Clearfield (CLFD) 10-K 15 Nov 19 2019 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2019	Nov. 08, 2019	Mar. 31, 2019
Document Information [Line Items]
Entity Registrant Name	Clearfield, Inc.
Entity Central Index Key	0000796505
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)		13,641,805
Entity Public Float			$ 163,326,246
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Common Stock, $.01 par value

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Current Assets
Cash and cash equivalents	$ 10,081,721	$ 8,547,777
Short-term investments	13,524,270	8,930,225
Accounts receivables, net	9,118,639	12,821,258
Inventories, net	9,012,980	10,050,135
Other current assets	769,161	742,136
Total current assets	42,506,771	41,091,531
Property, plant and equipment, net	5,413,241	4,744,584
Other Assets
Long-term investments	23,902,000	17,974,000
Goodwill	4,708,511	4,708,511
Intangible assets, net	5,147,135	5,482,555
Other	210,905	227,461
Total other assets	33,968,551	28,392,527
Total Assets	81,888,563	74,228,642
Current Liabilities
Accounts payable	3,173,599	2,363,380
Accrued compensation	3,224,860	2,048,904
Accrued expenses	208,603	568,507
Total current liabilities	6,607,062	4,980,791
Other Liabilities
Deferred taxes	101,690	104,935
Deferred rent	246,424	268,040
Total other liabilities	348,114	372,975
Total liabilities	6,955,176	5,353,766
Shareholders’ Equity
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding
Common stock, authorized 50,000,000, $.01 par value; 13,641,805 and 13,646,553, shares issued and outstanding as of September 30, 2019 and September 30, 2018	136,418	136,466
Additional paid-in capital	56,976,162	55,483,759
Retained earnings	17,820,807	13,254,651
Total shareholders’ equity	74,933,387	68,874,876
Total Liabilities and Shareholders’ Equity	$ 81,888,563	$ 74,228,642

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2019	Sep. 30, 2018
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, authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	13,641,805	13,646,553
Common stock, shares outstanding (in shares)	13,641,805	13,646,553

Statements of Earnings

Statements of Earnings - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Net sales	$ 85,034,182	$ 77,651,354	$ 73,947,619
Cost of sales	52,345,059	46,654,570	43,683,360
Gross profit	32,689,123	30,996,784	30,264,259
Operating expenses
Selling, general and administrative	27,500,989	25,925,933	24,952,376
Income from operations	5,188,134	5,070,851	5,311,883
Interest income	738,459	457,101	273,930
Income before income taxes	5,926,593	5,527,952	5,585,813
Income tax expense	1,360,437	1,253,405	1,737,974
Net income	$ 4,566,156	$ 4,274,547	$ 3,847,839
Net income per share Basic (in dollars per share)	$ 0.34	$ 0.32	$ 0.28
Net income per share Diluted (in dollars per share)	$ 0.34	$ 0.32	$ 0.28
Weighted average shares outstanding:
Basic (in shares)	13,442,871	13,429,232	13,532,375
Diluted (in shares)	13,451,214	13,452,860	13,660,806

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, 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
Issuance of common stock under employee stock purchase plan (in shares)	25,867
Issuance of common stock under 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
Repurchase of shares for payment of withholding taxes for vested restricted stock grants (in shares)	(75,445)
Repurchase of shares for payment of withholding taxes for vested restricted stock grants	$ (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
Issuance of common stock under employee stock purchase plan (in shares)	30,174
Issuance of common stock under 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
Repurchase of shares for payment of withholding taxes for vested restricted stock grants (in shares)	(41,989)
Repurchase of shares for payment of withholding taxes for vested restricted stock grants	$ (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
Stock-based compensation expense		1,729,025		1,729,025
Restricted stock issuance, net (in shares)	(7,490)
Restricted stock issuance, net	$ (75)	75
Issuance of common stock under employee stock purchase plan (in shares)	37,235
Issuance of common stock under employee stock purchase plan	$ 372	313,519		313,891
Exercise of stock options, net of shares exchanged for payment (in shares)	6,440
Exercise of stock options, net of shares exchanged for payment	$ 64	2,540		2,604
Repurchase of shares for payment of withholding taxes for vested restricted stock grants (in shares)	(40,933)
Repurchase of shares for payment of withholding taxes for vested restricted stock grants	$ (409)	(552,756)		(553,165)
Net income			4,566,156	4,566,156
Balance (in shares) at Sep. 30, 2019	13,641,805
Balance at Sep. 30, 2019	$ 136,418	$ 56,976,162	$ 17,820,807	$ 74,933,387

