Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Jun. 30, 2014 | Jul. 24, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Clearfield, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 13,443,184 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000796505 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Balance_Sheets_Curre
Condensed Balance Sheets (Current Period Unaudited) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Cash and cash equivalents | $18,240,523 | $9,807,957 |
Short-term investments | 7,027,000 | 5,992,000 |
Accounts receivables | 4,771,397 | 7,837,543 |
Inventories | 5,298,570 | 5,626,764 |
Deferred taxes | 3,292,140 | 4,615,110 |
Other current assets | 534,575 | 317,829 |
Total Current Assets | 39,164,205 | 34,197,203 |
Property, plant and equipment, net | 2,332,882 | 1,796,812 |
Long-term investments | 8,643,000 | 6,770,000 |
Goodwill | 2,570,511 | 2,570,511 |
Deferred taxes –long term | ' | 810,573 |
Other | 297,197 | 268,240 |
Total other assets | 11,510,708 | 10,419,324 |
Total Assets | 53,007,795 | 46,413,339 |
Accounts payable | 1,956,237 | 2,627,764 |
Accrued compensation | 2,503,133 | 3,522,907 |
Accrued expenses | 87,753 | 163,531 |
Accrued rebates | 2,560,998 | ' |
Total Current Liabilities | 7,108,121 | 6,314,202 |
Deferred taxes | 210,342 | ' |
Deferred rent | ' | 21,101 |
Total other liabilities | 210,342 | 21,101 |
Total Liabilities | 7,318,463 | 6,335,303 |
Commitment and Contingencies | ' | ' |
Preferred stock, $.01 par value; authorized 500 shares; no shares outstanding | ' | ' |
Common stock, authorized 50,000,000, $.01 par value; 13,443,184 and 12,974,263, shares issued and outstanding as of June 30, 2014 and September 30, 2013 | 134,432 | 129,743 |
Additional paid-in capital | 56,032,065 | 54,808,929 |
Accumulated deficit | -10,477,165 | -14,860,636 |
Total Shareholders’ Equity | 45,689,332 | 40,078,036 |
Total Liabilities and Shareholders’ Equity | $53,007,795 | $46,413,339 |
Condensed_Balance_Sheets_Curre1
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, authorized shares | 500 | 500 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares issued | 13,443,184 | 12,974,263 |
Common stock, shares outstanding | 13,443,184 | 12,974,263 |
Condensed_Statements_of_Operat
Condensed Statements of Operations Unaudited (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net sales | $14,362,934 | $13,534,769 | $43,724,411 | $34,314,499 |
Cost of sales | 8,319,481 | 7,905,646 | 25,022,750 | 20,545,791 |
Gross profit | 6,043,453 | 5,629,123 | 18,701,661 | 13,768,708 |
Operating expenses | ' | ' | ' | ' |
Selling, general and administrative | 4,185,157 | 3,832,889 | 11,855,187 | 10,137,283 |
Income from operations | 1,858,296 | 1,796,234 | 6,846,474 | 3,631,425 |
Interest income | 25,544 | 21,754 | 69,997 | 70,052 |
Income before income taxes | 1,883,840 | 1,817,988 | 6,916,471 | 3,701,477 |
Income tax expense | 709,000 | 671,001 | 2,533,000 | 1,464,001 |
Net income | $1,174,840 | $1,146,987 | $4,383,471 | $2,237,476 |
Net income per share: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.09 | $0.09 | $0.34 | $0.18 |
Diluted (in Dollars per share) | $0.08 | $0.09 | $0.32 | $0.17 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 13,045,913 | 12,513,084 | 12,827,199 | 12,497,462 |
Diluted (in Shares) | 13,547,948 | 13,205,818 | 13,569,394 | 12,976,795 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows Unaudited (USD $) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities | ' | ' |
Net income | $4,383,471 | $2,237,476 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 492,162 | 361,469 |
Deferred taxes | 2,343,885 | 1,350,234 |
Loss on disposal of assets | 4,748 | 11,297 |
Stock-based compensation | 565,505 | 570,574 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 3,066,146 | -2,025,635 |
Inventories | 328,194 | -1,994,734 |
Prepaid expenses and other | -217,832 | -54,551 |
Accounts payable and accrued expenses | 772,818 | 1,329,893 |
