Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Nov. 08, 2017 | Mar. 31, 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) | 13,811,455 | ||
Entity Public Float | $ 189,907,864 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 18,536,111 | $ 28,014,321 |
Short-term investments | 5,937,150 | 5,527,075 |
Accounts receivable, net | 7,237,641 | 7,999,210 |
Inventories | 8,453,567 | 8,373,155 |
Other current assets | 978,933 | 1,198,917 |
Total current assets | 41,143,402 | 51,112,678 |
Property, plant and equipment, net | 5,434,172 | 5,780,814 |
Other Assets | ||
Long-term investments | 19,816,000 | 10,703,000 |
Goodwill | 2,570,511 | 2,570,511 |
Other | 529,952 | 428,310 |
Total other assets | 22,916,463 | 13,701,821 |
Total Assets | 69,494,037 | 70,595,313 |
Current Liabilities | ||
Accounts payable | 1,739,791 | 2,573,292 |
Accrued compensation | 2,410,026 | 4,697,138 |
Accrued expenses | 93,304 | 75,306 |
Total current liabilities | 4,243,121 | 7,345,736 |
Other Liabilities | ||
Deferred taxes | 444,076 | 411,779 |
Deferred rent | 281,720 | 243,755 |
Total other liabilities | 725,796 | 655,534 |
Total Liabilities | 4,968,917 | 8,001,270 |
Commitment and Contingencies | ||
Shareholders’ Equity | ||
Common stock, $ .01 par value; 50,000,000 shares authorized; 13,812,821 and 14,126,279 shares issued and outstanding at September 30, 2017 and 2016, respectively | 138,128 | 141,263 |
Additional paid-in capital | 55,406,888 | 57,320,515 |
Retained earnings | 8,980,104 | 5,132,265 |
Total shareholders’ equity | 64,525,120 | 62,594,043 |
Total Liabilities and Shareholders’ Equity | 69,494,037 | 70,595,313 |
Series B Preferred Stock [Member] | ||
Shareholders’ Equity | ||
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2017 | Sep. 30, 2016 |
Preferred stock, authorized shares (in shares) | 5,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 13,812,821 | 14,126,279 |
Common stock, shares outstanding (in shares) | 13,812,821 | 14,126,279 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized shares (in shares) | 500,000 | 500,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Statements of Earnings
Statements of Earnings - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 73,947,619 | $ 75,287,726 | $ 60,323,917 |
Cost of sales | 43,683,360 | 42,417,478 | 35,455,964 |
Gross profit | 30,264,259 | 32,870,248 | 24,867,953 |
Operating expenses | |||
Selling, general, and administrative | 24,952,376 | 22,138,556 | 17,816,598 |
Income from operations | 5,311,883 | 10,731,692 | 7,051,355 |
Interest income | 273,930 | 157,402 | 105,891 |
Income before income taxes | 5,585,813 | 10,889,094 | 7,157,246 |
Income tax expense | 1,737,974 | 2,876,032 | 2,475,238 |
Net income | $ 3,847,839 | $ 8,013,062 | $ 4,682,008 |
Net income per share Basic (in dollars per share) | $ 0.28 | $ 0.60 | $ 0.35 |
Net income per share Diluted (in dollars per share) | $ 0.28 | $ 0.59 | $ 0.34 |
Basic (in shares) | 13,532,375 | 13,372,579 | 13,216,010 |
Diluted (in shares) | 13,660,806 | 13,663,349 | 13,587,532 |
Statements of Shareholders' Equ
Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Sep. 30, 2014 | 13,742,964 | |||
Balance at Sep. 30, 2014 | $ 137,430 | $ 56,036,989 | $ (9,427,785) | $ 46,746,634 |
Stock-based compensation expense | 1,074,727 | 1,074,727 | ||
Repurchase of common stock (in shares) | (72,089) | |||
Repurchase of common stock | $ (721) | (848,436) | (849,157) | |
Restricted stock issuance, net (in shares) | (7,900) | |||
Restricted stock issuance, net | $ (79) | 79 | ||
Employee stock purchase plan (in shares) | 20,216 | |||
Employee stock purchase plan | $ 202 | 211,257 | 211,459 | |
Exercise of stock options, net of shares exchanged for payment (in shares) | 60,011 | |||
Exercise of stock options, net of shares exchanged for payment | $ 600 | 42,506 | 43,106 | |
Tax withholding related to vesting of restricted stock grants and exercise of stock options (in shares) | (37,544) | |||
Tax withholding related to vesting of restricted stock grants and exercise of stock options | $ (375) | (638,932) | (639,307) | |
Excess tax benefit of stock options exercised | 9,660 | 9,660 | ||
Net income | 4,682,008 | 4,682,008 | ||
Balance (in shares) at Sep. 30, 2015 | 13,705,658 | |||
Balance at Sep. 30, 2015 | $ 137,057 | 55,887,850 | (4,745,777) | 51,279,130 |
Stock-based compensation expense | 1,404,899 | 1,404,899 | ||
Repurchase of common stock (in shares) | (27,090) | |||
Repurchase of common stock | $ (271) | (333,490) | (333,761) | |
Restricted stock issuance, net (in shares) | 258,266 | |||
Restricted stock issuance, net | $ 2,583 | (2,583) | ||
Employee stock purchase plan (in shares) | 22,318 | |||
Employee stock purchase plan | $ 223 | 254,203 | 254,426 | |
Exercise of stock options, net of shares exchanged for payment (in shares) | 191,853 | |||
Exercise of stock options, net of shares exchanged for payment | $ 1,918 | 546,926 | 548,844 | |
Tax withholding related to vesting of restricted stock grants and exercise of stock options (in shares) | (24,726) | |||
Tax withholding related to vesting of restricted stock grants and exercise of stock options | $ (247) | (437,290) | (437,537) | |
Net income | 8,013,062 | 8,013,062 | ||
Establishment of deferred tax asset for the adoption of ASU 2016-09 | 1,864,980 | 1,864,980 | ||
Balance (in shares) at Sep. 30, 2016 | 14,126,279 | |||
Balance at Sep. 30, 2016 | $ 141,263 | 57,320,515 | 5,132,265 | 62,594,043 |
Stock-based compensation expense | 2,319,975 | 2,319,975 | ||
Repurchase of common stock (in shares) | (270,124) | |||
Repurchase of common stock | $ (2,701) | (3,644,613) | (3,647,314) | |
