Clearfield (CLFD) 10-Q 1 Aug 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2018	Jul. 27, 2018
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)		13,660,147
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Balance Sheets (Curre

Condensed Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Current Assets
Cash and cash equivalents	$ 9,287,640	$ 18,536,111
Short-term investments	8,486,225	5,937,150
Accounts receivables, net	9,651,516	7,237,641
Inventories, net	9,688,052	8,453,567
Other current assets	698,448	978,933
Total current assets	37,811,881	41,143,402
Property, plant and equipment, net	4,907,410	5,434,172
Other Assets
Long-term investments	18,226,000	19,816,000
Goodwill	4,708,511	2,570,511
Intangible assets, net	5,549,320	284,787
Other	241,009	245,165
Total other assets	28,724,840	22,916,463
Total Assets	71,444,131	69,494,037
Current Liabilities
Accounts payable	2,016,413	1,739,791
Accrued compensation	1,632,693	2,410,026
Accrued expenses	456,999	93,304
Total current liabilities	4,106,105	4,243,121
Other Liabilities
Deferred taxes	60,076	444,076
Deferred rent	272,419	281,720
Total other liabilities	332,495	725,796
Total Liabilities	4,438,600	4,968,917
Commitments and Contingencies
Shareholders’ Equity
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding
Common stock, authorized 50,000,000, $.01 par value; 13,693,943 and 13,812,821, shares issued and outstanding as of June 30, 2018 and September 30, 2017	136,939	138,128
Additional paid-in capital	55,495,474	55,406,888
Retained earnings	11,373,118	8,980,104
Total Shareholders’ Equity	67,005,531	64,525,120
Total Liabilities and Shareholders’ Equity	$ 71,444,131	$ 69,494,037

Condensed Balance Sheets (Curr3

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2018	Sep. 30, 2017
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
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)	13,693,943	13,812,821
Common stock, shares outstanding (in shares)	13,693,943	13,812,821

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net sales	$ 21,480,590	$ 19,611,297	$ 55,178,369	$ 55,529,230
Cost of sales	12,988,545	11,674,047	32,798,083	32,940,446
Gross profit	8,492,045	7,937,250	22,380,286	22,588,784
Operating expenses
Selling, general and administrative	6,087,362	6,614,693	19,856,922	18,794,395
Income from operations	2,404,683	1,322,557	2,523,364	3,794,389
Interest income	116,549	73,759	331,650	186,378
Income before income taxes	2,521,232	1,396,316	2,855,014	3,980,767
Income tax expense	766,000	593,000	462,000	1,393,000
Net income	$ 1,755,232	$ 803,316	$ 2,393,014	$ 2,587,767
Net income per common share:
Basic (in dollars per share)	$ 0.13	$ 0.06	$ 0.18	$ 0.19
Diluted (in dollars per share)	$ 0.13	$ 0.06	$ 0.18	$ 0.19
Weighted average shares outstanding:
Basic (in shares)	13,430,503	13,522,755	13,441,619	13,559,704
Diluted (in shares)	13,430,503	13,598,582	13,473,123	13,730,945