Net cash provided by operating activities | 11,739,097 | 1,786,023 |
Cash flows from investing activities | ' | ' |
Purchases of property, plant and equipment and intangible assets | -1,060,851 | -691,640 |
Purchases of investments | -8,899,000 | -7,063,000 |
Proceeds from maturities of investments | 5,991,000 | 7,062,000 |
Net cash used in investing activities | -3,968,851 | -692,640 |
Cash flows from financing activities | ' | ' |
Proceeds from issuance of common stock under employee stock purchase plan | 185,584 | 135,981 |
Proceeds from issuance of common stock upon exercise of stock options | 618,848 | 14,996 |
Tax withholding related to exercise of stock options | -142,112 | -55,748 |
Net cash provided by financing activities | 662,320 | 95,229 |
Increase in cash and cash equivalents | 8,432,566 | 1,188,612 |
Cash and cash equivalents, beginning of period | 9,807,957 | 5,678,143 |
Cash and cash equivalents, end of period | 18,240,523 | 6,866,755 |
Supplemental disclosures for cash flow information | ' | ' |
Cash paid during the year for income taxes | 329,329 | 110,144 |
Non-cash financing activities | ' | ' |
Cashless exercise of stock options | $198,266 | $57,012 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
Note 1. Basis of Presentation | |
The accompanying (a) condensed balance sheet as of September 30, 2013, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position and results of operations and cash flows of the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2013. | |
In preparation of the Company’s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. | |
Note_2_Net_Income_Per_Share
Note 2 - Net Income Per Share | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
Note 2. Net Income Per Share | |||||||||||||||||
Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options and restricted stock awards, when dilutive. | |||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 1,174,840 | $ | 1,146,987 | $ | 4,383,471 | $ | 2,237,476 | |||||||||
Weighted average common shares | 13,045,913 | 12,513,084 | 12,827,199 | 12,497,462 | |||||||||||||
Dilutive potential common shares | 502,035 | 692,734 | 742,195 | 479,333 | |||||||||||||
Weighted average dilutive common shares outstanding | 13,547,948 | 13,205,818 | 13,569,394 | 12,976,795 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.09 | $ | 0.09 | $ | 0.34 | $ | 0.18 | |||||||||
Diluted | $ | 0.08 | $ | 0.09 | $ | 0.32 | $ | 0.17 | |||||||||
Note_3_Cash_Cash_Equivalents_a
Note 3 - Cash, Cash Equivalents and Investments | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Cash and Cash Equivalents [Abstract] | ' | ||||||||
Cash and Cash Equivalents Disclosure [Text Block] | ' | ||||||||
Note 3. Cash, Cash Equivalents and Investments | |||||||||
The Company currently invests its excess cash in money market accounts and bank certificates of deposit (CDs) with a term of not more than three years. CDs with original maturities when purchased of more than three months are reported as held-to-maturity investments and are carried at amortized cost. The maturity dates of the Company’s CDs as of June 30, 2014 and September 30, 2013 are as follows: | |||||||||
30-Jun-14 | 30-Sep-13 | ||||||||
Less than one year | $ | 7,027,000 | $ | 5,992,000 | |||||
1-3 years | 8,643,000 | 6,770,000 | |||||||
Total | $ | 15,670,000 | $ | 12,762,000 | |||||
Note_4_Stock_Based_Compensatio
Note 4 - Stock Based Compensation | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||
Note 4. Stock Based Compensation | |||||||||
The Company recorded $191,136 and $565,505 of compensation expense related to current and past option grants, restricted stock grants and the Company’s Employee Stock Purchase Plan for the three and nine months ended June 30, 2014, respectively. The Company recorded $186,842 and $570,574 of compensation expense related to current and past equity awards for the three and nine months ended June 30, 2013, respectively. This expense is included in selling, general and administrative expense. As of June 30, 2014, $1,596,770 of total unrecognized compensation expense related to non-vested equity awards is expected to be recognized over a weighted average period of approximately 4.9 years. | |||||||||
