Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Apr. 30, 2022 | Jun. 14, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000740664 | |
Entity Registrant Name | R F INDUSTRIES LTD | |
Amendment Flag | false | |
Current Fiscal Year End Date | --10-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-13301 | |
Entity Incorporation, State or Country Code | NV | |
Entity Tax Identification Number | 88-0168936 | |
Entity Address, Address Line One | 7610 Miramar Road, Building 6000 | |
Entity Address, City or Town | San Diego | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92126 | |
City Area Code | 858 | |
Local Phone Number | 549-6340 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | RFIL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,118,685 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 3,752 | $ 13,053 |
Trade accounts receivable, net of allowance for doubtful accounts of $117 and $87, respectively | 14,706 | 13,523 |
Inventories | 19,168 | 11,179 |
Other current assets | 3,926 | 2,893 |
TOTAL CURRENT ASSETS | 41,552 | 40,648 |
Property and equipment: | ||
Equipment and tooling | 4,326 | 3,986 |
Furniture and office equipment | 1,214 | 1,086 |
Property, Plant and Equipment, Gross, Ending Balance | 5,540 | 5,072 |
Less accumulated depreciation | 4,559 | 4,364 |
Total property and equipment, net | 981 | 708 |
Operating lease right of use assets, net | 1,568 | 1,453 |
Goodwill | 7,457 | 2,467 |
Amortizable intangible assets, net | 14,456 | 2,739 |
Non-amortizable intangible assets | 2,874 | 1,174 |
Deferred tax assets | 325 | 389 |
Other assets | 434 | 70 |
TOTAL ASSETS | 69,647 | 49,648 |
CURRENT LIABILITIES | ||
Accounts payable | 3,008 | 3,504 |
Accrued expenses | 8,097 | 5,034 |
Current portion of operating lease liabilities | 1,073 | 832 |
TOTAL CURRENT LIABILITIES | 14,602 | 9,370 |
Operating lease liabilities | 524 | 675 |
TOTAL LIABILITIES | 29,470 | 10,045 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY | ||
Common stock - authorized 20,000,000 shares of $0.01 par value; 10,118,685 and 10,058,571 shares issued and outstanding at April 30, 2022 and October 31, 2021, respectively | 102 | 101 |
Additional paid-in capital | 24,648 | 24,301 |
Retained earnings | 15,427 | 15,201 |
TOTAL STOCKHOLDERS' EQUITY | 40,177 | 39,603 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 69,647 | 49,648 |
Term Loan [Member] | ||
CURRENT LIABILITIES | ||
Current portion of Term Loan | 2,424 | 0 |
Term Loan, net of debt issuance costs | $ 14,344 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Trade accounts receivable, allowance for doubtful accounts | $ 117 | $ 87 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 10,118,685 | 10,058,571 |
Common stock, shares outstanding (in shares) | 10,118,685 | 10,058,571 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Net sales | $ 21,505,000 | $ 11,057,000 | $ 38,423,000 | $ 21,059,000 |
Cost of sales | 15,425,000 | 6,287,000 | 28,259,000 | 13,683,000 |
Gross profit | 6,080,000 | 4,770,000 | 10,164,000 | 7,376,000 |
Operating expenses: | ||||
Engineering | 857,000 | 202,000 | 1,310,000 | 633,000 |
Selling and general | 4,477,000 | 1,884,000 | 8,470,000 | 4,647,000 |
Total operating expenses | 5,334,000 | 2,086,000 | 9,780,000 | 5,280,000 |
Operating income | 746,000 | 2,684,000 | 384,000 | 2,096,000 |
Other (expense) income | (107,000) | 2,809,000 | (102,000) | 2,800,000 |
Income before provision for income taxes | 639,000 | 5,493,000 | 282,000 | 4,896,000 |
Provision for income taxes | 136,000 | 648,000 | 56,000 | 454,000 |
Consolidated net income | $ 503,000 | $ 4,845,000 | $ 226,000 | $ 4,442,000 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 0.05 | $ 0.49 | $ 0.02 | $ 0.45 |
Diluted (in dollars per share) | $ 0.05 | $ 0.48 | $ 0.02 | $ 0.44 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 10,107,687 | 9,963,291 | 10,087,309 | 9,927,776 |
Diluted (in shares) | 10,243,636 | 10,129,472 | 10,229,704 | 10,096,916 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Oct. 31, 2020 | 9,814,118 | |||
Balance at Oct. 31, 2020 | $ 98 | $ 22,946 | $ 9,020 | $ 32,064 |
Exercise of stock options (in shares) | 156,701 | |||
Exercise of stock options | $ 1 | 484 | 485 | |
Stock-based compensation expense | 260 | 260 | ||
Tax withholding related to vesting of restricted stock (in shares) | (2,279) | |||
Tax withholding related to vesting of restricted stock | (11) | (11) | ||
Consolidated net income | 4,442 | 4,442 | ||
Issuance of restricted stock (in shares) | 36,834 | |||
Issuance of restricted stock | $ 1 | (1) | ||
Forfeiture of restricted stock (in shares) | (4,318) | |||
Balance (in shares) at Apr. 30, 2021 | 10,001,056 | |||
Balance at Apr. 30, 2021 | $ 100 | 23,678 | 13,462 | 37,240 |
Balance (in shares) at Jan. 31, 2021 | 9,962,456 | |||
Balance at Jan. 31, 2021 | $ 100 | 23,441 | 8,617 | 32,158 |
Exercise of stock options (in shares) | 38,512 | |||
Exercise of stock options | 100 | 100 | ||
Stock-based compensation expense | 137 | 137 | ||
Tax withholding related to vesting of restricted stock (in shares) | 88 | |||
Consolidated net income | 4,845 | 4,845 | ||
Balance (in shares) at Apr. 30, 2021 | 10,001,056 | |||
Balance at Apr. 30, 2021 | $ 100 | 23,678 | 13,462 | 37,240 |
Balance (in shares) at Oct. 31, 2021 | 10,058,571 | |||
Balance at Oct. 31, 2021 | $ 101 | 24,301 | 15,201 | 39,603 |
Exercise of stock options (in shares) | 22,927 | |||
Exercise of stock options | $ 1 | 56 | 57 | |
Stock-based compensation expense | 307 | 307 | ||
Tax withholding related to vesting of restricted stock (in shares) | (2,479) | |||
Tax withholding related to vesting of restricted stock | (16) | (16) | ||
Consolidated net income | 226 | 226 | ||
Issuance of restricted stock (in shares) | 39,666 | |||
Balance (in shares) at Apr. 30, 2022 | 10,118,685 | |||
Balance at Apr. 30, 2022 | $ 102 | 24,648 | 15,427 | 40,177 |
Balance (in shares) at Jan. 31, 2022 | 10,096,175 | |||
Balance at Jan. 31, 2022 | $ 101 | 24,427 | 14,924 | $ 39,452 |
Exercise of stock options (in shares) | 22,927 | 22,927 | ||
Exercise of stock options | $ 1 | 56 | $ 57 | |
Stock-based compensation expense | 168 | 168 | ||
Tax withholding related to vesting of restricted stock (in shares) | (417) | |||
Tax withholding related to vesting of restricted stock | (3) | (3) | ||
Consolidated net income | 503 | 503 | ||
Balance (in shares) at Apr. 30, 2022 | 10,118,685 | |||
