Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2015 | Jul. 29, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Entity Registrant Name | FEMALE HEALTH CO | |
Entity Central Index Key | 863,894 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Common Stock, Shares Outstanding | 28,760,965 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Sep. 30, 2014 |
Current Assets: | ||
Cash | $ 2,624,726 | $ 5,796,223 |
Accounts receivable, net | 14,335,235 | 2,943,850 |
Inventory, net | 2,546,340 | 2,983,447 |
Prepaid expenses and other current assets | 518,481 | 638,243 |
Deferred income taxes | 828,000 | 711,000 |
TOTAL CURRENT ASSETS | 20,852,782 | 13,072,763 |
Other assets | 151,398 | 166,084 |
PLANT AND EQUIPMENT | ||
Equipment, furniture and fixtures | 4,995,557 | 4,913,271 |
Less accumulated depreciation and amortization | (3,641,680) | (3,310,964) |
Plant and equipment, net | 1,353,877 | 1,602,307 |
Deferred income taxes | 14,806,471 | 16,832,000 |
TOTAL ASSETS | 37,164,528 | 31,673,154 |
Current liabilities: | ||
Accounts payable | 931,337 | 1,124,859 |
Accrued expenses and other current liabilities | 3,048,207 | 1,816,508 |
Accrued compensation | 625,962 | 436,843 |
TOTAL CURRENT LIABILITIES | 4,605,506 | 3,378,210 |
Deferred rent | 18,352 | 39,105 |
Deferred income taxes | 165,395 | 190,513 |
TOTAL LIABILITIES | $ 4,789,253 | $ 3,607,828 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY: | ||
Preferred stock | ||
Common stock | $ 309,947 | $ 309,587 |
Additional paid-in-capital | 69,151,963 | 68,484,889 |
Accumulated other comprehensive loss | (581,519) | (581,519) |
Accumulated deficit | (28,698,511) | (32,341,976) |
Treasury stock, at cost | (7,806,605) | (7,805,655) |
TOTAL STOCKHOLDERS' EQUITY | 32,375,275 | 28,065,326 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 37,164,528 | $ 31,673,154 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Condensed Consolidated Statements Of Income [Abstract] | ||||
Net revenues | $ 7,813,207 | $ 7,900,055 | $ 25,449,880 | $ 18,936,473 |
Cost of sales | 3,180,672 | 3,729,785 | 10,603,565 | 8,701,768 |
Gross profit | 4,632,535 | 4,170,270 | 14,846,315 | 10,234,705 |
Operating expenses | 3,178,687 | 2,142,640 | 8,989,225 | 5,828,216 |
Operating income | 1,453,848 | 2,027,630 | 5,857,090 | 4,406,489 |
Non-operating income (expense): | ||||
Interest and other expense, net | (1,941) | (993) | (5,130) | 105,999 |
Foreign currency transaction gain (loss) | 3,967 | (15,818) | 53,280 | (58,212) |
Total non-operating income (expense) | 2,026 | (16,811) | 48,150 | 47,787 |
Income before income taxes | 1,455,874 | 2,010,819 | 5,905,240 | 4,454,276 |
Income tax expense | 284,900 | 851,321 | 2,261,775 | 1,455,094 |
Net income | $ 1,170,974 | $ 1,159,498 | $ 3,643,465 | $ 2,999,182 |
Net income per basic common share outstanding | $ 0.04 | $ 0.04 | $ 0.13 | $ 0.11 |
Basic weighted average common shares outstanding (in Shares) | 28,538,908 | 28,561,648 | 28,520,972 | 28,534,327 |
Net income per diluted common share outstanding (in Dollars per share) | $ 0.04 | $ 0.04 | $ 0.13 | $ 0.10 |
Diluted weighted average common shares outstanding (in Shares) | 28,759,443 | 28,885,427 | 28,755,444 | 28,871,864 |
Cash dividends declared per common share (in Dollars per share) | $ 0.21 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net income | $ 3,643,465 | $ 2,999,182 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 372,535 | 429,188 |
Share-based compensation | 542,724 | 616,493 |
Deferred income taxes | 1,883,411 | 893,828 |
Loss on disposal of fixed assets | 3,483 | 430 |
Changes in current assets and liabilities | (9,483,239) | (3,458,049) |
Net cash (used in) provided by operating activities | (3,037,621) | 1,481,072 |
INVESTING ACTIVITIES | ||
Capital expenditures | (127,588) | (86,876) |
Net cash used in investing activities | (127,588) | (86,876) |
FINANCING ACTIVITIES | ||
Proceeds from exercise of stock options | 117,600 | |
Purchases of common stock for treasury shares | (950) | (217,831) |
Dividends paid on common stock | (5,338) | (6,074,164) |
Net cash used in financing activities | (6,288) | (6,174,395) |
Net decrease in cash | (3,171,497) | (4,780,199) |
Cash at beginning of period | 5,796,223 | 8,922,430 |
CASH AT END OF PERIOD | 2,624,726 | 4,142,231 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash payments for income taxes | 267,394 | 581,376 |
Schedule of noncash financing and investing activities: | ||
Reduction of accured expense upon issuance of shares | $ 247,310 | 297,806 |
Dividends payable | $ 6,913 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Jun. 30, 2015 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | NOTE 1 - Basis of Presentation The accompanying condensed consolidated financial statements are unaudited but in the opinion of management contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to present fairly the financial position and the results of operations and cash flow for the periods presented in conformity with gene r ally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements. Operating results for the three and nine months ended June 30, 2015 , are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the fiscal year ended September 30, 2014 . Principles of Consolidation and Nature of Operations The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, The Female Health Company-UK, and its wholly owned subsidiaries, The Female Health Company-UK, plc and The Female Health Company (M) SDN.BHD. All significant intercompany transactions and accounts have been elim i nated in consolidation. The Female Health Company (FHC or the Company) is currently engaged in the marketing, manufacture and distribution of a consumer health care product, the FC2 Female Condom (FC2). The Female Health Company-UK, is the holding company of The Female Health Company-UK, plc, which is located in a 6,400 sq. ft. leased office facility located in London, England. The Female Health Company (M) SDN.BHD leases a 45,800 