Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jul. 31, 2017 | Sep. 08, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
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 | 8,852,246 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 31, 2017 | Oct. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 5,498 | $ 5,258 |
Trade accounts receivable, net of allowance for doubtful accounts of $72 and $62 | 3,793 | 4,077 |
Inventories, net | 6,482 | 6,022 |
Other current assets | 730 | 1,436 |
TOTAL CURRENT ASSETS | 16,503 | 16,793 |
Property and equipment: | ||
Equipment and tooling | 3,228 | 3,203 |
Furniture and office equipment | 818 | 799 |
Property, Plant and Equipment, Gross | 4,046 | 4,002 |
Less accumulated depreciation | 3,381 | 3,174 |
Total property and equipment | 665 | 828 |
Goodwill | 3,219 | 3,219 |
Amortizable intangible assets, net | 3,177 | 3,619 |
Non-amortizable intangible assets | 1,237 | 1,237 |
Other assets | 90 | 141 |
TOTAL ASSETS | 24,891 | 25,837 |
CURRENT LIABILITIES | ||
Accounts payable | 1,224 | 1,138 |
Accrued expenses | 2,133 | 2,770 |
TOTAL CURRENT LIABILITIES | 3,357 | 3,908 |
Deferred tax liabilities, net | 433 | 409 |
Other long-term liabilities | 0 | 128 |
TOTAL LIABILITIES | 3,790 | 4,445 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock - authorized 20,000,000 shares of $0.01 par value; 8,852,246 and 8,835,483 shares issued and outstanding at July 31, 2017 and October 31, 2016, respectively | 89 | 88 |
Additional paid-in capital | 19,540 | 19,379 |
Retained earnings | 1,472 | 1,925 |
TOTAL STOCKHOLDERS' EQUITY | 21,101 | 21,392 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 24,891 | $ 25,837 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 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 | 8,852,246 | 8,835,483 |
Common stock, shares outstanding | 8,852,246 | 8,835,483 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Net sales | $ 7,808 | $ 7,640 | $ 22,065 | $ 22,159 |
Cost of sales | 5,592 | 5,513 | 16,038 | 15,657 |
Gross profit | 2,216 | 2,127 | 6,027 | 6,502 |
Operating expenses: | ||||
Engineering | 215 | 217 | 643 | 557 |
Selling and general | 1,817 | 2,577 | 5,493 | 7,261 |
Totals | 2,032 | 2,794 | 6,136 | 7,818 |
Operating income (loss) | 184 | (667) | (109) | (1,316) |
Other income (loss) | 5 | (32) | 23 | (4) |
Income (loss) from continuing operations before provision (benefit) for income taxes | 189 | (699) | (86) | (1,320) |
Provision (benefit) for income taxes | 18 | 45 | (54) | (330) |
Income (loss) from continuing operations | 171 | (744) | (32) | (990) |
Income (loss) from discontinued operations, net of tax | 21 | 147 | 109 | (74) |
Net income (loss) | $ 192 | $ (597) | $ 77 | $ (1,064) |
Earnings (loss) per share - Basic: | ||||
Continuing operations | $ 0.02 | $ (0.08) | $ 0 | $ (0.11) |
Discontinued operations | 0 | 0.01 | 0.01 | (0.01) |
Net income (loss) per share | 0.02 | (0.07) | 0.01 | (0.12) |
Earnings (loss) per share - Diluted: | ||||
Continuing operations | 0.02 | (0.08) | 0 | (0.11) |
Discontinued operations | 0 | 0.01 | 0.01 | (0.01) |
Net income (loss) per share | $ 0.02 | $ (0.07) | $ 0.01 | $ (0.12) |
Weighted average shares outstanding: | ||||
Basic | 8,838,027 | 8,834,747 | 8,835,852 | 8,770,375 |
Diluted | 8,915,794 | 8,834,747 | 8,886,395 | 8,770,375 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
OPERATING ACTIVITIES: | ||
Net income (loss) | $ 77 | $ (1,064) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Bad debt expense | 10 | 17 |
Depreciation and amortization | 649 | 769 |
Stock-based compensation expense | 161 | 156 |
Loss on disposal of fixed assets | 0 | 61 |
Deferred income taxes | 24 | 0 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 274 | (351) |
Inventories | (460) | 115 |
Other current assets | 706 | (797) |
Other long-term assets | 51 | (116) |
Accounts payable | 86 | (320) |
Accrued expenses | (637) | (545) |
Other long-term liabilities | (128) | 0 |
Net cash provided by (used in) operating activities | 813 | (2,075) |
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 | (44) | (368) |
Net cash (used in) provided by investing activities | (44) | 43 |
FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 25 | 48 |
Excess tax provision (benefit) from exercise of stock options | (24) | 159 |
