Clearfield (CLFD) 10-Q 4 Feb 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Dec. 31, 2014	Jan. 29, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Clearfield, Inc.
Document Type	10-Q
Current Fiscal Year End Date	-21
Entity Common Stock, Shares Outstanding		13,687,691
Amendment Flag	FALSE
Entity Central Index Key	796505
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Condensed_Balance_Sheets_Curre

Condensed Balance Sheets (Current Period Unaudited) (USD $)	Dec. 31, 2014	Sep. 30, 2014
Current Assets
Cash and cash equivalents	$17,174,024	$18,191,493
Short-term investments	6,894,000	6,632,000
Accounts receivables, net	4,654,977	5,027,856
Inventories, net	5,359,155	5,390,342
Deferred taxes	1,986,037	2,249,435
Other current assets	771,970	543,257
Total Current Assets	36,840,163	38,034,383
Property, plant and equipment, net	3,997,151	2,462,250
Other Assets
Long-term investments	8,303,000	8,302,000
Goodwill	2,570,511	2,570,511
Deferred taxes		156,622
Other	316,293	322,132
Total other assets	11,189,804	11,351,265
Total Assets	52,027,118	51,847,898
Liabilities and Shareholders’ Equity
Accounts payable	2,468,594	2,104,526
Accrued compensation	1,152,388	2,749,080
Accrued expenses	260,801	247,658
Total Current Liabilities	3,881,783	5,101,264
Other Liabilities
Deferred taxes	108,980
Total other liabilities	108,980
Total Liabilities	3,990,763	5,101,264
Commitments and Contingencies
Shareholders’ Equity
Preferred stock, $.01 par value; authorized 500 shares; no shares outstanding
Common stock, authorized 50,000,000, $.01 par value; 13,742,873 and 13,742,964, shares issued and outstanding at December 31, 2014 and September 30, 2014	137,429	137,430
Additional paid-in capital	56,257,338	56,036,989
Accumulated deficit	-8,358,412	-9,427,785
Total Shareholders’ Equity	48,036,355	46,746,634
Total Liabilities and Shareholders’ Equity	$52,027,118	$51,847,898

Condensed_Balance_Sheets_Curre1

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)	Dec. 31, 2014	Sep. 30, 2014
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	13,742,873	13,742,964
Common stock, shares outstanding	13,742,873	13,742,964

Condensed_Statements_of_Earnin

Condensed Statements of Earnings Unaudited (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Net sales	$13,986,620	$16,147,622
Cost of sales	8,244,106	9,209,977
Gross profit	5,742,514	6,937,645
Operating expenses
Selling, general and administrative	4,125,997	3,865,019
Income from operations	1,616,517	3,072,626
Interest income	25,856	19,700
Income before income taxes	1,642,373	3,092,326
Income tax expense	573,000	1,110,000
Net income	$1,069,373	$1,982,326
Net income per share:
Basic (in Dollars per share)	$0.08	$0.16
Diluted (in Dollars per share)	$0.08	$0.15
Weighted average shares outstanding:
Basic (in Shares)	13,222,180	12,689,412
Diluted (in Shares)	13,581,434	13,544,424

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows Unaudited (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net income	$1,069,373	$1,982,326
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	229,900	151,910
Deferred taxes	529,000	1,028,210
Gain on disposal of assets		-86
Stock based compensation	283,627	188,160
Changes in operating assets and liabilities:
Accounts receivable, net	372,879	5,553,199
Inventories, net	31,187	499,673
Other assets	-222,800	-189,241
Accounts payable and accrued expenses	-1,219,481	-2,414,434
Net cash provided by operating activities	1,073,685	6,799,717
Cash flows from investing activities
Purchases of property, plant and equipment and intangible assets	-1,764,875	-92,298
Purchases of investments	-1,638,000	-2,606,000
Proceeds from maturities of investments	1,375,000	3,782,000
Net cash (used in) provided by investing activities	-2,027,875	1,083,702
Cash flows from financing activities
Proceeds from issuance of common stock under employee stock purchase plan	105,615	90,417
Proceeds from issuance of common stock upon exercise of stock options	1,276	25,327
Tax withholding related to exercise of stock options		-72,816
Repurchase of common stock	-170,170
Net cash (used in) provided by financing activities	-63,279	42,928
(Decrease) increase in cash and cash equivalents	-1,017,469	7,926,347
Cash and cash equivalents, beginning of period	18,191,493	9,807,957
Cash and cash equivalents, end of period	17,174,024	17,734,304
Supplemental disclosures for cash flow information
Cash paid during the year for income taxes		79,276
Non-cash financing activities
Cashless exercise of stock options	$3,220	$22,427

