Year ended September 30, 2019 2018 2017 Net income $ 4,566,156 $ 4,274,547 $ 3,847,839 Weighted average common shares 13,442,871 13,429,232 13,532,375 Dilutive potential common shares 8,343 23,628 128,431 Weighted average dilutive common shares outstanding 13,451,214 13,452,860 13,660,806 Earnings per share: Basic $ 0.34 $ 0.32 $ 0.28 Diluted $ 0.34 $ 0.32 $ 0.28 There were 268,000 108,000 September 30, 2019 2018, No September 30, 2017. Use of Estimates: may Recently Issued Accounting Pronouncements: February 2016, 2016 02, Leases 2018 01 January 2018, 2018 11 July 2018 2018 20 December 2018. December 15, 2018, October 1, 2019. 2016 02 no 2016 02 October 1, 2019, $2.3 $2.9 In January 2017, 2017 04 Intangibles-Goodwill, 2 January 1, 2020, January 1, 2017. not In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments November 2018, 2018 19 2016 13. first 2021, 2016 13 |
Note B - Commitments and Facili
Note B - Commitments and Facilities | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE B – COMMITMENTS AND FACILITIES Operating Leases: February 2025. September 30, 2019, 2018, 2017, $908,000, $869,000 $768,000 As of September 30, 2019, Year ending September 30 Operating leases 2020 $ 643,040 2021 479,213 2022 491,397 2023 503,895 2024 516,720 Thereafter 217,551 Total minimum lease payments $ 2,851,816 |
Note C - Shareholders' Equity
Note C - Shareholders' Equity | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE C – SHAREHOLDERS’ EQUITY Share Repurchase Program: November 13, 2014, $8,000,000 April 25, 2017, $4,000,000 $12,000,000 not September 30, 2019, may $5,409,326 The Company is authorized to issue 50,000,000 $.01 5,000,000 500,000 none may, may Stock-Based Compensation: The Company currently has one 2007 2007 851,134 September 30, 2019. September 30, 2019, $2,371,309 4.9 September 30, 2019, 2018, 2017 $1,729,025, $2,003,207, $2,319,975, September 30, 2019, $1,638,829 $90,196 September 30, 2018, $1,835,086 $168,121 September 30, 2017, $2,103,621 $216,354 Stock Options: September 30, 2019, 172,000 4 three $12.17. September 30, 2018, 108,000 4.7 three $13.37. no September 30, 2017. Year ended Year ended Dividend yield 0 % 0 % Weighted average expected volatility 37.77 % 43.68 % Weighted average risk-free interest rate 2.92 % 2.70 % Weighted average expected life (in years) 3.0 3.7 Vesting period (in years) 3.0 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 generally granted at fair market values determined on the date of grant and vesting normally occurs over a three five one six six 36,000 September 30, 2019 no September 30 2018. September 30, 2019, 6,750 September 30, 2018, 2,250 September 30, 2019 September 30, 2018 $81,728 $75,767, Option transactions under the 2007 September 30, 2019 2018 Number of Weighted average Weighted Outstanding as of September 30, 2017 38,950 $ 2.79 Granted 108,000 13.37 $ 4.78 Cancelled or Forfeited - - Exercised (8,450 ) 3.58 Outstanding as of September 30, 2018 138,500 10.99 Granted 172,000 12.17 $ 3.53 Cancelled or Forfeited (12,000 ) 12.17 Exercised (7,750 ) 2.58 Outstanding as of September 30, 2019 290,750 $ 11.86 The following table summarizes information concerning options exercisable under the 2007 Year ended Exercisable Weighted average Weighted average September 30, 2019 58,750 2.40 $ 9.19 September 30, 2018 30,500 1.89 $ 2.58 The following table summarizes information concerning options currently outstanding at: Year Ended Number Weighted Weighted Aggregate September 30, 2019 290,750 3.04 $ 11.86 $ 156,173 September 30, 2018 138,500 3.82 $ 10.99 $ (4,097 ) Restricted Stock: 2007 one ten Restricted stock transactions during the years ended September 30, 2019 2018 Number of Weighted average Unvested shares as of September 30, 2017 370,530 $ 15.24 Granted 7,235 14.17 Vested (113,930 ) 16.45 Forfeited (15,222 ) 15.41 Unvested shares as of September 30, 2018 248,613 14.65 Granted 4,340 14.40 Vested (110,683 ) 16.31 Forfeited (11,830 ) 14.47 Unvested shares as of September 30, 2019 130,440 $ 13.25 The Company repurchased a total of 40,933 $13.51 September 30, 2019. 41,989 $11.66 September 30, 2018. Employee Stock Purchase Plan: 2010 may may no 85% one six July 1 January 1 December 31, 2018 June 30, 2019, 17,312 19,923 $ 8.43 December 31, 2017 June 30, 2018, 14,242 15,932 $10.41 $9.39 September 30, 2019, $80,708 July 1, 2019. June 30, 2019, 49,846 |
Note D - Income Taxes
Note D - Income Taxes | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE D – INCOME TAXES Components of the income tax expense are as follows for the years ended: September 30, September 30, September 30, 2019 2018 2017 Current: Federal $ 1,260,552 $ 1,472,512 $ 1,627,125 State 103,130 120,034 78,552 Current income tax expense 1,363,682 1,592,546 1,705,677 Deferred: Federal (38,534 ) (463,798 ) 8,680 State 35,289 124,657 23,617 Deferred income tax expense (3,245 ) (339,141 ) 32,297 Income tax expense $ 1,360,437 $ 1,253,405 $ 1,737,974 The following is a reconciliation of the federal statutory income tax rate to the effective tax rate as a percent of pre-tax income for the following years ended: September 30, September 30, September 30, 2019 2018 2017 Federal statutory rate 21 % 24 % 34 % Federal rate change - (5 %) - State income taxes 2 % 2 % 1 % Permanent differences - - (1 %) Change in valuation allowance (1 %) (3 %) (4 %) Expiration and utilization of state NOL’s 2 % 4 % 3 % Research and development credits (2 %) (1 %) (1 %) Excess tax expense (benefits) from stock-based