Clearfield (CLFD) 10-Q 31 Jul 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2017	Jul. 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)		13,934,910
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Balance Sheets (Curre

Condensed Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Current Assets
Cash and cash equivalents	$ 19,748,097	$ 28,014,321
Short-term investments	5,737,150	5,527,075
Accounts receivables, net	8,052,829	7,999,210
Inventories	9,338,613	8,373,155
Other current assets	869,150	1,198,917
Total current assets	43,745,839	51,112,678
Property, plant and equipment, net	5,511,450	5,780,814
Other Assets
Long-term investments	17,153,000	10,703,000
Goodwill	2,570,511	2,570,511
Other	484,989	428,310
Total other assets	20,208,500	13,701,821
Total Assets	69,465,789	70,595,313
Current Liabilities
Accounts payable	2,196,152	2,573,292
Accrued compensation	2,077,040	4,697,138
Accrued expenses	60,222	75,306
Total current liabilities	4,333,414	7,345,736
Other Liabilities
Deferred taxes	411,779	411,779
Deferred rent	266,228	243,755
Total other liabilities	678,007	655,534
Total Liabilities	5,011,421	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; 13,961,112 and 14,126,279, shares issued and outstanding at June 30, 2017 and September 30, 2016	139,611	141,263
Additional paid-in capital	56,594,725	57,320,515
Retained earnings	7,720,032	5,132,265
Total Shareholders’ Equity	64,454,368	62,594,043
Total Liabilities and Shareholders’ Equity	$ 69,465,789	$ 70,595,313

Condensed Balance Sheets (Curr3

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2017	Sep. 30, 2016
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	500	500
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	13,961,112	14,126,279
Common stock, shares outstanding (in shares)	13,961,112	14,126,279

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net sales	$ 19,611,297	$ 21,598,720	$ 55,529,230	$ 54,235,622
Cost of sales	11,674,047	12,258,523	32,940,446	30,938,180
Gross profit	7,937,250	9,340,197	22,588,784	23,297,442
Operating expenses
Selling, general and administrative	6,614,693	5,878,352	18,794,395	15,712,319
Income from operations	1,322,557	3,461,845	3,794,389	7,585,123
Interest income	73,759	41,608	186,378	114,316
Income before income taxes	1,396,316	3,503,453	3,980,767	7,699,439
Income tax expense	593,000	1,141,392	1,393,000	2,356,945
Net income	$ 803,316	$ 2,362,061	$ 2,587,767	$ 5,342,494
Net income per common share:
Basic (in dollars per share)	$ 0.06	$ 0.18	$ 0.19	$ 0.40
Diluted (in dollars per share)	$ 0.06	$ 0.17	$ 0.19	$ 0.39
Weighted average shares outstanding:
Basic (in shares)	13,522,755	13,397,509	13,559,704	13,331,632
Diluted (in shares)	13,598,582	13,806,928	13,730,945	13,654,476

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net income	$ 2,587,767	$ 5,342,494
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,205,769	1,068,297
Impairment of long-lived assets	643,604	0
Deferred taxes		2,185,534
(Gain) loss on disposal of assets	(5,100)	1,135
Stock-based compensation	1,774,330	843,658
Changes in operating assets and liabilities:
Accounts receivable, net	(53,619)	(2,716,263)
Inventories	(965,458)	(923,530)
Prepaid expenses and other	324,206	(399,662)
Accounts payable and accrued expenses	(2,989,849)	1,526,993
Net cash provided by operating activities	2,521,650	6,928,656
Cash flows from investing activities
Purchases of property, plant and equipment and intangible assets	(1,631,127)	(982,245)
Proceeds from sale of property, plant and equipment	5,100
Purchases of investments	(13,279,075)	(5,508,075)
Proceeds from maturities of investments	6,619,000	5,761,000
Net cash used in investing activities	(8,286,102)	(729,320)
Cash flows from financing activities
Proceeds from issuance of common stock under employee stock purchase plan	334,692	254,426
Proceeds from issuance of common stock upon exercise of stock options	28,718	473,651
Tax withholding related to exercise of stock options and restricted stock vestings	(462,120)	(77,291)
Repurchase of common stock	(2,403,062)	(333,761)
Net cash (used in) provided by financing activities	(2,501,772)	317,025
(Decrease) increase in cash and cash equivalents	(8,266,224)	6,516,361
Cash and cash equivalents, beginning of period	28,014,321	18,071,210
Cash and cash equivalents, end of period	19,748,097	24,587,571
Supplemental disclosures for cash flow information
Cash paid during the year for income taxes	893,483	338,616
Non-cash financing activities
Cashless exercise of stock options	$ 34,268	$ 541,016

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 1. The accompanying (a) condensed balance sheet as of September 30, 2016, not 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, No. 2016 09, Improvements to Employee Share-Based Payment Accounting first December 15, 2016 September 30, 2016, October 1, 2015. 10 June 30, 2016 Statement of earnings fourth 2016. $79,640 $238,087 three nine June 30, 2016, 2.3% 3.1% three nine June 30, 2016, $0.01 three nine June 30, 2016. Statement of cash flows $1,786,000 nine June 30, 2016.

