Clearfield (CLFD) 10-Q 4 May 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Mar. 31, 2017	Apr. 27, 2017
Document Information [Line Items]
Entity Registrant Name	Clearfield, Inc.
Entity Central Index Key	796,505
Trading Symbol	clfd
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		14,094,112
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Balance Sheets (Curre

Condensed Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2017	Sep. 30, 2016
Current Assets
Cash and cash equivalents	$ 22,483,013	$ 28,014,321
Short-term investments	5,813,150	5,527,075
Accounts receivables, net	8,114,221	7,999,210
Inventories	9,970,877	8,373,155
Other current assets	974,990	1,198,917
Total current assets	47,356,251	51,112,678
Property, plant and equipment, net	6,024,930	5,780,814
Other Assets
Long-term investments	15,015,000	10,703,000
Goodwill	2,570,511	2,570,511
Other	438,720	428,310
Total other assets	18,024,231	13,701,821
Total Assets	71,405,412	70,595,313
Current Liabilities
Accounts payable	2,361,377	2,573,292
Accrued compensation	2,627,890	4,697,138
Accrued expenses	54,793	75,306
Total current liabilities	5,044,060	7,345,736
Other Liabilities
Deferred taxes	411,779	411,779
Deferred rent	248,887	243,755
Total other liabilities	660,666	655,534
Total Liabilities	5,704,726	8,001,270
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; 14,144,112 and 14,126,279, shares issued and outstanding at March 31, 2017 and September 30, 2016	141,441	141,263
Additional paid-in capital	58,642,529	57,320,515
Retained earnings	6,916,716	5,132,265
Total Shareholders’ Equity	65,700,686	62,594,043
Total Liabilities and Shareholders’ Equity	$ 71,405,412	$ 70,595,313

Condensed Balance Sheets (Curr3

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2017	Sep. 30, 2016
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	500	500
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	14,144,112	14,126,279
Common stock, outstanding (in shares)	14,144,112	14,126,279

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net sales	$ 17,651,771	$ 16,947,187	$ 35,917,933	$ 32,636,902
Cost of sales	10,208,957	9,666,738	21,266,399	18,679,657
Gross profit	7,442,814	7,280,449	14,651,534	13,957,245
Operating expenses
Selling, general and administrative	6,162,178	5,136,952	12,179,702	9,833,967
Income from operations	1,280,636	2,143,497	2,471,832	4,123,278
Interest income	59,885	39,169	112,619	72,708
Income before income taxes	1,340,521	2,182,666	2,584,451	4,195,986
Income tax expense	433,000	689,687	800,000	1,215,553
Net income	$ 907,521	$ 1,492,979	$ 1,784,451	$ 2,980,433
Net income per common share:
Basic (in dollars per share)	$ 0.07	$ 0.11	$ 0.13	$ 0.22
Diluted (in dollars per share)	$ 0.07	$ 0.11	$ 0.13	$ 0.22
Weighted average shares outstanding:
Basic (in shares)	13,589,109	13,309,181	13,578,178	13,298,874
Diluted (in shares)	13,803,697	13,581,810	13,797,126	13,578,430