Restricted stock issuance, net (in shares) | (7,809) | |||
Restricted stock issuance, net | $ (78) | 78 | ||
Employee stock purchase plan (in shares) | 25,867 | |||
Employee stock purchase plan | $ 258 | 334,434 | 334,692 | |
Exercise of stock options, net of shares exchanged for payment (in shares) | 14,053 | |||
Exercise of stock options, net of shares exchanged for payment | $ 140 | 28,577 | 28,717 | |
Tax withholding related to vesting of restricted stock grants and exercise of stock options (in shares) | (75,445) | |||
Tax withholding related to vesting of restricted stock grants and exercise of stock options | $ (754) | (952,078) | (952,832) | |
Net income | 3,847,839 | 3,847,839 | ||
Balance (in shares) at Sep. 30, 2017 | 13,812,821 | |||
Balance at Sep. 30, 2017 | $ 138,128 | $ 55,406,888 | $ 8,980,104 | $ 64,525,120 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 3,847,839 | $ 8,013,062 | $ 4,682,008 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 1,622,094 | 1,449,202 | 1,216,083 |
Impairment of long-lived assets | 643,604 | 0 | 0 |
Deferred income taxes | 32,297 | 2,340,771 | 2,342,045 |
Loss on disposal of assets | 35,281 | 12,348 | 23,196 |
Stock-based compensation expense | 2,319,975 | 1,404,899 | 1,074,727 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | 761,569 | (1,988,310) | (983,044) |
Inventories | (80,412) | (1,190,301) | (1,792,512) |
Other current assets | 180,456 | (812,811) | 121,381 |
Accounts payable and accrued expenses | (3,064,650) | 2,323,891 | 164,336 |
Net cash provided by operating activities | 6,298,053 | 11,552,751 | 6,848,220 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (1,951,615) | (1,550,128) | (4,518,782) |
Purchase of investments | (17,630,075) | (8,138,075) | (10,374,000) |
Proceeds from sale of property and equipment | 5,100 | 729 | 79,936 |
Patent additions | (69,936) | (77,138) | (24,418) |
Sale of investments | 8,107,000 | 8,123,000 | 9,093,000 |
Net cash used in investing activities | (11,539,526) | (1,641,612) | (5,744,264) |
Cash flows from financing activities: | |||
Repurchase of common stock | (3,647,314) | (333,761) | (849,157) |
Proceeds from issuance of common stock under employee stock purchase plan | 334,692 | 254,426 | 211,459 |
Proceeds from issuance of common stock | 28,717 | 548,844 | 43,106 |
Excess tax benefit from exercise of stock options | 9,660 | ||
Tax withholding related to vesting of restricted stock grants and exercise of stock options | (952,832) | (437,537) | (639,307) |
Net cash (used in) provided by financing activities | (4,236,737) | 31,972 | (1,224,239) |
(Decrease) increase in cash and cash equivalents | (9,478,210) | 9,943,111 | (120,283) |
Cash and cash equivalents at beginning of year | 28,014,321 | 18,071,210 | 18,191,493 |
Cash and cash equivalents at end of year | 18,536,111 | 28,014,321 | 18,071,210 |
Supplemental cash flow information | |||
Cash paid during the year for income taxes, net of refunds | 1,471,203 | 1,130,930 | 50,850 |
Non-cash financing activities | |||
Cashless exercise of stock options | 34,268 | 853,033 | 207,738 |
Establishment of deferred tax asset for the adoption of ASU 2016-09 | $ 1,864,980 |
Note A - Summary of Significant
Note A - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business: Revenue Recognition: Cash and Cash Equivalents: three September 30, 2017 2016 The Company maintains cash balances at several financial institutions, and at times, such balances exceed insured limits. The Company has not not Investments: not five three September 30, 2017 September 30, 2016 Less than one year $ 5,937,150 $ 5,527,075 1-5 years 19,816,000 10,703,000 Total $ 25,753,150 $ 16,230,075 Accounts Receivable: not not The allowance for doubtful accounts activity for the years ended September 30, 2017, 2016, 2015 Year Ended Balance at Beginning of Year Additions Charged to Costs and Expenses Less Write-offs Balance at End of Year September 30, 2017 $ 93,473 $ - $ (14,388 ) $ 79,085 September 30, 2016 79,473 25,000 (11,000 ) 93,473 September 30, 2015 97,950 - (18,477 ) 79,473 Fair Value of Financial Instruments: Inventories: first first September 30, September 30, Raw materials $ 5,991,863 $ 5,702,762 Work-in-process 724,248 471,305 Finished goods 1,737,456 2,199,088 Inventories $ 8,453,567 $ 8,373,155 Inventory is stated at the lower of cost or market. On a regular basis, the Company reviews its inventory and identifies that which is excess, slow moving, and obsolete by considering factors such as inventory levels, expected product life, and forecasted sales demand. Any identified excess, slow moving, and obsolete inventory is written down to its market value through a charge to cost of sales. It is possible that additional inventory write-down charges may not not Property, Plant and Equipment: Years Equipment 3 - 7 Leasehold improvements 7 - 10 or life of lease Vehicles 3 Property, plant and equipment consist of the following: September 30, September 30, Manufacturing Equipment $ 5,370,962 $ 4,585,422 Office Equipment 3,600,006 3,513,002 Leasehold Improvements 2,404,331 2,422,669 Vehicles 193,702 193,702 Property, plant and equipment, gross 11,569,001 10,714,795 Less accumulated depreciation 6,134,829 4,933,981 Property, plant and equipment, net $ 5,434,172 $ 5,780,814 Depreciation expense for the years ended September 30, 2017, 2016, 2015 $1,614,272, $1,445,910, $1,214,512, Goodwill and Patents: one fourth may not September 30, 2017, 2016, 2015 no September 30, 2017, no A significant reduction in our market capitalization or in the carrying amount of net assets of a reporting unit could result in an impairment charge. If the carrying