0001171843-18-003305.txt : 20180502 0001171843-18-003305.hdr.sgml : 20180502 20180502110104 ACCESSION NUMBER: 0001171843-18-003305 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180502 DATE AS OF CHANGE: 20180502 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: 18798093 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_050218p.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 March 31, 2018

 

[ ]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 [_] Emerging growth company [_]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [_]

 

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 April 27, 2018
Common stock, par value $.01 13,809,998

 

 

 

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 10
ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 14
ITEM 4.   CONTROLS AND PROCEDURES 14
PART II. OTHER INFORMATION 14
ITEM 1.  LEGAL PROCEEDINGS 14
ITEM 1A.  RISK FACTORS 15
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 15
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 15
ITEM 4. MINE SAFETY DISCLOSURES 15
ITEM 5. OTHER INFORMATION 15
ITEM 6. Exhibits 16
SIGNATURES 17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

CLEARFIELD, INC.

CONDENSED BALANCE SHEETS

 

   (Unaudited)
March 31,
2018		  (Audited)
September 30,
2017
Assets          
Current Assets          
Cash and cash equivalents  $9,141,197   $18,536,111 
Short-term investments   6,285,225    5,937,150 
Accounts receivables, net   7,159,376    7,237,641 
Inventories, net   10,879,149    8,453,567 
Other current assets   1,069,504    978,933 
Total current assets   34,534,451    41,143,402 
           
Property, plant and equipment, net   5,053,859    5,434,172 
           
Other Assets          
Long-term investments   20,180,000    19,816,000 
Goodwill   4,708,511    2,570,511 
Intangible assets, net   5,618,260    284,787 
Other   228,820    245,165 
Total other assets   30,735,591    22,916,463 
Total Assets  $70,323,901   $69,494,037 
           
Liabilities and Shareholders’ Equity          
Current Liabilities          
Accounts payable   1,798,776    1,739,791 
Accrued compensation   2,103,906    2,410,026 
Accrued expenses   31,441    93,304 
Total current liabilities   3,934,123    4,243,121 
           
Other Liabilities          
Deferred taxes   60,076    444,076 
Deferred rent   276,797    281,720 
Total other liabilities   336,873    725,796 
Total Liabilities   4,270,996    4,968,917 
           
Commitments and Contingencies          
           
Shareholders’ Equity          
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding   -    - 
Common stock, authorized 50,000,000, $.01 par value; 13,811,076 and 13,812,821, shares issued and outstanding at March 31, 2018 and September 30, 2017   138,111    138,128 
Additional paid-in capital   56,296,908    55,406,888 
Retained earnings   9,617,886    8,980,104 
Total Shareholders’ Equity   66,052,905    64,525,120 
Total Liabilities and Shareholders’ Equity  $70,323,901   $69,494,037 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 1 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF OPERATIONS

UNAUDITED

 

   Three Months Ended
March 31,		  Six Months Ended
March 31,
   2018  2017  2018  2017
             
Net sales  $16,830,895   $17,651,771   $33,697,779   $35,917,933 
                     
Cost of sales   10,051,061    10,208,957    19,809,538    21,266,399 
                     
Gross profit   6,779,834    7,442,814    13,888,241    14,651,534 
                     
Operating expenses                    
Selling, general and administrative   7,305,589    6,162,178    13,769,560    12,179,702 
(Loss) income from operations   (525,755)   1,280,636    118,681    2,471,832 
                     
Interest income   119,379    59,885    215,101    112,619 
                     
(Loss) income before income taxes   (406,376)   1,340,521    333,782    2,584,451 
                     
Income tax (benefit) expense   (101,000)   433,000    (304,000)   800,000 
                     
Net (loss) income  $(305,376)  $907,521   $637,782   $1,784,451 
                     
Net (loss) income per share:                    
Basic  $(0.02)  $0.07   $0.05   $0.13 
Diluted  $(0.02)  $0.07   $0.05   $0.13 
                     
Weighted average shares outstanding:                    
Basic   13,450,482    13,589,109    13,447,178    13,578,178 
Diluted   13,450,482    13,803,697    13,494,433    13,797,126 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 2 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

UNAUDITED

   Six Months Ended March 31,
   2018  2017
Cash flows from operating activities          
Net income  $637,782   $1,784,451 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Depreciation and amortization   989,912    800,136 
Deferred taxes   (384,000)   - 
Loss (gain) on disposal of assets   1,594    (5,100)
Stock-based compensation   969,081    1,183,911 
Changes in operating assets and liabilities, net of business acquisition:          
Accounts receivable, net   78,265    (115,011)
Inventories   354,984    (1,597,722)
Prepaid expenses and other   (71,117)   234,201 
Accounts payable and accrued expenses   (313,921)   (2,296,544)
Net cash provided by (used in) operating activities   2,262,580    (11,678)
           
Cash flows from investing activities          
Business acquisition   (10,350,000)   - 
Purchases of property, plant and equipment and intangible assets   (516,341)   (1,064,936)
Proceeds from sale of property, plant and equipment   -    5,100 
Purchases of investments   (4,181,075)   (10,166,075)
Proceeds from maturities of investments   3,469,000    5,568,000 
Net cash used in investing activities   (11,578,416)   (5,657,911)
           
Cash flows from financing activities          
Proceeds from issuance of common stock under employee stock purchase plan   148,259    169,500 
Proceeds from issuance of common stock upon exercise of stock options   17,949    28,459 
Tax withholding related to exercise of stock options   (9,262)   (10,326)
Repurchase of common stock   (236,024)   (49,352)
Net cash (used in) provided by financing activities   (79,078)   138,281 
           
Decrease in cash and cash equivalents   (9,394,914)   (5,531,308)
           
Cash and cash equivalents, beginning of period   18,536,111    28,014,321 
           
Cash and cash equivalents, end of period  $9,141,197   $22,483,013 
           
Supplemental disclosures for cash flow information          
Cash paid during the year for income taxes  $23,987   $416,750 
           
Non-cash financing activities          
Cashless exercise of stock options  $5,782   $34,268 

 

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, 2017, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements as of and for the three and six months ended March 31, 2018 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, 2017.

 

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

 

Certain comparative figures have been reclassified to conform to the current period's presentation. These reclassifications did not affect the prior periods' net income, shareholders’ equity, or cash flows.

 

Note 2. Net Income (Loss) Per Share

 

Basic net income (loss) per common share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income (loss) 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 (loss) per common share computations for the three and six months ended March 31, 2018 and 2017:

 

   Three Months Ended March 31,  Six Months Ended March 31,
   2018  2017  2018  2017
Net (loss) income  $(305,376)  $907,521   $637,782   $1,784,451 
Weighted average common shares   13,450,482    13,589,109    13,447,178    13,578,178 
Dilutive potential common shares   -    214,588    47,255    218,948 
Weighted average dilutive common shares outstanding   13,450,482    13,803,697    13,494,433    13,797,126 
Net (loss) income per common share:                    
Basic  $(0.02)  $0.07   $0.05   $0.13 
Diluted  $(0.02)  $0.07   $0.05   $0.13 

 

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 five years. CDs with original maturities of more than three months are reported as held-to-maturity investments and are carried at amortized cost. Investments maturing in less than one year are classified as short term investments on the balance sheet, and investments maturing in one year or greater are classified as long term investments on the balance sheet.

 

 4 

 

The maturity dates of the Company’s CDs as of March 31, 2018 and September 30, 2017 are as follows:

 

   March 31, 2018  September 30, 2017
Less than one year  $6,285,225   $5,937,150 
1-5 years   20,180,000    19,816,000 
Total  $26,465,225   $25,753,150 

 

Note 4. Stock-Based Compensation

 

The Company recorded $485,794 and $969,081 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 and six months ended March 31, 2018, respectively. For the three months ended March 31, 2018, $443,763 of this expense is included in selling, general and administrative expense, and $42,031 is included in cost of sales. For the six months ended March 31, 2018, $885,020 of this expense is included in selling, general and administrative expense, and $84,061 is included in cost of sales. The Company recorded $590,165 and $1,183,911 of compensation expense related to current and past equity awards for the three and six months ended March 31, 2017, respectively. For the three months ended March 31, 2017, $535,464 of this expense was included in selling, general and administrative expense, and $54,701 was included in cost of sales. For the six months ended March 31, 2017, $1,074,510 of this expense was included in selling, general and administrative expense, and $109,401 was included in cost of sales. As of March 31, 2018, $3,999,219 of total unrecognized compensation expense related to non-vested equity awards is expected to be recognized over a period of approximately 6.6 years.

 

There were no stock options granted during the six months ended March 31, 2018 or March 31, 2017. The following is a summary of stock option activity during the six months ended March 31, 2018:

 

   Number of options  Weighted average exercise price
Outstanding as of September 30, 2017   38,950   $2.79 
Granted   -    - 
Exercised   (6,100)   3.89 
Cancelled or Forfeited   -    - 
Outstanding as of March 31, 2018   32,850   $2.58 

 

The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of March 31, 2018, the weighted average remaining contractual term for all outstanding and exercisable stock options was 2.4 years and their aggregate intrinsic value was $339,012. During the six months ended March 31, 2018, the Company received proceeds of $17,949 from the exercise of stock options. During the six months ended March 31, 2017, exercised stock options totaled 15,750 shares, resulting in $28,459 of proceeds to the Company.

 

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.

 

During the six months ended March 31, 2018, the Company granted non-employee directors restricted stock awards totaling 4,235 shares of common stock, with a vesting term of approximately one year and a fair value of $14.75 per share.

 

During the six months ended March 31, 2017, the Company granted non-employee directors restricted stock awards totaling 3,795 shares of common stock, with a vesting term of approximately one year and a fair value of $16.45 per share.

 

 5 

 

Restricted stock transactions during the six months ended March 31, 2018 are summarized as follows:

 

   Number of shares  Weighted average grant date fair value
Unvested shares as of September 30, 2017   370,530   $15.24 
Granted   4,235    14.75 
Vested   (5,795)   15.46 
Forfeited   (5,644)   15.39 
Unvested as of March 31, 2018   363,326   $15.23 

 

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, 2017 and December 31, 2016, employees purchased 14,242 and 11,144 shares at a price of $10.41 and $15.21 per share, respectively. After the employee purchase on December 31, 2017, 103,013 shares of common stock were available for future purchase under the ESPP.

 

Note 5. Accounts Receivable and Net Sales

 

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 both March 31, 2018 and September 30, 2017, the balance in the allowance for doubtful accounts was $79,085.

 

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

 

Note 6. Inventories, net

 

Inventories consist of the following as of:

 

   March 31, 2018  September 30, 2017
Raw materials  $5,399,534   $5,991,863 
Work-in-progress   805,616    724,248 
Finished goods   4,673,999    1,737,456 
Inventories, net  $10,879,149   $8,453,567 

 

During the six months ended March 31, 2018, the Company adopted Accounting Standards Update (“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 or the retail inventory method. This adoption had no effect on the financial statements and was applied prospectively. Therefore, prior periods were not retrospectively adjusted.

 

Note 7. Major Customer Concentration

 

The following table summarizes customers comprising 10% or more of net sales for the three and six months ended March 31, 2018 and March 31, 2017:

 

   Three Months Ended March 31,  Six Months Ended March 31,
   2018  2017  2018  2017
Customer A   25%   18%   24%   23%
Customer B   16%   15%   14%   15%

 

 6 

 

As of March 31, 2018, Customers B and A accounted for 22% and 13% of accounts receivable, respectively. As of September 30, 2017, Customer B accounted for 19% of accounts receivable. 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, 2017 did not indicate an impairment of goodwill. During the six months ended March 31, 2018, 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 March 31, 2018, the Company has 12 patents granted and multiple pending applications both inside and outside the United States.