Balance at Apr. 30, 2022 | $ 102 | $ 24,648 | $ 15,427 | $ 40,177 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
OPERATING ACTIVITIES: | ||
Consolidated net income | $ 226 | $ 4,442 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Bad debt expense | 6 | 0 |
Depreciation and amortization | 618 | 414 |
Stock-based compensation expense | 307 | 260 |
Amortization of debt issuance cost | 1 | 0 |
Tax payments related to shares cancelled for vested restricted stock awards | (16) | (11) |
Deferred income taxes | 64 | 836 |
PPP Loan and interest forgiveness | 0 | (2,807) |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 1,692 | (694) |
Inventories | (3,987) | (987) |
Other current assets | (1,026) | (2,824) |
Right of use assets | (25) | (14) |
Other long-term assets | (363) | 0 |
Accounts payable | (1,579) | (238) |
Accrued expenses | 2,443 | 684 |
Income taxes payable | 0 | (43) |
Other long-term liabilities | 0 | (370) |
Net cash used in operating activities | (1,639) | (1,352) |
INVESTING ACTIVITIES: | ||
Capital expenditures | (268) | (168) |
Purchase of company, net of cash acquired | (24,217) | 0 |
Net cash used in investing activities | (24,485) | (168) |
FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 57 | 485 |
Debt issuance cost | (32) | 0 |
Net cash provided by financing activities | 16,823 | 485 |
Net decrease in cash and cash equivalents | (9,301) | (1,035) |
Cash and cash equivalents, beginning of period | 13,053 | 15,797 |
Cash and cash equivalents, end of period | 3,752 | 14,762 |
Supplemental cash flow information – income taxes paid | 340 | 28 |
Term Loan [Member] | ||
FINANCING ACTIVITIES: | ||
Term Loan payments | (202) | 0 |
Term Loan | $ 17,000 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) $ in Thousands | 6 Months Ended |
Apr. 30, 2022USD ($) | |
Purchase of company, cash acquired | $ 33 |
Note 1 - Unaudited Interim Cond
Note 1 - Unaudited Interim Condensed Consolidated Financial Statements | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Note 1 Unaudited interim condensed consolidated financial statements Our accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10 not not October 31, 2021 31, 2021 10 10 31, 2021 six 30, 2022 not 31, 2022. 10 Principles of consolidation The accompanying unaudited condensed consolidated financial statements for the periods ended on or before January 31, 2022 four three six April 30, 2022 five March 01, 2022. January 31, 2022, January 31, 2022, Risks and uncertainties In March 2020, 19” 19 19 The outbreak impacted our performance for the six 30, 2022. 19 2020 748 12 In March 2021, 2021 20, 31, 2021, 30, 2022, We considered the impact of the COVID- 19 April 30, 2022. no Fair value measurement We measure at fair value certain financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These two Level 1 Level 2 not Level 3 one As of April 30, 2022 October 31, 2021, 5 Recent accounting standards Recently issued accounting pronouncements not In June 2016, 2016 13, December 15, 2019. November 2019, 2019 10, 326 December 15, 2022. Recently issued accounting pronouncements adopted: In January 2017, No. 2017 04, 2 November 1, 2020, 2021, not April 30, 2022 October 31, 2021. In December 2019, 2019 12, 740 November 1, 2021 no |
Note 2 - Business Acquisition
Note 2 - Business Acquisition | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2 Business acquisition On March 1, 2022, 16, 2021, 13 The acquisition was accounted for as an acquisition of a business in accordance with the acquisition method of accounting. The acquired assets and assumed liabilities have been recorded at their estimated fair values. We determined the estimated fair values with the assistance of appraisals or valuations performed by an independent third Closing occurred on March 1, 2022, 1, 2022, one ten 30, 2022, The following table summarizes the components of the purchase price at fair values at March 1, 2022: Cash consideration paid $ 24,250,000 Total consideration transferred $ 24,250,000 The following table summarizes the allocation of the preliminary purchase price at fair value at March 1, 2022: Current assets $ 6,924,000 Property and equipment 198,000 Intangible assets 13,840,000 Goodwill 4,990,000 Non-interest bearing liabilities (1,702,000 ) Net assets acquired at fair value $ 24,250,000 The current purchase price allocation is preliminary. The primary areas of the preliminary purchase price allocations that are not not one The following unaudited pro forma financial information presents the combined operating results of the Company and Microlab as if both acquisitions had occurred as of the beginning of the earliest period presented. Pro forma data is subject to various assumptions and estimates and is presented for informational purposes only. This pro forma data does not not Unaudited pro forma financial information assuming the acquisition of Microlab as of November 1, 2021 Three Months Ended April 30, Six Months Ended April 30, 2022 2021 2022 2021 Revenue $ 22,559 $ 14,869 $ 44,527 $ 27,988 Net income 429 5,146 739 4,666 Earnings per share Basic $ 0.04 $ 0.52 $ 0.07 $ 0.47 Diluted $ 0.04 $ 0.51 $ 0.07 $ 0.46 |
Note 3 - Inventories and Major
Note 3 - Inventories and Major Vendors | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 3 Inventories and major vendors Inventories, consisting of materials, labor and manufacturing overhead, are stated at the lower of cost or net realizable value. Cost has been determined using the weighted average cost method. Inventories consist of the following (in thousands): April 30, 2022 October 31, 2021 Raw materials and supplies $ 12,676 $ 6,422 Work in process 441 381 Finished goods 6,051 4,376 Totals $ 19,168 $ 11,179 For the three April 30, 2022, one one three 30, 2021. six 30, 2022, one 10 six 30, 2021. |
Note 4 - Other Current Assets
Note 4 - Other Current Assets | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Other Current Assets [Text Block] | Note 4 Other current assets Other current assets consist of the following (in thousands): April 30, 2022 October 31, 2021 Employee retention credit ("ERC") $ 1,685 $ 1,774 Prepaid taxes 602 314 Prepaid expense 1,012 439 Other 627 366 Totals $ 3,926 $ 2,893 Pursuant to the CARES Act, eligible employers are able to claim an ERC, which is a refundable tax credit against certain employment taxes. If the employer’s employment tax deposits are not may April 30, 2022, not |
