Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Nov. 07, 2018 | Mar. 31, 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 Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 13,646,062 | ||
Entity Public Float | $ 145,057,933 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Shell Company | false |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 8,547,777 | $ 18,536,111 |
Short-term investments | 8,930,225 | 5,937,150 |
Accounts receivable, net | 12,821,258 | 7,237,641 |
Inventories, net | 10,050,135 | 8,453,567 |
Other current assets | 742,136 | 978,933 |
Total current assets | 41,091,531 | 41,143,402 |
Property, plant and equipment, net | 4,744,584 | 5,434,172 |
Other Assets | ||
Long-term investments | 17,974,000 | 19,816,000 |
Goodwill | 4,708,511 | 2,570,511 |
Intangible assets, net | 5,482,555 | 284,787 |
Other | 227,461 | 245,165 |
Total other assets | 28,392,527 | 22,916,463 |
Total Assets | 74,228,642 | 69,494,037 |
Current Liabilities | ||
Accounts payable | 2,363,380 | 1,739,791 |
Accrued compensation | 2,048,904 | 2,410,026 |
Accrued expenses | 568,507 | 93,304 |
Total current liabilities | 4,980,791 | 4,243,121 |
Other Liabilities | ||
Deferred taxes | 104,935 | 444,076 |
Deferred rent | 268,040 | 281,720 |
Total other liabilities | 372,975 | 725,796 |
Total liabilities | 5,353,766 | 4,968,917 |
Shareholders’ Equity | ||
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding | ||
Common stock, $ .01 par value; 50,000,000 shares authorized; 13,646,553 and 13,812,821 shares issued and outstanding as of September 30, 2018 and 2017, respectively | 136,466 | 138,128 |
Additional paid-in capital | 55,483,759 | 55,406,888 |
Retained earnings | 13,254,651 | 8,980,104 |
Total shareholders’ equity | 68,874,876 | 64,525,120 |
Total Liabilities and Shareholders’ Equity | $ 74,228,642 | $ 69,494,037 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Sep. 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) | 13,646,553 | 13,812,821 |
Common stock, shares outstanding (in shares) | 13,646,553 | 13,812,821 |
Statements of Earnings
Statements of Earnings - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net sales | $ 77,651,354 | $ 73,947,619 | $ 75,287,726 |
Cost of sales | 46,654,570 | 43,683,360 | 42,417,478 |
Gross profit | 30,996,784 | 30,264,259 | 32,870,248 |
Operating expenses | |||
Selling, general, and administrative | 25,925,933 | 24,952,376 | 22,138,556 |
Income from operations | 5,070,851 | 5,311,883 | 10,731,692 |
Interest income | 457,101 | 273,930 | 157,402 |
Income before income taxes | 5,527,952 | 5,585,813 | 10,889,094 |
Income tax expense | 1,253,405 | 1,737,974 | 2,876,032 |
Net income | $ 4,274,547 | $ 3,847,839 | $ 8,013,062 |
Net income per share Basic (in dollars per share) | $ 0.32 | $ 0.28 | $ 0.60 |
Net income per share Diluted (in dollars per share) | $ 0.32 | $ 0.28 | $ 0.59 |
Shares used in calculation of net income per share: | |||
Basic (in shares) | 13,429,232 | 13,532,375 | 13,372,579 |
Diluted (in shares) | 13,452,860 | 13,660,806 | 13,663,349 |
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, 2015 | 13,705,658 | |||
Balance at Sep. 30, 2015 | $ 137,057 | $ 55,887,850 | $ (4,745,777) | $ 51,279,130 |
Establishment of deferred tax asset for the adoption of ASU 2016-09 | 1,864,980 | 1,864,980 | ||
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 | ||
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 |
Stock-based compensation expense | 2,003,207 | 2,003,207 | ||
Repurchase of common stock (in shares) | (154,491) | |||
Repurchase of common stock | $ (1,545) | (1,758,897) | (1,760,442) | |
Restricted stock issuance, net (in shares) | (7,987) | |||
Restricted stock issuance, net | $ (80) | 80 | ||
Employee stock purchase plan (in shares) | 30,174 | |||
Employee stock purchase plan | $ 302 | 297,558 | 297,860 | |
Exercise of stock options, net of shares exchanged for payment (in shares) | 8,025 | |||
Exercise of stock options, net of shares exchanged for payment | $ 81 | 23,931 | 24,012 | |
Tax withholding related to vesting of restricted stock grants and exercise of stock options (in shares) | (41,989) | |||
Tax withholding related to vesting of restricted stock grants and exercise of stock options | $ (420) | (489,008) | (489,428) | |
Net income | 4,274,547 | 4,274,547 | ||
Balance (in shares) at Sep. 30, 2018 | 13,646,553 | |||
Balance at Sep. 30, 2018 | $ 136,466 | $ 55,483,759 | $ 13,254,651 | $ 68,874,876 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | |||
Net income | $ 4,274,547 | $ 3,847,839 | $ 8,013,062 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 2,047,746 | 1,622,094 | 1,449,202 |
Impairment of long-lived assets | 0 | 643,604 | 0 |
Deferred income taxes | (339,141) | 32,297 | 2,340,771 |
(Gain) loss on disposal of assets | (17,691) | 35,281 | 12,348 |
Stock-based compensation expense | 2,003,207 | 2,319,975 | 1,404,899 |
Changes in operating assets and liabilities, net of business acquisition: | |||
Accounts receivable | (5,583,617) | 761,569 | (1,988,310) |
Inventories | 1,183,998 | (80,412) | (1,190,301) |
Prepaid expenses and other current assets | 254,501 | 180,456 | (812,811) |
Accounts payable and accrued expenses | 723,990 | (3,064,650) | 2,323,891 |
Net cash provided by operating activities | 4,547,540 | 6,298,053 | 11,552,751 |
Cash flows from investing activities: | |||
Business acquisition | (10,350,000) | ||
Purchases of property, plant and equipment | (1,066,284) | (1,951,615) | (1,550,128) |
Purchase of investments | (7,283,075) | (17,630,075) | (8,138,075) |
Proceeds from sale of property and equipment | 83,052 | 5,100 | 729 |
Patent additions | (123,569) | (69,936) | (77,138) |
Sale of investments | 6,132,000 | 8,107,000 | 8,123,000 |
Net cash used in investing activities | (12,607,876) | (11,539,526) | (1,641,612) |
Cash flows from financing activities: | |||
Repurchase of common stock | (1,760,442) | (3,647,314) | (333,761) |
Proceeds from issuance of common stock under employee stock purchase plan | 297,860 | 334,692 | 254,426 |
Proceeds from issuance of common stock | 24,012 | 28,717 | 548,844 |