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities
Net income	$ 4,566,156	$ 4,274,547	$ 3,847,839
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,178,409	2,047,746	1,622,094
Impairment of long-lived assets	0	0	643,604
Change in allowance for doubtful accounts	210,000
Amortization of discount on investments	(71,652)
Deferred taxes	(3,245)	(339,141)	32,297
(Gain) loss on disposal of assets		(17,691)	35,281
Stock-based compensation	1,729,025	2,003,207	2,319,975
Changes in operating assets and liabilities:
Accounts receivable	3,492,619	(5,583,617)	761,569
Inventories, net	1,037,155	1,183,998	(80,412)
Other assets	(10,469)	254,501	180,456
Accounts payable, accrued expenses and deferred rent	1,604,655	723,990	(3,064,650)
Net cash provided by operating activities	14,732,653	4,547,540	6,298,053
Cash flows from investing activities
Purchases of property, plant and equipment and intangible assets	(2,511,646)	(1,189,853)	(2,021,551)
Purchases of investments	(20,311,393)	(7,283,075)	(17,630,075)
Proceeds from sale of property, plant, and equipment		83,052	5,100
Proceeds from maturities of investments	9,861,000	6,132,000	8,107,000
Business acquisition		(10,350,000)
Net cash used in investing activities	(12,962,039)	(12,607,876)	(11,539,526)
Cash flows from financing activities
Repurchases of common stock		(1,760,442)	(3,647,314)
Proceeds from issuance of common stock under employee stock purchase plan	313,891	297,860	334,692
Proceeds from issuance of common stock upon exercise of stock options	2,604	24,012	28,717
Tax withholding related to vesting of restricted stock grants	(553,165)	(489,428)	(952,832)
Net cash used in financing activities	(236,670)	(1,927,998)	(4,236,737)
Increase (decrease) in cash and cash equivalents	1,533,944	(9,988,334)	(9,478,210)
Cash and cash equivalents, beginning of year	8,547,777	18,536,111	28,014,321
Cash and cash equivalents, end of year	10,081,721	8,547,777	18,536,111
Supplemental disclosures for cash flow information
Cash paid during the year for income taxes	1,683,113	719,694	1,471,203
Non-cash financing activities
Cashless exercise of stock options	$ 17,390	$ 5,782	$ 34,268

Note A - Summary of Significant

Note A - Summary of Significant Accounting Policies	12 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Significant Accounting Policies [Text Block]	NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business: Revenue Recognition: October 1, 2018, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 605, Revenue Recognition, 2014 09, no Our revenue is comprised of the sale of our products to customers and is recognized when the Company satisfies its performance obligations under the contract. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. The majority of our contracts have a single performance obligation and are short term in nature. We recognize revenue by transferring the promised products to the customer, with substantially all revenue recognized at the point in time when the customer obtains control of the products. Shipping and handling costs charged to our customers are included in net sales, while the corresponding shipping expenses are included in cost of goods sold. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenue) basis. Cash and Cash Equivalents: three September 30, 2019 2018 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, September 30, Less than one year $ 13,524,270 $ 8,930,225 1-5 years 23,902,000 17,974,000 Total $ 37,426,270 $ 26,904,225 Fair Value of Financial Instruments: Accounts Receivable: not not The allowance for doubtful accounts activity for the years ended September 30, 2019, 2018, 2017 Year Ended Balance at Additions Less Balance September 30, 2019 $ 79,085 $ 210,000 $ - $ 289,085 September 30, 2018 79,085 - - 79,085 September 30, 2017 93,473 - (14,338 ) 79,085 Inventories: first first September 30, September 30, Raw materials $ 7,115,298 $ 6,013,166 Work-in-process 540,962 560,988 Finished goods 1,356,720 3,475,981 Inventories, net $ 9,012,980 $ 10,050,135 On a regular basis, the Company reviews its inventory and identifies that which is excess, slow moving, and obsolete by considering factors such as inventory levels, expected product life, and forecasted sales demand. Any identified excess, slow moving, and obsolete inventory is written down to its net realizable value through a charge to cost of sales. It is possible that additional inventory write-down charges 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, September 30, Manufacturing equipment $ 7,106,041 $ 5,202,532 Office equipment 3,996,251 3,809,614 Leasehold improvements 2,436,346 2,417,786 Vehicles 245,903 226,221 Construction in progress 8,921 - Property, plant and equipment, gross 13,793,462 11,656,153 Less accumulated depreciation 8,380,221 6,911,569 Property, plant and equipment, net $ 5,413,241 $ 4,744,584 Depreciation expense for the years ended September 30, 2019, 2018, 2017 $1,705,583, $1,748,945, $1,614,272, Goodwill and Intangible Assets: one fourth may not September 30, 2019, 2018, 2017 no September 30, 2019, 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, 2019, 2018, 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, 2019, 19 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, 2019 2018 September 30, 2019 Years Gross Carrying Accumulated Net Book Value Customer relationships 15 $ 3,742,000 $ 405,384 $ 3,336,616 Certifications 8 1,068,000 216,937 851,063 Trademarks 8 563,000 114,359 448,641 Patents 20 530,409 38,247 492,162 Other 5 31,091 12,438 18,653 Totals $ 5,934,500 $ 787,365 $ 5,147,135 September 30, 2018 Years Gross Carrying Accumulated Net Book Value 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 Amortization expense related to these assets for the years ended September 30, 2019, 2018, 2017 $472,827, $298,801, $7,822, Impairment of Long-Lived Assets: may not not not Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value and is recorded as a reduction in the carrying value of the related asset or asset group and a charge to operating results. During the year ended September 30, 2017, $643,604 No September 30, 2019 2018, 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, 2019 September 30, 2018, 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 $1,089,637, $787,364, $865,568, September 30, 2019, 2018, 2017, Advertising Costs $278,057, $365,859, $378,217, September 30, 2019, 2018, 2017, Net Income Per Share: Weighted average common shares outstanding for the years ended September 30, 2019, 2018, 2017 Year ended September 30, 2019 2018 2017 Net income $ 4,566,156 $ 4,274,547 $ 3,847,839 Weighted average common shares 13,442,871 13,429,232 13,532,375 Dilutive potential common shares 8,343 23,628 128,431 Weighted average dilutive common shares outstanding 13,451,214 13,452,860 13,660,806 Earnings per share: Basic $ 0.34 $ 0.32 $ 0.28 Diluted $ 0.34 $ 0.32 $ 0.28 There were 268,000 108,000 September 30, 2019 2018, No September 30, 2017. Use of Estimates: may Recently Issued Accounting Pronouncements: February 2016, 2016 02, Leases 2018 01 January 2018, 2018 11 July 2018 2018 20 December 2018. December 15, 2018, October 1, 2019. 2016 02 no 2016 02 October 1, 2019, $2.3 $2.9 In January 2017, 2017 04 Intangibles-Goodwill, 2 January 1, 2020, January 1, 2017. not In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments November 2018, 2018 19 2016 13. first 2021, 2016 13