 

Note 9. Income Taxes

 

For the three and six months ended March 31, 2018, the Company recorded a benefit for income taxes of $101,000 and $304,000, respectively, reflecting an effective tax rate of 24.9% and negative 91.1%, respectively. The Tax Cut and Jobs Act of 2017 (the “Tax Reform Act”) was enacted on December 22, 2017. The Tax Reform Act reduced certain federal corporate income tax rates effective January 1, 2018 and changed certain other provisions. The effective tax rate for the six months ended March 31, 2018 is a blended rate reflecting the anticipated benefit of three quarters of federal tax rate reductions for fiscal 2018. Our six months tax benefit reflects a lower tax rate and a one-time benefit of $384,000 related to the favorable impact of a revaluation of our net deferred tax liability that decreased the income tax provision for the six months ended March 31, 2018 and reduced long-term deferred tax liabilities during the six months ended March 31, 2018. The final impact of the Tax Reform Act may differ due to and among other things, changes in interpretations, assumptions made by the Company, the issuance of additional guidance, and actions the Company may take as a result of the Tax Reform Act. Additionally, differences between the effective tax rate and the statutory tax rate are related to nondeductible meals and entertainment, expenses related to equity award compensation, favorable domestic manufacturing deduction and research and development credits.

 

For the three and six months ended March 31, 2017, the Company recorded a provision for income taxes of $433,000 and $800,000, respectively, reflecting an effective tax rate of 32.3% and 31.0%, respectively. 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 three and six months ended March 31, 2017 from tax benefits related to stock-based compensation awards.

 

As of March 31, 2018 and September 30, 2017, the Company had a remaining valuation allowance of approximately $191,000 and $159,000, respectively, related to state net operating loss carry forwards the Company does not expect to utilize. As a result of recording the impact of the Tax Reform Act on its deferred assets and liabilities, the Company recorded an increase in its valuation allowance against state net operating losses carried forward of approximately $32,000 in the six months ended March 31, 2018. Based on the Company’s analysis and review of long-term forecasts and all available evidence, the Company determined that there should be no further change in the valuation allowance for the quarter ended March 31, 2018.

 

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

 

As of March 31, 2018, 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.

 

 7 

 

We are currently under examination by the U.S. Internal Revenue Service for fiscal year 2016. We are not under examination by any other taxing jurisdiction. In the event of any future tax assessments, we have elected to record the income taxes and any related interest and penalties as income tax expense on our Statements of Operations.

 

Note 10. Acquisition

 

On February 20, 2018, the Company completed the acquisition of a portfolio of Telcordia certified outdoor powered cabinet products from Calix, Inc. (“Calix”) upon the terms and conditions contained in an Asset Purchase Agreement entered into on February 20, 2018.

 

The introduction of the Clearfield powered cabinet line provides customers a single point of contact for cabinet solutions—both passive and powered. The acquisition enables Clearfield to expand its Fiber-to-Anywhere expertise to include powered electronic cabinet platforms while leveraging its supply chain. The acquisition also enables Clearfield to capitalize on and expand its reach to a broader customer base, including service providers in the Tier 1 and Tier 2 markets.

 

Acquisition date fair value of the consideration transferred totaled $10,350,000 which was comprised of a cash payment of $10,350,000 from the Company’s cash operating account. 

 

We assumed no liabilities in the acquisition. As part of the acquisition, we also agreed to purchase a minimum of $3,500,000 in inventory and purchase orders from subcontractors.  We expect to fulfill this commitment during the normal course of business.  The allocation of purchase consideration to assets acquired is not yet finalized as we continue to evaluate the fair value of certain assets acquired. The following table summarizes the preliminary estimated fair values of the assets acquired at the acquisition date:

 

   February 20, 2018
Inventories  $2,781,000 
Property, plant and equipment   58,000 
Trademarks   563,000 
Customer relationships   3,742,000 
Product certification   1,068,000 
Goodwill   2,138,000 
Total Assets  $10,350,000 

 

Pending finalization of the fair value of the intangible assets in the third quarter of 2018, the powered cabinet acquisition has preliminarily resulted in $2,138,000 of goodwill, which is expected to be deductible for tax purposes.  Specifically, the goodwill recorded as part of the acquisition of the Calix powered cabinets includes the expected synergies and other benefits that we believe will result from combining the operations of powered cabinet lines with the operations of Clearfield, Inc.

 

The Company has incurred approximately $76,000 in legal, professional, and other costs related to this acquisition accounted for as selling and administrative expenses when incurred. The weighted-average useful life of intangible assets acquired is 12.9 years.

 

As the powered cabinet business was not operated as a separate subsidiary, division or entity, Calix did not maintain separate financial statements for the powered cabinet business. As a result, we are unable to accurately determine earnings/loss for the powered cabinet business on a standalone basis since the date of acquisition. Revenue attributable to the powered cabinet products included in reported Clearfield revenue for the three-month period ended March 31, 2018 was immaterial to the financial statements.

 

 8 

 

The following table below reflects our unaudited pro forma combined results of operations as if the acquisition had taken place as of October 1, 2016 and shows the net sales and net income (loss) as if the powered cabinet business were combined with the Clearfield business for the three-month and six month periods ended March 31, 2017 and March 31, 2018. The pro forma includes estimated expenses relating to the amortization of intangibles purchased, the amortization of the inventory fair value adjustment, and estimated personnel costs:

  

   Pro Forma
Three Months Ended
March 31, 2017
(unaudited)		  Pro Forma
Six Months Ended
March 31, 2017
(unaudited)		  Pro Forma
Three Months Ended
March 31, 2018
(unaudited)		  Pro Forma
Six Months Ended
March 31, 2018
(unaudited)
Net sales  $20,974,827   $44,720,355   $17,823,216   $37,005,214 
                     
Income (loss) from operations  $1,937,346   $4,184,133   $(341,314)  $602,596 
                     
Net income (loss)  $1,352,108   $2,973,195   $(166,775)  $1,157,992 
                     
Net income (loss) per share:                    
Basic  $0.10   $0.22   $(0.01)  $0.09 
Diluted  $0.10   $0.22   $(0.01)  $0.09 

 

The pro forma unaudited results do not purport to be indicative of the results which would have been obtained had the acquisition been completed as of the beginning of the earliest period presented or of results that may be obtained in the future.  In addition, they do not include any benefits that may result from the acquisition due to synergies that may be derived from the elimination of any duplicative costs.

 

Note 11. Accounting Pronouncements

 

Recent Accounting Pronouncements

 

In May 2014, the Financial Accounting Standards Board (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. The Company is planning to complete an assessment of its revenue streams during the second and third quarters of fiscal 2018 to determine the impact that this standard will have on its business practices, financial condition, results of operations and disclosures. The updated guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The updated guidance requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required for customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The Company anticipates there will be expanded financial statement disclosures in order to comply with the updated guidance. The Company has not yet decided on the transition method upon adoption, but plans to select a transition method during the third quarter of fiscal 2018.

 

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.

 

 9 

 

In January 2017, the FASB issued ASU 2017-04 which offers amended guidance to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the amount of goodwill allocated to that reporting unit. This guidance is to be applied on a prospective basis effective for the Company’s interim and annual periods beginning after January 1, 2020, with early adoption permitted for any impairment tests performed after January 1, 2017. The Company does not believe the adoption of this ASU will have a material impact 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, 2017, 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 and six months ended March 31, 2018 and 2017 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, 2017.

 

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, within the Tier 2 and Tier 3 broadband markets), 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 also provides contract manufacturing services for original equipment manufacturers (OEM) requiring copper and fiber cable assemblies built to their specifications.  

 

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 March 31, 2018 vS. three months ended March 31, 2017

 

Net sales for the second quarter of fiscal 2018 ended March 31, 2018 were $16,831,000, a decrease of approximately 5%, or $821,000, from net sales of $17,652,000 for the second quarter of fiscal 2017. Net sales to broadband service providers and commercial data networks customers were $15,978,000 in the second quarter of fiscal 2018, versus $16,623,000 in the same period of fiscal 2017. Among this group, the Company recorded $765,000 in international sales for the second quarter of fiscal 2018, versus $1,787,000 in the same period of fiscal 2017. Net sales to build-to-print and OEM customers were $853,000 in the second quarter of fiscal 2018 versus $1,029,000 in the same period of fiscal 2017. The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Accordingly, international sales represented 5% and 10% of total net sales for the second quarters of fiscal 2018 and 2017, respectively.

 

 10 

 

The decrease in net sales for the quarter ended March 31, 2018 of $821,000 compared to the quarter ended March 31, 2017 is primarily attributable to a decrease in international sales of $1,022,000 during the same period due to a decrease in demand. Additionally, net sales were negatively affected by a decrease in the ongoing builds of an Alternative Carrier customer of $680,000 in the quarter ended March 31, 2018. These were slightly offset by an increase of $881,000 in net sales to our domestic customer base of commercial data network providers, build-to-print and OEM manufacturers, and broadband service providers when compared to the same period of fiscal 2017. The increase was due to increased deployments by the Company’s Traditional Carrier customers. 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 second quarter of fiscal 2018 was $10,051,000, a decrease of $158,000, or 2%, from $10,209,000 in the comparable period of fiscal 2017. Gross profit percent was 40.3% of net sales in the fiscal 2018 second quarter, a decrease from 42.2% of net sales for the fiscal 2017 second quarter. Gross profit decreased $663,000, or 9%, to $6,780,000 for the three months ended March 31, 2018 from $7,443,000 in the comparable period in fiscal 2017. The decrease in gross profit in the second quarter of fiscal 2018 was due to decreased volume while the decrease in gross profit percent for the quarter was due to 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 $1,144,000, or 19%, to $7,306,000 in the fiscal 2018 second quarter from $6,162,000 for the fiscal 2017 second quarter. The increase in the second quarter of fiscal 2018 consists primarily of an increase of $1,203,000 in legal expenses, mainly due to the defense of the patent infringement litigation and a one-time payment of $850,000 in settlement of that litigation, and an increase of $150,000 in compensation costs due primarily to additional sales and engineering personnel, somewhat offset by a decrease of $155,000 in product development costs when compared to the fiscal 2017 second quarter.

 

Loss from operations for the quarter ended March 31, 2018 was $526,000 compared to income from operations of $1,281,000 for the comparable quarter of fiscal 2017, a decrease of approximately 141%. This decrease is primarily attributable to decreased gross profit and increased selling, general and administrative expenses for the quarter ended March 31, 2018 as noted above.

 

Interest income for the quarter ended March 31, 2018 was $119,000 compared to $60,000 for the comparable quarter for fiscal 2017. The increase is due mainly to higher interest rates earned on its investments in fiscal 2018. The Company invests its excess cash primarily in FDIC-backed bank certificates of deposit and money market accounts.

 

We recorded a benefit for income taxes of $101,000 and a provision for income taxes of $433,000 for the three months ended March 31, 2018 and 2017, 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 $534,000 from the second quarter for fiscal 2017 is primarily due to decreased income from operations. The decrease in the income tax expense rate to 24.9% for the second quarter of fiscal 2018 from 32.3% for the second quarter of fiscal 2017 is primarily due to the Tax Reform Act that resulted in a lower federal tax rate.

 

The Company’s net loss for the three months ended March 31, 2018 was $305,000, or $0.02 per basic and diluted share. The Company’s net income for the three months ended March 31, 2017 was $908,000, or $0.07 per basic and diluted share.