Tax withholding related to vesting of restricted stock grants and exercise of stock options | (489,428) | (952,832) | (437,537) |
Net cash (used in) provided by financing activities | (1,927,998) | (4,236,737) | 31,972 |
(Decrease) increase in cash and cash equivalents | (9,988,334) | (9,478,210) | 9,943,111 |
Cash and cash equivalents at beginning of year | 18,536,111 | 28,014,321 | 18,071,210 |
Cash and cash equivalents at end of year | 8,547,777 | 18,536,111 | 28,014,321 |
Supplemental cash flow information | |||
Cash paid during the year for income taxes, net of refunds | 719,694 | 1,471,203 | 1,130,930 |
Non-cash financing activities | |||
Cashless exercise of stock options | 5,782 | 34,268 | 853,033 |
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, 2018 | |
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, 2018 2017 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, 2018 September 30, 2017 Less than one year $ 8,930,225 $ 5,937,150 1-5 years 17,974,000 19,816,000 Total $ 26,904,225 $ 25,753,150 Accounts Receivable: not not The allowance for doubtful accounts activity for the years ended September 30, 2018, 2017, 2016 Year Ended Balance at Beginning of Year Additions Charged to Costs and Expenses Less Write-offs Balance at End of Year September 30, 2018 $ 79,085 $ - $ - $ 79,085 September 30, 2017 93,473 - (14,388 ) 79,085 September 30, 2016 79,473 25,000 (11,000 ) 93,473 Fair Value of Financial Instruments: Inventories: first first September 30, 2018 September 30, 2017 Raw materials $ 6,013,166 $ 5,991,863 Work-in-process 560,988 724,248 Finished goods 3,475,981 1,737,456 Inventories, net $ 10,050,135 $ 8,453,567 During the year ended September 30, 2018, $2,781,000. may not not Also during the year ended September 30, 2018, 2015 11, Inventory (Topic 330 first no not Property, Plant and Equipment: Estimated useful lives of the assets are as follows: Years Equipment 3 - 7 Leasehold improvements 7 - 10 or life of lease Vehicles 3 Property, plant and equipment consist of the following: September 30, 2018 September 30, 2017 Manufacturing equipment $ 5,202,532 $ 5,370,962 Office equipment 3,809,614 3,600,006 Leasehold improvements 2,417,786 2,404,331 Vehicles 226,221 193,702 Property, plant and equipment, gross 11,656,153 11,569,001 Less accumulated depreciation 6,911,569 6,134,829 Property, plant and equipment, net $ 4,744,584 $ 5,434,172 Depreciation expense for the years ended September 30, 2018, 2017, 2016 $1,748,945, $1,614,272, $1,445,910, Goodwill and Intangible Assets: one fourth may not September 30, 2018, 2017, 2016 no September 30, 2018, 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, 2018, 2017, 2016, 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, 2018, 15 In addition, the Company has various finite life intangible assets, most of which were acquired as a result of the acquisition of a portfolio of Telcordia certified outdoor active cabinet products from Calix, Inc. (“Calix”) during fiscal year 2018 September 30, 2018 2017 September 30, 2018 Years Gross Carrying Amount Accumulated Amortization Net Book Value Amount Customer relationships 15 $ 3,742,000 $ 155,917 $ 3,586,083 Certifications 8 1,068,000 83,437 984,563 Trademarks 8 563,000 43,984 519,016 Patents 20 393,002 24,981 368,021 Other 5 31,091 6,219 24,872 Totals $ 5,797,093 $ 314,538 $ 5,482,555 September 30, 2017 Years Gross Carrying Amount Accumulated Amortization Net Book Value Amount Patents 20 $ 269,433 $ 15,737 $ 253,696 Other 5 31,091 - 31,091 Totals $ 300,524 $ 15,737 $ 284,787 Amortization expense related to these assets for the years ended September 30, 2018, 2017, 2016 $298,801, $7,822, $3,292, Estimated future annual amortization expense associated with finite lived intangible assets is expected to be as follows: Year ending September 30 Amount 2019 $ 471,215 2020 471,215 2021 471,215 2022 471,215 2023 464,997 Thereafter 3,132,698 Total future amortization expense $ 5,482,555 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 This impairment was related to the cancellation of an enterprise resource planning software implementation. No September 30, 2018 2016, 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, 2018 September 30, 2017, 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 $787,364, $865,568, $838,122, September 30, 2018, 2017, 2016, Advertising Costs $365,859, $378,217, $350,399, September 30, 2018, 2017, 2016, Net Income Per Share: Weighted average common shares outstanding for the years ended September 30, 2018, 2017, 2016 Year ended September 30, 2018 2017 2016 Net income $ 4,274,547 $ 3,847,839 $ 8,013,062 Weighted average common shares 13,429,232 13,532,375 13,372,579 Dilutive potential common shares 23,628 128,431 290,770 Weighted average dilutive common shares outstanding 13,452,860 13,660,806 13,663,349 Earnings per share: Basic $ 0.32 $ 0.28 $ 0.60 Diluted $ 0.32 $ 0.28 $ 0.59 There were 108,000 September 30, 2018 No September 30, 2017 2016. Use of Estimates: may Reclassifications: Certain comparative figures have been reclassified to conform to the current period's presentation. These reclassifications did not Recently Issued Accounting Pronouncements: In May 2014, 606, Revenue from Contracts with Customers 605, December 15, 2017, December 15, 2016, two not September 30, 2018, 2015 14 not In February 2016, 2016 02, Leases December 15, 2018, October 1, 2019. In January 2017, 2017 04 2 January 1, 2020, January 1, 2017. not |
Note B - Commitments and Facili
Note B - Commitments and Facilities | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE B – COMMITMENTS AND FACILITIES Operating Leases: February 2024. September 30, 2018, 2017, 2016, $869,000, $768,000 $658,000 As of September 30, 2018, Year ending September 30 Operating leases 2019 $ 593,586 2020 568,018 2021 402,123 2022 412,177 2023 422,481 Thereafter 615,336 Total minimum lease payments $ 3,013,721 Share Repurchase Program: November 13, 2014, $8,000,000 April 25, 2017, $4,000,000 $12,000,000 not September 30, 2018, may $5,409,326 |
Note C - Shareholders' Equity
Note C - Shareholders' Equity | 12 Months Ended |
Sep. 30, 2018 | |