Purchase of treasury stock | 0 | (157) |
Dividends paid | (530) | (964) |
Net cash used in financing activities | (529) | (914) |
Net increase (decrease) in cash and cash equivalents | 240 | (2,946) |
Cash and cash equivalents, beginning of period | 5,258 | 7,595 |
Cash and cash equivalents, end of period | 5,498 | 4,649 |
Supplemental cash flow information - income taxes paid | 31 | 165 |
Noncash investing and financing activities: | ||
Retirement of treasury stock | $ 0 | $ 157 |
Unaudited interim condensed con
Unaudited interim condensed consolidated financial statements | 9 Months Ended |
Jul. 31, 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 of RF Industries, Ltd. and its divisions and three wholly-owned subsidiaries (collectively, hereinafter the “Company”) 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 nine-month periods ended July 31, 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. This ASU affected the Company’s disclosures relating to deferred tax assets and liabilities. The Company has applied this guidance prospectively and it did not have a material impact on its 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. In January 2017, the Financial Accounting Standards Board issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. The FASB eliminated Step 2 from the goodwill impairment test, which required a hypothetical purchase price allocation. Under the amendments in this update, an entity should perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the carrying amount which exceeds the reporting unit’s fair value. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The standard is effective for annual and interim impairment tests performed in periods beginning after December 15, 2019. The Company is currently evaluating the impact the adoption of this new standard will have on its consolidated financial statements. |
Discontinued operations
Discontinued operations | 9 Months Ended |
Jul. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued operations | Note 2 - Discontinued operations For the three and nine months ended July 31, 2017, the Company recognized approximately $ 34,000 162,000 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 was 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 nine months ended July 31, 2017, the Company recognized approximately $0 and $10,000 of income from sale of equipment for the Bioconnect division, respectively, which has been included within discontinued operations. For the three and nine months ended July 31, 2016, the Company recognized approximately $ 129,000 94,000 |
Sale of Aviel Electronics divis
Sale of Aviel Electronics division | 9 Months Ended |
Jul. 31, 2017 | |
Sale of Aviel Electronics Division [Abstract] | |
Sale of Aviel Electronics division | Note 3 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 42,000 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 are reported in income (loss) from continuing operations. |
Inventories and major vendors
Inventories and major vendors | 9 Months Ended |
Jul. 31, 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 $ 792,000 500,000 July 31, 2017 October 31, 2016 Raw materials and supplies $ 2,725 $ 2,642 Work in process 417 279 Finished goods 3,340 3,101 Totals $ 6,482 $ 6,022 Purchases of inventory from one major vendor for the three months ended July 31, 2017 represented 11 10 10 10 |
Other current assets
Other current assets | 9 Months Ended |
Jul. 31, 2017 | |
Other current assets [Abstract] | |
Other current assets | Note 5 - Other current assets July 31, 2017 October 31, 2016 Prepaid taxes $ 218 $ 871 Prepaid expense 351 347 Notes receivable, current portion 83 83 Other 78 135 Totals $ 730 $ 1,436 Long-term portion of notes receivable of $ 42 |
Earnings per share
Earnings per share | 9 Months Ended |
Jul. 31, 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 812,244 1,022,970 1,104,837 1,084,419 Three Months Ended July 31, Nine Months Ended July 31, 2017 2016 2017 2016 Weighted average shares outstanding for basic earnings per share 8,838,027 8,834,747 8,835,852 8,770,375 Add effects of potentially dilutive securities-assumed exercise of stock options 77,767 - 50,543 - Weighted average shares outstanding for diluted earnings per share 8,915,794 8,834,747 8,886,395 8,770,375 |