 

Six months ended March 31, 2018 vS. six months ended March 31, 2017

 

Net sales for the six months ended March 31, 2018 were $33,698,000, a decrease of 6%, or approximately $2,220,000, from net sales of $35,918,000 for the first six months of fiscal 2017. Net sales to broadband service providers and commercial data networks customers were $31,998,000 for the first six months of fiscal 2018, versus $33,651,000 in the same period of fiscal 2017. Among this group, the Company recorded $2,134,000 in international sales versus $3,373,000 in the same period of fiscal 2017. Net sales to build-to-print and OEM customers were $1,700,000 in the first six months of fiscal 2018 versus $2,267,000 in the same period of fiscal 2017. The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Accordingly, international sales represented 6% and 9% of total net sales for the first six months of fiscal 2018 and 2017, respectively.

 

 11 

 

The decrease in net sales for the six months ended March 31, 2018 of $2,220,000 compared to the six months ended March 31, 2017 is primarily attributable to a decrease in international sales of $1,239,000 during the same period due to a decrease in demand. Additionally, net sales were negatively affected by a decrease in the ongoing builds of an Alternative Carrier customer of $890,000 in the six months ended March 31, 2018. These were slightly augmented by an decrease of $91,000 in net sales to our domestic customer base of commercial data network providers, build-to-print and OEM manufacturers, and broadband service providers when compared to the same period of fiscal 2017. The decrease was due to decreased deployments by the Company’s Tier 1 customers. 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 six months ended March 31, 2018 was $19,810,000, a decrease of $1,456,000, or 7%, from $21,266,000 in the comparable period of fiscal 2017. Gross profit percent was 41.2% of net sales in the fiscal 2018 first six months, up from 40.8% for the comparable six months in fiscal 2017. Gross profit decreased $764,000, or 5%, to $13,888,000 for the six months ended March 31, 2018 from $14,652,000 in the comparable period in fiscal 2017. The decrease in cost of sales in the first six months of fiscal 2018 was due to decreased volume while the increase in gross profit percent was due to a lower percentage of sales to the Tier 1 customer group, which typically have lower margins.

 

Selling, general and administrative expenses increased 13%, or $1,590,000, from $12,180,000 for the first six months of fiscal 2017 to $13,770,000 for the first six months of fiscal 2018. The increase in the first six months of fiscal 2018 consists primarily of an increase of $1,815,000 in legal expenses, mainly due to the defense of the patent infringement litigation and a one-time payment of $850,000 in settlement of that litigation and an increase of $350,000 in compensation costs due primarily to additional sales and engineering personnel, somewhat offset by decreases of $472,000 in performance compensation accruals, $214,000 in product development costs, and $189,000 in stock compensation expense when compared to the first six months of fiscal 2017.

 

Income from operations for the six months ended March 31, 2018 was $119,000 compared to income from operations of $2,472,000 for the first six months of fiscal 2017, a decrease of $2,353,000, or 95%. This decrease is primarily attributable to decreased gross profit and increased selling, general and administrative expenses as noted above.

 

Interest income for the six months ended March 31, 2018 was $215,000 compared to $113,000 for the comparable period for fiscal 2017. The increase is due mainly to higher interest rates earned on its investments in fiscal 2018.

 

We recorded a benefit for income taxes of $304,000 and a provision for income taxes of $800,000 for the six months ended March 31, 2018 and 2017, respectively. The decrease in tax expense of $1,104,000 from the six months ended March 31, 2017 is primarily due to the Tax Reform Act enacted on December 22, 2017 that resulted in a lower federal tax rate and a one-time benefit of $384,000 related to the favorable impact of a revaluation of our net deferred tax liability that decreased the income tax provision. The decrease in the income tax expense rate to negative 91.1% for the six months ended March 31, 2018 from 31.0% for the six months ended March 31, 2017 is primarily due to the Tax Reform Act as described above.

 

The Company’s net income for the first six months of fiscal 2018 ended March 31, 2018 was $638,000, or $0.05 per basic and diluted share. The Company’s net income for the first six months of fiscal 2017 ended March 31, 2017 was $1,784,000, or $0.13 per basic and diluted share.

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of March 31, 2018, our principal source of liquidity was our cash, cash equivalents and short-term investments. Those sources total $15,426,000 at March 31, 2018 compared to $24,473,000 at September 30, 2017. 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 $20,180,000 as of March 31, 2018, compared to $19,816,000 as of September 30, 2017. 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 as of March 31, 2018 or September 30, 2017.

 

 12 

 

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 share repurchase program adopted by our Board of Directors. The share repurchase program was originally adopted on November 13, 2014 with $8,000,000 authorized for common stock repurchases. On April 25, 2017, our Board of Directors increased the authorization to $12,000,000 of common stock.

 

Operating Activities

 

Net cash provided by operating activities totaled $2,263,000 for the six months ended March 31, 2018. This was primarily due to net income of $638,000, non-cash expenses for depreciation and amortization of $990,000, and stock based compensation of $969,000, slightly offset by a non-cash benefit to deferred taxes of $384,000 related to the newly enacted Tax Reform Act, in addition to changes in operating assets and liabilities providing cash. Changes in operating assets and liabilities providing cash include a decrease in accounts receivable of $78,000. 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 two days to 38 days from September 30, 2017 to March 31, 2018. Also, changes in operating assets and liabilities providing cash include a decrease to inventories of $355,000, net of the acquisition of $2,781,000 in inventories as a result of the product line acquisition of Calix powered cabinets that occurred during the six months ended March 31, 2018. Changes in working capital items using cash include a decrease in accounts payable and accrued expenses of $314,000. The decrease in accounts payable and accrued expenses primarily reflects fiscal 2017 accrued bonus compensation accruals paid in the first quarter of fiscal 2018.

 

Net cash used in operating activities totaled $12,000 for the six months ended March 31, 2017. This was primarily due to net income of $1,784,000, non-cash expenses for depreciation and amortization of $800,000, and stock based compensation of $1,184,000 offset by changes in operating assets and liabilities using cash. Changes in operating assets and liabilities providing cash included a decrease in other assets of $234,000. The decrease in other assets primarily represented a decrease in the current income tax receivable. Changes in working capital items using cash included an increase in accounts receivable of $115,000, an increase in inventory of $1,598,000, and a decrease in accounts payable and accrued expenses of $2,297,000. Days sales outstanding increased six days to 41 days from September 30, 2016 to March 31, 2017. The increase in inventory represented an adjustment for seasonal demand along with new product introductions while the decrease in accounts payable and accrued expenses primarily reflected fiscal 2016 accrued bonus compensation accruals paid in the first quarter of fiscal 2017.

 

Investing Activities

 

During the six months ended March 31, 2018, we acquired the powered cabinet product line from Calix for the amount of $10,350,000, which was paid from our available cash. Additionally, 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 six months ended March 31, 2018, we used cash to purchase $4,181,000 of FDIC-backed securities and received $3,469,000 on CDs that matured. Purchases of patents and capital equipment, mainly related to information technology and manufacturing equipment, consumed $516,000 of cash in the six months ended March 31, 2018.

 

During the six months ended March 31, 2017, we used cash to purchase $10,166,000 of FDIC-backed securities and received $5,568,000 on CDs that matured. Purchases of patents and capital equipment, mainly related to information technology and manufacturing equipment, consumed $1,065,000 of cash in the six months ended March 31, 2017.

 

Financing Activities

 

For the six months ended March 31, 2018, we received $148,000 from employees’ participation and purchase of stock through our ESPP. We also received $18,000 from stock option exercises. Additionally, we used $236,000 to repurchase our common stock in the six months ended March 31, 2018. As of March 31, 2018, we had authority to purchase approximately $6,934,000 in additional shares under the repurchase program announced on November 13, 2014 that was subsequently increased on April 25, 2017.

 

 13 

 

For the six months ended March 31, 2017, we received $170,000 from employees’ participation and purchase of stock through our ESPP. We also received $28,000 from stock option exercises. Additionally, we used $49,000 to repurchase our common stock in the six months ended March 31, 2017.

 

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, 2017. Management made no changes to the Company’s critical accounting policies during the quarter ended March 31, 2018.

 

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 March 31, 2018.

 

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 March 31, 2018. 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.

 

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 March 31, 2018 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

 

On January 31, 2017, CommScope Technologies LLC (“CommScope”) filed a Complaint against Clearfield, Inc. in the United States District Court for the District of Minnesota. The Complaint asserted infringement of thirteen CommScope patents by certain Clearfield products, including our FieldSmart® PON Cabinets, WaveSmart® Ruggedized Splitters, Clearview® Blue and Clearview® Classic Cassettes, FieldShield® Deployment Reel System, SmartRoute® Panel, FieldShield® Multiport SmarTerminal and FieldShield® Hardened Connectors. The asserted CommScope patents were U.S. Patent Nos. 7,233,731; 8,811,791; 7,198,409; 7,809,233; 9,201,206; 7,809,234; 7,816,602; 8,263,861; 8,705,929; 8,938,147; RE42,258; 7,397,997 and 9,122,021. CommScope’s Complaint sought an injunction against further infringement and an award of unspecified compensatory and enhanced damages, interest, costs and attorneys’ fees. Clearfield responded with affirmative defenses and filed inter partes reviews with the US Patent and Trademark Office relating to some of the asserted patents.

 

 14 

 

On February 22, 2018, CommScope and Clearfield agreed to terms of a settlement of the litigation and a definitive settlement agreement reflecting these terms was entered into on March 28, 2018. Under the terms of the settlement, the parties jointly dismissed the litigation and Clearfield withdrew its inter-partes reviews. In addition, Clearfield paid CommScope a one-time payment of $850,000 on March 30, 2018. Clearfield has moved to new design solutions in place of the contested products.

 

In addition to the matter described above, we are 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, we do not believe that any of these other claims or potential claims will be material to our business, results of operations or financial condition.

 

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, 2017. 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 ended March 31, 2018, 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)
January 1-31, 2018   10,384   $12.05    10,384   $7,033,821 
February 1-28, 2018   8,298    12.06    8,298    6,933,743 
March 1-31, 2018   —    —    —    6,933,743 
Total   18,682   $12.05    18,682   $6,933,743 

 

  (1) Amount remaining from the $12,000,000 repurchase authorizations approved by the Company’s Board of Directors.  

 

The Company may also repurchase shares of our common stock in connection with payment of taxes upon vesting of restricted stock previously issued to employees. There were no such repurchases during the quarter ended March 31, 2018.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

 15 

 

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

 

 

 

 16 

 

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.

 

 

May 2, 2018    /s/ Cheryl Beranek
   

By: Cheryl Beranek

Its: President and Chief Executive Officer

    (Principal Executive Officer)
     
May 2, 2018   /s/ Daniel Herzog
   

By: Daniel Herzog

Its: Chief Financial Officer

    (Principal Financial and Accounting Officer)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17

 

 

 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.

 

 

 

May 2, 2018    /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.

 

 

 

May 2, 2018    /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 March 31, 2018 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.