There were no stock options granted during the nine-month periods ended June 30, 2014 or June 30, 2013. The following is a summary of stock option activity during the nine months ended June 30, 2014: | |||||||||
Number of options | Weighted average | ||||||||
exercise price | |||||||||
Outstanding at September 30, 2013 | 863,519 | $ | 3.24 | ||||||
Granted | - | - | |||||||
Exercised | (456,850 | ) | 1.79 | ||||||
Cancelled or Forfeited | (2,250 | ) | 4.26 | ||||||
Outstanding at June 30, 2014 | 404,419 | $ | 4.87 | ||||||
The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of June 30, 2014, the weighted average remaining contractual term for all outstanding stock options was 2.8 years and their aggregate intrinsic value was $4,821,595. As of June 30, 2014, there were 257,869 options exercisable with a weighted average remaining contractual term of 2.8 years, and their aggregate intrinsic value was $3,182,090. During the nine months ended June 30, 2014 and June 30, 2013, the Company received proceeds of $618,848 and $14,996, respectively, from the exercise of stock options. | |||||||||
Restricted Stock | |||||||||
The Company’s 2007 Stock Compensation Plan permits its Compensation Committee to grant other stock-based awards. The Company makes restricted stock grants to key employees and non-employee directors that vest over one to five years. | |||||||||
During the three month period ended March 31, 2014, the Company granted non-employee directors restricted stock awards totaling 1,915 shares of common stock, with a vesting term of approximately one year and a fair value of $26.09 per share. During the three month period ended June 30, 2014, the Company granted employees restricted stock awards totaling 10,000 shares of common stock, with a vesting term of five years and a fair value of $16.47 per share. During the nine month period ended June 30, 2013, the Company granted non-employee directors restricted stock awards totaling 9,090 shares of common stock, with a vesting term of approximately one year and a fair value of $5.50 per share. Restricted stock transactions during the nine-month period ended June 30, 2014 is summarized as follows: | |||||||||
Number of shares | Weighted average grant | ||||||||
date fair value | |||||||||
Unvested shares at September 30, 2013 | 292,290 | $ | 5.11 | ||||||
Granted | 11,915 | 18.02 | |||||||
Vested | (9,090 | ) | 5.5 | ||||||
Forfeited | (1,200 | ) | 5.1 | ||||||
Unvested at June 30, 2014 | 293,915 | $ | 5.62 | ||||||
Employee Stock Purchase Plan | |||||||||
Clearfield, Inc.’s Employee Stock Purchase Plan (“ESPP”) allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may purchase the Company’s common stock on a voluntary after-tax basis. Employees may purchase the Company’s common stock at a price that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six month phases, with phases beginning on January 1 and July 1 of each calendar year. For the phases that ended on June 30, 2014, and December 31, 2013, employees purchased 6,669 and 10,920 shares at a price of $14.27 and $8.28 per share, respectively. After the employee purchase on June 30, 2014, 185,656 shares of common stock were available for future purchase under the ESPP. | |||||||||
Note_5_Accounts_Receivable_and
Note 5 - Accounts Receivable and Net Sales | 9 Months Ended |
Jun. 30, 2014 | |
Receivables [Abstract] | ' |
Financing Receivables [Text Block] | ' |
Note 5. Accounts Receivable and Net Sales | |
Credit is extended based on the evaluation of a customer’s financial condition and collateral is generally not required. Accounts that are outstanding longer than the contractual payment terms are considered past due. The Company writes off accounts receivable when they become uncollectible; payments subsequently received on such receivables are credited to the allowance for doubtful accounts. As of both June 30, 2014 and September 30, 2013, the balance in the allowance for doubtful accounts was $97,950. | |