amount of a reporting unit exceeds its fair value, the Company would measure the possible goodwill impairment loss based on an allocation of the estimate of fair value of the reporting unit to all of the underlying assets and liabilities of the reporting unit, including any previously unrecognized intangible assets. The excess of the fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. An impairment loss is recognized to the extent that a reporting unit's recorded goodwill exceeds the implied fair value of goodwill. An impairment loss would be based on significant estimates and judgments, and if the facts and circumstances change, a potential impairment could have a material impact on the Company’s financial statements. No September 30, 2017, 2016, 2015, 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 September 30, 2017, 11 Impairment of Long-Lived Assets: 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 year ended September 30, 2017, $643,604 No September 30, 2016 2015, Income Taxes: not not In accounting for uncertainty in income taxes, we recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50 As of both September 30, 2017 September 30, 2016, not not 12 Stock-Based Compensation not The expected terms of the options are based on evaluations of historical and expected future employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at grant date. Volatility is based on historical and expected future volatility of the Company’s stock. The Company has not not If factors change and we employ different assumptions in the determination of the fair value of grants in future periods, the related compensation expense that we record may Research and Development Costs $865,568, $838,122, $750,107, 2017, 2016, 2015, Advertising Costs $378,217, $350,399, $284,093, 2017, 2016, 2015, Net Income Per Share: September 30, 2017, 2016, 2015 Year ended September 30, 2017 2016 2015 Net income $ 3,847,839 $ 8,013,062 $ 4,682,008 Weighted average common shares 13,532,375 13,372,579 13,216,010 Dilutive potential common shares 128,431 290,770 371,522 Weighted average dilutive common shares outstanding 13,660,806 13,663,349 13,587,532 Earnings per share: Basic $ 0.28 $ 0.60 $ 0.35 Diluted $ 0.28 $ 0.59 $ 0.34 There were no September 30, 2017, 2016, 2015. Use of Estimates: may Recently Issued Accounting Pronouncements: In May 2014, 606, Revenue from Contracts with Customers 605, December 15, 2017, December 15, 2016, The Company is planning to complete an assessment of its revenue streams during the second third 2018 In July 2015, 2015 11, Inventory (Topic 330 first first first December 15, 2016, not In February 2016, 2016 02, Leases 12 December 15, 2018, In January 2017, 2017 04 2 January 1, 2020, January 1, 2017. |
Note B - Commitments and Facili
Note B - Commitments and Facilities | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE B – COMMITMENTS AND FACILITIES Operating Leases: February 2024. September 30, 2017, 2016, 2015, $768,000, $658,000 $630,000 As of September 30, 2017, Year ending September 30 Operating leases 2018 $ 584,249 2019 593,586 2020 568,018 2021 402,123 2022 412,177 Thereafter 1,037,817 Total minimum lease payments $ 3,597,970 Share Repurchase: November 13, 2014, $8 April 25, 2017, $4,000,000 $12,000,000 not September 30, 2017, may $7,169,768 |
Note C - Shareholders' Equity
Note C - Shareholders' Equity | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE C – SHAREHOLDERS’ EQUITY The Company is authorized to issue 50,000,000 $.01 5,000,000 500,000 none may, may Stock-Based Compensation: The Company currently has one 2007 February 2010 67,500 2007 1,103,657 September 30, 2017. September 30, 2017, $5,208,269 7.1 September 30, 2017, 2016, 2015 $2,319,975, $1,404,899, $1,074,727, September 30, 2017, $2,103,621 $216,354 September 30, 2016, $1,272,656 $132,243 September 30, 2015, Stock Options: not September 30, 2017, 2016, 2015. Options are generally granted at fair market values determined on the date of grant and vesting normally occurs over a three five six one six no September 30, 2017 2016, September 30, 2017, 10,500 September 30, 2016, 152,484 September 30, 2017 2016 $237,172 $2,644,220, September 30, 2017 $421,237. Option transactions under the 2007 September 30, 2017 2016 Number of shares Weighted average exercise price Weighted average fair value Outstanding at September 30, 2015 297,384 $ 5.29 Granted - - - Cancelled or Forfeited - - Exercised (242,584 ) 5.78 Outstanding at September 30, 2016 54,800 3.13 Granted - - - Cancelled or Forfeited - - Exercised (15,850 ) 3.97 Outstanding at September 30, 2017 38,950 $ 2.79 The following table summarizes information concerning options exercisable under the 2007 Year ended Exercisable Weighted average remaining contractual life (years) Weighted average exercise price September 30, 2017 38,950 2.73 $ 2.79 September 30, 2016 54,800 2.83 $ 3.13 The following table summarizes information concerning options currently outstanding at: Year Ended Number outstanding Weighted average remaining contractual life (years) Weighted average exercise price Aggregate intrinsic value September 30, 2017 38,950 2.73 $ 2.79 $ 421,237 September 30, 2016 54,800 2.83 $ 3.13 $ 858,771 Restricted Stock: 2007 one ten Restricted stock transactions during the years ended September 30, 2017 2016 Number of shares Weighted average grant date fair value Unvested shares at September 30, 2015 409,130 $ 9.97 Granted 269,173 17.43 Vested (103,826 ) 7.99 Forfeited (10,907 ) 12.99 Unvested shares at September 30, 2016 563,570 14.26 Granted 3,795 16.45 Vested (185,231 ) 12.30 Forfeited (11,604 ) 14.79 Unvested shares at September 30, 2017 370,530 $ 15.24 The Company repurchased a total of 75,445 $12.63 September 30, 2017. 19,072 $17.97 September 30, 2016. Employee Stock Purchase Plan: 2010 may may no 85% one six July 1 January 1 December 31, 2016 June 30, 2017, 11,144 14,723 $15.21 $11.22 December 31, 2015 June 30, 2016, 10,352 11,966 $11.40 September 30, 2017, $73,542 July 1, 2017. June 30, 2017, 117,255 |