 

 

May 2, 2018    /s/ Cheryl Beranek
    By: Cheryl Beranek, President and Chief Executive Officer
    (Principal Executive Officer)

 

 

May 2, 2018   /s/ Daniel Herzog
    By: Daniel Herzog, Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 

 EX-101.INS 5 clfd-20180331.xml XBRL INSTANCE FILE 30735591 22916463 P5Y 5782 34268 12 10.41 15.21 0.85 false --09-30 Q2 2018 2018-03-31 10-Q 0000796505 13809998 Yes Accelerated Filer Clearfield, Inc. No No clfd 1798776 1739791 7159376 7237641 31441 93304 2103906 2410026 P12Y328D 56296908 55406888 485794 969081 443763 42031 885020 84061 590165 1183911 535464 54701 1074510 109401 79085 79085 70323901 69494037 34534451 41143402 <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">&nbsp;</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 30, 2017, </div>which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements as of and for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 30, 2017.</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">Certain comparative figures have been reclassified to conform to the current period's presentation. These reclassifications did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> affect the prior periods' net income, shareholders&#x2019; equity, or cash flows.</div></div> 76000 0.10 0.22 -0.01 0.09 0.10 0.22 -0.01 0.09 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <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">Pro&nbsp;Forma<br /> Three&nbsp;Months&nbsp;Ended<br /> March 31, 2017<br /> (unaudited)</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">Pro&nbsp;Forma<br /> Six&nbsp;Months&nbsp;Ended<br /> March 31, 2017<br /> (unaudited)</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">Pro&nbsp;Forma<br /> Three&nbsp;Months&nbsp;Ended<br /> March 31, 2018<br /> (unaudited)</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">Pro&nbsp;Forma<br /> Six Months&nbsp;Ended<br /> March 31, 2018<br /> (unaudited)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Net sales</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,974,827</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,720,355</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">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,823,216</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,005,214</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: -10.1pt; padding-left: 10.1pt">&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> <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> <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: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Income (loss) from operations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,937,346</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,184,133</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(341,314</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">602,596</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: -10.1pt; padding-left: 10.1pt">&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> <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> <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: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; text-indent: -10.1pt; padding-left: 10.1pt">Net income (loss)</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,352,108</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">2,973,195</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(166,775</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">1,157,992</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: -10.1pt; padding-left: 10.1pt">&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> <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> <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: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: -10.1pt; padding-left: 10.1pt">Net income (loss) per 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> <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; padding-bottom: 2.25pt; text-indent: -10pt; padding-left: 20pt">Basic</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.10</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">0.22</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.01</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">0.09</div></td> <td style="border-bottom: Black 2.25pt double; 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; text-indent: -10pt; padding-left: 20pt">Diluted</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.10</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">0.22</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.01</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">0.09</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 1937346 4184133 -341314 602596 1352108 2973195 -166775 1157992 20974827 44720355 17823216 37005214 10350000 <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;">10.</div> Acquisition</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">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 20, 2018, </div>the Company completed the acquisition of a portfolio of Telcordia certified outdoor powered cabinet products from Calix, Inc. (&#x201c;Calix&#x201d;) upon the terms and conditions contained in an Asset Purchase Agreement entered into on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 20, 2018.</div></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"><div style="display: inline; background-color: white">The introduction of the Clearfield powered cabinet line provides customers a single point of contact for cabinet solutions&#x2014;both passive and powered. The acquisition enables Clearfield to expand its Fiber-to-Anywhere expertise to include powered electronic cabinet platforms while leveraging its supply chain. The acquisition also enables Clearfield to capitalize on and expand its reach to a broader customer base, including service providers in the Tier <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> and Tier <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> markets.</div></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"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Acquisition date fair value of the consideration transferred totaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,350,000</div> which was comprised of a cash payment of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10,350,000</div> from the Company&#x2019;s cash operating account.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: windowtext">We assumed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> liabilities in the acquisition. As part of the acquisition, we also agreed to purchase a minimum of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,500,000</div> in inventory and purchase orders from subcontractors.&nbsp; We expect to fulfill this commitment during the normal course of business.&nbsp; The allocation of purchase consideration to assets acquired is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet finalized as we continue to evaluate the fair value of certain assets acquired. The following table summarizes the preliminary estimated fair values of the assets acquired at the acquisition </div>date:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">February 20, 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-size: 10pt; text-indent: -10.1pt; padding-left: 10.1pt">Inventories</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,781,000</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-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Property, plant and equipment</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;">58,000</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: -10.1pt; padding-left: 10.1pt">Trademarks</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;">563,000</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-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Customer relationships</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;">3,742,000</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; text-indent: -10.1pt; padding-left: 10.1pt">Product certification</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;">1,068,000</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; padding-bottom: 1pt; text-indent: -10.1pt; padding-left: 10.1pt">Goodwill</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;">2,138,000</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; text-align: left; padding-bottom: 2.25pt; text-indent: -10.1pt; padding-left: 10.1pt">Total Assets</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;">10,350,000</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">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pending finalization of the fair value of the intangible assets in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> the powered cabinet acquisition has preliminarily resulted in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,138,000</div> of goodwill, which is expected to be deductible for tax purposes<div style="display: inline; color: windowtext">.&nbsp; Specifically, the goodwill recorded as part of the acquisition of the Calix powered cabinets includes the expected synergies and other benefits that we believe will result from combining the operations of powered cabinet lines with the operations of Clearfield, Inc.</div></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">The Company has incurred approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$76,000</div> in legal, professional, and other costs related to this acquisition accounted for as selling and administrative expenses when incurred. The weighted-average useful life of intangible assets acquired is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.9</div> years.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As the powered cabinet business was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> operated as a separate subsidiary, division or entity, Calix did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> maintain separate financial statements for the powered cabinet business. As a result, we are unable to accurately determine earnings/loss for the powered cabinet business on a standalone basis since the date of acquisition. Revenue attributable to the powered cabinet products included in reported Clearfield revenue for 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;"> March 31, 2018 </div>was immaterial to the financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <!-- Field: Page; Sequence: 10; Value: 1 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table below reflects our unaudited pro forma combined results of operations as if the acquisition had taken place as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 1, 2016 </div>and shows the net sales and net income (loss) as if the powered cabinet business were combined with the Clearfield business for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018. </div>The pro forma includes estimated expenses relating to the amortization of intangibles purchased, the amortization of the inventory fair value adjustment, and estimated personnel costs:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <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">Pro&nbsp;Forma<br /> Three&nbsp;Months&nbsp;Ended<br /> March 31, 2017<br /> (unaudited)</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">Pro&nbsp;Forma<br /> Six&nbsp;Months&nbsp;Ended<br /> March 31, 2017<br /> (unaudited)</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">Pro&nbsp;Forma<br /> Three&nbsp;Months&nbsp;Ended<br /> March 31, 2018<br /> (unaudited)</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">Pro&nbsp;Forma<br /> Six Months&nbsp;Ended<br /> March 31, 2018<br /> (unaudited)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Net sales</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,974,827</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">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,720,355</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,823,216</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">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">37,005,214</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: -10.1pt; padding-left: 10.1pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Income (loss) from operations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,937,346</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,184,133</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(341,314</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">602,596</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: -10.1pt; padding-left: 10.1pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; text-indent: -10.1pt; padding-left: 10.1pt">Net income (loss)</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">1,352,108</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,973,195</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">(166,775</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</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;">1,157,992</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: -10.1pt; padding-left: 10.1pt">&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> <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> <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: rgb(204,238,255)"> <td style="font-size: 10pt; text-indent: -10.1pt; padding-left: 10.1pt">Net income (loss) per 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> <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; padding-bottom: 2.25pt; text-indent: -10pt; padding-left: 20pt">Basic</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;">0.10</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.22</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">(0.01</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.09</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt; text-indent: -10pt; padding-left: 20pt">Diluted</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">0.10</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.22</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">(0.01</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">)</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;">0.09</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; font-size: 12pt">&nbsp;</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> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The pro forma unaudited results do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> purport to be indicative of the results which would have been obtained had the acquisition been completed as of the beginning of the earliest period presented or of results that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be obtained in the future.&nbsp; In addition, they do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> include any benefits that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>result from the acquisition due to synergies that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be derived from the elimination of any duplicative costs.</div></div> 563000 3742000 1068000 2781000 0 58000 10350000 9141197 18536111 28014321 22483013 <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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</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. Investments maturing in less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year are classified as short term investments on the balance sheet, and investments maturing in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year or greater are classified as long term investments on the balance sheet.</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> <!-- Field: Page; Sequence: 6; Value: 1 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The maturity dates of the Company&#x2019;s CDs as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017 </div>are as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <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">March 31, 2018</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, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; 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: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,285,225</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">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,937,150</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">1-5 years</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,180,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,816,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">26,465,225</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;">25,753,150</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> -9394914 -5531308 0.01 0.01 50000000 50000000 13811076 13812821 13811076 13812821 138111 138128 <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">&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> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <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" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Six Months Ended March 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">2018</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">2017</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">2018</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">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; 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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24</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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23</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;">16</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;">15</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;">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;">15</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"></div> <!-- Field: Page; Sequence: 8; Value: 1 --> <!-- Field: /Page --> <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;"> March 31, 2018, </div>Customers B and A accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13%</div> of accounts receivable, respectively. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>Customer B accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19%</div> of accounts receivable. Customers A and B are both distributors.</div></div> 0.22 0.13 0.19 0.25 0.18 0.24 0.23 0.16 0.15 0.14 0.15 10051061 10208957 19809538 21266399 -384000 276797 281720 60076 444076 989912 800136 <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;">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;">$485,794</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$969,081</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> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>respectively. 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;"> March 31, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$443,763</div> of this expense is included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$42,031</div> is included in cost of sales. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$885,020</div> of this expense is included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$84,061</div> is included in cost of sales. The Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$590,165</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,183,911</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> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div>respectively. 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;"> March 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$535,464</div> of this expense was included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$54,701</div> was included in cost of sales. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,074,510</div> of this expense was included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$109,401</div> was included in cost of sales. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,999,219</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;">6.6</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;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017. </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;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <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 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: 64%; font-size: 10pt">Outstanding as of September 30, 2017</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: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,950</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: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.79</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-left: 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; padding-left: 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;">(6,100</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;">3.89</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-align: left; padding-bottom: 1pt; padding-left: 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 as of March 31, 2018</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;">32,850</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;">2.58</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. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </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;">2.4</div> years and their aggregate intrinsic value was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$339,012.</div> During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company received proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$17,949</div> from the exercise of stock options. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div>exercised stock options totaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,750</div> shares, resulting in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$28,459</div> of proceeds to the Company.</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;">Restricted Stock</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 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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company granted non-employee directors restricted stock awards totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,235</div> shares of common stock, with a vesting term of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year and a fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14.75</div> per share.</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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div>the Company granted non-employee directors restricted stock awards totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,795</div> shares of common stock, with a vesting term of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year and a fair value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16.45</div> per share.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 7; Value: 1 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Restricted stock transactions during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>are summarized as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average grant date fair value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt">Unvested shares as of September 30, 2017</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">370,530</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.24</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-left: 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;">4,235</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;">14.75</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; padding-left: 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;">(5,795</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;">15.46</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; padding-bottom: 1pt; padding-left: 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;">(5,644</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</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;">15.39</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 as of March 31, 2018</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;">363,326</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;">15.23</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"><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">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> 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 1 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 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 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>employees purchased <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,242</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,144</div> shares at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.41</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$15.21</div> per share, respectively. After the employee purchase on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">103,013</div> shares of common stock were available for future purchase under the ESPP.</div></div> -0.02 0.07 0.05 0.13 -0.02 0.07 0.05 0.13 <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 (Loss) Per Share</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Basic net income (loss) per common share (&#x201c;EPS&#x201d;) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income (loss) 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; 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 is a reconciliation of the numerator and denominator of the net income (loss) per common share computations for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <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" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Six Months Ended March 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">2018</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">2017</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">2018</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">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; text-indent: 0in">Net (loss) 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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(305,376</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">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">907,521</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">637,782</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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,784,451</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-align: left; text-indent: 0in">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;">13,450,482</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;">13,589,109</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;">13,447,178</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;">13,578,178</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; text-indent: 0in">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;">-</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;">214,588</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;">47,255</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;">218,948</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; text-align: left; text-indent: 0in">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;">13,450,482</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;">13,803,697</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;">13,494,433</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;">13,797,126</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; text-indent: 0in">Net (loss) 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> <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-align: left; text-indent: 0in; padding-left: 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;">(0.02</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.07</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.05</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.13</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in; padding-left: 10pt">Diluted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.02</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.07</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.05</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;">0.13</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> 0.249 -0.911 0.323 0.31 3999219 P6Y219D <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in"><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 and Net Sales</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0in">&nbsp;</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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 both <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the balance in the allowance for doubtful accounts was <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;">$79,085</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">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 -1594 5100 2138000 4708511 2570511 2138000 <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">&nbsp;</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 30, 2017 </div>did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> indicate an impairment of goodwill. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </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, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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;"> March 31, 2018, </div>the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> patents granted and multiple pending applications both inside and outside the United States.