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income	$ 1,784,451	$ 2,980,433
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	800,136	706,176
Deferred taxes		1,125,507
(Gain) loss on disposal of assets	(5,100)	1,390
Stock-based compensation	1,183,911	473,193
Changes in operating assets and liabilities:
Accounts receivable, net	(115,011)	(1,843,207)
Inventories	(1,597,722)	(919,675)
Prepaid expenses and other	234,201	(207,489)
Accounts payable and accrued expenses	(2,296,544)	713,999
Net cash (used in) provided by operating activities	(11,678)	3,030,327
Cash flows from investing activities
Purchases of property, plant and equipment and intangible assets	(1,064,936)	(421,637)
Proceeds from sale of property, plant and equipment	5,100
Purchases of investments	(10,166,075)	(3,820,075)
Proceeds from maturities of investments	5,568,000	3,858,000
Net cash used in investing activities	(5,657,911)	(383,712)
Cash flows from financing activities
Proceeds from issuance of common stock under employee stock purchase plan	169,500	118,013
Proceeds from issuance of common stock upon exercise of stock options	28,459	84,738
Tax withholding related to exercise of stock options	(10,326)	(36,223)
Repurchase of common stock	(49,352)	(333,761)
Net cash provided by (used in) financing activities	138,281	(167,233)
(Decrease) increase in cash and cash equivalents	(5,531,308)	2,479,382
Cash and cash equivalents, beginning of period	28,014,321	18,071,210
Cash and cash equivalents, end of period	22,483,013	20,550,592
Supplemental disclosures for cash flow information
Cash paid during the year for income taxes	416,750	83,884
Non-cash financing activities
Cashless exercise of stock options	$ 34,268	$ 234,460

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 1. The accompanying (a) condensed balance sheet as of September 30, 2016, 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 September 30, 2016. 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. In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting first December 15, 2016 September 30, 2016, October 1, 2015. 10 March 31, 2016 Statement of earnings fourth 2016. $54,313 $158,447 three six March 31, 2016, 2.5% 3.7% three six March 31, 2016, $0.01 six March 31, 2016. no three March 31, 2016. Statement of cash flows $741,000 six March 31, 2016.

Note 2 - Net Income Per Share

Note 2 - Net Income Per Share	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 2. 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. The following is a reconciliation of the numerator and denominator of the net income per common share computations for the three six March 31, 2017 2016: Three Months Ended March 31, Six Months Ended March 31, 2017 2016 2017 2016 Net income $ 907,521 $ 1,492,979 $ 1,784,451 $ 2,980,433 Weighted average common shares 13,589,109 13,309,181 13,578,178 13,298,874 Dilutive potential common shares 214,588 272,629 218,948 279,556 Weighted average dilutive common shares outstanding 13,803,697 13,581,810 13,797,126 13,578,430 Net income per common share: Basic $ 0.07 $ 0.11 $ 0.13 $ 0.22 Diluted $ 0.07 $ 0.11 $ 0.13 $ 0.22

Note 3 - Cash, Cash Equivalents

Note 3 - Cash, Cash Equivalents and Investments	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	Note 3. The Company currently invests its excess cash in money market accounts and bank certificates of deposit (CDs) with a term of not more than five three one one The maturity dates of the Company’s CDs at March 31, 2017 September 30, 2016 March 31, 2017 September 30, 2016 Less than one year $ 5,813,150 $ 5,527,075 1-5 years 15,015,000 10,703,000 Total $ 20,828,150 $ 16,230,075

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 4. The Company recorded $590,165 $1,183,911 three six March 31, 2017, three March 31, 2017, $535,464 $54,701 six March 31, 2017, $1,074,510 $109,401 $246,426 $473,193 three six March 31, 2016, three March 31, 2016, $224,156 $22,270 six March 31, 2016, $429,037 $44,156 March 31, 2017, $6,324,696 7.6 There were no six March 31, 2017 March 31, 2016. six March 31, 2017: Number of Weighted average Outstanding at September 30, 2016 54,800 $ 3.13 Granted - - Exercised (15,750 ) 3.98 Cancelled or Forfeited - - Outstanding at March 31, 2017 39,050 $ 2.78 The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of March 31, 2017, 3.2 $533,632. six March 31, 2017, $28,459 six March 31, 2016, 57,050 $84,738 Restricted Stock The Company’s 2007 one ten During the six March 31, 2017, 3,795 one $16.45 During the six March 31, 2016, 2,712 one $14.73 1,356 $14.73 8,500 five $13.64 six March 31, 2016. Restricted stock transactions during the six March 31, 2017 Number of Weighted average grant Unvested shares at September 30, 2016 563,570 $ 14.26 Granted 3,795 16.45 Vested (5,262 ) 14.66 Forfeited (7,526 ) 14.91 Unvested at March 31, 2017 554,577 $ 14.26 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 may 85% one six January 1 July 1 December 31, 2016 December 31, 2015, 11,144 10,352 $15.21 $11.40 December 31, 2016, 131,978