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 2007 1,003,644 September 30, 2018. September 30, 2018, $3,522,909 6.1 September 30, 2018, 2017, 2016 $2,003,207, $2,319,975, $1,404,899, September 30, 2018, $1,835,086 $168,121 September 30, 2017, $2,103,621 $216,354 September 30, 2016, $1,272,656 $132,243 Stock Options: September 30, 2018, 108,000 4.7 three $13.37. no September 30, 2017 2016. September 30, 2018 $4.78. Year ended September 30, 2018 Dividend yield 0 % Weighted average expected volatility 43.68 % Weighted average risk-free interest rate 2.70 % Weighted average expected life 3.7 years Vesting period 3.0 years 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 Options are generally granted at fair market values determined on the date of grant and vesting normally occurs over a three five one six six no September 30, 2018 2017, September 30, 2018, 2,250 September 30, 2017, 10,500 September 30, 2018 2017 $75,767 $237,172, September 30, 2018 $331,535. Option transactions under the 2007 September 30, 2018 2017 Number of shares Weighted average exercise price Weighted average fair value Outstanding as of September 30, 2016 54,800 $ 3.13 Granted - - - Cancelled or Forfeited - - Exercised (15,850 ) 3.97 Outstanding as of September 30, 2017 38,950 2.79 Granted 108,000 13.37 $ 4.78 Cancelled or Forfeited - - Exercised (8,450 ) 3.58 Outstanding as of September 30, 2018 138,500 $ 10.99 The following table summarizes information concerning options exercisable under the 2007 Year ended Exercisable Weighted average remaining contractual life Weighted average exercise price September 30, 2018 30,500 1.89 years $ 2.58 September 30, 2017 38,950 2.73 years $ 2.79 The following table summarizes information concerning options currently outstanding at: Year Ended Number outstanding Weighted average remaining contractual life Weighted average exercise price Aggregate intrinsic value September 30, 2018 138,500 3.82 years $ 10.99 $ 340,531 September 30, 2017 38,950 2.73 years $ 2.79 $ 421,237 Restricted Stock: 2007 one ten Restricted stock transactions during the years ended September 30, 2018 2017 Number of shares Weighted average grant date fair value Unvested shares as of September 30, 2016 563,570 $ 14.26 Granted 3,795 16.45 Vested (185,231 ) 12.30 Forfeited (11,604 ) 14.79 Unvested shares as of September 30, 2017 370,530 15.24 Granted 7,235 14.17 Vested (113,930 ) 16.45 Forfeited (15,222 ) 15.41 Unvested shares as of September 30, 2018 248,613 $ 14.65 The Company repurchased a total of 41,989 $11.66 September 30, 2018. 75,445 $12.63 September 30, 2017. Employee Stock Purchase Plan: 2010 may may no 85% one six July 1 January 1 December 31, 2017 June 30, 2018, 14,242 15,932 $10.41 $9.39 December 31, 2016 June 30, 2017, 11,144 14,723 $15.21 $11.22 September 30, 2018, $70,905 July 1, 2018. June 30, 2018, 87,081 |
Note D - Income Taxes
Note D - Income Taxes | 12 Months Ended |
Sep. 30, 2018 | |
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, 2017, $159,000 $32,000 first 2018. uring the fourth 2018, $86,000 2018 $133,000 $47,000 September 30, 2018 $105,000 not may The valuation allowance activity for the years ended September 30, 2018, 2017, 2016 Year Ended Balance at Beginning of Year Income Tax Expense (Benefit) Reversal for State NOL Expiration and Utilization Balance at End of Year September 30, 2018 $ 159,154 $ 79,377 $ (133,673 ) $ 104,858 September 30, 2017 322,404 (32,154 ) (131,096 ) 159,154 September 30, 2016 658,808 (78,044 ) (258,360 ) 322,404 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 $ (70,467 ) $ (90,085 ) Property and equipment depreciation (552,119 ) (948,653 ) Net operating loss carry forwards and credits 464,274 551,125 Stock-based compensation 151,558 209,645 Inventories 400,111 503,632 Prepaid expenses (60,806 ) (48,847 ) Accrued expenses and reserves 250,787 404,649 Goodwill (583,415 ) (866,388 ) Gross long-term deferred tax liability (77 ) (284,922 ) Valuation allowance (104,858 ) (159,154 ) Net long-term deferred tax liability $ (104,935 ) $ (444,076 ) As of September 30, 2018, $464,000 September 30, 2017, $409,000. During the quarter ended December 31, 2015, 2015 17 not As of September 30, 2018, no $3,468,000 2016. 2019 2022 not September 30, 2018, $198,000 $50,000, 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 24 % 34 % 34 % Federal rate change (5 %) - - State income taxes 2 % 1 % 1 % Permanent differences - (1 %) - Change in valuation allowance (3 %) (4 %) (3 %) Expiration and utilization of state NOL’s 4 % 3 % 2 % Research and development credits (1 %) (1 %) (1 %) Excess tax expense (benefits) from stock-based compensation 2 % (1 %) (7 %) Tax rate 23 % 31 % 26 % Components of the income tax expense are as follows for the years ended: September 30, September 30, September 30, Current: Federal $ 1,472,512 $ 1,627,125 $ 428,638 State 120,034 78,552 106,623 Current income tax expense 1,592,546 1,705,677 535,261 Deferred: Federal (463,798 ) 8,680 2,434,294 State 124,657 23,617 (93,523 ) Deferred income tax expense (339,141 ) 32,297 2,340,771 Income tax expense $ 1,253,405 $ 1,737,974 $ 2,876,032 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, 2018, 2017, 2016. 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 2003. 2002 September 30, 2018, 2016. no 2007 March 31 September 30. |
Note E - Concentrations
Note E - Concentrations | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE E – CONCENTRATIONS Suppliers: third may may Customers: For the years ended September 30, 2018, 2017, 2016, two 10% not As of September 30, 2018, three 10% September 30, 2017, one 19% The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Sales outside the United States are principally to countries in the Caribbean, Canada, Central and South America. The following table presents our domestic and international sales for each of the last three Year Ended September 30, 2018 2017 2016 United States $ 72,295,000 $ 67,901,000 $ 71,264,000 All Other Countries 5,356,000 6,047,000 4,024,000 Total Net Sales $ 77,651,000 $ 73,948,000 $ 75,288,000 Long-lived assets: September 30, 2018 2017, $412,755 $581,396, |
Note F - Acquisition