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net income	$ 2,393,014	$ 2,587,767
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,546,661	1,205,769
Impairment of long-lived assets	0	643,604
Deferred taxes	(384,000)
Gain on disposal of assets	(20,358)	(5,100)
Stock-based compensation	1,488,304	1,774,330
Changes in operating assets and liabilities, net of business acquisition:
Accounts receivable, net	(2,413,875)	(53,619)
Inventories	1,546,081	(965,458)
Prepaid expenses and other	289,305	324,206
Accounts payable and accrued expenses	(146,317)	(2,989,849)
Net cash provided by operating activities	4,298,815	2,521,650
Cash flows from investing activities
Business acquisition	(10,350,000)
Purchases of property, plant and equipment and intangible assets	(920,356)	(1,631,127)
Proceeds from sale of property, plant and equipment	83,052	5,100
Purchases of investments	(5,403,075)	(13,279,075)
Proceeds from maturities of investments	4,444,000	6,619,000
Net cash used in investing activities	(12,146,379)	(8,286,102)
Cash flows from financing activities
Proceeds from issuance of common stock under employee stock purchase plan	297,860	334,692
Proceeds from issuance of common stock upon exercise of stock options	21,174	28,718
Tax withholding related to exercise of stock options and restricted stock vestings	(348,527)	(462,120)
Repurchase of common stock	(1,371,414)	(2,403,062)
Net cash used in financing activities	(1,400,907)	(2,501,772)
Decrease in cash and cash equivalents	(9,248,471)	(8,266,224)
Cash and cash equivalents, beginning of period	18,536,111	28,014,321
Cash and cash equivalents, end of period	9,287,640	19,748,097
Supplemental disclosures for cash flow information
Cash paid during the year for income taxes	48,987	893,483
Non-cash financing activities
Cashless exercise of stock options	$ 5,782	$ 34,268

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 1. The accompanying (a) condensed balance sheet as of September 30, 2017, three nine June 30, 2018 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, 2017. 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. Certain comparative figures have been reclassified to conform to the current period's presentation. These reclassifications did not

Note 2 - Net Income Per Share

Note 2 - Net Income Per Share	9 Months Ended
	Jun. 30, 2018
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, 2018 2017: Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Net income $ 1,755,232 $ 803,316 $ 2,393,014 $ 2,587,767 Weighted average common shares 13,430,503 13,522,755 13,441,619 13,559,704 Dilutive potential common shares - 75,827 31,504 171,241 Weighted average dilutive common shares outstanding 13,430,503 13,598,582 13,473,123 13,730,945 Net income per common share: Basic $ 0.13 $ 0.06 $ 0.18 $ 0.19 Diluted $ 0.13 $ 0.06 $ 0.18 $ 0.19 There were 72,000 three nine June 30, 2018 No three nine June 30, 2017.

Note 3 - Cash, Cash Equivalents

Note 3 - Cash, Cash Equivalents and Investments	9 Months Ended
	Jun. 30, 2018
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 as of June 30, 2018 September 30, 2017 June 30, 2018 September 30, 2017 Less than one year $ 8,486,225 $ 5,937,150 1-5 years 18,226,000 19,816,000 Total $ 26,712,225 $ 25,753,150

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Note 4. The Company recorded $519,223 $1,488,304 three nine June 30, 2018, three June 30, 2018, $477,193 $42,030 nine June 30, 2018, $1,362,213 $126,091 $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 June 30, 2018, $3,894,131 6.3 We used the Black-Scholes option pricing model to determine the weighted average fair value of options granted during the nine June 30, 2018. nine June 30, 2018, 72,000 five three $13.35. no nine June 30, 2017. nine June 30, 2018 $5.15. Nine months ended June 30, 2018 Dividend yield 0% Average expected volatility 45.63% Average risk-free interest rate 2.61% Expected life (years) 4 Vesting period (years) 3 The expected stock price volatility is based on the historical volatility of the Company’s stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate at grant date on zero The following is a summary of stock option activity during the nine June 30, 2018: Number of options Weighted average exercise price Outstanding at September 30, 2017 38,950 $ 2.79 Granted 72,000 13.35 Exercised (7,350 ) 3.67 Cancelled or Forfeited - - Outstanding at June 30, 2018 103,600 $ 10.06 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, 2018, 3.99 $102,052. June 30, 2018, 2.14 $267,652. nine June 30, 2018, $21,174 nine June 30, 2017, 15,850 $28,718 Restricted Stock The Company’s 2007 one ten During the nine June 30, 2018, 3,795 one $16.45 3,000 one $13.35 During the nine June 30, 2017, 3,795 one $16.45 Restricted stock transactions during the nine June 30, 2018 Number of shares Weighted average grant date fair value Unvested shares at September 30, 2017 370,530 $ 15.24 Granted 7,235 14.17 Vested (85,933 ) 17.39 Forfeited (12,284 ) 15.54 Unvested at June 30, 2018 279,548 $ 14.54 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, 2018 December 31, 2017, 15,932 14,242 $9.39 $10.41 June 30, 2018, 87,081