Note B - Commitments and Facili

Note B - Commitments and Facilities	12 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	NOTE B – COMMITMENTS AND FACILITIES Operating Leases: February 2025. September 30, 2019, 2018, 2017, $908,000, $869,000 $768,000 As of September 30, 2019, Year ending September 30 Operating leases 2020 $ 643,040 2021 479,213 2022 491,397 2023 503,895 2024 516,720 Thereafter 217,551 Total minimum lease payments $ 2,851,816

Note C - Shareholders' Equity

Note C - Shareholders' Equity	12 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	NOTE C – SHAREHOLDERS’ EQUITY Share Repurchase Program: November 13, 2014, $8,000,000 April 25, 2017, $4,000,000 $12,000,000 not September 30, 2019, may $5,409,326 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 851,134 September 30, 2019. September 30, 2019, $2,371,309 4.9 September 30, 2019, 2018, 2017 $1,729,025, $2,003,207, $2,319,975, September 30, 2019, $1,638,829 $90,196 September 30, 2018, $1,835,086 $168,121 September 30, 2017, $2,103,621 $216,354 Stock Options: September 30, 2019, 172,000 4 three $12.17. September 30, 2018, 108,000 4.7 three $13.37. no September 30, 2017. Year ended Year ended Dividend yield 0 % 0 % Weighted average expected volatility 37.77 % 43.68 % Weighted average risk-free interest rate 2.92 % 2.70 % Weighted average expected life (in years) 3.0 3.7 Vesting period (in years) 3.0 3.0 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 36,000 September 30, 2019 no September 30 2018. September 30, 2019, 6,750 September 30, 2018, 2,250 September 30, 2019 September 30, 2018 $81,728 $75,767, Option transactions under the 2007 September 30, 2019 2018 Number of Weighted average Weighted 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 Granted 172,000 12.17 $ 3.53 Cancelled or Forfeited (12,000 ) 12.17 Exercised (7,750 ) 2.58 Outstanding as of September 30, 2019 290,750 $ 11.86 The following table summarizes information concerning options exercisable under the 2007 Year ended Exercisable Weighted average Weighted average September 30, 2019 58,750 2.40 $ 9.19 September 30, 2018 30,500 1.89 $ 2.58 The following table summarizes information concerning options currently outstanding at: Year Ended Number Weighted Weighted Aggregate September 30, 2019 290,750 3.04 $ 11.86 $ 156,173 September 30, 2018 138,500 3.82 $ 10.99 $ (4,097 ) Restricted Stock: 2007 one ten Restricted stock transactions during the years ended September 30, 2019 2018 Number of Weighted average 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 Granted 4,340 14.40 Vested (110,683 ) 16.31 Forfeited (11,830 ) 14.47 Unvested shares as of September 30, 2019 130,440 $ 13.25 The Company repurchased a total of 40,933 $13.51 September 30, 2019. 41,989 $11.66 September 30, 2018. Employee Stock Purchase Plan: 2010 may may no 85% one six July 1 January 1 December 31, 2018 June 30, 2019, 17,312 19,923 $ 8.43 December 31, 2017 June 30, 2018, 14,242 15,932 $10.41 $9.39 September 30, 2019, $80,708 July 1, 2019. June 30, 2019, 49,846

Note D - Income Taxes

Note D - Income Taxes	12 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE D – INCOME TAXES Components of the income tax expense are as follows for the years ended: September 30, September 30, September 30, 2019 2018 2017 Current: Federal $ 1,260,552 $ 1,472,512 $ 1,627,125 State 103,130 120,034 78,552 Current income tax expense 1,363,682 1,592,546 1,705,677 Deferred: Federal (38,534 ) (463,798 ) 8,680 State 35,289 124,657 23,617 Deferred income tax expense (3,245 ) (339,141 ) 32,297 Income tax expense $ 1,360,437 $ 1,253,405 $ 1,737,974 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, 2019 2018 2017 Federal statutory rate 21 % 24 % 34 % Federal rate change - (5 %) - State income taxes 2 % 2 % 1 % Permanent differences - - (1 %) Change in valuation allowance (1 %) (3 %) (4 %) Expiration and utilization of state NOL’s 2 % 4 % 3 % Research and development credits (2 %) (1 %) (1 %) Excess tax expense (benefits) from stock-based compensation 1 % 2 % (1 %) Tax rate 23 % 23 % 31 % The federal statutory rate for the year ended September 31, 2018 December 22, 2017. As of September 30, 2019, $145,000 September 30, 2018, $464,000. As of September 30, 2019 2018, no $1,905,000 $3,468,000 2020 2022 not September 30, 2019, $241,000 $50,000, not not 2030. Significant components of deferred income tax assets and liabilities are as follows at: September 30, September 30, 2019 2018 Deferred income tax assets (liabilities): Intangibles $ (75,190 ) $ (70,467 ) Property and equipment depreciation (521,586 ) (552,119 ) Net operating loss carry forwards and credits 377,505 464,274 Stock-based compensation 114,118 151,558 Inventories 350,197 400,111 Prepaid expenses (63,252 ) (60,806 ) Accrued expenses and reserves 371,414 250,787 Goodwill (607,882 ) (583,415 ) Gross deferred tax liability (54,676 ) (77 ) Valuation allowance (47,014 ) (104,858 ) Net deferred tax liability $ (101,690 ) $ (104,935 ) Realization of net operating loss carryforwards 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 their recoverability. As of September 30, 2018, $105,000 fourth 2019, $58,000 2019 $68,000 $10,000 September 30, 2019 $47,000 not may The valuation allowance activity for the years ended September 30, 2019, 2018, 2017 Year Ended Balance at Income Tax Reversal for Balance at September 30, 2019 $ 104,858 $ 10,448 $ (68,292 ) $ 47,014 September 30, 2018 159,154 79,377 (133,673 ) 104,858 September 30, 2017 322,404 (32,154 ) (131,096 ) 159,154 The Company completed an Internal Revenue Code Section 382 2009 not 382. not 382 2009 not 2009 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, 2019, 2018, 2017. 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 2004. 2003 September 30, 2018, 2016. no 2007 March 31 September 30.