compensation 1 % 2 % (1 %) Tax rate 23 % 23 % 31 % The federal statutory rate for the year ended September 31, 2018 December 22, 2017. As of September 30, 2019, $145,000 September 30, 2018, $464,000. As of September 30, 2019 2018, no $1,905,000 $3,468,000 2020 2022 not September 30, 2019, $241,000 $50,000, not not 2030. Significant components of deferred income tax assets and liabilities are as follows at: September 30, September 30, 2019 2018 Deferred income tax assets (liabilities): Intangibles $ (75,190 ) $ (70,467 ) Property and equipment depreciation (521,586 ) (552,119 ) Net operating loss carry forwards and credits 377,505 464,274 Stock-based compensation 114,118 151,558 Inventories 350,197 400,111 Prepaid expenses (63,252 ) (60,806 ) Accrued expenses and reserves 371,414 250,787 Goodwill (607,882 ) (583,415 ) Gross deferred tax liability (54,676 ) (77 ) Valuation allowance (47,014 ) (104,858 ) Net deferred tax liability $ (101,690 ) $ (104,935 ) Realization of net operating loss carryforwards and other deferred tax temporary differences are contingent upon future taxable earnings. The Company’s deferred tax assets were reviewed for expected utilization by assessing the available positive and negative factors surrounding their recoverability. As of September 30, 2018, $105,000 fourth 2019, $58,000 2019 $68,000 $10,000 September 30, 2019 $47,000 not may The valuation allowance activity for the years ended September 30, 2019, 2018, 2017 Year Ended Balance at Income Tax Reversal for Balance at September 30, 2019 $ 104,858 $ 10,448 $ (68,292 ) $ 47,014 September 30, 2018 159,154 79,377 (133,673 ) 104,858 September 30, 2017 322,404 (32,154 ) (131,096 ) 159,154 The Company completed an Internal Revenue Code Section 382 2009 not 382. not 382 2009 not 2009 The Company is required to recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50 no not September 30, 2019, 2018, 2017. The Company is subject to income taxes in the U.S. federal jurisdiction, and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no 2004. 2003 September 30, 2018, 2016. no 2007 March 31 September 30. |
Note E - Concentrations
Note E - Concentrations | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE E – CONCENTRATIONS Suppliers: third may may Customers: For the fiscal years ended September 30, 2019, 2018, 2017, two 29%, 33%, 35% not As of September 30, 2019, two 28% September 30, 2018, two 45% one 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 customers in countries in the Caribbean, Canada, Central and South America. The following table presents our domestic and international sales for each of the last three Year Ended September 30, 2019 2018 2017 United States $ 78,553,000 $ 72,295,000 $ 67,901,000 All Other Countries 6,481,000 5,356,000 6,047,000 Total Net Sales $ 85,034,000 $ 77,651,000 $ 73,948,000 Long-lived assets: September 30, 2019 2018, $1,406,546 $412,755, |
Note F - Acquisition
Note F - Acquisition | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE F – ACQUISITION On February 20, 2018, February 20, 2018. The introduction of the Clearfield active cabinet line provides customers a single point of contact for cabinet solutions—both passive and powered. The acquisition enables Clearfield to expand its Fiber-to-Anywhere expertise to include active powered electronic cabinet platforms while leveraging its supply chain. The acquisition also enables Clearfield to capitalize on and expand its reach to a broader customer base, including service providers in the Tier 1 2 Acquisition date fair value of the consideration transferred totaled $10,350,000 $10,350,000 no The following table summarizes the estimated fair values of the assets acquired at the acquisition February 20, 2018 Inventories $ 2,781,000 Property, plant and equipment 58,000 Trademarks 563,000 Customer relationships 3,742,000 Product certification 1,068,000 Goodwill 2,138,000 Total Assets $ 10,350,000 The active cabinet acquisition resulted in $2,138,000 . Specifically, the goodwill recorded as part of the acquisition of the Calix active cabinets includes the expected synergies and other benefits that we believe will result from combining the operations of active cabinet lines with the operations of Clearfield, Inc. The Company incurred approximately $106,000 12.5 As the active cabinet business was not not The following table below reflects our unaudited pro forma combined results of operations as if the acquisition had taken place as of October 1, 2016 September 30, 2018 2017. The pro forma includes estimated expenses relating to the amortization of intangibles purchased, the amortization of the inventory fair value adjustment, and estimated personnel costs: Pro Forma Pro Forma Year Ended Year Ended September 30, September 30, (unaudited) (unaudited) Net sales $ 80,958,789 $ 89,672,074 Income from operations $ 5,554,766 $ 8,174,841 Net income $ 4,794,757 $ 5,809,018 Net income per share: Basic $ 0.36 $ 0.43 Diluted $ 0.36 $ 0.43 The pro forma unaudited results do not may not may may |
Note G - Employee Benefit Plan