Note F - Acquisition | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE F – ACQUISITION On February 20, 2018, February 20, 2018. The introduction of the Clearfield active 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 active 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 2019. The following table summarizes the preliminary estimated fair values of the assets acquired at the acquisition 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 The active cabinet acquisition resulted in $2,138,000 . Specifically, the goodwill recorded as part of the acquisition of the Calix active cabinets includes the expected synergies and other benefits that we believe will result from combining the operations of active cabinet lines with the operations of Clearfield, Inc. The Company incurred approximately $106,000 12.5 As the active 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 September 30, 2018 2017. The pro forma includes estimated expenses relating to the amortization of intangibles purchased, the amortization of the inventory fair value adjustment, and estimated personnel costs: Pro Forma Pro Forma Net sales $ 89,672,074 $ 80,958,789 Income from operations $ 8,174,841 $ 5,554,766 Net income $ 5,809,018 $ 4,794,757 Net income per share: Basic $ 0.43 $ 0.36 Diluted $ 0.43 $ 0.36 The pro forma unaudited results do not may not may may |
Note G - Employee Benefit Plan
Note G - Employee Benefit Plan | 12 Months Ended |
Sep. 30, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE G – EMPLOYEE BENEFIT PLAN The Company maintains a contributory 401 may not 100% first 3% 50% 3% $654,001, $652,615 $520,530 September 30, 2018, 2017, 2016, . |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition: |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: three September 30, 2018 2017 The Company maintains cash balances at several financial institutions, and at times, such balances exceed insured limits. The Company has not not |
Investment, Policy [Policy Text Block] | Investments: not five three September 30, 2018 September 30, 2017 Less than one year $ 8,930,225 $ 5,937,150 1-5 years 17,974,000 19,816,000 Total $ 26,904,225 $ 25,753,150 |
Receivables, Policy [Policy Text Block] | Accounts Receivable: not not The allowance for doubtful accounts activity for the years ended September 30, 2018, 2017, 2016 Year Ended Balance at Beginning of Year Additions Charged to Costs and Expenses Less Write-offs Balance at End of Year September 30, 2018 $ 79,085 $ - $ - $ 79,085 September 30, 2017 93,473 - (14,388 ) 79,085 September 30, 2016 79,473 25,000 (11,000 ) 93,473 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments: |
Inventory, Policy [Policy Text Block] | Inventories: first first September 30, 2018 September 30, 2017 Raw materials $ 6,013,166 $ 5,991,863 Work-in-process 560,988 724,248 Finished goods 3,475,981 1,737,456 Inventories, net $ 10,050,135 $ 8,453,567 During the year ended September 30, 2018, $2,781,000. may not not Also during the year ended September 30, 2018, 2015 11, Inventory (Topic 330 first no not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment: Estimated useful lives of the assets are as follows: Years Equipment 3 - 7 Leasehold improvements 7 - 10 or life of lease Vehicles 3 Property, plant and equipment consist of the following: September 30, 2018 September 30, 2017 Manufacturing equipment $ 5,202,532 $ 5,370,962 Office equipment 3,809,614 3,600,006 Leasehold improvements 2,417,786 2,404,331 Vehicles 226,221 193,702 Property, plant and equipment, gross 11,656,153 11,569,001 Less accumulated depreciation 6,911,569 6,134,829 Property, plant and equipment, net $ 4,744,584 $ 5,434,172 Depreciation expense for the years ended September 30, 2018, 2017, 2016 $1,748,945, $1,614,272, $1,445,910, |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Intangible Assets: one fourth may not September 30, 2018, 2017, 2016 no September 30, 2018, 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, 2018, 2017, 2016, 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, 2018, 15 In addition, the Company has various finite life intangible assets, most of which were acquired as a result of the acquisition of a portfolio of Telcordia certified outdoor active cabinet products from Calix, Inc. (“Calix”) during fiscal year 2018 September 30, 2018 2017 September 30, 2018 Years Gross Carrying Amount Accumulated Amortization Net Book Value Amount Customer relationships 15 $ 3,742,000 $ 155,917 $ 3,586,083 Certifications 8 1,068,000 83,437 984,563 Trademarks 8 563,000 43,984 519,016 Patents 20 393,002 24,981 368,021 Other 5 31,091 6,219 24,872 Totals $ 5,797,093 $ 314,538 $ 5,482,555 September 30, 2017 Years Gross Carrying Amount Accumulated Amortization Net Book Value Amount Patents 20 $ 269,433 $ 15,737 $ 253,696 Other 5 31,091 - 31,091 Totals $ 300,524 $ 15,737 $ 284,787 Amortization expense related to these assets for the years ended September 30, 2018, 2017, 2016 $298,801, $7,822, $3,292, Estimated future annual amortization expense associated with finite lived intangible assets is expected to be as follows: Year ending September 30 Amount 2019 $ 471,215 2020 471,215 2021 471,215 2022 471,215 2023 464,997 Thereafter 3,132,698 Total future amortization expense $ 5,482,555 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | 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 This impairment was related to the cancellation of an enterprise resource planning software implementation. No September 30, 2018 2016, |
Income Tax, Policy [Policy Text Block] | 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, 2018 September 30, 2017, not not 12 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | 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 Expense, Policy [Policy Text Block] | Research and Development Costs $787,364, $865,568, $838,122, September 30, 2018, 2017, 2016, |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs $365,859, $378,217, $350,399, September 30, 2018, 2017, 2016, |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Share: Weighted average common shares outstanding for the years ended September 30, 2018, 2017, 2016 Year ended September 30, 2018 2017 2016 Net income $ 4,274,547 $ 3,847,839 $ 8,013,062 Weighted average common shares 13,429,232 13,532,375 13,372,579 Dilutive potential common shares 23,628 128,431 290,770 Weighted average dilutive common shares outstanding 13,452,860 13,660,806 13,663,349 Earnings per share: Basic $ 0.32 $ 0.28 $ 0.60 Diluted $ 0.32 $ 0.28 $ 0.59 There were 108,000 September 30, 2018 No September 30, 2017 2016. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: may |
