0001171843-17-000709.txt : 20170207 0001171843-17-000709.hdr.sgml : 20170207 20170207110103 ACCESSION NUMBER: 0001171843-17-000709 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 48 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170207 DATE AS OF CHANGE: 20170207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Clearfield, Inc. CENTRAL INDEX KEY: 0000796505 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 411347235 STATE OF INCORPORATION: MN FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16106 FILM NUMBER: 17577669 BUSINESS ADDRESS: STREET 1: 7050 WINNETKA AVE. N. STREET 2: SUITE 100 CITY: BROOKLYN PARK STATE: MN ZIP: 55428 BUSINESS PHONE: 763-476-6866 MAIL ADDRESS: STREET 1: 7050 WINNETKA AVE. N. STREET 2: SUITE 100 CITY: BROOKLYN PARK STATE: MN ZIP: 55428 FORMER COMPANY: FORMER CONFORMED NAME: APA Enterprises, Inc. DATE OF NAME CHANGE: 20041116 FORMER COMPANY: FORMER CONFORMED NAME: APA OPTICS INC /MN/ DATE OF NAME CHANGE: 19920703 10-Q 1 f10q_020717p.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2016

 

[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number 0-16106

 

Clearfield, Inc.

 

(Exact name of Registrant as specified in its charter)

 

Minnesota 41-1347235
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

7050 Winnetka Avenue North, Suite 100, Brooklyn Park, Minnesota 55428

(Address of principal executive offices and zip code)

 

(763) 476-6866

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

[X] YES      [_] NO

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

[X] YES      [_] NO

 

Indicate by check mark whether the registrant is a “large accelerated filer,” an “accelerated filer,” a “non-accelerated filer” or a “smaller reporting company” (as defined in Rule 12b-2 of the Exchange Act).

 

Large accelerated filer [_]      Accelerated filer [X]      Non-accelerated filer [_]      Smaller Reporting Company [_]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

[_] YES      [X] NO

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 

Class: Outstanding at January 27, 2017
Common stock, par value $.01 14,142,890

 

 

 

CLEARFIELD, INC.

FORM 10-Q

TABLE OF CONTENTS

 

 

 

PART I.  FINANCIAL INFORMATION 1
ITEM 1.  FINANCIAL STATEMENTS 1
ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 8
ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 11
ITEM 4.   CONTROLS AND PROCEDURES 11
PART II. OTHER INFORMATION 12
ITEM 1.  LEGAL PROCEEDINGS 12
ITEM 1A.  RISK FACTORS 12
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 12
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 12
ITEM 4. MINE SAFETY DISCLOSURES 12
ITEM 5. OTHER INFORMATION 13
ITEM 6. Exhibits 13
SIGNATURES 14

 

 

 

 

 

 

 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

CLEARFIELD, INC.

CONDENSED BALANCE SHEETS

 

   (Unaudited)
December 31,
2016		  (Audited)
September 30,
2016
Assets          
Current Assets          
Cash and cash equivalents  $22,057,906   $28,014,321 
Short-term investments   7,930,075    5,527,075 
Accounts receivables, net   7,450,917    7,999,210 
Inventories   8,714,645    8,373,155 
Other current assets   976,558    1,198,917 
Total current assets   47,130,101    51,112,678 
           
Property, plant and equipment, net   5,904,333    5,780,814 
           
Other Assets          
Long-term investments   13,281,000    10,703,000 
Goodwill   2,570,511    2,570,511 
Other   439,568    428,310 
Total other assets   16,291,079    13,701,821 
Total Assets  $69,325,513   $70,595,313 
           
Liabilities and Shareholders’ Equity          
Current Liabilities          
Accounts payable   2,421,585    2,573,292 
Accrued compensation   1,900,741    4,697,138 
Accrued expenses   120,803    75,306 
Total current liabilities   4,443,129    7,345,736 
           
Other Liabilities          
Deferred taxes   411,779    411,779 
Deferred rent   246,695    243,755 
Total other liabilities   658,474    655,534 
Total Liabilities   5,101,603    8,001,270 
           
Commitments and Contingencies          
           
Shareholders’ Equity          
Preferred stock, $.01 par value; authorized 500 shares; no shares outstanding   -    - 
Common stock, authorized 50,000,000, $.01 par value; 14,145,164 and 14,126,279 , shares issued and outstanding at December 31, 2016 and September 30, 2016   141,452    141,263 
Additional paid-in capital   58,073,263    57,320,515 
Retained earnings   6,009,195    5,132,265 
Total Shareholders’ Equity   64,223,910    62,594,043 
Total Liabilities and Shareholders’ Equity  $69,325,513   $70,595,313 

 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

1
 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF EARNINGS

UNAUDITED

 

   Three Months Ended December 31,
   2016  2015
       
Net sales  $18,266,162   $15,689,715 
           
Cost of sales   11,057,442    9,012,919 
           
Gross profit   7,208,720    6,676,796 
           
Operating expenses          
Selling, general and administrative   6,017,524    4,697,015 
Income from operations   1,191,196    1,979,781 
           
Interest income   52,734    33,539 
           
Income before income taxes   1,243,930    2,013,320 
           
Income tax expense   367,000    525,866 
Net income  $876,930   $1,487,454 
           
Net income per share:          
Basic  $0.06   $0.11 
Diluted  $0.06   $0.11 
           
Weighted average shares outstanding:          
Basic   13,567,484    13,288,679 
Diluted   13,790,793    13,575,162 

 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

2
 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

UNAUDITED

 

   Three Months Ended December 31,
   2016  2015
Cash flows from operating activities          
Net income  $876,930   $1,487,454 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:          
Depreciation and amortization   388,625    348,749 
Deferred taxes   -    478,887 
Loss on disposal of assets   -    1,390 
Stock based compensation   593,746    226,767 
Changes in operating assets and liabilities:          
Accounts receivable, net   548,293    991,240 
Inventories   (341,490)   239,335 
Other assets   228,259    (162,927)
Accounts payable and accrued expenses   (2,899,667)   (1,352,732)
Net cash (used in) provided by operating activities   (605,304)   2,258,163 
           
Cash flows from investing activities          
Purchases of property, plant and equipment and intangible assets   (529,302)   (226,710)
Purchases of investments   (7,440,000)   (1,184,000)
Proceeds from maturities of investments   2,459,000    1,886,000 
Net cash (used in) provided by investing activities   (5,510,302)   475,290 
           
Cash flows from financing activities          
Repurchase of common stock   -    (257,242)
Proceeds from issuance of common stock under employee stock purchase plan   169,500    118,013 
Proceeds from issuance of common stock upon exercise of stock options   17    34,990 
Tax withholding related to vesting of restricted stock grants   (10,326)   (1,391)
Net cash provided by (used in) financing activities   159,191    (105,630)
           
(Decrease) increase in cash and cash equivalents   (5,956,415)   2,627,823 
           
Cash and cash equivalents, beginning of period   28,014,321    18,071,210 
           
Cash and cash equivalents, end of period  $22,057,906   $20,699,033 
           
Supplemental disclosures for cash flow information          
Cash paid during the year for income taxes  $12,250   $15,884 
           
Non-cash financing activities          
Cashless exercise of stock options  $32,984   $15,890 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

3
 

NOTES TO CONDENSED FINANCIAL STATEMENTS

 

Note 1. Basis of Presentation

 

The accompanying (a) condensed balance sheet as of September 30, 2016, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position and results of operations and cash flows of the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2016.

 

In preparation of the Company’s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.

 

In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting. The standard is required to be adopted by all companies in their first fiscal year beginning after December 15, 2016 but allows companies to early adopt prior to this date. The standard is intended to simplify various aspects of the accounting and presentation of share-based payments. During the quarter ended September 30, 2016, the Company elected to early adopt this standard as of October 1, 2015. Adoption of this standard impacted the previously filed 10-Q for the period ended December 31, 2015 as follows:

 

Statement of earnings – The standard requires that the tax effects of stock-based compensation be recognized in the income tax provision of the Company’s Statements of Earnings. Previously, these amounts were recognized in additional paid-in capital on the Company’s Balance Sheets. The new standard requires these amounts to be recasted within these quarters due to the prospective adoption of this standard in the fourth quarter of fiscal 2016. Accordingly, a net tax benefit related to stock-based compensation awards of $104,134 for the quarter ended December 31, 2015 was recognized as a reduction of income tax expense in the statements of earnings. This tax benefit reduced our effective income tax rate 5.2% for the quarter ended December 31, 2015 and resulted in an increase in basic and diluted earnings per share of $0.01 for the quarter ended December 31, 2015.

 

Statement of cash flows – The standard requires that excess tax benefits from share-based employee awards be reported as operating activities in the consolidated statements of cash flows. Previously, these cash flows were included as hypothetical inflows and outflows in both the operating and financing activities. We elected to apply this change on a prospective basis, resulting in an increase in net cash provided by operating activities and a decrease in net cash used by financing activities of $348,000 for the three months ended December 31, 2015.

