0001171843-18-005600.txt : 20180801 0001171843-18-005600.hdr.sgml : 20180801 20180801110126 ACCESSION NUMBER: 0001171843-18-005600 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 56 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180801 DATE AS OF CHANGE: 20180801 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: 18983519 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_080118p.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 June 30, 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 July 27, 2018
Common stock, par value $.01 13,660,147

 

 

 

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

 

 

 

 

 

 

 

 

PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

CLEARFIELD, INC.

CONDENSED BALANCE SHEETS

 

   (Unaudited)
June 30,
2018		  (Audited)
September 30,
2017
Assets          
Current Assets          
Cash and cash equivalents  $9,287,640   $18,536,111 
Short-term investments   8,486,225    5,937,150 
Accounts receivables, net   9,651,516    7,237,641 
Inventories, net   9,688,052    8,453,567 
Other current assets   698,448    978,933 
Total current assets   37,811,881    41,143,402 
           
Property, plant and equipment, net   4,907,410    5,434,172 
           
Other Assets          
Long-term investments   18,226,000    19,816,000 
Goodwill   4,708,511    2,570,511 
Intangible assets, net   5,549,320    284,787 
Other   241,009    245,165 
Total other assets   28,724,840    22,916,463 
Total Assets  $71,444,131   $69,494,037 
           
Liabilities and Shareholders’ Equity          
Current Liabilities          
Accounts payable   2,016,413    1,739,791 
Accrued compensation   1,632,693    2,410,026 
Accrued expenses   456,999    93,304 
Total current liabilities   4,106,105    4,243,121 
           
Other Liabilities          
Deferred taxes   60,076    444,076 
Deferred rent   272,419    281,720 
Total other liabilities   332,495    725,796 
Total Liabilities   4,438,600    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; 13,693,943 and 13,812,821, shares issued and outstanding as of June 30, 2018 and September 30, 2017   136,939    138,128 
Additional paid-in capital   55,495,474    55,406,888 
Retained earnings   11,373,118    8,980,104 
Total Shareholders’ Equity   67,005,531    64,525,120 
Total Liabilities and Shareholders’ Equity  $71,444,131   $69,494,037 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 1 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF OPERATIONS

UNAUDITED

 

   Three Months Ended
June 30,		  Nine Months Ended
June 30,
   2018  2017  2018  2017
             
Net sales  $21,480,590   $19,611,297   $55,178,369   $55,529,230 
                     
Cost of sales   12,988,545    11,674,047    32,798,083    32,940,446 
                     
Gross profit   8,492,045    7,937,250    22,380,286    22,588,784 
                     
Operating expenses                    
Selling, general and administrative   6,087,362    6,614,693    19,856,922    18,794,395 
Income from operations   2,404,683    1,322,557    2,523,364    3,794,389 
                     
Interest income   116,549    73,759    331,650    186,378 
                     
Income before income taxes   2,521,232    1,396,316    2,855,014    3,980,767 
                     
Income tax expense   766,000    593,000    462,000    1,393,000 
                     
Net income  $1,755,232   $803,316   $2,393,014   $2,587,767 
                     
Net income per share:                    
Basic  $0.13   $0.06   $0.18   $0.19 
Diluted  $0.13   $0.06   $0.18   $0.19 
                     
Weighted average shares outstanding:                    
Basic   13,430,503    13,522,755    13,441,619    13,559,704 
Diluted   13,430,503    13,598,582    13,473,123    13,730,945 

 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 2 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

UNAUDITED

 

   Nine Months Ended June 30,
   2018  2017
Cash flows from operating activities          
Net income  $2,393,014   $2,587,767 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   1,546,661    1,205,769 
Impairment of long-lived assets   -    643,604 
Deferred taxes   (384,000)   - 
Gain on disposal of assets   (20,358)   (5,100)
Stock-based compensation   1,488,304    1,774,330 
Changes in operating assets and liabilities, net of business acquisition:          
Accounts receivable, net   (2,413,875)   (53,619)
Inventories   1,546,081    (965,458)
Prepaid expenses and other   289,305    324,206 
Accounts payable and accrued expenses   (146,317)   (2,989,849)
Net cash provided by operating activities   4,298,815    2,521,650 
           
Cash flows from investing activities          
Business acquisition   (10,350,000)   - 
Purchases of property, plant and equipment and intangible assets   (920,356)   (1,631,127)
Proceeds from sale of property, plant and equipment   83,052    5,100 
Purchases of investments   (5,403,075)   (13,279,075)
Proceeds from maturities of investments   4,444,000    6,619,000 
Net cash used in investing activities   (12,146,379)   (8,286,102)
           
Cash flows from financing activities          
Proceeds from issuance of common stock under employee stock purchase plan   297,860    334,692 
Proceeds from issuance of common stock upon exercise of stock options   21,174    28,718 
Tax withholding related to exercise of stock options and restricted stock vestings   (348,527)   (462,120)
Repurchase of common stock   (1,371,414)   (2,403,062)
Net cash used in financing activities   (1,400,907)   (2,501,772)
           
Decrease in cash and cash equivalents   (9,248,471)   (8,266,224)
           
Cash and cash equivalents, beginning of period   18,536,111    28,014,321 
           
Cash and cash equivalents, end of period  $9,287,640   $19,748,097 
           
Supplemental disclosures for cash flow information          
Cash paid during the year for income taxes  $48,987   $893,483 
           
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 nine months ended June 30, 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 Per Share

 

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

 

The following is a reconciliation of the numerator and denominator of the net income per common share computations for the three and nine months ended June 30, 2018 and 2017:

 

   Three Months Ended June 30,  Nine Months Ended June 30,
   2018  2017  2018  2017
Net income  $1,755,232   $803,316   $2,393,014   $2,587,767 
Weighted average common shares   13,430,503    13,522,755    13,441,619    13,559,704 
Dilutive potential common shares   -    75,827    31,504    171,241 
Weighted average dilutive common shares outstanding   13,430,503    13,598,582    13,473,123    13,730,945 
Net income per common share:                    
Basic  $0.13   $0.06   $0.18   $0.19 
Diluted  $0.13   $0.06   $0.18   $0.19 

 

There were 72,000 shares for the three and nine months ended June 30, 2018 that were excluded from the above calculation as they were antidilutive in nature. No shares were considered antidilutive for the three and nine months ended June 30, 2017.

 

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 June 30, 2018 and September 30, 2017 are as follows:

 

   June 30, 2018  September 30, 2017
Less than one year  $8,486,225   $5,937,150 
1-5 years   18,226,000    19,816,000 
Total  $26,712,225   $25,753,150 

 

Note 4. Stock-Based Compensation

 

The Company recorded $519,223 and $1,488,304 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 nine months ended June 30, 2018, respectively. For the three months ended June 30, 2018, $477,193 of this expense is included in selling, general and administrative expense, and $42,030 is included in cost of sales. For the nine months ended June 30, 2018, $1,362,213 of this expense is included in selling, general and administrative expense, and $126,091 is included in cost of sales. The Company recorded $590,419 and $1,774,330 of compensation expense related to current and past equity awards for the three and nine months ended June 30, 2017, respectively. For the three months ended June 30, 2017, $535,719 of this expense was included in selling, general and administrative expense, and $54,700 was included in cost of sales. For the nine months ended June 30, 2017, $1,610,229 of this expense was included in selling, general and administrative expense, and $164,101 was included in cost of sales. As of June 30, 2018, $3,894,131 of total unrecognized compensation expense related to non-vested restricted stock awards and stock options is expected to be recognized over a period of approximately 6.3 years.

 

We used the Black-Scholes option pricing model to determine the weighted average fair value of options granted during the nine months ended June 30, 2018. During the nine months ended June 30, 2018, the Company granted employees non-qualified stock options to purchase an aggregate of 72,000 shares of common stock with a contractual term of five years, a three year vesting term, and an exercise price of $13.35. There were no stock options granted during the nine months ended June 30, 2017. The weighted-average fair value at the grant date for options issued during the nine months ended June 30, 2018 was $5.15. This fair value was estimated at the grant date using the assumptions listed below:

 

   Nine months ended June 30, 2018
Dividend yield  0%
Average expected volatility  45.63%
Average risk-free interest rate  2.61%
Expected life (years)  4
Vesting period (years)  3

 

The expected stock price volatility is based on the historical volatility of the Company’s stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate at grant date on zero-coupon U.S. governmental bonds having a remaining life similar to the expected option term.

 

The following is a summary of stock option activity during the nine months ended June 30, 2018:

 

   Number of options  Weighted average exercise price
Outstanding at September 30, 2017   38,950   $2.79 
Granted   72,000    13.35 
Exercised   (7,350)   3.67 
Cancelled or Forfeited   -    - 
Outstanding at June 30, 2018   103,600   $10.06 

 

The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of June 30, 2018, the weighted average remaining contractual term for all outstanding stock options was 3.99 years and their aggregate intrinsic value was $102,052. As of June 30, 2018, the weighted average remaining contractual term for all exercisable stock options was 2.14 years and their aggregate intrinsic value was $267,652. During the nine months ended June 30, 2018, the Company received proceeds of $21,174 from the exercise of stock options. During the nine months ended June 30, 2017, exercised stock options totaled 15,850 shares, resulting in $28,718 of proceeds to the Company.