Note E - Concentrations

Note E - Concentrations	12 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	NOTE E – CONCENTRATIONS Suppliers: third may may Customers: For the fiscal years ended September 30, 2019, 2018, 2017, two 29%, 33%, 35% not As of September 30, 2019, two 28% September 30, 2018, two 45% one Disaggregation of Revenue 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 customers in 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, 2019 2018 2017 United States $ 78,553,000 $ 72,295,000 $ 67,901,000 All Other Countries 6,481,000 5,356,000 6,047,000 Total Net Sales $ 85,034,000 $ 77,651,000 $ 73,948,000 Long-lived assets: September 30, 2019 2018, $1,406,546 $412,755,

Note F - Acquisition

Note F - Acquisition	12 Months Ended
	Sep. 30, 2019
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 no The following table summarizes the 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 Year Ended Year Ended September 30, September 30, (unaudited) (unaudited) 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 Net income per share: Basic $ 0.36 $ 0.43 Diluted $ 0.36 $ 0.43 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, 2019
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% $702,202, $654,001 $652,615 September 30, 2019, 2018, 2017, .

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2019
Accounting Policies [Abstract]
Revenue [Policy Text Block]	Revenue Recognition: October 1, 2018, 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09 605, Revenue Recognition, 2014 09, no Our revenue is comprised of the sale of our products to customers and is recognized when the Company satisfies its performance obligations under the contract. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. The majority of our contracts have a single performance obligation and are short term in nature. We recognize revenue by transferring the promised products to the customer, with substantially all revenue recognized at the point in time when the customer obtains control of the products. Shipping and handling costs charged to our customers are included in net sales, while the corresponding shipping expenses are included in cost of goods sold. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenue) basis.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents: three September 30, 2019 2018 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, September 30, Less than one year $ 13,524,270 $ 8,930,225 1-5 years 23,902,000 17,974,000 Total $ 37,426,270 $ 26,904,225
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments:
Receivable [Policy Text Block]	Accounts Receivable: not not The allowance for doubtful accounts activity for the years ended September 30, 2019, 2018, 2017 Year Ended Balance at Additions Less Balance September 30, 2019 $ 79,085 $ 210,000 $ - $ 289,085 September 30, 2018 79,085 - - 79,085 September 30, 2017 93,473 - (14,338 ) 79,085
Inventory, Policy [Policy Text Block]	Inventories: first first September 30, September 30, Raw materials $ 7,115,298 $ 6,013,166 Work-in-process 540,962 560,988 Finished goods 1,356,720 3,475,981 Inventories, net $ 9,012,980 $ 10,050,135 On a regular basis, the Company reviews its inventory and identifies that which is excess, slow moving, and obsolete by considering factors such as inventory levels, expected product life, and forecasted sales demand. Any identified excess, slow moving, and obsolete inventory is written down to its net realizable value through a charge to cost of sales. It is possible that additional inventory write-down charges 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, September 30, Manufacturing equipment $ 7,106,041 $ 5,202,532 Office equipment 3,996,251 3,809,614 Leasehold improvements 2,436,346 2,417,786 Vehicles 245,903 226,221 Construction in progress 8,921 - Property, plant and equipment, gross 13,793,462 11,656,153 Less accumulated depreciation 8,380,221 6,911,569 Property, plant and equipment, net $ 5,413,241 $ 4,744,584 Depreciation expense for the years ended September 30, 2019, 2018, 2017 $1,705,583, $1,748,945, $1,614,272,
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill and Intangible Assets: one fourth may not September 30, 2019, 2018, 2017 no September 30, 2019, 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, 2019, 2018, 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, 2019, 19 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, 2019 2018 September 30, 2019 Years Gross Carrying Accumulated Net Book Value Customer relationships 15 $ 3,742,000 $ 405,384 $ 3,336,616 Certifications 8 1,068,000 216,937 851,063 Trademarks 8 563,000 114,359 448,641 Patents 20 530,409 38,247 492,162 Other 5 31,091 12,438 18,653 Totals $ 5,934,500 $ 787,365 $ 5,147,135 September 30, 2018 Years Gross Carrying Accumulated Net Book Value 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 Amortization expense related to these assets for the years ended September 30, 2019, 2018, 2017 $472,827, $298,801, $7,822,
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 No September 30, 2019 2018,
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, 2019 September 30, 2018, not not 12
Share-based Payment Arrangement [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 $1,089,637, $787,364, $865,568, September 30, 2019, 2018, 2017,
Advertising Cost [Policy Text Block]	Advertising Costs $278,057, $365,859, $378,217, September 30, 2019, 2018, 2017,
Earnings Per Share, Policy [Policy Text Block]	Net Income Per Share: Weighted average common shares outstanding for the years ended September 30, 2019, 2018, 2017 Year ended September 30, 2019 2018 2017 Net income $ 4,566,156 $ 4,274,547 $ 3,847,839 Weighted average common shares 13,442,871 13,429,232 13,532,375 Dilutive potential common shares 8,343 23,628 128,431 Weighted average dilutive common shares outstanding 13,451,214 13,452,860 13,660,806 Earnings per share: Basic $ 0.34 $ 0.32 $ 0.28 Diluted $ 0.34 $ 0.32 $ 0.28 There were 268,000 108,000 September 30, 2019 2018, No September 30, 2017.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates: may
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements: February 2016, 2016 02, Leases 2018 01 January 2018, 2018 11 July 2018 2018 20 December 2018. December 15, 2018, October 1, 2019. 2016 02 no 2016 02 October 1, 2019, $2.3 $2.9 In January 2017, 2017 04 Intangibles-Goodwill, 2 January 1, 2020, January 1, 2017. not In June 2016, 2016 13, Measurement of Credit Losses on Financial Instruments November 2018, 2018 19 2016 13. first 2021, 2016 13