Note 5 - Accrued Expenses
Note 5 - Accrued Expenses | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Noncurrent [Text Block] | Note 5 Accrued expenses Accrued expenses consist of the following (in thousands): April 30, 2022 October 31, 2021 Wages payable $ 2,323 $ 2,607 Accrued receipts 2,752 1,711 Other accrued expenses 3,022 716 Totals $ 8,097 $ 5,034 Accrued receipts represent purchased inventory for which invoices have not The purchase agreement for the Schrofftech acquisition provided for earn-out payments of up to $2,400,000, which were to be earned through October 31, 2021. 31, 2021, 31, 2021. We estimated the fair value of the earn-out liability using an option pricing based approach with a risk-neutral framework using Black Scholes related to Schrofftech calculated at net present value (Level 3 31, 2021, 31, 2021, no 30, 2022. The following table summarizes the changes to the Level 3 six April 30, 2022 2021 April 30, 2022 April 30, 2021 Beginning balance $ - $ 296 Change in value - (296 ) Ending balance $ - $ - The earn-out was revalued quarterly using a present value approach and the resulting decrease was recorded into selling and general expenses. |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 6 Earnings per share Basic earnings per share is computed by dividing net income 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 issuable securities totaling 420,223 and 321,338 shares for the three 30, 2022 2021, six 30, 2022 2021, The following table summarizes the computation of basic and diluted weighted average shares outstanding: Three Months Ended April 30, Six Months Ended April 30, 2022 2021 2022 2021 Weighted average shares outstanding for basic earnings per share 10,107,687 9,963,291 10,087,309 9,927,776 Add effects of potentially dilutive securities-assumed exercise of stock options 135,949 166,181 142,395 169,140 Weighted average shares outstanding for diluted earnings per share 10,243,636 10,129,472 10,229,704 10,096,916 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation and Equity Transactions | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | Note 7 Stock-based compensation and equity transactions On January 12, 2021, one three four one 12, 2022; twelve three ten On January 10, 2022, one three four one 10, 2023; twelve three ten No three six 30, 2022 2021. The weighted average fair value of employee stock options that were granted during the six 30, 2022 2021 Six Months Ended April 30, 2022 2021 Risk-free interest rate 1.23 % 0.39 % Dividend yield 0.00 % 0.00 % Expected life of the option (in years) 7.00 7.00 Volatility factor 53.35 % 51.94 % Expected volatilities are based on historical volatility of our stock price and other factors. We used the historical method to calculate the expected life of the 2022 2021 Company stock option plans Descriptions of our stock option plans are included in Note 9 10 October 31, 2021. April 30, 2022 six Weighted Average Shares Exercise Price Outstanding at November 1, 2021 618,858 $ 5.33 Options granted 106,001 $ 7.11 Options exercised (22,927 ) $ 2.45 Options cancelled - $ - Options outstanding at April 30, 2022 701,932 $ 5.70 Options exercisable at April 30, 2022 354,141 $ 6.18 Options vested and expected to vest at April 30, 2022 700,081 $ 5.70 Weighted average remaining contractual life of options outstanding as of April 30, 2022: Weighted average remaining contractual life of options exercisable as of April 30, 2022: Weighted average remaining contractual life of options vested and expected to vest as of April 30, 2022: Aggregate intrinsic value of options outstanding at April 30, 2022: Aggregate intrinsic value of options exercisable at April 30, 2022: Aggregate intrinsic value of options vested and expected to vest at April 30, 2022: As of April 30, 2022, Under the compensation policies adopted by the Compensation Committee, directors who also are officers and/or employees of the Company do not 2020 2021, not one $25,000 one four 15, 2020 15, 2021 20 2021. On September 8, 2021, 2022 2021 8, 2021, four 8, 2021, 20 8, 2021, Stock option expense During the three 30, 2022 2021, six 30, 2022 2021, |
Note 8 - Concentrations of Cred
Note 8 - Concentrations of Credit Risk | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 8 Concentrations of credit risk Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. We maintain our cash and cash equivalents with high-credit quality financial institutions. At April 30, 2022, Sales from each customer that were 10 Three Months Ended April 30, Six Months Ended April 30, 2022 2021 2022 2021 Wireless provider 24 % * 28 % * Distributor A * 12 % * 14 % Distributor B * 11 % * 11 % For the six 30, 2022, one 11 six 30, 2021. not |
Note 9 - Segment Information
Note 9 - Segment Information | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 9 Segment information We aggregate operating divisions into two 1 2 3 4 5 30, 2022, two The RF Connector segment consisted of two four six Management identifies 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 RF Connector and Microlab divisions constitutes the RF Connector segment, and the Cables Unlimited, Rel-Tech, C Enterprises, and Schrofftech divisions constitute the Custom Cabling segment. As reviewed by our chief operating decision maker, we evaluate the performance of each segment based on income or loss before income taxes. We charge depreciation and amortization directly to each division within the segment. Accounts receivable, inventory, property and equipment, right of use assets, 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. All of our operations are conducted in the United States; however, we derive a portion of our revenue from export sales. We attribute sales to geographic areas based on the location of the customers. The following table presents the sales by geographic area for the three six April 30, 2022 2021 Three Months Ended April 30, Six Months Ended April 30, 2022 2021 2022 2021 United States $ 19,950 $ 10,338 $ 36,366 $ 19,717 Foreign Countries: Canada 663 566 961 1,091 Mexico 53 26 78 26 All Other 839 127 1,018 225 1,555 719 2,057 1,342 Totals $ 21,505 $ 11,057 $ 38,423 $ 21,059 Net sales, income (loss) before provision (benefit) for income taxes and other related segment information for the three April 30, 2022 2021 RF Connector Custom Cabling and Manufacturing and 2022 Cable Assembly Assembly Corporate Total Net sales $ 7,510 $ 13,995 $ - $ 21,505 Income (loss) before provision for income taxes 577 807 (745 ) 639 Depreciation and amortization 293 145 - 438 Total assets 34,398 26,812 8,437 69,647 2021 Net sales $ 3,552 $ 7,505 $ - $ 11,057 Income (loss) before provision for income taxes 1,495 1,189 2,809 5,493 Depreciation and amortization 35 142 - 177 Total assets 7,463 16,835 18,469 42,767 Net sales, income (loss) before provision (benefit) for income taxes and other related segment information for the six April 30, 2022 2021 RF Connector Custom Cabling and Manufacturing and 2022 Cable Assembly Assembly Corporate Total Net sales $ 11,433 $ 26,990 $ - $ 38,423 Income (loss) before benefit from income taxes 633 1,121 (1,472 ) 282 Depreciation and amortization 330 288 - 618 Total assets 34,398 26,812 8,437 69,647 2021 Net sales $ 7,127 $ 13,932 $ - $ 21,059 Income (loss) before benefit from income taxes 1,947 148 2,801 4,896 Depreciation and amortization 70 344 - 414 Total assets 7,463 16,835 18,469 42,767 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10 Income taxes We use 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 we operate, 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. We recorded income tax provisions of $136,000 and $648,000 for the three 30, 2022 2021, three 30, 2022, three 30, 2021. six 30, 2022 2021, six 30, 2022, six 30, 2021. six 30, 2022 six 30, 2021 We had $194,000 and $141,000 of unrecognized tax benefits, inclusive of interest and penalties, as of April 30, 2022 31, 2021, 30, 2022. |
Note 11 - Intangible Assets
Note 11 - Intangible Assets | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 11 Intangible assets Intangible assets consist of the following (in thousands): April 30, 2022 October 31, 2021 Amortizable intangible assets: Non-compete agreement (estimated life 5 $ 423 $ 423 Accumulated amortization (311 ) (289 ) 112 134 Customer relationships (estimated lives 7 15 6,058 5,058 Accumulated amortization (2,877 ) (2,711 ) 3,181 2,347 Backlog (estimated life 1 2 327 287 Accumulated amortization (290 ) (287 ) 37 - Patents (estimated life 10 14 368 368 Accumulated amortization (127 ) (110 ) 241 258 Proprietary Techology (estimated life 10 11,100 - Accumulated amortization (215 ) - 10,885 - Totals $ 14,456 $ 2,739 Non-amortizable intangible assets: Trademarks $ 2,874 $ 1,174 Amortization expense for the six 30, 2022 31, 2022 30, 2022, |
Note 12 - Commitments
Note 12 - Commitments | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | Note 12 Commitments We have operating leases for corporate offices, manufacturing facilities, and certain storage units. Our leases have remaining lease terms of 1 year to 5 years, some of which include options to extend the leases for up to 5 years. A portion of our operating leases are leased from K&K Unlimited, a company controlled by Darren Clark, the former owner and current President of Cables Unlimited, to whom we make rent payments totaling $16,000 per month. We also have other operating leases for certain equipment. The components of our facilities and equipment operating lease expenses for the period ended April 30, 2022 Three Months Ended Six Months Ended April 30, 2022 April 30, 2022 Operating lease cost $ 313 $ 571 Short-term lease cost - 1 Other information related to leases was as follows (in thousands): April 30, 2022 October 31, 2021 Supplemental Cash Flows Information ROU assets obtained in exchange for lease obligations: Operating leases $ 1,568 $ 1,453 Weighted Average Remaining Lease Term Operating leases (in months) 20.83 25.26 Weighted Average Discount Rate Operating leases 3.62 % 3.54 % Future minimum lease payments under non-cancellable leases as of April 30, 2022 Year ending October 31, Operating Leases 2022 (excluding six months ended April 30, 2022) $ 631 2023 755 2024 275 2025 29 2026 15 Thereafter - Total future minimum lease payments 1,705 Less imputed interest (108 ) Total $ 1,597 Reported as of April 30, 2022 Operating Leases Other current liabilities $ 1,073 Operating lease liabilities 524 Finance lease liabilities - Total $ 1,597 As of April 30, 2022, 30, 2022. |
Note 13 - Term loan, Line of cr
Note 13 - Term loan, Line of credit and PPP loans | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 13 Term Loan, Line of credit and PPP loans In February 2022, 1, 2024. 1, 2022. 1, 2027. Borrowings under the Credit Facility are secured by a security interest in certain assets of the Company and contains certain loan covenants. The Credit Facility requires the maintenance of certain financial covenants, including: (i) consolidated debt to EBITDA ratio not 1.00; 1.00; 31, 2022. As of April 30, 2022, not In May 2020, 30, 2021, |
Note 14 - Cash Dividend and Dec
Note 14 - Cash Dividend and Declared Dividends | 6 Months Ended |
Apr. 30, 2022 | |
Notes to Financial Statements | |
Cash Dividend and Declared Dividends [Text Block] | Note 14 Cash dividend and declared dividends We did not three six 30, 2022. three six 20, 2021. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Apr. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The accompanying unaudited condensed consolidated financial statements for the periods ended on or before January 31, 2022 four three six April 30, 2022 five March 01, 2022. January 31, 2022, January 31, 2022, |
Risks and Uncertainties [Policy Text Block] | Risks and uncertainties In March 2020, 19” 19 19 The outbreak impacted our performance for the six 30, 2022. 19 2020 748 12 In March 2021, 2021 20, 31, 2021, 30, 2022, We considered the impact of the COVID- 19 April 30, 2022. no |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurement We measure at fair value certain financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. GAAP specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. These two Level 1 Level 2 not Level 3 one As of April 30, 2022 October 31, 2021, 5 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting standards Recently issued accounting pronouncements not In June 2016, 2016 13, December 15, 2019. November 2019, 2019 10, 326 December 15, 2022. Recently issued accounting pronouncements adopted: In January 2017, No. 2017 04, 2 November 1, 2020, 2021, not April 30, 2022 October 31, 2021. In December 2019, 2019 12, 740 November 1, 2021 no |
Note 2 - Business Acquisition (