sq. ft. manufacturing facility located in Selangor D.E., Malaysia. Since the Company began distributing FC2 in 2007, it has been shipped to either or both commercial (private sector) and public health sector markets in 144 countries. It is marketed to consumers through distributors, public health programs and retailers in 16 countries. The Company's standard credit terms vary from 30 to 120 days, depending on the class of trade and customary terms within a territory, so accounts receivable is affected by the mix of purchasers within the quarter. As is typical in the Company's business, extended credit terms may occasionally be offered as a sales promotion. For the past twelve months, the Company's average days’ sales outstanding has averaged approximately 105 days. Over the past five years, the Company’s bad debt expense has been less than 0.03 percent of product sales. The balance in the allo w ance for doubtful accounts was $ 48,068 at June 30, 2015 and September 30, 2014 . Restricted cash Restricted cash relates to security provided to one of the Company’s U.K. banks for performance bonds issued in favor of customers. The Company has a facility of $250,000 for such performance bonds. Such security has been extended infrequently and only on occasions where it has been a contract term expressly stipulated as an absolute requirement by the funds’ provider. The expiration of the bond is defined by the completion of the event such as, but not limited to, a period of time after the product has been distributed or expiration of the product shelf life. Restric t ed cash was $ 88,823 and $ 55,806 at June 30, 2015 and September 30, 2014 , respectively, and is included in cash on the accompanying Unaudited Condensed Consolidated Balance Sheets. Foreign Currency and Change in Functional Currency The Company recognized a foreign currency transaction gain of $ 3,967 and $ 53,280 for the three and nine months ended June 30, 2015 , respectively, compared to a loss of $ 15,818 and $58,212 for the three and nine months ended June 30, 2014 , respectively. The consistent use of the U.S. dollar as the functional currency across the Company reduces its foreign currency risk and stabilizes its operating results. As a result of the U.S. dollar being the functio n al currency of the Company and all of its subsidiaries, comprehensive income is equivalent to the reported net i n come. Reclassifications Certain items in the June 30, 2014 and September 30, 2014 consolidated financial statements have been reclassified to conform to the June 30, 2015 presentation. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 2 – Earnings per Share Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period after giving effect to all dilutive potential common shares that were outstanding during the period. Dilutive potential common shares consist of the incremental common shares issuable upon the exercise of stock options and unvested shares granted to employees and directors. Three Months Ended Nine Months Ended June 30, June 30, Denominator 2015 2014 2015 2014 Weighted average common shares outstanding - basic Net effect of dilutive securities: Options Unvested restricted shares Total net effect of dilutive securities Weighted average common shares outstanding - diluted Income per common share – basic $ $ $ $ Income per common share – diluted $ $ $ $ Options to purchase approximately 90,000 shares of common stock at an exercise price of $3.92 per share that were outstanding during the three and nine months ended June 30, 2015 , were not included in the computation of diluted net income per share because their effect was anti-dilutive. There were no anti-dilutive shares for the three and nine months ended June 30, 2014 . |
Inventory
Inventory | 9 Months Ended |
Jun. 30, 2015 | |
Inventory [Abstract] | |
Inventory | NOTE 3 - Inventory Inventory consists of the following components at June 30, 2015 and September 30, 2014 : June 30, 2015 September 30, 2014 Raw material $ $ Work in process Finished goods Inventory, gross Less: inventory reserves Inventory, net $ $ |
Line Of Credit
Line Of Credit | 9 Months Ended |
Jun. 30, 2015 | |
Line Of Credit [Abstract] | |
Line Of Credit | NOTE 4 – Line of Credit On August 1, 2014, the Company entered into an amendment to the Second Amended and Restated Loan Agreement (as amended, the Loan Agreement) with Midland States Bank to extend the term of the Company’s revolving line of credit to August 1, 2015 . The credit facility consists of a single revolving note for up to $2 million with Midland States Bank, with borrowings limited to a borrowing base determined based on 70 percent to 80 percent of eligible accounts receivable plus 50 percent of eligible inventory. Significant restrictive covenants in the Loan Agreement include prohibitions on any merger, consolidation or sale of all or a substantial portion of the Company’s assets and limits on the payment of dividends or the repurchase of shares. The Loan Agreement does not contain any financial covenants that require compliance with ratios or amounts. Dividends and share repurchases are permitted as long as after giving effect to the dividend or share repurchase the Company has a ratio of total liabilities to total stockhol d ers’ equity of no more than 1 :1. Borrowings on the revolving note bear interest at the national prime rate published by the Wall Street Journal ( 3.25 percent at June 30, 2015 ). The note is collateralized by substantially all of the assets of the Company. No amounts were outstanding under the Loan Agreement at either June 30, 2015 or September 30, 2014 . The Company expects that the revolving note with the Bank will be renewed on August 1, 2015 for a one -year term expiring on August 1, 2016 with no other significant change in the terms of the facility. |
Share-Based Payments
Share-Based Payments | 9 Months Ended |
Jun. 30, 2015 | |
Share-Based Payments [Abstract] | |