Note G - Employee Benefit Plan | 12 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE G – EMPLOYEE BENEFIT PLAN The Company maintains a contributory 401 may not 100% first 3% 50% 3% $702,202, $654,001 $652,615 September 30, 2019, 2018, 2017, . |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Revenue [Policy Text Block] | Revenue Recognition: October 1, 2018, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 605, Revenue Recognition, 2014 09, no Our revenue is comprised of the sale of our products to customers and is recognized when the Company satisfies its performance obligations under the contract. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. The majority of our contracts have a single performance obligation and are short term in nature. We recognize revenue by transferring the promised products to the customer, with substantially all revenue recognized at the point in time when the customer obtains control of the products. Shipping and handling costs charged to our customers are included in net sales, while the corresponding shipping expenses are included in cost of goods sold. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenue) basis. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: three September 30, 2019 2018 The Company maintains cash balances at several financial institutions, and at times, such balances exceed insured limits. The Company has not not |
Investment, Policy [Policy Text Block] | Investments: not five three September 30, September 30, Less than one year $ 13,524,270 $ 8,930,225 1-5 years 23,902,000 17,974,000 Total $ 37,426,270 $ 26,904,225 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments: |
Receivable [Policy Text Block] | Accounts Receivable: not not The allowance for doubtful accounts activity for the years ended September 30, 2019, 2018, 2017 Year Ended Balance at Additions Less Balance September 30, 2019 $ 79,085 $ 210,000 $ - $ 289,085 September 30, 2018 79,085 - - 79,085 September 30, 2017 93,473 - (14,338 ) 79,085 |
Inventory, Policy [Policy Text Block] | Inventories: first first September 30, September 30, Raw materials $ 7,115,298 $ 6,013,166 Work-in-process 540,962 560,988 Finished goods 1,356,720 3,475,981 Inventories, net $ 9,012,980 $ 10,050,135 On a regular basis, the Company reviews its inventory and identifies that which is excess, slow moving, and obsolete by considering factors such as inventory levels, expected product life, and forecasted sales demand. Any identified excess, slow moving, and obsolete inventory is written down to its net realizable value through a charge to cost of sales. It is possible that additional inventory write-down charges may not not Also during the year ended September 30, 2018, 2015 11, Inventory (Topic 330 first no not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment: Estimated useful lives of the assets are as follows: Years Equipment 3 – 7 Leasehold improvements 7 - 10 or life of lease Vehicles 3 Property, plant and equipment consist of the following: September 30, September 30, Manufacturing equipment $ 7,106,041 $ 5,202,532 Office equipment 3,996,251 3,809,614 Leasehold improvements 2,436,346 2,417,786 Vehicles 245,903 226,221 Construction in progress 8,921 - Property, plant and equipment, gross 13,793,462 11,656,153 Less accumulated depreciation 8,380,221 6,911,569 Property, plant and equipment, net $ 5,413,241 $ 4,744,584 Depreciation expense for the years ended September 30, 2019, 2018, 2017 $1,705,583, $1,748,945, $1,614,272, |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Intangible Assets: one fourth may not September 30, 2019, 2018, 2017 no September 30, 2019, 2018, no A significant reduction in our market capitalization or in the carrying amount of net assets of a reporting unit could result in an impairment charge. If the carrying amount of a reporting unit exceeds its fair value, the Company would measure the possible goodwill impairment loss based on an allocation of the estimate of fair value of the reporting unit to all of the underlying assets and liabilities of the reporting unit, including any previously unrecognized intangible assets. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. An impairment loss is recognized to the extent that a reporting unit's recorded goodwill exceeds the implied fair value of goodwill. An impairment loss would be based on significant estimates and judgments, and if the facts and circumstances change, a potential impairment could have a material impact on the Company’s financial statements. No September 30, 2019, 2018, 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 September 30, 2019, 19 In addition, the Company has various finite life intangible assets, most of which were acquired as a result of the acquisition of a portfolio of Telcordia certified outdoor active cabinet products from Calix, Inc. (“Calix”) during fiscal year 2018 September 30, 2019 2018 September 30, 2019 Years Gross Carrying Accumulated Net Book Value Customer relationships 15 $ 3,742,000 $ 405,384 $ 3,336,616 Certifications 8 1,068,000 216,937 851,063 Trademarks 8 563,000 114,359 448,641 Patents 20 530,409 38,247 492,162 Other 5 31,091 12,438 18,653 Totals $ 5,934,500 $ 787,365 $ 5,147,135 September 30, 2018 Years Gross Carrying Accumulated Net Book Value Customer relationships 15 $ 3,742,000 $ 155,917 $ 3,586,083 Certifications 8 1,068,000 83,437 984,563 Trademarks 8 563,000 43,984 519,016 Patents 20 $ 393,002 $ 24,981 $ 368,021 Other 5 31,091 6,219 24,872 Totals $ 5,797,093 $ 314,538 $ 5,482,555 Amortization expense related to these assets for the years ended September 30, 2019, 2018, 2017 $472,827, $298,801, $7,822, |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets: may not not not Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value and is recorded as a reduction in the carrying value of the related asset or asset group and a charge to operating results. During the year ended September 30, 2017, $643,604 No September 30, 2019 2018, |