Note A - Summary of Significa_2

Note A - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2019
Notes Tables
Investments Classified by Contractual Maturity Date [Table Text Block]	September 30, September 30, Less than one year $ 13,524,270 $ 8,930,225 1-5 years 23,902,000 17,974,000 Total $ 37,426,270 $ 26,904,225
Financing Receivable, Allowance for Credit Loss [Table Text Block]	Year Ended Balance at Additions Less Balance September 30, 2019 $ 79,085 $ 210,000 $ - $ 289,085 September 30, 2018 79,085 - - 79,085 September 30, 2017 93,473 - (14,338 ) 79,085
Schedule of Inventory, Current [Table Text Block]	September 30, September 30, Raw materials $ 7,115,298 $ 6,013,166 Work-in-process 540,962 560,988 Finished goods 1,356,720 3,475,981 Inventories, net $ 9,012,980 $ 10,050,135
Property, Plant and Equipment [Table Text Block]	September 30, September 30, Manufacturing equipment $ 7,106,041 $ 5,202,532 Office equipment 3,996,251 3,809,614 Leasehold improvements 2,436,346 2,417,786 Vehicles 245,903 226,221 Construction in progress 8,921 - Property, plant and equipment, gross 13,793,462 11,656,153 Less accumulated depreciation 8,380,221 6,911,569 Property, plant and equipment, net $ 5,413,241 $ 4,744,584
Schedule of Finite-Lived Intangible Assets [Table Text Block]	September 30, 2019 Years Gross Carrying Accumulated Net Book Value Customer relationships 15 $ 3,742,000 $ 405,384 $ 3,336,616 Certifications 8 1,068,000 216,937 851,063 Trademarks 8 563,000 114,359 448,641 Patents 20 530,409 38,247 492,162 Other 5 31,091 12,438 18,653 Totals $ 5,934,500 $ 787,365 $ 5,147,135 September 30, 2018 Years Gross Carrying Accumulated Net Book Value 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
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Year ended September 30, 2019 2018 2017 Net income $ 4,566,156 $ 4,274,547 $ 3,847,839 Weighted average common shares 13,442,871 13,429,232 13,532,375 Dilutive potential common shares 8,343 23,628 128,431 Weighted average dilutive common shares outstanding 13,451,214 13,452,860 13,660,806 Earnings per share: Basic $ 0.34 $ 0.32 $ 0.28 Diluted $ 0.34 $ 0.32 $ 0.28
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, 2019
Notes Tables
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	Year ending September 30 Operating leases 2020 $ 643,040 2021 479,213 2022 491,397 2023 503,895 2024 516,720 Thereafter 217,551 Total minimum lease payments $ 2,851,816

Note C - Shareholders' Equity (

Note C - Shareholders' Equity (Tables)	12 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Year ended Year ended Dividend yield 0 % 0 % Weighted average expected volatility 37.77 % 43.68 % Weighted average risk-free interest rate 2.92 % 2.70 % Weighted average expected life (in years) 3.0 3.7 Vesting period (in years) 3.0 3.0
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of Weighted average Weighted 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 Granted 172,000 12.17 $ 3.53 Cancelled or Forfeited (12,000 ) 12.17 Exercised (7,750 ) 2.58 Outstanding as of September 30, 2019 290,750 $ 11.86
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block]	Year ended Exercisable Weighted average Weighted average September 30, 2019 58,750 2.40 $ 9.19 September 30, 2018 30,500 1.89 $ 2.58
Share-based Compensation Arrangements by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding [Table Text Block]	Year Ended Number Weighted Weighted Aggregate September 30, 2019 290,750 3.04 $ 11.86 $ 156,173 September 30, 2018 138,500 3.82 $ 10.99 $ (4,097 )
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Number of Weighted average 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 Granted 4,340 14.40 Vested (110,683 ) 16.31 Forfeited (11,830 ) 14.47 Unvested shares as of September 30, 2019 130,440 $ 13.25

Note D - Income Taxes (Tables)