Note 2 - Business Acquisition (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended April 30, Six Months Ended April 30, 2022 2021 2022 2021 Revenue $ 22,559 $ 14,869 $ 44,527 $ 27,988 Net income 429 5,146 739 4,666 Earnings per share Basic $ 0.04 $ 0.52 $ 0.07 $ 0.47 Diluted $ 0.04 $ 0.51 $ 0.07 $ 0.46 |
Microlab/FXR LLC [Member] | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash consideration paid $ 24,250,000 Total consideration transferred $ 24,250,000 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Current assets $ 6,924,000 Property and equipment 198,000 Intangible assets 13,840,000 Goodwill 4,990,000 Non-interest bearing liabilities (1,702,000 ) Net assets acquired at fair value $ 24,250,000 |
Note 3 - Inventories and Majo_2
Note 3 - Inventories and Major Vendors (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | April 30, 2022 October 31, 2021 Raw materials and supplies $ 12,676 $ 6,422 Work in process 441 381 Finished goods 6,051 4,376 Totals $ 19,168 $ 11,179 |
Note 4 - Other Current Assets (
Note 4 - Other Current Assets (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Other Current Assets [Table Text Block] | April 30, 2022 October 31, 2021 Employee retention credit ("ERC") $ 1,685 $ 1,774 Prepaid taxes 602 314 Prepaid expense 1,012 439 Other 627 366 Totals $ 3,926 $ 2,893 |
Note 5 - Accrued Expenses (Tabl
Note 5 - Accrued Expenses (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | April 30, 2022 October 31, 2021 Wages payable $ 2,323 $ 2,607 Accrued receipts 2,752 1,711 Other accrued expenses 3,022 716 Totals $ 8,097 $ 5,034 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | April 30, 2022 April 30, 2021 Beginning balance $ - $ 296 Change in value - (296 ) Ending balance $ - $ - |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended April 30, Six Months Ended April 30, 2022 2021 2022 2021 Weighted average shares outstanding for basic earnings per share 10,107,687 9,963,291 10,087,309 9,927,776 Add effects of potentially dilutive securities-assumed exercise of stock options 135,949 166,181 142,395 169,140 Weighted average shares outstanding for diluted earnings per share 10,243,636 10,129,472 10,229,704 10,096,916 |
Note 7 - Stock-based Compensa_2
Note 7 - Stock-based Compensation and Equity Transactions (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended April 30, 2022 2021 Risk-free interest rate 1.23 % 0.39 % Dividend yield 0.00 % 0.00 % Expected life of the option (in years) 7.00 7.00 Volatility factor 53.35 % 51.94 % |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Shares Exercise Price Outstanding at November 1, 2021 618,858 $ 5.33 Options granted 106,001 $ 7.11 Options exercised (22,927 ) $ 2.45 Options cancelled - $ - Options outstanding at April 30, 2022 701,932 $ 5.70 Options exercisable at April 30, 2022 354,141 $ 6.18 Options vested and expected to vest at April 30, 2022 700,081 $ 5.70 |
Note 8 - Concentrations of Cr_2
Note 8 - Concentrations of Credit Risk (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended April 30, Six Months Ended April 30, 2022 2021 2022 2021 Wireless provider 24 % * 28 % * Distributor A * 12 % * 14 % Distributor B * 11 % * 11 % |
Note 9 - Segment Information (T
Note 9 - Segment Information (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended April 30, Six Months Ended April 30, 2022 2021 2022 2021 United States $ 19,950 $ 10,338 $ 36,366 $ 19,717 Foreign Countries: Canada 663 566 961 1,091 Mexico 53 26 78 26 All Other 839 127 1,018 225 1,555 719 2,057 1,342 Totals $ 21,505 $ 11,057 $ 38,423 $ 21,059 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | RF Connector Custom Cabling and Manufacturing and 2022 Cable Assembly Assembly Corporate Total Net sales $ 7,510 $ 13,995 $ - $ 21,505 Income (loss) before provision for income taxes 577 807 (745 ) 639 Depreciation and amortization 293 145 - 438 Total assets 34,398 26,812 8,437 69,647 2021 Net sales $ 3,552 $ 7,505 $ - $ 11,057 Income (loss) before provision for income taxes 1,495 1,189 2,809 5,493 Depreciation and amortization 35 142 - 177 Total assets 7,463 16,835 18,469 42,767 RF Connector Custom Cabling and Manufacturing and 2022 Cable Assembly Assembly Corporate Total Net sales $ 11,433 $ 26,990 $ - $ 38,423 Income (loss) before benefit from income taxes 633 1,121 (1,472 ) 282 Depreciation and amortization 330 288 - 618 Total assets 34,398 26,812 8,437 69,647 2021 Net sales $ 7,127 $ 13,932 $ - $ 21,059 Income (loss) before benefit from income taxes 1,947 148 2,801 4,896 Depreciation and amortization 70 344 - 414 Total assets 7,463 16,835 18,469 42,767 |
Note 11 - Intangible Assets (Ta
Note 11 - Intangible Assets (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Schedule of Finite-lived and Indefinite-lived Intangible Assets [Table Text Block] | April 30, 2022 October 31, 2021 Amortizable intangible assets: Non-compete agreement (estimated life 5 $ 423 $ 423 Accumulated amortization (311 ) (289 ) 112 134 Customer relationships (estimated lives 7 15 6,058 5,058 Accumulated amortization (2,877 ) (2,711 ) 3,181 2,347 Backlog (estimated life 1 2 327 287 Accumulated amortization (290 ) (287 ) 37 - Patents (estimated life 10 14 368 368 Accumulated amortization (127 ) (110 ) 241 258 Proprietary Techology (estimated life 10 11,100 - Accumulated amortization (215 ) - 10,885 - Totals $ 14,456 $ 2,739 Non-amortizable intangible assets: Trademarks $ 2,874 $ 1,174 |
Note 12 - Commitments (Tables)
Note 12 - Commitments (Tables) | 6 Months Ended |
Apr. 30, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Six Months Ended April 30, 2022 April 30, 2022 Operating lease cost $ 313 $ 571 Short-term lease cost - 1 |
Lessee, Leases, Other Information [Table Text Block] | April 30, 2022 October 31, 2021 Supplemental Cash Flows Information ROU assets obtained in exchange for lease obligations: Operating leases $ 1,568 $ 1,453 Weighted Average Remaining Lease Term Operating leases (in months) 20.83 25.26 Weighted Average Discount Rate Operating leases 3.62 % 3.54 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year ending October 31, Operating Leases 2022 (excluding six months ended April 30, 2022) $ 631 2023 755 2024 275 2025 29 2026 15 Thereafter - Total future minimum lease payments 1,705 Less imputed interest (108 ) Total $ 1,597 Reported as of April 30, 2022 Operating Leases Other current liabilities $ 1,073 Operating lease liabilities 524 Finance lease liabilities - Total $ 1,597 |
Note 1 - Unaudited Interim Co_2