Income Tax, Policy [Policy Text Block] | Income Taxes: not not In accounting for uncertainty in income taxes, we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50 As of both September 30, 2019 September 30, 2018, not not 12 |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation not The expected terms of the options are based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at grant date. Volatility is based on historical and expected future volatility of the Company’s stock. The Company has not not If factors change and we employ different assumptions in the determination of the fair value of grants in future periods, the related compensation expense that we record may |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs $1,089,637, $787,364, $865,568, September 30, 2019, 2018, 2017, |
Advertising Cost [Policy Text Block] | Advertising Costs $278,057, $365,859, $378,217, September 30, 2019, 2018, 2017, |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share: Weighted average common shares outstanding for the years ended September 30, 2019, 2018, 2017 Year ended September 30, 2019 2018 2017 Net income $ 4,566,156 $ 4,274,547 $ 3,847,839 Weighted average common shares 13,442,871 13,429,232 13,532,375 Dilutive potential common shares 8,343 23,628 128,431 Weighted average dilutive common shares outstanding 13,451,214 13,452,860 13,660,806 Earnings per share: Basic $ 0.34 $ 0.32 $ 0.28 Diluted $ 0.34 $ 0.32 $ 0.28 There were 268,000 108,000 September 30, 2019 2018, No September 30, 2017. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements: February 2016, 2016 02, Leases 2018 01 January 2018, 2018 11 July 2018 2018 20 December 2018. December 15, 2018, October 1, 2019. 2016 02 no 2016 02 October 1, 2019, $2.3 $2.9 In January 2017, 2017 04 Intangibles-Goodwill, 2 January 1, 2020, January 1, 2017. not In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments November 2018, 2018 19 2016 13. first 2021, 2016 13 |
Note A - Summary of Significa_2
Note A - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, September 30, Less than one year $ 13,524,270 $ 8,930,225 1-5 years 23,902,000 17,974,000 Total $ 37,426,270 $ 26,904,225 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Year Ended Balance at Additions Less Balance September 30, 2019 $ 79,085 $ 210,000 $ - $ 289,085 September 30, 2018 79,085 - - 79,085 September 30, 2017 93,473 - (14,338 ) 79,085 |
Schedule of Inventory, Current [Table Text Block] | September 30, September 30, Raw materials $ 7,115,298 $ 6,013,166 Work-in-process 540,962 560,988 Finished goods 1,356,720 3,475,981 Inventories, net $ 9,012,980 $ 10,050,135 |
Property, Plant and Equipment [Table Text Block] | September 30, September 30, Manufacturing equipment $ 7,106,041 $ 5,202,532 Office equipment 3,996,251 3,809,614 Leasehold improvements 2,436,346 2,417,786 Vehicles 245,903 226,221 Construction in progress 8,921 - Property, plant and equipment, gross 13,793,462 11,656,153 Less accumulated depreciation 8,380,221 6,911,569 Property, plant and equipment, net $ 5,413,241 $ 4,744,584 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2019 Years Gross Carrying Accumulated Net Book Value Customer relationships 15 $ 3,742,000 $ 405,384 $ 3,336,616 Certifications 8 1,068,000 216,937 851,063 Trademarks 8 563,000 114,359 448,641 Patents 20 530,409 38,247 492,162 Other 5 31,091 12,438 18,653 Totals $ 5,934,500 $ 787,365 $ 5,147,135 September 30, 2018 Years Gross Carrying Accumulated Net Book Value Customer relationships 15 $ 3,742,000 $ 155,917 $ 3,586,083 Certifications 8 1,068,000 83,437 984,563 Trademarks 8 563,000 43,984 519,016 Patents 20 $ 393,002 $ 24,981 $ 368,021 Other 5 31,091 6,219 24,872 Totals $ 5,797,093 $ 314,538 $ 5,482,555 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended September 30, 2019 2018 2017 Net income $ 4,566,156 $ 4,274,547 $ 3,847,839 Weighted average common shares 13,442,871 13,429,232 13,532,375 Dilutive potential common shares 8,343 23,628 128,431 Weighted average dilutive common shares outstanding 13,451,214 13,452,860 13,660,806 Earnings per share: Basic $ 0.34 $ 0.32 $ 0.28 Diluted $ 0.34 $ 0.32 $ 0.28 |
Useful Lives [Member] | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Years Equipment 3 – 7 Leasehold improvements 7 - 10 or life of lease Vehicles 3 |
Note B - Commitments and Faci_2
Note B - Commitments and Facilities (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year ending September 30 Operating leases 2020 $ 643,040 2021 479,213 2022 491,397 2023 503,895 2024 516,720 Thereafter 217,551 Total minimum lease payments $ 2,851,816 |
Note C - Shareholders' Equity (
Note C - Shareholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year ended Year ended Dividend yield 0 % 0 % Weighted average expected volatility 37.77 % 43.68 % Weighted average risk-free interest rate 2.92 % 2.70 % Weighted average expected life (in years) 3.0 3.7 Vesting period (in years) 3.0 3.0 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Weighted average Weighted Outstanding as of September 30, 2017 38,950 $ 2.79 Granted 108,000 13.37 $ 4.78 Cancelled or Forfeited - - Exercised (8,450 ) 3.58 Outstanding as of September 30, 2018 138,500 10.99 Granted 172,000 12.17 $ 3.53 Cancelled or Forfeited (12,000 ) 12.17 Exercised (7,750 ) 2.58 Outstanding as of September 30, 2019 290,750 $ 11.86 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | Year ended Exercisable Weighted average Weighted average September 30, 2019 58,750 2.40 $ 9.19 September 30, 2018 30,500 1.89 $ 2.58 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | Year Ended Number Weighted Weighted Aggregate September 30, 2019 290,750 3.04 $ 11.86 $ 156,173 September 30, 2018 138,500 3.82 $ 10.99 $ (4,097 ) |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Weighted average Unvested shares as of September 30, 2017 370,530 $ 15.24 Granted 7,235 14.17 Vested (113,930 ) 16.45 Forfeited (15,222 ) 15.41 Unvested shares as of September 30, 2018 248,613 14.65 Granted 4,340 14.40 Vested (110,683 ) 16.31 Forfeited (11,830 ) 14.47 Unvested shares as of September 30, 2019 130,440 $ 13.25 |