 

Note 2. Net Income Per Share

 

Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options and restricted stock awards, when dilutive.

 

4
 

 

The following is a reconciliation of the numerator and denominator of the net income per common share computations for the three months ended December 31, 2016 and 2015:

 

   Three Months Ended December 31,
   2016  2015
Net income  $876,930   $1,487,454 
Weighted average common shares   13,567,484    13,288,679 
Dilutive potential common shares   223,309    286,483 
Weighted average dilutive common shares outstanding   13,790,793    13,575,162 
Net income per common share:          
Basic  $0.06   $0.11 
Diluted  $0.06   $0.11 

 

Note 3. Cash, Cash Equivalents and Investments

 

The Company currently invests its excess cash in money market accounts and bank certificates of deposit (CDs) with a term of not more than three years. CDs with original maturities of more than three months are reported as held-to-maturity investments and are carried at amortized cost. The maturity dates of the Company’s CDs at December 31, 2016 and September 30, 2016 are as follows:

 

   December 31,
2016		  September 30,
2016
Less than one year  $7,930,075   $5,527,075 
1-3 years   13,281,000    10,703,000 
Total  $21,211,075   $16,230,075 

 

Note 4. Stock Based Compensation

 

The Company recorded $593,746 of compensation expense related to current and past option grants, restricted stock grants and the Company’s Employee Stock Purchase Plan (“ESPP”) for the three months ended December 31, 2016 of which $539,046 is included in selling, general and administrative expense, and $54,700 is included in cost of sales. The Company recorded $226,767 of compensation expense related to current and past equity awards for the three months ended December 31, 2015 of which $204,881 was included in selling, general and administrative expense, and $21,886 was included in cost of sales. As of December 31, 2016, $6,860,649 of total unrecognized compensation expense related to non-vested equity awards is expected to be recognized over a period of approximately 7.8 years.

 

There were no stock options granted during the three-month periods ended December 31, 2016 and December 31, 2015. The following is a summary of stock option activity during the three months ended December 31, 2016:

 

   Number of
options		  Weighted average exercise price
Outstanding at September 30, 2016   54,800   $3.13 
Granted   -    - 
Exercised   (10,000)   3.30 
Cancelled or Forfeited   -    - 
Outstanding at December 31, 2016   44,800   $3.09 

 

The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. At December 31, 2016, the weighted average remaining contractual term for all outstanding and exercisable stock options was 3.2 years and their aggregate intrinsic value was $788,892. During the three months ended December 31, 2016, the Company received proceeds of $17 from the exercise of stock options. During the three months ended December 31, 2015, exercised stock options totaled 8,000 shares, resulting in $34,990 of proceeds to the Company.

 

5
 

Restricted Stock

 

The Company’s 2007 Stock Compensation Plan permits its Compensation Committee to grant stock-based awards, including stock options and restricted stock, to key employees and non-employee directors. The Company has made restricted stock grants that vest over one to ten years.

 

There were no restricted stock awards granted during the three-month period ended December 31, 2016. During the three-month period ended December 31, 2015, the Company granted employees restricted stock awards totaling 8,500 shares of common stock, with a vesting term of five years and a fair value of $13.64 per share. Restricted stock transactions during the three-month period ended December 31, 2016 are summarized as follows:

 

   Number of
shares		  Weighted
average grant
date fair value
Unvested shares at September 30, 2016   563,570   $14.26 
Granted   -    - 
Vested   (2,000)   13.59 
Forfeited   -    - 
Unvested at December 31, 2016   561,570   $14.26 

 

Employee Stock Purchase Plan

 

Clearfield, Inc.’s ESPP allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may purchase the Company’s common stock on a voluntary after-tax basis. Employees may purchase the Company’s common stock at a price that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six month phases, with phases beginning on January 1 and July 1 of each calendar year. For the phases that ended on December 31, 2016 and December 31, 2015, employees purchased 11,144 and 10,352 shares at a price of $15.21 and $11.40 per share, respectively. After the employee purchase on December 31, 2016, 131,978 shares of common stock were available for future purchase under the ESPP.

 

Note 5. Accounts Receivable

 

Credit is extended based on the evaluation of a customer’s financial condition and collateral is generally not required. Accounts that are outstanding longer than the contractual payment terms are considered past due. The Company writes off accounts receivable when they become uncollectible; payments subsequently received on such receivables are credited to the allowance for doubtful accounts. As of December 31, 2016 and September 30, 2016, the balance in the allowance for doubtful accounts was $90,473 and $93,473, respectively.

 

See Note 7, “Major Customer Concentration” for further information regarding accounts receivable and net sales.

 

Note 6. Inventories

 

Inventories consist of the following as of:

 

   December 31, 2016  September 30, 2016
Raw materials  $5,997,636   $5,702,762 
Work-in-progress   650,736    471,305 
Finished goods   2,066,273    2,199,088 
Inventories  $8,714,645   $8,373,155 

 

 

6
 

Note 7. Major Customer Concentration

 

The following table summarizes customers comprising 10% or more of net sales for the three months ended December 31, 2016 and December 31, 2015:

 

   Three Months Ended December 31,
   2016  2015
Customer A   28%   26%
Customer B   14%   13%

 

As of December 31, 2016, Customers B, C, and A accounted for 19%, 15%, and 11% of accounts receivable, respectively. As of September 30, 2016, Customers A and B accounted for 18% and 12% of accounts receivable, respectively. Customers A and B are both distributors.

 

Note 8. Goodwill and Patents

 

The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed in the fourth quarter ended September 30, 2016 did not indicate an impairment of goodwill. During the quarter ended December 31, 2016, there were no triggering events that indicate potential impairment exists.

 

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 exceeding 20 years. As of December 31, 2016, the Company has nine patents granted and nine pending applications inside the United States.

 

Note 9. Income Taxes

 

For the three months ended December 31, 2016, the Company recorded a provision for income taxes of $367,000, reflecting an effective tax rate of 29.5%. The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment, favorable domestic manufacturing deduction and research and development credits, expenses related to equity award compensation and favorable discrete items for the quarter from tax benefits related to stock-based compensation awards.

 

As of both December 31, 2016 and September 30, 2016, the Company had a remaining valuation allowance of approximately $322,000 related to state net operating loss carry forwards the Company does not expect to utilize. Based on the Company’s analysis and review of long-term forecasts and all available evidence, the Company has determined that there should be no change in this existing valuation allowance in the quarter ended December 31, 2016.

 

For the three months ended December 31, 2015, the Company recorded a provision for income taxes of $526,000, reflecting an effective tax rate of 26.1%. The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment, expenses related to equity award compensation and favorable discrete items for the quarter from tax benefits related to stock-based compensation awards and research and development credits which were permanently extended in December 2015 by the federal government.

 

Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company’s realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a “more likely than not” criteria by assessing the available positive and negative factors surrounding its recoverability.

 

As of December 31, 2016, we do not have any unrecognized tax benefits. It is the Company’s practice to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company does not expect any material changes in its unrecognized tax positions over the next 12 months.

 

During the quarter ended December 31, 2015, the Company early adopted Accounting Standards Update (“ASU”) 2015-17 to present balance sheet classification of deferred income taxes as noncurrent. This adoption was applied prospectively and therefore, prior periods were not retrospectively adjusted.

 

7
 

Note 10. Accounting Pronouncements

 

Recent Accounting Pronouncements

 

In May 2014, the FASB issued guidance creating Accounting Standards Codification (“ASC”) Section 606, Revenue from Contracts with Customers. The new section will replace Section 605, “Revenue Recognition” and creates modifications to various other revenue accounting standards for specialized transactions and industries. The section is intended to conform revenue accounting principles with a concurrently issued International Financial Reporting Standards with previously differing treatment between United States practice and those of much of the rest of the world, as well as, to enhance disclosures related to disaggregated revenue information. The updated guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within that reporting period. Early application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Although the Company has not completed a full impact assessment of this guidance, we do not believe it will have a material impact on the reported net sales amounts.

 

In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330) Related to Simplifying the Measurement of Inventory which applies to all inventory except inventory that is measured using last-in, first-out (“LIFO”) or the retail inventory method. Inventory measured using first-in, first-out (“FIFO”) or average cost is covered by the new amendments. Inventory within the scope of the new guidance should be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments will take effect for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The new guidance should be applied prospectively, and earlier application is permitted as of the beginning of an interim or annual reporting period. Although the Company has not completed a full impact assessment of this guidance, we do not believe it will have a material impact on reported inventory amounts.

 

In February 2016, the FASB issued ASU 2016-02, Leases, which requires lessees to present right-of-use assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. The guidance is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements and is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact the adoption of this ASU will have on our financial statements.