Reclassification, Policy [Policy Text Block] | Reclassifications: Certain comparative figures have been reclassified to conform to the current period's presentation. These reclassifications did not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements: In May 2014, 606, Revenue from Contracts with Customers 605, December 15, 2017, December 15, 2016, two not September 30, 2018, 2015 14 not In February 2016, 2016 02, Leases December 15, 2018, October 1, 2019. In January 2017, 2017 04 2 January 1, 2020, January 1, 2017. not |
Note A - Summary of Significa_2
Note A - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Investments Classified by Contractual Maturity Date [Table Text Block] | September 30, 2018 September 30, 2017 Less than one year $ 8,930,225 $ 5,937,150 1-5 years 17,974,000 19,816,000 Total $ 26,904,225 $ 25,753,150 |
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, 2018 $ 79,085 $ - $ - $ 79,085 September 30, 2017 93,473 - (14,388 ) 79,085 September 30, 2016 79,473 25,000 (11,000 ) 93,473 |
Schedule of Inventory, Current [Table Text Block] | September 30, 2018 September 30, 2017 Raw materials $ 6,013,166 $ 5,991,863 Work-in-process 560,988 724,248 Finished goods 3,475,981 1,737,456 Inventories, net $ 10,050,135 $ 8,453,567 |
Property, Plant and Equipment [Table Text Block] | September 30, 2018 September 30, 2017 Manufacturing equipment $ 5,202,532 $ 5,370,962 Office equipment 3,809,614 3,600,006 Leasehold improvements 2,417,786 2,404,331 Vehicles 226,221 193,702 Property, plant and equipment, gross 11,656,153 11,569,001 Less accumulated depreciation 6,911,569 6,134,829 Property, plant and equipment, net $ 4,744,584 $ 5,434,172 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2018 Years Gross Carrying Amount Accumulated Amortization Net Book Value Amount Customer relationships 15 $ 3,742,000 $ 155,917 $ 3,586,083 Certifications 8 1,068,000 83,437 984,563 Trademarks 8 563,000 43,984 519,016 Patents 20 393,002 24,981 368,021 Other 5 31,091 6,219 24,872 Totals $ 5,797,093 $ 314,538 $ 5,482,555 September 30, 2017 Years Gross Carrying Amount Accumulated Amortization Net Book Value Amount Patents 20 $ 269,433 $ 15,737 $ 253,696 Other 5 31,091 - 31,091 Totals $ 300,524 $ 15,737 $ 284,787 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending September 30 Amount 2019 $ 471,215 2020 471,215 2021 471,215 2022 471,215 2023 464,997 Thereafter 3,132,698 Total future amortization expense $ 5,482,555 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year ended September 30, 2018 2017 2016 Net income $ 4,274,547 $ 3,847,839 $ 8,013,062 Weighted average common shares 13,429,232 13,532,375 13,372,579 Dilutive potential common shares 23,628 128,431 290,770 Weighted average dilutive common shares outstanding 13,452,860 13,660,806 13,663,349 Earnings per share: Basic $ 0.32 $ 0.28 $ 0.60 Diluted $ 0.32 $ 0.28 $ 0.59 |
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 Faci_2
Note B - Commitments and Facilities (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year ending September 30 Operating leases 2019 $ 593,586 2020 568,018 2021 402,123 2022 412,177 2023 422,481 Thereafter 615,336 Total minimum lease payments $ 3,013,721 |
Note C - Shareholders' Equity (
Note C - Shareholders' Equity (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Year ended September 30, 2018 Dividend yield 0 % Weighted average expected volatility 43.68 % Weighted average risk-free interest rate 2.70 % Weighted average expected life 3.7 years Vesting period 3.0 years |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of shares Weighted average exercise price Weighted average fair value Outstanding as of September 30, 2016 54,800 $ 3.13 Granted - - - Cancelled or Forfeited - - Exercised (15,850 ) 3.97 Outstanding as of September 30, 2017 38,950 2.79 Granted 108,000 13.37 $ 4.78 Cancelled or Forfeited - - Exercised (8,450 ) 3.58 Outstanding as of September 30, 2018 138,500 $ 10.99 |
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 Weighted average exercise price September 30, 2018 30,500 1.89 years $ 2.58 September 30, 2017 38,950 2.73 years $ 2.79 |
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 Weighted average exercise price Aggregate intrinsic value September 30, 2018 138,500 3.82 years $ 10.99 $ 340,531 September 30, 2017 38,950 2.73 years $ 2.79 $ 421,237 |
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 as of September 30, 2016 563,570 $ 14.26 Granted 3,795 16.45 Vested (185,231 ) 12.30 Forfeited (11,604 ) 14.79 Unvested shares as of September 30, 2017 370,530 15.24 Granted 7,235 14.17 Vested (113,930 ) 16.45 Forfeited (15,222 ) 15.41 Unvested shares as of September 30, 2018 248,613 $ 14.65 |
Note D - Income Taxes (Tables)
Note D - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Year Ended Balance at Beginning of Year Income Tax Expense (Benefit) Reversal for State NOL Expiration and Utilization Balance at End of Year September 30, 2018 $ 159,154 $ 79,377 $ (133,673 ) $ 104,858 September 30, 2017 322,404 (32,154 ) (131,096 ) 159,154 September 30, 2016 658,808 (78,044 ) (258,360 ) 322,404 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 30, September 30, Long-term deferred income tax assets (liabilities): Intangibles $ (70,467 ) $ (90,085 ) Property and equipment depreciation (552,119 ) (948,653 ) Net operating loss carry forwards and credits 464,274 551,125 Stock-based compensation 151,558 209,645 Inventories 400,111 503,632 Prepaid expenses (60,806 ) (48,847 ) Accrued expenses and reserves 250,787 404,649 Goodwill (583,415 ) (866,388 ) Gross long-term deferred tax liability (77 ) (284,922 ) Valuation allowance (104,858 ) (159,154 ) Net long-term deferred tax liability $ (104,935 ) $ (444,076 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | September 30, September 30, September 30, Federal statutory rate 24 % 34 % 34 % Federal rate change (5 %) - - State income taxes 2 % 1 % 1 % Permanent differences - (1 %) - Change in valuation allowance (3 %) (4 %) (3 %) Expiration and utilization of state NOL’s 4 % 3 % 2 % Research and development credits (1 %) (1 %) (1 %) Excess tax expense (benefits) from stock-based compensation 2 % (1 %) (7 %) Tax rate 23 % 31 % 26 % |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | September 30, September 30, September 30, Current: Federal $ 1,472,512 $ 1,627,125 $ 428,638 State 120,034 78,552 106,623 Current income tax expense 1,592,546 1,705,677 535,261 Deferred: Federal (463,798 ) 8,680 2,434,294 State 124,657 23,617 (93,523 ) Deferred income tax expense (339,141 ) 32,297 2,340,771 Income tax expense $ 1,253,405 $ 1,737,974 $ 2,876,032 |