Note D - Income Taxes (Tables)
Note D - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | September 30, September 30, September 30, 2019 2018 2017 Current: Federal $ 1,260,552 $ 1,472,512 $ 1,627,125 State 103,130 120,034 78,552 Current income tax expense 1,363,682 1,592,546 1,705,677 Deferred: Federal (38,534 ) (463,798 ) 8,680 State 35,289 124,657 23,617 Deferred income tax expense (3,245 ) (339,141 ) 32,297 Income tax expense $ 1,360,437 $ 1,253,405 $ 1,737,974 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | September 30, September 30, September 30, 2019 2018 2017 Federal statutory rate 21 % 24 % 34 % Federal rate change - (5 %) - State income taxes 2 % 2 % 1 % Permanent differences - - (1 %) Change in valuation allowance (1 %) (3 %) (4 %) Expiration and utilization of state NOL’s 2 % 4 % 3 % Research and development credits (2 %) (1 %) (1 %) Excess tax expense (benefits) from stock-based compensation 1 % 2 % (1 %) Tax rate 23 % 23 % 31 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 30, September 30, 2019 2018 Deferred income tax assets (liabilities): Intangibles $ (75,190 ) $ (70,467 ) Property and equipment depreciation (521,586 ) (552,119 ) Net operating loss carry forwards and credits 377,505 464,274 Stock-based compensation 114,118 151,558 Inventories 350,197 400,111 Prepaid expenses (63,252 ) (60,806 ) Accrued expenses and reserves 371,414 250,787 Goodwill (607,882 ) (583,415 ) Gross deferred tax liability (54,676 ) (77 ) Valuation allowance (47,014 ) (104,858 ) Net deferred tax liability $ (101,690 ) $ (104,935 ) |
Summary of Valuation Allowance [Table Text Block] | Year Ended Balance at Income Tax Reversal for Balance at September 30, 2019 $ 104,858 $ 10,448 $ (68,292 ) $ 47,014 September 30, 2018 159,154 79,377 (133,673 ) 104,858 September 30, 2017 322,404 (32,154 ) (131,096 ) 159,154 |
Note E - Concentrations (Tables
Note E - Concentrations (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year Ended September 30, 2019 2018 2017 United States $ 78,553,000 $ 72,295,000 $ 67,901,000 All Other Countries 6,481,000 5,356,000 6,047,000 Total Net Sales $ 85,034,000 $ 77,651,000 $ 73,948,000 |
Note F - Acquisition (Tables)
Note F - Acquisition (Tables) | 12 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | February 20, 2018 Inventories $ 2,781,000 Property, plant and equipment 58,000 Trademarks 563,000 Customer relationships 3,742,000 Product certification 1,068,000 Goodwill 2,138,000 Total Assets $ 10,350,000 |
Business Acquisition, Pro Forma Information [Table Text Block] | Pro Forma Pro Forma Year Ended Year Ended September 30, September 30, (unaudited) (unaudited) Net sales $ 80,958,789 $ 89,672,074 Income from operations $ 5,554,766 $ 8,174,841 Net income $ 4,794,757 $ 5,809,018 Net income per share: Basic $ 0.36 $ 0.43 Diluted $ 0.36 $ 0.43 |
Note A - Summary of Significa_3
Note A - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($)shares | Sep. 30, 2017USD ($)shares | Oct. 01, 2019USD ($) | |
Depreciation, Total | $ 1,705,583 | $ 1,748,945 | $ 1,614,272 | |
Number of Reportable Segments | 1 | |||
Goodwill, Impairment Loss | $ 0 | 0 | 0 | |
Number of Patents Granted | 19 | |||
Amortization of Intangible Assets, Total | $ 472,827 | 298,801 | 7,822 | |
Impairment of Long-Lived Assets Held-for-use | 0 | 0 | 643,604 | |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | ||
Research and Development Expense, Total | 1,089,637 | 787,364 | 865,568 | |
Advertising Expense | $ 278,057 | $ 365,859 | $ 378,217 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 268,000 | 108,000 | 0 | |
Patents [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | ||
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 2,900,000 | |||
Maximum [Member] | Patents [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | ||||
Operating Lease, Right-of-Use Asset | 2,300,000 | |||
Operating Lease, Liability, Total | $ 2,300,000 |
Note A - Summary of Significa_4
Note A - Summary of Significant Accounting Policies - Maturity Date of CDs (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Less than one year | $ 13,524,270 | $ 8,930,225 |
1-5 years | 23,902,000 | 17,974,000 |
Total | $ 37,426,270 | $ 26,904,225 |
Note A - Summary of Significa_5
Note A - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Balance at Beginning of Year | $ 79,085 | $ 79,085 | $ 93,473 |
Additions Charged to Costs and Expenses | 210,000 | ||
Less Write-offs | (14,338) | ||
Balance at End of Year | $ 289,085 | $ 79,085 | $ 79,085 |
Note A - Summary of Significa_6
Note A - Summary of Significant Accounting Policies - Components of Inventory (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Raw materials | $ 7,115,298 | $ 6,013,166 |
Work-in-process | 540,962 | 560,988 |
Finished goods | 1,356,720 | 3,475,981 |
Inventories, net | $ 9,012,980 | $ 10,050,135 |