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events and typically address the Company’s expected future business and financial performance. Words such as  “plan,” “expect,” “aim,” “believe,” “project,” “target,” “anticipate,” “intend,” “estimate,” “will,” “should,” “could” and other words and terms of similar meaning, typically identify these forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Actual results could differ from those projected in any forward-looking statements because of the factors identified in and incorporated by reference from Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the year ended September 30, 2016, as well as in other filings we make with the Securities and Exchange Commission, which should be considered an integral part of Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” All forward-looking statements included herein are made as the date of this Quarterly Report on Form 10-Q and we assume no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

 

The following discussion and analysis of our financial condition and results of operations as of and for the three months ended December 31, 2016 and 2015 should be read in conjunction with the financial statements and related notes in Item 1 of this report and our Annual Report on Form 10-K for the year ended September 30, 2016.

 

8
 

OVERVIEW

 

General

 

Clearfield, Inc. designs, manufactures and distributes fiber optic management, protection and delivery products for communications networks. Our “fiber to the anywhere” platform serves the unique requirements of leading incumbent local exchange carriers (Traditional Carriers), including large national and global telecom providers (Tier 1), wireless operators, MSO/cable TV companies, utility/municipality, enterprise, data center and military markets, while also serving the broadband needs of the competitive local exchange carriers (Alternative Carriers). 

 

The Company has historically focused on the un-served or under-served rural communities who receive their voice, video and data services from independent telephone companies. By aligning its in-house engineering and technical knowledge alongside its customers, the Company has been able to develop, customize and enhance products from design through production. Final build and assembly of the Company’s products is completed at Clearfield’s plants in Brooklyn Park, Minnesota, and Mexico, with manufacturing support from a network of domestic and global manufacturing partners. Clearfield specializes in producing these products on both a quick-turn and scheduled delivery basis. The Company deploys a hybrid sales model with some sales made directly to the customer, some made through two-tier distribution (channel) partners, and some sales through original equipment suppliers who private label their products.

 

RESULTS OF OPERATIONS

 

Three months ended December 31, 2016 vS. three months ended December 31, 2015

 

Net sales for the first quarter of fiscal 2017 ended December 31, 2016 were $18,266,000, an increase of approximately 16% or $2,576,000, from net sales of $15,690,000 for the first quarter of fiscal 2016. Net sales to broadband service providers and commercial data networks customers were $17,020,000 in the first quarter of fiscal 2017 versus $14,644,000 in the same period of fiscal 2016. Among this group, the Company recorded $1,586,000 in international sales for the first quarter of fiscal 2017 versus $746,000 in the same period of fiscal 2016. Net sales to build-to-print and OEM customers were $1,246,000 in the first quarter of fiscal 2017 versus $1,046,000 in the same period of fiscal 2016. The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Accordingly, international sales represented 9% and 5% of total net sales for the first quarters of fiscal 2017 and 2016, respectively.

 

The increase in net sales for the quarter ended December 31, 2016 of $2,576,000 compared to the quarter ended December 31, 2015 is primarily attributable to an increase of $2,462,000 in net sales to our customer base of commercial data network providers, build-to-print and OEM manufacturers, and broadband service providers, outside of the Alternative Carrier group and international sales noted below, when compared to the same period of fiscal 2016. The improvement was due to increased deployments by the Company’s Traditional Carrier customers, wireless customers, as well as expanded sales channels. Also, international sales increased $840,000 during the same period due to an increase in demand and more favorable foreign currency exchange rates. Net sales were negatively affected by a decrease in the ongoing builds of an Alternative Carrier customer of $726,000 in the quarter ended December 31, 2016. Revenue from all customers is obtained from purchase orders submitted from time to time. Accordingly, the Company’s ability to predict orders in future periods or trends affecting orders in future periods is limited.

 

Cost of sales for the first quarter of fiscal 2017 was $11,057,000, an increase of $2,044,000, or 23%, from $9,013,000 in the comparable period of fiscal 2016. Gross margin was 39.5% in the fiscal 2017 first quarter, down from 42.6% for the fiscal 2016 first quarter. Gross profit increased $532,000, or 8%, to $7,209,000 for the quarter ended December 31, 2016 from $6,677,000 in the comparable period in fiscal 2016. The increase in gross profit in the first quarter of fiscal 2017 was due to increased volume while the decrease in gross margin for the quarter was due to a higher percentage of sales to the Tier 1 customer group, along with a lower percentage of sales associated with the integration of optical components within our product line, which typically have higher margins.

 

Selling, general and administrative expenses increased $1,321,000, or 28%, to $6,018,000 in the fiscal 2017 first quarter from $4,697,000 for the fiscal 2016 first quarter. The increase in the first quarter of fiscal 2017 consists primarily of higher compensation expenses in the amount of $811,000 mainly due to additional personnel, wage increases, and higher performance compensation accruals. Also contributing to the increase were increased selling, general and administrative stock compensation expense of $334,000, and increased development costs of $217,000 when compared to the fiscal 2016 first quarter.

 

9
 

Income from operations for the quarter ended December 31, 2016 was $1,191,000 compared to income from operations of $1,980,000 for the comparable quarter of fiscal 2016, a decrease of approximately 40%. This decrease is attributable to increased selling, general and administrative expenses.

 

Interest income for the quarter ended December 31, 2016 was $53,000 compared to $34,000 for the comparable quarter for fiscal 2016. The increase is due mainly to higher interest rates earned on its investments in fiscal 2017. The Company invests its excess cash primarily in FDIC-backed bank certificates of deposit and money market accounts.

 

We recorded a provision for income taxes of $367,000 and $526,000 for the quarters ended December 31, 2016 and 2015, respectively. We record our quarterly provision for income taxes based on our estimated annual effective tax rate for the year. The decrease in tax expense of $159,000 from the first quarter for fiscal 2016 is primarily due to lower profitability in the first quarter of fiscal 2017. The increase in the income tax expense rate to 29.5% for the first quarter of fiscal 2017 from 26.1% for the first quarter of fiscal 2016 is primarily the result of the Company having additional positive discrete items during the first quarter of fiscal 2016 primarily related to excess tax benefits for stock-based compensation awards.

 

The Company’s net income for the quarter ended December 31, 2016 was $877,000, or $0.06 per basic and diluted share. The Company’s net income for the quarter ended December 31, 2015 was $1,487,000, or $0.11 per basic and diluted share.

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of December 31, 2016, our principal source of liquidity was our cash, cash equivalents and short-term investments. Those sources total $29,988,000 at December 31, 2016 compared to $33,541,000 at September 30, 2016. Our excess cash is invested mainly in certificates of deposit backed by the FDIC and money market accounts. Substantially all of our funds are insured by the FDIC. Investments considered long-term were $13,281,000 as of December 31, 2016, compared to $10,703,000 as of September 30, 2016. We believe the combined balances of short-term cash and investments along with long-term investments provide a more accurate indication of our available liquidity. We had no long-term debt obligations at December 31, 2016 or September 30, 2016.

 

We believe our existing cash equivalents and short-term investments, along with cash flow from operations, will be sufficient to meet our working capital and investment requirements for beyond the next 12 months. The Company intends on utilizing its available cash and assets primarily for its continued organic growth and potential future strategic transactions, as well as execution of the $8,000,000 share repurchase program adopted by the Board of Directors on November 13, 2014. 

 

Operating Activities

 

Net cash used in operating activities totaled $605,000 for the three months ended December 31, 2016. This was primarily due to net income of $877,000, non-cash expenses for depreciation and amortization of $389,000, and stock based compensation of $594,000 offset by changes in operating assets and liabilities using cash. Changes in operating assets and liabilities providing cash include decreases in accounts receivable and other assets of $548,000 and $228,000, respectively. Accounts receivable balances can be influenced by the timing of shipments for customer projects and payment terms. Days sales outstanding, which measures how quickly receivables are collected, increased three days to 38 days from September 30, 2016 to December 31, 2016. The decrease in other assets primarily represents a decrease in the current income tax receivable. Changes in working capital items using cash include an increase in inventory of $341,000 and a decrease in accounts payable and accrued expenses of $2,900,000. The increase in inventory represents an adjustment for seasonal demand along with changes in stocking levels while the decrease in accounts payable and accrued expenses primarily reflects fiscal 2016 accrued bonus compensation accruals paid in the first quarter of fiscal 2017.

 

10
 

Net cash provided by operating activities totaled $2,258,000 for the three months ended December 31, 2015. This was primarily due to net income of $1,487,000, non-cash expenses for depreciation and amortization of $349,000, deferred taxes of $479,000, and stock based compensation of $227,000 offset by changes in operating assets and liabilities using cash. Changes in operating assets and liabilities providing cash include decreases in accounts receivable and inventory of $991,000 and $239,000, respectively. Accounts receivable balances can be influenced by the timing of shipments for customer projects and payment terms. Days sales outstanding, which measures how quickly receivables are collected, decreased six days to 29 days from September 30, 2015 to December 31, 2015. The decrease in inventory represents an adjustment for seasonal demand along with changes in stocking levels. Changes in working capital items using cash include a decrease in accounts payable and accrued expenses in the amount of $1,353,000, primarily reflecting fiscal 2015 accrued bonus compensation accruals paid in the first quarter of fiscal 2016, and cash used for other assets of $163,000.