</div></div> 0 0 6779834 7442814 13888241 14651534 26465225 25753150 20180000 19816000 6285225 5937150 -406376 1340521 333782 2584451 <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">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company recorded a benefit for income taxes of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$101,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$304,000,</div> respectively, reflecting an effective tax rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24.9%</div> and negative <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">91.1%,</div> respectively. </div>The Tax Cut and Jobs Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> (the &#x201c;Tax Reform Act&#x201d;) was enacted on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> The Tax Reform Act reduced certain federal corporate income tax rates effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>and changed certain other provisions. The effective tax rate for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>is a blended rate reflecting the anticipated benefit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> quarters of federal tax rate reductions for fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> Our <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months tax benefit reflects a lower tax rate and a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-time benefit of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$384,000</div> related to the favorable impact of a revaluation of our net deferred tax liability that decreased the income tax provision for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and reduced long-term deferred tax liabilities during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018. </div>The final impact of the Tax Reform Act <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>differ due to and among other things, changes in interpretations, assumptions made by the Company, the issuance of additional guidance, and actions the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>take as a result of the Tax Reform Act. Additionally, differences between the effective tax rate and the statutory tax rate are related to nondeductible meals and entertainment, <div style="display: inline; color: black">expenses related to equity award compensation, </div>favorable domestic manufacturing deduction and research and development credits.</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> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017, </div>the Company recorded a provision for income taxes of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$433,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$800,000,</div> respectively, reflecting an effective tax rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">32.3%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31.0%,</div> respectively. 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2017 </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 30, 2017, </div>the Company had a remaining valuation allowance of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$191,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$159,000,</div> respectively, related to state net operating loss carry forwards the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect to utilize. As a result of recording the impact of the Tax Reform Act on its deferred assets and liabilities, the Company recorded an increase in its valuation allowance against state net operating losses carried forward of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$32,000</div> in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018. </div>Based on the Company&#x2019;s analysis and review of long-term forecasts and all available evidence, the Company determined that there should be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> further change in the valuation allowance for the quarter ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018.</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">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 assets for expected utilization using a &#x201c;more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not&#x201d;</div> 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;"> March 31, 2018, </div>we do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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; background-color: white"></div> <!-- Field: Page; Sequence: 9; Value: 1 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in; background-color: white">We are currently under examination by the U.S. Internal Revenue Service for fiscal year <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> We are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> under examination by any other taxing jurisdiction. In the event of any future tax assessments, we have elected to record the income taxes and any related interest and penalties as income tax expense on our Statements of Operations.</div></div> -101000 -304000 433000 800000 -384000 23987 416750 -313921 -2296544 -78265 115011 -354984 1597722 71117 -234201 5618260 284787 <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, net</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 style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <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">March 31, 2018</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, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; 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: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,399,534</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: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,991,863</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;">805,616</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;">724,248</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;">4,673,999</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;">1,737,456</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; text-align: left; padding-bottom: 2.25pt">Inventories, net</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;">10,879,149</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;">8,453,567</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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company 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;">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 or the retail inventory method. This adoption had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> effect on the financial statements and was applied prospectively. Therefore, prior periods were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> retrospectively adjusted.</div></div> 4673999 1737456 10879149 8453567 5399534 5991863 805616 724248 119379 59885 215101 112619 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <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">March 31, 2018</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, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; 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: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,285,225</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">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,937,150</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">1-5 years</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,180,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,816,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">26,465,225</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;">25,753,150</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 4270996 4968917 70323901 69494037 3934123 4243121 336873 725796 20180000 19816000 -79078 138281 -11578416 -5657911 2262580 -11678 637782 1784451 -305376 907521 <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;">11.</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 2014, </div>the Financial Accounting Standards Board (the &#x201c;FASB&#x201d;) 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 15, 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 15, 2016, </div>including interim periods within that reporting period. The Company is planning to complete an assessment of its revenue streams during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarters of fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> to determine the impact that this standard will have on its business practices, financial condition, results of operations and disclosures. The updated guidance permits <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The updated guidance requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required for customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The Company anticipates there will be expanded financial statement disclosures in order to comply with the updated guidance. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet decided on the transition method upon adoption, but plans to select a transition method during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></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 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 15, 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 style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <!-- Field: Page; Sequence: 11; Value: 1 --> <!-- Field: /Page --> <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;"> January 2017, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">04</div> which offers amended guidance to simplify the accounting for goodwill impairment by removing Step <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> of the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit&#x2019;s carrying value exceeds its fair value, limited to the amount of goodwill allocated to that reporting unit. This guidance is to be applied on a prospective basis effective for the Company&#x2019;s interim and annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2020, </div>with early adoption permitted for any impairment tests performed after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2017. </div>The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe the adoption of this ASU will have a material impact on our financial statements.</div></div> -525755 1280636 118681 2471832 191000 159000 1069504 978933 228820 245165 236024 49352 9262 10326 10350000 10350000 4181075 10166075 516341 1064936 0.01 0.01 500000 500000 0 0 0 0 148259 169500 3469000 5568000 5100 17949 28459 5053859 5434172 3500000 9617886 8980104 16830895 17651771 33697779 35917933 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <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" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Six Months Ended March 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">2018</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">2017</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">2018</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">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; text-indent: 0in">Net (loss) 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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(305,376</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">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">907,521</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">637,782</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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,784,451</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-align: left; text-indent: 0in">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;">13,450,482</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;">13,589,109</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;">13,447,178</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;">13,578,178</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; text-indent: 0in">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;">-</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;">214,588</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;">47,255</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;">218,948</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; text-align: left; text-indent: 0in">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;">13,450,482</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;">13,803,697</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;">13,494,433</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;">13,797,126</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; text-indent: 0in">Net (loss) 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> <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-align: left; text-indent: 0in; padding-left: 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;">(0.02</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.07</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.05</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.13</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in; padding-left: 10pt">Diluted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.02</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.07</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.05</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.13</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">March 31, 2018</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Raw materials</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,399,534</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: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,991,863</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;">805,616</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;">724,248</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;">4,673,999</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;">1,737,456</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; text-align: left; padding-bottom: 2.25pt">Inventories, net</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;">10,879,149</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,453,567</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">February 20, 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-size: 10pt; text-indent: -10.1pt; padding-left: 10.1pt">Inventories</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,781,000</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-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Property, plant and equipment</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;">58,000</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: -10.1pt; padding-left: 10.1pt">Trademarks</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;">563,000</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-align: left; text-indent: -10.1pt; padding-left: 10.1pt">Customer relationships</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;">3,742,000</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; text-indent: -10.1pt; padding-left: 10.1pt">Product certification</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;">1,068,000</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; padding-bottom: 1pt; text-indent: -10.1pt; padding-left: 10.1pt">Goodwill</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;">2,138,000</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; text-align: left; padding-bottom: 2.25pt; text-indent: -10.1pt; padding-left: 10.1pt">Total Assets</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,350,000</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of options</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average exercise&nbsp;price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt">Outstanding as of September 30, 2017</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,950</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.79</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-left: 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; padding-left: 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;">(6,100</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;">3.89</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-align: left; padding-bottom: 1pt; padding-left: 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 as of March 31, 2018</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;">32,850</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.58</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average grant date fair value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt">Unvested shares as of September 30, 2017</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">370,530</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15.24</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-left: 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;">4,235</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;">14.75</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; padding-left: 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;">(5,795</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;">15.46</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; padding-bottom: 1pt; padding-left: 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;">(5,644</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</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;">15.39</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 as of March 31, 2018</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;">363,326</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;">15.23</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; min-; min-width: 700px;"> <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" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Six Months Ended March 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">2018</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">2017</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">2018</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">2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; 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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25</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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24</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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23</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;">16</div></td> <td style="font-size: 10pt; text-align: left">%</td> <td style="font-size: 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Interest income Restricted Stock [Member] Other Assets us-gaap_Liabilities Total Liabilities us-gaap_NetCashProvidedByUsedInFinancingActivities Net cash (used in) provided by financing activities Commitments and Contingencies Cashless exercise of stock options The issuance of common stock funded through shares sold to the company. us-gaap_OperatingIncomeLoss (Loss) income from operations us-gaap_NetCashProvidedByUsedInOperatingActivities Net cash provided by (used in) operating activities us-gaap_NetCashProvidedByUsedInInvestingActivities Net cash used in investing activities us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease Decrease in cash and cash equivalents Cost of sales us-gaap_GrossProfit Gross profit us-gaap_GoodwillAcquiredDuringPeriod Goodwill, Acquired During Period Financing Receivables [Text Block] Business Combination Disclosure [Text Block] Property, plant and equipment, net Goodwill Goodwill Other Liabilities us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation Tax withholding related to exercise of stock options Cash flows from investing activities us-gaap_PaymentsForRepurchaseOfCommonStock Repurchase of common stock us-gaap_IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability us-gaap_HeldToMaturitySecurities Total Employee Stock Purchase Plan [Member] The employee stock purchase plan. Net (loss) income per common share: Earnings Per Share [Text Block] clfd_HeldtomaturitySecuritiesInvestmentTerm Held-to-maturity Securities, Investment Term Represents information about the Company's investment term in money market accounts and bank certificates of deposit. Proceeds from issuance of common stock upon exercise of stock options Proceeds from Stock Options Exercised Proceeds from issuance of common stock under employee stock purchase plan Accounts payable and accrued expenses Deferred rent us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments (Loss) income before income taxes Income tax (benefit) expense Income Tax Expense (Benefit), Total Equity Components [Axis] Equity Component [Domain] clfd_SharebasedCompensationArrangementBySharebasedPaymentAwardMarketPricePercentageOfferingDate Share-based Compensation Arrangement by Share-based Payment Award, Market Price Percentage, Offering Date Percentage of market price of one share of common stock on offering date that participants pay for shares. clfd_AssetsNoncurrentExcludingPropertyPlantAndEquipment Total other assets Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer excluding property, plant and equipment. clfd_ShareBasedCompensationArrangementByShareBasedPaymentAwardPurchasePrice Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price Represents information about the purchase price of each share under the employee stock purchase plan. Less than one year 1-5 years Cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period State and Local Jurisdiction [Member] Income Tax Authority [Axis] Income Tax Authority [Domain] us-gaap_AllocatedShareBasedCompensationExpense Allocated Share-based Compensation Expense, Total Amendment Flag us-gaap_UnrecognizedTaxBenefits Unrecognized Tax Benefits, Ending Balance Accounting Policies [Abstract] Concentration Risk Disclosure [Text Block] Selling, General and Administrative Expenses [Member] Schedules of Concentration of Risk, by Risk Factor [Table Text Block] Common stock, shares outstanding (in shares) Preferred stock, shares outstanding (in shares) Current Fiscal Year End Date Cost of Sales [Member] us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets Prepaid expenses and other Basis of Accounting [Text Block] Document Fiscal Period Focus Document Fiscal Year Focus Document Period End Date Income Statement Location [Axis] Income Statement Location [Domain] Document Type Document Information [Line Items] Document Information [Table] Entity Filer Category Entity Current Reporting Status Entity Voluntary Filers Entity Well-known Seasoned Issuer Dilutive potential common shares (in shares) us-gaap_GoodwillImpairmentLoss Goodwill, Impairment Loss Diluted (in shares) Weighted average dilutive common shares outstanding (in shares) us-gaap_ConcentrationRiskPercentage1 Concentration Risk, Percentage us-gaap_PurchaseObligation Purchase Obligation, Total us-gaap_IncreaseDecreaseInAccountsReceivable Accounts receivable, net Entity Central Index Key Entity Registrant Name us-gaap_OperatingLossCarryforwardsValuationAllowance Operating Loss Carryforwards, Valuation Allowance, Total Entity [Domain] Customer Concentration Risk [Member] Legal Entity [Axis] Statement [Table] Scenario [Axis] Statement of Financial Position [Abstract] Diluted (in dollars per share) Scenario, Unspecified [Domain] Basic (in shares) Weighted average common shares (in shares) us-gaap_EffectiveIncomeTaxRateContinuingOperations Effective Income Tax Rate Reconciliation, Percent, Total Business Acquisition [Axis] Basic (in dollars per share) Concentration Risk Type [Axis] Business Acquisition, Acquiree [Domain] Concentration Risk Type [Domain] Statement of Cash Flows [Abstract] Entity Common Stock, Shares Outstanding (in shares) Income Statement [Abstract] Sales Revenue, Net [Member] Accounts Receivable [Member] us-gaap_BusinessAcquisitionCostOfAcquiredEntityTransactionCosts Business Acquisition, Transaction Costs us-gaap_IncreaseDecreaseInInventories Inventories Trading Symbol Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] us-gaap_StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans Stock Issued During Period, Shares, Employee Stock Purchase Plans Investments Classified by Contractual Maturity Date [Table Text Block] us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period Exercised (in shares) us-gaap_TableTextBlock Notes Tables us-gaap_GainLossOnDispositionOfAssets1 Loss (gain) on disposal of assets New Accounting Pronouncements and Changes in Accounting Principles [Text Block] Selling, general and administrative us-gaap_LiabilitiesNoncurrent Total other liabilities us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross Cash flows from financing activities us-gaap_LiabilitiesAndStockholdersEquity Total Liabilities and Shareholders’ Equity Retained earnings Customer A [Member] Disclosure for customer A. Customer B [Member] Disclosure for customer B. Total Assets Changes in operating assets and liabilities, net of business acquisition: us-gaap_StockholdersEquity Total Shareholders’ Equity us-gaap_BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements Inventory Disclosure [Text Block] Schedule of Inventory, Current [Table Text Block] Class of Stock [Axis] Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] us-gaap_PaymentsToAcquireBusinessesGross Payments to Acquire Businesses, Gross Business acquisition Cash and Cash Equivalents Disclosure [Text Block] Deferred taxes us-gaap_DeferredIncomeTaxExpenseBenefit Property, plant and equipment EX-101.PRE 10 clfd-20180331_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document And Entity Information - shares
 6 Months Ended
Mar. 31, 2018
Apr. 27, 2018
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)   13,809,998
Document Type 10-Q  
Document Period End Date Mar. 31, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q2  
Amendment Flag false  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2018
Sep. 30, 2017
Current Assets    
Cash and cash equivalents $ 9,141,197 $ 18,536,111
Short-term investments 6,285,225 5,937,150
Accounts receivables, net 7,159,376 7,237,641
Inventories, net 10,879,149 8,453,567
Other current assets 1,069,504 978,933
Total current assets 34,534,451 41,143,402
Property, plant and equipment, net 5,053,859 5,434,172
Other Assets    
Long-term investments 20,180,000 19,816,000
Goodwill 4,708,511 2,570,511
Intangible assets, net 5,618,260 284,787
Other 228,820 245,165
Total other assets 30,735,591 22,916,463
Total Assets 70,323,901 69,494,037
Current Liabilities    
Accounts payable 1,798,776 1,739,791
Accrued compensation 2,103,906 2,410,026
Accrued expenses 31,441 93,304
Total current liabilities 3,934,123 4,243,121
Other Liabilities    
Deferred taxes 60,076 444,076
Deferred rent 276,797 281,720
Total other liabilities 336,873 725,796
Total Liabilities 4,270,996 4,968,917
Commitments and Contingencies
Shareholders’ Equity    
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding
Common stock, authorized 50,000,000, $.01 par value; 13,811,076 and 13,812,821, shares issued and outstanding at March 31, 2018 and September 30, 2017 138,111 138,128
Additional paid-in capital 56,296,908 55,406,888
Retained earnings 9,617,886 8,980,104
Total Shareholders’ Equity 66,052,905 64,525,120
Total Liabilities and Shareholders’ Equity $ 70,323,901 $ 69,494,037
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Mar. 31, 2018
Sep. 30, 2017
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized shares (in shares) 500,000 500,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 50,000,000 50,000,000
Common stock, shares issued (in shares) 13,811,076 13,812,821
Common stock, shares outstanding (in shares) 13,811,076 13,812,821
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
Net sales $ 16,830,895 $ 17,651,771 $ 33,697,779 $ 35,917,933
Cost of sales 10,051,061 10,208,957 19,809,538 21,266,399
Gross profit 6,779,834 7,442,814 13,888,241 14,651,534
Operating expenses        
Selling, general and administrative 7,305,589 6,162,178 13,769,560 12,179,702
(Loss) income from operations (525,755) 1,280,636 118,681 2,471,832
Interest income 119,379 59,885 215,101 112,619
(Loss) income before income taxes (406,376) 1,340,521 333,782 2,584,451
Income tax (benefit) expense (101,000) 433,000 (304,000) 800,000
Net (loss) income $ (305,376) $ 907,521 $ 637,782 $ 1,784,451
Net (loss) income per common share:        
Basic (in dollars per share) $ (0.02) $ 0.07 $ 0.05 $ 0.13
Diluted (in dollars per share) $ (0.02) $ 0.07 $ 0.05 $ 0.13
Weighted average shares outstanding:        
Basic (in shares) 13,450,482 13,589,109 13,447,178 13,578,178
Diluted (in shares) 13,450,482 13,803,697 13,494,433 13,797,126
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities    
Net income $ 637,782 $ 1,784,451
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 989,912 800,136
Deferred taxes (384,000)
Loss (gain) on disposal of assets 1,594 (5,100)
Stock-based compensation 969,081 1,183,911
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable, net 78,265 (115,011)
Inventories 354,984 (1,597,722)
Prepaid expenses and other (71,117) 234,201
Accounts payable and accrued expenses (313,921) (2,296,544)
Net cash provided by (used in) operating activities 2,262,580 (11,678)
Cash flows from investing activities    
Business acquisition (10,350,000)
Purchases of property, plant and equipment and intangible assets (516,341) (1,064,936)
Proceeds from sale of property, plant and equipment 5,100
Purchases of investments (4,181,075) (10,166,075)
Proceeds from maturities of investments 3,469,000 5,568,000
Net cash used in investing activities (11,578,416) (5,657,911)
Cash flows from financing activities    
Proceeds from issuance of common stock under employee stock purchase plan 148,259 169,500
Proceeds from issuance of common stock upon exercise of stock options 17,949 28,459
Tax withholding related to exercise of stock options (9,262) (10,326)
Repurchase of common stock (236,024) (49,352)
Net cash (used in) provided by financing activities (79,078) 138,281
Decrease in cash and cash equivalents (9,394,914) (5,531,308)
Cash and cash equivalents, beginning of period 18,536,111 28,014,321
Cash and cash equivalents, end of period 9,141,197 22,483,013
Supplemental disclosures for cash flow information    
Cash paid during the year for income taxes 23,987 416,750
Non-cash financing activities    
Cashless exercise of stock options $ 5,782 $ 34,268
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 1 - Basis of Presentation
 6 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Basis of Accounting [Text Block]
Note
1.
Basis of Presentation
 