Note A - Summary of Significa_7
Note A - Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Sep. 30, 2019 | |
Equipment [Member] | Minimum [Member] | |
Property, plant and equipment useful life (Year) | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, plant and equipment useful life (Year) | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, plant and equipment useful life (Year) | 7 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, plant and equipment useful life (Year) | 10 years |
Vehicles [Member] | |
Property, plant and equipment useful life (Year) | 3 years |
Note A - Summary of Significa_8
Note A - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Fixed Assets | $ 13,793,462 | $ 11,656,153 |
Less accumulated depreciation | 8,380,221 | 6,911,569 |
Property, plant and equipment, net | 5,413,241 | 4,744,584 |
Machinery and Equipment [Member] | ||
Fixed Assets | 7,106,041 | 5,202,532 |
Office Equipment [Member] | ||
Fixed Assets | 3,996,251 | 3,809,614 |
Leasehold Improvements [Member] | ||
Fixed Assets | 2,436,346 | 2,417,786 |
Vehicles [Member] | ||
Fixed Assets | 245,903 | 226,221 |
Construction in Progress [Member] | ||
Fixed Assets | $ 8,921 |
Note A - Summary of Significa_9
Note A - Summary of Significant Accounting Policies - Finite Lived Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Gross carrying amount | $ 5,934,500 | $ 5,797,093 |
Accumulated amortization | 787,365 | 314,538 |
Net book value amount | $ 5,147,135 | $ 5,482,555 |
Customer Relationships [Member] | ||
Useful life (Year) | 15 years | 15 years |
Gross carrying amount | $ 3,742,000 | $ 3,742,000 |
Accumulated amortization | 405,384 | 155,917 |
Net book value amount | $ 3,336,616 | $ 3,586,083 |
Certification Marks [Member] | ||
Useful life (Year) | 8 years | 8 years |
Gross carrying amount | $ 1,068,000 | $ 1,068,000 |
Accumulated amortization | 216,937 | 83,437 |
Net book value amount | $ 851,063 | $ 984,563 |
Trademarks [Member] | ||
Useful life (Year) | 8 years | 8 years |
Gross carrying amount | $ 563,000 | $ 563,000 |
Accumulated amortization | 114,359 | 43,984 |
Net book value amount | $ 448,641 | $ 519,016 |
Patents [Member] | ||
Useful life (Year) | 20 years | 20 years |
Gross carrying amount | $ 530,409 | $ 393,002 |
Accumulated amortization | 38,247 | 24,981 |
Net book value amount | $ 492,162 | $ 368,021 |
Other Intangible Assets [Member] | ||
Useful life (Year) | 5 years | 5 years |
Gross carrying amount | $ 31,091 | $ 31,091 |
Accumulated amortization | 12,438 | 6,219 |
Net book value amount | $ 18,653 | $ 24,872 |
Note A - Summary of Signific_10
Note A - Summary of Significant Accounting Policies - Weighted Average Common Shares Outstanding (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 4,566,156 | $ 4,274,547 | $ 3,847,839 |
Weighted average common shares (in shares) | 13,442,871 | 13,429,232 | 13,532,375 |
Dilutive potential common shares | $ 8,343 | $ 23,628 | $ 128,431 |
Weighted average dilutive common shares outstanding (in shares) | 13,451,214 | 13,452,860 | 13,660,806 |
Earnings per share: | |||
Basic (in dollars per share) | $ 0.34 | $ 0.32 | $ 0.28 |
Diluted (in dollars per share) | $ 0.34 | $ 0.32 | $ 0.28 |
Note B - Commitments and Faci_3
Note B - Commitments and Facilities (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating Leases, Rent Expense, Total | $ 908,000 | $ 869,000 | $ 768,000 |
Note B - Commitments and Faci_4
Note B - Commitments and Facilities - Future Minimum Lease Payments (Details) | Sep. 30, 2019USD ($) |
2020 | $ 643,040 |
2021 | 479,213 |
2022 | 491,397 |
2023 | 503,895 |
2024 | 516,720 |
Thereafter | 217,551 |
Total minimum lease payments | $ 2,851,816 |
Note C - Shareholders' Equity_2
Note C - Shareholders' Equity (Details Textual) - USD ($) | Apr. 25, 2017 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Nov. 13, 2014 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 5,409,326 | $ 8,000,000 | |||||||
Stock Repurchase Program, Increase in Authorized Amount | $ 4,000,000 | ||||||||
Stock Repurchase Program, Authorized Amount | $ 12,000,000 | ||||||||
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||
Preferred Stock, Shares Authorized | 500,000 | 500,000 | |||||||
Preferred Stock, Shares Issued, Total | 0 | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 851,134 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,371,309 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 4 years 328 days | ||||||||
Share-based Payment Arrangement, Expense | $ 1,729,025 | $ 2,003,207 | $ 2,319,975 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 172,000 | 108,000 | 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 | 3 years | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 12.17 | $ 13.37 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Remaining Contractual Term | 4 years 255 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 146 days | 1 year 324 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 36,000 | 0 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 7,750 | 8,450 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 81,728 | $ 75,767 | |||||||
Stock Repurchased During Period, Shares | 40,933 | 41,989 | |||||||
Treasury Stock Acquired, Average Cost Per Share | $ 13.51 | $ 11.66 | |||||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 553,165 | $ 489,428 | $ 952,832 | ||||||
Employee Stock Purchase Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 49,846 | ||||||||
