Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Apr. 30, 2017 | Jun. 05, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | R F INDUSTRIES LTD | |
Entity Central Index Key | 740,664 | |
Current Fiscal Year End Date | --10-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | RFIL | |
Entity Common Stock, Shares Outstanding | 8,835,483 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2017 | Oct. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 4,317 | $ 5,258 |
Trade accounts receivable, net of allowance for doubtful accounts of $72 and $62 | 4,471 | 4,077 |
Inventories, net | 6,690 | 6,022 |
Other current assets | 1,459 | 1,436 |
TOTAL CURRENT ASSETS | 16,937 | 16,793 |
Property and equipment: | ||
Equipment and tooling | 3,212 | 3,203 |
Furniture and office equipment | 816 | 799 |
Property, Plant and Equipment, Gross | 4,028 | 4,002 |
Less accumulated depreciation | 3,314 | 3,174 |
Total property and equipment | 714 | 828 |
Goodwill | 3,219 | 3,219 |
Amortizable intangible assets, net | 3,324 | 3,619 |
Non-amortizable intangible assets | 1,237 | 1,237 |
Other assets | 107 | 141 |
TOTAL ASSETS | 25,538 | 25,837 |
CURRENT LIABILITIES | ||
Accounts payable | 1,910 | 1,138 |
Accrued expenses | 2,176 | 2,770 |
TOTAL CURRENT LIABILITIES | 4,086 | 3,908 |
Deferred tax liabilities, net | 433 | 409 |
Other long-term liabilities | 20 | 128 |
TOTAL LIABILITIES | 4,539 | 4,445 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock - authorized 20,000,000 shares of $0.01 par value; 8,835,483 shares issued and outstanding at April 30, 2017 and October 31, 2016 | 88 | 88 |
Additional paid-in capital | 19,454 | 19,379 |
Retained earnings | 1,457 | 1,925 |
TOTAL STOCKHOLDERS' EQUITY | 20,999 | 21,392 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 25,538 | $ 25,837 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2017 | Oct. 31, 2016 |
Trade accounts receivable, allowance for doubtful accounts | $ 72 | $ 62 |
Common stock, authorized | 20,000,000 | 20,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares issued | 8,835,483 | 8,835,483 |
Common stock, shares outstanding | 8,835,483 | 8,835,483 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Net sales | $ 7,640 | $ 7,735 | $ 14,257 | $ 14,519 |
Cost of sales | 5,686 | 5,383 | 10,445 | 10,144 |
Gross profit | 1,954 | 2,352 | 3,812 | 4,375 |
Operating expenses: | ||||
Engineering | 204 | 179 | 428 | 340 |
Selling and general | 1,684 | 2,251 | 3,677 | 4,684 |
Totals | 1,888 | 2,430 | 4,105 | 5,024 |
Operating income (loss) | 66 | (78) | (293) | (649) |
Other income (loss) | (2) | 28 | 18 | 28 |
Income (loss) from continuing operations before provision (benefit) for income taxes | 64 | (50) | (275) | (621) |
Provision (benefit) for income taxes | 30 | (119) | (72) | (374) |
Income (loss) from continuing operations | 34 | 69 | (203) | (247) |
Income (loss) from discontinued operations, net of tax | 44 | (182) | 88 | (220) |
Net income (loss) | $ 78 | $ (113) | $ (115) | $ (467) |
Earnings (loss) per share - Basic: | ||||
Continuing operations | $ 0 | $ 0.01 | $ (0.02) | $ (0.03) |
Discontinued operations | 0.01 | (0.02) | 0.01 | (0.02) |
Net income (loss) per share | 0.01 | (0.01) | (0.01) | (0.05) |
Earnings (loss) per share - Diluted: | ||||
Continuing operations | 0 | 0.01 | (0.02) | (0.03) |
Discontinued operations | 0.01 | (0.02) | 0.01 | (0.02) |
Net income (loss) per share | $ 0.01 | $ (0.01) | $ (0.01) | $ (0.05) |
Weighted average shares outstanding: | ||||
Basic | 8,834,747 | 8,759,570 | 8,882,863 | 8,738,012 |
Diluted | 8,877,201 | 8,759,570 | 8,882,863 | 8,738,012 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
OPERATING ACTIVITIES: | ||
Net loss | $ (115) | $ (467) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Bad debt expense | 10 | 0 |
Depreciation and amortization | 434 | 528 |
Stock-based compensation expense | 99 | 102 |
Loss on disposal of fixed assets | 0 | 40 |
Deferred income taxes | 24 | 0 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (404) | (36) |
Inventories | (668) | (599) |
Other current assets | (23) | (684) |
Other long-term assets | 35 | (136) |
Accounts payable | 772 | (399) |
Income taxes payable | 0 | 396 |
Accrued expenses | (595) | (702) |
Other long-term liabilities | (107) | 0 |
Net cash used in operating activities | (538) | (1,957) |
INVESTING ACTIVITIES: | ||
Proceeds received on notes receivable from stockholder | 0 | 67 |
Proceeds from sale of fixed assets | 0 | 22 |
Proceeds from sale of inventory | 0 | 322 |
Capital expenditures | (26) | (132) |
Net cash provided by (used in) investing activities | (26) | 279 |
FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 0 | 48 |
Purchase of treasury stock | 0 | (157) |
Excess tax benefit from canceled stock options | (24) | 0 |
Dividends paid | (353) | (787) |
Net cash used in financing activities | (377) | (896) |
Net decrease in cash and cash equivalents | (941) | (2,574) |
Cash and cash equivalents, beginning of period | 5,258 | 7,595 |
Cash and cash equivalents, end of period | 4,317 | 5,021 |
Supplemental cash flow information - income taxes paid | 1 | 165 |
Noncash investing and financing activities: | ||
Retirement of treasury stock | $ 0 | $ 157 |
Unaudited interim condensed con
Unaudited interim condensed consolidated financial statements | 6 Months Ended |