Note 5 - Accounts Receivable an

Note 5 - Accounts Receivable and Net Sales	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Financing Receivables [Text Block]	Note 5. 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 March 31, 2017 September 30, 2016, $90,473 $93,473, See Note 7,

Note 6 - Inventories

Note 6 - Inventories	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 6. Inventories consist of the following as of: March 31, 2017 September 30, 2016 Raw materials $ 7,190,262 $ 5,702,762 Work-in-progress 610,219 471,305 Finished goods 2,170,396 2,199,088 Inventories $ 9,970,877 $ 8,373,155

Note 7 - Major Customer Concent

Note 7 - Major Customer Concentration	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 7. The following table summarizes customers comprising 10% three six March 31, 2017 March 31, 2016: Three Months Ended March 31, Six Months Ended March 31, 2017 2016 2017 2016 Customer A 18 % 21 % 23 % 23 % Customer B 15 % 18 % 15 % 15 % Customer C 11 % * 10 % * * Less than 10% As of March 31, 2017, 22% 12% September 30, 2016, 18% 12% 1).

Note 8 - Goodwill and Patents

Note 8 - Goodwill and Patents	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 8. 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 September 30, 2016 not six March 31, 2017, no 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 20 March 31, 2017, nine nine

Note 9 - Income Taxes

Note 9 - Income Taxes	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 9. For the three six March 31, 2017, $433,000 $800,000, 32.3% 31.0%, three six March 31, 2017 As of both March 31, 2017 September 30, 2016, $322,000 March 31, 2017. For the three six March 31, 2016, $690,000 $1,216,000, 31.6% 29.0%, three six March 31, 2016 December 2015 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 deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax assets for expected utilization using a “more likely than not” criteria by assessing the available positive and negative factors surrounding its recoverability. As of March 31, 2017, not 12

Note 10 - Accounting Pronouncem

Note 10 - Accounting Pronouncements	6 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 10. Recent Accounting Pronouncements In May 2014, 606, Revenue from Contracts with Customers 605, December 15, 2017, December 15, 2016, In July 2015, 2015 11, Inventory (Topic 330) first first first December 15, 2016, In February 2016, 2016 02, Leases 12 December 15, 2018,

Note 2 - Net Income Per Share (

Note 2 - Net Income Per Share (Tables)	6 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, Six Months Ended March 31, 2017 2016 2017 2016 Net income $ 907,521 $ 1,492,979 $ 1,784,451 $ 2,980,433 Weighted average common shares 13,589,109 13,309,181 13,578,178 13,298,874 Dilutive potential common shares 214,588 272,629 218,948 279,556 Weighted average dilutive common shares outstanding 13,803,697 13,581,810 13,797,126 13,578,430 Net income per common share: Basic $ 0.07 $ 0.11 $ 0.13 $ 0.22 Diluted $ 0.07 $ 0.11 $ 0.13 $ 0.22

Note 3 - Cash, Cash Equivalen17

Note 3 - Cash, Cash Equivalents and Investments (Tables)	6 Months Ended
	Mar. 31, 2017
Notes Tables
Investments Classified by Contractual Maturity Date [Table Text Block]	March 31, 2017 September 30, 2016 Less than one year $ 5,813,150 $ 5,527,075 1-5 years 15,015,000 10,703,000 Total $ 20,828,150 $ 16,230,075