 

Investing Activities

 

We invest our excess cash in money market accounts and bank CDs in denominations across numerous banks. We believe we obtain a competitive rate of return given the economic climate along with the security provided by the FDIC on these investments. During the three months ended December 31, 2016, we used cash to purchase $7,440,000 of FDIC-backed securities and received $2,459,000 on CDs that matured. Purchases of capital equipment and patents, mainly related to information technology and manufacturing equipment, consumed $529,000 of cash.

 

During the three months ended December 31, 2015, we used cash to purchase $1,184,000 of FDIC-backed securities and received $1,886,000 on CDs that matured. Purchases of capital equipment and patents, mainly related to information technology and manufacturing equipment, consumed $227,000 of cash.

 

Financing Activities

 

For the three months ended December 31, 2016, we received $170,000 from employees’ participation and purchase of stock through our ESPP and used $10,000 to pay for taxes as a result of employees’ exercises of stock options and vesting of restricted shares using share withholding. As of December 31, 2016, we had authority to purchase approximately $6,817,000 in additional shares under the repurchase program announced on November 13, 2014.

 

For the three months ended December 31, 2015, we received $118,000 from employees’ participation and purchase of stock through our ESPP. We also received $35,000 from the issuance of stock as a result of employees exercising options. Additionally, we used $257,000 to repurchase our common stock during the first quarter of fiscal 2016.

 

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

 

Management utilizes its technical knowledge, cumulative business experience, judgment and other factors in the selection and application of the Company’s accounting policies. The accounting policies considered by management to be the most critical to the presentation of the financial statements because they require the most difficult, subjective and complex judgments include revenue recognition, stock based compensation, deferred tax asset valuation allowances, accruals for uncertain tax positions, and impairment of goodwill and long-lived assets.

 

These accounting policies are described in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Annual Report on Form 10-K for the year ended September 30, 2016. Management made no changes to the Company’s critical accounting policies during the quarter ended December 31, 2016.

 

In applying its critical accounting policies, management reassesses its estimates each reporting period based on available information. Changes in these estimates did not have a significant impact on earnings for the quarter ended December 31, 2016.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

The Company’s management carried out an evaluation, under the supervision and with the participation of the Company’s Chief Executive Officer and the Company’s Chief Financial Officer of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of December 31, 2016. Based upon that evaluation, the Company’s Chief Executive Officer and the Company’s Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective.

 

11
 

Changes in Internal Control over Financial Reporting

 

There were no changes to the Company’s internal control over financial reporting as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934, that occurred during the quarter ended December 31, 2016 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

The Company is exposed to a number of asserted and unasserted legal claims encountered in the ordinary course of business. Although the outcome of any such legal action cannot be predicted, management believes that there are no pending legal proceedings against or involving the Company for which the outcome is likely to have a material adverse effect upon its financial position or results of operations.

 

ITEM 1A. RISK FACTORS

 

The most significant risk factors applicable to the Company are described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended September 30, 2016. There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

In the three months ending December 31, 2016, the Company repurchased shares of stock as follows:

 

ISSUER PURCHASES OF EQUITY SECURITIES
Period  Total
Number
of Shares
Purchased		  Average
Price Paid
per Share		  Total Number of
Shares
Purchased as Part
of Publicly
Announced Plans
or Programs		  Approximate Dollar Value
of Shares that
May Yet Be Purchased
Under the Program (1)
October 1-31, 2016   98   $18.15    —   $— 
November 1-30, 2016   444    19.25    —    — 
December 1-31, 2016   —    —    —    — 
Total   542   $19.05    —   $6,817,082 

 

(1)Amount remaining from the $8,000,000 repurchase authorization approved by the Company’s Board of Directors in November 2014.  The program does not obligate Clearfield to repurchase any particular amount of common stock during any period.  The repurchase will be funded by cash on hand.  The repurchase program is expected to continue indefinitely until the maximum dollar amount of shares has been repurchased or until the repurchase program is earlier modified, suspended or terminated by the Board of Directors.

 

In the three months ending December 31, 2016, the Company repurchased a total of 542 shares in connection with payment of taxes upon vesting of restricted stock previously issued to employees.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

12
 

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. Exhibits

 

Exhibit 31.1 – Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act

 

Exhibit 31.2 – Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act

 

Exhibit 32.1 – Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. §1350

 

 

 

 

 

13
 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

CLEARFIELD, INC.

 

     
February 7, 2017   /s/ Cheryl Beranek
    By: Cheryl Beranek
    Its: President and Chief Executive Officer
    (Principal Executive Officer)
     
February 7, 2017   /s/ Daniel Herzog
    By: Daniel Herzog
    Its: Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 

 

 

 

 

14

 

 EX-31.1 2 exh_311.htm EXHIBIT 31.1

Exhibit 31.1

 

CERTIFICATION

 

I, Cheryl Beranek, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Clearfield, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

February 7, 2017   /s/ Cheryl Beranek
    By: Cheryl Beranek, President and Chief Executive Officer
    (Principal Executive Officer)
     
     

 

 

 EX-31.2 3 exh_312.htm EXHIBIT 31.2

Exhibit 31.2

 

CERTIFICATION

 

I, Daniel Herzog, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Clearfield, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

February 7, 2017   /s/ Daniel Herzog
    By: Daniel Herzog, Chief Financial Officer
    (Principal Financial and Accounting Officer)
     
     

 

 

 EX-32.1 4 exh_321.htm EXHIBIT 32.1

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

 

The undersigned certify pursuant to 18 U.S.C. § 1350, that:

 

(1) The accompanying Quarterly Report on Form 10-Q for the period ended December 31, 2016 of Clearfield, Inc. (the “Company”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the accompanying report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

February 7, 2017   /s/ Cheryl Beranek
    By: Cheryl Beranek, President and Chief Executive Officer
    (Principal Executive Officer)
     
February 7, 2017   /s/ Daniel Herzog
    By: Daniel Herzog, Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 

 