Apr. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Unaudited interim condensed consolidated financial statements | Note 1 - Unaudited interim condensed consolidated financial statements The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments, which are normal and recurring, have been included in order to make the information not misleading. Information included in the consolidated balance sheet as of October 31, 2016 has been derived from, and certain terms used herein are defined in, the audited consolidated financial statements of the Company as of October 31, 2016 included in the Company’s Annual Report on Form 10-K (“Form 10-K”) for the year ended October 31, 2016 that was previously filed with the Securities and Exchange Commission (“SEC”). Operating results for the three- and six-month periods ended April 30, 2017 are not necessarily indicative of the results that may be expected for the year ending October 31, 2017. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended October 31, 2016. Principles of consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of RF Industries, Ltd., Cables Unlimited, Inc. (“Cables Unlimited”), Comnet Telecom Supply, Inc. (“Comnet”), and Rel-Tech Electronics, Inc. (“Rel-Tech”), wholly-owned subsidiaries of RF Industries, Ltd. All intercompany balances and transactions have been eliminated in consolidation. Revenue recognition Four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the fee is fixed and determinable; and (4) collectability is reasonably assured. The Company recognizes revenue from product sales after purchase orders are received which contain a fixed price and for shipments with terms of FOB Shipping Point, revenue is recognized upon shipment, for shipments with terms of FOB Destination, revenue is recognized upon delivery and revenue from services is recognized when services are performed, and the recovery of the consideration is considered probable. Recent accounting standards In August 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-15, Classification of Certain Cash Receipts and Cash Payments. The new standard will change the classification of certain cash payments and receipts within the cash flow statement. Specifically, payments for debt prepayment or debt extinguishment costs, including third-party costs, premiums paid, and other fees paid to lenders that are directly related to the debt prepayment or debt extinguishment, excluding accrued interest, will now be classified as financing activities. Previously, these payments were classified as operating expenses. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019, with early adoption permitted, and will be applied retrospectively. The Company does not expect that the adoption of this new standard will have a material impact on its Consolidated Financial Statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. This ASU requires lessees to recognize most leases on their balance sheets related to the rights and obligations created by those leases. The ASU also requires additional qualitative and quantitative disclosures related to the nature, timing and uncertainty of cash flows arising from leases. The guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this new standard will have on its Consolidated Financial Statements. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation Stock Compensation. The new standard will modify several aspects of the accounting and reporting for employee share-based payments and related tax accounting impacts, including the presentation in the statements of operations and cash flows of certain tax benefits or deficiencies and employee tax withholdings, as well as the accounting for award forfeitures over the vesting period. The new standard is effective for fiscal years beginning after December 15, 2016 and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this new standard will have on its Consolidated Financial Statements. In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Income Taxes. Current GAAP requires an entity to separate deferred income tax liabilities and assets into current and noncurrent amounts in a classified balance sheet. The new standard simplifies the presentation of deferred tax assets and liabilities and requires that deferred tax assets and liabilities be classified as noncurrent in a classified balance sheet. This ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, with early adoption permitted. This ASU affected our disclosures relating to deferred tax assets and liabilities. The Company has applied this guidance prospectively and it did not have a material impact on the consolidated balance sheets. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. This guidance will supersede Topic 605, Revenue Recognition, in addition to other industry-specific guidance, once effective. The new standard requires a company to recognize revenue in a manner that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date, as a revision to ASU 2014-09, which revised the effective date to fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted but not prior to periods beginning after December 15, 2016 (i.e., the original adoption date per ASU 2014-09). In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers: Principal versus Agent Considerations, which clarifies certain aspects of the principal-versus-agent guidance, including how an entity should identify the unit of accounting for the principal versus agent evaluation and how it should apply the control principle to certain types of arrangements, such as service transactions. The amendments also reframe the indicators to focus on evidence that an entity is acting as a principal rather than as an agent. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing, which clarifies how an entity should evaluate the nature of its promise in granting a license of intellectual property, which will determine whether it recognizes revenue over time or at a point in time. The amendments also clarify when a promised good or service is separately identifiable (i.e., distinct within the context of the contract) and allow entities to disregard items that are immaterial in the context of a contract. The Company does not expect that the adoption of this new standard will have a material impact on its Consolidated Financial Statements. |
Discontinued operations
Discontinued operations | 6 Months Ended |
Apr. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations | Note 2 - Discontinued operations For the three and six months ended April 30, 2017, the Company recognized approximately $ 66,000 128,000 amounts, net after tax, have has been included within discontinued operations. For the three-and six-months ended April 30, 2016, the Company recognized approximately $ 2,000 During March 2016, the Company announced the shutdown of its Bioconnect division, which comprised the entire operations of the Medical Cabling and Interconnect segment. The closure is part of the Company’s ongoing plan to close or dispose of underperforming divisions that are not part of the Company’s core operations. For the three and six months ended April 30, 2017, the Company recognized approximately $ 10,000 59,000 99,000 |