Note D - Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	September 30, September 30, September 30, 2019 2018 2017 Current: Federal $ 1,260,552 $ 1,472,512 $ 1,627,125 State 103,130 120,034 78,552 Current income tax expense 1,363,682 1,592,546 1,705,677 Deferred: Federal (38,534 ) (463,798 ) 8,680 State 35,289 124,657 23,617 Deferred income tax expense (3,245 ) (339,141 ) 32,297 Income tax expense $ 1,360,437 $ 1,253,405 $ 1,737,974
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	September 30, September 30, September 30, 2019 2018 2017 Federal statutory rate 21 % 24 % 34 % Federal rate change - (5 %) - State income taxes 2 % 2 % 1 % Permanent differences - - (1 %) Change in valuation allowance (1 %) (3 %) (4 %) Expiration and utilization of state NOL’s 2 % 4 % 3 % Research and development credits (2 %) (1 %) (1 %) Excess tax expense (benefits) from stock-based compensation 1 % 2 % (1 %) Tax rate 23 % 23 % 31 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	September 30, September 30, 2019 2018 Deferred income tax assets (liabilities): Intangibles $ (75,190 ) $ (70,467 ) Property and equipment depreciation (521,586 ) (552,119 ) Net operating loss carry forwards and credits 377,505 464,274 Stock-based compensation 114,118 151,558 Inventories 350,197 400,111 Prepaid expenses (63,252 ) (60,806 ) Accrued expenses and reserves 371,414 250,787 Goodwill (607,882 ) (583,415 ) Gross deferred tax liability (54,676 ) (77 ) Valuation allowance (47,014 ) (104,858 ) Net deferred tax liability $ (101,690 ) $ (104,935 )
Summary of Valuation Allowance [Table Text Block]	Year Ended Balance at Income Tax Reversal for Balance at September 30, 2019 $ 104,858 $ 10,448 $ (68,292 ) $ 47,014 September 30, 2018 159,154 79,377 (133,673 ) 104,858 September 30, 2017 322,404 (32,154 ) (131,096 ) 159,154

Note E - Concentrations (Tables

Note E - Concentrations (Tables)	12 Months Ended
	Sep. 30, 2019
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Year Ended September 30, 2019 2018 2017 United States $ 78,553,000 $ 72,295,000 $ 67,901,000 All Other Countries 6,481,000 5,356,000 6,047,000 Total Net Sales $ 85,034,000 $ 77,651,000 $ 73,948,000

Note F - Acquisition (Tables)

Note F - Acquisition (Tables)	12 Months Ended
	Sep. 30, 2019
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 Year Ended Year Ended September 30, September 30, (unaudited) (unaudited) 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 Net income per share: Basic $ 0.36 $ 0.43 Diluted $ 0.36 $ 0.43

Note A - Summary of Significa_3

Note A - Summary of Significant Accounting Policies (Details Textual)	12 Months Ended
	Sep. 30, 2019USD ($)shares	Sep. 30, 2018USD ($)shares	Sep. 30, 2017USD ($)shares	Oct. 01, 2019USD ($)
Depreciation, Total	$ 1,705,583	$ 1,748,945	$ 1,614,272
Number of Reportable Segments	1
Goodwill, Impairment Loss	$ 0	0	0
Number of Patents Granted	19
Amortization of Intangible Assets, Total	$ 472,827	298,801	7,822
Impairment of Long-Lived Assets Held-for-use	0	0	643,604
Unrecognized Tax Benefits, Ending Balance	0	0
Research and Development Expense, Total	1,089,637	787,364	865,568
Advertising Expense	$ 278,057	$ 365,859	$ 378,217
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares	268,000	108,000	0
Patents [Member]
Finite-Lived Intangible Asset, Useful Life	20 years	20 years
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member]
Operating Lease, Right-of-Use Asset				$ 2,900,000
Maximum [Member] | Patents [Member]
Finite-Lived Intangible Asset, Useful Life	20 years
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member]
Operating Lease, Right-of-Use Asset				2,300,000
Operating Lease, Liability, Total				$ 2,300,000

Note A - Summary of Significa_4

Note A - Summary of Significant Accounting Policies - Maturity Date of CDs (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Less than one year	$ 13,524,270	$ 8,930,225
1-5 years	23,902,000	17,974,000
Total	$ 37,426,270	$ 26,904,225

Note A - Summary of Significa_5

Note A - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Balance at Beginning of Year	$ 79,085	$ 79,085	$ 93,473
Additions Charged to Costs and Expenses	210,000
Less Write-offs			(14,338)
Balance at End of Year	$ 289,085	$ 79,085	$ 79,085

Note A - Summary of Significa_6

Note A - Summary of Significant Accounting Policies - Components of Inventory (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Raw materials	$ 7,115,298	$ 6,013,166
Work-in-process	540,962	560,988
Finished goods	1,356,720	3,475,981
Inventories, net	$ 9,012,980	$ 10,050,135

Note A - Summary of Significa_7

Note A - Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details)	12 Months Ended
	Sep. 30, 2019
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, 2019	Sep. 30, 2018
Fixed Assets	$ 13,793,462	$ 11,656,153
Less accumulated depreciation	8,380,221	6,911,569
Property, plant and equipment, net	5,413,241	4,744,584
Machinery and Equipment [Member]
Fixed Assets	7,106,041	5,202,532
Office Equipment [Member]
Fixed Assets	3,996,251	3,809,614
Leasehold Improvements [Member]
Fixed Assets	2,436,346	2,417,786
Vehicles [Member]
Fixed Assets	245,903	226,221
Construction in Progress [Member]
Fixed Assets	$ 8,921