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No No clfd 2421585 2573292 7450917 7999210 120803 75306 1900741 4697138 58073263 57320515 593746 539046 54700 226767 204881 21886 90473 93473 69325513 70595313 47130101 51112678 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> Basis of Presentation</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">The accompanying (a) condensed balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position and results of operations and cash flows of the interim periods presented. </div>Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors. <div style="display: inline; color: black">These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company&#x2019;s Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div></div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In preparation of the Company&#x2019;s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued ASU No. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> <div style="display: inline; font-style: italic;">Improvements to Employee Share-Based Payment Accounting</div>. The standard is required to be adopted by all companies in their <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> fiscal year beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> but allows companies to early adopt prior to this date. The standard is intended to simplify various aspects of the accounting and presentation of share-based payments. During the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company elected to early adopt this standard as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> Adoption of this standard impacted the previously filed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q for the period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-style: italic;">Statement of earnings </div>&#x2013; The standard requires that the tax effects of stock-based compensation be recognized in the income tax provision of the Company&#x2019;s Statements of Earnings. Previously, these amounts were recognized in additional paid-in capital on the Company&#x2019;s Balance Sheets. The new standard requires these amounts to be recasted within these quarters due to the prospective adoption of this standard in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter of fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> Accordingly, a net tax benefit related to stock-based compensation awards of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$104,134</div> for the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> was recognized as a reduction of income tax expense in the statements of earnings. This tax benefit reduced our effective income tax rate <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.2%</div> for the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> and resulted in an increase in basic and diluted earnings per share of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.01</div> for the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-style: italic;">Statement of cash flows </div>&#x2013; The standard requires that excess tax benefits from share-based employee awards be reported as operating activities in the consolidated statements of cash flows. Previously, these cash flows were included as hypothetical inflows and outflows in both the operating and financing activities. We elected to apply this change on a prospective basis, resulting in an increase in net cash provided by operating activities and a decrease in net cash used by financing activities of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$348,000</div> for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div></div></div> 22057906 28014321 18071210 20699033 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div> Cash, Cash Equivalents and Investments</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">The Company currently invests its excess cash in money market accounts and bank certificates of deposit (CDs) with a term of not more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> years. CDs with original maturities of more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months are reported as held-to-maturity investments</div> and are carried at amortized cost. <div style="display: inline; color: black">The maturity dates of the Company&#x2019;s CDs at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> are as follows:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">&nbsp;</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December 31, <br /> 2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30, <br />2016</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Less than one year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,930,075</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,527,075</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">1-3 years</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,281,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,703,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,211,075</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,230,075</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> -5956415 2627823 0.01 0.01 50000000 50000000 14145164 14126279 14145164 14126279 141452 141263 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div> Major Customer Concentration</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The following table summarizes customers comprising <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> or more of net sales for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left; text-indent: 0in">Customer A</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Customer B</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> Customers B, C, and A accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19%,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11%</div> of accounts receivable, respectively. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> Customers A and B accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12%</div> of accounts receivable, respectively. Customers A and B are both distributors.</div></div> 0.19 0.15 0.11 0.18 0.12 0.28 0.26 0.14 0.13 11057442 9012919 478887 246695 243755 411779 411779 388625 348749 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div> Stock Based Compensation</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$593,746</div> of compensation expense related to current and past option grants, restricted stock grants and the Company&#x2019;s Employee Stock Purchase Plan (&#x201c;ESPP&#x201d;) for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$539,046</div> is included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$54,700</div> is included in cost of sales. The Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$226,767</div> of compensation expense related to current and past equity awards for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$204,881</div> was included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,886</div> was included in cost of sales. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,860,649</div> of total unrecognized compensation expense related to non-vested equity awards is expected to be recognized over a period of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.8</div> years.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div> stock options granted during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> The following is a summary of stock option activity during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of <br /> options</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average exercise&nbsp;price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt">Outstanding at September 30, 2016</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54,800</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.13</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: 10pt">Exercised</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,000</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.30</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Cancelled or Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Outstanding at December 31, 2016</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,800</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.09</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0 0pt 9.35pt; font-size: 10pt; text-indent: -0.35pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the weighted average remaining contractual term for all outstanding and exercisable stock options was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.2</div> years and their aggregate intrinsic value was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$788,892.</div> During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company received proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17</div> from the exercise of stock options. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> exercised stock options totaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,000</div> shares, resulting in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$34,990</div> of proceeds to the Company.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;"></div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The Company&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2007</div> Stock Compensation Plan permits its Compensation Committee to grant stock-based awards, including stock options and restricted stock, to key employees and non-employee directors. The Company has made restricted stock grants that vest over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> years.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> restricted stock awards granted during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company granted employees restricted stock awards totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,500</div> shares of common stock, with a vesting term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years and a fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13.64</div> per share. Restricted stock transactions during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> are summarized as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of <br /> shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted <br /> average grant <br /> date fair value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt">Unvested shares at September 30, 2016</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">563,570</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.26</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: 10pt">Vested</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,000</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.59</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Unvested at December 31, 2016</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">561,570</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.26</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Employee Stock Purchase Plan </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Clearfield, Inc.&#x2019;s ESPP allows participating employees to purchase shares of the Company&#x2019;s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> purchase the Company&#x2019;s common stock on a voluntary after-tax basis. Employees <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> purchase the Company&#x2019;s common stock at a price that is no less than the lower of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the fair market value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> month phases, with phases beginning on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> of each calendar year. For the phases that ended on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> employees purchased <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,144</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,352</div> shares at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15.21</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$11.40</div> per share, respectively. After the employee purchase on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">131,978</div> shares of common stock were available for future purchase under the ESPP.</div></div> 0.06 0.11 0.06 0.11 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> Net Income Per Share</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Basic net income per common share (&#x201c;EPS&#x201d;) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options and restricted stock awards, when dilutive.</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div><div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The following is a reconciliation of the numerator and denominator of the net income per common share computations for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Net income</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">876,930</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,487,454</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Weighted average common shares</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,567,484</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,288,679</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Dilutive potential common shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">223,309</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">286,483</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Weighted average dilutive common shares outstanding</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,790,793</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,575,162</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Net income per common share:</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Basic</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.06</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.11</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: 10pt">Diluted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.06</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.11</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> 0.295 0.261 6860649 P7Y292D 104134 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div> Accounts Receivable</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Credit is extended based on the evaluation of a customer&#x2019;s financial condition and collateral is generally not required. Accounts that are outstanding longer than the contractual payment terms are considered past due. The Company writes off accounts receivable when they become uncollectible; payments subsequently received on such receivables are credited to the allowance for doubtful accounts. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the balance in the allowance for doubtful accounts was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$90,473</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$93,473,</div> respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,</div> &#x201c;Major Customer Concentration&#x201d; for further information regarding accounts receivable and net sales.</div></div> P20Y -1390 2570511 2570511 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div> Goodwill and Patents</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fourth</div> quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div></div></div> indicate an impairment of goodwill. During the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> triggering events that indicate potential impairment exists.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">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 exceeding <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> years. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> patents granted and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> pending applications inside the United States.</div></div> 0 0 7208720 6676796 21211075 16230075 7930075 5527075 1243930 2013320 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div> Income Taxes</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company recorded a provision for income taxes of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$367,000,</div> reflecting an effective tax rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29.5%.</div> The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment, favorable domestic manufacturing deduction and research and development credits, expenses related to equity award compensation and favorable discrete items for the quarter from tax benefits related to stock-based compensation awards.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">As of both <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company had a remaining valuation allowance of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">322,000</div></div> related to state net operating loss carry forwards the Company does not expect to utilize. Based on the Company&#x2019;s analysis and review of long-term forecasts and all available evidence, the Company has determined that there should be no change in this existing valuation allowance in the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company recorded a provision for income taxes of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$526,000,</div> reflecting an effective tax rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26.1%.</div> The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment, expenses related to equity award compensation and favorable discrete items for the quarter from tax benefits related to stock-based compensation awards and research and development credits which were permanently extended in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> by the federal government.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company&#x2019;s realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a &#x201c;more likely than not&#x201d; criteria by assessing the available positive and negative factors surrounding its recoverability.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> we do not have any unrecognized tax benefits. It is the Company&#x2019;s practice to recognize interest and penalties accrued on any unrecognize</div>d tax benefits as a component of income tax expense. The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect any material changes in its unrecognized tax positions over the next <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">During the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company early adopted Accounting Standards Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17</div> to present balance sheet classification of deferred income taxes as noncurrent. This adoption was applied prospectively and therefore, prior periods were not retrospectively adjusted.</div></div> 367000 525866 12250 15884 -2899667 -1352732 -548293 -991240 341490 -239335 -228259 162927 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div> Inventories</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Inventories consist of the following as of:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30, 2016</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Raw materials</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,997,636</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,702,762</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Work-in-progress</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">650,736</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">471,305</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,066,273</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,199,088</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Inventories</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,714,645</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,373,155</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> 2066273 2199088 8714645 8373155 5997636 5702762 650736 471305 52734 33539 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December 31, <br /> 2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30, <br />2016</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Less than one year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,930,075</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,527,075</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">1-3 years</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,281,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,703,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,211,075</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,230,075</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 5101603 8001270 69325513 70595313 4443129 7345736 658474 655534 13281000 10703000 159191 -105630 -5510302 475290 -605304 2258163 876930 1487454 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; font-weight: bold"><div style="display: inline; font-style: normal">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div> Accounting Pronouncements</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; font-weight: bold"><div style="display: inline; font-style: normal">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; font-weight: bold"><div style="display: inline; font-style: normal">Recent Accounting Pronouncements</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> the FASB issued guidance creating Accounting Standards Codification (&#x201c;ASC&#x201d;) Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> <div style="display: inline; font-style: italic;">Revenue from Contracts with Customers</div>. The new section will replace Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605,</div> &#x201c;Revenue Recognition&#x201d; and creates modifications to various other revenue accounting standards for specialized transactions and industries. The section is intended to conform revenue accounting principles with a concurrently issued International Financial Reporting Standards with previously differing treatment between United States practice and those of much of the rest of the world, as well as, to enhance disclosures related to disaggregated revenue information. The updated guidance is effective for annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> and interim periods within that reporting period. Early application is permitted only as of annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> including interim periods within that reporting period. Although the Company has not completed a full impact assessment of this guidance, we do not believe it will have a material impact on the reported net sales amounts.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July</div>&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div>&nbsp;<div style="display: inline; font-style: italic;">Inventory (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">330)</div> Related to Simplifying the Measurement of Inventory</div> which applies to all inventory except inventory that is measured using last-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out (&#x201c;LIFO&#x201d;) or the retail inventory method. Inventory measured using <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out (&#x201c;FIFO&#x201d;) or average cost is covered by the new amendments. Inventory within the scope of the new guidance should be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments will take effect for public business entities for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div>&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> including interim periods within those fiscal years. The new guidance should be applied prospectively, and earlier application is permitted as of the beginning of an interim or annual reporting period. Although the Company has not completed a full impact assessment of this guidance, we do not believe it will have a material impact on reported inventory amounts.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> <div style="display: inline; font-style: italic;">Leases</div>, which requires lessees to present right-of-use assets and lease liabilities on the balance sheet for all leases with terms longer than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months. The guidance is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements and is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact the adoption of this ASU will have on our financial statements.</div></div> 1191196 1979781 322000 322000 976558 1198917 439568 428310 257242 10326 1391 7440000 1184000 529302 226710 0.01 0.01 500 500 0 0 348000 169500 118013 2459000 1886000 17 34990 5904333 5780814 6009195 5132265 18266162 15689715 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Net income</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">876,930</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,487,454</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Weighted average common shares</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,567,484</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,288,679</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Dilutive potential common shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">223,309</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">286,483</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Weighted average dilutive common shares outstanding</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,790,793</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,575,162</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Net income per common share:</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Basic</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.06</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.11</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: 10pt">Diluted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.06</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.11</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December 31, 2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30, 2016</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left">Raw materials</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,997,636</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,702,762</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Work-in-progress</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">650,736</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">471,305</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,066,273</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,199,088</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Inventories</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,714,645</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,373,155</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of <br /> options</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average exercise&nbsp;price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt">Outstanding at September 30, 2016</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54,800</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.13</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: 10pt">Exercised</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(10,000</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.30</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Cancelled or Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Outstanding at December 31, 2016</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,800</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.09</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of <br /> shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted <br /> average grant <br /> date fair value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt">Unvested shares at September 30, 2016</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">563,570</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.26</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: 10pt">Vested</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,000</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.59</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: 10pt">Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Unvested at December 31, 2016</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">561,570</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.26</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" nowrap="nowrap" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; font-size: 10pt; text-align: left; text-indent: 0in">Customer A</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 10%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Customer B</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> </table></div> 6017524 4697015 593746 226767 P1Y P10Y P5Y 0 8500 13.64 563570 561570 14.26 14.26 2000 13.59 131978 0 0 788892 54800 44800 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Document And Entity Information - shares
 3 Months Ended
Dec. 31, 2016
Jan. 27, 2017
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 Common Stock, Shares Outstanding (in shares)   14,142,890
Document Type 10-Q  
Document Period End Date Dec. 31, 2016  
Document Fiscal Year Focus 2017  
Document Fiscal Period Focus Q1  
Amendment Flag false  
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Condensed Balance Sheets (Current Period Unaudited) - USD ($)
Dec. 31, 2016
Sep. 30, 2016
Current Assets    
Cash and cash equivalents $ 22,057,906 $ 28,014,321
Short-term investments 7,930,075 5,527,075
Accounts receivables, net 7,450,917 7,999,210
Inventories 8,714,645 8,373,155
Other current assets 976,558 1,198,917
Total current assets 47,130,101 51,112,678
Property, plant and equipment, net 5,904,333 5,780,814
Other Assets    
Long-term investments 13,281,000 10,703,000
Goodwill 2,570,511 2,570,511
Other 439,568 428,310
Total other assets 16,291,079 13,701,821
Total Assets 69,325,513 70,595,313
Current Liabilities    
Accounts payable 2,421,585 2,573,292
Accrued compensation 1,900,741 4,697,138
Accrued expenses 120,803 75,306
Total current liabilities 4,443,129 7,345,736
Other Liabilities    
Deferred taxes 411,779 411,779
Deferred rent 246,695 243,755
Total other liabilities 658,474 655,534
Total Liabilities 5,101,603 8,001,270
Commitments and Contingencies
Shareholders’ Equity    
Preferred stock, $.01 par value; authorized 500 shares; no shares outstanding
Common stock, authorized 50,000,000, $.01 par value; 14,145,164 and 14,126,279 , shares issued and outstanding at December 31, 2016 and September 30, 2016 141,452 141,263
Additional paid-in capital 58,073,263 57,320,515
Retained earnings 6,009,195 5,132,265
Total Shareholders’ Equity 64,223,910 62,594,043
Total Liabilities and Shareholders’ Equity $ 69,325,513 $ 70,595,313
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Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Dec. 31, 2016
Sep. 30, 2016
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 500 500
Preferred stock, outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 50,000,000 50,000,000
Common stock, issued (in shares) 14,145,164 14,126,279
Common stock, outstanding (in shares) 14,145,164 14,126,279
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Statements of Earnings, Unaudited - USD ($)
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Net sales $ 18,266,162 $ 15,689,715
Cost of sales 11,057,442 9,012,919
Gross profit 7,208,720 6,676,796
Operating expenses    
Selling, general and administrative 6,017,524 4,697,015
Income from operations 1,191,196 1,979,781
Interest income 52,734 33,539
Income before income taxes 1,243,930 2,013,320
Income tax expense 367,000 525,866
Net income $ 876,930 $ 1,487,454
Net income per common share:    
Basic (in dollars per share) $ 0.06 $ 0.11
Diluted (in dollars per share) $ 0.06 $ 0.11
Weighted average shares outstanding:    
Basic (in shares) 13,567,484 13,288,679
Diluted (in shares) 13,790,793 13,575,162
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Statements of Cash Flows, Unaudited - USD ($)
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities    
Net income $ 876,930 $ 1,487,454
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 388,625 348,749
Deferred taxes 478,887
Loss on disposal of assets 1,390
Stock based compensation 593,746 226,767
Changes in operating assets and liabilities:    
Accounts receivable, net 548,293 991,240
Inventories (341,490) 239,335
Other assets 228,259 (162,927)
Accounts payable and accrued expenses (2,899,667) (1,352,732)
Net cash (used in) provided by operating activities (605,304) 2,258,163
Cash flows from investing activities    
Purchases of property, plant and equipment and intangible assets (529,302) (226,710)
Purchases of investments (7,440,000) (1,184,000)
Proceeds from maturities of investments 2,459,000 1,886,000
Net cash (used in) provided by investing activities (5,510,302) 475,290
Cash flows from financing activities    
Repurchase of common stock (257,242)
Proceeds from issuance of common stock under employee stock purchase plan 169,500 118,013
Proceeds from issuance of common stock upon exercise of stock options 17 34,990
Tax withholding related to vesting of restricted stock grants (10,326) (1,391)
Net cash provided by (used in) financing activities 159,191 (105,630)
(Decrease) increase in cash and cash equivalents (5,956,415) 2,627,823
Cash and cash equivalents, beginning of period 28,014,321 18,071,210
Cash and cash equivalents, end of period 22,057,906 20,699,033
Supplemental disclosures for cash flow information    
Cash paid during the year for income taxes 12,250 15,884
Non-cash financing activities    
Cashless exercise of stock options $ 32,984 $ 15,890
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 1 - Basis of Presentation
 3 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Basis of Accounting [Text Block]
Note
1.
Basis of Presentation
 