Note 5 - Accounts Receivable an

Note 5 - Accounts Receivable and Net Sales	9 Months Ended
	Jun. 30, 2018
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, 2018 September 30, 2017, $79,085 See Note 7,

Note 6 - Inventories

Note 6 - Inventories	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 6. Inventories consist of the following as of: June 30, 2018 September 30, 2017 Raw materials $ 5,136,429 $ 5,991,863 Work-in-progress 773,652 724,248 Finished goods 3,777,971 1,737,456 Inventories, net $ 9,688,052 $ 8,453,567 During the nine June 30, 2018, 2015 11, Inventory (Topic 330 first no not

Note 7 - Major Customer Concent

Note 7 - Major Customer Concentration	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 7. The following table summarizes customers comprising 10% three nine June 30, 2018 2017: Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Customer A 20% 15% 22% 20% Customer B 13% 15% 14% 15% Customer C 10% * * * * Less than 10% As of June 30, 2018, 15%, 14%, 12% September 30, 2017, 19%

Note 8 - Goodwill and Patents

Note 8 - Goodwill and Patents	9 Months Ended
	Jun. 30, 2018
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, 2017 not nine June 30, 2018, 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, 2018, 13

Note 9 - Impairment of Long-liv

Note 9 - Impairment of Long-lived Assets	9 Months Ended
	Jun. 30, 2018
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, 2018.

Note 10 - Income Taxes

Note 10 - Income Taxes	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 10. For the three nine June 30, 2018, $766,000 $462,000, 30.4% 16.2%, 2017 December 22, 2017. January 1, 2018 nine June 30, 2018 three 2018. nine one $384,000 nine June 30, 2018 nine June 30, 2018. may may unfavorable discrete items for the three nine June 30, 2018 For the three nine June 30, 2017, $593,000 $1,393,000, 42.5% 35.0%, three nine June 30, 2017 As of June 30, 2018 September 30, 2017, $191,000 $159,000, not $32,000 nine June 30, 2018. no June 30, 2018. 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, 2018, not not 12 We are currently under examination by the U.S. Internal Revenue Service for fiscal year 2016. not

Note 11 - Acquisition

Note 11 - Acquisition	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Business Combination Disclosure [Text Block]	Note 11. On February 20, 2018, February 20, 2018. The introduction of the Clearfield powered cabinet line provides customers a single point of contact for cabinet solutions—both passive and powered. The acquisition enables Clearfield to expand its Fiber-to-Anywhere expertise to include powered electronic cabinet platforms while leveraging its supply chain. The acquisition also enables Clearfield to capitalize on and expand its reach to a broader customer base, including service providers in the Tier 1 2 Acquisition date fair value of the consideration transferred totaled $10,350,000 $10,350,000 We assumed no $3,500,000 not February 20, 2018 Inventories $ 2,781,000 Property, plant and equipment 58,000 Trademarks 563,000 Customer relationships 3,742,000 Product certification 1,068,000 Goodwill 2,138,000 Total Assets $ 10,350,000 Pending finalization of the fair value of the intangible assets in the fourth 2018, $2,138,000 . Specifically, the goodwill recorded as part of the acquisition of the Calix powered cabinets includes the expected synergies and other benefits that we believe will result from combining the operations of powered cabinet lines with the operations of Clearfield, Inc. The Company incurred approximately $106,000 12.5 As the powered cabinet business was not not The following table below reflects our unaudited pro forma combined results of operations as if the acquisition had taken place as of October 1, 2016 three nine June 30, 2017 June 30, 2018. Pro Forma Pro Forma Pro Forma (unaudited) (unaudited) (unaudited) Net sales $ 23,517,078 $ 68,237,433 $ 58,485,804 Income from operations $ 1,946,661 $ 6,130,794 $ 3,007,279 Net income $ 1,162,370 $ 4,135,565 $ 2,913,224 Net income per share: Basic $ 0.09 $ 0.30 $ 0.22 Diluted $ 0.09 $ 0.30 $ 0.22 The pro forma unaudited results do not may not may may