Stock-based compensation and eq
Stock-based compensation and equity transactions | 9 Months Ended |
Jul. 31, 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. On July 17, 2017, the Company granted 100,000 10,000 10,000 20,000 The weighted average fair value of employee and non-employee directors’ stock options granted by the Company during the nine months ended July 31, 2017 and 2016 was estimated to be $ 1.60 3.36 2017 2016 Risk-free interest rate 1.20 % 0.70 % Dividend yield 5.00 % 2.38 % Expected life of the option 4.31 years 3.0 years Volatility factor 43.3 % 28.7 % Expected volatilities are based on historical volatility of the Company’s stock price and other factors. The Company used the historical method to calculate the expected life of the 2017 and 2016 option grants. The expected life represents the period of time that options granted are expected to be outstanding. The risk-free rate is based on the U.S. Treasury rate with a maturity date corresponding to the options’ expected life. The dividend yield is based upon the historical dividend yield. The Company satisfies the exercise of options by issuing previously unissued common shares. 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. Weighted Average Shares Exercise Price Outstanding at November 1, 2016 1,007,851 $ 4.07 Options granted 434,068 $ 1.60 Options exercised (16,763) $ 1.50 Options canceled or expired (170,653) $ 3.84 Options outstanding at July 31, 2017 1,254,503 $ 3.28 Options exercisable at July 31, 2017 900,419 $ 3.33 Options vested and expected to vest at July 31, 2017 1,253,107 $ 3.28 Weighted average remaining contractual life of options outstanding as of July 31, 2017: 4.32 Weighted average remaining contractual life of options exercisable as of July 31, 2017: 3.31 Weighted average remaining contractual life of options vested and expected to vest as of July 31, 2017: 4.32 Aggregate intrinsic value of options outstanding at July 31, 2017: $ 224,000 Aggregate intrinsic value of options exercisable at July 31, 2017: $ 194,000 Aggregate intrinsic value of options vested and expected to vest at July 31, 2017: $ 224,000 As of July 31, 2017, $ 319,000 5.11 Effective for the fiscal year ending October 31, 2017, non-employee directors receive $ 50,000 30,000 77,339 25,000 0.32 9,863 0.40 Stock option expense During the nine months ended July 31, 2017 and 2016, stock-based compensation expense totaled $ 161 156 62 54 9 26 152 130 |
Concentrations of credit risk
Concentrations of credit risk | 9 Months Ended |
Jul. 31, 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 July 31, 2017, the Company had cash and cash equivalent balances in excess of federally insured limits in the amount of approximately $ 4.6 Two customers accounted for approximately 18 13 15 22 11 16 26 10 |
Segment information
Segment information | 9 Months Ended |
Jul. 31, 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 July 31, 2017, the Company has two segments based upon this evaluation: 1) RF Connector and Cable Assembly and 2) Custom Cabling Manufacturing and Assembly based. 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. The following table presents the sales of the Company by geographic area for the three and nine months ended July 31, 2017 and 2016 (in thousands): Three Months Ended July 31, Nine Months Ended July 31, 2017 2016 2017 2016 United States $ 7,603 $ 7,441 $ 21,557 $ 21,536 Foreign countries: Canada 180 90 356 236 Israel - 1 - 63 Mexico - 85 77 234 All other 25 23 75 90 205 199 508 623 Totals $ 7,808 $ 7,640 $ 22,065 $ 22,159 Net sales, income (loss) from continuing operations before provision (benefit) for income taxes and other related segment information for the three months ended July 31, 2017 and 2016 are as follows (in thousands): RF Connector Custom Cabling and Manufacturing and Cable Assembly Assembly Corporate Total 2017 Net sales $ 2,964 $ 4,844 $ - $ 7,808 Income from continuing operations before benefit for income taxes 153 31 5 189 Depreciation and amortization 43 172 - 215 Cable Assembly Assembly Corporate Total 2016 Net sales $ 2,576 $ 5,064 $ - $ 7,640 Loss from continuing operations before benefit for income taxes (541) (126) (32) (699) Depreciation and amortization 