Note 1 - Unaudited Interim Condensed Consolidated Financial Statements (Details Textual) - USD ($) $ in Thousands | May 01, 2020 | May 31, 2020 | Apr. 30, 2022 | Oct. 31, 2021 |
Employee Retention Tax Credit Receivable | $ 1,685 | $ 1,774 | ||
Other Current Assets [Member] | ||||
Employee Retention Tax Credit Receivable | $ 1,700 | |||
Paycheck Protection Program CARES Act [Member] | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 2,800 | $ 2,800 |
Note 2 - Business Acquisition_2
Note 2 - Business Acquisition (Details Textual) - USD ($) | Mar. 01, 2022 | Apr. 30, 2022 | Feb. 28, 2022 | Feb. 25, 2022 |
Bank of America, N.A. [Member] | ||||
Debt Instrument, Face Amount | $ 17,000,000 | $ 17,000,000 | ||
Microlab/FXR LLC [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Business Combination, Consideration Transferred, Total | $ 24,250,000 | |||
Microlab/FXR LLC [Member] | Selling, General and Administrative Expenses [Member] | ||||
Business Combination, Acquisition Related Costs | $ 1,200,000 | |||
Microlab/FXR LLC [Member] | Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 1 year | |||
Microlab/FXR LLC [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years |
Note 2 - Business Acquisition -
Note 2 - Business Acquisition - Components of the Purchase Price (Details) - Microlab/FXR LLC [Member] | Mar. 01, 2022USD ($) |
Cash consideration paid | $ 24,250,000 |
Total consideration transferred | $ 24,250,000 |
Note 2 - Business Acquisition_3
Note 2 - Business Acquisition - Allocation of Estimated Purchase Price (Details) - USD ($) | Mar. 01, 2022 | Apr. 30, 2022 | Oct. 31, 2021 |
Goodwill | $ 7,457,000 | $ 2,467,000 | |
Microlab/FXR LLC [Member] | |||
Current assets | $ 6,924,000 | ||
Property and equipment | 198,000 | ||
Intangible assets | 13,840,000 | ||
Goodwill | 4,990,000 | ||
Non-interest bearing liabilities | (1,702,000) | ||
Net assets acquired at fair value | $ 24,250,000 |
Note 2 - Business Acquisition_4
Note 2 - Business Acquisition - Unaudited Pro Forma Financial Information (Details) - Microlab/FXR LLC [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Revenue | $ 22,559 | $ 14,869 | $ 44,527 | $ 27,988 |
Net income | $ 429 | $ 5,146 | $ 739 | $ 4,666 |
Basic (in dollars per share) | $ 0.04 | $ 0.52 | $ 0.07 | $ 0.47 |
Diluted (in dollars per share) | $ 0.04 | $ 0.51 | $ 0.07 | $ 0.46 |
Note 3 - Inventories and Majo_3
Note 3 - Inventories and Major Vendors (Details Textual) - Supplier Concentration Risk [Member] - Inventory Purchases [Member] | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Number of Major Vendors | 1 | 1 | 1 | 0 |
One Vendor [Member] | ||||
Concentration Risk, Percentage | 35.00% | 15.00% | 32.00% |
Note 3 - Inventories and Majo_4
Note 3 - Inventories and Major Vendors - Inventories (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Raw materials and supplies | $ 12,676 | $ 6,422 |
Work in process | 441 | 381 |
Finished goods | 6,051 | 4,376 |
Totals | $ 19,168 | $ 11,179 |
Note 4 - Other Current Assets -
Note 4 - Other Current Assets - Other Current Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Employee retention credit ("ERC") | $ 1,685 | $ 1,774 |
Prepaid taxes | 602 | 314 |
Prepaid expense | 1,012 | 439 |
Other | 627 | 366 |
Totals | $ 3,926 | $ 2,893 |
Note 5 - Accrued Expenses (Deta
Note 5 - Accrued Expenses (Details Textual) | Nov. 04, 2019USD ($) |
Schrofftech [Member] | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 2,400,000 |
Note 5 - Accrued Expenses and O
Note 5 - Accrued Expenses and Other Current Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Wages payable | $ 2,323 | $ 2,607 |
Accrued receipts | 2,752 | 1,711 |
Other accrued expenses | 3,022 | 716 |
Totals | $ 8,097 | $ 5,034 |
Note 5 - Accrued Expenses and_2
Note 5 - Accrued Expenses and Other Current Liabilities - Level 3 Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Beginning balance | $ 0 | $ 296 |
Change in value | 0 | (296) |
Ending balance | $ 0 | $ 0 |
Note 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 420,223 | 321,338 | 459,889 | 331,338 |
Note 6 - Earnings Per Share - B
Note 6 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Weighted average shares outstanding for basic earnings per share (in shares) | 10,107,687 | 9,963,291 | 10,087,309 | 9,927,776 |
Add effects of potentially dilutive securities-assumed exercise of stock options (in shares) | 135,949 | 166,181 | 142,395 | 169,140 |
Weighted average shares outstanding for diluted earnings per share (in shares) | 10,243,636 | 10,129,472 | 10,229,704 | 10,096,916 |
Note 7 - Stock-based Compensa_3
Note 7 - Stock-based Compensation and Equity Transactions (Details Textual) - USD ($) | Jan. 10, 2022 | Sep. 08, 2021 | Jan. 12, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Sep. 15, 2020 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 6 years 7 months 13 days | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year) | 5 years 10 months 2 days | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term (Year) | 6 years 7 months 13 days | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,001,000 | $ 1,001,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value | 427,000 | 427,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 993,000 | 993,000 | ||||||
Selling, General and Administrative Expenses [Member] | ||||||||
Share-Based Payment Arrangement, Expense | 168,000 | $ 137,000 | 307,000 | $ 260,000 | ||||
Share-Based Payment Arrangement, Nonemployee [Member] | ||||||||
Nonemployee Director, Annual Compensation | $ 50,000 | $ 50,000 | ||||||
Restricted Stock [Member] | ||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 523,000 | $ 523,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 9 days | |||||||
Incentive Stock Options [Member] | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 3.84 | $ 2.46 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 779,000 | $ 779,000 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 6 months 7 days | |||||||
One Manager and Three Officers [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 39,666 | 33,500 | ||||||
One Manager and Three Officers [Member] | Incentive Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 106,001 | 67,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||
One Manager and Three Officers [Member] | Restricted Stock and Incentive Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | 4 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||