Note 12 - Accounting Pronouncem

Note 12 - Accounting Pronouncements	9 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Note 12. Recent Accounting Pronouncements In May 2014, 606, Revenue from Contracts with Customers 605, December 15, 2017, December 15, 2016, two In February 2016, 2016 02, Leases 12 December 15, 2018, In January 2017, 2017 04 2 January 1, 2020, January 1, 2017. not

Note 2 - Net Income Per Share (

Note 2 - Net Income Per Share (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Net income $ 1,755,232 $ 803,316 $ 2,393,014 $ 2,587,767 Weighted average common shares 13,430,503 13,522,755 13,441,619 13,559,704 Dilutive potential common shares - 75,827 31,504 171,241 Weighted average dilutive common shares outstanding 13,430,503 13,598,582 13,473,123 13,730,945 Net income per common share: Basic $ 0.13 $ 0.06 $ 0.18 $ 0.19 Diluted $ 0.13 $ 0.06 $ 0.18 $ 0.19

Note 3 - Cash, Cash Equivalen19

Note 3 - Cash, Cash Equivalents and Investments (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Investments Classified by Contractual Maturity Date [Table Text Block]	June 30, 2018 September 30, 2017 Less than one year $ 8,486,225 $ 5,937,150 1-5 years 18,226,000 19,816,000 Total $ 26,712,225 $ 25,753,150

Note 4 - Stock-based Compensa20

Note 4 - Stock-based Compensation (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine months ended June 30, 2018 Dividend yield 0% Average expected volatility 45.63% Average risk-free interest rate 2.61% Expected life (years) 4 Vesting period (years) 3
Share-based Compensation, Stock Options, Activity [Table Text Block]	Number of options Weighted average exercise price Outstanding at September 30, 2017 38,950 $ 2.79 Granted 72,000 13.35 Exercised (7,350 ) 3.67 Cancelled or Forfeited - - Outstanding at June 30, 2018 103,600 $ 10.06
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, 2017 370,530 $ 15.24 Granted 7,235 14.17 Vested (85,933 ) 17.39 Forfeited (12,284 ) 15.54 Unvested at June 30, 2018 279,548 $ 14.54

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2018 September 30, 2017 Raw materials $ 5,136,429 $ 5,991,863 Work-in-progress 773,652 724,248 Finished goods 3,777,971 1,737,456 Inventories, net $ 9,688,052 $ 8,453,567

Note 7 - Major Customer Conce22

Note 7 - Major Customer Concentration (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Three Months Ended June 30, Nine Months Ended June 30, 2018 2017 2018 2017 Customer A 20% 15% 22% 20% Customer B 13% 15% 14% 15% Customer C 10% * * *

Note 11 - Acquisition (Tables)

Note 11 - Acquisition (Tables)	9 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	February 20, 2018 Inventories $ 2,781,000 Property, plant and equipment 58,000 Trademarks 563,000 Customer relationships 3,742,000 Product certification 1,068,000 Goodwill 2,138,000 Total Assets $ 10,350,000
Business Acquisition, Pro Forma Information [Table Text Block]	Pro Forma Pro Forma Pro Forma (unaudited) (unaudited) (unaudited) Net sales $ 23,517,078 $ 68,237,433 $ 58,485,804 Income from operations $ 1,946,661 $ 6,130,794 $ 3,007,279 Net income $ 1,162,370 $ 4,135,565 $ 2,913,224 Net income per share: Basic $ 0.09 $ 0.30 $ 0.22 Diluted $ 0.09 $ 0.30 $ 0.22

Note 2 - Net Income Per Share24

Note 2 - Net Income Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	72,000	0	72,000	0