Share-Based Payments | NOTE 5 – Share-Based Payments In March 2008, the Company’s shareholders approved the 2008 Stock Incentive Plan which is utilized to provide equity opportunities and performance–based incentives to attract, retain and motivate those persons who make (or are expected to make) important contributions to the Company. A total of 2 million shares are available for issuance under this plan. As of June 30, 2015 , 1,090,018 shares had been granted under the plan and not subsequently forfei t ed, of which 150,000 shares were in the form of stock options and the remainder were in the form of restricted stock or other share grants. Stock Options Under the Company’s previous share based long-term incentive compensation plan, the 1997 Stock Option Plan, the Company granted non-qualified stock options to employees. There are no shares available for grant under this plan which expired on December 31, 2006. Options issued under this plan expire 10 years after the date of grant and generally vested 1/36 per month, with full vesting after three years. Under the Company’s 2008 Stock Incentive Plan, options issued expire 10 years after the date of grant and vest 1/36 per month, with full vesting after three years. The Company did not grant any options during the three and nine months ended June 30, 2015 or 2014 . Compensation expense is recognized only for share-based payments expected to vest. The Company estimates fo r feitures at the date of grant based on historical experience and future expectations. No stock compensation expense related to options was recognized for the three and nine months ended June 30, 2015 or 2014 . No stock options were exercised during the nine months ended June 30, 2015 . During the nine months ended June 30, 2014, 30,000 stock options were exercised and the Company received $117,600 of proceeds from the exercise of these options. The intrinsic value of the options exercised was $89,000 . The following table summarizes the stock options outstanding and exercisable at June 30, 2015 : Options Weighted Avg. Outstanding and Exercisable Remaining Life Weighted Avg. Aggregate at June 30, 2015 (years) Exercise Price Intrinsic Value Total 180,000 2.59 $ 2.60 $ 47,700 The aggregate intrinsic value in the table above is before income taxes, based on the closing price of the Company’s common stock of $ 1.80 per share as of the last business day of the period ended June 30, 2015 . As of June 30, 2015 , the Company had no unrecognized compensation expense relating to outstanding stock options as all outstanding stock options were fully vested. Restricted Stock The Company issues restricted stock to employees, directors and consultants. Such issuances may have vesting per i ods that range from one to three years. In addition, the Company has issued stock awards to certain employees that provide for future issuance contingent on continued employment for periods that range from one to three years. The Company granted a total of 43,500 shares of restricted stock or shares issuable pursuant to promises to issue shares of common stock during the nine months ended June 30, 2015 . The fair value of the awards granted was a p proximately $ 144,000 . All such shares of restricted stock vest and all such shares must be issued at the end of the applicable period, provided the grantee has not voluntarily terminated service or been terminated for cause prior to the vesting or issuance date. There were 5,000 and 8,250 shares of restricted stock forfeited during the three and nine months ended June 30, 2015 , respectively. The Company granted a total of 170,910 shares of restricted stock or shares issuable pursuant to promises to issue shares of common stock during the nine months ended June 30, 2014 . The fair value of the awards granted was a p proximately $ 1,471,000 . All such shares of restricted stock vest and all such shares must be issued at the end of the applicable period, provided the grantee has not voluntarily terminated service or been terminated for cause prior to the vesting or issuance date. There were 250 shares of restricted stock forfeited during the three and nine months ended June 30, 2014 . The Company recognized share-based compensation expense for restricted stock or promises to issue shares of common stock of approximately $ 163,000 and $ 543,000 for the three and nine months ended June 30, 2015 , respe c tively, $ 127,000 of which was included in accrued expenses at the nine months then ended since the related shares had not yet been issued at June 30, 2015 . Share-based compensation expense for restricted stock or promises to issue shares of common stock for the three and nine months ended June 30, 2014 was approximately $ 212,000 and $ 616,000 , respectively, of which $ 188,000 was included in accrued expenses at June 30, 2014 . This compensation expense was included in operating expenses on the accompanying Unaudited Condensed Consolidated Statements of Income for the three and nine months ended June 30, 2015 and 2014 . As of June 30, 2015 , there was approximately $ 608,000 , representing approximately 85,000 unvested shares, of total unrecognized compensation cost related to non-vested restricted stock compensation arrangements granted under the Company’s equity compensation plans. This unrecognized cost will be recognized over the weighted average period of the next 1.18 years. |
Stock Repurchase Program
Stock Repurchase Program | 9 Months Ended |
Jun. 30, 2015 | |
Stock Repurchase Program [Abstract] | |