49 192 - 241 Net sales, income (loss) from continuing operations before provision (benefit) for income taxes and other related segment information for the nine months ended July 31, 2017 and 2016 are as follows (in thousands): RF Connector Custom Cabling and Manufacturing and Cable Assembly Assembly Corporate Total 2017 Net sales $ 8,106 $ 13,959 $ - $ 22,065 Income (loss) from continuing operations before provision (benefit) for income taxes 236 (345) 23 (86) Depreciation and amortization 131 518 - 649 Cable Assembly Assembly Corporate Total 2016 Net sales $ 6,611 $ 15,548 $ - $ 22,159 Income (loss) from continuing operations before provision (benefit) for income taxes (1,243) (111) 34 (1,320) Depreciation and amortization 146 623 - 769 |
Income tax provision
Income tax provision | 9 Months Ended |
Jul. 31, 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 10 (6) 63 25 The Company recorded income from discontinued operations, net of tax, as disclosed in Note 2. The total amount of unrecognized tax benefits was $ 0 The total balance of accrued interest and penalties related to uncertain tax positions was $ 0 |
Intangible assets
Intangible assets | 9 Months Ended |
Jul. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Note 11 - Intangible assets Intangible assets consist of the following (in thousands): July 31, 2017 October 31, 2016 Amortizable intangible assets: Non-compete agreements (estimated lives 3 - 5 years) $ 310 $ 310 Accumulated amortization (301) (273) 9 37 Customer relationships (estimated lives 7 - 15 years) 5,099 5,099 Accumulated amortization (2,051) (1,644) 3,048 3,455 Patents (estimated life 14 years) 142 142 Accumulated amortization (22) (15) 120 127 Totals $ 3,177 $ 3,619 Non-amortizable intangible assets: Trademarks $ 1,237 $ 1,237 |
Accrued expenses
Accrued expenses | 9 Months Ended |
Jul. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Note 12 - Accrued expenses Accrued expenses consist of the following (in thousands): July 31, 2017 October 31, 2016 Wages payable $ 743 $ 941 Accrued receipts 532 578 Earn-out liability 432 707 Other current liabilities 426 544 Totals $ 2,133 $ 2,770 Accrued receipts represent purchased inventory for which invoices have not been received. |
Former line of credit
Former line of credit | 9 Months Ended |
Jul. 31, 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 | 9 Months Ended |
Jul. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 14 - Commitments On June 5, 2017, the Company entered into a fifth amendment to its lease for its facility in San Diego, California. Prior to the amendment, the Company had intended to surrender approximately 2,321 1,940 21,908 July 31, 2022 2,693 On June 9, 2017, the Cables Unlimited division entered into an amendment to its lease with K & K Unlimited, as landlord, under which Cables Unlimited leases its 12,000 square foot manufacturing facility in Yaphank, New York. Under the amendment, the parties agreed that the term of the lease shall be extended one year to June 30, 2018. Cables Unlimited’s monthly rent expense under the amended lease remained at $13,000 per month, plus payments of all utilities, janitorial expenses, routine maintenance costs and costs of insurance for Cables Unlimited’s business operations and equipment. The landlord is a company controlled by Darren Clark, the former owner and current President of Cables Unlimited. On June 25, 2017, the Comnet Telecom division entered into an amendment to its lease for approximately 15,000 6,563 October 31, 2017 8,542 On July 25, 2017, the Rel-Tech Electronic division entered into a lease for approximately 13,750 8,307 September 1, 2017 8,707 |
Cash dividend and declared divi
Cash dividend and declared dividends | 9 Months Ended |
Jul. 31, 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 0.06 530,000 0.11 964,000 |
Subsequent events
Subsequent events | 9 Months Ended |
Jul. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 16 - Subsequent events At its September 8, 2017 meeting, the Board of Directors of the Company declared a quarterly cash dividend of $ 0.02 September 30, 2017 |
Inventories and major vendors (
Inventories and major vendors (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following (in thousands): July 31, 2017 October 31, 2016 Raw materials and supplies $ 2,725 $ 2,642 Work in process 417 279 Finished goods 3,340 3,101 Totals $ 6,482 $ 6,022 |