 

 5 

 

Restricted Stock

 

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

 

During the nine months ended June 30, 2018, 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. Also, the Company granted employees a restricted stock award totaling 3,000 shares of common stock, with a vesting term of one year and a fair value of $13.35 per share

 

During the nine months ended June 30, 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 nine months ended June 30, 2018 are summarized as follows:

 

   Number of shares  Weighted average grant date fair value
Unvested shares at September 30, 2017   370,530   $15.24 
Granted   7,235    14.17 
Vested   (85,933)   17.39 
Forfeited   (12,284)   15.54 
Unvested at June 30, 2018   279,548   $14.54 

 

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 June 30, 2018 and December 31, 2017, employees purchased 15,932 and 14,242 shares at a price of $9.39 and $10.41 per share, respectively. After the employee purchase on June 30, 2018, 87,081 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 June 30, 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.

 

 6 

 

Note 6. Inventories

 

Inventories consist of the following as of:

 

   June 30, 2018  September 30, 2017
Raw materials  $5,136,429   $5,991,863 
Work-in-progress   773,652    724,248 
Finished goods   3,777,971    1,737,456 
Inventories, net  $9,688,052   $8,453,567 

 

During the nine months ended June 30, 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 nine months ended June 30, 2018 and 2017:

 

   Three Months Ended June 30,  Nine Months Ended June 30,
   2018  2017  2018  2017
Customer A  20%  15%  22%  20%
Customer B  13%  15%  14%  15%
Customer C  10%  *  *  *

 

* Less than 10%

 

As of June 30, 2018, Customers C, B, and A accounted for 15%, 14%, and 12% accounts receivable, respectively. As of September 30, 2017, Customer B accounted for 19% of accounts receivable. Customers A and B are both distributors. Customer C is a private label original equipment manufacturer.

 

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 nine months ended June 30, 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 June 30, 2018, the Company has 13 patents granted and multiple pending applications both inside and outside the United States.

 

Note 9. Impairment of Long-Lived Assets

 

The Company assesses potential impairments to its long-lived assets or asset groups when there is evidence that events occur or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recovered. An impairment loss is recognized when the carrying amount of the long-lived asset or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group.

 

Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value and is recorded as a reduction in the carrying value of the related asset or asset group and a charge to operating results. During the three and nine months ended June 30, 2017, the Company incurred an impairment charge on long-lived assets of $643,604. This impairment was related to the cancellation of an enterprise resource planning software implementation. No impairment of long-lived assets occurred during the three and nine months ended June 30, 2018.

 

 7 

 

Note 10. Income Taxes

 

For the three and nine months ended June 30, 2018, the Company recorded income tax expense of $766,000 and $462,000, respectively, reflecting an effective tax rate of 30.4% and 16.2%, 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 nine months ended June 30, 2018 is a blended rate reflecting the anticipated benefit of three quarters of federal tax rate reductions for fiscal 2018. Our nine months tax expense 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 nine months ended June 30, 2018 and reduced long-term deferred tax liabilities during the nine months ended June 30, 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 unfavorable discrete items for the three and nine months ended June 30, 2018 from tax shortfalls related to stock-based compensation awards, nondeductible meals and entertainment, favorable domestic manufacturing deduction and research and development credits.

 

For the three and nine months ended June 30, 2017, the Company recorded a provision for income taxes of $593,000 and $1,393,000, respectively, reflecting an effective tax rate of 42.5% and 35.0%, 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 unfavorable discrete items for the three and nine months ended June 30, 2017 from tax shortfalls related to stock-based compensation awards.

 

As of June 30, 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 nine months ended June 30, 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 June 30, 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 June 30, 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.

 

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 11. 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 dated 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.

 

 8 

 

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 fourth 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 incurred approximately $106,000 in legal, professional, and other costs related to this acquisition accounted for as selling and administrative expenses when incurred. The remaining weighted-average useful life of intangible assets acquired is 12.5 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.

 

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 as if the powered cabinet business were combined with the Clearfield business for the three and nine months ended June 30, 2017 and June 30, 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
June 30, 2017		  
 
 		 Pro Forma
Nine Months Ended
June 30, 2017		  
 
 		 Pro Forma
Nine Months Ended
June 30, 2018
   (unaudited)  (unaudited)  (unaudited)
Net sales  $23,517,078   $68,237,433   $58,485,804 
                
Income from operations  $1,946,661   $6,130,794   $3,007,279 
                
Net income  $1,162,370   $4,135,565   $2,913,224 
                
Net income per share:               
Basic  $0.09   $0.30   $0.22 
Diluted  $0.09   $0.30   $0.22 

 

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.

 

 9 

 

Note 12. 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 has identified major revenue streams, performed an analysis of a sample of contracts to evaluate the impact of the standard, and begun drafting its accounting policies and evaluating the new disclosure requirements. 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 and has decided that it would use the cumulative catch-up transition method should the adoption of this standard require any restatement.  The Company is still evaluating the impact of the adoption of this standard will have on our financial statements.

 

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.

 

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.

 

 10 

 

The following discussion and analysis of our financial condition and results of operations as of and for the three and nine months ended June 30, 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 June 30, 2018 vS. three months ended June 30, 2017

 

Net sales for the third quarter of fiscal 2018 ended June 30, 2018 were $21,481,000, an increase of approximately 10%, or $1,870,000, from net sales of $19,611,000 for the third quarter of fiscal 2017. Net sales to broadband service providers and commercial data networks customers were $20,543,000 in the third quarter of fiscal 2018, versus $18,857,000 in the same period of fiscal 2017. Among this group, the Company recorded $1,811,000 in international sales for the third quarter of fiscal 2018, versus $1,174,000 in the same period of fiscal 2017. Net sales to build-to-print and OEM customers were $938,000 in the third quarter of fiscal 2018 versus $754,000 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 8% and 6% of total net sales for the third quarters of fiscal 2018 and 2017, respectively.

 

The increase in net sales for the quarter ended June 30, 2018 of $1,870,000 compared to the quarter ended June 30, 2017 is primarily attributable to an increase in sales to an OEM manufacturer in the amount of $2,090,000 from the acquisition of our powered cabinet line in February 2018. International sales also increased $637,000 when compared to the same period due to an increase in demand. These were slightly offset by a decrease in the ongoing builds of an Alternative Carrier customer of $116,000 in the quarter ended June 30, 2018 as compared to the third quarter of fiscal 2017. 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 third quarter of fiscal 2018 was $12,989,000, an increase of $1,315,000, or 11%, from $11,674,000 in the comparable period of fiscal 2017. Gross profit percent was 39.5% of net sales in the fiscal 2018 third quarter, a decrease from 40.5% of net sales for the fiscal 2017 third quarter. Gross profit increased $555,000, or 7%, to $8,492,000 for the three months ended June 30, 2018 from $7,937,000 in the comparable period in fiscal 2017. The increase in gross profit in the third quarter of fiscal 2018 was due to increased volume while the decrease in gross profit percent was primarily due to the integration of the Company’s acquired powered cabinet line into its manufacturing processes as well as a higher percentage of sales associated with these products, which have lower gross margins.

 

 11 

 

Selling, general and administrative expenses decreased $528,000, or 8%, to $6,087,000 in the fiscal 2018 third quarter from $6,615,000 for the fiscal 2017 third quarter. The decrease in the third quarter of fiscal 2018 is a result of an impairment of long-lived assets of $644,000 that occurred in the fiscal 2017 third quarter and a decrease of $223,000 in legal expenses, mainly due to the settlement of the patent infringement litigation that occurred during the fiscal 2018 second quarter. These were slightly offset by an increase of $284,000 in compensation costs due primarily to additional sales and engineering personnel.

 

Income from operations for the quarter ended June 30, 2018 was $2,405,000 compared to income from operations of $1,323,000 for the comparable quarter of fiscal 2017, an increase of approximately 82%. This increase is primarily attributable to increased gross profit and decreased selling, general and administrative expenses for the quarter ended June 30, 2018 as noted above.

 

Interest income for the quarter ended June 30, 2018 was $117,000 compared to $74,000 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 provision for income taxes of $766,000 and $593,000 for the three months ended June 30, 2018 and 2017, respectively. We record our quarterly provision for income taxes based on our estimated annual effective tax rate for the year. The increase in tax expense of $173,000 from the third quarter of fiscal 2017 is primarily due to increased income from operations in the third quarter of fiscal 2018. The decrease in the income tax expense rate to 30.4% for the third quarter of fiscal 2018 from 42.5% for the third quarter of fiscal 2017 is primarily due to the Tax Reform Act that resulted in a lower federal tax rate.