Note_1_Basis_of_Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Dec. 31, 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, 2014, 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, 2014.
	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	3 Months Ended
	Dec. 31, 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 December 31
		2014		2013
	Net income	$	1,069,373	$	1,982,326
	Weighted average common shares		13,222,180		12,689,412
	Dilutive potential common shares		359,254		855,012
	Weighted average dilutive common shares outstanding		13,581,434		13,544,424
	Net income per common share:
	Basic	$	0.08	$	0.16
	Diluted	$	0.08	$	0.15

Note_3_Cash_Cash_Equivalents_a

Note 3 - Cash, Cash Equivalents and Investments	3 Months Ended
	Dec. 31, 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 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 at December 31, 2014 and September 30, 2014 are as follows:
		December 31,		September 30,
		2014		2014
	Less than one year	$	6,894,000	$	6,632,000
	1-3 years		8,303,000		8,302,000
	Total	$	15,197,000	$	14,934,000

Note_4_Stock_Based_Compensatio

Note 4 - Stock Based Compensation	3 Months Ended
	Dec. 31, 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 $283,627 of compensation expense related to current and past option grants, restricted stock grants and the Company’s Employee Stock Purchase Plan (“ESPP”) for the three months ended December 31, 2014.  The Company recorded $188,160 of compensation expense related to current and past equity awards for the three months ended December 31, 2013.  This expense is included in selling, general and administrative expense.  As of December 31, 2014, $4,968,406 of total unrecognized compensation expense related to non-vested equity awards is expected to be recognized over a weighted average period of approximately 9.8 years.
	There were no stock options granted during the three-month periods ended December 31, 2014 and December 31, 2013.  The following is a summary of stock option activity during the three months ended December 31, 2014:
		Number of options			Weighted average
					exercise price
	Outstanding at September 30, 2014		373,051		$	4.93
	Granted		-			-
	Exercised		(1,450	)		3.1
	Cancelled or Forfeited		-			-
	Outstanding at December 31, 2014		371,601		$	4.94
	The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price.  At December 31, 2014, the weighted average remaining contractual term for all outstanding stock options was 2.3 years and their aggregate intrinsic value was $2,737,943.  At December 31, 2014, the weighted average remaining contractual terms of options that were exercisable was 2.4 years and their aggregate intrinsic value was $2,383,960.  During the three months ended December 31, 2014, the Company received proceeds of $1,276 from the exercise of stock options.  During the three months ended December 31, 2013, exercised stock options totaled 20,400 shares, resulting in $25,327 of proceeds to the Company.
	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 ten years.
	During the three-month period ended December 31, 2014, the Company granted employees restricted stock awards totaling 3,000 shares of common stock, with a vesting term of ten years and a fair value of $13.33 per share.  Restricted stock transactions during the three-month period ended December 31, 2014 are summarized as follows:
		Number of shares			Weighted
					average grant
					date fair value
	Unvested shares at September 30, 2014		518,515		$	10.02
	Granted		3,000			13.33
	Vested		-			-
	Forfeited		-			-
	Unvested at December 31, 2014		521,515		$	10.04
	Employee Stock Purchase Plan
	Clearfield, Inc.’s 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 December 31, 2014 and December 31, 2013, employees purchased 10,097 and 10,920 shares at a price of $10.46 and $8.28 per share, respectively.  After the employee purchase on December 31, 2014, 175,559 shares of common stock were available for future purchase under the ESPP.

Note_5_Accounts_Receivable

Note 5 - Accounts Receivable	3 Months Ended
	Dec. 31, 2014
Receivables [Abstract]
Financing Receivables [Text Block]	Note 5.  Accounts Receivable
	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 December 31, 2014 and September 30, 2014, the balance in the allowance for doubtful accounts was $97,950.
	See Note 7, “Major Customer Concentration” for further information regarding accounts receivable.