The accompanying (a) condensed balance sheet as of
September
30,
2016,
which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position and results of operations and cash flows of the interim periods presented.
Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors.
These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form
10
-K for the year ended
September
30,
2016.
 
In preparation of the Company’s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.
 
In
March
2016,
the Financial Accounting Standards Board (“FASB”) issued ASU No.
2016
-
09,
Improvements to Employee Share-Based Payment Accounting
. The standard is required to be adopted by all companies in their
first
fiscal year beginning after
December
15,
2016
but allows companies to early adopt prior to this date. The standard is intended to simplify various aspects of the accounting and presentation of share-based payments. During the quarter ended
September
30,
2016,
the Company elected to early adopt this standard as of
October
1,
2015.
Adoption of this standard impacted the previously filed
10
-Q for the period ended
December
31,
2015
as follows:
 
Statement of earnings
– The standard requires that the tax effects of stock-based compensation be recognized in the income tax provision of the Company’s Statements of Earnings. Previously, these amounts were recognized in additional paid-in capital on the Company’s Balance Sheets. The new standard requires these amounts to be recasted within these quarters due to the prospective adoption of this standard in the
fourth
quarter of fiscal
2016.
Accordingly, a net tax benefit related to stock-based compensation awards of
$104,134
for the quarter ended
December
31,
2015
was recognized as a reduction of income tax expense in the statements of earnings. This tax benefit reduced our effective income tax rate
5.2%
for the quarter ended
December
31,
2015
and resulted in an increase in basic and diluted earnings per share of
$0.01
for the quarter ended
December
31,
2015.
 
Statement of cash flows
– The standard requires that excess tax benefits from share-based employee awards be reported as operating activities in the consolidated statements of cash flows. Previously, these cash flows were included as hypothetical inflows and outflows in both the operating and financing activities. We elected to apply this change on a prospective basis, resulting in an increase in net cash provided by operating activities and a decrease in net cash used by financing activities of
$348,000
for the
three
months ended
December
31,
2015.
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Net Income Per Share
 3 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Earnings Per Share [Text Block]
Note
2.
Net Income Per Share
 
Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options and restricted stock awards, when dilutive.
 