The accompanying (a) condensed balance sheet as of
September 30, 2017,
which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements as of and for the
three
and
six
months ended
March 31, 2018
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, 2017.
 
In preparation of the Company’s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.
 
Certain comparative figures have been reclassified to conform to the current period's presentation. These reclassifications did
not
affect the prior periods' net income, shareholders’ equity, or cash flows.
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 2 - Net Income (Loss) Per Share
 6 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Earnings Per Share [Text Block]
Note
2.
Net Income (Loss) Per Share
 
Basic net income (loss) per common share (“EPS”) is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income (loss) 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 (loss) per common share computations for the
three
and
six
months ended
March 31, 2018
and
2017:
 
    Three Months Ended March 31,   Six Months Ended March 31,
    2018   2017   2018   2017
Net (loss) income   $
(305,376
 )   $
907,521
     $
637,782
     $
1,784,451
  
Weighted average common shares    
13,450,482
      
13,589,109
      
13,447,178
      
13,578,178
  
Dilutive potential common shares    
-
      
214,588
      
47,255
      
218,948
  
Weighted average dilutive common shares outstanding    
13,450,482
      
13,803,697
      
13,494,433
      
13,797,126
  
Net (loss) income per common share:                                
Basic   $
(0.02
 )   $
0.07
     $
0.05
     $
0.13
  
Diluted   $
(0.02
 )   $
0.07
     $
0.05
     $
0.13
  
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 3 - Cash, Cash Equivalents and Investments
 6 Months Ended
Mar. 31, 2018
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
five
years. CDs with original maturities of more than
three
months are reported as held-to-maturity investments
and are carried at amortized cost. Investments maturing in less than
one
year are classified as short term investments on the balance sheet, and investments maturing in
one
year or greater are classified as long term investments on the balance sheet.
 
The maturity dates of the Company’s CDs as of
March 31, 2018
and
September 30, 2017
are as follows:
 
    March 31, 2018   September 30, 2017
Less than one year   $
6,285,225
     $
5,937,150
  
1-5 years    
20,180,000
      
19,816,000
  
Total   $
26,465,225
     $
25,753,150
  
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 4 - Stock-based Compensation
 6 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note
4.
Stock-Based Compensation
 
The Company recorded
$485,794
and
$969,081
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
and
six
months ended
March 31, 2018,
respectively. For the
three
months ended
March 31, 2018,
$443,763
of this expense is included in selling, general and administrative expense, and
$42,031
is included in cost of sales. For the
six
months ended
March 31, 2018,
$885,020
of this expense is included in selling, general and administrative expense, and
$84,061
is included in cost of sales. The Company recorded
$590,165
and
$1,183,911
of compensation expense related to current and past equity awards for the
three
and
six
months ended
March 31, 2017,
respectively. For the
three
months ended
March 31, 2017,
$535,464
of this expense was included in selling, general and administrative expense, and
$54,701
was included in cost of sales. For the
six
months ended
March 31, 2017,
$1,074,510
of this expense was included in selling, general and administrative expense, and
$109,401
was included in cost of sales. As of
March 31, 2018,
$3,999,219
of total unrecognized compensation expense related to non-vested equity awards is expected to be recognized over a period of approximately
6.6
years.
 
There were
no
stock options granted during the
six
months ended
March 31, 2018
or
March 31, 2017.
The following is a summary of stock option activity during the
six
months ended
March 31, 2018:
 
    Number of options   Weighted average exercise price
Outstanding as of September 30, 2017    
38,950
     $
2.79
  
Granted    
-
      
-
  
Exercised    
(6,100
 )    
3.89
  
Cancelled or Forfeited    
-
      
-
  
Outstanding as of March 31, 2018    
32,850
     $
2.58
  
 
The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of
March 31, 2018,
the weighted average remaining contractual term for all outstanding and exercisable stock options was
2.4
years and their aggregate intrinsic value was
$339,012.
During the
six
months ended
March 31, 2018,
the Company received proceeds of
$17,949
from the exercise of stock options. During the
six
months ended
March 31, 2017,
exercised stock options totaled
15,750
shares, resulting in
$28,459
of proceeds to the Company.
 