 

The Company’s net income for the three months ended June 30, 2018 was $1,755,000, or $0.13 per basic and diluted share. The Company’s net income for the three months ended June 30, 2017 was $803,000, or $0.06 per basic and diluted share.

 

NINE months ended JUNE 30, 2018 vS. NINE months ended JUne 30, 2017

 

Net sales for the nine months ended June 30, 2018 were $55,178,000, a decrease of 1%, or approximately $351,000, from net sales of $55,529,000 for the first nine months of fiscal 2017. Net sales to broadband service providers and commercial data networks customers were $52,541,000 for the first nine months of fiscal 2018, versus $52,508,000 in the same period of fiscal 2017. Among this group, the Company recorded $3,946,000 in international sales versus $4,547,000 in the same period of fiscal 2017. Net sales to build-to-print and OEM customers were $2,637,000 in the first nine months of fiscal 2018 versus $3,021,000 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 7% and 8% of total net sales for the first nine months of fiscal 2018 and 2017, respectively.

 

The decrease in net sales for the nine months ended June 30, 2018 of $351,000 compared to the nine months ended June 30, 2017 is primarily attributable to a decrease in the ongoing builds of an Alternative Carrier customer of $1,008,000 in the nine months ended June 30, 2018. Additionally, net sales were negatively affected by a decrease in international sales of $601,000 during the same period due to a decrease in demand. These were mostly offset by an increase of $1,258,000 in net sales to our domestic customer base of commercial data network providers, build to print OEM manufacturers, and broadband service providers. This increase was due primarily to sales to an OEM manufacturer from the acquisition of our powered cabinet line in February 2018. 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 nine months ended June 30, 2018 was $32,798,000, a decrease of $142,000, or less than 1%, from $32,940,000 in the comparable period of fiscal 2017. Gross profit percent was 40.6% of net sales in the fiscal 2018 first nine months, down slightly from 40.7% for the comparable nine months in fiscal 2017. Gross profit decreased $209,000, or 1%, to $22,380,000 for the nine months ended June 30, 2018 from $22,589,000 in the comparable period in fiscal 2017. The decrease in gross profit percent was primarily due to the integration of the Company’s acquired powered cabinet line into its manufacturing processes as well as a higher percentage of sales associated with these products, which have lower gross margins.

 

 12 

 

Selling, general and administrative expenses increased 6%, or $1,063,000, from $18,794,000 for the first nine months of fiscal 2017 to $19,857,000 for the first nine months of fiscal 2018. The increase in the first nine months of fiscal 2018 consists primarily of an increase of $1,592,000 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 that occurred in the fiscal 2018 second quarter, and an increase of $634,000 in compensation costs due primarily to additional sales and engineering personnel. These were somewhat offset by the impairment of long-lived assets of $644,000 that occurred in the fiscal 2017 third quarter, lower performance compensation accruals of $472,000, lower product development costs of $270,000, and decreased selling, general and administrative stock compensation costs of $248,000.

 

Income from operations for the nine months ended June 30, 2018 was $2,523,000 compared to income from operations of $3,794,000 for the first nine months of fiscal 2017, a decrease of $1,271,000, or 33%. This decrease is primarily attributable to increased selling, general and administrative expenses as described above.

 

Interest income for the nine months ended June 30, 2018 was $332,000 compared to $186,000 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 provision for income taxes of $462,000 and $1,393,000 for the nine months ended June 30, 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 $931,000 from the nine months ended June 30, 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 and lower profitability in the first nine months fiscal 2018. The decrease in the income tax expense rate to 16.2% for the first nine months of fiscal 2018 from 35.0% for the first nine months of fiscal 2017 is primarily due to the Tax Reform Act as described above.

 

The Company’s net income for the first nine months of fiscal 2018 ended June 30, 2018 was $2,393,000, or $0.18 per basic and diluted share. The Company’s net income for the first nine months of fiscal 2017 ended June 30, 2017 was $2,588,000, or $0.19 per basic and diluted share.

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of June 30, 2018, our principal source of liquidity was our cash, cash equivalents and short-term investments. Those sources total $17,774,000 as of June 30, 2018 compared to $24,473,000 as of 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 $18,226,000 as of June 30, 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 June 30, 2018 or September 30, 2017.

 

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 $4,299,000 for the nine months ended June 30, 2018. This was primarily due to net income of $2,393,000, non-cash expenses for depreciation and amortization of $1,547,000, and stock-based compensation of $1,488,000, 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 using cash. Changes in operating assets and liabilities providing cash include a decrease to inventories of $1,546,000, 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 nine months ended June 30, 2018. Changes in operating assets and liabilities using cash include an increase in accounts receivable from September 30, 2017 to June 30, 2018 of $2,414,000. The increase in accounts receivable was primarily due to increased net sales for the three months ended June 30, 2018 when compared to the three months ended September 30, 2017. Additionally, days sales outstanding, which measures how quickly receivables are collected, increased five days to 41 days from September 30, 2017 to June 30, 2018.

 

 13 

 

Net cash provided by operating activities totaled $2,522,000 for the nine months ended June 30, 2017. This was primarily due to net income of $2,588,000, non-cash expenses for depreciation and amortization of $1,206,000, stock-based compensation of $1,774,000 and impairment of long-lived assets of $644,000 offset by changes in operating assets and liabilities using cash. Changes in operating assets and liabilities providing cash include a decrease in other assets of $324,000. The decrease in other assets primarily represents a decrease in the current income tax receivable. Changes in working capital items using cash include an increase in accounts receivable of $54,000, an increase in inventory of $965,000, and a decrease in accounts payable and accrued expenses of $2,990,000. Days sales outstanding increased two days to 37 days from September 30, 2016 to June 30, 2017. The increase in inventory represents an adjustment for seasonal demand along with new product introductions while the decrease in accounts payable and accrued expenses primarily reflects fiscal 2016 accrued bonus compensation accruals paid in the first quarter of fiscal 2017.

 

Investing Activities

 

During the nine months ended June 30, 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 nine months ended June 30, 2018, we used cash to purchase $5,403,000 of FDIC-backed securities and received $4,444,000 on CDs that matured. Prosecution of patents and purchases of capital equipment, mainly related to information technology and manufacturing equipment, consumed $920,000 of cash in the nine months ended June 30, 2018.

 

During the nine months ended June 30, 2017, we used cash to purchase $13,279,000 of FDIC-backed securities and received $6,619,000 on CDs that matured. Prosecution of patents and purchases of capital equipment, mainly related to information technology and manufacturing equipment, consumed $1,631,000 of cash in the nine months ended June 30, 2017.

 

Financing Activities

 

For the nine months ended June 30, 2018, we received $298,000 from employees’ participation and purchase of stock through our ESPP. We also received $21,000 from stock option exercises. The Company used $349,000 to pay for taxes as a result of employees’ vesting of restricted shares using share withholding. Additionally, we used $1,371,000 to repurchase our common stock in the nine months ended June 30, 2018. As of June 30, 2018, we had authority to purchase approximately $5,798,000 in additional shares under the repurchase program announced on November 13, 2014 that was subsequently increased on April 25, 2017.

 

For the nine months ended June 30, 2017, we received $335,000 from employees’ participation and purchase of stock through our ESPP. We also received $29,000 from stock option exercises. The Company used $462,000 to pay for taxes as a result of employees’ vesting of restricted shares using share withholding. Additionally, we used $2,403,000 to repurchase our common stock in the nine months ended June 30, 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 June 30, 2018.

 

 14 

 

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 nine months or quarter ended June 30, 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 June 30, 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 June 30, 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

 

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 June 30, 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)
April 1-30, 2018   5,378   $12.00    5,378   $6,869,233 
May 1-31, 2018   80,653    11.41    50,453    6,283,979 
June 1-30, 2018   44,644    10.96    44,302    5,798,353 
Total   130,675   $11.28    100,133   $5,798,353 

 

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

 

In the three months ended June 30, 2018, the Company repurchased a total of 30,542 shares at an average price of $11.11 per share in connection with payment of taxes upon vesting of restricted stock previously issued to employees.

 

 15 

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

None.

 

ITEM 6. Exhibits

 

 

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

 

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

 

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

 

 

 

 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.

 

 

 

August 1, 2018    /s/ Cheryl Beranek
   

By: Cheryl Beranek

Its: President and Chief Executive Officer

    (Principal Executive Officer)
     
August 1, 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.

 

 

 

August 1, 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.

 

 

 

August 1, 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 June 30, 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.