The following is a reconciliation of the numerator and denominator of the net income per common share computations for the
three
months ended
December
31,
2016
and
2015:
 
    Three Months Ended December 31,
    2016   2015
Net income   $
876,930
     $
1,487,454
  
Weighted average common shares    
13,567,484
      
13,288,679
  
Dilutive potential common shares    
223,309
      
286,483
  
Weighted average dilutive common shares outstanding    
13,790,793
      
13,575,162
  
Net income per common share:                
Basic   $
0.06
     $
0.11
  
Diluted   $
0.06
     $
0.11
  
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 3 - Cash, Cash Equivalents and Investments
 3 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Cash and Cash Equivalents Disclosure [Text Block]
Note
3.
Cash, Cash Equivalents and Investments
 
The Company currently invests its excess cash in money market accounts and bank certificates of deposit (CDs) with a term of not more than
three
years. CDs with original maturities of more than
three
months are reported as held-to-maturity investments
and are carried at amortized cost.
The maturity dates of the Company’s CDs at
December
31,
2016
and
September
30,
2016
are as follows:
 
    December 31,
2016		   September 30,
2016
Less than one year   $
7,930,075
     $
5,527,075
  
1-3 years    
13,281,000
      
10,703,000
  
Total   $
21,211,075
     $
16,230,075
  
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 4 - Stock Based Compensation
 3 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note
4.
Stock Based Compensation
 
The Company recorded
$593,746
of compensation expense related to current and past option grants, restricted stock grants and the Company’s Employee Stock Purchase Plan (“ESPP”) for the
three
months ended
December
31,
2016
of which
$539,046
is included in selling, general and administrative expense, and
$54,700
is included in cost of sales. The Company recorded
$226,767
of compensation expense related to current and past equity awards for the
three
months ended
December
31,
2015
of which
$204,881
was included in selling, general and administrative expense, and
$21,886
was included in cost of sales. As of
December
31,
2016,
$6,860,649
of total unrecognized compensation expense related to non-vested equity awards is expected to be recognized over a period of approximately
7.8
years.
 
There were
no
stock options granted during the
three
-month periods ended
December
31,
2016
and
December
31,
2015.
The following is a summary of stock option activity during the
three
months ended
December
31,
2016:
 
    Number of
options		   Weighted average exercise price
Outstanding at September 30, 2016    
54,800
     $
3.13
  
Granted    
-
      
-
  
Exercised    
(10,000
 )    
3.30
  
Cancelled or Forfeited    
-
      
-
  
Outstanding at December 31, 2016    
44,800
     $
3.09
  
 
The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. At
December
31,
2016,
the weighted average remaining contractual term for all outstanding and exercisable stock options was
3.2
years and their aggregate intrinsic value was
$788,892.
During the
three
months ended
December
31,
2016,
the Company received proceeds of
$17
from the exercise of stock options. During the
three
months ended
December
31,
2015,
exercised stock options totaled
8,000
shares, resulting in
$34,990
of proceeds to the Company.
 
The Company’s
2007
Stock Compensation Plan permits its Compensation Committee to grant stock-based awards, including stock options and restricted stock, to key employees and non-employee directors. The Company has made restricted stock grants that vest over
one
to
ten
years.
 
There were
no
restricted stock awards granted during the
three
-month period ended
December
31,
2016.
During the
three
-month period ended
December
31,
2015,
the Company granted employees restricted stock awards totaling
8,500
shares of common stock, with a vesting term of
five
years and a fair value of
$13.64
per share. Restricted stock transactions during the
three
-month period ended
December
31,
2016
are summarized as follows:
 
    Number of
shares		   Weighted
average grant
date fair value
Unvested shares at September 30, 2016    
563,570
     $
14.26
  
Granted    
-
      
-
  
Vested    
(2,000
 )    
13.59
  
Forfeited    
-
      
-
  
Unvested at December 31, 2016    
561,570
     $
14.26
  
 
Employee Stock Purchase Plan
 
Clearfield, Inc.’s ESPP allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees
may
purchase the Company’s common stock on a voluntary after-tax basis. Employees
may
purchase the Company’s common stock at a price that is no less than the lower of
85%
of the fair market value of
one
share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in
six
month phases, with phases beginning on
January
1
and
July
1
of each calendar year. For the phases that ended on
December
31,
2016
and
December
31,
2015,
employees purchased
11,144
and
10,352
shares at a price of
$15.21
and
$11.40
per share, respectively. After the employee purchase on
December
31,
2016,
131,978
shares of common stock were available for future purchase under the ESPP.
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 5 - Accounts Receivable
 3 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Financing Receivables [Text Block]
Note
5.
Accounts Receivable
 
Credit is extended based on the evaluation of a customer’s financial condition and collateral is generally not required. Accounts that are outstanding longer than the contractual payment terms are considered past due. The Company writes off accounts receivable when they become uncollectible; payments subsequently received on such receivables are credited to the allowance for doubtful accounts. As of
December
31,
2016
and
September
30,
2016,
the balance in the allowance for doubtful accounts was
$90,473
and
$93,473,
respectively.
 
See Note
7,
“Major Customer Concentration” for further information regarding accounts receivable and net sales.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 6 - Inventories
 3 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Inventory Disclosure [Text Block]
Note
6.
Inventories
 
Inventories consist of the following as of:
 
    December 31, 2016   September 30, 2016
Raw materials   $
5,997,636
     $
5,702,762
  
Work-in-progress    
650,736
      
471,305
  
Finished goods    
2,066,273
      
2,199,088
  
Inventories   $
8,714,645
     $
8,373,155
  
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 7 - Major Customer Concentration
 3 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]
Note
7.
Major Customer Concentration
 
The following table summarizes customers comprising
10%
or more of net sales for the
three
months ended
December
31,
2016
and
December
31,
2015:
 
    Three Months Ended December 31,
    2016   2015
Customer A    
28
 %    
26
 %
Customer B    
14
 %    
13
 %
 
As of
December
31,
2016,
Customers B, C, and A accounted for
19%,
15%,
and
11%
of accounts receivable, respectively. As of
September
30,
2016,
Customers A and B accounted for
18%
and
12%
of accounts receivable, respectively. Customers A and B are both distributors.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 8 - Goodwill and Patents
 3 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]
Note
8.
Goodwill and Patents
 
The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed in the
fourth
quarter ended
September
30,
2016
did
not
indicate an impairment of goodwill. During the quarter ended
December
31,
2016,
there were
no
triggering events that indicate potential impairment exists.
 
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 exceeding
20
years. As of
December
31,
2016,
the Company has
nine
patents granted and
nine
pending applications inside the United States.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 9 - Income Taxes
 3 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note
9.
Income Taxes
 
For the
three
months ended
December
31,
2016,
the Company recorded a provision for income taxes of
$367,000,
reflecting an effective tax rate of
29.5%.
The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment, favorable domestic manufacturing deduction and research and development credits, expenses related to equity award compensation and favorable discrete items for the quarter from tax benefits related to stock-based compensation awards.
 
As of both
December
31,
2016
and
September
30,
2016,
the Company had a remaining valuation allowance of approximately
$
322,000
related to state net operating loss carry forwards the Company does not expect to utilize. Based on the Company’s analysis and review of long-term forecasts and all available evidence, the Company has determined that there should be no change in this existing valuation allowance in the quarter ended
December
31,
2016.
 
For the
three
months ended
December
31,
2015,
the Company recorded a provision for income taxes of
$526,000,
reflecting an effective tax rate of
26.1%.
The primary difference between the effective tax rate and the statutory tax rate is related to nondeductible meals and entertainment, expenses related to equity award compensation and favorable discrete items for the quarter from tax benefits related to stock-based compensation awards and research and development credits which were permanently extended in
December
2015
by the federal government.
 
Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company’s realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a “more likely than not” criteria by assessing the available positive and negative factors surrounding its recoverability.
 
As of
December
31,
2016,
we do not have any unrecognized tax benefits. It is the Company’s practice to recognize interest and penalties accrued on any unrecognize
d tax benefits as a component of income tax expense. The Company does
not
expect any material changes in its unrecognized tax positions over the next
12
months.
 
During the quarter ended
December
31,
2015,
the Company early adopted Accounting Standards Update (“ASU”)
2015
-
17
to present balance sheet classification of deferred income taxes as noncurrent. This adoption was applied prospectively and therefore, prior periods were not retrospectively adjusted.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 10 - Accounting Pronouncements
 3 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
Note
10.
Accounting Pronouncements
 
Recent Accounting Pronouncements
 
In
May
2014,
the FASB issued guidance creating Accounting Standards Codification (“ASC”) Section
606,
Revenue from Contracts with Customers
. The new section will replace Section
605,
“Revenue Recognition” and creates modifications to various other revenue accounting standards for specialized transactions and industries. The section is intended to conform revenue accounting principles with a concurrently issued International Financial Reporting Standards with previously differing treatment between United States practice and those of much of the rest of the world, as well as, to enhance disclosures related to disaggregated revenue information. The updated guidance is effective for annual reporting periods beginning after
December
15,
2017,
and interim periods within that reporting period. Early application is permitted only as of annual reporting periods beginning after
December
15,
2016,
including interim periods within that reporting period. Although the Company has not completed a full impact assessment of this guidance, we do not believe it will have a material impact on the reported net sales amounts.
 