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.
 
During the
six
months ended
March 31, 2018,
the Company granted non-employee directors restricted stock awards totaling
4,235
shares of common stock, with a vesting term of approximately
one
year and a fair value of
$14.75
per share.
 
During the
six
months ended
March 31, 2017,
the Company granted non-employee directors restricted stock awards totaling
3,795
shares of common stock, with a vesting term of approximately
one
year and a fair value of
$16.45
per share.
 
Restricted stock transactions during the
six
months ended
March 31, 2018
are summarized as follows:
 
    Number of shares   Weighted average grant date fair value
Unvested shares as of September 30, 2017    
370,530
     $
15.24
  
Granted    
4,235
      
14.75
  
Vested    
(5,795
 )    
15.46
  
Forfeited    
(5,644
 )    
15.39
  
Unvested as of March 31, 2018    
363,326
     $
15.23
  
 
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, 2017
and
December 31, 2016,
employees purchased
14,242
and
11,144
shares at a price of
$10.41
and
$15.21
per share, respectively. After the employee purchase on
December 31, 2017,
103,013
shares of common stock were available for future purchase under the ESPP.
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 5 - Accounts Receivable and Net Sales
 6 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Financing Receivables [Text Block]
Note
5.
Accounts Receivable and Net Sales
 
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 both
March 31, 2018
and
September 30, 2017,
the balance in the allowance for doubtful accounts was
$79,085
.
 
See Note
7,
“Major Customer Concentration” for further information regarding accounts receivable and net sales.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 6 - Inventories, Net
 6 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Inventory Disclosure [Text Block]
Note
6.
Inventories, net
 
Inventories consist of the following as of:
 
    March 31, 2018   September 30, 2017
Raw materials   $
5,399,534
     $
5,991,863
  
Work-in-progress    
805,616
      
724,248
  
Finished goods    
4,673,999
      
1,737,456
  
Inventories, net   $
10,879,149
     $
8,453,567
  
 
During the
six
months ended
March 31, 2018,
the Company adopted Accounting Standards Update (“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 or the retail inventory method. This adoption had
no
effect on the financial statements and was applied prospectively. Therefore, prior periods were
not
retrospectively adjusted.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 7 - Major Customer Concentration
 6 Months Ended
Mar. 31, 2018
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
and
six
months ended
March 31, 2018
and
March 31, 2017:
 
    Three Months Ended March 31,   Six Months Ended March 31,
    2018   2017   2018   2017
Customer A    
25
 %    
18
 %    
24
 %    
23
 %
Customer B    
16
 %    
15
 %    
14
 %    
15
 %
 
As of
March 31, 2018,
Customers B and A accounted for
22%
and
13%
of accounts receivable, respectively. As of
September 30, 2017,
Customer B accounted for
19%
of accounts receivable. Customers A and B are both distributors.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 8 - Goodwill and Patents
 6 Months Ended
Mar. 31, 2018
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, 2017
did
not
indicate an impairment of goodwill. During the
six
months ended
March 31, 2018,
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
March 31, 2018,
the Company has
12
patents granted and multiple pending applications both inside and outside the United States.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 9 - Income Taxes
 6 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note
9.
Income Taxes
 
For the
three
and
six
months ended
March 31, 2018,
the Company recorded a benefit for income taxes of
$101,000
and
$304,000,
respectively, reflecting an effective tax rate of
24.9%
and negative
91.1%,
respectively.
The Tax Cut and Jobs Act of
2017
(the “Tax Reform Act”) was enacted on
December 
22,
2017.
The Tax Reform Act reduced certain federal corporate income tax rates effective
January 1, 2018
and changed certain other provisions. The effective tax rate for the
six
months ended
March 31, 2018
is a blended rate reflecting the anticipated benefit of
three
quarters of federal tax rate reductions for fiscal
2018.
Our
six
months tax benefit reflects a lower tax rate and a
one
-time benefit of
$384,000
related to the favorable impact of a revaluation of our net deferred tax liability that decreased the income tax provision for the
six
months ended
March 31, 2018
and reduced long-term deferred tax liabilities during the
six
months ended
March 31, 2018.
The final impact of the Tax Reform Act
may
differ due to and among other things, changes in interpretations, assumptions made by the Company, the issuance of additional guidance, and actions the Company
may
take as a result of the Tax Reform Act. Additionally, differences between the effective tax rate and the statutory tax rate are related to nondeductible meals and entertainment,
expenses related to equity award compensation,
favorable domestic manufacturing deduction and research and development credits.
 
For the
three
and
six
months ended
March 31, 2017,
the Company recorded a provision for income taxes of
$433,000
and
$800,000,
respectively, reflecting an effective tax rate of
32.3%
and
31.0%,
respectively. 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
three
and
six
months ended
March 31, 2017
from tax benefits related to stock-based compensation awards.
 
As of
March 31, 2018
and
September 30, 2017,
the Company had a remaining valuation allowance of approximately
$191,000
and
$159,000,
respectively, related to state net operating loss carry forwards the Company does
not
expect to utilize. As a result of recording the impact of the Tax Reform Act on its deferred assets and liabilities, the Company recorded an increase in its valuation allowance against state net operating losses carried forward of approximately
$32,000
in the
six
months ended
March 31, 2018.
Based on the Company’s analysis and review of long-term forecasts and all available evidence, the Company determined that there should be
no
further change in the valuation allowance for the quarter ended
March 31, 2018.
 
Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company’s realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax assets for expected utilization using a “more likely than
not”
criteria by assessing the available positive and negative factors surrounding its recoverability.
 
As of
March 31, 2018,
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.
 
We are currently under examination by the U.S. Internal Revenue Service for fiscal year
2016.
We are
not
under examination by any other taxing jurisdiction. In the event of any future tax assessments, we have elected to record the income taxes and any related interest and penalties as income tax expense on our Statements of Operations.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Acquisitions
 6 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Business Combination Disclosure [Text Block]
Note
10.
Acquisition
 
On
February 20, 2018,
the Company completed the acquisition of a portfolio of Telcordia certified outdoor powered cabinet products from Calix, Inc. (“Calix”) upon the terms and conditions contained in an Asset Purchase Agreement entered into on
February 20, 2018.
 
The introduction of the Clearfield powered cabinet line provides customers a single point of contact for cabinet solutions—both passive and powered. The acquisition enables Clearfield to expand its Fiber-to-Anywhere expertise to include powered electronic cabinet platforms while leveraging its supply chain. The acquisition also enables Clearfield to capitalize on and expand its reach to a broader customer base, including service providers in the Tier
1
and Tier
2
markets.
 
Acquisition date fair value of the consideration transferred totaled
$10,350,000
which was comprised of a cash payment of
$10,350,000
from the Company’s cash operating account. 
 
We assumed
no
liabilities in the acquisition. As part of the acquisition, we also agreed to purchase a minimum of
$3,500,000
in inventory and purchase orders from subcontractors.  We expect to fulfill this commitment during the normal course of business.  The allocation of purchase consideration to assets acquired is
not
yet finalized as we continue to evaluate the fair value of certain assets acquired. The following table summarizes the preliminary estimated fair values of the assets acquired at the acquisition
date:
 
    February 20, 2018
Inventories   $
2,781,000
  
Property, plant and equipment    
58,000
  
Trademarks    
563,000
  
Customer relationships    
3,742,000
  
Product certification    
1,068,000
  
Goodwill    
2,138,000
  
Total Assets   $
10,350,000
  
 
Pending finalization of the fair value of the intangible assets in the
third
quarter of
2018,
the powered cabinet acquisition has preliminarily resulted in
$2,138,000
of goodwill, which is expected to be deductible for tax purposes
.  Specifically, the goodwill recorded as part of the acquisition of the Calix powered cabinets includes the expected synergies and other benefits that we believe will result from combining the operations of powered cabinet lines with the operations of Clearfield, Inc.
 
The Company has incurred approximately
$76,000
in legal, professional, and other costs related to this acquisition accounted for as selling and administrative expenses when incurred. The weighted-average useful life of intangible assets acquired is
12.9
years.
 
As the powered cabinet business was
not
operated as a separate subsidiary, division or entity, Calix did
not
maintain separate financial statements for the powered cabinet business. As a result, we are unable to accurately determine earnings/loss for the powered cabinet business on a standalone basis since the date of acquisition. Revenue attributable to the powered cabinet products included in reported Clearfield revenue for the
three
-month period ended
March 31, 2018
was immaterial to the financial statements.
 
The following table below reflects our unaudited pro forma combined results of operations as if the acquisition had taken place as of
October 1, 2016
and shows the net sales and net income (loss) as if the powered cabinet business were combined with the Clearfield business for the
three
-month and
six
month periods ended
March 31, 2017
and
March 31, 2018.
The pro forma includes estimated expenses relating to the amortization of intangibles purchased, the amortization of the inventory fair value adjustment, and estimated personnel costs:
  
    Pro Forma
Three Months Ended
March 31, 2017
(unaudited)		   Pro Forma
Six Months Ended
March 31, 2017
(unaudited)		   Pro Forma
Three Months Ended
March 31, 2018
(unaudited)		   Pro Forma
Six Months Ended
March 31, 2018
(unaudited)
Net sales   $
20,974,827
     $
44,720,355
     $
17,823,216
     $
37,005,214
  
                                 
Income (loss) from operations   $
1,937,346
     $
4,184,133
     $
(341,314
 )   $
602,596
  
                                 
Net income (loss)   $
1,352,108
     $
2,973,195
     $
(166,775
 )   $
1,157,992
  
                                 
Net income (loss) per share:                                
Basic   $
0.10
     $
0.22
     $
(0.01
 )   $
0.09
  
Diluted   $
0.10
     $
0.22
     $
(0.01
 )   $
0.09
  
 
The pro forma unaudited results do
not
purport to be indicative of the results which would have been obtained had the acquisition been completed as of the beginning of the earliest period presented or of results that
may
be obtained in the future.  In addition, they do
not
include any benefits that
may
result from the acquisition due to synergies that
may
be derived from the elimination of any duplicative costs.
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 11 - Accounting Pronouncements
 6 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
Note
11.
Accounting Pronouncements
 
Recent Accounting Pronouncements
 
In
May 2014,
the Financial Accounting Standards Board (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. The Company is planning to complete an assessment of its revenue streams during the
second
and
third
quarters of fiscal
2018
to determine the impact that this standard will have on its business practices, financial condition, results of operations and disclosures. The updated guidance permits
two
methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the cumulative catch-up transition method). The updated guidance requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required for customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The Company anticipates there will be expanded financial statement disclosures in order to comply with the updated guidance. The Company has
not
yet decided on the transition method upon adoption, but plans to select a transition method during the
third
quarter of fiscal
2018.
 
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.
 