Stock Repurchase Program | NOTE 6 - Stock Repurchase Program The Company’s Stock Repurchase Program was announced on January 17, 2007. At initiation, the program’s terms specified that up to 1,000,000 shares of its common stock could be purchased during the subsequent twelve months. Subsequently, the Board has amended the program a number of times to both extend its term and increase the ma x imum number of shares which could be repurchased. Currently, the program allows for a maximum repurchase of up to 3,000,000 shares through the period ending December 31, 2015. From the program’s onset through June 30, 2015 , the total number of shares repurchased by the Company is 2,183,704 . The total number of shares that may yet be purchased under the program is 816,296 . The Stock Repurchase Program authorizes purchases in privately neg o tiated transactions as well as in the open market. In October 2008, the Company's Board of Directors authorized repurchases in private transactions under the Stock Repurchase Program of shares issued under the Company's equ i ty compensation plans to directors, employees and other service providers at the market price on the effective date of the repurchase request. Total repurchases under this provision currently are limited to an aggregate of 450,000 shares per calendar year and to a maximum of 50,000 shares annually per individual. Total repurchase transactions are as follows (in shares): Three Months Ended Nine Months Ended June 30, June 30, 2015 2014 2015 2014 Open market repurchase transactions — — Private repurchase transactions — — Total repurchase transactions — Total repurchase activity through June 30, 2015 is as follows: Details of Treasury Stock Purchases to Date Issuer Purchases of Equity Securities through June 30, 2015 Total Number Average Price of Shares Paid Cost of Treasury Purchased Per Share Stock Period: January 1, 2007 – September 30, 2014 $ $ October 1, 2014 - October 31, 2014 — — — November 1, 2014 - November 30, 2014 — — — December 1, 2014 - December 31, 2014 — — — Quarterly Subtotal — $ — — January 1, 2015 - January 31, 2015 — — — February 1, 2015 - February 28, 2015 March 1, 2015 - March 31, 2015 — — — Quarterly Subtotal $ $ April 1, 2015 - April 30, 2015 — — — May 1, 2015 - May 31, 2015 — — — June 1, 2015 - June 30, 2015 — — — Quarterly Subtotal — $ - $ — Nine Months Subtotal $ $ Total $ $ |
Industry Segments And Financial
Industry Segments And Financial Information About Foreign And Domestic Operations | 9 Months Ended |
Jun. 30, 2015 | |
Industry Segments And Financial Information About Foreign And Domestic Operations [Abstract] | |
Industry Segments And Financial Information About Foreign And Domestic Operations | NOTE 7 - Industry Segments and Financial Information About Foreign and Domestic Operations The Company currently operates in one industry segment which includes the development, manufacture and marke t ing of consumer health care products. The Company operates in foreign and domestic regions. Information about the Company's operations by geographic area is as follows (in thousands): Net Revenues to External Customers for Long-Lived Asset As Of the Nine Months Ended June 30, June 30, September 30, 2015 2014 2015 2014 Brazil $ (1) $ * $ — $ — Zimbabwe * — — South Africa (1) — — Cameroon * — — United States Angola * (1) — — Tanzania * (1) — — Congo * — — Malaysia * * United Kingdom * * Other — — Total $ $ $ $ * Less than 5 percent of total net revenues . (1) Exceeds 10 percent of total net revenues . At June 30, 2015 the Company had one customer whose accounts receivable balance was 49 percent of current a s sets, and for the nine months ended June 30, 2015 there were 3 customers that exceeded 10 percent of net revenues. At September 30, 2014 the Company had one customer whose accounts receivable balance was 12 percent of cu r rent assets. No other single customer’s accounts receivable balance accounted for more than 10 percent of current assets as of June 30, 2015 or September 30, 2014. |
Contingent Liabilities
Contingent Liabilities | 9 Months Ended |
Jun. 30, 2015 | |
Contingent Liabilities [Abstract] | |
Contingent Liabilities | NOTE 8 – Contingent Liabilities The testing, manufacturing and marketing of consumer products by the Company entail an inherent risk that product liability claims will be asserted against the Company. The Company maintains product liability insurance coverage for claims arising from the use of its products. The coverage amount is currently $10 million for FHC's consumer health care product. |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 9 – Income Taxes The Company accounts for income taxes using the liability method, which requires the recognition of deferred tax assets or liabilities for the tax-effected temporary differences between the financial reporting and tax bases of its assets and liabilities, and for net operating loss and tax credit carryforwards. The Company completes a detailed analysis of its deferred income tax valuation allowances on an annual basis or more frequently if information comes to our attention that would indicate that a revision to our estimates is nece s sary. In evaluating the Company’s ability to realize its deferred tax assets, management considers all available pos i tive and negative evidence on a country-by-country basis, including past operating results and forecast of future ta x able income. In determining future taxable income, management makes assumptions to forecast U.S. federal and state, U.K. and Malaysia operating income, the reversal of temporary differences, and the implementation of any feasible and prudent tax planning strategies. These assumptions require significant judgment regarding the forecasts of the future taxable income in each tax jurisdiction, and are consistent with the forecasts used to manage the Co m pany’s business. It should be noted that the Company realized significant losses through 2005 on a consolidated basis. Since fiscal year 2006, the Company has consistently generated taxable income on a consolidated basis, providing a reasonable future period in which the Company can reasonably expect to generate taxable income. In management’s analysis to determine the amount of the deferred tax asset to recognize, management projected future taxable income for each tax jurisdiction. As of June 30, 2015 , the Company had U.S. federal and state net operating loss carryforwards of approximately $ 17,269,000 and $ 17,020,000 , respectively, for income tax purposes expiring in years 2018 to 2027 . The Comp a ny’s U.K. subsidiary, The Female Health Company-UK, plc has U.K. net operating loss carryforwards of approx i mately $ 62,870,000 as of June 30, 2015 , which can be carried forward indefinitely to be used to offset future U.K. taxable income. The Company’s Malaysia subsidiary had no net operating loss carryforwards as of June 30, 2015 . With the demand for and profitability of FC2, the Company expects utilization of its net operating losses in both the U.K. and the U.S. will continue. The Company’s net operating loss carryforwards will be utilized to reduce cash payments for income taxes based on the statutory rate in effect at the time of such utilization. A reconciliation of income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes for the three and nine months ended June 30, 2015 and 2014 , is as follows: Three Months Ended Nine Months Ended June 30, June 30, 2015 2014 2015 2014 Income tax expense at statutory rates $ $ $ $ State income tax, net of federal benefits Non-deductible expenses Effect of AMT expense Effect of change in Illinois tax rate — - Effect of lower foreign income tax rates Effect of share-based compensation — — Other Income tax expense $ $ $ $ |
Dividends
Dividends | 9 Months Ended |
Jun. 30, 2015 | |
Dividends [Abstract] | |
Dividends | Note 10 – Dividends Beginning February 16, 2010, through May 7, 2014, the Company paid 18 quarterly cash dividends. The first 9 were paid at a quarterly rate per share of $0.05 through February 9, 2012, 4 were paid at a quarterly rate per share of $0.06 from May 9, 2012 through February 6, 2013, and 5 were paid at a quarterly rate per share of $0.07 from May 8, 2013 through May 7, 2014. Cash dividends paid totaled $29.4 million through September 30, 2014. The Comp a ny paid cash dividends of approximately $ 6.1 million during the nine months ended June 30, 2014 . On July 14, 2014, the Company announced that its Board of Directors has elected to suspend the payment of quarterly cash div i dends in order to devote operating cash flows towards strategic growth initiatives. |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 9 Months Ended |
Jun. 30, 2015 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited but in the opinion of management contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to present fairly the financial position and the results of operations and cash flow for the periods presented in conformity with gene r ally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements. Operating results for the three and nine months ended June 30, 2015 , are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2015. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the fiscal year ended September 30, 2014 . |
Principles Of Consolidation And Nature Of Operations | Principles of Consolidation and Nature of Operations The consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, The Female Health Company-UK, and its wholly owned subsidiaries, The Female Health Company-UK, plc and The Female Health Company (M) SDN.BHD. All significant intercompany transactions and accounts have been elim i nated in consolidation. The Female Health Company (FHC or the Company) is currently engaged in the marketing, manufacture and distribution of a consumer health care product, the FC2 Female Condom (FC2). The Female Health Company-UK, is the holding company of The Female Health Company-UK, plc, which is located in a 6,400 sq. ft. leased office facility located in London, England. The Female Health Company (M) SDN.BHD leases a 45,800 sq. ft. manufacturing facility located in Selangor D.E., Malaysia. Since the Company began distributing FC2 in 2007, it has been shipped to either or both commercial (private sector) and public health sector markets in 144 countries. It is marketed to consumers through distributors, public health programs and retailers in 16 countries. The Company's standard credit terms vary from 30 to 120 days, depending on the class of trade and customary terms within a territory, so accounts receivable is affected by the mix of purchasers within the quarter. As is typical in the Company's business, extended credit terms may occasionally be offered as a sales promotion. For the past twelve months, the Company's average days’ sales outstanding has averaged approximately 105 days. Over the past five years, the Company’s bad debt expense has been less than 0.03 percent of product sales. The balance in the allo w ance for doubtful accounts was $ 48,068 at June 30, 2015 and September 30, 2014 . |
Restricted Cash | Restricted cash Restricted cash relates to security provided to one of the Company’s U.K. banks for performance bonds issued in favor of customers. The Company has a facility of $250,000 for such performance bonds. Such security has been extended infrequently and only on occasions where it has been a contract term expressly stipulated as an absolute requirement by the funds’ provider. The expiration of the bond is defined by the completion of the event such as, but not limited to, a period of time after the product has been distributed or expiration of the product shelf life. Restric t ed cash was $ 88,823 and $ 55,806 at June 30, 2015 and September 30, 2014 , respectively, and is included in cash on the accompanying Unaudited Condensed Consolidated Balance Sheets. |
Foreign Currency and Change in Functional Currency | Foreign Currency and Change in Functional Currency The Company recognized a foreign currency transaction gain of $ 3,967 and $ 53,280 for the three and nine months ended June 30, 2015 , respectively, compared to a loss of $ 15,818 and $58,212 for the three and nine months ended June 30, 2014 , respectively. The consistent use of the U.S. dollar as the functional currency across the Company reduces its foreign currency risk and stabilizes its operating results. As a result of the U.S. dollar being the functio n al currency of the Company and all of its subsidiaries, comprehensive income is equivalent to the reported net i n come. |