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 | 19,923 | 17,312 | 15,932 | 14,242 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price | $ 8.43 | $ 8.43 | $ 9.39 | $ 10.41 | |||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 80,708 | ||||||||
Director [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years | ||||||||
Share-based Payment Arrangement, Option [Member] | Director [Member] | |||||||||
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 | ||||||||
Cashless Method Stock Option Exercised [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 6,750 | 2,250 | |||||||
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 | $ 1,638,829 | $ 1,835,086 | 2,103,621 | ||||||
Cost of Sales [Member] | |||||||||
Share-based Payment Arrangement, Expense | $ 90,196 | $ 168,121 | $ 216,354 | ||||||
Undesignated Shares [Member] | |||||||||
Preferred Stock, Shares Authorized | 5,000,000 | ||||||||
Series B Preferred Stock [Member] | |||||||||
Preferred Stock, Shares Authorized | 500,000 | ||||||||
Preferred Stock, Shares Issued, Total | 0 |
Note C - Shareholders' Equity -
Note C - Shareholders' Equity - Valuation Assumptions (Details) | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Dividend yield | 0.00% | 0.00% |
Weighted average expected volatility | 37.77% | 43.68% |
Weighted average risk-free interest rate | 2.92% | 2.70% |
Weighted average expected life (in years) (Year) | 3 years | 3 years 255 days |
Vesting period (in years) (Year) | 3 years | 3 years |
Note C - Shareholders' Equity_3
Note C - Shareholders' Equity - Option Transaction Summary (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Options, outstanding (in shares) | 138,500 | 38,950 | |
Weighted-average exercise price, outstanding (in dollars per share) | $ 10.99 | $ 2.79 | |
Granted (in shares) | 172,000 | 108,000 | 0 |
Weighted-average exercise price, Granted (in dollars per share) | $ 12.17 | $ 13.37 | |
Weighted-average fair value, Granted (in dollars per share) | $ 3.53 | $ 4.78 | |
Cancelled or Forfeited (in shares) | (12,000) | ||
Weighted-average exercise price, Cancelled or Forfeited (in dollars per share) | $ 12.17 | ||
Exercised (in shares) | (7,750) | (8,450) | |
Weighted-average exercise price, Exercised (in dollars per share) | $ 2.58 | $ 3.58 | |
Options, outstanding (in shares) | 290,750 | 138,500 | 38,950 |
Weighted-average exercise price, outstanding (in dollars per share) | $ 11.86 | $ 10.99 | $ 2.79 |
Note C - Shareholders' Equity_4
Note C - Shareholders' Equity - Options Exercisable (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Exercisable (in shares) | 58,750 | 30,500 |
Weighted average remaining contractual life (Year) | 2 years 146 days | 1 year 324 days |
Weighted average exercise price (in dollars per share) | $ 9.19 | $ 2.58 |
Note C - Shareholders' Equity_5
Note C - Shareholders' Equity - Options Currently Outstanding (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Number outstanding (in shares) | 290,750 | 138,500 | 38,950 |
Weighted average remaining contractual life (Year) | 3 years 14 days | 3 years 299 days | |
Weighted average exercise price (in dollars per share) | $ 11.86 | $ 10.99 | $ 2.79 |
Aggregate intrinsic value | $ 156,173 | $ (4,097) |
Note C - Shareholders' Equity_6
Note C - Shareholders' Equity - Restricted Stock Transactions (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Balance, unvested shares (in shares) | 248,613 | 370,530 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 14.65 | $ 15.24 |
Granted (in shares) | 4,340 | 7,235 |
Granted, weighted-average grant date fair value (in dollars per share) | $ 14.40 | $ 14.17 |
Vested (in shares) | (110,683) | (113,930) |
Vested, weighted-average grant date fair value (in dollars per share) | $ 16.31 | $ 16.45 |
Forfeited (in shares) | (11,830) | (15,222) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 14.47 | $ 15.41 |
Balance, unvested shares (in shares) | 130,440 | 248,613 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 13.25 | $ 14.65 |
Note D - Income Taxes (Details
Note D - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Accrued Income Taxes, Current | $ 145,000 | $ 145,000 | $ 464,000 | ||
Deferred Tax Assets, Valuation Allowance, Total | 47,014 | 47,014 | 104,858 | $ 159,154 | $ 322,404 |
Domestic Tax Authority [Member] | |||||
Operating Loss Carryforwards, Total | 0 | $ 0 | 0 | ||
Open Tax Year | 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2017 2018 | ||||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards, Total | 1,905,000 | $ 1,905,000 | 3,468,000 | ||
Operating Loss Carryforwards, Valuation Allowance, Total | 47,000 | 47,000 | $ 105,000 | ||
State and Local Jurisdiction [Member] | Deferred Tax Assets Related to Operating Loss Carryforwards [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (58,000) | ||||
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards, Expired and Utilized [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (68,000) | ||||
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards, Higher Expected NOL Utilization [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 10,000 | ||||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | |||||
Tax Credit Carryforward, Amount | 241,000 | 241,000 | |||
State and Local Jurisdiction [Member] | Alternative Minimum Tax [Member] | |||||
Tax Credit Carryforward, Amount | 50,000 | 50,000 | |||
State and Local Jurisdiction [Member] | Research and Development and Alternative Minimum Tax Credit Carryforwards [Member] | |||||