Note 4 - Stock-based Compensa18

Note 4 - Stock-based Compensation (Tables)	6 Months Ended
	Mar. 31, 2017
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of Weighted average Outstanding at September 30, 2016 54,800 $ 3.13 Granted - - Exercised (15,750 ) 3.98 Cancelled or Forfeited - - Outstanding at March 31, 2017 39,050 $ 2.78
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Number of Weighted average grant Unvested shares at September 30, 2016 563,570 $ 14.26 Granted 3,795 16.45 Vested (5,262 ) 14.66 Forfeited (7,526 ) 14.91 Unvested at March 31, 2017 554,577 $ 14.26

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	6 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, 2017 September 30, 2016 Raw materials $ 7,190,262 $ 5,702,762 Work-in-progress 610,219 471,305 Finished goods 2,170,396 2,199,088 Inventories $ 9,970,877 $ 8,373,155

Note 7 - Major Customer Conce20

Note 7 - Major Customer Concentration (Tables)	6 Months Ended
	Mar. 31, 2017
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Three Months Ended March 31, Six Months Ended March 31, 2017 2016 2017 2016 Customer A 18 % 21 % 23 % 23 % Customer B 15 % 18 % 15 % 15 % Customer C 11 % * 10 % *

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) - Adjustments for New Accounting Principle, Early Adoption [Member] - Accounting Standards Update 2016-09 [Member]	6 Months Ended
	Mar. 31, 2017USD ($)
Three Months Ended March 31, 2016 [Member]
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 54,313
Increase (Decrease) in Effective Income Tax Rate Reconciliation, Percent	(2.50%)
Increase (Decrease) in Earnings Per Share, Basic	0
Six Months Ended March 31, 2016 [Member]
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 158,447
Increase (Decrease) in Effective Income Tax Rate Reconciliation, Percent	(3.70%)
Increase (Decrease) in Earnings Per Share, Basic	0.01
Prior Period Reclassification Adjustment	$ 741,000

Note 2 - Net Income Per Share -

Note 2 - Net Income Per Share - Net Income Per Common Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 907,521	$ 1,492,979	$ 1,784,451	$ 2,980,433
Weighted average common shares (in shares)	13,589,109	13,309,181	13,578,178	13,298,874
Dilutive potential common shares (in shares)	214,588	272,629	218,948	279,556
Weighted average dilutive common shares outstanding (in shares)	13,803,697	13,581,810	13,797,126	13,578,430
Net income per common share:
Basic (in dollars per share)	$ 0.07	$ 0.11	$ 0.13	$ 0.22
Diluted (in dollars per share)	$ 0.07	$ 0.11	$ 0.13	$ 0.22

Note 3 - Cash, Cash Equivalen23

Note 3 - Cash, Cash Equivalents and Investments (Details Textual)	6 Months Ended
	Mar. 31, 2017
Maximum [Member]
Held-to-maturity Securities, Investment Term	5 years

Note 3 - Cash, Cash Equivalen24

Note 3 - Cash, Cash Equivalents and Investments - CD Maturity Dates (Details) - USD ($)	Mar. 31, 2017	Sep. 30, 2016
Less than one year	$ 5,813,150	$ 5,527,075
1-5 years	15,015,000	10,703,000
Total	$ 20,828,150	$ 16,230,075

Note 4 - Stock-based Compensa25

Note 4 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended				6 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2017	Mar. 31, 2016
Allocated Share-based Compensation Expense	$ 590,165		$ 246,426		$ 1,183,911	$ 473,193
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	6,324,696				$ 6,324,696
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					7 years 219 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					3 years 73 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	533,632				$ 533,632
Proceeds from Stock Options Exercised					$ 28,459	$ 84,738
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period					15,750	57,050
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Market Price Percentage, Offering Date					85.00%
Stock Issued During Period, Shares, Employee Stock Purchase Plans		11,144		10,352
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price		$ 15.21		$ 11.40
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		131,978
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					3,795
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 16.45
Restricted Stock [Member] | Non Employee Directors [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					1 year	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					3,795	2,712
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 16.45	$ 14.73
Restricted Stock [Member] | Outgoing Non Employee Directors [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						1,356
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value						$ 14.73
Restricted Stock [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						5 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period						8,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value						$ 13.64
Minimum [Member] | Restricted Stock [Member] | Employee and Non-Employee Directors [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					1 year
Maximum [Member] | Restricted Stock [Member] | Employee and Non-Employee Directors [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					10 years
Selling, General and Administrative Expenses [Member]
Allocated Share-based Compensation Expense	535,464		224,156		$ 1,074,510	$ 429,037
Cost of Sales [Member]
Allocated Share-based Compensation Expense	$ 54,701		$ 22,270		$ 109,401	$ 44,156