Note 2 - Net Income Per Share

Note 2 - Net Income Per Share	9 Months Ended
	Jun. 30, 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 nine June 30, 2017 2016: Three Months Ended June 30, Nine Months Ended June 30, 2017 2016 2017 2016 Net income $ 803,316 $ 2,362,061 $ 2,587,767 $ 5,342,494 Weighted average common shares 13,522,755 13,397,509 13,559,704 13,331,632 Dilutive potential common shares 75,827 409,419 171,241 322,844 Weighted average dilutive common shares outstanding 13,598,582 13,806,928 13,730,945 13,654,476 Net income per common share: Basic $ 0.06 $ 0.18 $ 0.19 $ 0.40 Diluted $ 0.06 $ 0.17 $ 0.19 $ 0.39

Note 3 - Cash, Cash Equivalents

Note 3 - Cash, Cash Equivalents and Investments	9 Months Ended
	Jun. 30, 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 five three one one The maturity dates of the Company’s CDs at June 30, 2017 September 30, 2016 June 30, 2017 September 30, 2016 Less than one year $ 5,737,150 $ 5,527,075 1-5 years 17,153,000 10,703,000 Total $ 22,890,150 $ 16,230,075

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 4. The Company recorded $590,419 $1,774,330 three nine June 30, 2017, three June 30, 2017, $535,719 $54,700 nine June 30, 2017, $1,610,229 $164,101 $370,465 $843,658 three nine June 30, 2016, three June 30, 2016, $336,310 $34,155 nine June 30, 2016, $765,347 $78,311 June 30, 2017, $5,750,033 7.3 There were no nine June 30, 2017 June 30, 2016. nine June 30, 2017: Number of Weighted average Outstanding at September 30, 2016 54,800 $ 3.13 Granted - - Exercised (15,850 ) 3.97 Cancelled or Forfeited - - Outstanding at June 30, 2017 38,950 $ 2.79 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, 2017, 3.0 $405,657. nine June 30, 2017, $28,718 nine June 30, 2016, 172,450 $473,651 Restricted Stock The Company’s 2007 one ten During the nine June 30, 2017, 3,795 one $16.45 During the nine June 30, 2016, 2,712 one $14.73 1,356 $14.73 259,555 three five $17.43 nine June 30, 2016. Restricted stock transactions during the nine June 30, 2017 Number of Weighted average grant Unvested shares at September 30, 2016 563,570 $ 14.26 Granted 3,795 16.45 Vested (88,814 ) 17.36 Forfeited (7,952 ) 15.05 Unvested at June 30, 2017 470,599 $ 13.68 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 no 85% one six January 1 July 1 June 30, 2017 December 31, 2016, 14,723 11,144 $11.22 $15.21 June 30, 2017, 117,255

Note 5 - Accounts Receivable an

Note 5 - Accounts Receivable and Net Sales	9 Months Ended
	Jun. 30, 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 June 30, 2017 September 30, 2016, $79,085 $93,473, See Note 7,

Note 6 - Inventories

Note 6 - Inventories	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 6. Inventories consist of the following as of: June 30, 2017 September 30, 2016 Raw materials $ 7,096,105 $ 5,702,762 Work-in-progress 653,701 471,305 Finished goods 1,588,807 2,199,088 Inventories $ 9,338,613 $ 8,373,155

Note 7 - Major Customer Concent

Note 7 - Major Customer Concentration	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 7. The following table summarizes customers comprising 10% three nine June 30, 2017 2016: Three Months Ended June 30, Nine Months Ended June 30, 2017 2016 2017 2016 Customer A 15 % 15 % 20 % 20 % Customer B 15 % 20 % 15 % 17 % Customer C * 11 % * * * Less than 10% As of June 30, 2017, 18% September 30, 2016, 18% 12%

Note 8 - Goodwill and Patents

Note 8 - Goodwill and Patents	9 Months Ended
	Jun. 30, 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 nine June 30, 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 20 June 30, 2017, ten ten

Note 9 - Impairment of Long-liv

Note 9 - Impairment of Long-lived Assets	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Impairment of Long-lived Assets [Text Block]	Note 9. The Company assesses potential impairments to its long-lived assets or asset groups when there is evidence that events occur or changes in circumstances indicate that the carrying amount of an asset or asset group may not not not Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value and is recorded as a reduction in the carrying value of the related asset or asset group and a charge to operating results. During the three nine June 30, 2017, $643,604 No three nine June 30, 2016.