 

 

August 1, 2018    /s/ Cheryl Beranek
    By: Cheryl Beranek, President and Chief Executive Officer
    (Principal Executive Officer)

 

 

August 1, 2018   /s/ Daniel Herzog
    By: Daniel Herzog, Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 EX-101.INS 5 clfd-20180630.xml XBRL INSTANCE FILE 28724840 22916463 P5Y <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> Impairment of Long-Lived Assets</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 assesses potential impairments to its long-lived assets or asset groups when there is evidence that events occur or changes in circumstances indicate that the carrying amount of an asset or asset group <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recovered. An impairment loss is recognized when the carrying amount of the long-lived asset or asset group is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group.</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">Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value and is recorded as a reduction in the carrying value of the related asset or asset group and a charge to operating results. During the <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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>the Company incurred an impairment charge on long-lived assets of <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;">$643,604</div>.</div> This impairment was related to the cancellation of an enterprise resource planning software implementation. <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>impairment of long-lived assets occurred during 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018.</div></div></div> 5782 34268 13 9.39 10.41 0.85 false --09-30 Q3 2018 2018-06-30 10-Q 0000796505 13660147 Yes Accelerated Filer Clearfield, Inc. No No clfd 2016413 1739791 9651516 7237641 456999 93304 1632693 2410026 P12Y182D 55495474 55406888 519223 1488304 477193 42030 1362213 126091 590419 1774330 535719 54700 1610229 164101 79085 79085 72000 0 72000 0 71444131 69494037 37811881 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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> 106000 0.09 0.30 0.22 0.09 0.30 0.22 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;<br /> &nbsp;<br /> &nbsp;</td> <td style="font-size: 10pt">&nbsp;<br /> &nbsp;<br /> &nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">Pro&nbsp;Forma<br /> Three&nbsp;Months&nbsp;Ended<br /> June 30, 2017</td> <td style="font-size: 10pt">&nbsp;<br /> &nbsp;<br /> &nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">Pro&nbsp;Forma<br /> Nine&nbsp;Months&nbsp;Ended<br /> June 30, 2017</td> <td style="font-size: 10pt">&nbsp;<br /> &nbsp;<br /> &nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">Pro&nbsp;Forma<br /> Nine Months&nbsp;Ended<br /> June 30, 2018</td> </tr> <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">(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">(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">(unaudited)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; 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;">23,517,078</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">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">68,237,433</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,485,804</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> </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 from operations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,946,661</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,130,794</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,007,279</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: -10.1pt; padding-left: 10.1pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; text-indent: -10.1pt; padding-left: 10.1pt">Net income</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">1,162,370</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,135,565</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">2,913,224</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> </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 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> </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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.09</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">0.30</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.22</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt; text-indent: -10pt; padding-left: 20pt">Diluted</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">0.09</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.30</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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> </tr> </table></div> 1946661 6130794 3007279 1162370 4135565 2913224 23517078 68237433 58485804 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;">11.</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 dated <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> <!-- Field: Page; Sequence: 10; Value: 1 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt; 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=" 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; 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;">$3,500,000</div> in inventory and purchase orders from subcontractors.&nbsp; We expect to fulfill this commitment during the normal course of business.&nbsp; The allocation of purchase consideration to assets acquired is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> yet finalized as we continue to evaluate the fair value of certain assets acquired. The following table summarizes the preliminary estimated fair values of the assets acquired at the acquisition </div>date:</div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">February 20, 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; text-indent: -10.1pt; padding-left: 10.1pt">Inventories</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; 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">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;">fourth</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 incurred approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$106,000</div> in legal, professional, and other costs related to this acquisition accounted for as selling and administrative expenses when incurred. The remaining weighted-average useful life of intangible assets acquired is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.5</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">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.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The following table 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 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> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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;<br /> &nbsp;<br /> &nbsp;</td> <td style="font-size: 10pt">&nbsp;<br /> &nbsp;<br /> &nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">Pro&nbsp;Forma<br /> Three&nbsp;Months&nbsp;Ended<br /> June 30, 2017</td> <td style="font-size: 10pt">&nbsp;<br /> &nbsp;<br /> &nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">Pro&nbsp;Forma<br /> Nine&nbsp;Months&nbsp;Ended<br /> June 30, 2017</td> <td style="font-size: 10pt">&nbsp;<br /> &nbsp;<br /> &nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center">Pro&nbsp;Forma<br /> Nine Months&nbsp;Ended<br /> June 30, 2018</td> </tr> <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">(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">(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">(unaudited)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; 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;">23,517,078</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">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">68,237,433</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58,485,804</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> </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 from operations</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,946,661</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,130,794</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,007,279</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-indent: -10.1pt; padding-left: 10.1pt">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.25pt; text-indent: -10.1pt; padding-left: 10.1pt">Net income</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">1,162,370</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,135,565</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">2,913,224</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> </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 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> </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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.09</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">0.30</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.22</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt; text-indent: -10pt; padding-left: 20pt">Diluted</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">0.09</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.30</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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> </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">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 9287640 18536111 28014321 19748097 <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;"> June 30, 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">June 30, 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: 70%; 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">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,486,225</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; 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;">18,226,000</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,712,225</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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> -9248471 -8266224 0.01 0.01 50000000 50000000 13693943 13812821 13693943 13812821 136939 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"><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 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30,</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">Nine Months Ended June 30,</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 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 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 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 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: 14%; font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20%</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22%</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20%</div></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: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13%</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Customer C</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">*</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">*</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">*</div></td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt">* Less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</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">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>Customers C, B, and A accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12%</div> 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. Customer C is a private label original equipment manufacturer.</div></div> 0.15 0.14 0.12 0.19 0.2 0.15 0.22 0.2 0.13 0.15 0.14 0.15 0.1 12988545 11674047 32798083 32940446 -384000 272419 281720 60076 444076 1546661 1205769 <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;">$519,223</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,488,304</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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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;"> June 30, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$477,193</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;">$42,030</div> is included in cost of sales. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,362,213</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;">$126,091</div> is included in cost of sales. The Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$590,419</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,774,330</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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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;"> June 30, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$535,719</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;">$54,700</div> was included in cost of sales. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,610,229</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;">$164,101</div> was included in cost of sales. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,894,131</div> of total unrecognized compensation expense related to non-vested restricted stock awards and stock options is expected to be recognized over a period of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.3</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">We used the Black-Scholes option pricing model to determine the weighted average fair value of options granted during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018. </div>During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company granted employees non-qualified stock options to purchase an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,000</div> shares of common stock with a contractual term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years, a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> year vesting term, and an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13.35.</div> There were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> stock options granted during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017. </div>The weighted-average fair value at the grant date for options issued during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$5.15.</div> This fair value was estimated at the grant date using the assumptions listed below:</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 style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Nine months ended June 30, 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; text-align: left">Dividend yield</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0%</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Average expected volatility</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45.63%</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Average risk-free interest rate</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.61%</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected life (years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Vesting period (years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></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">The expected stock price volatility is based on the historical volatility of the Company&#x2019;s stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate at grant date on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">zero</div>-coupon U.S. governmental bonds having a remaining life similar to the expected option term.</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 summary of stock option activity during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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: 70%; font-size: 10pt">Outstanding at 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: 12%; 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: 12%; 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;">72,000</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;">13.35</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;">(7,350</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;">3.67</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 at June 30, 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;">103,600</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;">10.06</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;"> June 30, 2018, </div>the weighted average remaining contractual term for all outstanding stock options was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.99</div> years and their aggregate intrinsic value was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$102,052.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the weighted average remaining contractual term for all exercisable stock options was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.14</div> years and their aggregate intrinsic value was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$267,652.</div> During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company received proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,174</div> from the exercise of stock options. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>exercised stock options totaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,850</div> shares, resulting in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$28,718</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;"></div></div> <!-- Field: Page; Sequence: 7; Value: 1 --> <!-- Field: /Page --> <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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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;">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. Also, the Company granted employees a restricted stock award totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,000</div> shares of common stock, with a vesting term of <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;">$13.35</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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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;">$16.45</div> per share.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Restricted stock transactions during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>are summarized as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average grant date fair value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt">Unvested shares at September 30, 2017</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">370,530</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; 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;">7,235</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;">14.17</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;">(85,933</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;">17.39</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;">(12,284</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;">15.54</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Unvested at June 30, 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;">279,548</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.54</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;"> June 30, 2018 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div>employees purchased <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,932</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,242</div> shares at a price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$9.39</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$10.41</div> per share, respectively. After the employee purchase on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">87,081</div> shares of common stock were available for future purchase under the ESPP.</div></div> 0.13 0.06 0.18 0.19 0.13 0.06 0.18 0.19 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> Net Income Per Share</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Basic net income per common share (&#x201c;EPS&#x201d;) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options and restricted stock awards, when dilutive.</div> <div style=" margin: 0pt 0; font-size: 10pt; 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 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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 June 30,</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">Nine Months Ended June 30,</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 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;">1,755,232</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">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">803,316</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,393,014</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;">2,587,767</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;">13,430,503</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;">13,522,755</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;">13,441,619</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;">13,559,704</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;">75,827</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;">31,504</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;">171,241</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;">13,430,503</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;">13,598,582</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;">13,473,123</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;">13,730,945</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 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;">0.13</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.06</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.18</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.19</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in; padding-left: 10pt">Diluted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.13</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.06</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.18</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;">0.19</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </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">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;">72,000</div></div> shares 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>that were excluded from the above calculation as they were antidilutive in nature. <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>shares were considered antidilutive 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017.