Sale of Aviel Electronics divis
Sale of Aviel Electronics division | 6 Months Ended |
Apr. 30, 2017 | |
Sale of Aviel Electronics Division [Abstract] | |
Sale of Aviel Electronics division | Note 3 - Sale of Aviel Electronics division On December 22, 2015, the Company sold the assets of its Aviel Electronics division at a gain of approximately $ 35,000 150,000 250,000 83,000 63,000 5 86,000 40,000 The sale of the Aviel Electronics division does not represent a strategic shift that has a major effect on the Company’s operations and financial results. Accordingly, historical results and the sale of Aviel Electronics will be reported in income from continuing operations. |
Inventories and major vendors
Inventories and major vendors | 6 Months Ended |
Apr. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories and major vendors | Note 4 - Inventories and major vendors Inventories, consisting of materials, labor and manufacturing overhead, are stated at the lower of cost or market. Cost has been determined using the weighted average cost method. Inventory carrying value is net of inventory reserves of $ 676,000 500,000 April 30, 2017 October 31, 2016 Raw materials and supplies $ 2,880 $ 2,642 Work in process 330 279 Finished goods 3,480 3,101 Totals $ 6,690 $ 6,022 Purchases of inventory from one major vendor for the three months ended April 30, 2017 represented 14% of inventory purchases. No vendor accounted for greater than 10 10 |
Other current assets
Other current assets | 6 Months Ended |
Apr. 30, 2017 | |
Other current assets [Abstract] | |
Other current assets | Note 5 - Other current assets April 30, 2017 October 31, 2016 Prepaid taxes $ 899 $ 871 Prepaid expense 381 347 Notes receivable, current portion 83 83 Other 96 135 Totals $ 1,459 $ 1,436 Long-term portion of notes receivable of $ 63,000 |
Earnings per share
Earnings per share | 6 Months Ended |
Apr. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per share | Note 6 - Earnings per share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding increased by the effects of assuming that other potentially dilutive securities (such as stock options) outstanding during the period had been exercised and the treasury stock method had been applied. Potentially dilutive securities totaling 1,003,854 899,820 1,003,854 868,524 Three Months Ended April 30, Six Months Ended April 30, 2017 2016 2017 2016 Weighted average shares outstanding for basic earnings per share 8,834,747 8,759,570 8,882,863 8,738,012 Add effects of potentially dilutive securities-assumed exercise of stock options 42,454 - - - Weighted average shares outstanding for diluted earnings per share 8,877,201 8,759,570 8,882,863 8,738,012 |
Stock-based compensation and eq
Stock-based compensation and equity transactions | 6 Months Ended |
Apr. 30, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Stock-based compensation and equity transactions | Note 7 - Stock-based compensation and equity transactions The Company’s current stock incentive plan provides for the granting of qualified and nonqualified options to the Company’s officers, directors and employees. The Company satisfies the exercise of options by issuing previously unissued common shares. No options were granted to Company employees during the three and six months ended April 30, 2017 and 2016. Company stock option plans Descriptions of the Company’s stock option plans are included in Note 10 of the Company’s Annual Report on Form 10-K for the year ended October 31, 2016. A summary of the status of the options granted under the Company’s stock option plans as of April 30, 2017 and the changes in options outstanding during the six months then ended is presented in the table that follows: Weighted Average Shares Exercise Price Outstanding at November 1, 2016 1,007,851 $ 4.07 Options granted 309,356 $ 1.50 Options canceled or expired (163,353 ) $ 3.80 Options outstanding at April 30, 2017 1,153,854 $ 3.42 Options exercisable at April 30, 2017 807,735 $ 3.52 Options vested and expected to vest at April 30, 2017 1,151,823 $ 3.42 Weighted average remaining contractual life of options outstanding as of April 30, 2017: 4.04 years Weighted average remaining contractual life of options exercisable as of April 30, 2017: 3.26 years Weighted average remaining contractual life of options vested and expected to vest as of April 30, 2017: 4.04 years Aggregate intrinsic value of options outstanding at April 30, 2017: $107,000 Aggregate intrinsic value of options exercisable at April 30, 2017: $92,000 Aggregate intrinsic value of options vested and expected to vest at April 30, 2017: $107,000 As of April 30, 2017, $311,000 of expense with respect to nonvested share-based arrangements has yet to be recognized and is expected to be recognized over a weighted average period of 3.01 years. Effective for the fiscal year ending October 31, 2017, non-employee directors receive $50,000 annually, which is paid one-half in cash and one-half through the grant of non-qualified stock options to purchase shares of the Company’s common stock. Previously, for the fiscal year ended October 31, 2016, non-employee directors received $30,000 annually. During the quarter ended January 31, 2017, the Company granted each of its four non-employee directors 77,339 options. The number of stock options granted to each director was determined by dividing $25,000 by the fair value of a stock option grant using the Black-Scholes model ($0.32 per share). These options vest ratably over fiscal year 2017. Stock option expense During the six months ended April 30, 2017 and 2016, stock-based compensation expense totaled $99,000 and $102,000, respectively. During the three months ended April 30, 2017 and 2016, stock-based compensation expense totaled $48,000 and $51,000, respectively. For the six months ended April 30, 2017 and 2016, stock-based compensation classified in cost of sales amounted to $6,000 and $17,000, respectively, and stock-based compensation classified in selling and general expense amounted to $93,000 and $85,000, respectively. |