Note D - Income Taxes
Note D - Income Taxes | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE D – INCOME TAXES In March 2016, No. 2016 09, Improvements to Employee Share-Based Payment Accounting first December 15, 2016 September 30, 2016, October 1, 2015. Statements of earnings fourth 2016. $104,134, $54,313, $79,640 December 31, 2015, March 31, 2016, June 30, 2016, 5.2%, 2.5%, 2.3% December 31, 2015, March 31, 2016, June 30, 2016, $0.01 $0.01 December 31, 2015 June 30, 2016, no March 31, 2016. September 30, 2016 $437,096, 13.7% 16.3% $0.03 $0.04, September 30, 2016 $675,183, 6.2% 26.4% $0.05. Statements of cash flows $348,000, $741,000, $1,786,000 three December 31, 2015, six March 31, 2016, nine June 30, 2016, 10 Statements of shareholders’ equity $1,864,980 October 1, 2015. In recording stock-based compensation expense, the new standard allows companies to make a policy election as to whether they will include an estimate of awards expected to be forfeited or whether they will account for forfeitures as they occur. We have elected to include an estimate of forfeitures in the computation of our stock-based compensation expense. As this treatment is consistent with the Company’s previous practice, this election had no The new standard requires that employee taxes paid when an employer withholds shares for tax-withholding purposes be reported as financing activities in the consolidated statements of cash flows. As this treatment is consistent with the Company’s previous practice, this election had no Realization of net operating loss carry-forward and other deferred tax temporary differences are contingent upon future taxable earnings. The Company’s deferred tax assets were reviewed for expected utilization by assessing the available positive and negative factors surrounding its recoverability. As of September 30, 2016, $322,000 fourth 2017, $163,000 $131,000 2017. $32,000 September 30, 2017 $159,000 not may The valuation allowance activity for the years ended September 30, 2017, 2016, 2015 Year Ended Balance at Beginning of Year Income Tax Benefit Reversal for State NOL Expiration and Utilization Balance at End of Year September 30, 2017 $ 322,404 $ (32,154 ) $ (131,096 ) $ 159,154 September 30, 2016 658,808 (78,044 ) (258,360 ) 322,404 September 30, 2015 847,826 (53,836 ) (135,182 ) 658,808 Significant components of deferred income tax assets and liabilities are as follows at: September 30, September 30, Long-term deferred income tax assets (liabilities): Intangibles $ (90,085 ) $ (67,450 ) Property and equipment depreciation (948,653 ) (815,374 ) Net operating loss carry forwards and credits 551,125 702,113 Stock-based compensation 209,645 221,905 Inventories 503,632 388,292 Prepaid expenses (48,847 ) (44,511 ) Accrued expenses and reserves 404,649 312,227 Goodwill (866,388 ) (786,577 ) Gross long-term deferred tax liability (284,922 ) (89,375 ) Valuation allowance (159,154 ) (322,404 ) Net long-term deferred tax liability $ (444,076 ) $ (411,779 ) As of September 30, 2017 2016, $409,000 $643,000, During the quarter ended December 31, 2015, 2015 17 not As of September 30, 2017, no $6,437,000 2016. 2018 2022 not September 30, 2017, $159,000 $46,000, not not 2030. The Company completed an Internal Revenue Code Section 382 2009 not 382. not 382 2009 not 2009 Under ASU No. 2016 09, not The following is a reconciliation of the federal statutory income tax rate to the effective tax rate as a percent of pre-tax income for the following years ended: September 30, September 30, September 30, Federal statutory rate 34 % 34 % 34 % State income taxes 1 % 1 % 1 % Permanent differences (1 %) - 1 % Change in valuation allowance (4 %) (3 %) (3 %) Expiration and utilization of state NOL’s 3 % 2 % 2 % Research and development credits (1 %) (1 %) - Excess tax benefits from stock-based compensation (1 %) (7 %) - Tax rate 31 % 26 % 35 % Components of the income tax expense are as follows for the years ended: September 30, September 30, September 30, Current: Federal $ 1,627,125 $ 428,638 $ 67,373 State 78,552 106,623 65,820 Current income tax expense 1,705,677 535,261 133,193 Deferred: Federal 8,680 2,434,294 2,377,590 State 23,617 (93,523 ) (35,545 ) Deferred income tax expense 32,297 2,340,771 2,342,045 Income tax expense $ 1,737,974 $ 2,876,032 $ 2,475,238 The Company is required to recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not not 50 no not September 30, 2017, 2016, 2015. The Company is subject to income taxes in the U.S. federal jurisdiction, and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no 2002. 2001 2007 March 31 September 30. |
Note E - Concentrations
Note E - Concentrations | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE E – CONCENTRATIONS Suppliers: third may may Customers: The following table summarizes customers comprising 10% September 30, 2017, 2016, 2015: Year Ended September 30, 2017 2016 2015 Customer A 20 % 21 % 25 % Customer B 15 % 16 % * * Less than 10% As of September 30, 2017, 19% September 30, 2016, 18% 12% Long-lived assets: September 30, 2017 2016, $581,396 $376,004, |
Note F - Employee Benefit Plan