The Company has rebate arrangements with customers that expire at various times and as of June 30, 2014 has accrued rebates of $2,600,190 related to these agreements. These agreements have a right of offset against accounts receivable balances for these customers, and after offsetting, the Company has recorded an accrued rebate liability of $2,560,998 as of June 30, 2014. All amounts related to these rebate agreements are recorded as an adjustment to sales and were $(176,449) and $1,208,830 for the three and nine months ended June 30, 2014, respectively, and $152,564 and $582,216 for the three and nine months ended June 30, 2013, respectively. | |
See Note 7, “Major Customer Concentration” for further information regarding accounts receivable and net sales. | |
Note_6_Inventories
Note 6 - Inventories | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
Note 6. Inventories | |||||||||
Inventories consist of the following as of: | |||||||||
30-Jun-14 | 30-Sep-13 | ||||||||
Raw materials | $ | 3,609,891 | $ | 4,110,224 | |||||
Work-in-progress | 519,621 | 494,980 | |||||||
Finished goods | 1,169,058 | 1,021,560 | |||||||
$ | 5,298,570 | $ | 5,626,764 | ||||||
Note_7_Major_Customer_Concentr
Note 7 - Major Customer Concentration | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||||||
Concentration Risk Disclosure [Text Block] | ' | ||||||||||||||||
Note 7. Major Customer Concentration | |||||||||||||||||
The following table summarizes customers comprising 10% or more of net sales for the three and nine months ended June 30, 2014 and June 30, 2013: | |||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Customer A | 21 | % | 19 | % | 16 | % | 22 | % | |||||||||
Customer B | 10 | % | * | * | * | ||||||||||||
Customer C | * | 12 | % | 26 | % | 13 | % | ||||||||||
* Less than 10% | |||||||||||||||||
As of June 30, 2014, Customer B accounted for 15% of accounts receivable. As of September 30, 2013, Customer C accounted for 57% of accounts receivable. | |||||||||||||||||
Note_8_Goodwill_and_Patents
Note 8 - Goodwill and Patents | 9 Months Ended |
Jun. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill and Intangible Assets Disclosure [Text Block] | ' |
Note 8. Goodwill and Patents | |
The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed in the fourth quarter ended September 30, 2013 did not indicate an impairment of goodwill. During the nine months ended June 30, 2014, there were no triggering events that indicate potential impairment exists. | |
The Company capitalizes legal costs incurred to obtain patents. Once accepted by either the U.S. Patent Office or the equivalent office of a foreign country, these legal costs are amortized using the straight-line method over the remaining estimated lives, not exceeding 17 years. As of June 30, 2014, the Company has four patents granted in the United States and four pending applications pending inside and outside the United States. | |
Note_9_Income_Taxes
Note 9 - Income Taxes | 9 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
Note 9. Income Taxes | |
For the three and nine months ended June 30, 2014, the Company recorded a provision for income taxes of $709,000 and $2,533,000, respectively, reflecting an effective tax rate of 37.6% and 36.6%, respectively. The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment expenses and expenses related to equity award compensation. | |
As of both June 30, 2014 and September 30, 2013, the Company had a remaining valuation allowance of approximately $975,000 related to state net operating loss carry-forwards the Company does not expect to utilize. Based on the Company’s analysis and review of long-term forecasts and all available evidence, the Company has determined that there should be no change in this existing valuation allowance in the quarter ended June 30, 2014. | |
