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 |