Note F - Employee Benefit Plan | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE F – EMPLOYEE BENEFIT PLAN The Company maintains a contributory 401 may not September 30, 2014 December 31, 2014, 100% first 3% 50% 2% January 1, 2015, 100% first 3% 50% 3% $652,615, $520,530 $460,868 September 30, 2017, 2016, 2015, . |
Note A - Summary of Significa13
Note A - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2017 September 30, 2016 Less than one year $ 5,937,150 $ 5,527,075 1-5 years 19,816,000 10,703,000 Total $ 25,753,150 $ 16,230,075 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Year Ended Balance at Beginning of Year Additions Charged to Costs and Expenses Less Write-offs Balance at End of Year September 30, 2017 $ 93,473 $ - $ (14,388 ) $ 79,085 September 30, 2016 79,473 25,000 (11,000 ) 93,473 September 30, 2015 97,950 - (18,477 ) 79,473 |
Schedule of Inventory, Current [Table Text Block] | September 30, September 30, Raw materials $ 5,991,863 $ 5,702,762 Work-in-process 724,248 471,305 Finished goods 1,737,456 2,199,088 Inventories $ 8,453,567 $ 8,373,155 |
Property, Plant and Equipment [Table Text Block] | September 30, September 30, Manufacturing Equipment $ 5,370,962 $ 4,585,422 Office Equipment 3,600,006 3,513,002 Leasehold Improvements 2,404,331 2,422,669 Vehicles 193,702 193,702 Property, plant and equipment, gross 11,569,001 10,714,795 Less accumulated depreciation 6,134,829 4,933,981 Property, plant and equipment, net $ 5,434,172 $ 5,780,814 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended September 30, 2017 2016 2015 Net income $ 3,847,839 $ 8,013,062 $ 4,682,008 Weighted average common shares 13,532,375 13,372,579 13,216,010 Dilutive potential common shares 128,431 290,770 371,522 Weighted average dilutive common shares outstanding 13,660,806 13,663,349 13,587,532 Earnings per share: Basic $ 0.28 $ 0.60 $ 0.35 Diluted $ 0.28 $ 0.59 $ 0.34 |
Useful Lives [Member] | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Years Equipment 3 - 7 Leasehold improvements 7 - 10 or life of lease Vehicles 3 |
Note B - Commitments and Faci14
Note B - Commitments and Facilities (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year ending September 30 Operating leases 2018 $ 584,249 2019 593,586 2020 568,018 2021 402,123 2022 412,177 Thereafter 1,037,817 Total minimum lease payments $ 3,597,970 |
Note C - Shareholders' Equity (
Note C - Shareholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of shares Weighted average exercise price Weighted average fair value Outstanding at September 30, 2015 297,384 $ 5.29 Granted - - - Cancelled or Forfeited - - Exercised (242,584 ) 5.78 Outstanding at September 30, 2016 54,800 3.13 Granted - - - Cancelled or Forfeited - - Exercised (15,850 ) 3.97 Outstanding at September 30, 2017 38,950 $ 2.79 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | Year ended Exercisable Weighted average remaining contractual life (years) Weighted average exercise price September 30, 2017 38,950 2.73 $ 2.79 September 30, 2016 54,800 2.83 $ 3.13 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block] | Year Ended Number outstanding Weighted average remaining contractual life (years) Weighted average exercise price Aggregate intrinsic value September 30, 2017 38,950 2.73 $ 2.79 $ 421,237 September 30, 2016 54,800 2.83 $ 3.13 $ 858,771 |
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, 2015 409,130 $ 9.97 Granted 269,173 17.43 Vested (103,826 ) 7.99 Forfeited (10,907 ) 12.99 Unvested shares at September 30, 2016 563,570 14.26 Granted 3,795 16.45 Vested (185,231 ) 12.30 Forfeited (11,604 ) 14.79 Unvested shares at September 30, 2017 370,530 $ 15.24 |
Note D - Income Taxes (Tables)
Note D - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Year Ended Balance at Beginning of Year Income Tax Benefit Reversal for State NOL Expiration and Utilization Balance at End of Year September 30, 2017 $ 322,404 $ (32,154 ) $ (131,096 ) $ 159,154 September 30, 2016 658,808 (78,044 ) (258,360 ) 322,404 September 30, 2015 847,826 (53,836 ) (135,182 ) 658,808 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 30, September 30, Long-term deferred income tax assets (liabilities): Intangibles $ (90,085 ) $ (67,450 ) Property and equipment depreciation (948,653 ) (815,374 ) Net operating loss carry forwards and credits 551,125 702,113 Stock-based compensation 209,645 221,905 Inventories 503,632 388,292 Prepaid expenses (48,847 ) (44,511 ) Accrued expenses and reserves 404,649 312,227 Goodwill (866,388 ) (786,577 ) Gross long-term deferred tax liability (284,922 ) (89,375 ) Valuation allowance (159,154 ) (322,404 ) Net long-term deferred tax liability $ (444,076 ) $ (411,779 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | September 30, September 30, September 30, Federal statutory rate 34 % 34 % 34 % State income taxes 1 % 1 % 1 % Permanent differences (1 %) - 1 % Change in valuation allowance (4 %) (3 %) (3 %) Expiration and utilization of state NOL’s 3 % 2 % 2 % Research and development credits (1 %) (1 %) - Excess tax benefits from stock-based compensation (1 %) (7 %) - Tax rate 31 % 26 % 35 % |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | September 30, September 30, September 30, Current: Federal $ 1,627,125 $ 428,638 $ 67,373 State 78,552 106,623 65,820 Current income tax expense 1,705,677 535,261 133,193 Deferred: Federal 8,680 2,434,294 2,377,590 State 23,617 (93,523 ) (35,545 ) Deferred income tax expense 32,297 2,340,771 2,342,045 Income tax expense $ 1,737,974 $ 2,876,032 $ 2,475,238 |
Note E - Concentrations (Tables
Note E - Concentrations (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year Ended September 30, 2017 2016 2015 Customer A 20 % 21 % 25 % Customer B 15 % 16 % * |
Note A - Summary of Significa18