Note 4 - Stock-based Compensa26

Note 4 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Options, outstanding (in shares)	54,800
Weighted-average exercise price, outstanding (in dollars per share)	$ 3.13
Exercised (in shares)	(15,750)	(57,050)
Exercised (in dollars per share)	$ 3.98
Options, outstanding (in shares)	39,050
Weighted-average exercise price, outstanding (in dollars per share)	$ 2.78

Note 4 - Stock-based Compensa27

Note 4 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member]	6 Months Ended
	Mar. 31, 2017$ / sharesshares
Balance, unvested shares (in shares) | shares	563,570
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 14.26
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	3,795
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 16.45
Vested (in shares) | shares	(5,262)
Vested (in dollars per share) | $ / shares	$ 14.66
Forfeited (in shares) | shares	(7,526)
Forfeited (in dollars per share) | $ / shares	$ 14.91
Balance, unvested shares (in shares) | shares	554,577
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 14.26

Note 5 - Accounts Receivable 28

Note 5 - Accounts Receivable and Net Sales (Details Textual) - USD ($)	Mar. 31, 2017	Sep. 30, 2016
Allowance for Doubtful Accounts Receivable, Current	$ 90,473	$ 93,473

Note 6 - Inventories - Componen

Note 6 - Inventories - Components of Inventory (Details) - USD ($)	Mar. 31, 2017	Sep. 30, 2016
Raw materials	$ 7,190,262	$ 5,702,762
Work-in-progress	610,219	471,305
Finished goods	2,170,396	2,199,088
Inventories	$ 9,970,877	$ 8,373,155

Note 7 - Major Customer Conce30

Note 7 - Major Customer Concentration (Details Textual) - Customer Concentration Risk [Member] - Accounts Receivable [Member]	6 Months Ended	12 Months Ended
	Mar. 31, 2017	Sep. 30, 2016
Customers B and C [Member]
Concentration Risk, Percentage	22.00%
Customer A [Member]
Concentration Risk, Percentage	12.00%	18.00%
Customer B [Member]
Concentration Risk, Percentage		12.00%

Note 7 - Major Customer Conce31

Note 7 - Major Customer Concentration - Customers Comprising 10% or More of Net Sales (Details) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member]	3 Months Ended			6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016		Mar. 31, 2017	Mar. 31, 2016
Customer A [Member]
Concentration Risk, Percentage	18.00%	21.00%		23.00%	23.00%
Customer B [Member]
Concentration Risk, Percentage	15.00%	18.00%		15.00%	15.00%
Customer C [Member]
Concentration Risk, Percentage	11.00%		[1]	10.00%		[1]
[1]	Less than 10%

Note 8 - Goodwill and Patents (

Note 8 - Goodwill and Patents (Details Textual) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2016USD ($)	Mar. 31, 2017USD ($)
Number of Patents Granted		9
Number of Patents Pending		9
Goodwill, Impairment Loss	$ 0	$ 0
Patents [Member]
Finite-Lived Intangible Asset, Useful Life		20 years

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Sep. 30, 2016
Income Tax Expense (Benefit)	$ 433,000	$ 689,687	$ 800,000	$ 1,215,553
Effective Income Tax Rate Reconciliation, Percent	32.30%	31.60%	31.00%	29.00%
Unrecognized Tax Benefits	$ 0		$ 0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Valuation Allowance	$ 322,000		$ 322,000		$ 322,000