Note A - Summary of Significa_9

Note A - Summary of Significant Accounting Policies - Finite Lived Intangible Assets (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Gross carrying amount	$ 5,934,500	$ 5,797,093
Accumulated amortization	787,365	314,538
Net book value amount	$ 5,147,135	$ 5,482,555
Customer Relationships [Member]
Useful life (Year)	15 years	15 years
Gross carrying amount	$ 3,742,000	$ 3,742,000
Accumulated amortization	405,384	155,917
Net book value amount	$ 3,336,616	$ 3,586,083
Certification Marks [Member]
Useful life (Year)	8 years	8 years
Gross carrying amount	$ 1,068,000	$ 1,068,000
Accumulated amortization	216,937	83,437
Net book value amount	$ 851,063	$ 984,563
Trademarks [Member]
Useful life (Year)	8 years	8 years
Gross carrying amount	$ 563,000	$ 563,000
Accumulated amortization	114,359	43,984
Net book value amount	$ 448,641	$ 519,016
Patents [Member]
Useful life (Year)	20 years	20 years
Gross carrying amount	$ 530,409	$ 393,002
Accumulated amortization	38,247	24,981
Net book value amount	$ 492,162	$ 368,021
Other Intangible Assets [Member]
Useful life (Year)	5 years	5 years
Gross carrying amount	$ 31,091	$ 31,091
Accumulated amortization	12,438	6,219
Net book value amount	$ 18,653	$ 24,872

Note A - Summary of Signific_10

Note A - Summary of Significant Accounting Policies - Weighted Average Common Shares Outstanding (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Net income	$ 4,566,156	$ 4,274,547	$ 3,847,839
Weighted average common shares (in shares)	13,442,871	13,429,232	13,532,375
Dilutive potential common shares	$ 8,343	$ 23,628	$ 128,431
Weighted average dilutive common shares outstanding (in shares)	13,451,214	13,452,860	13,660,806
Earnings per share:
Basic (in dollars per share)	$ 0.34	$ 0.32	$ 0.28
Diluted (in dollars per share)	$ 0.34	$ 0.32	$ 0.28

Note B - Commitments and Faci_3

Note B - Commitments and Facilities (Details Textual) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Operating Leases, Rent Expense, Total	$ 908,000	$ 869,000	$ 768,000

Note B - Commitments and Faci_4

Note B - Commitments and Facilities - Future Minimum Lease Payments (Details)	Sep. 30, 2019USD ($)
2020	$ 643,040
2021	479,213
2022	491,397
2023	503,895
2024	516,720
Thereafter	217,551
Total minimum lease payments	$ 2,851,816

Note C - Shareholders' Equity_2

Note C - Shareholders' Equity (Details Textual) - USD ($)	Apr. 25, 2017	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Nov. 13, 2014
Stock Repurchase Program, Remaining Authorized Repurchase Amount						$ 5,409,326			$ 8,000,000
Stock Repurchase Program, Increase in Authorized Amount	$ 4,000,000
Stock Repurchase Program, Authorized Amount	$ 12,000,000
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						851,134
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total						$ 2,371,309
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition						4 years 328 days
Share-based Payment Arrangement, Expense						$ 1,729,025	$ 2,003,207	$ 2,319,975
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						172,000	108,000	0
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period						4 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						3 years	3 years
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price						$ 12.17	$ 13.37
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, Options, Exercisable, Weighted Average Remaining Contractual Term						2 years 146 days	1 year 324 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number						36,000	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period						7,750	8,450
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value						$ 81,728	$ 75,767
Stock Repurchased During Period, Shares						40,933	41,989
Treasury Stock Acquired, Average Cost Per Share						$ 13.51	$ 11.66
Payment, Tax Withholding, Share-based Payment Arrangement						$ 553,165	$ 489,428	$ 952,832
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		49,846
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		19,923	17,312	15,932	14,242
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price		$ 8.43	$ 8.43	$ 9.39	$ 10.41
Payment, Tax Withholding, Share-based Payment Arrangement						$ 80,708
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term						6 years
Share-based Payment Arrangement, Option [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						1 year
Share-based Payment Arrangement, Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						3 years
Share-based Payment Arrangement, 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						6,750	2,250
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]
Share-based Payment Arrangement, Expense						$ 1,638,829	$ 1,835,086	2,103,621
Cost of Sales [Member]
Share-based Payment Arrangement, Expense						$ 90,196	$ 168,121	$ 216,354
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

Note C - Shareholders' Equity -

Note C - Shareholders' Equity - Valuation Assumptions (Details)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Dividend yield	0.00%	0.00%
Weighted average expected volatility	37.77%	43.68%
Weighted average risk-free interest rate	2.92%	2.70%
Weighted average expected life (in years) (Year)	3 years	3 years 255 days
Vesting period (in years) (Year)	3 years	3 years

Note C - Shareholders' Equity_3

Note C - Shareholders' Equity - Option Transaction Summary (Details) - $ / shares	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Options, outstanding (in shares)	138,500	38,950
Weighted-average exercise price, outstanding (in dollars per share)	$ 10.99	$ 2.79
Granted (in shares)	172,000	108,000	0
Weighted-average exercise price, Granted (in dollars per share)	$ 12.17	$ 13.37
Weighted-average fair value, Granted (in dollars per share)	$ 3.53	$ 4.78
Cancelled or Forfeited (in shares)	(12,000)
Weighted-average exercise price, Cancelled or Forfeited (in dollars per share)	$ 12.17
Exercised (in shares)	(7,750)	(8,450)
Weighted-average exercise price, Exercised (in dollars per share)	$ 2.58	$ 3.58
Options, outstanding (in shares)	290,750	138,500	38,950
Weighted-average exercise price, outstanding (in dollars per share)	$ 11.86	$ 10.99	$ 2.79

Note C - Shareholders' Equity_4

Note C - Shareholders' Equity - Options Exercisable (Details) - $ / shares	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Exercisable (in shares)	58,750	30,500
Weighted average remaining contractual life (Year)	2 years 146 days	1 year 324 days
Weighted average exercise price (in dollars per share)	$ 9.19	$ 2.58