Note A - Summary of Significant Accounting Policies (Details Textual) shares in Thousands | 12 Months Ended | ||
Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($)shares | Sep. 30, 2015USD ($)shares | |
Depreciation | $ 1,614,272 | $ 1,445,910 | $ 1,214,512 |
Number of Reportable Segments | 1 | ||
Goodwill, Impairment Loss | $ 0 | $ 0 | 0 |
Number of Patents Granted | 11 | ||
Impairment of Long-Lived Assets Held-for-use | $ 643,604 | 0 | 0 |
Unrecognized Tax Benefits | 0 | 0 | 0 |
Research and Development Expense | 865,568 | 838,122 | 750,107 |
Advertising Expense | $ 378,217 | $ 350,399 | $ 284,093 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 0 | 0 | 0 |
Maximum [Member] | Patents [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note A - Summary of Significa19
Note A - Summary of Significant Accounting Policies - Maturity Date of CDs (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Less than one year | $ 5,937,150 | $ 5,527,075 |
1-5 years | 19,816,000 | 10,703,000 |
Total | $ 25,753,150 | $ 16,230,075 |
Note A - Summary of Significa20
Note A - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Balance at Beginning of Year | $ 93,473 | $ 79,473 | $ 97,950 |
Additions Charged to Costs and Expenses | 25,000 | ||
Less Write-offs | (14,388) | (11,000) | (18,477) |
Balance at End of Year | $ 79,085 | $ 93,473 | $ 79,473 |
Note A - Summary of Significa21
Note A - Summary of Significant Accounting Policies - Components of Inventory (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Raw materials | $ 5,991,863 | $ 5,702,762 |
Work-in-process | 724,248 | 471,305 |
Finished goods | 1,737,456 | 2,199,088 |
Inventories | $ 8,453,567 | $ 8,373,155 |
Note A - Summary of Significa22
Note A - Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Sep. 30, 2017 | |
Equipment [Member] | Minimum [Member] | |
Property, plant and equipment useful life (Year) | 3 years |
Equipment [Member] | Maximum [Member] | |
Property, plant and equipment useful life (Year) | 7 years |
Leasehold Improvements [Member] | Minimum [Member] | |
Property, plant and equipment useful life (Year) | 7 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property, plant and equipment useful life (Year) | 10 years |
Vehicles [Member] | |
Property, plant and equipment useful life (Year) | 3 years |
Note A - Summary of Significa23
Note A - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Fixed Assets | $ 11,569,001 | $ 10,714,795 |
Less accumulated depreciation | 6,134,829 | 4,933,981 |
Property, plant and equipment, net | 5,434,172 | 5,780,814 |
Machinery and Equipment [Member] | ||
Fixed Assets | 5,370,962 | 4,585,422 |
Office Equipment [Member] | ||
Fixed Assets | 3,600,006 | 3,513,002 |
Leasehold Improvements [Member] | ||
Fixed Assets | 2,404,331 | 2,422,669 |
Vehicles [Member] | ||
Fixed Assets | $ 193,702 | $ 193,702 |
Note A - Summary of Significa24
Note A - Summary of Significant Accounting Policies - Weighted Average Common Shares Outstanding (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 3,847,839 | $ 8,013,062 | $ 4,682,008 |
Weighted average common shares (in shares) | 13,532,375 | 13,372,579 | 13,216,010 |
Dilutive potential common shares | $ 128,431 | $ 290,770 | $ 371,522 |
Weighted average dilutive common shares outstanding (in shares) | 13,660,806 | 13,663,349 | 13,587,532 |
Earnings per share: | |||
Basic (in dollars per share) | $ 0.28 | $ 0.60 | $ 0.35 |
Diluted (in dollars per share) | $ 0.28 | $ 0.59 | $ 0.34 |
Note B - Commitments and Faci25
Note B - Commitments and Facilities (Details Textual) - USD ($) | Apr. 25, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Nov. 13, 2014 |
Operating Leases, Rent Expense | $ 768,000 | $ 658,000 | $ 630,000 | ||
Stock Repurchase Program, Authorized Amount | $ 12,000,000 | $ 8,000,000 | |||
Stock Repurchase Program, Increase in Authorized Amount | $ 4,000,000 | ||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 7,169,768 |
Note B - Commitments and Faci26
Note B - Commitments and Facilities - Future Minimum Lease Payments (Details) | Sep. 30, 2017USD ($) |
2,018 | $ 584,249 |
2,019 | 593,586 |
2,020 | 568,018 |
2,021 | 402,123 |
2,022 | 412,177 |
Thereafter | 1,037,817 |
Total minimum lease payments | $ 3,597,970 |
Note C - Shareholders' Equity27
Note C - Shareholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Feb. 28, 2010 | |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||||
Preferred Stock, Shares Authorized | 5,000,000 | |||||||
Temporary Equity, Shares Subscribed but Unissued | 67,500 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,103,657 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 5,208,269 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 7 years 36 days | |||||||
Allocated Share-based Compensation Expense | $ 2,319,975 | $ 1,404,899 | $ 1,074,727 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 266 days | 2 years 302 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 0 | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 15,850 | 242,584 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 237,172 | $ 2,644,220 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 421,237 | |||||||
Stock Repurchased During Period, Shares | 75,445 | 19,072 | ||||||
Treasury Stock Acquired, Average Cost Per Share | $ 12.63 | $ 17.97 | ||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 952,832 | $ 437,537 | $ 639,307 | |||||
Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 6 years | |||||||
Employee Stock Option [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||
Employee Stock Option [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Employee Stock Option [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||