</div></div></div> 0.304 0.162 0.425 0.35 3894131 P6Y109D <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div> Accounts Receivable and Net Sales</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Credit is extended based on the evaluation of a customer&#x2019;s financial condition and collateral is generally <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;"> June 30, 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 20358 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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;"> June 30, 2018, </div>the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> patents granted and multiple pending applications both inside and outside the United States.</div></div> 0 0 8492045 7937250 22380286 22588784 26712225 25753150 18226000 19816000 8486225 5937150 643604 0 643604 0 2521232 1396316 2855014 3980767 <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> 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>the Company recorded income tax expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$766,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$462,000,</div> respectively, reflecting an effective tax rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30.4%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16.2%,</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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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;">nine</div> months tax expense 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>and reduced long-term deferred tax liabilities during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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 <div style="display: inline; color: black">unfavorable 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018 </div>from tax shortfalls related to stock-based compensation awards, </div>nondeductible meals and entertainment, 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017, </div>the Company recorded a provision for income taxes of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$593,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,393,000,</div> respectively, reflecting an effective tax rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">42.5%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">35.0%,</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 unfavorable 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2017 </div>from tax shortfalls 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;"> June 30, 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;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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;"> June 30, 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;"> June 30, 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">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> 766000 462000 593000 1393000 -384000 48987 893483 -146317 -2989849 2413875 53619 -1546081 965458 -289305 -324206 5549320 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</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Inventories consist of the following as of:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; 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">June 30, 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: 70%; 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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,136,429</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;">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;">773,652</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;">3,777,971</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;">9,688,052</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"><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">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">nine</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 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> 3777971 1737456 9688052 8453567 5136429 5991863 773652 724248 116549 73759 331650 186378 <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">June 30, 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: 70%; 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: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,486,225</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">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,937,150</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">1-5 years</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,226,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,816,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</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;">26,712,225</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> 4438600 4968917 71444131 69494037 4106105 4243121 332495 725796 18226000 19816000 -1400907 -2501772 -12146379 -8286102 4298815 2521650 2393014 2587767 1755232 803316 <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;">12.</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">&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;"> 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 has identified major revenue streams, performed an analysis of a sample of contracts to evaluate the impact of the standard, and begun drafting its accounting policies and evaluating the new disclosure requirements. 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 and has decided that it would use the cumulative catch-up transition method should the adoption of this standard require any restatement. &nbsp;The Company is still evaluating the impact of the adoption of this standard will have on our financial statements.</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> <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> 2404683 1322557 2523364 3794389 191000 159000 698448 978933 241009 245165 1371414 2403062 348527 462120 10350000 10350000 5403075 13279075 920356 1631127 0.01 0.01 500000 500000 0 0 0 0 297860 334692 4444000 6619000 83052 5100 21174 28718 4907410 5434172 3500000 11373118 8980104 21480590 19611297 55178369 55529230 <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 June 30,</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">Nine Months Ended June 30,</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 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;">1,755,232</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">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">803,316</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,393,014</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;">2,587,767</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;">13,430,503</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;">13,522,755</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;">13,441,619</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;">13,559,704</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;">75,827</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;">31,504</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;">171,241</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;">13,430,503</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;">13,598,582</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;">13,473,123</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;">13,730,945</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 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;">0.13</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.06</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.18</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.19</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in; padding-left: 10pt">Diluted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.13</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.06</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.18</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">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.19</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">June 30, 2018</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30, 2017</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt; text-align: left">Raw materials</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,136,429</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;">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;">773,652</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;">3,777,971</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;">9,688,052</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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,453,567</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">February 20, 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; text-indent: -10.1pt; padding-left: 10.1pt">Inventories</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; 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">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,350,000</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of options</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average exercise&nbsp;price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; font-size: 10pt">Outstanding at September 30, 2017</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38,950</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; 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;">72,000</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;">13.35</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;">(7,350</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;">3.67</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 at June 30, 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;">103,600</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;">10.06</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 style="border-collapse: collapse; min-; 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 style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Nine months ended June 30, 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; font-size: 10pt; text-align: left">Dividend yield</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0%</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Average expected volatility</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45.63%</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Average risk-free interest rate</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.61%</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected life (years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Vesting period (years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></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: 70%; font-size: 10pt">Unvested shares at 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: 12%; 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: 12%; 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;">7,235</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;">14.17</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;">(85,933</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;">17.39</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;">(12,284</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;">15.54</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.25pt">Unvested at June 30, 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;">279,548</div></td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.54</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 style="border-collapse: collapse; min-; 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="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended June 30,</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">Nine Months Ended June 30,</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 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 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 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 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: 14%; font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20%</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22%</div></td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 14%; font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20%</div></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: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13%</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14%</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15%</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Customer C</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">*</div></td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center; text-indent: 0in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">*</div></td> <td style="font-size: 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Accrued expenses Range [Domain] Maximum [Member] Non-cash financing activities Minimum [Member] Valuation Allowance by Deferred Tax Asset [Axis] Accounts payable us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber Options, outstanding (in shares) Options, outstanding (in shares) Other current assets Proceeds from sale of property, plant and equipment Range [Axis] us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod Cancelled or Forfeited (in shares) Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] Trademarks [Member] Preferred stock, shares issued (in shares) Accrued compensation us-gaap_PolicyTextBlockAbstract Accounting Policies Cash paid during the year for income taxes Preferred stock, authorized shares (in shares) Inventories, net Inventories, net us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant Preferred stock, par value (in dollars per share) Work-in-progress us-gaap_PaymentsToAcquirePropertyPlantAndEquipment Purchases of property, plant and equipment and intangible assets Finished goods us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period Customer [Axis] Customer [Domain] Vesting period (Year) Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period Current Liabilities Raw materials us-gaap_Assets Total Assets Supplemental disclosures for cash flow information Patents [Member] Plan Name [Axis] Plan Name [Domain] us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total Cash flows from operating activities us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition Customer Relationships [Member] Statement [Line Items] Employee and Non-Employee Directors [Member] Represents key employees and non-employee directors. us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent Allowance for Doubtful Accounts Receivable, Current, Ending Balance Accounts receivables, net Certification Marks [Member] Additional paid-in capital Calix, Inc. [Member] Represents information about Calix, Inc. Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Finite-Lived Intangible Assets by Major Class [Axis] Stock Compensation Plan 2007 [Member] Name of the Company's equity-based compensation arrangement plan. Finite-Lived Intangible Assets, Major Class Name [Domain] Short-term investments Shareholders’ Equity Non Employee Directors [Member] Represents information pertaining to non-employee directors of the Company. Employees [Member] Represents information about the Company's employees. Equity Award [Domain] Weighted average shares outstanding: The weighted average shares outstanding. Current Assets Award Type [Axis] Net income Net income Intangible assets, net clfd_NumberOfPatentsGranted Number of Patents Granted Represents the number of patents granted in the United States. Interest income Restricted Stock [Member] Other Assets us-gaap_Liabilities Total Liabilities us-gaap_NetCashProvidedByUsedInFinancingActivities Net cash used in 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 Income from operations us-gaap_NetCashProvidedByUsedInOperatingActivities Net cash provided by 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 and restricted stock vestings 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 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 Income before income taxes Income tax 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) Impairment of long-lived assets Impairment of Long-Lived Assets Held-for-use us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount us-gaap_GoodwillImpairmentLoss Goodwill, Impairment Loss Diluted (in shares) Weighted average dilutive common shares outstanding (in shares) Customer 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] Impairment of Long-lived Assets [Text Block] The entire disclosure of impairments on long-lived assets. 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 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 Customer C [Member] Disclosure for customer C. 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-20180630_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document And Entity Information - shares
 9 Months Ended
Jun. 30, 2018
Jul. 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)   13,660,147
Document Type 10-Q  
Document Period End Date Jun. 30, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q3  
Amendment Flag false  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2018
Sep. 30, 2017
Current Assets    
Cash and cash equivalents $ 9,287,640 $ 18,536,111
Short-term investments 8,486,225 5,937,150
Accounts receivables, net 9,651,516 7,237,641
Inventories, net 9,688,052 8,453,567
Other current assets 698,448 978,933
Total current assets 37,811,881 41,143,402
Property, plant and equipment, net 4,907,410 5,434,172
Other Assets    
Long-term investments 18,226,000 19,816,000
Goodwill 4,708,511 2,570,511
Intangible assets, net 5,549,320 284,787
Other 241,009 245,165
Total other assets 28,724,840 22,916,463
Total Assets 71,444,131 69,494,037
Current Liabilities    
Accounts payable 2,016,413 1,739,791
Accrued compensation 1,632,693 2,410,026
Accrued expenses 456,999 93,304
Total current liabilities 4,106,105 4,243,121
Other Liabilities    
Deferred taxes 60,076 444,076
Deferred rent 272,419 281,720
Total other liabilities 332,495 725,796
Total Liabilities 4,438,600 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; 13,693,943 and 13,812,821, shares issued and outstanding as of June 30, 2018 and September 30, 2017 136,939 138,128
Additional paid-in capital 55,495,474 55,406,888
Retained earnings 11,373,118 8,980,104
Total Shareholders’ Equity 67,005,531 64,525,120
Total Liabilities and Shareholders’ Equity $ 71,444,131 $ 69,494,037
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Jun. 30, 2018
Sep. 30, 2017
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized shares (in shares) 500,000 500,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 50,000,000 50,000,000
Common stock, shares issued (in shares) 13,693,943 13,812,821
Common stock, shares outstanding (in shares) 13,693,943 13,812,821
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net sales $ 21,480,590 $ 19,611,297 $ 55,178,369 $ 55,529,230
Cost of sales 12,988,545 11,674,047 32,798,083 32,940,446
Gross profit 8,492,045 7,937,250 22,380,286 22,588,784
Operating expenses        
Selling, general and administrative 6,087,362 6,614,693 19,856,922 18,794,395
Income from operations 2,404,683 1,322,557 2,523,364 3,794,389
Interest income 116,549 73,759 331,650 186,378
Income before income taxes 2,521,232 1,396,316 2,855,014 3,980,767
Income tax expense 766,000 593,000 462,000 1,393,000
Net income $ 1,755,232 $ 803,316 $ 2,393,014 $ 2,587,767
Net income per common share:        
Basic (in dollars per share) $ 0.13 $ 0.06 $ 0.18 $ 0.19
Diluted (in dollars per share) $ 0.13 $ 0.06 $ 0.18 $ 0.19
Weighted average shares outstanding:        
Basic (in shares) 13,430,503 13,522,755 13,441,619 13,559,704
Diluted (in shares) 13,430,503 13,598,582 13,473,123 13,730,945
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net income $ 2,393,014 $ 2,587,767
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,546,661 1,205,769
Impairment of long-lived assets 0 643,604
Deferred taxes (384,000)
Gain on disposal of assets (20,358) (5,100)
Stock-based compensation 1,488,304 1,774,330
Changes in operating assets and liabilities, net of business acquisition:    
Accounts receivable, net (2,413,875) (53,619)
Inventories 1,546,081 (965,458)
Prepaid expenses and other 289,305 324,206
Accounts payable and accrued expenses (146,317) (2,989,849)
Net cash provided by operating activities 4,298,815 2,521,650
Cash flows from investing activities    
Business acquisition (10,350,000)
Purchases of property, plant and equipment and intangible assets (920,356) (1,631,127)
Proceeds from sale of property, plant and equipment 83,052 5,100
Purchases of investments (5,403,075) (13,279,075)
Proceeds from maturities of investments 4,444,000 6,619,000
Net cash used in investing activities (12,146,379) (8,286,102)
Cash flows from financing activities    
Proceeds from issuance of common stock under employee stock purchase plan 297,860 334,692
Proceeds from issuance of common stock upon exercise of stock options 21,174 28,718
Tax withholding related to exercise of stock options and restricted stock vestings (348,527) (462,120)
Repurchase of common stock (1,371,414) (2,403,062)
Net cash used in financing activities (1,400,907) (2,501,772)
Decrease in cash and cash equivalents (9,248,471) (8,266,224)
Cash and cash equivalents, beginning of period 18,536,111 28,014,321
Cash and cash equivalents, end of period 9,287,640 19,748,097
Supplemental disclosures for cash flow information    
Cash paid during the year for income taxes 48,987 893,483
Non-cash financing activities    
Cashless exercise of stock options $ 5,782 $ 34,268
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Basis of Presentation
 9 Months Ended
Jun. 30, 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
nine
months ended
June 30, 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 v3.10.0.1
Note 2 - Net Income Per Share
 9 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Earnings Per Share [Text Block]
Note
2.
Net Income Per Share
 
Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options and restricted stock awards, when dilutive.
 
The following is a reconciliation of the numerator and denominator of the net income per common share computations for the
three
and
nine
months ended
June 30, 2018
and
2017:
 
    Three Months Ended June 30,   Nine Months Ended June 30,
    2018   2017   2018   2017
Net income   $
1,755,232
     $
803,316
     $
2,393,014
     $
2,587,767
  
Weighted average common shares    
13,430,503
      
13,522,755
      
13,441,619
      
13,559,704
  
Dilutive potential common shares    
-
      
75,827
      
31,504
      
171,241
  
Weighted average dilutive common shares outstanding    
13,430,503
      
13,598,582
      
13,473,123
      
13,730,945
  
Net income per common share:                                
Basic   $
0.13
     $
0.06
     $
0.18
     $
0.19
  
Diluted   $
0.13
     $
0.06
     $
0.18
     $
0.19
  
 
There were
72,000
shares for the
three
and
nine
months ended
June 30, 2018
that were excluded from the above calculation as they were antidilutive in nature.
No
shares were considered antidilutive for the
three
and
nine
months ended
June 30, 2017.
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Cash, Cash Equivalents and Investments
 9 Months Ended
Jun. 30, 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
June 30, 2018
and
September 30, 2017
are as follows:
 
    June 30, 2018   September 30, 2017
Less than one year   $
8,486,225
     $
5,937,150
  
1-5 years    
18,226,000
      
19,816,000
  
Total   $
26,712,225
     $
25,753,150
  
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Stock-based Compensation
 9 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
Note
4.
Stock-Based Compensation
 
The Company recorded
$519,223
and
$1,488,304
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
nine
months ended
June 30, 2018,
respectively. For the
three
months ended
June 30, 2018,
$477,193
of this expense is included in selling, general and administrative expense, and
$42,030
is included in cost of sales. For the
nine
months ended
June 30, 2018,
$1,362,213
of this expense is included in selling, general and administrative expense, and
$126,091
is included in cost of sales. The Company recorded
$590,419
and
$1,774,330
of compensation expense related to current and past equity awards for the
three
and
nine
months ended
June 30, 2017,
respectively. For the
three
months ended
June 30, 2017,
$535,719
of this expense was included in selling, general and administrative expense, and
$54,700
was included in cost of sales. For the
nine
months ended
June 30, 2017,
$1,610,229
of this expense was included in selling, general and administrative expense, and
$164,101
was included in cost of sales. As of
June 30, 2018,
$3,894,131
of total unrecognized compensation expense related to non-vested restricted stock awards and stock options is expected to be recognized over a period of approximately
6.3
years.
 
We used the Black-Scholes option pricing model to determine the weighted average fair value of options granted during the
nine
months ended
June 30, 2018.
During the
nine
months ended
June 30, 2018,
the Company granted employees non-qualified stock options to purchase an aggregate of
72,000
shares of common stock with a contractual term of
five
years, a
three
year vesting term, and an exercise price of
$13.35.
There were
no
stock options granted during the
nine
months ended
June 30, 2017.
The weighted-average fair value at the grant date for options issued during the
nine
months ended
June 30, 2018
was
$5.15.
This fair value was estimated at the grant date using the assumptions listed below:
 
    Nine months ended June 30, 2018
Dividend yield  
0%
Average expected volatility  
45.63%
Average risk-free interest rate  
2.61%
Expected life (years)  
4
Vesting period (years)  
3
 
The expected stock price volatility is based on the historical volatility of the Company’s stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate at grant date on
zero
-coupon U.S. governmental bonds having a remaining life similar to the expected option term.
 