For the three and nine months ended June 30, 2013, the Company recorded a provision for income taxes of $671,001 and $1,464,001, respectively, reflecting an effective tax rate of 36.9% and 39.6%, respectively. The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment expenses and expenses related to equity award compensation. | |
Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company’s realization of net operating loss carry-forwards and other deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a “more likely than not” criteria by assessing the available positive and negative factors surrounding its recoverability. | |
As of June 30, 2014, we do not have any unrecognized tax benefits. It is the Company’s practice to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company does not expect any material changes in its unrecognized tax positions over the next 12 months. | |
Note_10_Accounting_Pronounceme
Note 10 - Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
Note 10. Accounting Pronouncements | |
Recent Accounting Pronouncements | |
Revenue from Contracts with Customers - In May 2014, the Financial Accounting Standards Board (FASB) issued guidance creating Accounting Standards Codification (“ASC”) Section 606, “Revenue from Contracts with Customers”. The new section will replace Section 605, “Revenue Recognition” and creates modifications to various other revenue accounting standards for specialized transactions and industries. The section is intended to conform revenue accounting principles with a concurrently issued International Financial Reporting Standards with previously differing treatment between United States practice and those of much of the rest of the world, as well as, to enhance disclosures related to disaggregated revenue information. The updated guidance is effective for annual reporting periods beginning on or after December 15, 2016, and interim periods within those annual periods. The Company will adopt the new provisions of this accounting standard at the beginning of fiscal year 2018, given that early adoption is not an option. The Company will further study the implications of this statement in order to evaluate the expected impact on the consolidated financial statements. | |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
The accompanying (a) condensed balance sheet as of September 30, 2013, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position and results of operations and cash flows of the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2013. | |
Use of Estimates, Policy [Policy Text Block] | ' |
In preparation of the Company’s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. |
Note_2_Net_Income_Per_Share_Ta
Note 2 - Net Income Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net income | $ | 1,174,840 | $ | 1,146,987 | $ | 4,383,471 | $ | 2,237,476 | |||||||||
Weighted average common shares | 13,045,913 | 12,513,084 | 12,827,199 | 12,497,462 | |||||||||||||
Dilutive potential common shares | 502,035 | 692,734 | 742,195 | 479,333 | |||||||||||||
Weighted average dilutive common shares outstanding | 13,547,948 | 13,205,818 | 13,569,394 | 12,976,795 | |||||||||||||
Net income per common share: | |||||||||||||||||
Basic | $ | 0.09 | $ | 0.09 | $ | 0.34 | $ | 0.18 | |||||||||
Diluted | $ | 0.08 | $ | 0.09 | $ | 0.32 | $ | 0.17 |
Note_3_Cash_Cash_Equivalents_a1
Note 3 - Cash, Cash Equivalents and Investments (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Cash and Cash Equivalents [Abstract] | ' | ||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | ' | ||||||||
30-Jun-14 | 30-Sep-13 | ||||||||
Less than one year | $ | 7,027,000 | $ | 5,992,000 | |||||
1-3 years | 8,643,000 | 6,770,000 | |||||||
Total | $ | 15,670,000 | $ | 12,762,000 |
Note_4_Stock_Based_Compensatio1
Note 4 - Stock Based Compensation (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||
Number of options | Weighted average | ||||||||
exercise price | |||||||||
Outstanding at September 30, 2013 | 863,519 | $ | 3.24 | ||||||