Note E - Concentrations (Tables
Note E - Concentrations (Tables) | 12 Months Ended |
Sep. 30, 2018 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year Ended September 30, 2018 2017 2016 United States $ 72,295,000 $ 67,901,000 $ 71,264,000 All Other Countries 5,356,000 6,047,000 4,024,000 Total Net Sales $ 77,651,000 $ 73,948,000 $ 75,288,000 |
Note F - Acquisition (Tables)
Note F - Acquisition (Tables) | 12 Months Ended |
Sep. 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 Net sales $ 89,672,074 $ 80,958,789 Income from operations $ 8,174,841 $ 5,554,766 Net income $ 5,809,018 $ 4,794,757 Net income per share: Basic $ 0.43 $ 0.36 Diluted $ 0.43 $ 0.36 |
Note A - Summary of Significa_3
Note A - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Sep. 30, 2018USD ($)shares | Sep. 30, 2017USD ($)shares | Sep. 30, 2016USD ($)shares | |
Depreciation, Total | $ 1,748,945 | $ 1,614,272 | $ 1,445,910 |
Number of Reportable Segments | 1 | ||
Goodwill, Impairment Loss | $ 0 | 0 | $ 0 |
Number of Patents Granted | 15 | ||
Amortization of Intangible Assets, Total | $ 298,801 | 7,822 | 3,292 |
Impairment of Long-Lived Assets Held-for-use | 0 | 643,604 | 0 |
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | |
Research and Development Expense, Total | 787,364 | 865,568 | 838,122 |
Advertising Expense | $ 365,859 | $ 378,217 | $ 350,399 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 108,000 | 0 | 0 |
Patents [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years | 20 years | |
Maximum [Member] | Patents [Member] | |||
Finite-Lived Intangible Asset, Useful Life | 20 years |
Note A - Summary of Significa_4
Note A - Summary of Significant Accounting Policies - Maturity Date of CDs (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Less than one year | $ 8,930,225 | $ 5,937,150 |
1-5 years | 17,974,000 | 19,816,000 |
Total | $ 26,904,225 | $ 25,753,150 |
Note A - Summary of Significa_5
Note A - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Balance at Beginning of Year | $ 79,085 | $ 93,473 | $ 79,473 |
Additions Charged to Costs and Expenses | 25,000 | ||
Less Write-offs | (14,388) | (11,000) | |
Balance at End of Year | $ 79,085 | $ 79,085 | $ 93,473 |
Note A - Summary of Significa_6
Note A - Summary of Significant Accounting Policies - Components of Inventory (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Raw materials | $ 6,013,166 | $ 5,991,863 |
Work-in-process | 560,988 | 724,248 |
Finished goods | 3,475,981 | 1,737,456 |
Inventories, net | $ 10,050,135 | $ 8,453,567 |
Note A - Summary of Significa_7
Note A - Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Sep. 30, 2018 | |
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 Significa_8
Note A - Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Fixed Assets | $ 11,656,153 | $ 11,569,001 |
Less accumulated depreciation | 6,911,569 | 6,134,829 |
Property, plant and equipment, net | 4,744,584 | 5,434,172 |
Machinery and Equipment [Member] | ||
Fixed Assets | 5,202,532 | 5,370,962 |
Office Equipment [Member] | ||
Fixed Assets | 3,809,614 | 3,600,006 |
Leasehold Improvements [Member] | ||
Fixed Assets | 2,417,786 | 2,404,331 |
Vehicles [Member] | ||
Fixed Assets | $ 226,221 | $ 193,702 |
Note A - Summary of Significa_9
Note A - Summary of Significant Accounting Policies - Finite Lived Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Gross carrying amount | $ 5,797,093 | $ 300,524 |
Accumulated amortization | 314,538 | 15,737 |
Net book value amount | $ 5,482,555 | $ 284,787 |
Customer Relationships [Member] | ||
Useful life (Year) | 15 years | |
Gross carrying amount | $ 3,742,000 | |
Accumulated amortization | 155,917 | |
Net book value amount | $ 3,586,083 | |
Patents [Member] | ||
Useful life (Year) | 20 years | 20 years |
Gross carrying amount | $ 393,002 | $ 269,433 |
Accumulated amortization | 24,981 | 15,737 |
Net book value amount | $ 368,021 | $ 253,696 |
Certification Marks [Member] | ||
Useful life (Year) | 8 years | |
Gross carrying amount | $ 1,068,000 | |
Accumulated amortization | 83,437 | |
Net book value amount | $ 984,563 | |
Other Intangible Assets [Member] | ||
Useful life (Year) | 5 years | 5 years |
Gross carrying amount | $ 31,091 | $ 31,091 |
Accumulated amortization | 6,219 | |
Net book value amount | $ 24,872 | $ 31,091 |
Trademarks [Member] | ||
Useful life (Year) | 8 years | |
Gross carrying amount | $ 563,000 | |
Accumulated amortization | 43,984 | |
Net book value amount | $ 519,016 |
Note A - Summary of Signific_10
Note A - Summary of Significant Accounting Policies - Future Amortization Expense (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
2,019 | $ 471,215 | |
2,020 | 471,215 | |
2,021 | 471,215 | |
2,022 | 471,215 | |
2,023 | 464,997 | |
Thereafter | 3,132,698 | |
Total future amortization expense | $ 5,482,555 | $ 284,787 |
Note A - Summary of Signific_11
Note A - Summary of Significant Accounting Policies - Weighted Average Common Shares Outstanding (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 4,274,547 | $ 3,847,839 | $ 8,013,062 |
Weighted average common shares (in shares) | 13,429,232 | 13,532,375 | 13,372,579 |
Dilutive potential common shares | $ 23,628 | $ 128,431 | $ 290,770 |
Weighted average dilutive common shares outstanding (in shares) | 13,452,860 | 13,660,806 | 13,663,349 |
Earnings per share: | |||
Basic (in dollars per share) | $ 0.32 | $ 0.28 | $ 0.60 |