Other current assets (Tables)
Other current assets (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Other current assets [Abstract] | |
Schedule of other current assets | Other current assets consist of the following (in thousands): July 31, 2017 October 31, 2016 Prepaid taxes $ 218 $ 871 Prepaid expense 351 347 Notes receivable, current portion 83 83 Other 78 135 Totals $ 730 $ 1,436 |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Jul. 31, 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 July 31, Nine Months Ended July 31, 2017 2016 2017 2016 Weighted average shares outstanding for basic earnings per share 8,838,027 8,834,747 8,835,852 8,770,375 Add effects of potentially dilutive securities-assumed exercise of stock options 77,767 - 50,543 - Weighted average shares outstanding for diluted earnings per share 8,915,794 8,834,747 8,886,395 8,770,375 |
Stock-based compensation and 25
Stock-based compensation and equity transactions (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Computation of Weighted Average Fair Value of Employee Stock Options using Black-Scholes Option Pricing Model Assumptions | Black-Scholes option pricing model with the following assumptions: 2017 2016 Risk-free interest rate 1.20 % 0.70 % Dividend yield 5.00 % 2.38 % Expected life of the option 4.31 years 3.0 years Volatility factor 43.3 % 28.7 % |
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 July 31, 2017 and the changes in options outstanding during the nine 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 434,068 $ 1.60 Options exercised (16,763) $ 1.50 Options canceled or expired (170,653) $ 3.84 Options outstanding at July 31, 2017 1,254,503 $ 3.28 Options exercisable at July 31, 2017 900,419 $ 3.33 Options vested and expected to vest at July 31, 2017 1,253,107 $ 3.28 |
Segment information (Tables)
Segment information (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Segment Reporting [Abstract] | |
Sales by Geographic Area | The following table presents the sales of the Company by geographic area for the three and nine months ended July 31, 2017 and 2016 (in thousands): Three Months Ended July 31, Nine Months Ended July 31, 2017 2016 2017 2016 United States $ 7,603 $ 7,441 $ 21,557 $ 21,536 Foreign countries: Canada 180 90 356 236 Israel - 1 - 63 Mexico - 85 77 234 All other 25 23 75 90 205 199 508 623 Totals $ 7,808 $ 7,640 $ 22,065 $ 22,159 |
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 July 31, 2017 and 2016 are as follows (in thousands): RF Connector Custom Cabling and Manufacturing and Cable Assembly Assembly Corporate Total 2017 Net sales $ 2,964 $ 4,844 $ - $ 7,808 Income from continuing operations before benefit for income taxes 153 31 5 189 Depreciation and amortization 43 172 - 215 Cable Assembly Assembly Corporate Total 2016 Net sales $ 2,576 $ 5,064 $ - $ 7,640 Loss from continuing operations before benefit for income taxes (541) (126) (32) (699) Depreciation and amortization 49 192 - 241 Net sales, income (loss) from continuing operations before provision (benefit) for income taxes and other related segment information for the nine months ended July 31, 2017 and 2016 are as follows (in thousands): RF Connector Custom Cabling and Manufacturing and Cable Assembly Assembly Corporate Total 2017 Net sales $ 8,106 $ 13,959 $ - $ 22,065 Income (loss) from continuing operations before provision (benefit) for income taxes 236 (345) 23 (86) Depreciation and amortization 131 518 - 649 Cable Assembly Assembly Corporate Total 2016 Net sales $ 6,611 $ 15,548 $ - $ 22,159 Income (loss) from continuing operations before provision (benefit) for income taxes (1,243) (111) 34 (1,320) Depreciation and amortization 146 623 - 769 |
Intangible assets (Tables)
Intangible assets (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | Intangible assets consist of the following (in thousands): July 31, 2017 October 31, 2016 Amortizable intangible assets: Non-compete agreements (estimated lives 3 - 5 years) $ 310 $ 310 Accumulated amortization (301) (273) 9 37 Customer relationships (estimated lives 7 - 15 years) 5,099 5,099 Accumulated amortization (2,051) (1,644) 3,048 3,455 Patents (estimated life 14 years) 142 142 Accumulated amortization (22) (15) 120 127 Totals $ 3,177 $ 3,619 Non-amortizable intangible assets: Trademarks $ 1,237 $ 1,237 |