Cashless Method Stock Option Exercised [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 10,500 | 152,484 | ||||||
Employee Stock Purchase Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 117,255 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price | $ 11.22 | $ 15.21 | $ 11.40 | $ 11.40 | ||||
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 | 14,723 | 11,144 | 11,966 | 10,352 | ||||
Payments Related to Tax Withholding for Share-based Compensation | $ 73,542 | |||||||
Stock Compensation Plan 2007 [Member] | Restricted Stock [Member] | Minimum [Member] | Employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||
Stock Compensation Plan 2007 [Member] | Restricted Stock [Member] | Maximum [Member] | Employees [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 | $ 2,103,621 | $ 1,272,656 | ||||||
Cost of Sales [Member] | ||||||||
Allocated Share-based Compensation Expense | $ 216,354 | $ 132,243 | ||||||
Series B Preferred Stock [Member] | ||||||||
Preferred Stock, Shares Authorized | 500,000 | 500,000 | ||||||
Preferred Stock, Shares Issued | 0 | 0 | ||||||
Preferred Stock, Shares Outstanding | 0 | 0 |
Note C - Shareholders' Equity -
Note C - Shareholders' Equity - Option Transaction Summary (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Options, outstanding (in shares) | 54,800 | 297,384 |
Weighted-average exercise price, outstanding (in dollars per share) | $ 3.13 | $ 5.29 |
Cancelled or Forfeited (in shares) | ||
Weighted-average exercise price, Cancelled or Forfeited (in dollars per share) | ||
Exercised (in shares) | (15,850) | (242,584) |
Weighted-average exercise price, Exercised (in dollars per share) | $ 3.97 | $ 5.78 |
Exercised (in shares) | (15,850) | (242,584) |
Weighted-average exercise price, Exercised (in dollars per share) | $ 3.97 | $ 5.78 |
Options, outstanding (in shares) | 38,950 | 54,800 |
Weighted-average exercise price, outstanding (in dollars per share) | $ 2.79 | $ 3.13 |
Note C - Shareholders' Equity29
Note C - Shareholders' Equity - Options Exercisable (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Exercisable (in shares) | 38,950 | 54,800 |
Weighted average remaining contractual life (Year) | 2 years 266 days | 2 years 302 days |
Weighted average exercise price (in dollars per share) | $ 2.79 | $ 3.13 |
Note C - Shareholders' Equity30
Note C - Shareholders' Equity - Options Currently Outstanding (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Number outstanding (in shares) | 38,950 | 54,800 | 297,384 |
Weighted average remaining contractual life (Year) | 2 years 266 days | 2 years 302 days | |
Weighted average exercise price (in dollars per share) | $ 2.79 | $ 3.13 | $ 5.29 |
Aggregate intrinsic value | $ 421,237 | $ 858,771 |
Note C - Shareholders' Equity31
Note C - Shareholders' Equity - Restricted Stock Transactions (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Balance, unvested shares (in shares) | 563,570 | 409,130 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 14.26 | $ 9.97 |
Granted (in shares) | 3,795 | 269,173 |
Granted (in dollars per share) | $ 16.45 | $ 17.43 |
Vested (in shares) | (185,231) | (103,826) |
Vested (in dollars per share) | $ 12.30 | $ 7.99 |
Forfeited (in shares) | (11,604) | (10,907) |
Forfeited (in dollars per share) | $ 14.79 | $ 12.99 |
Balance, unvested shares (in shares) | 370,530 | 563,570 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 15.24 | $ 14.26 |
Note D - Income Taxes (Details
Note D - Income Taxes (Details Textual) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Effective Income Tax Rate Reconciliation, Percent | 31.00% | 26.00% | 35.00% | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (163,000) | ||||
Income Taxes Receivable, Current | 409,000 | $ 643,000 | $ 409,000 | $ 643,000 | |
Unrecognized Tax Benefits | 0 | 0 | 0 | 0 | $ 0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0 | 0 | $ 0 | ||
State and Local Jurisdiction [Member] | |||||
Operating Loss Carryforwards, Valuation Allowance | 159,000 | 322,000 | 159,000 | 322,000 | |
Operating Loss Carryforwards | 6,437,000 | 6,437,000 | |||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | |||||
Tax Credit Carryforward, Amount | 159,000 | 159,000 | |||
State and Local Jurisdiction [Member] | Alternative Minimum Tax [Member] | |||||
Tax Credit Carryforward, Amount | 46,000 | $ 46,000 | |||
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards, Expired and Utilized [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (131,000) | ||||
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards, Higher Expected NOL Utilization [Member] | |||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (32,000) | ||||
Adjustments for New Accounting Principle, Early Adoption [Member] | Accounting Standards Update 2016-09 [Member] | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 437,096 | $ 675,183 | |||
Effective Income Tax Rate Reconciliation, Percent | 16.30% | 26.40% | |||
Increase (Decrease) in Earnings Per Share, Basic and Diluted | 0.05 | ||||
Increase (Decrease) in Effective Income Tax Rate Reconciliation, Percent | 13.70% | 6.20% | |||
Increase (Decrease) in Earnings Per Share, Basic | 0.03 | ||||
Increase (Decrease) in Earnings Per Share, Diluted | 0.04 | ||||
Adjustments for New Accounting Principle, Early Adoption [Member] | December 31, 2015 [Member] | Accounting Standards Update 2016-09 [Member] | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 104,134 | ||||
Effective Income Tax Rate Reconciliation, Percent | (5.20%) | ||||
Increase (Decrease) in Earnings Per Share, Basic and Diluted | 0.01 | ||||