Concentrations of credit risk
Concentrations of credit risk | 6 Months Ended |
Apr. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentrations of credit risk | Note 8 - Concentrations of credit risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents with high-credit quality financial institutions. At April 30, 2017, the Company had cash and cash equivalent balances in excess of federally insured limits in the amount of approximately $ 3.1 Two customers accounted for approximately 15% and 14% of the Company’s net sales for the six-month period ended April 30, 2017. Of the two customers, one accounted for approximately 15% of the Company’s net sales for the six-month period ended April 30, 2016. The same customers accounted for approximately 16% and 17% of the Company’s net sales for the three months ended April 30, 2017 and one customer accounted for approximately 15% of the Company’s net sales for the three months ended April 30, 2016. At April 30, 2017, these customers’ accounts receivable balance accounted for approximately 16% and 24% of the total net accounts receivable balance. At October 31, 2016, one of the customer’s accounts receivable balance accounted for approximately 20% of the Company’s total net accounts receivable balances. Although these customers have been ongoing major customers of the Company, the written agreements with these customers do not have any minimum purchase obligations and the customers could stop buying the Company’s products at any time and for any reason. A reduction, delay or cancellation of orders from these customers or the loss of these customers could significantly reduce the Company’s future revenues and profits. |
Segment information
Segment information | 6 Months Ended |
Apr. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment information | Note 9 - Segment information The Company aggregates operating divisions into operating segments that have similar economic characteristics primarily in the following areas: (1) the nature of the product and services; (2) the nature of the production process; (3) the type or class of customer for their products and services; (4) the methods used to distribute their products or services; (5) if applicable, the nature of the regulatory environment. As of April 30, 2017, the Company has two segments: 1) RF Connector and Cable Assembly and 2) Custom Cabling Manufacturing and Assembly based upon this evaluation. The RF Connector and Cable Assembly segment consisted of one division and the Custom Cabling Manufacturing and Assembly segment was composed of three divisions. The four divisions that met the quantitative thresholds for segment reporting are Connector and Cable Assembly, Cables Unlimited, Comnet and Rel-Tech. The specific customers are different for each division; however, there is some overlapping of product sales to them. The methods used to distribute products are similar within each division aggregated. Management identifies the Company’s segments based on strategic business units that are, in turn, based along market lines. These strategic business units offer products and services to different markets in accordance with their customer base and product usage. For segment reporting purposes, the Connector and Cable Assembly division constitutes the RF Connector and Cable Assembly segment, and the Cables Unlimited, Comnet and Rel-Tech divisions constitute the Custom Cabling Manufacturing and Assembly segment. As reviewed by the Company’s chief operating decision maker, the Company evaluates the performance of each segment based on income or loss before income taxes. The Company charges depreciation and amortization directly to each division within the segment. Accounts receivable, inventory, property and equipment, goodwill and intangible assets are the only assets identified by segment. Except as discussed above, the accounting policies for segment reporting are the same for the Company as a whole. Substantially all of the Company’s operations are conducted in the United States; however, the Company derives a portion of its revenue from export sales. The Company attributes sales to geographic areas based on the location of the customers. Three Months Ended April 30, Six Months Ended April 30, 2017 2016 2017 2016 United States $ 7,418 $ 7,603 $ 13,954 $ 14,095 Foreign countries: Canada 130 75 176 146 Israel - - - 62 Mexico 70 52 77 149 All other 22 5 50 67 222 132 303 424 Totals $ 7,640 $ 7,735 $ 14,257 $ 14,519 RF Connector Custom Cabling and Manufacturing and Cable Assembly Assembly Corporate Total 2017 Net sales $ 2,607 $ 5,033 $ - $ 7,640 Income (loss) from continuing operations before provision (benefit) for income taxes 102 (36) (2) 64 Depreciation and amortization 41 173 - 214 2016 Net sales $ 2,079 $ 5,656 $ - $ 7,735 Income (loss) from continuing operations before provision (benefit) for income taxes (250) 172 28 (50) Depreciation and amortization 51 211 - 262 Net sales, income (loss) from continuing operations before provision (benefit) for income taxes and other related segment information for the six months ended April 30, 2017 and 2016 are as follows (in thousands): RF Connector Custom Cabling and Manufacturing and Cable Assembly Assembly Corporate Total 2017 Net sales $ 5,142 $ 9,115 $ - $ 14,257 Income (loss) from continuing operations before provision (benefit) for income taxes 83 (376) 18 (275) Depreciation and amortization 88 346 - 434 2016 Net sales $ 4,036 $ 10,483 $ - $ 14,519 Income (loss) from continuing operations before provision (benefit) for income taxes (664) 15 28 (621) Depreciation and amortization 97 431 - 528 |
Income tax provision
Income tax provision | 6 Months Ended |
Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income tax provision | Note 10 - Income tax provision The Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates, to determine its quarterly provision (benefit) for income taxes. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. The provision (benefit) for income taxes was 47 (238) The Company recorded income from discontinued operations, net of tax, as disclosed in Note 2. The total amount of unrecognized tax benefits was $0 as of April 30, 2017 and October 31, 2016. The total balance of accrued interest and penalties related to uncertain tax positions was $ 0 |
Intangible assets
Intangible assets | 6 Months Ended |
Apr. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Note 11 - Intangible assets Intangible assets consist of the following (in thousands): April 30, 2017 October 31, 2016 Amortizable intangible assets: Non-compete agreements (estimated lives 3 - 5 years) $ 310 $ 310 Accumulated amortization (292) (273) 18 37 Customer relationships (estimated lives 7 - 15 years) 5,099 5,099 Accumulated amortization (1,915) (1,644) 3,184 3,455 Patents (estimated life 14 years) 142 142 Accumulated amortization (20) (15) 122 127 Totals $ 3,324 $ 3,619 Non-amortizable intangible assets: Trademarks $ 1,237 $ 1,237 Amortization expense for the six-months ended April 30, 2017 and the year-ended October 31, 2016 was $295,000 and $649,000, respectively. |
Accrued expenses
Accrued expenses | 6 Months Ended |
Apr. 30, 2017 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Note 12 - Accrued expenses Accrued expenses consist of the following (in thousands): April 30, 2017 October 31, 2016 Wages payable $ 690 $ 941 Accrued receipts 712 578 Earn-out liability 396 707 Other current liabilities 378 544 Totals $ 2,176 $ 2,770 Accrued receipts represent purchased inventory for which invoices have not been received. Non-current portion of earn-out liability of $ 20,000 |
Former line of credit
Former line of credit | 6 Months Ended |
Apr. 30, 2017 | |
Debt Disclosure [Abstract] | |
Former line of credit | Note 13 - Former line of credit From May 2015 until September 2016, the Company had a $ 5 September 8, 2016 |
Commitments
Commitments | 6 Months Ended |
Apr. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 14 - Commitments In April 2014, the Company amended its lease for its facility in San Diego, California, extending the term of the lease and reducing its square footage. The amended lease was scheduled to expire in March 2017; however, on January 26, 2017, the term of the lease was extended until July 31, 2022, and the rental payments increased $ 2,596 20,125 22,721 The Cables Unlimited division leases an approximately 12,000 13,000 The Comnet Telecom division leases approximately 15,000 11,655 The Rel-Tech Electronic division leases approximately 13,750 8,307 |
Cash dividend and declared divi
Cash dividend and declared dividends | 6 Months Ended |
Apr. 30, 2017 | |
Cash Dividend And Dividends Declaration [Abstract] | |
Cash dividend and declared dividends | Note 15 - Cash dividend and declared dividends The Company paid dividends of $ 0.02 177,000 177,000 0.04 353,000 0.02 0.07 787,000 |
Subsequent events
Subsequent events | 6 Months Ended |
Apr. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 16 - Subsequent events At its June 9, 2017 meeting, the Board of Directors of the Company declared a quarterly cash dividend of $ 0.02 June 30, 2017 In addition, the Board of Directors also approved the extension of the Company’s lease at its current terms, as described above, with Cables Unlimited until June 30, 2018 On June 5, 2017, the Company amended its lease for its facility in San Diego, California, increasing its square footage by 2,321 19,587 21,908 July 31, 2022 2,692 22,721 25,413 |
Inventories and major vendors (
Inventories and major vendors (Tables) | 6 Months Ended |
Apr. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following (in thousands): April 30, 2017 October 31, 2016 Raw materials and supplies $ 2,880 $ 2,642 Work in process 330 279 Finished goods 3,480 3,101 Totals $ 6,690 $ 6,022 |
Other current assets (Tables)
Other current assets (Tables) | 6 Months Ended |
Apr. 30, 2017 | |
Other current assets [Abstract] | |
Schedule of other current assets | Other current assets consist of the following (in thousands): April 30, 2017 October 31, 2016 Prepaid taxes $ 899 $ 871 Prepaid expense 381 347 Notes receivable, current portion 83 83 Other 96 135 Totals $ 1,459 $ 1,436 |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Apr. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Weighted Average Shares Outstanding | The following table summarizes the computation of basic and diluted weighted average shares outstanding: Three Months Ended April 30, Six Months Ended April 30, 2017 2016 2017 2016 Weighted average shares outstanding for basic earnings per share 8,834,747 8,759,570 8,882,863 8,738,012 Add effects of potentially dilutive securities-assumed exercise of stock options 42,454 - - - Weighted average shares outstanding for diluted earnings per share 8,877,201 8,759,570 8,882,863 8,738,012 |
Stock-based compensation and 25
Stock-based compensation and equity transactions (Tables) | 6 Months Ended |
Apr. 30, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Summary of Status of Options Granted under Stock Option Plans and Changes in Options Outstanding | A summary of the status of the options granted under the Company’s stock option plans as of April 30, 2017 and the changes in options outstanding during the six months then ended is presented in the table that follows: Weighted Average Shares Exercise Price Outstanding at November 1, 2016 1,007,851 $ 4.07 Options granted 309,356 $ 1.50 Options canceled or expired (163,353) $ 3.80 Options outstanding at April 30, 2017 1,153,854 $ 3.42 Options exercisable at April 30, 2017 807,735 $ 3.52 Options vested and expected to vest at April 30, 2017 1,151,823 $ 3.42 |
Segment information (Tables)
Segment information (Tables) | 6 Months Ended |
Apr. 30, 2017 | |
Segment Reporting [Abstract] | |
Sales by Geographic Area | The following table presents the sales of the Company by geographic area for the three and six months ended April 30, 2017 and 2016 (in thousands): Three Months Ended April 30, Six Months Ended April 30, 2017 2016 2017 2016 United States $ 7,418 $ 7,603 $ 13,954 $ 14,095 Foreign countries: Canada 130 75 176 146 Israel - - - 62 Mexico 70 52 77 149 All other 22 5 50 67 222 132 303 424 Totals $ 7,640 $ 7,735 $ 14,257 $ 14,519 |