Note_6_Inventories

Note 6 - Inventories	3 Months Ended
	Dec. 31, 2014
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	Note 6.  Inventories
	Inventories consist of the following as of:
		31-Dec-14		30-Sep-14
	Raw materials	$	3,691,417	$	3,729,160
	Work-in-progress		483,593		292,557
	Finished goods		1,184,145		1,368,625
		$	5,359,155	$	5,390,342

Note_7_Major_Customer_Concentr

Note 7 - Major Customer Concentration	3 Months Ended
	Dec. 31, 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 months ended December 31, 2014 and December 31, 2013:
		Three Months Ended December 31,
		2014			2013
	Customer A		23	%		11	%
	Customer B		*			48	%
	* Less than 10%
	As of both December 31, 2014 and September 30, 2014, Customer C accounted for 10% of accounts receivable.

Note_8_Goodwill_and_Patents

Note 8 - Goodwill and Patents	3 Months Ended
	Dec. 31, 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, 2014 did not indicate an impairment of goodwill.  During the quarter ended December 31, 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 December 31, 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	3 Months Ended
	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 9.  Income Taxes
	For the three months ended December 31, 2014, the Company recorded a provision for income taxes of $573,000, reflecting an effective tax rate of 34.9%.  The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment, expenses related to equity award compensation and favorable discrete items for the quarter.
	As of both December 31, 2014 and September 30, 2014, the Company had a remaining valuation allowance of approximately $848,000 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 December 31, 2014.
	For the three months ended December 31, 2013, the Company recorded a provision for income taxes of $1,110,000, reflecting an effective tax rate of 35.9%.  The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment, 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 December 31, 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	3 Months Ended
	Dec. 31, 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)	3 Months Ended
	Dec. 31, 2014
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	The accompanying (a) condensed balance sheet as of September 30, 2014, 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, 2014.
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)	3 Months Ended
	Dec. 31, 2014
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]		Three Months Ended December 31
		2014		2013
	Net income	$	1,069,373	$	1,982,326
	Weighted average common shares		13,222,180		12,689,412
	Dilutive potential common shares		359,254		855,012
	Weighted average dilutive common shares outstanding		13,581,434		13,544,424
	Net income per common share:
	Basic	$	0.08	$	0.16
	Diluted	$	0.08	$	0.15

Note_3_Cash_Cash_Equivalents_a1

Note 3 - Cash, Cash Equivalents and Investments (Tables)	3 Months Ended
	Dec. 31, 2014
Cash and Cash Equivalents [Abstract]
Investments Classified by Contractual Maturity Date [Table Text Block]		December 31,		September 30,
		2014		2014
	Less than one year	$	6,894,000	$	6,632,000
	1-3 years		8,303,000		8,302,000
	Total	$	15,197,000	$	14,934,000

Note_4_Stock_Based_Compensatio1

Note 4 - Stock Based Compensation (Tables)	3 Months Ended
	Dec. 31, 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, 2014		373,051		$	4.93
	Granted		-			-
	Exercised		(1,450	)		3.1
	Cancelled or Forfeited		-			-
	Outstanding at December 31, 2014		371,601		$	4.94
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, 2014		518,515		$	10.02
	Granted		3,000			13.33
	Vested		-			-
	Forfeited		-			-
	Unvested at December 31, 2014		521,515		$	10.04

Note_6_Inventories_Tables

Note 6 - Inventories (Tables)	3 Months Ended
	Dec. 31, 2014
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]		31-Dec-14		30-Sep-14
	Raw materials	$	3,691,417	$	3,729,160
	Work-in-progress		483,593		292,557
	Finished goods		1,184,145		1,368,625
		$	5,359,155	$	5,390,342

Note_7_Major_Customer_Concentr1

Note 7 - Major Customer Concentration (Tables)	3 Months Ended
	Dec. 31, 2014
Risks and Uncertainties [Abstract]
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]		Three Months Ended December 31,
		2014			2013
	Customer A		23	%		11	%
	Customer B		*			48	%

Note_2_Net_Income_Per_Share_De

Note 2 - Net Income Per Share (Details) - Net Income Per Common Share (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Net Income Per Common Share [Abstract]
Net income (in Dollars)	$1,069,373	$1,982,326
Weighted average common shares	13,222,180	12,689,412
Dilutive potential common shares	359,254	855,012
Weighted average dilutive common shares outstanding	13,581,434	13,544,424
Net income per common share:
Basic (in Dollars per share)	$0.08	$0.16
Diluted (in Dollars per share)	$0.08	$0.15