Reclassifications | Reclassifications Certain items in the June 30, 2014 and September 30, 2014 consolidated financial statements have been reclassified to conform to the June 30, 2015 presentation. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share, Basic And Diluted | Three Months Ended Nine Months Ended June 30, June 30, Denominator 2015 2014 2015 2014 Weighted average common shares outstanding - basic Net effect of dilutive securities: Options Unvested restricted shares Total net effect of dilutive securities Weighted average common shares outstanding - diluted Income per common share – basic $ $ $ $ Income per common share – diluted $ $ $ $ |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Inventory [Abstract] | |
Components Of Inventory | June 30, 2015 September 30, 2014 Raw material $ $ Work in process Finished goods Inventory, gross Less: inventory reserves Inventory, net $ $ |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Share-Based Payments [Abstract] | |
Summary Of Stock Options Outstanding And Exercisable | Options Weighted Avg. Outstanding and Exercisable Remaining Life Weighted Avg. Aggregate at June 30, 2015 (years) Exercise Price Intrinsic Value Total 180,000 2.59 $ 2.60 $ 47,700 |
Stock Repurchase Program (Table
Stock Repurchase Program (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Stock Repurchase Program [Abstract] | |
Total Repurchase Transactions | Three Months Ended Nine Months Ended June 30, June 30, 2015 2014 2015 2014 Open market repurchase transactions — — Private repurchase transactions — — Total repurchase transactions — |
Schedule Of Treasury Stock Purchases | Details of Treasury Stock Purchases to Date Issuer Purchases of Equity Securities through June 30, 2015 Total Number Average Price of Shares Paid Cost of Treasury Purchased Per Share Stock Period: January 1, 2007 – September 30, 2014 $ $ October 1, 2014 - October 31, 2014 — — — November 1, 2014 - November 30, 2014 — — — December 1, 2014 - December 31, 2014 — — — Quarterly Subtotal — $ — — January 1, 2015 - January 31, 2015 — — — February 1, 2015 - February 28, 2015 March 1, 2015 - March 31, 2015 — — — Quarterly Subtotal $ $ April 1, 2015 - April 30, 2015 — — — May 1, 2015 - May 31, 2015 — — — June 1, 2015 - June 30, 2015 — — — Quarterly Subtotal — $ - $ — Nine Months Subtotal $ $ Total $ $ |
Industry Segments And Financi20
Industry Segments And Financial Information About Foreign And Domestic Operations (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Industry Segments And Financial Information About Foreign And Domestic Operations [Abstract] | |
Schedule Of Operations By Geographic Area | Net Revenues to External Customers for Long-Lived Asset As Of the Nine Months Ended June 30, June 30, September 30, 2015 2014 2015 2014 Brazil $ (1) $ * $ — $ — Zimbabwe * — — South Africa (1) — — Cameroon * — — United States Angola * (1) — — Tanzania * (1) — — Congo * — — Malaysia * * United Kingdom * * Other — — Total $ $ $ $ * Less than 5 percent of total net revenues . (1) Exceeds 10 percent of total net revenues . |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Reconciliation Of Income Tax Expense | Three Months Ended Nine Months Ended June 30, June 30, 2015 2014 2015 2014 Income tax expense at statutory rates $ $ $ $ State income tax, net of federal benefits Non-deductible expenses Effect of AMT expense Effect of change in Illinois tax rate — - Effect of lower foreign income tax rates Effect of share-based compensation — — Other Income tax expense $ $ $ $ |
Basis Of Presentation (Details)
Basis Of Presentation (Details) | 3 Months Ended | 9 Months Ended | 60 Months Ended | ||
Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)ft²country | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)ft²country | Sep. 30, 2014USD ($) | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Line Items] | |||||
Number of countries in which entity operates | country | 144 | 144 | |||
Average days sales outstanding | 105 days | ||||
Bad debt expense, percentage | 0.03% | ||||
Allowance for doubtful accounts | $ 48,068 | $ 48,068 | $ 48,068 | ||
Restricted cash and cash equivalents, current | 88,823 | 88,823 | $ 55,806 | ||
Foreign currency transaction gain (loss), realized | $ (15,818) | 53,280 | $ (58,212) | ||
Performance Bond [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Line Items] | |||||
Restricted cash and cash equivalents, current | $ 250,000 | $ 250,000 | |||
Office Space [Member] | London, England [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Line Items] | |||||
Area of real estate property (in square feet) | ft² | 6,400 | 6,400 | |||
Manufacturing Space [Member] | Selangor D.E., Malaysia [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Line Items] | |||||
Area of real estate property (in square feet) | ft² | 45,800 | 45,800 | |||
Minimum [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Line Items] | |||||
Credit terms | 30 days | ||||
Maximum [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Line Items] | |||||
Credit terms | 120 days | ||||
Country Specific Commercial Partners [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Line Items] | |||||
Number of countries in which entity marketed directly to consumers | country | 16 | 16 |
Earnings Per Share (Details)
Earnings Per Share (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | ||||
Weighted average common shares outstanding - basic | 28,538,908 | 28,561,648 | 28,520,972 | 28,534,327 |
Net effect of dilutive securities | 220,535 | 323,779 | 234,472 | 337,537 |
anti-dilutive shares | 0 | 0 | ||
Weighted average common shares outstanding - diluted | 28,759,443 | 28,885,427 | 28,755,444 | 28,871,864 |
Income per common share – basic (in Dollars per share) | $ 0.04 | $ 0.04 | $ 0.13 | $ 0.11 |
Income per common share – diluted (in Dollars per share) | $ 0.04 | $ 0.04 | $ 0.13 | $ 0.10 |
Options outstanding not included in computation of diluted shares | 180,000 | 180,000 | ||