Accrued expenses (Tables)
Accrued expenses (Tables) | 9 Months Ended |
Jul. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued expenses | Accrued expenses consist of the following (in thousands): July 31, 2017 October 31, 2016 Wages payable $ 743 $ 941 Accrued receipts 532 578 Earn-out liability 432 707 Other current liabilities 426 544 Totals $ 2,133 $ 2,770 |
Discontinued operations - Addit
Discontinued operations - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 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 | $ 21,000 | $ 147,000 | $ 109,000 | $ (74,000) |
Radio Mobile, Inc [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Royalty revenue | 34,000 | 162,000 | ||
RF Neulink [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Royalty revenue | 19,000 | 20,000 | ||
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 | $ 0 | $ 129,000 | $ 10,000 | $ 94,000 |
Sale of Aviel Electronics div30
Sale of Aviel Electronics division - Additional Information (Detail) - USD ($) | 1 Months Ended | 9 Months Ended | |
Dec. 22, 2015 | Jul. 31, 2017 | Jul. 31, 2016 | |
Gain (Loss) on Disposition of Assets, Total | $ 0 | $ (61,000) | |
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 | $ 42,000 | ||
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 | Jul. 31, 2017 | Oct. 31, 2016 |
Inventory [Line Items] | ||
Raw materials and supplies | $ 2,725 | $ 2,642 |
Work in process | 417 | 279 |
Finished goods | 3,340 | 3,101 |
Totals | $ 6,482 | $ 6,022 |
Inventories and major vendors32
Inventories and major vendors - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Oct. 31, 2016 | |
Inventory [Line Items] | |||||
Inventory Valuation Reserves | $ 792,000 | $ 792,000 | $ 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 | 11.00% | 10.00% |
Other current assets (Detail)
Other current assets (Detail) - USD ($) $ in Thousands | Jul. 31, 2017 | Oct. 31, 2016 |
Prepaid taxes | $ 218 | $ 871 |
Prepaid expense | 351 | 347 |
Notes receivable, current portion | 83 | 83 |
Other | 78 | 135 |
Totals | $ 730 | $ 1,436 |
Other current assets - Addition
Other current assets - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Increase (Decrease) In Other Noncurrent Assets | $ (51) | $ 116 |
Notes Receivable [Member] | ||
Increase (Decrease) In Other Noncurrent Assets | $ 42 |
Earnings per share - Computatio
Earnings per share - Computation of Basic and Diluted Weighted Average Shares Outstanding (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Denominators: | ||||
Weighted average shares outstanding for basic earnings per share | 8,838,027 | 8,834,747 | 8,835,852 | 8,770,375 |
Add effects of potentially dilutive securities-assumed exercise of stock options | 77,767 | 0 | 50,543 | 0 |
Weighted average shares outstanding for diluted earnings per share | 8,915,794 | 8,834,747 | 8,886,395 | 8,770,375 |
Earnings per share - Additional
Earnings per share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 812,244 | 1,022,970 | 1,104,837 | 1,084,419 |
Summary of fair value of employ
Summary of fair value of employee and non-employee directors’ stock options (Detail) | 9 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Risk-free interest rate | 1.20% | 0.70% |
Dividend yield | 5.00% | 2.38% |
Expected life of the option | 4 years 3 months 22 days | 3 years |
Volatility factor | 43.30% | 28.70% |
Summary of status of options gr
Summary of status of options granted under stock option plans and changes in options outstanding (Detail) - Stock Option | 9 Months Ended |
Jul. 31, 2017$ / sharesshares | |
Shares | |
Options Outstanding at November 1, 2016 | shares | 1,007,851 |
Options granted | shares | 434,068 |
Options exercised | shares | (16,763) |
Options canceled or expired | shares | (170,653) |
Options outstanding at July 31, 2017 | shares | 1,254,503 |
Options exercisable at July 31, 2017 | shares | 900,419 |
Options vested and expected to vest at July 31, 2017 | shares | 1,253,107 |
Weighted Average Exercise Price | |
Options Outstanding at November 1, 2016 | $ / shares | $ 4.07 |
Options granted | $ / shares | 1.6 |