Note_3_Cash_Cash_Equivalents_a2

Note 3 - Cash, Cash Equivalents and Investments (Details) - CD Maturity Dates (USD $)	Dec. 31, 2014	Sep. 30, 2014
CD Maturity Dates [Abstract]
Less than one year	$6,894,000	$6,632,000
1-3 years	8,303,000	8,302,000
Total	$15,197,000	$14,934,000

Note_4_Stock_Based_Compensatio2

Note 4 - Stock Based Compensation (Details) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Note 4 - Stock Based Compensation (Details) [Line Items]
Allocated Share-based Compensation Expense	$283,627	$188,160
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	4,968,406
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	9 years 292 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 109 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	2,737,943
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term	2 years 146 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	2,383,960
Proceeds from Stock Options Exercised	$1,276	$25,327
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	1,450	20,400
Restricted Stock [Member] | Minimum [Member]
Note 4 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Restricted Stock [Member] | Maximum [Member]
Note 4 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	10 years
Restricted Stock [Member]
Note 4 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	3,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$13.33
Employee Stock Purchase Plan [Member]
Note 4 - Stock Based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$10.46	$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	10,097	10,920
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	175,559

Note_4_Stock_Based_Compensatio3

Note 4 - Stock Based Compensation (Details) - Stock Option Activity (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Stock Option Activity [Abstract]
Outstanding at September 30, 2014	373,051
Outstanding at September 30, 2014	$4.93
Exercised	-1,450	-20,400
Exercised	$3.10
Outstanding at December 31, 2014	371,601
Outstanding at December 31, 2014	$4.94

Note_4_Stock_Based_Compensatio4

Note 4 - Stock Based Compensation (Details) - Restricted Stock Transactions (Restricted Stock [Member], USD $)	3 Months Ended
	Dec. 31, 2014
Restricted Stock [Member]
Note 4 - Stock Based Compensation (Details) - Restricted Stock Transactions [Line Items]
Unvested shares at September 30, 2014	518,515
Unvested shares at September 30, 2014	$10.02
Granted	3,000
Granted	$13.33
Unvested at December 31, 2014	521,515
Unvested at December 31, 2014	$10.04

Note_5_Accounts_Receivable_Det

Note 5 - Accounts Receivable (Details) (USD $)	Dec. 31, 2014	Sep. 30, 2014
Receivables [Abstract]
Allowance for Doubtful Accounts Receivable, Current	$97,950	$97,950

Note_6_Inventories_Details_Com

Note 6 - Inventories (Details) - Components of Inventory (USD $)	Dec. 31, 2014	Sep. 30, 2014
Components of Inventory [Abstract]
Raw materials	$3,691,417	$3,729,160
Work-in-progress	483,593	292,557
Finished goods	1,184,145	1,368,625
	$5,359,155	$5,390,342

Note_7_Major_Customer_Concentr2

Note 7 - Major Customer Concentration (Details) (Customer C [Member], Accounts Receivable [Member], Customer Concentration Risk [Member])	3 Months Ended	24 Months Ended
	Dec. 31, 2014	Sep. 30, 2014
Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Note 7 - Major Customer Concentration (Details) [Line Items]
Concentration Risk, Percentage	10.00%	10.00%

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
	Dec. 31, 2014		Dec. 31, 2013
Customer A [Member]
Concentration Risk [Line Items]
Customer	23.00%		11.00%
Customer B [Member]
Concentration Risk [Line Items]
Customer		[1]	48.00%
[1]	Less than 10%

Note_8_Goodwill_and_Patents_De

Note 8 - Goodwill and Patents (Details) (USD $)	3 Months Ended
	Dec. 31, 2014	Sep. 30, 2014
Note 8 - Goodwill and Patents (Details) [Line Items]
Goodwill, Impairment Loss	$0	$0
Number of Patents Granted	4
Number of Patents Pending	4
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
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	$573,000	$1,110,000	$573,000
Effective Income Tax Rate Reconciliation, Percent	34.90%	35.90%
Deferred Tax Assets, Valuation Allowance	848,000		848,000	848,000
Unrecognized Tax Benefits	$0		$0