Diluted (in dollars per share) | $ 0.32 | $ 0.28 | $ 0.59 |
Note B - Commitments and Faci_3
Note B - Commitments and Facilities (Details Textual) - USD ($) | Apr. 25, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | Nov. 13, 2014 |
Operating Leases, Rent Expense, Total | $ 869,000 | $ 768,000 | $ 658,000 | ||
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 | $ 5,409,326 |
Note B - Commitments and Faci_4
Note B - Commitments and Facilities - Future Minimum Lease Payments (Details) | Sep. 30, 2018USD ($) |
2,019 | $ 593,586 |
2,020 | 568,018 |
2,021 | 402,123 |
2,022 | 412,177 |
2,023 | 422,481 |
Thereafter | 615,336 |
Total minimum lease payments | $ 3,013,721 |
Note C - Shareholders' Equity_2
Note C - Shareholders' Equity (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
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 | 500,000 | 500,000 | |||||
Preferred Stock, Shares Issued, Total | 0 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,003,644 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 3,522,909 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 6 years 36 days | ||||||
Allocated Share-based Compensation Expense, Total | $ 2,003,207 | $ 2,319,975 | $ 1,404,899 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 108,000 | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Remaining Contractual Term | 4 years 255 days | ||||||
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 | $ 13.37 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.78 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 1 year 324 days | 2 years 266 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 | 8,450 | 15,850 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 75,767 | $ 237,172 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 331,535 | ||||||
Stock Repurchased During Period, Shares | 41,989 | 75,445 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 11.66 | $ 12.63 | |||||
Payments Related to Tax Withholding for Share-based Compensation | $ 489,428 | $ 952,832 | $ 437,537 | ||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | 0 | |||||
Employee Stock Purchase Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 87,081 | ||||||
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 | 15,932 | 14,242 | 14,723 | 11,144 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price | $ 9.39 | $ 10.41 | $ 11.22 | $ 15.21 | |||
Payments Related to Tax Withholding for Share-based Compensation | $ 70,905 | ||||||
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 | 2,250 | 10,500 | |||||
Restricted Stock [Member] | Minimum [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||
Restricted Stock [Member] | Maximum [Member] | Employees [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 | $ 1,835,086 | $ 2,103,621 | 1,272,656 | ||||
Cost of Sales [Member] | |||||||
Allocated Share-based Compensation Expense, Total | $ 168,121 | $ 216,354 | $ 132,243 | ||||
Undesignated Shares [Member] | |||||||
Preferred Stock, Shares Authorized | 5,000,000 | ||||||
Series B Preferred Stock [Member] | |||||||
Preferred Stock, Shares Authorized | 500,000 | ||||||
Preferred Stock, Shares Issued, Total | 0 | ||||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 |
Note C - Shareholders' Equity -
Note C - Shareholders' Equity - Valuation Assumptions (Details) | 12 Months Ended |
Sep. 30, 2018 | |
Dividend yield | 0.00% |
Weighted average expected volatility | 43.68% |
Weighted average risk-free interest rate | 2.70% |
Weighted average expected life (Year) | 3 years 255 days |
Vesting period (Year) | 3 years |
Note C - Shareholders' Equity_3
Note C - Shareholders' Equity - Option Transaction Summary (Details) - $ / shares | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Options, outstanding (in shares) | 38,950 | 54,800 | |
Weighted-average exercise price, outstanding (in dollars per share) | $ 2.79 | $ 3.13 | |
Granted (in shares) | 108,000 | 0 | 0 |
Weighted-average exercise price, Granted (in dollars per share) | $ 13.37 | ||
Cancelled or Forfeited (in shares) | |||
Weighted-average exercise price, Cancelled or Forfeited (in dollars per share) | |||
Exercised (in shares) | (8,450) | (15,850) | |
Weighted-average exercise price, Exercised (in dollars per share) | $ 3.58 | $ 3.97 | |
Weighted average fair value, granted (in dollars per share) | $ 4.78 | ||
Options, outstanding (in shares) | 138,500 | 38,950 | 54,800 |
Weighted-average exercise price, outstanding (in dollars per share) | $ 10.99 | $ 2.79 | $ 3.13 |
Note C - Shareholders' Equity_4
Note C - Shareholders' Equity - Options Exercisable (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Exercisable (in shares) | 30,500 | 38,950 |
Weighted average remaining contractual life (Year) | 1 year 324 days | 2 years 266 days |
Weighted average exercise price (in dollars per share) | $ 2.58 | $ 2.79 |
Note C - Shareholders' Equity_5
Note C - Shareholders' Equity - Options Currently Outstanding (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Number outstanding (in shares) | 138,500 | 38,950 | 54,800 |
Weighted average remaining contractual life (Year) | 3 years 299 days | 2 years 266 days | |
Weighted average exercise price (in dollars per share) | $ 10.99 | $ 2.79 | $ 3.13 |
Aggregate intrinsic value | $ 340,531 | $ 421,237 |
Note C - Shareholders' Equity_6
Note C - Shareholders' Equity - Restricted Stock Transactions (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Balance, unvested shares (in shares) | 370,530 | 563,570 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 15.24 | $ 14.26 |
Granted (in shares) | 7,235 | 3,795 |
Granted (in dollars per share) | $ 14.17 | $ 16.45 |
Vested (in shares) | (113,930) | (185,231) |
Vested (in dollars per share) | $ 16.45 | $ 12.30 |
Forfeited (in shares) | (15,222) | (11,604) |
Forfeited (in dollars per share) | $ 15.41 | $ 14.79 |
Balance, unvested shares (in shares) | 248,613 | 370,530 |
Balance, weighted-average grant date fair value (in dollars per share) | $ 14.65 | $ 15.24 |
Note D - Income Taxes (Details
Note D - Income Taxes (Details Textual) | Oct. 01, 2015USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Effective Income Tax Rate Reconciliation, Percent, Total | 23.00% | 31.00% | 26.00% | |||||