Note 10 - Income Taxes

Note 10 - Income Taxes	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 10. For the three nine June 30, 2017, $593,000 $1,393,000, 42.5% 35.0%, three nine June 30, 2017 As of both June 30, 2017 September 30, 2016, $322,000 not no June 30, 2017. For the three nine June 30, 2016, $1,141,392 $2,356,945, 32.6% 30.6%, three nine June 30, 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” As of June 30, 2017, not not 12

Note 11 - Accounting Pronouncem

Note 11 - Accounting Pronouncements	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 11. Recent Accounting Pronouncements In May 2014, 606, Revenue from Contracts with Customers 605, December 15, 2017, December 15, 2016, not not In July 2015, 2015 11, Inventory (Topic 330 first first first December 15, 2016, not not In February 2016, 2016 02, Leases 12 December 15, 2018,

Note 2 - Net Income Per Share (

Note 2 - Net Income Per Share (Tables)	9 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Nine Months Ended June 30, 2017 2016 2017 2016 Net income $ 803,316 $ 2,362,061 $ 2,587,767 $ 5,342,494 Weighted average common shares 13,522,755 13,397,509 13,559,704 13,331,632 Dilutive potential common shares 75,827 409,419 171,241 322,844 Weighted average dilutive common shares outstanding 13,598,582 13,806,928 13,730,945 13,654,476 Net income per common share: Basic $ 0.06 $ 0.18 $ 0.19 $ 0.40 Diluted $ 0.06 $ 0.17 $ 0.19 $ 0.39

Note 3 - Cash, Cash Equivalen18

Note 3 - Cash, Cash Equivalents and Investments (Tables)	9 Months Ended
	Jun. 30, 2017
Notes Tables
Investments Classified by Contractual Maturity Date [Table Text Block]	June 30, 2017 September 30, 2016 Less than one year $ 5,737,150 $ 5,527,075 1-5 years 17,153,000 10,703,000 Total $ 22,890,150 $ 16,230,075

Note 4 - Stock-based Compensa19

Note 4 - Stock-based Compensation (Tables)	9 Months Ended
	Jun. 30, 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 (15,850 ) 3.97 Cancelled or Forfeited - - Outstanding at June 30, 2017 38,950 $ 2.79
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 (88,814 ) 17.36 Forfeited (7,952 ) 15.05 Unvested at June 30, 2017 470,599 $ 13.68

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	9 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2017 September 30, 2016 Raw materials $ 7,096,105 $ 5,702,762 Work-in-progress 653,701 471,305 Finished goods 1,588,807 2,199,088 Inventories $ 9,338,613 $ 8,373,155

Note 7 - Major Customer Conce21

Note 7 - Major Customer Concentration (Tables)	9 Months Ended
	Jun. 30, 2017
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Three Months Ended June 30, Nine Months Ended June 30, 2017 2016 2017 2016 Customer A 15 % 15 % 20 % 20 % Customer B 15 % 20 % 15 % 17 % Customer C * 11 % * *

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]	3 Months Ended	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2017USD ($)
Three Months Ended June 30, 2016 [Member]
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense		$ 79,640
Increase (Decrease) in Effective Income Tax Rate Reconciliation, Percent		2.30%
Increase (Decrease) in Earnings Per Share, Basic	0.01
Nine Months Ended June 30, 2016 [Member]
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense		$ 238,087
Increase (Decrease) in Effective Income Tax Rate Reconciliation, Percent		3.10%
Prior Period Reclassification Adjustment		$ 1,786,000
Increase (Decrease) in Earnings Per Share, Basic		0.01

Note 2 - Net Income Per Share -

Note 2 - Net Income Per Share - Net Income Per Common Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income	$ 803,316	$ 2,362,061	$ 2,587,767	$ 5,342,494
Weighted average common shares (in shares)	13,522,755	13,397,509	13,559,704	13,331,632
Dilutive potential common shares (in shares)	75,827	409,419	171,241	322,844
Weighted average dilutive common shares outstanding (in shares)	13,598,582	13,806,928	13,730,945	13,654,476
Net income per common share:
Basic (in dollars per share)	$ 0.06	$ 0.18	$ 0.19	$ 0.40
Diluted (in dollars per share)	$ 0.06	$ 0.17	$ 0.19	$ 0.39