Granted | - | - | |||||||
Exercised | (456,850 | ) | 1.79 | ||||||
Cancelled or Forfeited | (2,250 | ) | 4.26 | ||||||
Outstanding at June 30, 2014 | 404,419 | $ | 4.87 | ||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||
Number of shares | Weighted average grant | ||||||||
date fair value | |||||||||
Unvested shares at September 30, 2013 | 292,290 | $ | 5.11 | ||||||
Granted | 11,915 | 18.02 | |||||||
Vested | (9,090 | ) | 5.5 | ||||||
Forfeited | (1,200 | ) | 5.1 | ||||||
Unvested at June 30, 2014 | 293,915 | $ | 5.62 |
Note_6_Inventories_Tables
Note 6 - Inventories (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
30-Jun-14 | 30-Sep-13 | ||||||||
Raw materials | $ | 3,609,891 | $ | 4,110,224 | |||||
Work-in-progress | 519,621 | 494,980 | |||||||
Finished goods | 1,169,058 | 1,021,560 | |||||||
$ | 5,298,570 | $ | 5,626,764 |
Note_7_Major_Customer_Concentr1
Note 7 - Major Customer Concentration (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Risks and Uncertainties [Abstract] | ' | ||||||||||||||||
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | ' | ||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Customer A | 21 | % | 19 | % | 16 | % | 22 | % | |||||||||
Customer B | 10 | % | * | * | * | ||||||||||||
Customer C | * | 12 | % | 26 | % | 13 | % |
Note_2_Net_Income_Per_Share_De
Note 2 - Net Income Per Share (Details) - Net Income Per Common Share (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net Income Per Common Share [Abstract] | ' | ' | ' | ' |
Net income (in Dollars) | $1,174,840 | $1,146,987 | $4,383,471 | $2,237,476 |
Weighted average common shares | 13,045,913 | 12,513,084 | 12,827,199 | 12,497,462 |
Dilutive potential common shares | 502,035 | 692,734 | 742,195 | 479,333 |
Weighted average dilutive common shares outstanding | 13,547,948 | 13,205,818 | 13,569,394 | 12,976,795 |
Net income per common share: | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.09 | $0.09 | $0.34 | $0.18 |
Diluted (in Dollars per share) | $0.08 | $0.09 | $0.32 | $0.17 |
Note_3_Cash_Cash_Equivalents_a2
Note 3 - Cash, Cash Equivalents and Investments (Details) - CD Maturity Dates (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
CD Maturity Dates [Abstract] | ' | ' |
Less than one year | $7,027,000 | $5,992,000 |
1-3 years | 8,643,000 | 6,770,000 |
Total | $15,670,000 | $12,762,000 |
Note_4_Stock_Based_Compensatio2
Note 4 - Stock Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | 18 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | Employee Stock Purchase Plan [Member] | |||||
Minimum [Member] | Maximum [Member] | |||||||||||||
Note 4 - Stock Based Compensation (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation | $191,136 | $186,842 | $565,505 | $570,574 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 1,596,770 | ' | 1,596,770 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | '4 years 328 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '2 years 292 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 4,821,595 | ' | 4,821,595 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 257,869 | ' | 257,869 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | '2 years 292 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 3,182,090 | ' | 3,182,090 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | ' | ' | $618,848 | $14,996 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | '5 years | '1 year | ' | '1 year | '1 year | '5 years | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | 10,000 | 1,915 | 11,915 | 9,090 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | ' | ' | ' | ' | $16.47 | $26.09 | $18.02 | $5.50 | ' | ' | $14.27 | $8.28 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.00% | ' |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,920 | ' | 6,669 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 185,656 | ' | 185,656 | 185,656 |
Note_4_Stock_Based_Compensatio3
Note 4 - Stock Based Compensation (Details) - Stock Option Activity (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Stock Option Activity [Abstract] | ' |