Accrued Income Taxes, Current | $ 464,000 | $ 464,000 | ||||||
Income Taxes Receivable, Current | $ 409,000 | |||||||
Deferred Tax Assets, Valuation Allowance, Total | 104,858 | $ 322,404 | 104,858 | 159,154 | $ 322,404 | $ 658,808 | ||
Unrecognized Tax Benefits, Ending Balance | 0 | 0 | 0 | 0 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0 | 0 | 0 | |||||
State and Local Jurisdiction [Member] | ||||||||
Operating Loss Carryforwards, Valuation Allowance, Total | 105,000 | 105,000 | $ 159,000 | |||||
Operating Loss Carryforwards, Total | 3,468,000 | 3,468,000 | ||||||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ||||||||
Tax Credit Carryforward, Amount | 198,000 | 198,000 | ||||||
State and Local Jurisdiction [Member] | Alternative Minimum Tax [Member] | ||||||||
Tax Credit Carryforward, Amount | 50,000 | 50,000 | ||||||
State and Local Jurisdiction [Member] | Research and Development and Alternative Minimum Tax Credit Carryforwards [Member] | ||||||||
Deferred Tax Assets, Valuation Allowance, Total | 0 | 0 | ||||||
State and Local Jurisdiction [Member] | Deferred Tax Assets Related to Operating Loss Carryforwards [Member] | ||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (86,000) | $ 32,000 | ||||||
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards, Expired and Utilized [Member] | ||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 133,000 | |||||||
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards, Higher Expected NOL Utilization [Member] | ||||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 47,000 | |||||||
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, Total | 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, Total | (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, Total | (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, Total | (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, Total | $ 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, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Balance at Beginning of Year | $ 159,154 | $ 322,404 | $ 658,808 |
Income Tax Benefit | 79,377 | (32,154) | (78,044) |
Reversal for State NOL Expiration and Utilization | (133,673) | (131,096) | (258,360) |
Balance at End of Year | $ 104,858 | $ 159,154 | $ 322,404 |
Note D - Income Taxes - Signifi
Note D - Income Taxes - Significant Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) | Sep. 30, 2018 | Sep. 30, 2017 |
Gross long-term deferred tax liability | $ (77) | $ (284,922) |
Valuation allowance | (104,858) | (159,154) |
Net long-term deferred tax liability | (104,935) | (444,076) |
Long-term [Member] | ||
Intangibles | (70,467) | (90,085) |
Property and equipment depreciation | (552,119) | (948,653) |
Stock-based compensation | 151,558 | 209,645 |
Goodwill | (583,415) | (866,388) |
Short Term [Member] | ||
Net operating loss carry forwards and credits | 464,274 | 551,125 |
Inventories | 400,111 | 503,632 |
Prepaid expenses | (60,806) | (48,847) |
Accrued expenses and reserves | $ 250,787 | $ 404,649 |
Note D - Income Taxes - Reconci
Note D - Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate (Details) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Federal statutory rate | 24.00% | 34.00% | 34.00% |
Federal rate change | (5.00%) | ||
State income taxes | 2.00% | 1.00% | 1.00% |
Permanent differences | (1.00%) | ||
Change in valuation allowance | (3.00%) | (4.00%) | (3.00%) |
Expiration and utilization of state NOL’s | 4.00% | 3.00% | 2.00% |
Research and development credits | (1.00%) | (1.00%) | (1.00%) |
Excess tax expense (benefits) from stock-based compensation | 2.00% | (1.00%) | (7.00%) |
Tax rate | 23.00% | 31.00% | 26.00% |
Note D - Income Taxes - Income
Note D - Income Taxes - Income Tax Expense (Benefit) Components (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Current: | |||
Federal | $ 1,472,512 | $ 1,627,125 | $ 428,638 |
State | 120,034 | 78,552 | 106,623 |
Current income tax expense | 1,592,546 | 1,705,677 | 535,261 |
Deferred: | |||
Federal | (463,798) | 8,680 | 2,434,294 |
State | 124,657 | 23,617 | (93,523) |
Deferred income tax expense | (339,141) | 32,297 | 2,340,771 |
Income tax expense | $ 1,253,405 | $ 1,737,974 | $ 2,876,032 |
Note E - Concentrations (Detail
Note E - Concentrations (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2018 | |
Property, Plant and Equipment, Net, Ending Balance | $ 5,434,172 | $ 4,744,584 |
MEXICO | ||
Property, Plant and Equipment, Net, Ending Balance | $ 581,396 | $ 412,755 |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member] | ||
Concentration Risk, Percentage | 19.00% |
Note E- Concentrations - Domest
Note E- Concentrations - Domestic and International Sales (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net sales | $ 77,651,354 | $ 73,947,619 | $ 75,287,726 |
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | UNITED STATES | |||
Net sales | 72,295,000 | 67,901,000 | 71,264,000 |
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | |||
Net sales | $ 5,356,000 | $ 6,047,000 | $ 4,024,000 |
Note F - Acquisition (Details T
Note F - Acquisition (Details Textual) - USD ($) | Feb. 20, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 |
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 F - Acquisition - Summary
Note F - Acquisition - Summary of Estimated Fair Values of Acquired Assets (Details) - USD ($) | Sep. 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 F - Acquisition - Pro Form
Note F - Acquisition - Pro Forma Information (Details) - Calix, Inc. [Member] - USD ($) | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Net sales | $ 80,958,789 | $ 89,672,074 |
Income from operations | 5,554,766 | 8,174,841 |
Net income | $ 4,794,757 | $ 5,809,018 |
Basic (in dollars per share) | $ 0.36 | $ 0.43 |
Diluted (in dollars per share) | $ 0.36 | $ 0.43 |
Note G - Employee Benefit Plan
Note G - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 654,001 | $ 652,615 | $ 520,530 |
First Level of Matching [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Second Level Of Matching [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% |