In
January 2017,
the FASB issued ASU
2017
-
04
which offers amended guidance to simplify the accounting for goodwill impairment by removing Step
2
of the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the amount of goodwill allocated to that reporting unit. This guidance is to be applied on a prospective basis effective for the Company’s interim and annual periods beginning after
January 1, 2020,
with early adoption permitted for any impairment tests performed after
January 1, 2017.
The Company does
not
believe the adoption of this ASU will have a material impact on our financial statements.
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 2 - Net Income (Loss) Per Share (Tables)
 6 Months Ended
Mar. 31, 2018
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
    Three Months Ended March 31,   Six Months Ended March 31,
    2018   2017   2018   2017
Net (loss) income   $
(305,376
 )   $
907,521
     $
637,782
     $
1,784,451
  
Weighted average common shares    
13,450,482
      
13,589,109
      
13,447,178
      
13,578,178
  
Dilutive potential common shares    
-
      
214,588
      
47,255
      
218,948
  
Weighted average dilutive common shares outstanding    
13,450,482
      
13,803,697
      
13,494,433
      
13,797,126
  
Net (loss) income per common share:                                
Basic   $
(0.02
 )   $
0.07
     $
0.05
     $
0.13
  
Diluted   $
(0.02
 )   $
0.07
     $
0.05
     $
0.13
  
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 3 - Cash, Cash Equivalents and Investments (Tables)
 6 Months Ended
Mar. 31, 2018
Notes Tables  
Investments Classified by Contractual Maturity Date [Table Text Block]
    March 31, 2018   September 30, 2017
Less than one year   $
6,285,225
     $
5,937,150
  
1-5 years    
20,180,000
      
19,816,000
  
Total   $
26,465,225
     $
25,753,150
  
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 4 - Stock-based Compensation (Tables)
 6 Months Ended
Mar. 31, 2018
Notes Tables  
Share-based Compensation, Stock Options, Activity [Table Text Block]
    Number of options   Weighted average exercise price
Outstanding as of September 30, 2017    
38,950
     $
2.79
  
Granted    
-
      
-
  
Exercised    
(6,100
 )    
3.89
  
Cancelled or Forfeited    
-
      
-
  
Outstanding as of March 31, 2018    
32,850
     $
2.58
  
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]
    Number of shares   Weighted average grant date fair value
Unvested shares as of September 30, 2017    
370,530
     $
15.24
  
Granted    
4,235
      
14.75
  
Vested    
(5,795
 )    
15.46
  
Forfeited    
(5,644
 )    
15.39
  
Unvested as of March 31, 2018    
363,326
     $
15.23
  
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 6 - Inventories, Net (Tables)
 6 Months Ended
Mar. 31, 2018
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
    March 31, 2018   September 30, 2017
Raw materials   $
5,399,534
     $
5,991,863
  
Work-in-progress    
805,616
      
724,248
  
Finished goods    
4,673,999
      
1,737,456
  
Inventories, net   $
10,879,149
     $
8,453,567
  
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 7 - Major Customer Concentration (Tables)
 6 Months Ended
Mar. 31, 2018
Notes Tables  
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]
    Three Months Ended March 31,   Six Months Ended March 31,
    2018   2017   2018   2017
Customer A    
25
 %    
18
 %    
24
 %    
23
 %
Customer B    
16
 %    
15
 %    
14
 %    
15
 %
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Acquisitions (Tables)
 6 Months Ended
Mar. 31, 2018
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
    February 20, 2018
Inventories   $
2,781,000
  
Property, plant and equipment    
58,000
  
Trademarks    
563,000
  
Customer relationships    
3,742,000
  
Product certification    
1,068,000
  
Goodwill    
2,138,000
  
Total Assets   $
10,350,000
  
Business Acquisition, Pro Forma Information [Table Text Block]
    Pro Forma
Three Months Ended
March 31, 2017
(unaudited)		   Pro Forma
Six Months Ended
March 31, 2017
(unaudited)		   Pro Forma
Three Months Ended
March 31, 2018
(unaudited)		   Pro Forma
Six Months Ended
March 31, 2018
(unaudited)
Net sales   $
20,974,827
     $
44,720,355
     $
17,823,216
     $
37,005,214
  
                                 
Income (loss) from operations   $
1,937,346
     $
4,184,133
     $
(341,314
 )   $
602,596
  
                                 
Net income (loss)   $
1,352,108
     $
2,973,195
     $
(166,775
 )   $
1,157,992
  
                                 
Net income (loss) per share:                                
Basic   $
0.10
     $
0.22
     $
(0.01
 )   $
0.09
  
Diluted   $
0.10
     $
0.22
     $
(0.01
 )   $
0.09
  
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 2 - Net Income (Loss) Per Share - Net Income Per Common Share (Details) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
Net income $ (305,376) $ 907,521 $ 637,782 $ 1,784,451
Weighted average common shares (in shares) 13,450,482 13,589,109 13,447,178 13,578,178
Dilutive potential common shares (in shares) 214,588 47,255 218,948
Weighted average dilutive common shares outstanding (in shares) 13,450,482 13,803,697 13,494,433 13,797,126
Net (loss) income per common share:        
Basic (in dollars per share) $ (0.02) $ 0.07 $ 0.05 $ 0.13
Diluted (in dollars per share) $ (0.02) $ 0.07 $ 0.05 $ 0.13
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 3 - Cash, Cash Equivalents and Investments (Details Textual)
 6 Months Ended
Mar. 31, 2018
Maximum [Member]  
Held-to-maturity Securities, Investment Term 5 years
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 3 - Cash, Cash Equivalents and Investments - CD Maturity Dates (Details) - USD ($)
Mar. 31, 2018
Sep. 30, 2017
Less than one year $ 6,285,225 $ 5,937,150
1-5 years 20,180,000 19,816,000
Total $ 26,465,225 $ 25,753,150
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 4 - Stock-based Compensation (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Dec. 31, 2016
Mar. 31, 2018
Mar. 31, 2017
Allocated Share-based Compensation Expense, Total $ 485,794   $ 590,165   $ 969,081 $ 1,183,911
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total 3,999,219       $ 3,999,219  
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition         6 years 219 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         2 years 146 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value 339,012       $ 339,012  
Proceeds from Stock Options Exercised         $ 17,949 $ 28,459
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period         6,100 15,750
Employee Stock Purchase Plan [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Market Price Percentage, Offering Date         85.00%  
Stock Issued During Period, Shares, Employee Stock Purchase Plans   14,242   11,144    
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price   $ 10.41   $ 15.21    
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant   103,013        
Restricted Stock [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period         4,235  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value         $ 14.75  
Restricted Stock [Member] | Non Employee Directors [Member] | Stock Compensation Plan 2007 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         1 year 1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period         4,235 3,795
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value         $ 14.75 $ 16.45
Minimum [Member] | Restricted Stock [Member] | Employee and Non-Employee Directors [Member] | Stock Compensation Plan 2007 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         1 year  
Maximum [Member] | Restricted Stock [Member] | Employee and Non-Employee Directors [Member] | Stock Compensation Plan 2007 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         10 years  
Selling, General and Administrative Expenses [Member]            
Allocated Share-based Compensation Expense, Total 443,763   535,464   $ 885,020 $ 1,074,510
Cost of Sales [Member]            
Allocated Share-based Compensation Expense, Total $ 42,031   $ 54,701   $ 84,061 $ 109,401
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 4 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares
 6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Options, outstanding (in shares) 38,950  
Weighted-average exercise price, outstanding (in dollars per share) $ 2.79  
Exercised (in shares) (6,100) (15,750)
Exercised (in dollars per share) $ 3.89  
Cancelled or Forfeited (in shares)  
Cancelled or Forfeited (in dollars per share)  
Options, outstanding (in shares) 32,850  
Weighted-average exercise price, outstanding (in dollars per share) $ 2.58  
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 4 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member]
 6 Months Ended
Mar. 31, 2018
$ / shares
shares
Balance, unvested shares (in shares) | shares 370,530
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares $ 15.24
Granted (in shares) | shares 4,235
Granted (in dollars per share) | $ / shares $ 14.75
Vested (in shares) | shares (5,795)
Vested (in dollars per share) | $ / shares $ 15.46
Forfeited (in shares) | shares (5,644)
Forfeited (in dollars per share) | $ / shares $ 15.39
Balance, unvested shares (in shares) | shares 363,326
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares $ 15.23
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 5 - Accounts Receivable and Net Sales (Details Textual) - USD ($)
Mar. 31, 2018
Sep. 30, 2017
Allowance for Doubtful Accounts Receivable, Current, Ending Balance $ 79,085 $ 79,085
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 6 - Inventories, Net - Components of Inventory (Details) - USD ($)
Mar. 31, 2018
Sep. 30, 2017
Raw materials $ 5,399,534 $ 5,991,863
Work-in-progress 805,616 724,248
Finished goods 4,673,999 1,737,456
Inventories, net $ 10,879,149 $ 8,453,567
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 7 - Major Customer Concentration (Details Textual) - Accounts Receivable [Member] - Customer Concentration Risk [Member]
 6 Months Ended 12 Months Ended
Mar. 31, 2018
Sep. 30, 2017
Customer B [Member]    
Concentration Risk, Percentage 22.00% 19.00%
Customer A [Member]    
Concentration Risk, Percentage 13.00%  
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.8.0.1
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 6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
Customer A [Member]        
Concentration Risk, Percentage 25.00% 18.00% 24.00% 23.00%
Customer B [Member]        
Concentration Risk, Percentage 16.00% 15.00% 14.00% 15.00%
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 8 - Goodwill and Patents (Details Textual)
$ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2017
USD ($)
Mar. 31, 2018
USD ($)
Goodwill, Impairment Loss $ 0 $ 0
Number of Patents Granted   12
Patents [Member]    
Finite-Lived Intangible Asset, Useful Life   20 years
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 9 - Income Taxes (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
Sep. 30, 2017
Income Tax Expense (Benefit), Total $ (101,000) $ 433,000 $ (304,000) $ 800,000  
Effective Income Tax Rate Reconciliation, Percent, Total 24.90% 32.30% (91.10%) 31.00%  
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability     $ (384,000)    
Unrecognized Tax Benefits, Ending Balance $ 0   0    
State and Local Jurisdiction [Member]          
Operating Loss Carryforwards, Valuation Allowance, Total $ 191,000   191,000   $ 159,000
State and Local Jurisdiction [Member] | Deferred Tax Assets Related to Operating Loss Carryforwards [Member]          
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount     $ 32,000    
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Acquisitions (Details Textual) - USD ($)
 6 Months Ended
Feb. 20, 2018
Mar. 31, 2018
Mar. 31, 2017
Payments to Acquire Businesses, Gross   $ 10,350,000
Calix, Inc. [Member]      
Business Combination, Consideration Transferred, Total $ 10,350,000    
Payments to Acquire Businesses, Gross 10,350,000    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total 0    
Purchase Obligation, Total 3,500,000    
Goodwill, Acquired During Period 2,138,000    
Business Acquisition, Transaction Costs $ 76,000    
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 12 years 328 days    
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Acquisitions - Summary of Estimated Fair Values of Acquired Assets (Details) - USD ($)
Mar. 31, 2018
Feb. 20, 2018
Sep. 30, 2017
Goodwill $ 4,708,511   $ 2,570,511
Calix, Inc. [Member]      
Inventories   $ 2,781,000  
Property, plant and equipment   58,000  
Goodwill   2,138,000  
Total Assets   10,350,000  
Calix, Inc. [Member] | Trademarks [Member]      
Finite-lived intangible assets   563,000  
Calix, Inc. [Member] | Customer Relationships [Member]      
Finite-lived intangible assets   3,742,000  
Calix, Inc. [Member] | Certification Marks [Member]      
Finite-lived intangible assets   $ 1,068,000  
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1
Note 10 - Acquisitions - Pro Forma Information (Details) - Calix, Inc. [Member] - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
Net sales $ 17,823,216 $ 20,974,827 $ 37,005,214 $ 44,720,355
Income (loss) from operations (341,314) 1,937,346 602,596 4,184,133
Net income (loss) $ (166,775) $ 1,352,108 $ 1,157,992 $ 2,973,195
Basic (in dollars per share) $ (0.01) $ 0.10 $ 0.09 $ 0.22
Diluted (in dollars per share) $ (0.01) $ 0.10 $ 0.09 $ 0.22
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