Options exercised | $ / shares | 1.50 |
Options canceled or expired | $ / shares | 3.84 |
Options outstanding at July 31, 2017 | $ / shares | 3.28 |
Options exercisable at July 31, 2017 | $ / shares | 3.33 |
Options vested and expected to vest at July 31, 2017 | $ / shares | $ 3.28 |
Stock-based compensation and 39
Stock-based compensation and equity transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jul. 17, 2017 | Jul. 31, 2017 | Jan. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 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 3 months 25 days | |||||||
Weighted average remaining contractual life of options exercisable | 3 years 3 months 22 days | |||||||
Weighted average life of options vested and expected to vest | 4 years 3 months 25 days | |||||||
Aggregate intrinsic value of options outstanding | $ 224,000 | $ 224,000 | ||||||
Aggregate intrinsic value of options exercisable | 194,000 | 194,000 | ||||||
Aggregate intrinsic value of options vested and expected to vest | 224,000 | 224,000 | ||||||
Non-vested stock-based arrangements yet to be recognized | 319,000 | $ 319,000 | ||||||
Stock based arrangements yet to be recognized, weighted average period expected to be recognized | 5 years 1 month 10 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 | $ 62,000 | $ 54,000 | $ 161,000 | $ 156,000 | ||||
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 | |||||||
Mr. Garland [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Fair value of stock option | $ 0.40 | $ 0.40 | ||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 9,863 | |||||||
Incentive stock options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation arrangement by share-based payment award, options, grants in period, gross | 100,000 | 10,000 | 20,000 | 10,000 | 20,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 10,000 | 10,000 | ||||||
Employee And Non-Employee Directors [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Fair value of stock option | $ 1.60 | $ 3.36 | $ 1.60 | $ 3.36 | ||||
Cost of Sales | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock based compensation expense | $ 9,000 | $ 26,000 | ||||||
Selling, General and Administrative Expenses | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Stock based compensation expense | $ 152,000 | $ 130,000 |
Concentrations of credit risk -
Concentrations of credit risk - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Concentration Risk [Line Items] | ||||
Cash, FDIC insured amount | $ 4.6 | $ 4.6 | ||
Sales Revenue, Goods, Net | Customer One [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 22.00% | 16.00% | 18.00% | 15.00% |
Sales Revenue, Goods, Net | Customer Two [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 11.00% | 13.00% | ||
Accounts Receivable | Customer One [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 26.00% | |||
Accounts Receivable | Customer Two [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration risk, percentage | 10.00% |
Sales by geographic area (Detai
Sales by geographic area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Revenue, Major Customer [Line Items] | ||||
Sales revenue | $ 7,808 | $ 7,640 | $ 22,065 | $ 22,159 |
United States | ||||
Revenue, Major Customer [Line Items] | ||||
Sales revenue | 7,603 | 7,441 | 21,557 | 21,536 |
Canada | ||||
Revenue, Major Customer [Line Items] | ||||
Sales revenue | 180 | 90 | 356 | 236 |
Israel | ||||
Revenue, Major Customer [Line Items] | ||||
Sales revenue | 0 | 1 | 0 | 63 |
Mexico | ||||
Revenue, Major Customer [Line Items] | ||||
Sales revenue | 0 | 85 | 77 | 234 |
All other | ||||
Revenue, Major Customer [Line Items] | ||||
Sales revenue | 25 | 23 | 75 | 90 |
Foreign countries, total | ||||
Revenue, Major Customer [Line Items] | ||||
Sales revenue | $ 205 | $ 199 | $ 508 | $ 623 |
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 | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 7,808 | $ 7,640 | $ 22,065 | $ 22,159 |
Income (loss) from continuing operations before provision (benefit) for income taxes | 189 | (699) | (86) | (1,320) |
Depreciation and amortization | 215 | 241 | 649 | 769 |
RF Connector and Cable Assembly | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 2,964 | 2,576 | 8,106 | 6,611 |