One Manager and Three Officers [Member] | Restricted Stock and Incentive Stock Options [Member] | Vesting on January 12, 2022 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||
One Manager and Three Officers [Member] | Restricted Stock and Incentive Stock Options [Member] | Vesting on January 10, 2023 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||
Non-employee Directors and Chairperson of Committee on Board [Member] | ||||||||
Annual Payable, Additional Compensation | $ 15,000 | |||||||
Share Price, 20 Day Average (in dollars per share) | $ 8.21 | $ 4.34 | ||||||
Non-employee Directors and Chairman of the Board [Member] | ||||||||
Annual Payable, Additional Compensation | $ 25,000 | |||||||
Non-employee Directors and Audit Committee Chair [Member] | ||||||||
Annual Payable, Additional Compensation | 25,000 | |||||||
Non-employee Directors and Compensation Committee Chair [Member] | ||||||||
Annual Payable, Additional Compensation | 20,000 | |||||||
Non-employee Directors and Strategic Planning and Capital Allocation Chair [Member] | ||||||||
Annual Payable, Additional Compensation | 20,000 | |||||||
Non-employee Directors and Nominating & Governance Chair [Member] | ||||||||
Annual Payable, Additional Compensation | $ 10,000 | |||||||
Mr. Holdsworth [Member] | Restricted Stock [Member] | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 5,785 | |||||||
Ms. Cefali [Member] | Restricted Stock [Member] | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 4,871 | |||||||
Mr. Garland [Member] | Restricted Stock [Member] | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 4,567 | |||||||
Mr. Fink [Member] | Restricted Stock [Member] | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in shares) | 3,044 |
Note 7 - Stock-based Compensa_4
Note 7 - Stock-based Compensation and Equity Transactions - Assumptions (Details) | 6 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Risk-free interest rate | 1.23% | 0.39% |
Dividend yield | 0.00% | 0.00% |
Expected life of the option (in years) (Year) | 7 years | 7 years |
Volatility factor | 53.35% | 51.94% |
Note 7 - Stock-based Compensa_5
Note 7 - Stock-based Compensation and Equity Transactions - Options Outstanding (Details) - $ / shares | 3 Months Ended |
Apr. 30, 2022 | |
Outstanding at November 1, 2021 (in shares) | 618,858 |
Outstanding at November 1, 2021 (in dollars per share) | $ 5.33 |
Options granted (in shares) | 106,001 |
Options granted (in dollars per share) | $ 7.11 |
Options exercised (in shares) | (22,927) |
Options exercised (in dollars per share) | $ 2.45 |
Options outstanding at April 30, 2022 (in shares) | 701,932 |
Options outstanding at April 30, 2022 (in dollars per share) | $ 5.70 |
Options exercisable at April 30, 2022 (in shares) | 354,141 |
Options exercisable at April 30, 2022 (in dollars per share) | $ 6.18 |
Options vested and expected to vest at April 30, 2022 (in shares) | 700,081 |
Options vested and expected to vest at April 30, 2022 (in dollars per share) | $ 5.70 |
Note 8 - Concentrations of Cr_3
Note 8 - Concentrations of Credit Risk (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Apr. 30, 2022 | Apr. 30, 2021 | |
Cash, Uninsured Amount | $ 2.9 | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Wireless Carrier Customer [Member] | ||
Concentration Risk, Percentage | 28.00% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Distributor One [Member] | ||
Concentration Risk, Percentage | 14.00% | |
Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | Distributor Two [Member] | ||
Concentration Risk, Percentage | 11.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Wireless Carrier Customer [Member] | ||
Concentration Risk, Percentage | 21.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor One [Member] | ||
Concentration Risk, Percentage | 13.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributor Two [Member] | ||
Concentration Risk, Percentage | 14.00% |
Note 8 - Concentrations of Cr_4
Note 8 - Concentrations of Credit Risk - Sales (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Wireless Provider [Member] | ||||
Concentration Risk, Percentage | 24.00% | 28.00% | ||
Distributor A [Member] | ||||
Concentration Risk, Percentage | 12.00% | 14.00% | ||
Distributor B [Member] | ||||
Concentration Risk, Percentage | 11.00% | 11.00% |
Note 9 - Segment Information (D
Note 9 - Segment Information (Details Textual) | 6 Months Ended |
Apr. 30, 2022 | |
Number of Reportable Segments | 2 |
Note 9 - Segment Information -
Note 9 - Segment Information - Sales by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Net sales | $ 21,505 | $ 11,057 | $ 38,423 | $ 21,059 |
UNITED STATES | ||||
Net sales | 19,950 | 10,338 | 36,366 | 19,717 |
CANADA | ||||
Net sales | 663 | 566 | 961 | 1,091 |
MEXICO | ||||
Net sales | 53 | 26 | 78 | 26 |
All Other Foreign Countries [Member] | ||||
Net sales | 839 | 127 | 1,018 | 225 |
Non-US [Member] | ||||
Net sales | $ 1,555 | $ 719 | $ 2,057 | $ 1,342 |
Note 9 - Segment Information _2
Note 9 - Segment Information - Net Sales, Income Before Provision for Income Taxes and Other Related Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | |
Net sales | $ 21,505 | $ 11,057 | $ 38,423 | $ 21,059 | |
Income (loss) before provision (benefit) for income taxes | 639 | 5,493 | 282 | 4,896 | |
Depreciation and amortization | 438 | 177 | 618 | 414 | |
Total assets | 69,647 | 42,767 | 69,647 | 42,767 | $ 49,648 |
Corporate, Non-Segment [Member] | |||||
Net sales | 0 | 0 | 0 | 0 | |
Income (loss) before provision (benefit) for income taxes | (745) | 2,809 | (1,472) | 2,801 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Total assets | 8,437 | 18,469 | 8,437 | 18,469 | |
RF Connector and Cable Assembly [Member] | Operating Segments [Member] | |||||
Net sales | 7,510 | 3,552 | 11,433 | 7,127 | |
Income (loss) before provision (benefit) for income taxes | 577 | 1,495 | 633 | 1,947 | |
Depreciation and amortization | 293 | 35 | 330 | 70 | |
Total assets | 34,398 | 7,463 | 34,398 | 7,463 | |
Custom Cabling Manufacturing and Assembly [Member] | Operating Segments [Member] | |||||
Net sales | 13,995 | 7,505 | 26,990 | 13,932 | |
Income (loss) before provision (benefit) for income taxes | 807 | 1,189 | 1,121 | 148 | |
Depreciation and amortization | 145 | 142 | 288 | 344 | |
Total assets | $ 26,812 | $ 16,835 | $ 26,812 | $ 16,835 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | Oct. 31, 2021 | |