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 1,755,232	$ 803,316	$ 2,393,014	$ 2,587,767
Weighted average common shares (in shares)	13,430,503	13,522,755	13,441,619	13,559,704
Dilutive potential common shares (in shares)		75,827	31,504	171,241
Weighted average dilutive common shares outstanding (in shares)	13,430,503	13,598,582	13,473,123	13,730,945
Net income per common share:
Basic (in dollars per share)	$ 0.13	$ 0.06	$ 0.18	$ 0.19
Diluted (in dollars per share)	$ 0.13	$ 0.06	$ 0.18	$ 0.19

Note 3 - Cash, Cash Equivalen26

Note 3 - Cash, Cash Equivalents and Investments (Details Textual)	9 Months Ended
	Jun. 30, 2018
Maximum [Member]
Held-to-maturity Securities, Investment Term	5 years

Note 3 - Cash, Cash Equivalen27

Note 3 - Cash, Cash Equivalents and Investments - CD Maturity Dates (Details) - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Less than one year	$ 8,486,225	$ 5,937,150
1-5 years	18,226,000	19,816,000
Total	$ 26,712,225	$ 25,753,150

Note 4 - Stock-based Compensa28

Note 4 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended			6 Months Ended	9 Months Ended
	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Allocated Share-based Compensation Expense, Total	$ 519,223		$ 590,419		$ 1,488,304	$ 1,774,330
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total	3,894,131			$ 3,894,131	$ 3,894,131
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition					6 years 109 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					72,000	0
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period					5 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					3 years
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price					$ 13.35
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 5.15
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term					3 years 361 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	102,052			102,052	$ 102,052
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term					2 years 51 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 267,652			$ 267,652	$ 267,652
Proceeds from Stock Options Exercised					$ 21,174	$ 28,718
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period					7,350	15,850
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		14,242		15,932
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price		$ 10.41		$ 9.39
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	87,081			87,081	87,081
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					7,235
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 14.17
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	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	$ 16.45
Restricted Stock [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					3,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value					$ 13.35
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, Total	$ 477,193		535,719		$ 1,362,213	$ 1,610,229
Cost of Sales [Member]
Allocated Share-based Compensation Expense, Total	$ 42,030		$ 54,700		$ 126,091	$ 164,101

Note 4 - Stock-based Compensa29

Note 4 - Stock-based Compensation - Valuation Assumption (Details)	9 Months Ended
	Jun. 30, 2018
Dividend yield	0.00%
Average expected volatility	45.63%
Average risk-free interest rate	2.61%
Expected life (Year)	4 years
Vesting period (Year)	3 years

Note 4 - Stock-based Compensa30

Note 4 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares	9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Options, outstanding (in shares)	38,950
Weighted-average exercise price, outstanding (in dollars per share)	$ 2.79
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	72,000	0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 13.35
Exercised (in shares)	(7,350)	(15,850)
Exercised (in dollars per share)	$ 3.67
Cancelled or Forfeited (in shares)
Cancelled or Forfeited (in dollars per share)
Options, outstanding (in shares)	103,600
Weighted-average exercise price, outstanding (in dollars per share)	$ 10.06

Note 4 - Stock-based Compensa31

Note 4 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member]	9 Months Ended
	Jun. 30, 2018$ / sharesshares
Balance, unvested shares (in shares) | shares	370,530
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 15.24
Granted (in shares) | shares	7,235
Granted (in dollars per share) | $ / shares	$ 14.17
Vested (in shares) | shares	(85,933)
Vested (in dollars per share) | $ / shares	$ 17.39
Forfeited (in shares) | shares	(12,284)
Forfeited (in dollars per share) | $ / shares	$ 15.54
Balance, unvested shares (in shares) | shares	279,548
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 14.54

Note 5 - Accounts Receivable 32

Note 5 - Accounts Receivable and Net Sales (Details Textual) - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Allowance for Doubtful Accounts Receivable, Current, Ending Balance	$ 79,085	$ 79,085

Note 6 - Inventories - Componen

Note 6 - Inventories - Components of Inventory (Details) - USD ($)	Jun. 30, 2018	Sep. 30, 2017
Raw materials	$ 5,136,429	$ 5,991,863
Work-in-progress	773,652	724,248
Finished goods	3,777,971	1,737,456
Inventories, net	$ 9,688,052	$ 8,453,567