Income (loss) from continuing operations before provision (benefit) for income taxes | 153 | (541) | 236 | (1,243) |
Depreciation and amortization | 43 | 49 | 131 | 146 |
Custom Cabling Manufacturing and Assembly | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 4,844 | 5,064 | 13,959 | 15,548 |
Income (loss) from continuing operations before provision (benefit) for income taxes | 31 | (126) | (345) | (111) |
Depreciation and amortization | 172 | 192 | 518 | 623 |
Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Income (loss) from continuing operations before provision (benefit) for income taxes | 5 | (32) | 23 | 34 |
Depreciation and amortization | $ 0 | $ 0 | $ 0 | $ 0 |
Income tax provision - Addition
Income tax provision - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | Oct. 31, 2016 | |
Income Taxes [Line Items] | |||||
Provision for income tax as percentage of income (loss) before income taxes | 10.00% | (6.00%) | 63.00% | 25.00% | |
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 | Jul. 31, 2017 | Oct. 31, 2016 |
Intangible Assets [Line Items] | ||
Amortizable intangible assets, net | $ 3,177 | $ 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 | (301) | (273) |
Amortizable intangible assets, net | 9 | 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 | (2,051) | (1,644) |
Amortizable intangible assets, net | 3,048 | 3,455 |
Patents (estimated life 14 years) | ||
Intangible Assets [Line Items] | ||
Amortizable intangible assets, gross | 142 | 142 |
Amortizable intangible assets, accumulated amortization | (22) | (15) |
Amortizable intangible assets, net | $ 120 | $ 127 |
Intangible assets (Parenthetica
Intangible assets (Parenthetical) (Detail) | 9 Months Ended |
Jul. 31, 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 |
Accrued expenses (Detail)
Accrued expenses (Detail) - USD ($) $ in Thousands | Jul. 31, 2017 | Oct. 31, 2016 |
Schedule of Accrued Liabilities [Line Items] | ||
Wages payable | $ 743 | $ 941 |
Accrued receipts | 532 | 578 |
Earn-out liability | 432 | 707 |
Other current liabilities | 426 | 544 |
Totals | $ 2,133 | $ 2,770 |
Former line of credit - Additio
Former line of credit - Additional Information (Detail) - Letter of Credit - USD ($) $ in Millions | 9 Months Ended | |
Jul. 31, 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) | Jun. 09, 2017USD ($)a | Oct. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jul. 25, 2017USD ($)a | Jun. 30, 2017USD ($) | Jun. 25, 2017USD ($)a | Jan. 31, 2017USD ($)a | Jun. 05, 2017a |
Commitments And Contingencies [Line Items] | ||||||||
Lease Expiration Date | Jul. 31, 2022 | |||||||
Area of Land | a | 2,321 | |||||||
Operating Leases, Rent Expense | $ 2,693 | |||||||
Subsequent Event [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Increase Decrease In Monthly Operating Lease Rent Expenses | $ 8,542 | $ 8,707 | ||||||
Fourth Amendment [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Area of Land | a | 1,940 | |||||||
Fifth Amendment [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Area of Land | a | 21,908 | |||||||
East Brunswick [Member] | Commitments [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Lease Expiration Date | Oct. 31, 2017 | |||||||
Area of Land | a | 15,000 | |||||||
Operating Leases, Rent Expense | $ 6,563 | |||||||
Milford [Member] | Commitments [Member] | ||||||||
Commitments And Contingencies [Line Items] | ||||||||
Lease Expiration Date | Sep. 1, 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 | |||||||
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, 2018 | |||||||
Area of Land | a | 12,000 | |||||||
Operating Leases, Rent Expense | $ 13,000 |
Cash dividend and declared di49
Cash dividend and declared dividends - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2017 | Jul. 31, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | |
Dividends Payable [Line Items] | ||||
Dividends paid, per share | $ 0.02 | $ 0.06 | ||
Dividends paid | $ 177 | $ 177 | $ 530 | $ 964 |
Minimum [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividends paid, per share | $ 0.11 |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) - Subsequent Event | Sep. 08, 2017$ / shares |
Subsequent Event [Line Items] | |
Dividends payable, record date | Sep. 30, 2017 |
Dividends Payable, Amount Per Share | $ 0.02 |