Outstanding at September 30, 2013 | 863,519 |
Outstanding at September 30, 2013 | $3.24 |
Exercised | -456,850 |
Exercised | $1.79 |
Cancelled or Forfeited | -2,250 |
Cancelled or Forfeited | $4.26 |
Outstanding at June 30, 2014 | 404,419 |
Outstanding at June 30, 2014 | $4.87 |
Note_4_Stock_Based_Compensatio4
Note 4 - Stock Based Compensation (Details) - Restricted Stock Transactions (Restricted Stock [Member], USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Restricted Stock [Member] | ' | ' | ' | ' |
Note 4 - Stock Based Compensation (Details) - Restricted Stock Transactions [Line Items] | ' | ' | ' | ' |
Unvested shares at September 30, 2013 | ' | 292,290 | 292,290 | ' |
Unvested shares at September 30, 2013 | ' | $5.11 | $5.11 | ' |
Granted | 10,000 | 1,915 | 11,915 | 9,090 |
Granted | $16.47 | $26.09 | $18.02 | $5.50 |
Vested | ' | ' | -9,090 | ' |
Vested | ' | ' | $5.50 | ' |
Forfeited | ' | ' | -1,200 | ' |
Forfeited | ' | ' | $5.10 | ' |
Unvested at June 30, 2014 | 293,915 | ' | 293,915 | ' |
Unvested at June 30, 2014 | $5.62 | ' | $5.62 | ' |
Note_5_Accounts_Receivable_and1
Note 5 - Accounts Receivable and Net Sales (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | |
Note 5 - Accounts Receivable and Net Sales (Details) [Line Items] | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | $97,950 | ' | $97,950 | ' | $97,950 |
Other Accrued Liabilities, Current | 2,560,998 | ' | 2,560,998 | ' | ' |
Sales Allowances, Goods | -176,449 | 152,564 | 1,208,830 | 582,216 | ' |
Before Offsetting Against Accounts Receivable [Member] | ' | ' | ' | ' | ' |
Note 5 - Accounts Receivable and Net Sales (Details) [Line Items] | ' | ' | ' | ' | ' |
Other Accrued Liabilities, Current | $2,600,190 | ' | $2,600,190 | ' | ' |
Note_6_Inventories_Details_Com
Note 6 - Inventories (Details) - Components of Inventory (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Components of Inventory [Abstract] | ' | ' |
Raw materials | $3,609,891 | $4,110,224 |
Work-in-progress | 519,621 | 494,980 |
Finished goods | 1,169,058 | 1,021,560 |
$5,298,570 | $5,626,764 |
Note_7_Major_Customer_Concentr2
Note 7 - Major Customer Concentration (Details) (Accounts Receivable [Member], Customer Concentration Risk [Member]) | 9 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Sep. 30, 2013 | |
Customer B [Member] | Customer C [Member] | |
Note 7 - Major Customer Concentration (Details) [Line Items] | ' | ' |
Concentration Risk, Percentage | 15.00% | 57.00% |
Note_7_Major_Customer_Concentr3
Note 7 - Major Customer Concentration (Details) - Customers Comprising 10% or More of Net Sales (Sales Revenue, Net [Member], Customer Concentration Risk [Member]) | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Customer A [Member] | ' | ' | ' | ' | ||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ||||
Customer | 21.00% | 19.00% | 16.00% | 22.00% | ||||
Customer B [Member] | ' | ' | ' | ' | ||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ||||
Customer | 10.00% | ' | [1] | ' | [1] | ' | [1] | |
Customer C [Member] | ' | ' | ' | ' | ||||
Concentration Risk [Line Items] | ' | ' | ' | ' | ||||
Customer | ' | [1] | 12.00% | 26.00% | 13.00% | |||
[1] | Less than 10% |
Note_8_Goodwill_and_Patents_De
Note 8 - Goodwill and Patents (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2013 | Jun. 30, 2014 | |
Note 8 - Goodwill and Patents (Details) [Line Items] | ' | ' |
Goodwill, Impairment Loss | $0 | $0 |
Patents [Member] | ' | ' |
Note 8 - Goodwill and Patents (Details) [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | '17 years |
Note_9_Income_Taxes_Details
Note 9 - Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $709,000 | $671,001 | $2,533,000 | $1,464,001 | ' |
Effective Income Tax Rate Reconciliation, Percent | 37.60% | 36.90% | 36.60% | 39.60% | ' |
Deferred Tax Assets, Valuation Allowance | 975,000 | ' | 975,000 | ' | 975,000 |
Unrecognized Tax Benefits | $0 | ' | $0 | ' | ' |