The following is a summary of stock option activity during the
nine
months ended
June 30, 2018:
 
    Number of options   Weighted average exercise price
Outstanding at September 30, 2017    
38,950
     $
2.79
  
Granted    
72,000
      
13.35
  
Exercised    
(7,350
 )    
3.67
  
Cancelled or Forfeited    
-
      
-
  
Outstanding at June 30, 2018    
103,600
     $
10.06
  
 
The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of
June 30, 2018,
the weighted average remaining contractual term for all outstanding stock options was
3.99
years and their aggregate intrinsic value was
$102,052.
As of
June 30, 2018,
the weighted average remaining contractual term for all exercisable stock options was
2.14
years and their aggregate intrinsic value was
$267,652.
During the
nine
months ended
June 30, 2018,
the Company received proceeds of
$21,174
from the exercise of stock options. During the
nine
months ended
June 30, 2017,
exercised stock options totaled
15,850
shares, resulting in
$28,718
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
nine
months ended
June 30, 2018,
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. Also, the Company granted employees a restricted stock award totaling
3,000
shares of common stock, with a vesting term of
one
year and a fair value of
$13.35
per share
 
During the
nine
months ended
June 30, 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
nine
months ended
June 30, 2018
are summarized as follows:
 
    Number of shares   Weighted average grant date fair value
Unvested shares at September 30, 2017    
370,530
     $
15.24
  
Granted    
7,235
      
14.17
  
Vested    
(85,933
 )    
17.39
  
Forfeited    
(12,284
 )    
15.54
  
Unvested at June 30, 2018    
279,548
     $
14.54
  
 
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
June 30, 2018
and
December 31, 2017,
employees purchased
15,932
and
14,242
shares at a price of
$9.39
and
$10.41
per share, respectively. After the employee purchase on
June 30, 2018,
87,081
shares of common stock were available for future purchase under the ESPP.
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Accounts Receivable and Net Sales
 9 Months Ended
Jun. 30, 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
June 30, 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 v3.10.0.1
Note 6 - Inventories
 9 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Inventory Disclosure [Text Block]
Note
6.
Inventories
 
Inventories consist of the following as of:
 
    June 30, 2018   September 30, 2017
Raw materials   $
5,136,429
     $
5,991,863
  
Work-in-progress    
773,652
      
724,248
  
Finished goods    
3,777,971
      
1,737,456
  
Inventories, net   $
9,688,052
     $
8,453,567
  
 
During the
nine
months ended
June 30, 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 v3.10.0.1
Note 7 - Major Customer Concentration
 9 Months Ended
Jun. 30, 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
nine
months ended
June 30, 2018
and
2017:
 
    Three Months Ended June 30,   Nine Months Ended June 30,
    2018   2017   2018   2017
Customer A  
20%
  
15%
  
22%
  
20%
Customer B  
13%
  
15%
  
14%
  
15%
Customer C  
10%
  
*
  
*
  
*
 
* Less than
10%
 
As of
June 30, 2018,
Customers C, B, and A accounted for
15%,
14%,
and
12%
accounts receivable, respectively. As of
September 30, 2017,
Customer B accounted for
19%
of accounts receivable. Customers A and B are both distributors. Customer C is a private label original equipment manufacturer.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Goodwill and Patents
 9 Months Ended
Jun. 30, 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
nine
months ended
June 30, 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
June 30, 2018,
the Company has
13
patents granted and multiple pending applications both inside and outside the United States.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 - Impairment of Long-lived Assets
 9 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Impairment of Long-lived Assets [Text Block]
Note
9.
Impairment of Long-Lived Assets
 
The Company assesses potential impairments to its long-lived assets or asset groups when there is evidence that events occur or changes in circumstances indicate that the carrying amount of an asset or asset group
may
not
be recovered. An impairment loss is recognized when the carrying amount of the long-lived asset or asset group is
not
recoverable and exceeds its fair value. The carrying amount of a long-lived asset or asset group is
not
recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset or asset group.
 
Any required impairment loss is measured as the amount by which the carrying amount of a long-lived asset or asset group exceeds its fair value and is recorded as a reduction in the carrying value of the related asset or asset group and a charge to operating results. During the
three
and
nine
months ended
June 30, 2017,
the Company incurred an impairment charge on long-lived assets of
$643,604
.
This impairment was related to the cancellation of an enterprise resource planning software implementation.
No
impairment of long-lived assets occurred during the
three
and
nine
months ended
June 30, 2018.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 10 - Income Taxes
 9 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note
10.
Income Taxes
 
For the
three
and
nine
months ended
June 30, 2018,
the Company recorded income tax expense of
$766,000
and
$462,000,
respectively, reflecting an effective tax rate of
30.4%
and
16.2%,
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
nine
months ended
June 30, 2018
is a blended rate reflecting the anticipated benefit of
three
quarters of federal tax rate reductions for fiscal
2018.
Our
nine
months tax expense 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
nine
months ended
June 30, 2018
and reduced long-term deferred tax liabilities during the
nine
months ended
June 30, 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
unfavorable discrete items for the
three
and
nine
months ended
June 30, 2018
from tax shortfalls related to stock-based compensation awards,
nondeductible meals and entertainment, favorable domestic manufacturing deduction and research and development credits.
 
For the
three
and
nine
months ended
June 30, 2017,
the Company recorded a provision for income taxes of
$593,000
and
$1,393,000,
respectively, reflecting an effective tax rate of
42.5%
and
35.0%,
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 unfavorable discrete items for the
three
and
nine
months ended
June 30, 2017
from tax shortfalls related to stock-based compensation awards.
 
As of
June 30, 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
nine
months ended
June 30, 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
June 30, 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
June 30, 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 26 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Acquisition
 9 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Business Combination Disclosure [Text Block]
Note
11.
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 dated
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
fourth
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 incurred approximately
$106,000
in legal, professional, and other costs related to this acquisition accounted for as selling and administrative expenses when incurred. The remaining weighted-average useful life of intangible assets acquired is
12.5
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.
 
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 as if the powered cabinet business were combined with the Clearfield business for the
three
and
nine
months ended
June 30, 2017
and
June 30, 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
June 30, 2017		  
 
 		 Pro Forma
Nine Months Ended
June 30, 2017		  
 
 		 Pro Forma
Nine Months Ended
June 30, 2018
    (unaudited)   (unaudited)   (unaudited)
Net sales   $
23,517,078
     $
68,237,433
     $
58,485,804
  
                         
Income from operations   $
1,946,661
     $
6,130,794
     $
3,007,279
  
                         
Net income   $
1,162,370
     $
4,135,565
     $
2,913,224
  
                         
Net income per share:                        
Basic   $
0.09
     $
0.30
     $
0.22
  
Diluted   $
0.09
     $
0.30
     $
0.22
  
 
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 27 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 12 - Accounting Pronouncements
 9 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]
Note
12.
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 has identified major revenue streams, performed an analysis of a sample of contracts to evaluate the impact of the standard, and begun drafting its accounting policies and evaluating the new disclosure requirements. 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 and has decided that it would use the cumulative catch-up transition method should the adoption of this standard require any restatement.  The Company is still evaluating the impact of the adoption of this standard will have on our financial statements.
 
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 28 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Net Income Per Share (Tables)
 9 Months Ended
Jun. 30, 2018
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
    Three Months Ended June 30,   Nine Months Ended June 30,
    2018   2017   2018   2017
Net income   $
1,755,232
     $
803,316
     $
2,393,014
     $
2,587,767
  
Weighted average common shares    
13,430,503
      
13,522,755
      
13,441,619
      
13,559,704
  
Dilutive potential common shares    
-
      
75,827
      
31,504
      
171,241
  
Weighted average dilutive common shares outstanding    
13,430,503
      
13,598,582
      
13,473,123
      
13,730,945
  
Net income per common share:                                
Basic   $
0.13
     $
0.06
     $
0.18
     $
0.19
  
Diluted   $
0.13
     $
0.06
     $
0.18
     $
0.19
  
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Cash, Cash Equivalents and Investments (Tables)
 9 Months Ended
Jun. 30, 2018
Notes Tables  
Investments Classified by Contractual Maturity Date [Table Text Block]
    June 30, 2018   September 30, 2017
Less than one year   $
8,486,225
     $
5,937,150
  
1-5 years    
18,226,000
      
19,816,000
  
Total   $
26,712,225
     $
25,753,150
  
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Stock-based Compensation (Tables)
 9 Months Ended
Jun. 30, 2018
Notes Tables  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
    Nine months ended June 30, 2018
Dividend yield  
0%
Average expected volatility  
45.63%
Average risk-free interest rate  
2.61%
Expected life (years)  
4
Vesting period (years)  
3
Share-based Compensation, Stock Options, Activity [Table Text Block]
    Number of options   Weighted average exercise price
Outstanding at September 30, 2017    
38,950
     $
2.79
  
Granted    
72,000
      
13.35
  
Exercised    
(7,350
 )    
3.67
  
Cancelled or Forfeited    
-
      
-
  
Outstanding at June 30, 2018    
103,600
     $
10.06
  
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]
    Number of shares   Weighted average grant date fair value
Unvested shares at September 30, 2017    
370,530
     $
15.24
  
Granted    
7,235
      
14.17
  
Vested    
(85,933
 )    
17.39
  
Forfeited    
(12,284
 )    
15.54
  
Unvested at June 30, 2018    
279,548
     $
14.54
  
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Inventories (Tables)
 9 Months Ended
Jun. 30, 2018
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
    June 30, 2018   September 30, 2017
Raw materials   $
5,136,429
     $
5,991,863
  
Work-in-progress    
773,652
      
724,248
  
Finished goods    
3,777,971
      
1,737,456
  
Inventories, net   $
9,688,052
     $
8,453,567
  
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 7 - Major Customer Concentration (Tables)
 9 Months Ended
Jun. 30, 2018
Notes Tables  
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]
    Three Months Ended June 30,   Nine Months Ended June 30,
    2018   2017   2018   2017
Customer A  
20%
  