Exercise price of options outstanding not included in computation of diluted shares (in Dollars per share) | $ 2.60 | $ 2.60 | ||
Options [Member] | ||||
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | ||||
Net effect of dilutive securities | 41,704 | 128,169 | 55,641 | 141,927 |
Options outstanding not included in computation of diluted shares | 90,000 | 90,000 | ||
Exercise price of options outstanding not included in computation of diluted shares (in Dollars per share) | $ 3.92 | $ 3.92 | ||
Restricted Stock [Member] | ||||
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | ||||
Net effect of dilutive securities | 178,831 | 195,610 | 178,831 | 195,610 |
Inventory (Components Of Invent
Inventory (Components Of Inventory) (Details) - USD ($) | Jun. 30, 2015 | Sep. 30, 2014 |
Inventory [Abstract] | ||
Raw material | $ 1,035,313 | $ 1,091,703 |
Work in process | 54,516 | 15,962 |
Finished goods | 1,548,130 | 1,936,655 |
Inventory, gross | 2,637,959 | 3,044,320 |
Less: inventory reserves | (91,619) | (60,873) |
Inventory, net | $ 2,546,340 | $ 2,983,447 |
Line Of Credit (Details)
Line Of Credit (Details) - USD ($) | 9 Months Ended | ||
Jun. 30, 2015 | Sep. 30, 2014 | Aug. 01, 2014 | |
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity (in Dollars) | $ 2,000,000 | ||
Ratio of total liabilities to total stockholders equity | 1 | ||
Line of credit facility, interest rate at period end | 3.25% | ||
Line of Credit Facility, Expiration Date | Aug. 1, 2015 | ||
Line of Credit, Current | $ 0 | $ 0 | |
Debt Instrument, Term | 1 year | ||
Scenario, Forecast [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Expiration Date | Aug. 1, 2016 | ||
Borrowing Capacity Percentage of Eligible Inventory [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, percentage of assets borrowing | 50.00% | ||
Minimum [Member] | Borrowing Capacity Percentage of Eligible Accounts Receivable [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, percentage of assets borrowing | 70.00% | ||
Maximum [Member] | Borrowing Capacity Percentage of Eligible Accounts Receivable [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, percentage of assets borrowing | 80.00% |
Share-Based Payments (Narrative
Share-Based Payments (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation (in Dollars) | $ 542,724 | $ 616,493 | ||
Options, exercises in period | 0 | 30,000 | ||
Proceeds from exercise of stock options | $ 117,600 | |||
Options, exercises in period, intrinsic value (in Dollars) | 89,000 | |||
Share price (in Dollars per share) | $ 1.80 | $ 1.80 | ||
Unrecognized compensation expense (in Dollars) | $ 0 | $ 0 | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation (in Dollars) | 0 | $ 0 | 0 | 0 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation (in Dollars) | 163,000 | $ 212,000 | $ 543,000 | $ 616,000 |
Grants in period | 43,500 | 170,910 | ||
Fair value of awards granted (in Dollars) | $ 144,000 | $ 1,471,000 | ||
Unrecognized compensation expense (in Dollars) | $ 608,000 | $ 608,000 | ||
Shares forfeited in period | 5,000 | 250 | 8,250 | 250 |
Unvested shares | 85,000 | 85,000 | ||
Unrecognized compensation expense, period for recognition | 1 year 2 months 5 days | |||
Restricted Stock [Member] | Accrued Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation (in Dollars) | $ 127,000 | $ 188,000 | ||
Minimum [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
Award requisite service period | 1 year | |||
Maximum [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Award requisite service period | 3 years | |||
2008 Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 2,000,000 | 2,000,000 | ||
Grants in period | 0 | 0 | 0 | 0 |
Grants in period | 1,090,018 | |||
2008 Stock Incentive Plan [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period | 10 years | |||
Award vesting period | 3 years | |||
Grants in period | 150,000 | |||
2008 Stock Incentive Plan [Member] | Employee Stock Option [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage per month | 2.78% | |||
1997 Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant | 0 | 0 | ||
Award expiration period | 10 years | |||
Award vesting period | 3 years | |||
1997 Stock Option Plan [Member] | Share-based Compensation Award, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting rights, percentage per month | 2.78% |
Share-Based Payments (Summary O
Share-Based Payments (Summary Of Stock Options Outstanding And Exercisable) (Details) - Jun. 30, 2015 - USD ($) | Total |
Share-Based Payments [Abstract] | |
Options Outstanding and Exercisable | 180,000 |
Weighted Average Remaining Life (in years) | 2 years 7 months 2 days |
Weighted Average Exercise Price (in Dollars per share) | $ 2.60 |
Aggregate Intrinsic Value (in Dollars) | $ 47,700 |
Stock Repurchase Program (Narra
Stock Repurchase Program (Narrative) (Details) - shares | 1 Months Ended | 3 Months Ended | 9 Months Ended | 93 Months Ended | 96 Months Ended | 102 Months Ended | |||||||||||
Jun. 30, 2015 | May. 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Oct. 31, 2014 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2007 | |
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||||
Number of shares authorized to be repurchased | 1,000,000 | ||||||||||||||||
Remaining number of shares authorized to be repurchased | 816,296 | 816,296 | 816,296 | 816,296 | 816,296 | ||||||||||||
Maximum repurchases allowed under provision through calendar year | 450,000 | ||||||||||||||||
Maximum repurchases allowed under provision annually per individual | 50,000 | ||||||||||||||||
Treasury Stock, Shares, Acquired | 250 | 250 | 250 | 2,183,454 | 2,183,704 | 2,183,704 | |||||||||||
Maximum [Member] | |||||||||||||||||
Equity, Class of Treasury Stock [Line Items] | |||||||||||||||||
Maximum repurchases allowed under provision through calendar year | 3,000,000 |
Stock Repurchase Program (Total
Stock Repurchase Program (Total Repurchase Transactions) (Details) - shares | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Repurchase Program [Abstract] | |||