Note 7 - Major Customer Conce34

Note 7 - Major Customer Concentration (Details Textual) - Accounts Receivable [Member] - Customer Concentration Risk [Member]	9 Months Ended	12 Months Ended
	Jun. 30, 2018	Sep. 30, 2017
Customer C [Member]
Concentration Risk, Percentage	15.00%
Customer B [Member]
Concentration Risk, Percentage	14.00%	19.00%
Customer A [Member]
Concentration Risk, Percentage	12.00%

Note 7 - Major Customer Conce35

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, 2018	Jun. 30, 2017		Jun. 30, 2018		Jun. 30, 2017
Customer A [Member]
Customer	20.00%	15.00%		22.00%		20.00%
Customer B [Member]
Customer	13.00%	15.00%		14.00%		15.00%
Customer C [Member]
Customer	10.00%		[1]		[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, 2017USD ($)	Jun. 30, 2018USD ($)
Goodwill, Impairment Loss	$ 0	$ 0
Number of Patents Granted		13
Patents [Member]
Finite-Lived Intangible Asset, Useful Life		20 years

Note 9 - Impairment of Long-l37

Note 9 - Impairment of Long-lived Assets (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Impairment of Long-Lived Assets Held-for-use	$ 0	$ 643,604	$ 0	$ 643,604

Note 10 - Income Taxes (Details

Note 10 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Sep. 30, 2017
Income Tax Expense (Benefit), Total	$ 766,000	$ 593,000	$ 462,000	$ 1,393,000
Effective Income Tax Rate Reconciliation, Percent, Total	30.40%	42.50%	16.20%	35.00%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability			$ (384,000)
Unrecognized Tax Benefits, Ending Balance	$ 0		0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Valuation Allowance, Total	$ 191,000		191,000		$ 159,000
State and Local Jurisdiction [Member] | Deferred Tax Assets Related to Operating Loss Carryforwards [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount			$ 32,000

Note 11 - Acquisition (Details

Note 11 - Acquisition (Details Textual) - USD ($)	Feb. 20, 2018	Jun. 30, 2018	Jun. 30, 2017
Payments to Acquire Businesses, Gross		$ 10,350,000
Calix, Inc. [Member]
Business Combination, Consideration Transferred, Total	$ 10,350,000
Payments to Acquire Businesses, Gross	10,350,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total	0
Purchase Obligation, Total	3,500,000
Goodwill, Acquired During Period	2,138,000
Business Acquisition, Transaction Costs	$ 106,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	12 years 182 days

Note 11 - Acquisition - Summary

Note 11 - Acquisition - Summary of Estimated Fair Values of Acquired Assets (Details) - USD ($)	Jun. 30, 2018	Feb. 20, 2018	Sep. 30, 2017
Goodwill	$ 4,708,511		$ 2,570,511
Calix, Inc. [Member]
Inventories		$ 2,781,000
Property, plant and equipment		58,000
Goodwill		2,138,000
Total Assets		10,350,000
Calix, Inc. [Member] | Trademarks [Member]
Finite-lived intangible assets		563,000
Calix, Inc. [Member] | Customer Relationships [Member]
Finite-lived intangible assets		3,742,000
Calix, Inc. [Member] | Certification Marks [Member]
Finite-lived intangible assets		$ 1,068,000

Note 11 - Acquisition - Pro For

Note 11 - Acquisition - Pro Forma Information (Details) - Calix, Inc. [Member] - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net sales	$ 23,517,078	$ 58,485,804	$ 68,237,433
Income from operations	1,946,661	3,007,279	6,130,794
Net income	$ 1,162,370	$ 2,913,224	$ 4,135,565
Basic (in dollars per share)	$ 0.09	$ 0.22	$ 0.30
Diluted (in dollars per share)	$ 0.09	$ 0.22	$ 0.30