Net Sales, Income (Loss) Before Provision for Income Taxes and Other Related Segment Information | Net sales, income (loss) from continuing operations before provision (benefit) for income taxes and other related segment information for the three months ended April 30, 2017 and 2016 are as follows (in thousands): RF Connector Custom Cabling and Manufacturing and Cable Assembly Assembly Corporate Total 2017 Net sales $ 2,607 $ 5,033 $ - $ 7,640 Income (loss) from continuing operations before provision (benefit) for income taxes 102 (36) (2) 64 Depreciation and amortization 41 173 - 214 2016 Net sales $ 2,079 $ 5,656 $ - $ 7,735 Income (loss) from continuing operations before provision (benefit) for income taxes (250) 172 28 (50) Depreciation and amortization 51 211 - 262 Net sales, income (loss) from continuing operations before provision (benefit) for income taxes and other related segment information for the six months ended April 30, 2017 and 2016 are as follows (in thousands): RF Connector Custom Cabling and Manufacturing and Cable Assembly Assembly Corporate Total 2017 Net sales $ 5,142 $ 9,115 $ - $ 14,257 Income (loss) from continuing operations before provision (benefit) for income taxes 83 (376) 18 (275) Depreciation and amortization 88 346 - 434 2016 Net sales $ 4,036 $ 10,483 $ - $ 14,519 Income (loss) from continuing operations before provision (benefit) for income taxes (664) 15 28 (621) Depreciation and amortization 97 431 - 528 |
Intangible assets (Tables)
Intangible assets (Tables) | 6 Months Ended |
Apr. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Intangible assets consist of the following (in thousands): April 30, 2017 October 31, 2016 Amortizable intangible assets: Non-compete agreements (estimated lives 3 - 5 years) $ 310 $ 310 Accumulated amortization (292) (273) 18 37 Customer relationships (estimated lives 7 - 15 years) 5,099 5,099 Accumulated amortization (1,915) (1,644) 3,184 3,455 Patents (estimated life 14 years) 142 142 Accumulated amortization (20) (15) 122 127 Totals $ 3,324 $ 3,619 Non-amortizable intangible assets: Trademarks $ 1,237 $ 1,237 |
Accrued expenses (Tables)
Accrued expenses (Tables) | 6 Months Ended |
Apr. 30, 2017 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Accrued expenses consist of the following (in thousands): April 30, 2017 October 31, 2016 Wages payable $ 690 $ 941 Accrued receipts 712 578 Earn-out liability 396 707 Other current liabilities 378 544 Totals $ 2,176 $ 2,770 |
Discontinued operations - Addit
Discontinued operations - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 44,000 | $ (182,000) | $ 88,000 | $ (220,000) |
Radio Mobile, Inc [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Royalty revenue | 66,000 | 128,000 | ||
RF Neulink [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Royalty revenue | 2,000 | 2,000 | ||
Bioconnect division [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 10,000 | $ 59,000 | $ 10,000 | $ 99,000 |
Sale of Aviel Electronics div30
Sale of Aviel Electronics division - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | |
Dec. 22, 2015 | Apr. 30, 2017 | Apr. 30, 2016 | |
Gain (Loss) on Disposition of Assets, Total | $ 0 | $ (40,000) | |
Aviel Electronics Division [Member] | |||
Gain (Loss) on Disposition of Assets, Total | $ 35,000 | ||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $ 150,000 | ||
Discontinued Operation, Intra-Entity Amounts, Discontinued Operation after Disposal, Revenue | 86,000 | ||
Income (Loss) from Continuing Operations before Interest Expense, Interest Income, Income Taxes, Extraordinary Items, Noncontrolling Interests, Net | $ 40,000 | ||
Aviel Electronics Division [Member] | Notes Payable, Other Payables [Member] | |||
Debt Instrument, Term | 3 years | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||
Promissory Note [Member] | Aviel Electronics Division [Member] | Other Current Assets [Member] | |||
Disposal Group, Including Discontinued Operation, Accounts Payable | 83,000 | ||
Promissory Note [Member] | Aviel Electronics Division [Member] | Other Assets [Member] | |||
Disposal Group, Including Discontinued Operation, Accounts Payable | $ 63,000 | ||
Promissory Note [Member] | Aviel Electronics Division [Member] | Notes Payable, Other Payables [Member] | |||
Disposal Group, Including Discontinued Operation, Accounts Payable | $ 250,000 |
Inventories and major vendors -
Inventories and major vendors - Components of Inventories (Detail) - USD ($) $ in Thousands | Apr. 30, 2017 | Oct. 31, 2016 |
Inventory [Line Items] | ||
Raw materials and supplies | $ 2,880 | $ 2,642 |
Work in process | 330 | 279 |
Finished goods | 3,480 | 3,101 |
Totals | $ 6,690 | $ 6,022 |
Inventories and major vendors32
Inventories and major vendors - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | Oct. 31, 2016 | |
Inventory [Line Items] | |||||
Inventory Valuation Reserves | $ 676,000 | $ 676,000 | $ 500,000 | ||
Supplier Concentration Risk [Member] | |||||
Inventory [Line Items] | |||||
Purchases of connector products, percentage | 10.00% | 10.00% | |||
Vendor One | Supplier Concentration Risk [Member] | |||||
Inventory [Line Items] | |||||
Purchases of connector products, percentage | 14.00% | 10.00% |
Other current assets (Detail)
Other current assets (Detail) - USD ($) $ in Thousands | Apr. 30, 2017 | Oct. 31, 2016 |
Prepaid taxes | $ 899 | $ 871 |
Prepaid expense | 381 | 347 |
Notes receivable, current portion | 83 | 83 |
Other | 96 | 135 |
Totals | $ 1,459 | $ 1,436 |
Other current assets - Addition
Other current assets - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Increase (Decrease) In Other Noncurrent Assets | $ (35) | $ 136 |
Notes Receivable [Member] | ||
Increase (Decrease) In Other Noncurrent Assets | $ 63 |
Earnings per share - Computatio
Earnings per share - Computation of Basic and Diluted Weighted Average Shares Outstanding (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Denominators: | ||||
Weighted average shares outstanding for basic earnings per share | 8,834,747 | 8,759,570 | 8,882,863 | 8,738,012 |