Note 3 - Cash, Cash Equivalen24

Note 3 - Cash, Cash Equivalents and Investments (Details Textual)	9 Months Ended
	Jun. 30, 2017
Maximum [Member]
Held-to-maturity Securities, Investment Term	5 years

Note 3 - Cash, Cash Equivalen25

Note 3 - Cash, Cash Equivalents and Investments - CD Maturity Dates (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Less than one year	$ 5,737,150	$ 5,527,075
1-5 years	17,153,000	10,703,000
Total	$ 22,890,150	$ 16,230,075

Note 4 - Stock-based Compensa26

Note 4 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended			9 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Allocated Share-based Compensation Expense	$ 590,419		$ 370,465	$ 1,774,330	$ 843,658
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	5,750,033			$ 5,750,033
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				7 years 109 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period				15,850	172,450
Proceeds from Stock Options Exercised				$ 28,718	$ 473,651
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
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 405,657			$ 405,657
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		14,723
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price		$ 15.21		$ 11.22
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	117,255			117,255
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] | 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	1 year
Restricted Stock [Member] | 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				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, Equity Instruments Other than Options, Grants in Period					259,555
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 17.43
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
Minimum [Member] | Restricted Stock [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					3 years
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
Maximum [Member] | Restricted Stock [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					5 years
Selling, General and Administrative Expenses [Member]
Allocated Share-based Compensation Expense	$ 535,719		336,310	$ 1,610,229	$ 765,347
Cost of Sales [Member]
Allocated Share-based Compensation Expense	$ 54,700		$ 34,155	$ 164,101	$ 78,311

Note 4 - Stock-based Compensa27

Note 4 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Options, outstanding (in shares)	54,800
Weighted-average exercise price, outstanding (in dollars per share)	$ 3.13
Exercised (in shares)	(15,850)	(172,450)
Exercised (in dollars per share)	$ 3.97
Weighted-average exercise price, outstanding (in dollars per share)	$ 2.79
Options, outstanding (in shares)	38,950

Note 4 - Stock-based Compensa28

Note 4 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member]	9 Months Ended
	Jun. 30, 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	(88,814)
Vested (in dollars per share) | $ / shares	$ 17.36
Forfeited (in shares) | shares	(7,952)
Forfeited (in dollars per share) | $ / shares	$ 15.05
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 13.68
Balance, unvested shares (in shares) | shares	470,599

Note 5 - Accounts Receivable 29

Note 5 - Accounts Receivable and Net Sales (Details Textual) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Allowance for Doubtful Accounts Receivable, Current	$ 79,085	$ 93,473

Note 6 - Inventories - Componen

Note 6 - Inventories - Components of Inventory (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Raw materials	$ 7,096,105	$ 5,702,762
Work-in-progress	653,701	471,305
Finished goods	1,588,807	2,199,088
Inventories	$ 9,338,613	$ 8,373,155

Note 7 - Major Customer Conce31

Note 7 - Major Customer Concentration (Details Textual) - Customer Concentration Risk [Member] - Accounts Receivable [Member]	9 Months Ended	12 Months Ended
	Jun. 30, 2017	Sep. 30, 2016
Customer B [Member]
Concentration Risk, Percentage	18.00%	12.00%
Customer A [Member]
Concentration Risk, Percentage		18.00%

Note 7 - Major Customer Conce32

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			9 Months Ended
	Jun. 30, 2017		Jun. 30, 2016	Jun. 30, 2017		Jun. 30, 2016
Customer A [Member]
Concentration Risk, Percentage	15.00%		15.00%	20.00%		20.00%
Customer B [Member]
Concentration Risk, Percentage	15.00%		20.00%	15.00%		17.00%
Customer C [Member]
Concentration Risk, Percentage		[1]	11.00%		[1]		[1]
[1]	Less than 10%

Note 8 - Goodwill and Patents (

Note 8 - Goodwill and Patents (Details Textual) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)	Jun. 30, 2017USD ($)
Goodwill, Impairment Loss	$ 0	$ 0
Number of Patents Granted		10
Number of Patents Pending		10
Patents [Member]
Finite-Lived Intangible Asset, Useful Life		20 years

Note 9 - Impairment of Long-l34

Note 9 - Impairment of Long-lived Assets (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Impairment of Long-Lived Assets Held-for-use	$ 643,604	$ 0	$ 643,604	$ 0

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016
Unrecognized Tax Benefits	$ 0		$ 0
Income Tax Expense (Benefit)	$ 593,000	$ 1,141,392	$ 1,393,000	$ 2,356,945
Effective Income Tax Rate Reconciliation, Percent	42.50%	32.60%	35.00%	30.60%
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Valuation Allowance	$ 322,000		$ 322,000		$ 322,000