Income Tax Expense (Benefit), Total | $ 136,000 | $ 648,000 | $ 56,000 | $ 454,000 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.00% | 24.20% | 20.40% | 21.80% | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 194,000 | $ 194,000 | $ 141,000 | ||
Unrecognized Tax Benefits, Ending Balance | $ 189,000 | $ 189,000 |
Note 11 - Intangible Assets (De
Note 11 - Intangible Assets (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
Amortization of Intangible Assets | $ 423,000 | $ 442,000 |
Acquired Finite-Lived Intangible Assets, Weighted Average Useful Life (Year) | 9 years 4 months 20 days |
Note 11 - Intangible Assets - I
Note 11 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
Amortizable intangible assets, net | $ 14,456 | $ 2,739 |
Amortizable intangible assets, net | 14,456 | 2,739 |
Non-amortizable intangible assets, trademarks | 2,874 | 1,174 |
Noncompete Agreements [Member] | ||
Amortizable intangible assets, gross | 423 | 423 |
Accumulated amortization | (311) | (289) |
Amortizable intangible assets, net | 112 | 134 |
Amortizable intangible assets, net | 112 | 134 |
Proprietary Techology (estimated life 10 years) | 423 | 423 |
Customer Relationships [Member] | ||
Amortizable intangible assets, gross | 6,058 | 5,058 |
Accumulated amortization | (2,877) | (2,711) |
Amortizable intangible assets, net | 3,181 | 2,347 |
Amortizable intangible assets, net | 3,181 | 2,347 |
Proprietary Techology (estimated life 10 years) | 6,058 | 5,058 |
Order or Production Backlog [Member] | ||
Amortizable intangible assets, gross | 327 | 287 |
Accumulated amortization | (290) | (287) |
Amortizable intangible assets, net | 37 | 0 |
Amortizable intangible assets, net | 37 | 0 |
Proprietary Techology (estimated life 10 years) | 327 | 287 |
Patents [Member] | ||
Amortizable intangible assets, gross | 368 | 368 |
Accumulated amortization | (127) | (110) |
Amortizable intangible assets, net | 241 | 258 |
Amortizable intangible assets, net | 241 | 258 |
Proprietary Techology (estimated life 10 years) | 368 | 368 |
Technology-Based Intangible Assets [Member] | ||
Amortizable intangible assets, gross | 11,100 | 0 |
Accumulated amortization | (215) | 0 |
Amortizable intangible assets, net | 10,885 | 0 |
Amortizable intangible assets, net | 10,885 | 0 |
Proprietary Techology (estimated life 10 years) | $ 11,100 | $ 0 |
Note 11 - Intangible Assets -_2
Note 11 - Intangible Assets - Intangible Assets (Details) (Parentheticals) | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
Noncompete Agreements [Member] | ||
Estimated life (Year) | 5 years | 5 years |
Customer Relationships [Member] | Minimum [Member] | ||
Estimated life (Year) | 7 years | 7 years |
Customer Relationships [Member] | Maximum [Member] | ||
Estimated life (Year) | 15 years | 15 years |
Order or Production Backlog [Member] | Minimum [Member] | ||
Estimated life (Year) | 1 year | 1 year |
Order or Production Backlog [Member] | Maximum [Member] | ||
Estimated life (Year) | 2 years | 2 years |
Patents [Member] | Minimum [Member] | ||
Estimated life (Year) | 10 years | 10 years |
Patents [Member] | Maximum [Member] | ||
Estimated life (Year) | 14 years | 14 years |
Technology-Based Intangible Assets [Member] | ||
Estimated life (Year) | 10 years |
Note 12 - Commitments (Details
Note 12 - Commitments (Details Textual) - USD ($) | Apr. 30, 2022 | Oct. 31, 2021 |
Lessee, Operating Lease, Remaining Lease Term (Year) | 5 years | |
Operating Lease, Right-of-Use Asset | $ 1,568,000 | $ 1,453,000 |
Operating Lease, Liability, Total | 1,597,000 | |
Operating Lease, Liability, Current | 1,073,000 | $ 832,000 |
Finance Lease, Liability, Total | 0 | |
Other Current Liabilities [Member] | ||
Operating Lease, Liability, Current | 1,073,000 | |
K and K Unlimited [Member] | ||
Lessee, Operating Lease, Monthly Rent | $ 16,000 | |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year |
Note 12 - Commitments - Operati
Note 12 - Commitments - Operating Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Apr. 30, 2022 | Apr. 30, 2022 | |
Operating lease cost | $ 313 | $ 571 |
Short-term lease cost | $ 0 | $ 1 |
Note 12 - Commitments - Other I
Note 12 - Commitments - Other Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Oct. 31, 2021 | |
Right of use assets obtained in exchange for lease obligations operating leases | $ 1,568 | $ 1,453 |
Weighted Average Remaining Lease Term, Operating leases (months) (Month) | 20 months 25 days | 25 months 7 days |
Weighted Average Discount Rate, Operating leases | 3.62% | 3.54% |
Note 12 - Commitments - Future
Note 12 - Commitments - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Apr. 30, 2022 | Oct. 31, 2021 |
2022 (excluding six months ended April 30, 2022) | $ 631 | |
2023 | 755 | |
2024 | 275 | |
2025 | 29 | |
2026 | 15 | |
Thereafter | 0 | |
Total future minimum lease payments | 1,705 | |
Less imputed interest | (108) | |
Total | 1,597 | |
Other current liabilities | 1,073 | $ 832 |
Operating lease liabilities | 524 | $ 675 |
Total | 1,597 | |
Other Current Liabilities [Member] | ||
Other current liabilities | $ 1,073 |
Note 13 - Term loan, Line of _2
Note 13 - Term loan, Line of credit and PPP loans (Details Textual) | Apr. 30, 2022USD ($) | May 01, 2020USD ($) | Feb. 28, 2022USD ($) | May 31, 2020USD ($) | Apr. 30, 2022USD ($) | Apr. 30, 2021USD ($) | Feb. 25, 2022USD ($) | Jan. 31, 2022USD ($) |
Paycheck Protection Program CARES Act [Member] | ||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 2,800,000 | $ 2,800,000 | ||||||
Term Loan [Member] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.76% | |||||||
Long-Term Debt, Gross | $ 16,798,000 | $ 16,798,000 | ||||||
Proceeds from Issuance of Long-term Debt, Total | 17,000,000 | $ 0 | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||||
Long-term Line of Credit, Total | $ 0 | $ 0 | ||||||
Bank of America, N.A. [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | |||||||
Debt Instrument, Face Amount | $ 17,000,000 | $ 17,000,000 | ||||||
Debt Instrument, Covenant, Maximum EBITDA Ratio | 3 | |||||||
Debt Instrument, Covenant, Fixed Charge Coverage Ratio | 1.25 | |||||||
Dent Instrument, Covenant Required Ebitda | $ 600,000 |
Note 14 - Cash Dividend and D_2
Note 14 - Cash Dividend and Declared Dividends (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Apr. 30, 2021 | Apr. 30, 2022 | Apr. 30, 2021 | |
Payments of Ordinary Dividends, Common Stock | $ 0 | $ 0 | $ 0 | $ 0 |