Adjustments for New Accounting Principle, Early Adoption [Member] | March 31, 2016 [Member] | Accounting Standards Update 2016-09 [Member] | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 54,313 | ||||
Effective Income Tax Rate Reconciliation, Percent | (2.50%) | ||||
Increase (Decrease) in Earnings Per Share, Basic and Diluted | 0 | ||||
Adjustments for New Accounting Principle, Early Adoption [Member] | June 30, 2016 [Member] | Accounting Standards Update 2016-09 [Member] | |||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 79,640 | ||||
Effective Income Tax Rate Reconciliation, Percent | (2.30%) | ||||
Increase (Decrease) in Earnings Per Share, Basic and Diluted | 0.01 | ||||
Reclassification of Excess Tax Benefits Related to Stock-based Employee Awards from Financing Activities to Operating Activities [Member] | Accounting Standards Update 2016-09 [Member] | |||||
Cumulative Effect on Retained Earnings, Net of Tax | $ 1,864,980 | ||||
Reclassification of Excess Tax Benefits Related to Stock-based Employee Awards from Financing Activities to Operating Activities [Member] | Three Months Ended December 31, 2015 [Member] | Accounting Standards Update 2016-09 [Member] | |||||
Prior Period Reclassification Adjustment | $ 348,000 | ||||
Reclassification of Excess Tax Benefits Related to Stock-based Employee Awards from Financing Activities to Operating Activities [Member] | Six Months Ended March 31, 2016 [Member] | Accounting Standards Update 2016-09 [Member] | |||||
Prior Period Reclassification Adjustment | 741,000 | ||||
Reclassification of Excess Tax Benefits Related to Stock-based Employee Awards from Financing Activities to Operating Activities [Member] | Nine Months Ended June 30, 2016 [Member] | Accounting Standards Update 2016-09 [Member] | |||||
Prior Period Reclassification Adjustment | $ 1,786,000 |
Note D - Income Taxes - Valuati
Note D - Income Taxes - Valuation Allowance Activity (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Balance at Beginning of Year | $ 322,404 | $ 658,808 | $ 847,826 |
Income Tax Benefit | (32,154) | (78,044) | (53,836) |
Reversal for State NOL Expiration and Utilization | (131,096) | (258,360) | (135,182) |
Balance at End of Year | $ 159,154 | $ 322,404 | $ 658,808 |
Note D - Income Taxes - Signifi
Note D - Income Taxes - Significant Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Gross long-term deferred tax liability | $ (284,922) | $ (89,375) |
Valuation allowance | (159,154) | (322,404) |
Net long-term deferred tax liability | (444,076) | (411,779) |
Long-term [Member] | ||
Intangibles | (90,085) | (67,450) |
Property and equipment depreciation | (948,653) | (815,374) |
Stock-based compensation | 209,645 | 221,905 |
Goodwill | (866,388) | (786,577) |
Short Term [Member] | ||
Net operating loss carry forwards and credits | 551,125 | 702,113 |
Inventories | 503,632 | 388,292 |
Prepaid expenses | (48,847) | (44,511) |
Accrued expenses and reserves | $ 404,649 | $ 312,227 |
Note D - Income Taxes - Reconci
Note D - Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate (Details) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Federal statutory rate | 34.00% | 34.00% | 34.00% |
State income taxes | 1.00% | 1.00% | 1.00% |
Permanent differences | (1.00%) | 1.00% | |
Change in valuation allowance | (4.00%) | (3.00%) | (3.00%) |
Expiration and utilization of state NOL’s | 3.00% | 2.00% | 2.00% |
Research and development credits | (1.00%) | (1.00%) | |
Excess tax benefits from stock-based compensation | (1.00%) | (7.00%) | |
Tax rate | 31.00% | 26.00% | 35.00% |
Note D - Income Taxes - Income
Note D - Income Taxes - Income Tax Expense (Benefit) Components (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |
Current: | |||
Federal | $ 1,627,125 | $ 428,638 | $ 67,373 |
State | 78,552 | 106,623 | 65,820 |
Current income tax expense | 1,705,677 | 535,261 | 133,193 |
Deferred: | |||
Federal | 8,680 | 2,434,294 | 2,377,590 |
State | 23,617 | (93,523) | (35,545) |
Deferred income tax expense | 32,297 | 2,340,771 | 2,342,045 |
Income tax expense | $ 1,737,974 | $ 2,876,032 | $ 2,475,238 |
Note E - Concentrations (Detail
Note E - Concentrations (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Property, Plant and Equipment, Net | $ 5,434,172 | $ 5,780,814 |
MEXICO | ||
Property, Plant and Equipment, Net | $ 581,396 | $ 376,004 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||
Concentration Risk, Percentage | 19.00% | 12.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member] | ||
Concentration Risk, Percentage | 18.00% |
Note E - Concentrations - Custo
Note E - Concentrations - Customers Comprising 10% or More of Net Sales (Details) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member] | 12 Months Ended | ||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | |||
Customer A [Member] | |||||
Concentration Risk, Percentage | 20.00% | 21.00% | 25.00% | ||
Customer B [Member] | |||||
Concentration Risk, Percentage | 15.00% | 16.00% | [1] | [1] | |
[1] | Less than 10% |
Note F - Employee Benefit Plan
Note F - Employee Benefit Plan (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | 33 Months Ended | ||
Dec. 31, 2014 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2017 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 652,615 | $ 520,530 | $ 460,868 | ||
First Level of Matching [Member] | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | 100.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | 3.00% | |||
Second Level Of Matching [Member] | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | 50.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% | 3.00% |