Add effects of potentially dilutive securities-assumed exercise of stock options | 42,454 | 0 | 0 | 0 |
Weighted average shares outstanding for diluted earnings per share | 8,877,201 | 8,759,570 | 8,882,863 | 8,738,012 |
Earnings per share - Additional
Earnings per share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,003,854 | 899,820 | 1,003,854 | 868,524 |
Summary of status of options gr
Summary of status of options granted under stock option plans and changes in options outstanding (Detail) - Stock Option | 6 Months Ended |
Apr. 30, 2017$ / sharesshares | |
Shares | |
Options Outstanding at November 1, 2016 | shares | 1,007,851 |
Options granted | shares | 309,356 |
Options canceled or expired | shares | (163,353) |
Options outstanding at April 30, 2017 | shares | 1,153,854 |
Options exercisable at April 30, 2017 | shares | 807,735 |
Options vested and expected to vest at April 30, 2017 | shares | 1,151,823 |
Weighted Average Exercise Price | |
Options Outstanding at November 1, 2016 | $ / shares | $ 4.07 |
Options granted | $ / shares | 1.5 |
Options canceled or expired | $ / shares | 3.8 |
Options outstanding at April 30, 2017 | $ / shares | 3.42 |
Options exercisable at April 30, 2017 | $ / shares | 3.52 |
Options vested and expected to vest at April 30, 2017 | $ / shares | $ 3.42 |
Stock-based compensation and 38
Stock-based compensation and equity transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Apr. 30, 2017 | Jan. 31, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | Oct. 31, 2017 | Oct. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average remaining life of options outstanding | 4 years 14 days | ||||||
Weighted average remaining contractual life of options exercisable | 3 years 3 months 4 days | ||||||
Weighted average life of options vested and expected to vest | 4 years 14 days | ||||||
Aggregate intrinsic value of options outstanding | $ 107,000 | $ 107,000 | |||||
Aggregate intrinsic value of options exercisable | 92,000 | 92,000 | |||||
Aggregate intrinsic value of options vested and expected to vest | 107,000 | 107,000 | |||||
Non-vested stock-based arrangements yet to be recognized | 311,000 | $ 311,000 | |||||
Stock based arrangements yet to be recognized, weighted average period expected to be recognized | 3 years 4 days | ||||||
Non-employee director annual grant | $ 30,000 | ||||||
Options granted for each non-employee director | 77,339 | ||||||
Value of stock option issued | $ 25,000 | ||||||
Stock based compensation expense | $ 48,000 | $ 51,000 | 99,000 | $ 102,000 | |||
Scenario, Forecast [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Non-employee director annual grant | $ 50,000 | ||||||
Fair value of stock option | $ 0.32 | ||||||
Cost of Sales | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock based compensation expense | 6,000 | 17,000 | |||||
Selling, General and Administrative Expenses | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock based compensation expense | $ 93,000 | $ 85,000 |
Concentrations of credit risk -
Concentrations of credit risk - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | Oct. 31, 2016 | |
Concentration Risk [Line Items] | |||||
Cash, FDIC insured amount | $ 3.1 | $ 3.1 | |||
Sales Revenue, Goods, Net | Customer One [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 16.00% | 15.00% | 15.00% | 15.00% | |
Sales Revenue, Goods, Net | Customer Two [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 17.00% | 14.00% | |||
Accounts Receivable | Customer One [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 16.00% | 20.00% | |||
Accounts Receivable | Customer Two [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 24.00% |
Sales by geographic area (Detai
Sales by geographic area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Revenue, Major Customer [Line Items] | ||||
Sales revenue | $ 7,640 | $ 7,735 | $ 14,257 | $ 14,519 |
United States | ||||
Revenue, Major Customer [Line Items] | ||||
Sales revenue | 7,418 | 7,603 | 13,954 | 14,095 |
Canada | ||||
Revenue, Major Customer [Line Items] | ||||
Sales revenue | 130 | 75 | 176 | 146 |
Israel | ||||
Revenue, Major Customer [Line Items] | ||||
Sales revenue | 0 | 0 | 0 | 62 |
Mexico | ||||
Revenue, Major Customer [Line Items] | ||||
Sales revenue | 70 | 52 | 77 | 149 |
All other | ||||
Revenue, Major Customer [Line Items] | ||||
Sales revenue | 22 | 5 | 50 | 67 |
Foreign countries, total | ||||
Revenue, Major Customer [Line Items] | ||||
Sales revenue | $ 222 | $ 132 | $ 303 | $ 424 |
Net sales, income (loss) before
Net sales, income (loss) before provision for income taxes and other related segment information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 7,640 | $ 7,735 | $ 14,257 | $ 14,519 |
Income (loss) from continuing operations before provision (benefit) for income taxes | 64 | (50) | (275) | (621) |
Depreciation and amortization | 214 | 262 | 434 | 528 |
RF Connector and Cable Assembly | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,607 | 2,079 | 5,142 | 4,036 |
Income (loss) from continuing operations before provision (benefit) for income taxes | 102 | (250) | 83 | (664) |
Depreciation and amortization | 41 | 51 | 88 | 97 |
Custom Cabling Manufacturing and Assembly | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 5,033 | 5,656 | 9,115 | 10,483 |
Income (loss) from continuing operations before provision (benefit) for income taxes | (36) | 172 | (376) | 15 |
Depreciation and amortization | 173 | 211 | 346 | 431 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before provision (benefit) for income taxes | (2) | 28 | 18 | 28 |
Depreciation and amortization | $ 0 | $ 0 | $ 0 | $ 0 |
Income tax provision - Addition
Income tax provision - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | Oct. 31, 2016 | |
Income Taxes [Line Items] | |||||
Provision for income tax as percentage of income (loss) before income taxes | 47.00% | (238.00%) | 26.00% | 60.00% | |
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | ||
Accrued interest and penalties related to uncertain tax positions | $ 0 | $ 0 | $ 0 |
Intangible assets (Detail)
Intangible assets (Detail) - USD ($) $ in Thousands | Apr. 30, 2017 | Oct. 31, 2016 |