In
July
 
2015,
the FASB issued ASU
2015
-
11,
 
Inventory (Topic
330)
Related to Simplifying the Measurement of Inventory
which applies to all inventory except inventory that is measured using last-in,
first
-out (“LIFO”) or the retail inventory method. Inventory measured using
first
-in,
first
-out (“FIFO”) or average cost is covered by the new amendments. Inventory within the scope of the new guidance should be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments will take effect for public business entities for fiscal years beginning after
December
 
15,
2016,
including interim periods within those fiscal years. The new guidance should be applied prospectively, and earlier application is permitted as of the beginning of an interim or annual reporting period. Although the Company has not completed a full impact assessment of this guidance, we do not believe it will have a material impact on reported inventory amounts.
 
In
February
2016,
the FASB issued ASU
2016
-
02,
Leases
, which requires lessees to present right-of-use assets and lease liabilities on the balance sheet for all leases with terms longer than
12
months. The guidance is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements and is effective for fiscal years beginning after
December
15,
2018,
including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the impact the adoption of this ASU will have on our financial statements.
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Net Income Per Share (Tables)
 3 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
    Three Months Ended December 31,
    2016   2015
Net income   $
876,930
     $
1,487,454
  
Weighted average common shares    
13,567,484
      
13,288,679
  
Dilutive potential common shares    
223,309
      
286,483
  
Weighted average dilutive common shares outstanding    
13,790,793
      
13,575,162
  
Net income per common share:                
Basic   $
0.06
     $
0.11
  
Diluted   $
0.06
     $
0.11
  
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 3 - Cash, Cash Equivalents and Investments (Tables)
 3 Months Ended
Dec. 31, 2016
Notes Tables  
Investments Classified by Contractual Maturity Date [Table Text Block]
    December 31,
2016		   September 30,
2016
Less than one year   $
7,930,075
     $
5,527,075
  
1-3 years    
13,281,000
      
10,703,000
  
Total   $
21,211,075
     $
16,230,075
  
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 4 - Stock Based Compensation (Tables)
 3 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]
    Number of
options		   Weighted average exercise price
Outstanding at September 30, 2016    
54,800
     $
3.13
  
Granted    
-
      
-
  
Exercised    
(10,000
 )    
3.30
  
Cancelled or Forfeited    
-
      
-
  
Outstanding at December 31, 2016    
44,800
     $
3.09
  
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]
    Number of
shares		   Weighted
average grant
date fair value
Unvested shares at September 30, 2016    
563,570
     $
14.26
  
Granted    
-
      
-
  
Vested    
(2,000
 )    
13.59
  
Forfeited    
-
      
-
  
Unvested at December 31, 2016    
561,570
     $
14.26
  
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 6 - Inventories (Tables)
 3 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
    December 31, 2016   September 30, 2016
Raw materials   $
5,997,636
     $
5,702,762
  
Work-in-progress    
650,736
      
471,305
  
Finished goods    
2,066,273
      
2,199,088
  
Inventories   $
8,714,645
     $
8,373,155
  
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 7 - Major Customer Concentration (Tables)
 3 Months Ended
Dec. 31, 2016
Notes Tables  
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]
    Three Months Ended December 31,
    2016   2015
Customer A    
28
 %    
26
 %
Customer B    
14
 %    
13
 %
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 1 - Basis of Presentation (Details Textual) - Accounting Standards Update 2016-09 [Member] - Three Months Ended December 31, 2015 [Member]
 3 Months Ended
Dec. 31, 2016
USD ($)
Adjustments for New Accounting Principle, Early Adoption [Member]  
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense $ 104,134
Increase (Decrease) in Effective Income Tax Rate Reconciliation, Percent (5.20%)
Increase (Decrease) in Earnings Per Share, Basic 0.01
Reclassification of Excess Tax Benefits Related to Stock-based Employee Awards from Financing Activities to Operating Activities [Member]  
Prior Period Reclassification Adjustment $ 348,000
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 2 - Net Income Per Share - Net Income Per Common Share (Details) - USD ($)
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Net income $ 876,930 $ 1,487,454
Weighted average common shares (in shares) 13,567,484 13,288,679
Dilutive potential common shares (in shares) 223,309 286,483
Weighted average dilutive common shares outstanding (in shares) 13,790,793 13,575,162
Net income per common share:    
Basic (in dollars per share) $ 0.06 $ 0.11
Diluted (in dollars per share) $ 0.06 $ 0.11
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 3 - Cash, Cash Equivalents and Investments (Details Textual)
 3 Months Ended
Dec. 31, 2016
Maximum [Member]  
Held-to-maturity Securities, Investment Term 3 years
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 3 - Cash, Cash Equivalents and Investments - CD Maturity Dates (Details) - USD ($)
Dec. 31, 2016
Sep. 30, 2016
Less than one year $ 7,930,075 $ 5,527,075
1-3 years 13,281,000 10,703,000
Total $ 21,211,075 $ 16,230,075
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 4 - Stock Based Compensation (Details Textual) - USD ($)
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Allocated Share-based Compensation Expense $ 593,746 $ 226,767
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized $ 6,860,649  
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition 7 years 292 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 0 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term 3 years 73 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value $ 788,892  
Proceeds from Stock Options Exercised $ 17 $ 34,990
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period 10,000 8,000
Employee Stock Purchase Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Market Price Percentage, Offering Date 85.00%  
Stock Issued During Period, Shares, Employee Stock Purchase Plans 11,144 10,352
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price $ 15.21 $ 11.40
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 131,978  
Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value  
Restricted Stock [Member] | Stock Compensation Plan 2007 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period 0  
Restricted Stock [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period   5 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period   8,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value   $ 13.64
Minimum [Member] | Restricted Stock [Member] | Employee and Non-Employee Directors [Member] | Stock Compensation Plan 2007 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 1 year  
Maximum [Member] | Restricted Stock [Member] | Employee and Non-Employee Directors [Member] | Stock Compensation Plan 2007 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 10 years  
Selling, General and Administrative Expenses [Member]    
Allocated Share-based Compensation Expense $ 539,046 $ 204,881
Cost of Sales [Member]    
Allocated Share-based Compensation Expense $ 54,700 $ 21,886
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 4 - Stock Based Compensation - Stock Option Activity (Details) - $ / shares
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Options, outstanding (in shares) 54,800  
Weighted-average exercise price, outstanding (in dollars per share) $ 3.13  
Exercised (in shares) (10,000) (8,000)
Exercised (in dollars per share) $ 3.30  
Options, outstanding (in shares) 44,800  
Weighted-average exercise price, outstanding (in dollars per share) $ 3.09  
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 4 - Stock Based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member]
 3 Months Ended
Dec. 31, 2016
$ / shares
shares
Balance, unvested shares (in shares) | shares 563,570
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares $ 14.26
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares
Vested (in shares) | shares (2,000)
Vested (in dollars per share) | $ / shares $ 13.59
Forfeited (in shares) | shares
Forfeited (in dollars per share) | $ / shares
Balance, unvested shares (in shares) | shares 561,570
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares $ 14.26
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 5 - Accounts Receivable (Details Textual) - USD ($)
Dec. 31, 2016
Sep. 30, 2016
Allowance for Doubtful Accounts Receivable, Current $ 90,473 $ 93,473
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 6 - Inventories - Components of Inventory (Details) - USD ($)
Dec. 31, 2016
Sep. 30, 2016
Raw materials $ 5,997,636 $ 5,702,762
Work-in-progress 650,736 471,305
Finished goods 2,066,273 2,199,088
Inventories $ 8,714,645 $ 8,373,155
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 7 - Major Customer Concentration (Details Textual) - Customer Concentration Risk [Member] - Accounts Receivable [Member]
 3 Months Ended 12 Months Ended
Dec. 31, 2016
Sep. 30, 2016
Customer B [Member]    
Concentration Risk, Percentage 19.00% 12.00%
Customer C [Member]    
Concentration Risk, Percentage 15.00%  
Customer A [Member]    
Concentration Risk, Percentage 11.00% 18.00%
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 7 - Major Customer Concentration - Customers Comprising 10% or More of Net Sales (Details) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member]
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Customer A [Member]    
Concentration Risk, Percentage 28.00% 26.00%
Customer B [Member]    
Concentration Risk, Percentage 14.00% 13.00%
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 8 - Goodwill and Patents (Details Textual)
$ in Thousands
 3 Months Ended
Dec. 31, 2016
USD ($)
Sep. 30, 2016
USD ($)
Goodwill, Impairment Loss $ 0 $ 0
Number of Patents Granted 9  
Number of Patents Pending 9  
Patents [Member]    
Finite-Lived Intangible Asset, Useful Life 20 years  
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note 9 - Income Taxes (Details Textual) - USD ($)
 3 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Sep. 30, 2016
Income Tax Expense (Benefit) $ 367,000 $ 525,866  
Effective Income Tax Rate Reconciliation, Percent 29.50% 26.10%  
Unrecognized Tax Benefits $ 0    
State and Local Jurisdiction [Member]      
Operating Loss Carryforwards, Valuation Allowance $ 322,000   $ 322,000
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