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 0 |
Note D - Income Taxes - Income
Note D - Income Taxes - Income Tax Expense (Benefit) Components (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Current: | |||
Federal | $ 1,260,552 | $ 1,472,512 | $ 1,627,125 |
State | 103,130 | 120,034 | 78,552 |
Current income tax expense | 1,363,682 | 1,592,546 | 1,705,677 |
Deferred: | |||
Federal | (38,534) | (463,798) | 8,680 |
State | 35,289 | 124,657 | 23,617 |
Deferred income tax expense | (3,245) | (339,141) | 32,297 |
Income tax expense | $ 1,360,437 | $ 1,253,405 | $ 1,737,974 |
Note D - Income Taxes - Reconci
Note D - Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate (Details) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Federal statutory rate | 21.00% | 24.00% | 34.00% |
Federal rate change | (5.00%) | ||
State income taxes | 2.00% | 2.00% | 1.00% |
Permanent differences | (1.00%) | ||
Change in valuation allowance | (1.00%) | (3.00%) | (4.00%) |
Expiration and utilization of state NOL’s | 2.00% | 4.00% | 3.00% |
Research and development credits | (2.00%) | (1.00%) | (1.00%) |
Excess tax expense (benefits) from stock-based compensation | 1.00% | 2.00% | (1.00%) |
Tax rate | 23.00% | 23.00% | 31.00% |
Note D - Income Taxes - Signifi
Note D - Income Taxes - Significant Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Gross deferred tax liability | $ (54,676) | $ (77) |
Valuation allowance | (47,014) | (104,858) |
Net deferred tax liability | (101,690) | (104,935) |
Long-term [Member] | ||
Intangibles | (75,190) | (70,467) |
Property and equipment depreciation | (521,586) | (552,119) |
Stock-based compensation | 114,118 | 151,558 |
Goodwill | (607,882) | (583,415) |
Short Term [Member] | ||
Net operating loss carry forwards and credits | 377,505 | 464,274 |
Inventories | 350,197 | 400,111 |
Prepaid expenses | (63,252) | (60,806) |
Accrued expenses and reserves | $ 371,414 | $ 250,787 |
Note D - Income Taxes - Valuati
Note D - Income Taxes - Valuation Allowance Activity (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Balance at Beginning of Year | $ 104,858 | $ 159,154 | $ 322,404 |
Income Tax Benefit | 10,448 | 79,377 | (32,154) |
Reversal for State NOL Expiration and Utilization | (68,292) | (133,673) | (131,096) |
Balance at End of Year | $ 47,014 | $ 104,858 | $ 159,154 |
Note E - Concentrations (Detail
Note E - Concentrations (Details Textual) | 12 Months Ended | ||
Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017 | |
Property, Plant and Equipment, Net, Ending Balance | $ 5,413,241 | $ 4,744,584 | |
MEXICO | |||
Property, Plant and Equipment, Net, Ending Balance | $ 1,406,546 | $ 412,755 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Number of Major Customers | 2 | 2 | 2 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||
Concentration Risk, Percentage | 29.00% | 33.00% | 35.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Number of Major Customers | 2 | 2 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member] | |||
Concentration Risk, Percentage | 28.00% | 45.00% |
Note E- Concentrations - Domest
Note E- Concentrations - Domestic and International Sales (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales | $ 85,034,000 | $ 77,651,000 | $ 73,948,000 |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | UNITED STATES | |||
Net sales | 78,553,000 | 72,295,000 | 67,901,000 |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | |||
Net sales | $ 6,481,000 | $ 5,356,000 | $ 6,047,000 |
Note F - Acquisition (Details T
Note F - Acquisition (Details Textual) - USD ($) | Feb. 20, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 |
Payments to Acquire Businesses, Gross | $ 10,350,000 | |||
Calix, Inc. [Member] | ||||
Business Combination, Consideration Transferred, Total | $ 10,350,000 | |||
Payments to Acquire Businesses, Gross | 10,350,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total | 0 | |||
Goodwill, Acquired During Period | 2,138,000 | |||
Business Acquisition, Transaction Costs | $ 106,000 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 12 years 182 days |
Note F - Acquisition - Summary
Note F - Acquisition - Summary of Estimated Fair Values of Acquired Assets (Details) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 | Feb. 20, 2018 |
Goodwill | $ 4,708,511 | $ 4,708,511 | |
Calix, Inc. [Member] | |||
Inventories | $ 2,781,000 | ||
Property, plant and equipment | 58,000 | ||
Goodwill | 2,138,000 | ||
Total Assets | 10,350,000 | ||
Calix, Inc. [Member] | Trademarks [Member] | |||
Finite-lived intangible assets | 563,000 | ||
Calix, Inc. [Member] | Customer Relationships [Member] | |||
Finite-lived intangible assets | 3,742,000 | ||
Calix, Inc. [Member] | Certification Marks [Member] | |||
Finite-lived intangible assets | $ 1,068,000 |
Note F - Acquisition - Pro Form
Note F - Acquisition - Pro Forma Information (Details) - Calix, Inc. [Member] - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales | $ 80,958,789 | $ 89,672,074 |
Income from operations | 5,554,766 | 8,174,841 |
Net income | $ 4,794,757 | $ 5,809,018 |
Basic (in dollars per share) | $ 0.36 | $ 0.43 |
Diluted (in dollars per share) | $ 0.36 | $ 0.43 |
Note G - Employee Benefit Plan
Note G - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 702,202 | $ 654,001 | $ 652,615 |
First Level of Matching [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Second Level Of Matching [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% |