Open market repurchase transactions | 35,000 | 35,000 | |
Private repurchase transactions | 250 | 1,500 | |
Total repurchase transactions | 35,000 | 250 | 36,500 |
Stock Repurchase Program (Sched
Stock Repurchase Program (Schedule Of Treasury Stock Purchase) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 93 Months Ended | 96 Months Ended | 102 Months Ended | ||||||||||
Jun. 30, 2015 | May. 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Oct. 31, 2014 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2015 | |
Stock Repurchase Program [Abstract] | ||||||||||||||||
Total Number of Shares Purchased | 250 | 250 | 250 | 2,183,454 | 2,183,704 | 2,183,704 | ||||||||||
Average Price Paid Per Share (in Dollars per share) | $ 3.80 | $ 3.80 | $ 3.80 | $ 3.57 | $ 3.57 | |||||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 950 | $ 950 | $ 950 | $ 7,805,655 | $ 7,806,605 |
Industry Segments And Financi31
Industry Segments And Financial Information About Foreign And Domestic Operations (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)segment | Jun. 30, 2014USD ($) | Sep. 30, 2014USD ($) | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Number of reportable segments | segment | 1 | ||||||
Revenue, Net | $ 7,813,207 | $ 7,900,055 | $ 25,449,880 | $ 18,936,473 | |||
Long-Lived Asset | 1,505,000 | $ 1,505,000 | $ 1,768,000 | ||||
Accounts Receivable [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Concentration risk, percentage | 10.00% | 10.00% | |||||
Sales Less Than Five Percent [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Concentration risk, percentage | 5.00% | ||||||
Sales Exceeding Ten Percent [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Concentration risk, percentage | 10.00% | ||||||
Brazil [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue, Net | $ 13,012,000 | [1] | |||||
Zimbabwe [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue, Net | 2,404,000 | ||||||
South Africa [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue, Net | 1,676,000 | $ 2,581,000 | [1] | ||||
Cameroon [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue, Net | 1,556,000 | ||||||
U.S. [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue, Net | 1,510,000 | $ 1,770,000 | |||||
Long-Lived Asset | 133,000 | $ 133,000 | $ 88,000 | ||||
Angola [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue, Net | 2,476,000 | [1] | |||||
Tanzania [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue, Net | 1,936,000 | [1] | |||||
Congo [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue, Net | $ 1,511,000 | ||||||
Malaysia [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue, Net | |||||||
Long-Lived Asset | 1,243,000 | $ 1,243,000 | 1,528,000 | ||||
U.K. [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue, Net | |||||||
Long-Lived Asset | $ 129,000 | $ 129,000 | $ 152,000 | ||||
Other Countries [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Revenue, Net | $ 5,292,000 | $ 8,662,000 | |||||
Customer One [Member] | Accounts Receivable [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Concentration risk, percentage | 49.00% | 12.00% | |||||
Three Customers [Member] | Total Revenue [Member] | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||
Concentration risk, percentage | 10.00% | ||||||
[1] | Exceeds 10 percent of total net revenues | ||||||
[2] | Less than 5 percent of total net revenues |
Contingent Liabilities (Details
Contingent Liabilities (Details) $ in Millions | Jun. 30, 2015USD ($) |
Contingent Liabilities [Abstract] | |
Loss contingency, range of possible loss, maximum | $ 10 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - Jun. 30, 2015 - USD ($) | Total |
Her Majestys Revenue And Customs HMRC [Member] | |
Income Tax Expense (Benefit) [Line Items] | |
Operating loss carryforwards | $ 62,870,000 |
Federal [Member] | |
Income Tax Expense (Benefit) [Line Items] | |
Operating loss carryforwards | 17,269,000 |
State [Member] | |
Income Tax Expense (Benefit) [Line Items] | |
Operating loss carryforwards | $ 17,020,000 |
State and Federal [Member] | Maximum [Member] | |
Income Tax Expense (Benefit) [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2027 |
State and Federal [Member] | Minimum [Member] | |
Income Tax Expense (Benefit) [Line Items] | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2018 |
Malaysia Taxing Authority [Member] | |
Income Tax Expense (Benefit) [Line Items] | |
Operating loss carryforwards | $ 0 |
Income Taxes (Reconciliation Of
Income Taxes (Reconciliation Of Income Tax Expense) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Taxes [Abstract] | ||||
Income tax expense at statutory rates | $ 495,000 | $ 683,000 | $ 2,008,000 | $ 1,514,000 |
State income tax, net of federal benefits | 79,000 | 126,000 | 319,000 | 279,000 |
Non-deductible expenses | 1,000 | 1,000 | 3,000 | 3,000 |
Effect of AMT expense | (10,000) | 34,000 | 81,000 | 53,000 |
Effect of lower foreign income tax rates | (352,772) | (62,087) | (291,537) | (209,462) |
Effect of share-based compensation | 7,000 | (207,000) | ||
Effect of change in Illinois tax rate | 78,000 | 202,000 | ||
Other | 5,328 | (62,408) | 59,688 | (22,556) |
Income tax expense | $ 284,900 | $ 851,321 | $ 2,261,775 | $ 1,455,094 |
Dividends (Details)
Dividends (Details) $ / shares in Units, $ in Millions | 9 Months Ended | 15 Months Ended | 24 Months Ended | 51 Months Ended | ||
Jun. 30, 2014USD ($) | Feb. 06, 2013item$ / shares | May. 07, 2014item$ / shares | Feb. 09, 2012item$ / shares | May. 07, 2014item$ / shares | Sep. 30, 2014USD ($) | |
Dividends [Abstract] | ||||||
Number of dividends paid | item | 4 | 5 | 9 | 18 | ||
Dividends payable, amount per share (in Dollars per share) | $ / shares | $ 0.06 | $ 0.07 | $ 0.05 | $ 0.07 | ||
Cumulative dividends paid | $ 29.4 | |||||
Payments of dividends | $ 6.1 |
Uncategorized Items - c894-2015
Label | Element | Value |
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | $ 1,159,498 |