Intangible Assets [Line Items] | ||
Amortizable intangible assets, net | $ 3,324 | $ 3,619 |
Non-amortizable intangible assets, trade marks | 1,237 | 1,237 |
Non-compete agreements (estimated lives 3 - 5 years) | ||
Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 310 | 310 |
Amortizable intangible assets, accumulated amortization | (292) | (273) |
Amortizable intangible assets, net | 18 | 37 |
Customer relationships (estimated lives 7 - 15 years) | ||
Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 5,099 | 5,099 |
Amortizable intangible assets, accumulated amortization | (1,915) | (1,644) |
Amortizable intangible assets, net | 3,184 | 3,455 |
Patents (estimated life 14 years) | ||
Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 142 | 142 |
Amortizable intangible assets, accumulated amortization | (20) | (15) |
Amortizable intangible assets, net | $ 122 | $ 127 |
Intangible assets (Parenthetica
Intangible assets (Parenthetical) (Detail) | 6 Months Ended |
Apr. 30, 2017 | |
Non-compete agreements (estimated lives 3 - 5 years) | Maximum [Member] | |
Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 5 years |
Non-compete agreements (estimated lives 3 - 5 years) | Minimum [Member] | |
Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Customer relationships (estimated lives 7 - 15 years) | Maximum [Member] | |
Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 15 years |
Customer relationships (estimated lives 7 - 15 years) | Minimum [Member] | |
Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 7 years |
Patents (estimated life 14 years) | |
Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 14 years |
Intangible assets - Additional
Intangible assets - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2017 | Oct. 31, 2016 | |
Intangible Assets [Line Items] | ||
Amortization expense | $ 295,000 | $ 649,000 |
Accrued expenses (Detail)
Accrued expenses (Detail) - USD ($) $ in Thousands | Apr. 30, 2017 | Oct. 31, 2016 |
Schedule of Accrued Liabilities [Line Items] | ||
Wages payable | $ 690 | $ 941 |
Accrued receipts | 712 | 578 |
Earn-out liability | 396 | 707 |
Other current liabilities | 378 | 544 |
Totals | $ 2,176 | $ 2,770 |
Accrued expenses - Additional I
Accrued expenses - Additional Information (Detail) | Apr. 30, 2017USD ($) |
Other Noncurrent Liabilities [Member] | |
Schedule Of Accrued Liabilities [Line Items] | |
Accrued Earn Out Liability Non Current | $ 20,000 |
Former line of credit - Additio
Former line of credit - Additional Information (Detail) - Letter of Credit - USD ($) $ in Millions | 6 Months Ended | |
Apr. 30, 2017 | Sep. 07, 2016 | |
Line of Credit Facility [Line Items] | ||
Line of Credit Facility, Expiration Date | Sep. 8, 2016 | |
Line of Credit Facility, Amount Outstanding | $ 5 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) | 1 Months Ended | 6 Months Ended | |
Jan. 26, 2017USD ($) | Apr. 30, 2014 | Apr. 30, 2017USD ($)a | |
East Brunswick [Member] | Commitments [Member] | |||
Commitments And Contingencies [Line Items] | |||
Lease Expiration Date | Sep. 30, 2017 | ||
Area of Land | a | 15,000 | ||
Operating Leases, Rent Expense | $ 11,655 | ||
Milford [Member] | Commitments [Member] | |||
Commitments And Contingencies [Line Items] | |||
Lease Expiration Date | Aug. 30, 2017 | ||
Area of Land | a | 13,750 | ||
Operating Leases, Rent Expense | $ 8,307 | ||
San Diego, California [Member] | |||
Commitments And Contingencies [Line Items] | |||
Lease Expiration Date | Jul. 31, 2022 | Mar. 31, 2017 | |
Increase Decrease In Monthly Operating Lease Rent Expenses | $ 2,596 | ||
San Diego, California [Member] | Maximum [Member] | |||
Commitments And Contingencies [Line Items] | |||
Operating Leases, Rent Expense | 22,721 | ||
San Diego, California [Member] | Minimum [Member] | |||
Commitments And Contingencies [Line Items] | |||
Operating Leases, Rent Expense | $ 20,125 | ||
New York [Member] | Commitments [Member] | |||
Commitments And Contingencies [Line Items] | |||
Lease Expiration Date | Jun. 30, 2017 | ||
Area of Land | a | 12,000 | ||
Operating Leases, Rent Expense | $ 13,000 |
Cash dividend and declared di50
Cash dividend and declared dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Dividends Payable [Line Items] | ||||
Dividends paid, per share | $ 0.02 | $ 0.02 | $ 0.04 | |
Dividends paid | $ 177 | $ 177 | $ 353 | $ 787 |
Maximum [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends paid, per share | $ 0.07 | |||
Minimum [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends paid, per share | $ 0.02 |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) | Jun. 09, 2017$ / shares | Jun. 05, 2017USD ($)ft² | Jan. 26, 2017USD ($) | Apr. 30, 2014 |
San Diego, California [Member] | ||||
Subsequent Event [Line Items] | ||||
Lease Expiration Date | Jul. 31, 2022 | Mar. 31, 2017 | ||
Increase Decrease In Monthly Operating Lease Rent Expenses | $ 2,596 | |||
San Diego, California [Member] | Minimum [Member] | ||||
Subsequent Event [Line Items] | ||||
Operating Leases, Rent Expense | 20,125 | |||
San Diego, California [Member] | Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Operating Leases, Rent Expense | $ 22,721 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends payable, record date | Jun. 30, 2017 | |||
Dividends Payable, Amount Per Share | $ / shares | $ 0.02 | |||
Increase in Area of Land | ft² | 2,321 | |||
Subsequent Event | San Diego, California [Member] | ||||
Subsequent Event [Line Items] | ||||
Lease Expiration Date | Jul. 31, 2022 | |||
Increase Decrease In Monthly Operating Lease Rent Expenses | $ 2,692 | |||
Subsequent Event | San Diego, California [Member] | Minimum [Member] | ||||
Subsequent Event [Line Items] | ||||
Operating Leases, Rent Expense | $ 22,721 | |||
Area of Land | ft² | 19,587 | |||
Subsequent Event | San Diego, California [Member] | Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Operating Leases, Rent Expense | $ 25,413 | |||
Area of Land | ft² | 21,908 | |||
Subsequent Event | New York [Member] | Commitments [Member] | ||||
Subsequent Event [Line Items] | ||||
Lease Expiration Date | Jun. 30, 2018 |