Note C - Shareholders' Equity_5

Note C - Shareholders' Equity - Options Currently Outstanding (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Number outstanding (in shares)	290,750	138,500	38,950
Weighted average remaining contractual life (Year)	3 years 14 days	3 years 299 days
Weighted average exercise price (in dollars per share)	$ 11.86	$ 10.99	$ 2.79
Aggregate intrinsic value	$ 156,173	$ (4,097)

Note C - Shareholders' Equity_6

Note C - Shareholders' Equity - Restricted Stock Transactions (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Balance, unvested shares (in shares)	248,613	370,530
Balance, weighted-average grant date fair value (in dollars per share)	$ 14.65	$ 15.24
Granted (in shares)	4,340	7,235
Granted, weighted-average grant date fair value (in dollars per share)	$ 14.40	$ 14.17
Vested (in shares)	(110,683)	(113,930)
Vested, weighted-average grant date fair value (in dollars per share)	$ 16.31	$ 16.45
Forfeited (in shares)	(11,830)	(15,222)
Forfeited, weighted-average grant date fair value (in dollars per share)	$ 14.47	$ 15.41
Balance, unvested shares (in shares)	130,440	248,613
Balance, weighted-average grant date fair value (in dollars per share)	$ 13.25	$ 14.65

Note D - Income Taxes (Details

Note D - Income Taxes (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016
Accrued Income Taxes, Current	$ 145,000	$ 145,000	$ 464,000
Deferred Tax Assets, Valuation Allowance, Total	47,014	47,014	104,858	$ 159,154	$ 322,404
Domestic Tax Authority [Member]
Operating Loss Carryforwards, Total	0	$ 0	0
Open Tax Year		2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2017 2018
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Total	1,905,000	$ 1,905,000	3,468,000
Operating Loss Carryforwards, Valuation Allowance, Total	47,000	47,000	$ 105,000
State and Local Jurisdiction [Member] | Deferred Tax Assets Related to Operating Loss Carryforwards [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(58,000)
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards, Expired and Utilized [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	(68,000)
State and Local Jurisdiction [Member] | Valuation Allowance, Operating Loss Carryforwards, Higher Expected NOL Utilization [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	10,000
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	241,000	241,000
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

Note D - Income Taxes - Income

Note D - Income Taxes - Income Tax Expense (Benefit) Components (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Current:
Federal	$ 1,260,552	$ 1,472,512	$ 1,627,125
State	103,130	120,034	78,552
Current income tax expense	1,363,682	1,592,546	1,705,677
Deferred:
Federal	(38,534)	(463,798)	8,680
State	35,289	124,657	23,617
Deferred income tax expense	(3,245)	(339,141)	32,297
Income tax expense	$ 1,360,437	$ 1,253,405	$ 1,737,974

Note D - Income Taxes - Reconci

Note D - Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate (Details)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Federal statutory rate	21.00%	24.00%	34.00%
Federal rate change		(5.00%)
State income taxes	2.00%	2.00%	1.00%
Permanent differences			(1.00%)
Change in valuation allowance	(1.00%)	(3.00%)	(4.00%)
Expiration and utilization of state NOL’s	2.00%	4.00%	3.00%
Research and development credits	(2.00%)	(1.00%)	(1.00%)
Excess tax expense (benefits) from stock-based compensation	1.00%	2.00%	(1.00%)
Tax rate	23.00%	23.00%	31.00%

Note D - Income Taxes - Signifi

Note D - Income Taxes - Significant Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Gross deferred tax liability	$ (54,676)	$ (77)
Valuation allowance	(47,014)	(104,858)
Net deferred tax liability	(101,690)	(104,935)
Long-term [Member]
Intangibles	(75,190)	(70,467)
Property and equipment depreciation	(521,586)	(552,119)
Stock-based compensation	114,118	151,558
Goodwill	(607,882)	(583,415)
Short Term [Member]
Net operating loss carry forwards and credits	377,505	464,274
Inventories	350,197	400,111
Prepaid expenses	(63,252)	(60,806)
Accrued expenses and reserves	$ 371,414	$ 250,787

Note D - Income Taxes - Valuati

Note D - Income Taxes - Valuation Allowance Activity (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Balance at Beginning of Year	$ 104,858	$ 159,154	$ 322,404
Income Tax Benefit	10,448	79,377	(32,154)
Reversal for State NOL Expiration and Utilization	(68,292)	(133,673)	(131,096)
Balance at End of Year	$ 47,014	$ 104,858	$ 159,154

Note E - Concentrations (Detail

Note E - Concentrations (Details Textual)	12 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017
Property, Plant and Equipment, Net, Ending Balance	$ 5,413,241	$ 4,744,584
MEXICO
Property, Plant and Equipment, Net, Ending Balance	$ 1,406,546	$ 412,755
Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Number of Major Customers	2	2	2
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Two Customers [Member]
Concentration Risk, Percentage	29.00%	33.00%	35.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Number of Major Customers	2	2
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Customers [Member]
Concentration Risk, Percentage	28.00%	45.00%

Note E- Concentrations - Domest

Note E- Concentrations - Domestic and International Sales (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Net sales	$ 85,034,000	$ 77,651,000	$ 73,948,000
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | UNITED STATES
Net sales	78,553,000	72,295,000	67,901,000
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member]
Net sales	$ 6,481,000	$ 5,356,000	$ 6,047,000

Note F - Acquisition (Details T

Note F - Acquisition (Details Textual) - USD ($)	Feb. 20, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 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
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, 2019	Sep. 30, 2018	Feb. 20, 2018
Goodwill	$ 4,708,511	$ 4,708,511
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, 2019	Sep. 30, 2018	Sep. 30, 2017
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 702,202	$ 654,001	$ 652,615
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%