15%
  
22%
  
20%
Customer B  
13%
  
15%
  
14%
  
15%
Customer C  
10%
  
*
  
*
  
*
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Acquisition (Tables)
 9 Months Ended
Jun. 30, 2018
Notes Tables  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]
    February 20, 2018
Inventories   $
2,781,000
  
Property, plant and equipment    
58,000
  
Trademarks    
563,000
  
Customer relationships    
3,742,000
  
Product certification    
1,068,000
  
Goodwill    
2,138,000
  
Total Assets   $
10,350,000
  
Business Acquisition, Pro Forma Information [Table Text Block]
 
 
 		  
 
 		 Pro Forma
Three Months Ended
June 30, 2017		  
 
 		 Pro Forma
Nine Months Ended
June 30, 2017		  
 
 		 Pro Forma
Nine Months Ended
June 30, 2018
    (unaudited)   (unaudited)   (unaudited)
Net sales   $
23,517,078
     $
68,237,433
     $
58,485,804
  
                         
Income from operations   $
1,946,661
     $
6,130,794
     $
3,007,279
  
                         
Net income   $
1,162,370
     $
4,135,565
     $
2,913,224
  
                         
Net income per share:                        
Basic   $
0.09
     $
0.30
     $
0.22
  
Diluted   $
0.09
     $
0.30
     $
0.22
  
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Net Income Per Share (Details Textual) - shares
 3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 72,000 0 72,000 0
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Net Income Per Share - Net Income Per Common Share (Details) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net income $ 1,755,232 $ 803,316 $ 2,393,014 $ 2,587,767
Weighted average common shares (in shares) 13,430,503 13,522,755 13,441,619 13,559,704
Dilutive potential common shares (in shares) 75,827 31,504 171,241
Weighted average dilutive common shares outstanding (in shares) 13,430,503 13,598,582 13,473,123 13,730,945
Net income per common share:        
Basic (in dollars per share) $ 0.13 $ 0.06 $ 0.18 $ 0.19
Diluted (in dollars per share) $ 0.13 $ 0.06 $ 0.18 $ 0.19
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Cash, Cash Equivalents and Investments (Details Textual)
 9 Months Ended
Jun. 30, 2018
Maximum [Member]  
Held-to-maturity Securities, Investment Term 5 years
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Cash, Cash Equivalents and Investments - CD Maturity Dates (Details) - USD ($)
Jun. 30, 2018
Sep. 30, 2017
Less than one year $ 8,486,225 $ 5,937,150
1-5 years 18,226,000 19,816,000
Total $ 26,712,225 $ 25,753,150
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Stock-based Compensation (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended 9 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2018
Jun. 30, 2017
Allocated Share-based Compensation Expense, Total $ 519,223   $ 590,419   $ 1,488,304 $ 1,774,330
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total 3,894,131     $ 3,894,131 $ 3,894,131  
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition         6 years 109 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross         72,000 0
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period         5 years  
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         3 years  
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price         $ 13.35  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value         $ 5.15  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term         3 years 361 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value 102,052     102,052 $ 102,052  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term         2 years 51 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value $ 267,652     $ 267,652 $ 267,652  
Proceeds from Stock Options Exercised         $ 21,174 $ 28,718
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period         7,350 15,850
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   15,932    
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price   $ 10.41   $ 9.39    
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant 87,081     87,081 87,081  
Restricted Stock [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period         7,235  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value         $ 14.17  
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         3,795 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         $ 16.45 $ 16.45
Restricted Stock [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period         1 year  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period         3,000  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value         $ 13.35  
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 $ 477,193   535,719   $ 1,362,213 $ 1,610,229
Cost of Sales [Member]            
Allocated Share-based Compensation Expense, Total $ 42,030   $ 54,700   $ 126,091 $ 164,101
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Stock-based Compensation - Valuation Assumption (Details)
 9 Months Ended
Jun. 30, 2018
Dividend yield 0.00%
Average expected volatility 45.63%
Average risk-free interest rate 2.61%
Expected life (Year) 4 years
Vesting period (Year) 3 years
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares
 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Options, outstanding (in shares) 38,950  
Weighted-average exercise price, outstanding (in dollars per share) $ 2.79  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross 72,000 0
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price $ 13.35  
Exercised (in shares) (7,350) (15,850)
Exercised (in dollars per share) $ 3.67  
Cancelled or Forfeited (in shares)  
Cancelled or Forfeited (in dollars per share)  
Options, outstanding (in shares) 103,600  
Weighted-average exercise price, outstanding (in dollars per share) $ 10.06  
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member]
 9 Months Ended
Jun. 30, 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 7,235
Granted (in dollars per share) | $ / shares $ 14.17
Vested (in shares) | shares (85,933)
Vested (in dollars per share) | $ / shares $ 17.39
Forfeited (in shares) | shares (12,284)
Forfeited (in dollars per share) | $ / shares $ 15.54
Balance, unvested shares (in shares) | shares 279,548
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares $ 14.54
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Accounts Receivable and Net Sales (Details Textual) - USD ($)
Jun. 30, 2018
Sep. 30, 2017
Allowance for Doubtful Accounts Receivable, Current, Ending Balance $ 79,085 $ 79,085
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Inventories - Components of Inventory (Details) - USD ($)
Jun. 30, 2018
Sep. 30, 2017
Raw materials $ 5,136,429 $ 5,991,863
Work-in-progress 773,652 724,248
Finished goods 3,777,971 1,737,456
Inventories, net $ 9,688,052 $ 8,453,567
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 7 - Major Customer Concentration (Details Textual) - Accounts Receivable [Member] - Customer Concentration Risk [Member]
 9 Months Ended 12 Months Ended
Jun. 30, 2018
Sep. 30, 2017
Customer C [Member]    
Concentration Risk, Percentage 15.00%  
Customer B [Member]    
Concentration Risk, Percentage 14.00% 19.00%
Customer A [Member]    
Concentration Risk, Percentage 12.00%  
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
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 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Customer A [Member]        
Customer 20.00% 15.00% 22.00% 20.00%
Customer B [Member]        
Customer 13.00% 15.00% 14.00% 15.00%
Customer C [Member]        
Customer 10.00% [1] [1] [1]
[1] Less than 10%
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Goodwill and Patents (Details Textual)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2017
USD ($)
Jun. 30, 2018
USD ($)
Goodwill, Impairment Loss $ 0 $ 0
Number of Patents Granted   13
Patents [Member]    
Finite-Lived Intangible Asset, Useful Life   20 years
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 9 - Impairment of Long-lived Assets (Details Textual) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Impairment of Long-Lived Assets Held-for-use $ 0 $ 643,604 $ 0 $ 643,604
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 10 - Income Taxes (Details Textual) - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Sep. 30, 2017
Income Tax Expense (Benefit), Total $ 766,000 $ 593,000 $ 462,000 $ 1,393,000  
Effective Income Tax Rate Reconciliation, Percent, Total 30.40% 42.50% 16.20% 35.00%  
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 49 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Acquisition (Details Textual) - USD ($)
 9 Months Ended
Feb. 20, 2018
Jun. 30, 2018
Jun. 30, 2017
Payments to Acquire Businesses, Gross   $ 10,350,000
Calix, Inc. [Member]      
Business Combination, Consideration Transferred, Total $ 10,350,000    
Payments to Acquire Businesses, Gross 10,350,000    
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities, Total 0    
Purchase Obligation, Total 3,500,000    
Goodwill, Acquired During Period 2,138,000    
Business Acquisition, Transaction Costs $ 106,000    
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 12 years 182 days    
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Acquisition - Summary of Estimated Fair Values of Acquired Assets (Details) - USD ($)
Jun. 30, 2018
Feb. 20, 2018
Sep. 30, 2017
Goodwill $ 4,708,511   $ 2,570,511
Calix, Inc. [Member]      
Inventories   $ 2,781,000  
Property, plant and equipment   58,000  
Goodwill   2,138,000  
Total Assets   10,350,000  
Calix, Inc. [Member] | Trademarks [Member]      
Finite-lived intangible assets   563,000  
Calix, Inc. [Member] | Customer Relationships [Member]      
Finite-lived intangible assets   3,742,000  
Calix, Inc. [Member] | Certification Marks [Member]      
Finite-lived intangible assets   $ 1,068,000  
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 11 - Acquisition - Pro Forma Information (Details) - Calix, Inc. [Member] - USD ($)
 3 Months Ended 9 Months Ended
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Net sales $ 23,517,078 $ 58,485,804 $ 68,237,433
Income from operations 1,946,661 3,007,279 6,130,794
Net income $ 1,162,370 $ 2,913,224 $ 4,135,565
Basic (in dollars per share) $ 0.09 $ 0.22 $ 0.30
Diluted (in dollars per share) $ 0.09 $ 0.22 $ 0.30
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